Simple and effective...delivered to the correct audience of politicians.

You know how I feel about Cardano.

I agree with the Tweet's sentiment but not the following comment. - "Crypto does not compare to Bitcoin. If you want to compare Bitcoin to something else, compare it to fire, the number zero, the wheel, the printing press, or electricity."


I believe a more accurate comment would have been "...if you want to compare blockchain and Bitcoin to something else...".
Blockchain is a transitive technology platform like the printing press, electricity, internet, etc.

The Bitcoin blockchain is the wheel.
The cardano, solana, ethereum, etc. blockchains are the attempts to recreate the wheel with different geometric shapes.

Hope this clarifies AEs comment.

****coins are fiat

Which ones?
Bitcoin is actual fiat in El Salvador

Eta: seems like you guys make up your definitions to make outcomes meet your own expectations.

Pepper Brooks said:

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The Bitcoin blockchain is the wheel.
The cardano, solana, ethereum, etc. blockchains are the attempts to recreate the wheel with different geometric shapes.

Hope this clarifies AEs comment.

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I see it differently.
I see the origins of blockchain (Chaum) as the concept of the wheel. Bitcoin was the early wheel realized. Alts like Eth (generously including it) came along and wanted to add spokes. Alts like Cardano added pneumatic tires, axels, and are designed with the ability to later add ball bearings, frames, suspension, whatever a rider would require.

tysker said:

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Which ones?
Bitcoin is actual fiat in El Salvador

Eta: seems like you guys make up your definitions to make outcomes meet your own expectations.

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Ah bitcoin springs eternal from the El Salvador bitcoin printer?

News to me.

LatinAggie1997 said:

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Pepper Brooks said:

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The Bitcoin blockchain is the wheel.
The cardano, solana, ethereum, etc. blockchains are the attempts to recreate the wheel with different geometric shapes.

Hope this clarifies AEs comment.

---

I see it differently.
I see the origins of blockchain (Chaum) as the concept of the wheel. Bitcoin was the early wheel realized. Alts like Eth (generously including it) came along and wanted to add spokes. Alts like Cardano added pneumatic tires, axels, and are designed with the ability to later add ball bearings, frames, suspension, whatever a rider would require.

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The world must not be ready for spokes and ball bearings then because the use cases ****coiners keep using in their sales pitches are still theoretical. I don't see smart contracts in healthcare, law, or real estate yet and you and your peers have been talking about how dapps are going to revolutionize these industries since 2018.

Meanwhile, Bitcoin is legal tender in multiple countries and the lightning network, and companies like strike, are stealing more and more market share from companies like Western Union. It's hard to beat the low cost and immediate settlement mission of Strike for international transfers.

Individuals, corporations, and governments, will use blockchain and imo, Cardano will have a lot to offer. It's okay if you can't see it or don't believe it. I don't want to change your mind. I only offer my opinion and information so that you can continue to arrive at your own conclusions.

Good interview about Midnight adn Cardano.

Latin, NO ONE CAN SEE IT, THEY DONT WORK.

But you can IMAGINE it working.

Imagination is far cheaper than reality.

What will be your response when/if it happens?

I see the possibilities. I see a robust ecosystem that will have mass adoption because of utility and security. Yes, faster and cheaper are also paramount, but interoperability and scale should make Cardano the leader for use across multiple sectors.

Just my opinion. My biggest bags are BTC and ADA and I believe in them equally. We shall see if I guessed correctly or not.

When the first one actually performs as advertised, I'll give it a glance.

The possibilities are endless because it's ethereal.

Gambling on the future of unwritten/unworking code assuming SOME9NE IS BOUND TO UNLOCK THE POTENTIAL is not something I'm doing.

The only protocol I'm interested in supporting at this point is bitcoin, because it was written before it was launched didn't advertise, didn't pre-mine, just poofed into existence.

Everything afterwards is just selling a non-existent story piggy-backing off bitcoin's proof of work and the ignorances of the layman and funny money printing.

I'm sorry that you're psyche and belief systems have been hijacked by an illusory brand and a charlatan leader. If education doesn't provide you a ladder out, maybe the burning sensation will make you at least move towards the exit of the personality cult.

Just dont be the last one out, you'll get torched.

Some really weird, h4xxor, stuff going down in crypto right now. Looks kind of serious... Still trying to figure it all out.

Post what your consuming so we can assist.

Pepper Brooks said:

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https://www.cnbc.com/2022/11/21/grayscale-wont-share-proof-of-reserves-due-to-security-concerns.html

"Security Concerns"

Tell me you're full of **** without telling me you're full of *****

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i think this is a decent response

Quote:

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The laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered.

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So they are claiming the underlying assets are note being lent or leveraged but it could be wordsmithing depending on the internal arrangements. Also, if they disclose the reserve, how long will it take for the world to determine the Grayscale wallet(s). Why would any company want that information to be known?

Adverse Event said:

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Post what your consuming so we can assist.

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Angel's Envy Rye and coffee

There's a hacker(s) stealing ethereum from a very large whale then unloading it on the market to tank the ETH price and poke holes in exchanges balance sheets.


Open comment:
It's almost as if FTX was setup for fleecing investors and to really get the ball rolling on crypto regulation. Pretty magnificent con job and a Big government wet dream.

LatinAggie1997 said:

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What will be your response when/if it happens?

I see the possibilities. I see a robust ecosystem that will have mass adoption because of utility and security. Yes, faster and cheaper are also paramount, but interoperability and scale should make Cardano the leader for use across multiple sectors.

Just my opinion. My biggest bags are BTC and ADA and I believe in them equally. We shall see if I guessed correctly or not.

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Being on BT surrounded by crypto influencers like: pic.twitter.com/a61PFA87Hz

— GregZaj1☣️ (@gregzaj1) September 20, 2022

TTUArmy said:

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Adverse Event said:

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Post what your consuming so we can assist.

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Angel's Envy Rye and coffee

There's a hacker(s) stealing ethereum from a very large whale then unloading it on the market to tank the ETH price and poke holes in exchanges balance sheets.


Open comment:
It's almost as if FTX was setup for fleecing investors and to really get the ball rolling on crypto regulation. Pretty magnificent con job and a Big government wet dream.

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Selling first sentence is pure market manipulation. Is the industry and its participants willing and able to stop such activity on its own before governments step in?

TTUArmy said:

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Adverse Event said:

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Post what your consuming so we can assist.

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Angel's Envy Rye and coffee

There's a hacker(s) stealing ethereum from a very large whale then unloading it on the market to tank the ETH price and poke holes in exchanges balance sheets.


Open comment:
It's almost as if FTX was setup for fleecing investors and to really get the ball rolling on crypto regulation. Pretty magnificent con job and a Big government wet dream.

---

Oh yes, it's definitely highlighting the probable collusion of regulators and elected and unelected officials to bring about the worst case scenario and create very extreme opportunity to restrict "crypto" whilst also demo-ing the digital dollar with 12 or so banks simultaneously.

Can't wait til we have a bitcoin death bounty going on, or bitcoin letters of marque... that's when things will really ratchet up a notch. Maybe we will finally find some justice in the DoJ at that point...

I'm admittedly torn on whether commercial entities, that either provide custody services or Bitcoin backed investments for consumers, should be required to disclose their public wallet addresses.

On one hand, I fully support the privacy element that Bitcoin proponents throw around. The "Why do you need to know which Bitcoin is mine so long as I send you the correct amount?" argument.

On the other hand, companies like Greyscale are asking consumers to give them money in exchange for exposure to a digital asset they claim to have possession of. As the consumer, it would be nice to be able to pull up the ledger and independently verify that they actually have the assets before I give them something of value.

Releasing the public wallet addresses that they hold their Bitcoin in doesn't diminish their security protocols and would allow consumers to maintain confidence that their product is still a worthwhile investment. That Bitcoin is safe so long as the private key remains secure and no one is asking them for their key.

At the end of the day, I believe that personal property rights trump all and no one should be forced to disclose addresses if they don't want to. There will be trade offs to that decision and I imagine they'll lose customers if they view the response like my post above.

Quote:

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Bitcoin is safe so long as the private key remains secure and no one is asking them for their key.

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There's the rub.

As for disclosing wallets, that another serious conflict of interest in the space needs to handle. You cant hot wallet and secure; cant be a cold wallet and fully disclosed. And does any private person or entity really want public or private institutions to know your wallet(s)? Seems antithetical to the whole project.

I think I've said my peace with these crypto ETFs on these boards before. I'm not certain of their usefulness given the NYKNYC nature of the asset class.

I was able to successfully "unwrap" my ETH2 holdings from Coinbase, purchase BTC with them, and move it all onto my cold Ledger Nano wallet

now here is my question:

I have always purchased coins, never actually cashed them out before.

with all of my BTC on my cold wallet Nano/Ledger-

do we all still need an exchange such as Coinbase to actually convert to US dollars and transfer back to our checking accounts at the bank?

No, you can sel lthem directly for goods and services

Your options are…

1)hodl the BTC. Use other fiat for daily purchases.
2)use something like strike/coinbase to convert and withdraw dollars
3)do what AE suggests and try and find retailers/individuals that accept Bitcoin
4)use the BTC to buy giftcards at the retailers(Amazon, Walmart, etc) you frequent. There are a number of websites that facilitate this.

Pepper Brooks said:

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tysker said:

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Quote:

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Bitcoin is safe so long as the private key remains secure and no one is asking them for their key.

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There's the rub.

As for disclosing wallets, that another serious conflict of interest in the space needs to handle. You cant hot wallet and secure; cant be a cold wallet and fully disclosed. And does any private person or entity really want public or private institutions to know your wallet(s)? Seems antithetical to the whole project.

I think I've said my peace with these crypto ETFs on these boards before. I'm not certain of their usefulness given the NYKNYC nature of the asset class.

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I agree with the antithetical comment. However, the bolded part is not accurate. Your coins are still extremely secure but being fully disclosed means people will know which ones are yours and can track what you do with them.

All "cold wallet" means is that your keys are stored offline, hence better security. People knowing which coins are yours doesn't impact that security in a material way unless you're suggesting that there is now an increased risk of someone showing up at your house and taking the key by force.

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I would argue and corporate level cold wallet is susceptible to internal fraud and malfeasance. Assets cannot be verified except in the absence of changes to the last review. Auditors and companies will need to develop internal security standards and internal controls. Those SOC2 level of controls and disclosures will be required. And everytime that cold wallet gets turned on there is an opportunity for breach.

Agree with your first and last sentence. But you seem to be under the impression that turning on the hardware device is necessary to complete, or update, an audit. Why would that be necessary?

If we both agree that that BTC is an immutable public ledger then there is no need to involve the hardware device in an audit. The entity could share the xpub associated with the private key with the auditors and they would be able to see every single public address, and the assets held by those addresses, associated with the key without needing to touch the hardware device.

The xpub is useless without the private key so security is maintained.

Pepper Brooks said:

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The xpub is useless without the private key so security is maintained.

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Controls for the private key(s) is what I meant. The more people or entities with access the more access points for problems. A firm may think they have the key but if they don't, the assets are gone. Once a wallet is cold, its untouchable, which, from a access controls standpoint is pretty scary. So the private key will likely need to be tested and controlled. That's the important disclosure, that you hold the asset (via private key) and have controls to maintain and didn't lose access because some accounting clerk got their laptop hacked.

I'm not sure how many firms public or private have standards in place. And this doesn't even consider firms that commingle assets. I'm sure Deloitte, E&Y, etc. are working on these standards if they dont already have a framework in place. I just haven't seen it yet.

Corporate custody?? Ha!

Some edification on Lace. (Older video)




https://www.lace.io/

Ok. You seem to have moved onto a new topic(private key security controls) and I'm going to assume you agree to the following, since you haven't attempted to dispute my points, in an effort to close the loop on what we were talking about.

A) A corporate entities Bitcoin will remain secure so long as the private key remains secure.
B) You can store a private key in cold storage, fully disclose your holdings/public addresses, and remain secure so long as A remains true.
C) The cold storage device, and/or private key, are not necessary for a third party to audit the holdings of the corporate entity because of B and A due to the BTC protocols role as a public ledger. Providing the xpub, and therefore public addresses associated with the key, do not affect the security or the key because we would not be increasing the touches or people interacting with it.

Is that fair?

I'm not read up enough on the various options companies have at their disposal to secure the private key to move the conversation in the direction you're taking it. I know enough about multisig wallets, key duplication methods, and things of a similar nature, to be dangerous but it's possible that im ignorant to other methods.