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24 sats \ 1 reply \ @ChrisS 4 Mar \ on: @streamingsats's bio
What are some examples that you talk about?
The brain wallets talked about in this post are described in this wiki. Nothing to do with 12 word mnemonic seed phrases.
When the second bot realizes it knows the private key it has to create and broadcast a transaction with a slightly higher fee than the first not. When the first bot sees this transaction it creates a new transaction with a higher fee. And so on and so forth until the transaction is all fees.
The reason it has to do with brain wallets is because people are using insecure methods to generate a private key like taking a common phrase and hashing it with sha256 and using that as a private key.(this is what brain wallets are. https://en.bitcoin.it/wiki/Brainwallet#Obsolete_Brainwallet_Style). And these bots keep databases of billions of addresses generated this way and as soon as money is sent to one of them the race is on as to who can spend it first.
"DOGE aims to deliver $2 trillion in federal spending cuts during its 18-month lifespan.
Fishback’s proposal calls for 20 percent of the $2 trillion in savings—approximately $400 billion—to be returned to 79 million tax-paying households via direct payments."
Thanks @Carresan for running the contest and winning. Chris@rizful.com
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There appears to be a bug in the calculation and anything over 808 confirmations at 48 percent of the hash rate says 100 percent reorg risk. 800 confirmations fives 5 percent reorg risk and if that calculation is correct than every confirmation after that will be lower than 5 percent.
Op, Go back to fiat. Bitcoin is not for you! If you cannot take responsibility for writing 24 words down and remembering and/Or backing them up then bitcoin is not for you?
Where it ends is no more fiat. Save in bitcoin and spend it when you need/want something.
I think op is overthinking it. He has enough bitcoin and is retired. What is the problem? The end goal is not to end up with the most possible bitcoin and hodl forever. It’s to live a balanced, fulfilled live. Bitcoin is a great tool towards that end but not the end itself. There is a happy medium where you save up enough bitcoin to retire and/or work on only what you choose to and spend your savings on things you need to live your life as you choose.
A lot of people like to complain and eloquently describe problems without actually trying to look for solutions and solve the problems. And when you offer solutions to problems they are describing their first instinct is to tell you all the reasons why it won't work.