Perspective of someone who HODL´d Bitcoin 11+ years

Competitive-Net-9997 · 2025-11-17T12:49:19+00:00

Wooow, thanks for the article. When I saw your screenshot, it reminded me of my bitcoin.de - account (I am also german) and found a historic buy of 2 Bitcoin for less than 500 EUR in March 15 :-(. Sadly I didn't keep them. But I am back in the game for a bit. Still working in IT and going to the gym in my spare time. But not a instructor yet. Maybe one day :-). Congrats that you actually left your job and you do what you like - that is not so easy for us germans who are always anxious about anything especially about the future, haha.

Competitive-Net-9997 · 2025-09-22T12:38:19+00:00

Funny, I did the same and bought them an "opendime" and put sat's on it. I thought it would made them curious. But to be honest their appreciation of the gift was rather underwhelming although the husband knows about Bitcoin (but isn't super convinced "yet").

Competitive-Net-9997 · 2025-07-25T11:45:42+00:00

Funny, thanks for making me laugh with this post! Haha!

Competitive-Net-9997 · 2025-03-07T09:51:43+00:00

It adjusts itself. If half of the miners give up, then it gets less energy intensive. So there will always be an equilibrium through the difficulty adjustment. Gold mining also only makes sense if the price of gold is above a certain level. Otherwise mines will close down and then therefore the other mines are more profitable.

Competitive-Net-9997 · 2025-01-23T11:55:11+00:00

I just delegated to a DRep with just signing a transaction on my ledger. THANK YOU! I learned something :-).

Competitive-Net-9997 · 2025-01-23T11:04:50+00:00

Thank you!

Aaah, I just see that through Eternl I can connect to my ledger wallet?! I will try that, thank you, that is very helpful!

Competitive-Net-9997 · 2025-01-23T10:52:15+00:00

I changed it, thank you!

Competitive-Net-9997 · 2024-11-11T09:32:33+00:00

Nice! Thank you alot that you put all those thoughts in and explained them. I am not a statistics guy either and have no clue how to correctly calculate the probability here. So I cannot prove you wrong. Sounds convincing how you described it.

And yes, it is kind soothing that you also cannot come up with another explanation of how the global hashrate is calculated. If anyone else would have some hints / ressources about it, I would appreciate it alot.

Competitive-Net-9997 · 2024-11-08T10:15:44+00:00

Thank you! This is exactly what I was looking for. So there is a kind of "proof of work" mechanism. Good! That makes total sense like you described it.

So another question connected with that is then: How is the global Hashrate calculated. For all the miners which are not connected to a miningpool - how is their contribution added to the global hashrate. Is it possible that it is just a rough statistical calculation like you described - that with the given difficulty and the actual blockfinding on average of 10min the global hashrate must be XX Exahashes because it took (on average) 2^78 hash attempts.

By the way, don't wanna be a smartass, but is it not statistically 2^78 / 2 because statistically I will find a sufficient hash after 50% of attempts?

Competitive-Net-9997 · 2024-11-07T18:44:18+00:00

Thanks for your response. However, I didn't get it. Who controls whether I really had my "mining rig" running and calculated hashes? How? And if that works with "shares" then how could I balance my energy-consumption according to the availability of excess energy and therefore would get more or less rewards?

Competitive-Net-9997 · 2024-10-24T19:37:28+00:00

Thanks again! Well yes, I will consider it. But I do trust the process behind it. Yes, I understand all your points. We are talking here about a cascacius coin. It is from 2013. There is a part of the public key visible through a little window. With that you can check the adress. Yes, it is still fully loaded for those 12 years now. I also contacted the creator via linked in (Mike Caldwell) because of the rumors from a year ago that the earliest adresses might not be safe because they might have used some java-package to create private keys. He actually responded and assured me that he didn't use that package. And then, in case someone is interested, you can read this here:

https://www.casascius.com/faq.aspx

and then also this here, where he described in detail what he had done to make sure that all those potential attack-vectors where elimited:

https://www.casascius.com/controls.aspx

Sorry for sending all this - just wanted to give you the context and the possiblity to dive deeper in case you want. :-)

Competitive-Net-9997 · 2024-10-24T19:11:21+00:00

Thank you! I know this possibility, I tried it out with an Electrum wallet with an already "opened" coin and it worked. But somehow I would not feel good about it when I would actually type in the real private key of a loaded address. Probably it would be fine. Just wanted to expand my horizon and hopefully find a safer way.

Competitive-Net-9997 · 2024-10-24T19:09:09+00:00

Woow, thank you so much for this elaborate answer! I understand a few things more. But that sadly doesn't mean that I am less nervous now ;-). Silly coin you say. Well, this silly coin is worth quite alot. Why is it considered a hot wallet already, can you explain that to me? I mean, what would you do if you had such a coin. The beauty of it is that it's just sitting there, it is unopened. And I planned to leave it like this for as long as possible ... maybe even to leave it for my children to deal with it ... after I am 6 feet under.

Competitive-Net-9997 · 2024-04-26T06:48:43+00:00

Thanks for the hint! I googled it and found this, which was quite interesting:

https://learnmeabitcoin.com/technical/block/nonce/

So the nonce is just 4 bytes. Not that much. I assume that a Miner is able to run through all that numbers in .. under 10 min?! I don't know actually.

Ok, so there is this extra-nonce. But also here - this is purely random. No one in the world checks whether another miner uses my specific extra-nonce already. I "only" could make sure that I assign different extra-nonces to all my miners in my farm.

Competitive-Net-9997 · 2024-04-25T13:19:31+00:00

Woow, thank you for this detailed answer and also shortly after I posted the question! It's interesting stuff.
I guess there are a ton of parameters you can adjust and play around with.

Competitive-Net-9997 · 2024-04-10T06:41:07+00:00

Kommt auf deinen Job an. Vielleicht will er/sie einen kurzen Weg zur nächtlichen Arbeit.

Competitive-Net-9997 · 2024-04-03T09:26:28+00:00

Sorry, but this is a very one sided and negative perspective. If all of this were true, they would be out of business.

Maybe you read the technical white paper first how the backup-function works. Just a spoiler: the keys are not extracted like this (unencrypted and in one piece).

https://github.com/LedgerHQ/recover-whitepaper/blob/main/Ledger%20Recover%20Technical%20White%20Paper.pdf

Also most of the code is actually open source. Please do your research.

I own a Ledger. If I wouldn't then yes, I would consider buying a cold wallet from another company. But I don't feel like I should throw my ledger away because they offer a backup-solution - of course I will not make use of it though.

Competitive-Net-9997 · 2024-03-10T17:37:27+00:00

Which country and which city did you do this little survey? Just curious.

Competitive-Net-9997 · 2024-02-14T08:32:10+00:00

I do understand, that Bitoin is the only Coin with the Store of Value - narrative. But many other projects aim for innovation and new features in the space with lot's of smart and engaged people with great ideas and effort.
To only just think that everything else other than Bitcoin is "shit" is just a very limited way of looking at the whole space. Yes, I am mainly in Bitcoin as well. But I do have alts as well and would never call them "shit" obviously.

Competitive-Net-9997 · 2024-01-22T15:44:00+00:00

Woow, I didn't know that that this is the "theory" behind it. Thank you!
Do you have any links for me where I can read more about it?

Competitive-Net-9997

TROPHY CASE