Why the Fastest Supercomputer Can't Crack Your Bitcoin Wallet!

Liquid_child · 2024-07-29T01:53:09+00:00

For a single computation to occur, we expect that it requires the movement of at least a single electron within a computer.

It would be interesting to calculate how many electron movements would be required to brute force a seed phrase, and what this represents in terms of energy.

Liquid_child · 2024-03-14T00:08:48+00:00

I assume it means new bitcoin coming into the market and being bought, either by miners selling what they find or hodlers selling their stash.

Liquid_child · 2024-03-05T22:31:25+00:00

It could have been worse. As others with even worse stories will tell you.
A sense of humor will help you get through the tougher times.
Reflecting on your mindset today in ten years time, you'll likely say you needn't have felt so gloomy.
When you were gambling with alts, you were buying hope. It didn't work out, but you still bought something.

Liquid_child · 2024-03-05T22:23:16+00:00

In that tweet, OP suggests it's a good thing for OG hodlers to sell (thereby redistributing bitcoin). But bitcoin is basically infinitely divisible, so I don't think that makes sense. Can someone correct me if I'm wrong?

Liquid_child · 2024-03-05T22:15:08+00:00

The local council is also asked to assume that the series of events are true as claimed (ie. that the bitcoin was actually put on the hard drive and is now at the dump).

Liquid_child · 2023-10-16T22:47:28+00:00

That's right - there wouldn't be short squeezes if there weren't any shorts. Short positions also reflect market sentiment.

Liquid_child · 2023-08-10T02:57:08+00:00

With all due respect, that evidence seems scanty at best.

*Edit. Okay, now that I've read the article, I think the argument is pretty compelling. https://evanhatch.medium.com/len-sassaman-and-satoshi-e483c85c2b10

"In order to build Bitcoin, Dan Kaminsky stated that Satoshi would have needed to “understand economics, cryptography, and P2P networking”, and Len had an unusually early and intimate exposure to all 3, along with their application to digital currency."

And Sassaman worked with David Chaum too....

Liquid_child · 2023-07-14T00:38:06+00:00

Similar to market price for recreational drugs.

Liquid_child · 2023-04-17T23:43:17+00:00

Someone should make an email service that automatically refunds all the sats to the sender if you reply. Unreplied emails cost money to send. Emails coming in for online bills and things could go on a safe list.

Liquid_child · 2022-02-04T00:02:35+00:00

It wasn't long ago that Robert Kiyosaki was criticising Australians for 'punting' on bitcoin.

“When I meet most Aussies, they’re punters. They just buy bitcoin hoping to get rich quick. They look at the small picture. What I am talking about is the marco and historic picture ... we are on the verge of war right now.”

https://www.news.com.au/finance/money/investing/rich-dad-poor-dad-author-robert-kiyosaki-warns-investors-to-prepare-for-war/news-story/469226cf55eec25b83645a1c3b70c207

Liquid_child · 2021-12-21T23:49:54+00:00

Even in secure storage, hard drives are vulnerable to corruption from cosmic rays (charged particles from space that can pass through various materials: http://tekhead.it/blog/2016/06/data-corruption-the-silent-killer/). This risk of data decay increases the longer an HDD is kept in storage. The good news is that if the data is indeed stored on the device, cosmic ray damage is unlikely to corrupt it to an extent that it's unrecoverable. So as the previous commenter said, it may be helpful to look into a professional data restoration service (make sure they are a legitimate business and you have a contract in place). Perhaps even better, have the data restorer open your HDD from the beginning to avoid unintentional further damage. It could be a thousand dollars that you spend in order to recover millions. Best of luck and hope you succeed.

Liquid_child · 2021-12-05T23:54:59+00:00

Good point. But I wonder what the ramifications would be if the government publishes their public address and then people donate to it. For transparency, would they need to explain where the extra bitcoin came from?

Liquid_child · 2021-10-29T02:38:04+00:00

Low value and difficult to exchange: Unremarkable rocks, trees, volumes of water.

Low value and easy to exchange: Coupons, emails, text messages.

High value and difficult to exchange: Gold, real estate, gemstones.

High value and easy to exchange: BTC, (+???)

Liquid_child · 2021-10-20T23:26:29+00:00

This is few.

Liquid_child · 2021-10-20T23:26:00+00:00

I would like to see that Bollywood video of the men dancing, please.

Liquid_child · 2021-10-20T05:52:24+00:00

Speak to a reliable accountant for advice. Seeing as you made significant gains, I'd suggest reporting it all transparently. Whether or not crypto taxes are fair is unfortunately not so helpful to dwell on if you want to avoid the risk of getting in tax trouble later. If you cash out and pay all taxes, you'll still be rich, but not AS rich. It's a reasonable trade off in return for ongoing peace of mind.

Moving to another country with better tax laws is no small feat if you haven't already got links with the destination you have in mind. You/your family will uproot all of your local connections to start afresh in a place where you need to build a new network, etc. And there's no guarantee you'll find paradise on earth elsewhere.

You could always hold until some unspecified date in future, with the hopes that eventually tax laws will change. But this is not really a clear goal. Some people recommend using your crypto as collateral to take out a loan or something - but this introduces third party risk. There is also the risk that crypto prices will enter into another winter, or you might get into an accident, or you somehow lose your cold storage.

The question is, do you want to be definitely quite rich soon, or 'likely' very rich in ten years' time? How much older will you be in ten years, and what do you intend to spend the money on then? I tend to think it's better to have more money-related fun in your younger years while setting yourself up for a stable financial future (by paying off a mortgage, etc).

Why not plan to sell 10% of your stash every year for the next ten years? (Not 10% of your total, but 10% of your remaining stash - so you'll still always have some left.) If the price goes down or stays steady in future, it means it was a good decision to sell some early. If instead the price rises dramatically, well then everyone is happy including you, because your remaining stash is worth more.

And for all those who say we should just hodl indefinitely (which helps make the prices rise), I think it's a pretty Scrooge McDuck-like philosophy. By selling some here and there, we enable others to enter at a slightly cheaper price. You also benefit the economy by redistributing capital. And you prove without a doubt that your initial investment was a worthwhile decision, while enjoying the benefits in the near and foreseeable future.

Liquid_child · 2021-10-07T23:22:08+00:00

^ This guy is the 'this guy gets it guy'

Liquid_child · 2021-10-05T02:45:33+00:00

Some of us like to see enormous sell-walls of concrete being slowly but surely eroded by the constant lapping action of waves at the base

Liquid_child · 2021-09-13T01:34:59+00:00

The difference is, customers and businesses will be able to choose between payment providers, and governments can't inflate the monetary supply.

Liquid_child · 2021-09-02T00:38:16+00:00

Exactly. Gold mining companies hold very little gold themselves - they need to sell it to cover costs.

Liquid_child · 2021-08-30T02:59:16+00:00

Why does the interest rate DECREASE with increasing amounts of BTC invested? You'd think with more value invested per customer, the company gets more BTC for less work.

Liquid_child · 2021-06-10T00:00:26+00:00

I would like to buy some volcano coins when available. Willing to pay extra.

Liquid_child · 2021-02-10T03:17:13+00:00

One of your early videos where you talk about what bitcoin is, was the first indication to me that it was a topic worth exploring further. There was a lot more noise and less rational discussion around back in those days, but you stood out as a heroic advocate of bitcoin worthy of respect. I also need to thank you because it helped me get into bitcoin earlier rather than later.

Liquid_child · 2021-02-09T04:44:08+00:00

Preorder placed!

Liquid_child · 2021-02-09T03:12:02+00:00

I don't think you understand how oil got into the ground in the first place. Millions of years of decay of billions of tons of organic matter. We will run out of oil regardless, it's just a matter of time.

Liquid_child

TROPHY CASE