Crypto is not a honeypot. Coinbase is an exchange, which is crypto’s version of a bank. If it is not in your possession, then you don’t own it. This just proves that Coinbase has been compromised.
Nick is free to move crypto to and from his own wallet as he pleases. No one can stop him. It does require more technical expertise than using Coinbase’s app though.
The problem with running your own wallet is that you have to run your own security, and trust me, even if you run linux and you're very skilled at hardening it, you're nothing compared to a company with 65B valuation that can leverage entire, active 1000+ person cyber security force to protect and secure your private keys.
Actually I’m in a much better position than they are because I’m not a target. Oh and my computer is not a server so I’m not allowing anyone to connect to it lol. They have a lot of security I’m sure, but they need it because everyone knows what they have and they must maintain a public interface for their customers to access their funds.
The biggest threat for me would be forgetting my key, deleting it by accident, or maybe having the hard drive die on me. (And losing my backup seed phrase, or forgetting the combination to the safe, lol)
You know what the best security measure is? Not announcing your wealth to anyone.
I agree generlaly what you're talking about but all of these exchanges are being run by leftie silicon valley technofascists who are making decisions on who can use their services.
Absolutely. That’s why I never left my crypto on Coinbase. I don’t trust the exchanges just like I don’t trust banks.
The conservatives have tons of money and not a lot of technical skill. There has to be people to bridge that gap; and when it gets bridged, the left is fucked.
That’s me, right here. I have the technical skill, just not sure what I want to make yet. I’ll contribute one day, I promise.
His big mistake was trying to use amazon and cloudflare (why? WHY???)
It’s funny. Not his fault imo, it’s just that his people are trained to use what everyone else uses, and that obviously doesn’t work when all the big companies are against you. You either need to trust someone with a good track record or build it yourself.
and trust me, even if you run linux and you're very skilled at hardening it, you're nothing compared to a company with 65B valuation that can leverage entire, active 1000+ person cyber security force to protect and secure your private keys.
Bullshit. Just fucking airgap your keys and never ever connect them to any device. As you have just seen with Fuentes you are orders of magnitude more better of than trusting a "65B valuation company with 1000 cyber security force ... which really are just clueless office drones like me :D.
I find a lot of folks here don't understand technology well and it shows in strange ways. It's easier to just admit you don't know what you're talking about and learning from there IMO.
It’s supposed to be traceable. That’s how the global ledger of transactions can exist.
What does it matter if it is? It’s not like Nick Fuentes is a private person. He can put out a wallet address that people who like him can donate to and he can do whatever he wants with it.
The government won’t even take anything unless he tries to convert it to dollars on an exchange.
Banks, like Coinbase, have been deplatforming people for years. Coinbase is no different from all those banks that said to gun makers that they couldn't work with them if they made AR-15s. There was also "operation choke point" and Obama/Holder started it.
That doesn't make it right, but this is not an anti-crypto thing.
The point is with Bitcoin (Cash) and such you don't need to use a bank.
People are just stupid for using PayPal, Revolut, Coinbase, CashApp and other for crypto.
The difference between banks and crypto is that with banks you don't have other choice than to rely on a evil bank, with crypto you don't have to but people are still stupid enough that they do.
All block-chain based algorithms work on a basic formula:
1.) "Data Miners" have to "mine" the currency. This is primarily being handled by GPUs at the moment. GPUs made in China.
First, the top miners use ASICs. Made mostly in China as most hardware is made there.
Second, not all blockchains are based on proof of work. That is one model. You have proof of space and proof of stake as alternatives. In proof of stake, there is no mining, while proof of space relies on storage space.
For any of this to work, obviously, everything has to be connected to the internet. An internet held together almost entirely by hardware made in China.
Well if you believe China controls all our hardware or the internet, then we have far bigger problems than crypto.
So we'll ignore for the moment the fact that as more and more people use the system, there's an inherent "slowness" to Block Chain that would ultimately result in a backlog of transactions that would exponentially grow to the point that NO transaction would be able to be completed within your lifetime... We'll ignore that glaring problem for the moment entirely.
You are talking about Bitcoin. Not all cryptocurrencies work like Bitcoin does. Even then, Bitcoin has various solutions to that issue. This is an evolving space where answers are still being determined.
And it’s not that a transaction can’t be completed, it’s that you will have to pay more to get it processed more quickly.
The only thing we know for sure is that no decentralized system will be as fast as a centralized one, because it has to contend with the overhead that comes with verification over blind trust.
Now how fast it can be nobody knows yet.
But over time, they came dangerously close to owning more than 50% of the nodes in Bitcoin. They knew that if they DID get the majority, the value of Bitcoin would drop to zero.
Well it would go to zero if they attempted to cheat with the majority, yes. What you don’t mention in your analysis is that if adoption were global, then China would not be a problem. Bitcoin is very small, even now. By the time you see a country like the US adopt Bitcoin for day to day transactions, China would just be one part of the overall market. A large part, but not >50% of it.
What if they embed something in the chipset of the GPUs that recognizes bitcoin farming being done on the GPUs, and purposely return incorrect information on rare occasion?
Wouldn’t change anything about how Bitcoin works. Or any other crypto. The GPU, or any piece of hardware, operates on a very low level. It can’t affect a high level protocol like Bitcoin.
What if they quietly mandate that all GPU chipsets return false "primes"?
They can return what they like, but the network is looking for a particular number. The wrong one would just be rejected.
Just the muddying of the bitcoin operations this would cause would be enough to crash faith in the currency, causing it to devalue entirely.
You think it hasn’t already been tried? People have flooded Bitcoin with garbage transactions before. They fix the oversight that allowed such behavior, people update their software, and the network goes on.
So on this day, the hardware simply drops all bitcoin protocol packets that are not bound for the whitelisted servers. On this day, those whitelisted servers authorize false transactions. Creating coins that shouldn't exist, moving coins from one wallet to another, etc. It doesn't matter. The point here isn't to steal the coins, the point is to kill ANY faith in the currency.
Can’t happen. To participate in the Bitcoin network, you need to be running the software. The software is what determines the functionality, not the hardware, and this software is open-source so everyone can read what is in it.
So basically, the thing that makes cryptocurrency "secure" is specifically that it isn't popular. As soon as it becomes a "worldwide" currency for a state actor to take interest in, it will be destroyed. And no amount of fiddling with the algorithms or wishing will change that.
You have it backwards. Crypto is at its most vulnerable right now when adoption is low. Not because any state actor can stop it, but they might kill its utility through regulation and make it a black market technology. People would still use it, however they would risk being labeled a criminal and maybe even imprisonment depending on how crazy governments get.
Any currency that is based on wishes and dreams (read: not physically backed by a tangible item of value) will ultimately collapse. And this includes the U.S. Dollar. It's just a matter of time. A currency is only as valuable as the faith that people put into it. And with Bitcoin, there are many ways to destroy that faith.
Cryptocurrencies are based on mathematics and electrons, and the fact that you don’t need a central authority to run it.
There is no such thing as a “tangible item of value”. Objective value doesn’t exist. Money is a concept. It is a set of objective properties that something must have to be useful as a medium of exchange. Anything can serve as a currency, but money needs certain properties to be trusted.
Bitcoin fulfills those properties the same way that precious metals do, and it has advantages that they don’t, in terms of security and portability.
We live in exciting times. I wouldn’t second guess crypto yet. It has only just begun and Bitcoin is only the first version.
Crypto is not a honeypot. Coinbase is an exchange, which is crypto’s version of a bank. If it is not in your possession, then you don’t own it. This just proves that Coinbase has been compromised.
Nick is free to move crypto to and from his own wallet as he pleases. No one can stop him. It does require more technical expertise than using Coinbase’s app though.
Actually I’m in a much better position than they are because I’m not a target. Oh and my computer is not a server so I’m not allowing anyone to connect to it lol. They have a lot of security I’m sure, but they need it because everyone knows what they have and they must maintain a public interface for their customers to access their funds.
The biggest threat for me would be forgetting my key, deleting it by accident, or maybe having the hard drive die on me. (And losing my backup seed phrase, or forgetting the combination to the safe, lol)
You know what the best security measure is? Not announcing your wealth to anyone.
Absolutely. That’s why I never left my crypto on Coinbase. I don’t trust the exchanges just like I don’t trust banks.
That’s me, right here. I have the technical skill, just not sure what I want to make yet. I’ll contribute one day, I promise.
It’s funny. Not his fault imo, it’s just that his people are trained to use what everyone else uses, and that obviously doesn’t work when all the big companies are against you. You either need to trust someone with a good track record or build it yourself.
Bullshit. Just fucking airgap your keys and never ever connect them to any device. As you have just seen with Fuentes you are orders of magnitude more better of than trusting a "65B valuation company with 1000 cyber security force ... which really are just clueless office drones like me :D.
I find a lot of folks here don't understand technology well and it shows in strange ways. It's easier to just admit you don't know what you're talking about and learning from there IMO.
monero?
It’s supposed to be traceable. That’s how the global ledger of transactions can exist.
What does it matter if it is? It’s not like Nick Fuentes is a private person. He can put out a wallet address that people who like him can donate to and he can do whatever he wants with it.
The government won’t even take anything unless he tries to convert it to dollars on an exchange.
Banks, like Coinbase, have been deplatforming people for years. Coinbase is no different from all those banks that said to gun makers that they couldn't work with them if they made AR-15s. There was also "operation choke point" and Obama/Holder started it.
That doesn't make it right, but this is not an anti-crypto thing.
The point is with Bitcoin (Cash) and such you don't need to use a bank.
People are just stupid for using PayPal, Revolut, Coinbase, CashApp and other for crypto.
The difference between banks and crypto is that with banks you don't have other choice than to rely on a evil bank, with crypto you don't have to but people are still stupid enough that they do.
I have to correct you here.
First, the top miners use ASICs. Made mostly in China as most hardware is made there.
Second, not all blockchains are based on proof of work. That is one model. You have proof of space and proof of stake as alternatives. In proof of stake, there is no mining, while proof of space relies on storage space.
Well if you believe China controls all our hardware or the internet, then we have far bigger problems than crypto.
You are talking about Bitcoin. Not all cryptocurrencies work like Bitcoin does. Even then, Bitcoin has various solutions to that issue. This is an evolving space where answers are still being determined.
And it’s not that a transaction can’t be completed, it’s that you will have to pay more to get it processed more quickly.
The only thing we know for sure is that no decentralized system will be as fast as a centralized one, because it has to contend with the overhead that comes with verification over blind trust.
Now how fast it can be nobody knows yet.
Well it would go to zero if they attempted to cheat with the majority, yes. What you don’t mention in your analysis is that if adoption were global, then China would not be a problem. Bitcoin is very small, even now. By the time you see a country like the US adopt Bitcoin for day to day transactions, China would just be one part of the overall market. A large part, but not >50% of it.
Wouldn’t change anything about how Bitcoin works. Or any other crypto. The GPU, or any piece of hardware, operates on a very low level. It can’t affect a high level protocol like Bitcoin.
They can return what they like, but the network is looking for a particular number. The wrong one would just be rejected.
You think it hasn’t already been tried? People have flooded Bitcoin with garbage transactions before. They fix the oversight that allowed such behavior, people update their software, and the network goes on.
Can’t happen. To participate in the Bitcoin network, you need to be running the software. The software is what determines the functionality, not the hardware, and this software is open-source so everyone can read what is in it.
You have it backwards. Crypto is at its most vulnerable right now when adoption is low. Not because any state actor can stop it, but they might kill its utility through regulation and make it a black market technology. People would still use it, however they would risk being labeled a criminal and maybe even imprisonment depending on how crazy governments get.
Cryptocurrencies are based on mathematics and electrons, and the fact that you don’t need a central authority to run it.
There is no such thing as a “tangible item of value”. Objective value doesn’t exist. Money is a concept. It is a set of objective properties that something must have to be useful as a medium of exchange. Anything can serve as a currency, but money needs certain properties to be trusted.
Bitcoin fulfills those properties the same way that precious metals do, and it has advantages that they don’t, in terms of security and portability.
We live in exciting times. I wouldn’t second guess crypto yet. It has only just begun and Bitcoin is only the first version.
As if Americas was making CPUs :). Well there are few factories in US but vast majority (almost all) are made in China, Taiwan and Korea.
I know wikipedia sucks but this list is spot on https://en.wikipedia.org/wiki/List_of_semiconductor_fabrication_plants
I've gotten more than 100,000 IP addresses banned from 4chan for spreading redpills
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