How can BTC be manipulated or taken down. We know the US Fed printers are working overtime to print fiat money devaluing the US dollar. What nefarious process could manipulate BTC (please do free-associate here with ie. malicious virus infecting BTC networks etc)
Fortunately the world's most capable cryptographers have spent the last 14 years thinking about that question - so you and I don't have to.
To kill bitcoin you basically have to go out and destroy every single copy of the transactions ledger (aka blockchain). If a single copy remains, that's enough. Its on hundreds of thousands of computers
The cryptography that enables the existence of Bitcoin has been tried and tested for decades before its conception. And yet they killed it regardless. The same way they killed everything else before it. Who are "they" you ask? Who Killed Bitcoin? Watch the documentary: https://youtu.be/eafzIW52Rgc
if anyone reads this: I haven't clicked thru but I suspect the links he's posting lead to a scam called bitcoin "satoshi's vision" run by Craig Wright, an impostor who claimed to be satoshi with a series of blatant frauds.
You are dead wrong about that. None of those YouTube videos linked nor the history of Bitcoin has anything to do with the fraudster Craig Wright or his fraudulent cryptocurrency--other than him scamming people.
I'd recommend starting with the Bitcoin white paper. If that kind of concept is what you have in mind for the future of money then Bitcoin cash would likely be a great project to get involved in as it is currently doing a very great job at carrying the torch. But if you're like most people getting into cryptocurrency these days and looking to get rich quick I'm really not going to be able to help you with that as that is really not what I'm into. I will warn you though that outside of maybe Monero, Bitcoin Cash is the most censored cryptocurrency project in existence and just talking about it will harm your presence on every social media platform. And for good reason--they are the only two that are capable of challenging the current system.
Bitcoin has the CIA's fingerprints all over it. How much will it be worth when the internet is shut down "for our safety". Just remember all investing is just gambling in a suit. Study very very hard before you invest in anything. Get to know the product you are buying inside out. Make a plan of exactly the price you will sell if it goes up or if it all goes Pete Tong. Stick to that plan every single time and you have a good chance of a decent profit. Cultivate the mind and the wallet will fill itself!
Completely agree about getting to know what you are buying, but:
1. Even if the CIA created bitcoin it wouldn't matter. Everything about it is transparent and open. There's no place to hide anything. See for yourself: https://github.com/bitcoin
2. Bitcoiners are steeped in adversarial thinking like this, and you can already operate bitcoin without the internet - eg directly by satellite, or over radio.
Even so it is impossible to rule out a hidden backdoor key. Also quantum computers can already hack every single bank account in the world. How long before they can crack Bitcoin as well?
How much will it be worth if only a very few people have access to it? I refer to my previous statement on all investing is gambling in suits. Bitcoin is no different in this regard.
> it is impossible to rule out a hidden backdoor key
Where would it be hidden?
> quantum computers can already hack every single bank account in the world. How long before they can crack Bitcoin as well?
excellent point, which of course bitcoin's cryptographers are well aware of. some early bitcoin addresses are vulnerable to QC but it's not a problem for anything recently. Interestingly satoshi's 1M bitcoin are held in such addresses - and this proves that QC does not yet exist, because if it did, someone would have taken the $70bn
> How much will it be worth if only a very few people have access to it?
A feature of bitcoin which I alluded to, but didn't explain, is that it is essentially impossible to stop anyone using bitcoin.
Great points and a great debate. This is what I love about Substack. It's mostly respectful debates that are great for learning.
As a mathematician at heart I would have to say it is impossible to rule anything out 100%. You could be 99% certain that there is no hidden key sure but nothing is 100%.
What if Satoshi's account is the CIA's account and they are just biding their time?
My last point would be that you can stop most people using it with one simple law making it illegal, punishable by life imprisonment. A bit like any criticism whatsoever of the Canadian government, which looks like it will carry a life sentence soon.
> You could be 99% certain that there is no hidden key sure but nothing is 100%
the code is all open source. it is probably the most tested and inspected and rewritten code in the history of computing. my uncertainty about that is well within the general noise. there is nothing else that matters except the code.
> What if Satoshi's account is the CIA's account and they are just biding their time?
any change they made to the code would be there for all to see. (satoshi no longer has control of the main repository anyway, so he'd have to fork it, make his changes, and persuade people to use it)
> you can stop most people using it with one simple law making it illegal, punishable by life imprisonment
obviously repressive regimes thru history have tried to ban superior currencies. it never works - eg USD was widely used in USSR despite being illegal. moreover it is far harder to detect someone even using bitcoin and if you took basic precautions its more or less impossible
Surely every single transaction is recorded and therefore you only need simply software to trace it and all the governments have this. Proxy's are also becoming illegal all over the world slowly but surely, and who knows how many of these are actually run by the CIA already? My general point is everything carries a risk. Bitcoin may be worth 10 million dollars or 10 dollars in the near future nobody really knows. Due to the volatility Bitcoin is one of the riskier investments you can make. I personally think we are likely to see all the banks close and the internet will be closed at the same time.
INCORRECT. While the market price IS related to supply and demand of an at least partially functional asset, the foundation of its value is the cost of the energy it takes to 'mine' a Bitcoin.
So, what you are looking at with a Bitcoin, is a digital representation of a certain expenditure of energy.
Now, once you grasp the essence of how Bitcoin is structured to generate its intrinsic value, it should make you slightly uncomfortable. I mean, seriously, what a waste of Earth resources, what a demonic way to create 'value'! Who IS 'Satoshi' anyways?!
I have transitioned from Bitcoin over time into other cryptocurrencies which are better designed and structured, and with healthier outcomes.
My advice is avoid any cryptocurrency that has Capitalistic Financial instruments structured around it, such as futures or ETF's. Those instruments can be used by 'whales' to manipulate the price without actually owning any crypto.
And be wary of any crypto that has concentrated ownership and management. A healthy crypto ecosystem shares power and influence in terms of ownership, mining, development
You've missed the most important argument--the one you'll never see expressed in the mainstream media:
Bitcoin isn't actually Bitcoin.
The Bitcoin you think of as Bitcoin (per its own white paper) ended in 2017. What you have now you could call Blockstream Coin or GregCoin (after its proponent Greg Maxwell). But certainly not Bitcoin as it no longer conforms to its own definition--again per its own white paper which I suggest you read if only the first couple pages.
As a result of certain calculated changes the system previously known as Bitcoin is no longer capable of fulfilling its promise as a peer-to-peer electronic cash system with the capacity to change the world for the better and should in no way be promoted as such.
For a short history of what occurred in 2017 and prior watch this short video "Why Blockstream destroyed Bitcoin" https://youtu.be/0BZoKH-hX_o and "How The Banks Bought Bitcoin | Lightning Network" https://youtu.be/UYHFrf5ci_g
if anyone reads this: I haven't clicked thru but I suspect the links he's posting lead to a scam called bitcoin "satoshi's vision" run by Craig Wright, an impostor who claimed to be satoshi with a series of blatant frauds.
You are dead wrong about that. None of those YouTube videos linked nor the history of Bitcoin has anything to do with the fraudster Craig Wright or his fraudulent cryptocurrency--other than him scamming people. Please inform yourself before you end up scamming others unwittingly and end up doing exactly what you accuse others of.
Outstanding article. Thank you for that. A keeper for sure. Interesting things I hadn't thought of. Scary, but exciting times. Sooo grateful hubby got him lots of bitcoin in 2012. It's been a fun ride since his orig investment was so minimal. If he'd paid more, the hair pulling would have been awful up to this point. Kept it all in, never sold, just let it ride.
How can BTC be manipulated or taken down. We know the US Fed printers are working overtime to print fiat money devaluing the US dollar. What nefarious process could manipulate BTC (please do free-associate here with ie. malicious virus infecting BTC networks etc)
Fortunately the world's most capable cryptographers have spent the last 14 years thinking about that question - so you and I don't have to.
To kill bitcoin you basically have to go out and destroy every single copy of the transactions ledger (aka blockchain). If a single copy remains, that's enough. Its on hundreds of thousands of computers
The cryptography that enables the existence of Bitcoin has been tried and tested for decades before its conception. And yet they killed it regardless. The same way they killed everything else before it. Who are "they" you ask? Who Killed Bitcoin? Watch the documentary: https://youtu.be/eafzIW52Rgc
if anyone reads this: I haven't clicked thru but I suspect the links he's posting lead to a scam called bitcoin "satoshi's vision" run by Craig Wright, an impostor who claimed to be satoshi with a series of blatant frauds.
You are dead wrong about that. None of those YouTube videos linked nor the history of Bitcoin has anything to do with the fraudster Craig Wright or his fraudulent cryptocurrency--other than him scamming people.
Great!
So what cryptocurrency projects would you recommend? Bitcoin Cash?
I'd recommend starting with the Bitcoin white paper. If that kind of concept is what you have in mind for the future of money then Bitcoin cash would likely be a great project to get involved in as it is currently doing a very great job at carrying the torch. But if you're like most people getting into cryptocurrency these days and looking to get rich quick I'm really not going to be able to help you with that as that is really not what I'm into. I will warn you though that outside of maybe Monero, Bitcoin Cash is the most censored cryptocurrency project in existence and just talking about it will harm your presence on every social media platform. And for good reason--they are the only two that are capable of challenging the current system.
Bitcoin has the CIA's fingerprints all over it. How much will it be worth when the internet is shut down "for our safety". Just remember all investing is just gambling in a suit. Study very very hard before you invest in anything. Get to know the product you are buying inside out. Make a plan of exactly the price you will sell if it goes up or if it all goes Pete Tong. Stick to that plan every single time and you have a good chance of a decent profit. Cultivate the mind and the wallet will fill itself!
Completely agree about getting to know what you are buying, but:
1. Even if the CIA created bitcoin it wouldn't matter. Everything about it is transparent and open. There's no place to hide anything. See for yourself: https://github.com/bitcoin
2. Bitcoiners are steeped in adversarial thinking like this, and you can already operate bitcoin without the internet - eg directly by satellite, or over radio.
Even so it is impossible to rule out a hidden backdoor key. Also quantum computers can already hack every single bank account in the world. How long before they can crack Bitcoin as well?
How much will it be worth if only a very few people have access to it? I refer to my previous statement on all investing is gambling in suits. Bitcoin is no different in this regard.
> it is impossible to rule out a hidden backdoor key
Where would it be hidden?
> quantum computers can already hack every single bank account in the world. How long before they can crack Bitcoin as well?
excellent point, which of course bitcoin's cryptographers are well aware of. some early bitcoin addresses are vulnerable to QC but it's not a problem for anything recently. Interestingly satoshi's 1M bitcoin are held in such addresses - and this proves that QC does not yet exist, because if it did, someone would have taken the $70bn
> How much will it be worth if only a very few people have access to it?
A feature of bitcoin which I alluded to, but didn't explain, is that it is essentially impossible to stop anyone using bitcoin.
Great points and a great debate. This is what I love about Substack. It's mostly respectful debates that are great for learning.
As a mathematician at heart I would have to say it is impossible to rule anything out 100%. You could be 99% certain that there is no hidden key sure but nothing is 100%.
What if Satoshi's account is the CIA's account and they are just biding their time?
My last point would be that you can stop most people using it with one simple law making it illegal, punishable by life imprisonment. A bit like any criticism whatsoever of the Canadian government, which looks like it will carry a life sentence soon.
> You could be 99% certain that there is no hidden key sure but nothing is 100%
the code is all open source. it is probably the most tested and inspected and rewritten code in the history of computing. my uncertainty about that is well within the general noise. there is nothing else that matters except the code.
> What if Satoshi's account is the CIA's account and they are just biding their time?
any change they made to the code would be there for all to see. (satoshi no longer has control of the main repository anyway, so he'd have to fork it, make his changes, and persuade people to use it)
> you can stop most people using it with one simple law making it illegal, punishable by life imprisonment
obviously repressive regimes thru history have tried to ban superior currencies. it never works - eg USD was widely used in USSR despite being illegal. moreover it is far harder to detect someone even using bitcoin and if you took basic precautions its more or less impossible
Surely every single transaction is recorded and therefore you only need simply software to trace it and all the governments have this. Proxy's are also becoming illegal all over the world slowly but surely, and who knows how many of these are actually run by the CIA already? My general point is everything carries a risk. Bitcoin may be worth 10 million dollars or 10 dollars in the near future nobody really knows. Due to the volatility Bitcoin is one of the riskier investments you can make. I personally think we are likely to see all the banks close and the internet will be closed at the same time.
https://truthaddict.substack.com/p/the-great-reset-is-the-great-taking?utm_source=profile&utm_medium=reader2
INCORRECT. While the market price IS related to supply and demand of an at least partially functional asset, the foundation of its value is the cost of the energy it takes to 'mine' a Bitcoin.
So, what you are looking at with a Bitcoin, is a digital representation of a certain expenditure of energy.
Now, once you grasp the essence of how Bitcoin is structured to generate its intrinsic value, it should make you slightly uncomfortable. I mean, seriously, what a waste of Earth resources, what a demonic way to create 'value'! Who IS 'Satoshi' anyways?!
I have transitioned from Bitcoin over time into other cryptocurrencies which are better designed and structured, and with healthier outcomes.
My advice is avoid any cryptocurrency that has Capitalistic Financial instruments structured around it, such as futures or ETF's. Those instruments can be used by 'whales' to manipulate the price without actually owning any crypto.
And be wary of any crypto that has concentrated ownership and management. A healthy crypto ecosystem shares power and influence in terms of ownership, mining, development
You've missed the most important argument--the one you'll never see expressed in the mainstream media:
Bitcoin isn't actually Bitcoin.
The Bitcoin you think of as Bitcoin (per its own white paper) ended in 2017. What you have now you could call Blockstream Coin or GregCoin (after its proponent Greg Maxwell). But certainly not Bitcoin as it no longer conforms to its own definition--again per its own white paper which I suggest you read if only the first couple pages.
As a result of certain calculated changes the system previously known as Bitcoin is no longer capable of fulfilling its promise as a peer-to-peer electronic cash system with the capacity to change the world for the better and should in no way be promoted as such.
For a short history of what occurred in 2017 and prior watch this short video "Why Blockstream destroyed Bitcoin" https://youtu.be/0BZoKH-hX_o and "How The Banks Bought Bitcoin | Lightning Network" https://youtu.be/UYHFrf5ci_g
See also "Who Killed Bitcoin" for a longer more detailed account: https://youtu.be/eafzIW52Rgc
if anyone reads this: I haven't clicked thru but I suspect the links he's posting lead to a scam called bitcoin "satoshi's vision" run by Craig Wright, an impostor who claimed to be satoshi with a series of blatant frauds.
but that's just my opinion!
You are dead wrong about that. None of those YouTube videos linked nor the history of Bitcoin has anything to do with the fraudster Craig Wright or his fraudulent cryptocurrency--other than him scamming people. Please inform yourself before you end up scamming others unwittingly and end up doing exactly what you accuse others of.
Outstanding article. Thank you for that. A keeper for sure. Interesting things I hadn't thought of. Scary, but exciting times. Sooo grateful hubby got him lots of bitcoin in 2012. It's been a fun ride since his orig investment was so minimal. If he'd paid more, the hair pulling would have been awful up to this point. Kept it all in, never sold, just let it ride.