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Messages - ABCbits

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1
Trump Pledges to Free Silk Road Creator Ross Ulbricht If Re-Elected

Donald J. Trump has pledged to commute Silk Road founder Ross Ulbricht’s life sentence to time served if he’s re-elected president.

“If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served,” Trump said during his Saturday night remarks at the Libertarian National Convention in Washington, D.C. “He’s already served 11 years, we’re gonna get him home.”... Read more here.



I have doubt whether he'll actually do it, but it's one of few times he made specific promises which related with cryptocurrency. And for those who don't know about Ross Ulbricht, you probably want to check this website https://freeross.org/. Your opinion is greatly appreciated.

Edit: I just realized i posted this thread on "Bitcoin Forum" rather than "News related to Crypto", which is a mistake on my side.

2
As for other fiat service and stablecoin, i would guess it's because probably Visa know some users only care about make payment or sending fiat (or it's equivalent) to another user at low fee or high convenience. Other fiat service might offer lower fee, while stablecoin on altcoin network have very low TX fee.
I am still a little bit confused with the fee and convenience factor, as the dashboard is only giving the stats about overall volume, or is it? Like the comparison of fees as well. Well, users definitely prefer lower fees and high convenience, they tend to easiness. They will adopt it and leave the other. I thought they made this dashboard to show people and users that they have got more volume, they are being used mostly than other platforms.

My post which quoted by you actually is response for question "... so why they are comparing themselves with Fiat or Bitcoin?".

Speaking of the tx fee, I think it's not the only factor that's been considered by users, as alts needed to be integrated as payment methods in their sites, or platforms where the customers want, and it's a little hard, while implementation of Visa is more easier and many users considered it because there are fewer people using crypto and more people using fiat. Overall, this fee thing did not make sense to me, if you could please shed more light on it.

You're right. But i also speculate that more places or people will accept stablecoin in the future.

3
Using CEX or other custodial staking platform is good when we're talking about convenience. But i'd rather consider non-custodial staking pool, where i can get the reward while keep ownership of the coin. Although popular coin (such as ETH) usually have low return rate these days.
On the contrary, popular coins such as ETH do have decent rewards on some platforms. On Okex and Bybit for instance you get over 1%  for using their flexible savings yield which is good considering the fact that these are secure places that have stood the test of time

1% in a year sounds low to me. After all, staking ETH directly on ETH network (with non-custodial pool) currently give about 3% in a year.

4
I can't help, but assume current Nigerian government really don't like cryptocurrency. After all, government usually encourage people to use their currency. I also doubt cryptocurrency P2P exchange alone could have big impact on local currency rate. Maybe there's something i missed or don't know here.

5
I agree that nothing is perfect. That's why I asked what additional steps can be taken to further secure crypto assets.

So many member already mention that. If you think those aren't enough, how about using airgapped/cold wallet? Here's a brief guide on how to do it with Electrum wallet, https://electrum.readthedocs.io/en/latest/coldstorage.html.

6
Using CEX or other custodial staking platform is good when we're talking about convenience. But i'd rather consider non-custodial staking pool, where i can get the reward while keep ownership of the coin. Although popular coin (such as ETH) usually have low return rate these days.

7
Bitcoin Mining / Re: BTC mining is good for society & environment
« on: May 24, 2024, 11:50:39 AM »
At least for this assumption, i would use report from https://bitcoinminingcouncil.com/. Their report state estimate almost 60% of electricity for Bitcoin mining comes from sustainable source. Although it's a shame they haven't released new report in a year.
Hi ABC
sustainable source or not, it doesn't matter.
Even if BTC mining electricity comes from sustainable source, they'll keep saying that BTC mining causes outages and drives price up.
I'm countering that argument.

--snip--

Yes, i can see they'll just use different excuse. But IMO it still matters that they have less excuse and mining business would look somewhat better to different kind of people.

8
Their first project is to defend the founders of Samourai Wallet, which may not give a good impression, especially to legal authorities that can be influenced.
I also worried about that, especially when the founder advertise their service to avoid sanction. There are other less controversial case they could take, such as defending Uniswap for SEC sue.
There is nothing controversial about raising funds to defend somebody in court. In fact, even sanctioned funds can be used to pay for lawyers and other legal expenses that the people controlling said funds happen to be in (at least in the United States).

I'm not sure whether i write earlier sentence poorly or we have different definition of controversy.

COPA made a huge fuss about funding Hodlonaut when Craig Wright was trying to sue him into oblivion and look at the result. It was worth it, no?

You're right, although supporting COPA isn't really controversial when most people perceive CSW as liar, fraud or incompetent.

9
First of all, i think this thread should be posted on "Incentivised Posting / Shill" board instead. Secondly, those who fell into scam probably shouldn't blindly trust someone else. After all, scam in form of recovery or help service also exist.

10
Their first project is to defend the founders of Samourai Wallet, which may not give a good impression, especially to legal authorities that can be influenced.

I also worried about that, especially when the founder advertise their service to avoid sanction. There are other less controversial case they could take, such as defending Uniswap for SEC sue.

11
Bitcoin Mining / Re: BTC mining is good for society & environment
« on: May 22, 2024, 11:59:17 AM »
- Production of electricity damages the environment.

At least for this assumption, i would use report from https://bitcoinminingcouncil.com/. Their report state estimate almost 60% of electricity for Bitcoin mining comes from sustainable source. Although it's a shame they haven't released new report in a year.

12
Bitcoin Policy Institute Launches Fund To Protect Non-Custodial Tools From Regulatory Challenges

The Bitcoin Policy Institute (BPI) has launched its Peer-to-Peer Rights Fund to safeguard the decentralized, peer-to-peer integrity of the Bitcoin ecosystem.

The fund aims to defend non-custodial tools and their developers from regulatory overreach to ensure innovation, privacy, and user autonomy... Read more here.



Their goal is rather important, especially after Tornado Cash developer got jailed recently. I'm not very familiar with BPI though, but it seems they previously only focused on research. Your opinion is greatly appreciated.

13
Bitcoin Forum / Re: Joinmarket.net (discussion) experience?
« on: May 22, 2024, 10:35:25 AM »
Does anyone have personal experience with Joinmarket or at least experience from a reliable source?

I can't access the website, so i assume you're talking about this JoinMarket https://github.com/JoinMarket-Org/joinmarket-clientserver. Personally i haven't tried it yet, since it's not very user-friendly. It also require you to run full node, so i expect almost none of us actually have actual experience with it.

After the departure of Samurai and Wasabi wallets from the Coinjoin feature, Joinmarket seems to be the only remaining "free" option.

You might want to https://joinstr.xyz/, although it's still in development and not ready for mainnet.

14
Crypto currency Mining / Re: Will gpu mining get good this year?
« on: May 22, 2024, 10:20:21 AM »
CMIIW, but doesn't AI trend only use enterprise GPU? That means miner could go after non-enterprise GPU.
Large AI companies' data centers use Nvidia enterprise GPUs that cost tens of thousands of $, such as the H100 Tensor Core which costs $40K. Of course, these GPUs are not in the sights of crypto miners, or at least I have never known anyone to use enterprise GPUs for their mining farms.

However, the demand for AI comes not only from large companies, but also from ordinary users. For example, the Nvidia GeForce RTX is popular for computers focused on AI features for users, which can deplete the supply of GPUs on the market and drive up GPU prices and increase miners costs.

That's good to know, although i wonder how many regular people buy customer GPU just to use AI feature. I recall news which state new Intel CPU optimized for AI task, which means those people doesn't need to buy dedicated GPU.

15
He's probably right, as we've seen few threads about Peter Schiff (including this thread). And while there are risks involved when investing on Bitcoin, it's clear he usually exaggerate about the risk itself.

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