Topic: Info-thread: Translation of Useful English topics to Pidgin {mix images} (Read 13489 times)

Translated Topic in Pidgin Language: Blockstream Jade - na fully open source hardware wallet
Original Topic: Blockstream Jade - fully open source hardware wallet
Author: witcher_sense


If u dey prefer open source hardware wallets, den make u look dis new product from - Blockstream Jade.

Of recent, Blockstream deir team (Blockstream CEO Dr. Adam Back and Blockstream Chief Architect Lawrence Nahum) don yan deir new hardware wallet Jade wit fully open source hardware and software.

Dis wallet go support Bitcoin BTC and all Liquid assets of di Liquid Network (L-BTC, Tether (USDt), L-CAD, JPYS and odas).



Di hardware wallet dey available for pre-order and di price dey affordable.



Anoda information to add(Q&A from recent AMA on Reddit):

Q: Di WIFI in di MCU e dey disabled through firmware? U get plans to use WiFi for di future?
A: Di WiFI in di MCU e dey currently disabled but dem fit still enable am. Jade dey come wit two firmware variants, one na wit radio and anoda one na without radio. Di one wey no come wit radio no get di WiFi or BLE drivers to work. Jade ships wit di BLE firmware but e come wit BLE off by default.

Q: Jade PSBT dey compatible ?
A: Jade dey use wally wey get PSBT support. At di moment Jade dey support Green multisig wey no dey take advantage of PSBT. We dey plan to add to Jade single sig and PSBT support.

Q: Where dem dey manufacture am?
A: Na desame manufacturer like M5 Stack but a custom model for Blockstream.

Q: U dey sell device at-cost or at-loss?
A: No we no dey subsidize di hardware, keep am in mind sey Jade dey based on libwally which dey do most of di heavy lifting.

Q: Wetin be "server enforced PIN protection"?
A: Di mnemonic wey dem don  generate e dey immediately encrypted using AES256 and wit di use of a secret key wey dey computed through an encrypted and authenticated channel wit a [remote] blind oracle server, di authentication dey involve ephemeral elliptic curve Diffie Hellman exchange wit a server key wey dey known. Den di encrypted mnemonic dey stored on di encrypted flash of di Jade and e dey protected by secure boot [v2].

Di blind server no dey aware of di actual PIN nor e fit brute force am. Also di  blind server no dey associated wit di users account (e no dey associated wit di per user derivation paths)

If di PIN wey u enter dey incorrect 3 times di server and Jade both go delete di secret and e go require a from scratch mnemonic restore on Jade.

Di companion app nor any ISP/WiFi AP in di middle fit inspect di data passed between Jade and di oracle, e also dey able to tell u if di PIN dey correct or wrong (oda dan potential timing attacks). Di oracle dey available through Tor and open source and in di future users go fit dey able to run deir own and point deir Jade to am if dem prefer.

Q: Dem fit use am wit non-Blockstream wallets?
A: At di moment e no dey supported but full support dey planned. Currently e fit work sha but e go require u to confirm change manually and e no go enforce single sig path anti-ransom checks.

Q: Wetin make u choose to make dis device?
A: Di koko experiment na to porting libwally to esp32 and na base on di [PocketSprite](https://pocketsprite.com/) but most of di development occur on any of di easy to find esp32 boards and den on real Jades.

We think sey di market get beta hardware wallets but we feel sey space dey for sometin wey dey a bit different, wit some different design decisions and feature set. Specificalli we wan experiment wit Liquid features as well as advanced bitcoin features.

Q: How di security model dey compare to Trezor, Ledger, Coldcard?
A: Jade no get secure element so dere's dat.

However e get secure secure boot + encrypted flash and as per prior answer e get a blind oracle enforced PIN. Dis dey act almost like a remote 'secure element'.

Q: How we wan take define a “hardware wallet” – abi make di definition involve Internet-connected devices wey dey communicate wit servers?An airgap dey important or na just security theater?
A: Hardware Wallet get thinner surface of attack if u compare am to ur average internet connected laptop or mobile phone. Di both wen e come to di OS stack as well as radio/network.

For maximum security u wan avoid radio all togeda, however den u no fit use hardware wallet wit iOS. Well unless u wan use di camera, which na sometin we dey work on (e dey work but e require some improvements)

Di links:
https://store.blockstream.com/product/blockstream-jade/
https://blockstream.com/jade
https://blockstream.com/2021/01/03/en-secure-your-bitcoin-and-liquid-assets-with-blockstream-jade/
https://github.com/Blockstream/Jade
https://www.reddit.com/r/Bitcoin/comments/kqgehd/were_the_blockstream_team_and_we_just_announced/
https://twitter.com/Blockstream
https://www.reddit.com/u/adam3us/
https://www.reddit.com/u/bitfast/

Translated Topic in Pidgin Language: Anonymity & Privacy dey different
Original Topic: Differences between anonymity & privacy
Author: BlackHatCoiner

I don think am sey make newcomers know di difference between anonymity&privacy . Pipo dey like confuse dem or some pipo dey consider am sey na desame, but deir meaning no be desame. I dey like compare dem with Bitcoin each time make e dey clear.

• Privacy

Privacy na when pipo get di abiliti to seclude information about demselves. In oda words e mean sey, na di right wey pesin get wey e no go fit dey subjected by unauthorized invasions like government's. For example, corporation go fit want make u bring ur personal details to serve u di appropriate advertisement. Google fit use Adsense take invade ur privacy; if u wan watch video or u wan google sentence about “Pets”, u go see things like  Pet Shops/Food/Toys whenever u dey find google ad.

In Bitcoin, dem fit invade ur privacy. Make we talk sey Charlie and Bob don receive 5 BTC from Alice for transaction wey resemble dis one:

1ALice...   10 BTC --> 1CharLie...  (5 BTC)
                       |  --> 1Bob...        (5 BTC)

Alice & Charlie don know sey Bob address na 1Bob[...]. E mean sey if Bob choose to send dis 5 bitcoins, dem fit track am down. Make I give u anoda example; make we sey if Bob wan get rid of all ehn Bitcoins dats ehn dey sell dem to exchange. He don choose to combine all ehn input and create one output.

1Bob...   5 BTC --> 1Exch4nge... (25 BTC)
16Uw...  2 BTC
1Ku8...   8 BTC
1HA8...  10 BTC

Now Alice & Charlie fit observe sey di signer of di address wey receive 5 BTC b4 na di owner of three addresses wit 2,8 and 10 BTC. Even if dem no reach succeed find dat di receiving address na exchange's, dem don already sabi am too much. Bob dey exposed and every transaction wey ehn dey make from any of ehn four addresses fit dey censored by pipo. In oda words e mean sey, if Bob don commit illegal activity from di 1Bob[...] address, dem go consider all of dem wit wetin we dey call “tainted bitcoins”, because sey dem be dey in di possession of a criminal. Even if sey pesin don make complete legal transaction wit Bob, he or she go fit dey censored. Pipo dey use mixers or/and mixing protocols to take enhance deir privacy.

Here na beta technical thread to read: [Education] Bitcoin Privacy and Anonymity

• Anonymity

Anonymity na when di identity of a pesin no dey known and no technique wey dem fit use identify or reach di pesin. For dis forum, I use dis name take register  “BlackHatCoiner”, but if my IP don leak somehow, u go fit theoretically use technique take reach information about my identity. So,I dey anonymous? No. Example of anonymity wey dey happen for real life na free elections.

In Bitcoin, while ur address no dey reveal anything about ur identity, di block chain dey show transactions wey u make, di amounts wey dem transact and when dem transact am. If u wan buy something from store and u use input of 10000 BTC, di seller fit sha know how many bitcoins u at least get. So, na anonymous? No. na pseudonymous.

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So, di concept privacy dey describe activities wey u wan keep dem for urself, privately. On di oda hand, anonymity na when u want pipo to know wetin u dey do', u no just want dem to know sey na u dey do am.

• Anonymity na when u donate to a charity wey na cash u use.
• Privacy na when u lock di door inside bathroom; no be because sey u dey hide anything, na u wan just keep di activity dere to urself.

Translated Topic in Pidgin Language: [Newbies] Read am b4 U stake an address
Original Topic: [Newbies] Read this before you stake an address
Author: BlackHatCoiner


To stake address mean sey u suppose know wetin u dey do,if u be newcomer. Also,

Nai make I yan dis thread; make tins no con hard for newcomers and make dem sabi wetin dem dey do. If you bi newcomer wey know why e dey necessari to stake ur address and how dem dey do am(wit wat softwares). I go focus on how u go take stake am in a way wey comma no go dey and na ur brain u go use.

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Staking.

Wen u don stake ur address, u go do am so dat if need dey wey you go prove sey de account na ur own, u go fit do am. Di wahala bi sey most times, pipo dey use mechanical method dey operate well well, na becos sey dem no sabi wetin dem dey do. If u neva stake address b4, just jejely visit de koko thread den make u drop ur address wey ur non-custodial wallet generate, na like dat:


Need no dey for u to bring message wey already dey signed from dat address, becos we sabi am at de moment, de owner wey get de account don stake deir first address. E dey veri obvious sey na deir own weda dem sign message or dem no sign.

E dey advisable sey make u use address wey dey unique, especialli de one wey neva receive Bitcoins. U go fit do am, sha, but e go harm ur privacy. E go beta make u choose address wey no get connection wit ur transactions.


Signing.

Wen dem go ask u to lap di proof sey na u get de address, u go sign and u go publish di message. [dis one na how] [dis one na why]


If u wan stake anoda address, you go need to sign a message from ur old address and e go contain ur new address inside am:


Note sey reason no dey at all for u to sign a message from di new address, na desame reason wey no need to do am for ur first address. We sabi am at de moment, u don sign message from ur old address, we don reason am finish sey truli na u, and u don choose to stake anoda address.

Dis one fit happen for many reasons. Pesin fit becos of fear of de old casala. If na dat kind case, den u go bring ur signed message wey onli de owner of di account go fit provide a signature from de new address and no from de old one.


Quoting and Verifying.

Now dat one na dey optional, na for only pipo wey wan help for de quotation and verification of di thread's addresses.

For some users fes time dem dey like stake deir address alongside wit a signed message, if dem feel sey to stake onli address no do dem (I don sha explain am for up why e dey sufficient). If de user don stake a signed message, u go need to verify am.

IF de message no fit dey verified, den e mean sey de user neva provide signature wey dey valid. Dat kind case, u go reply dem sey dem do sometin wrong durin di procedure and wetin I mean by “reply” I mean sey u go quote de whole message just in case dem don edit deir post. If na de fess time wey dem dey try to stake address, den no palava. Dem go learn las las. If dem don stake address b4 and dem wan stake anoda one, but dem no fit provide u message wey dey valid from the previous address, den di mata go con dey look suspicious.

If dem don send u signed message las las den na like dis e dey look like:


U go deny am flat and u go con ask for one wey dem no reach sign b4. To make sure sey di original owner no reach sign the message wey dem ask (wey hacker fit don take am from am), u go need to ask dem but no be wit gra gra make dem provide u one extra tin; time. If dem post message wey time dey, den we fit confirm de pesin wey get di account.

As for ur post wey quote de signed message:  E no dey necessary to provide link wey go carry the reader go website/image wey go confirm de message's verification.E get some users wey don create websites wey fit archive every post wey pesin don create. [loyce.club, ninjastic.space]

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If u think sey wetin I don yan somewhere for dis thread wey no correct or e get where I neva yan and e dey important abeg tell me

Thank you dear Sokani as you translate one more of my topic! Great job! Dis way more and more pipo go dey aware of de struggles of de poor Julian Assange.

Dis theme na dedication to Cypherpunk, to freedom of journalism, and at de same time, de material try to bring out de unjust justice wey Asange bin face. And all dis because he want talk de truth, de whole truth and nothing but de truth.

Similar to Ross Ulbricht, US government bin hold Asange as an example. At de same time, none of de oda journalist wey cooperate with am face similar allegations. No New York Times journalist wey secret agencies don ever persecute. No Der Spiegel journalist wey US don accuse of spying. No Guardian journalist wey dem don hunt. And all dis na de biggest names for de press wey collaborate with Asange. Instead dem bin hold am as role model.

We go only fit hope say him go dey finally free again...

Translated Topic in Pidgin Language: De call for Julian Assange || De WikiLeaks Manifesto - Make all of us read am
Original Topic: The call for Julian Assange || The WikiLeaks Manifesto - We all should read it
Author: GazetaBitcoin

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Maybe plenti pipo don hear about de name Julian Assange, but na only few persons know who him be, wetin him do and wetin him dey do now. From dis, na only few person who know why him be emblematic figure for de crypto space.

Dis topic na call for help, na him make I post am for the beginners and Help board. Na call to help Julian!

I bin don plan to write about dis topic for sometime, but for some reasons (de most important be say I no get time) delay am. However, another recent discrediting of de press (in one way or de other) come make me to write dis thread. Though de reason behind dis dey less important. Wetin dey important be say Julian need help!

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De last sentence for dis topic na cautionary tale: "Make all of us continue Cypherpunks' work and dey fight for freedom!"

De Cypherpunks group bin emerge initially for 1992 from Eric Hughes, de author of "The Cypherpunk Manifesto", John Gilmore and Timothy May, de author of "The Crypto Anarchist Manifesto". From one former meeting for Gilmore office, dem come create one mailing list, under de name of Cypherpunks mailing list.

During dat time, odas join Cypherpunks fight against de state as dem dey surveil de citizen. De number persons bin reach more dan 1000 contributors.

Julian Assange bin dey part of de group between 1995 and 2002. Him get brilliant mind wey odas bin observe. If May, Hughes or Gilmore bin focus more on "algorithms for people", for digital cash and for public access to cryptography (for de era wey NSA bin dey fight wit all their power against dis), Assange bin get different principle: “Freedom of information na respected liberal value."

The WikiLeaks Manifesto, one document less known, unfortunately, e contain oda words of wisdom from Julian: "Only reveal injustice person fit answer; for one man to do anything thing intelligent him suppose know wetin dey go on."

As Gutenberg printing press bin surface for 1448, wey come lead to Printing Revolution, elite power over classified documents come dey reduce constantly. Dis na one of de first form of information decentralization. Julian Assange take am to a whole new level.

And dis one happen after de launch of Wikileaks, in 2006.


I dey reason de same way as Snowden, and even more: I dey try to help am by recommending where him go fit settle and where him no fit settle for him new life after him betray de govern; Assange published thousands of classified information from all parts of de world.

Him connection to Bitcoin?, Some fit as.

After US govern bin come initiate a financial blockage of WikiLeaks accounts, Julian come realized de potential of Bitcoin and come dey reason to accept de new cryptocurrency as a way for donation. De idea bin put BitcoinTalk on flames dat time:

"Bring am come", as RHorning bin emphasize.

However, Asange continue, ""Satoshi Nakamoto", de pseudonymous inventor of Bitcoin, bin respond: "No, no "bring am come." De project need to grow gradually so dat de software fit get strength along de way. I don appeal to WikiLeaks make dem no try to use bitcoin. Bitcoin na small beta community wey dey very young. You no go get any beta thing oda dan pocket change, and de heat wey you go bring go likely destroy us at dis stage."[...] Six days later, for 12 December 2012, Satoshi come famously disappear from de Bitcoin community, after him post dis message: "e for dey nice to get dis kind attention for any oda context, WikiLeaks don kick de hornet net and de swarms dey come towards our direction.""

As a deep sign of respect for Satoshi and for him work, as Asange bin talk (for de previous mentioned link), "WikiLeaks bin read and agree with Satoshi analysis, and come decide to stop de launch of bitcoin donation channel until de currency don dey more established. WikiLeaks later launch their bitcoin donation address after de currency major boom, for 14 June 2011."

A sign for respect wey na rara avis nowadays.

Julian rely on Bitcoin certainly no only help WikiLeaks: e also help make Bitcoin to dey popular; e raise awareness about Satoshi creation; e bring more and more people to de path wey Satoshi open.

Wetin happen next dey well known dan de above mentioned history. US government start to dey hunt Assange for 2011, and in response, Julian come manage to help himself by seeking asylum for de Ecuadorial embassy for London. Dem come grant him request for 2012. However, him stay for de embassy bin no dey easy - among many oda things, him bin no step outside de embassy until 2019(!), him bin dey live almost like an inmate. Between fabricated accusation of sexual harassment, wey dem drop after years by the Swedish govern, and him continue work for WikiLeaks, Asange also try to keep his moral and do him best to avoid extradition to the US, as him dey aware say if dem carry go there na death penalty or at least 175 years behind bars.

Unfortunately, for 2019 Ecuador come end him asylum, for reasons wey dey more or less ridiculous, but e dey almost clear say dem force de decision somehow by oda secret agencies or by oda governs.

As I dey write dis thread, Julian trial for extradition don start. During de trial, him dey stay for prison.

As I bin talk recently, for one of my previous topic,


E dey our hands also to help Julian. And to help am mean to help freedom of information!

I no go talk how to offer dis help, I dey sure say everybody know, or atleast, get small intuition about am.

Time dey for debate and time dey for action. Now debating time don pass.

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Issues to note:

I also recommend make una read de following:
- Nils Melzer's The Trial of Julian Assange: A Story of Persecution - The shocking story of de legal persecution of Wikileaks founder Julian Assange and The dangerous implications for The whistleblowers of The future
- Robert Manne's piece of art The Cypherpunk Revolutionary Julian Assange
- The Most Dangerous Man In The World: The Inside Story On Julian Assange And WikiLeaks, written by Andrew Fowler
- Cypherpunks: Freedom and the Future of the Internet, by Julian Assange. De book na discussion between Julian, Jacob Appelbaum (Tor developer) and Jérémie Zimmermann (co-founder of La Quadrature du Net)
- Underground, by Suelette Dreyfus & Julian Assange. Na fascinating book about de rise of Australian hackers and phreakers from 1980s, including de early activity of Julian Assange, which by dat time dem bin know am as Mendax.
- When Google Met WikiLeaks, by Julian Assange
- The Unauthorised Autobiography, by Julian Assange.

Besides de following movies dey parts of a most watch category:

Ithaka - na documentary wey show Julian struggle to avoid extradition to de US
Na WikiLeaks very own documentary - full movie
Risks - Na WikiLeaks documentary, directed by Laura Poitras (a friend of Julian Assange) - full movie
The Fifth Estate - Na great movie about WikiLeaks
We Steal Secrets: The Story of WikiLeaks - Na yet another documentary about WikiLeaks
Underground: The Julian Assange Story - Na another movie about Julian, wey describe him early career.

Translated Topic in Pidgin Language; Bitcoin securiti and safeti
Original Topic: Bitcoin security and safety
Author: Charles-Tim


Bitcoin, na digital currency wey get better value and na also asset wey don dey popular all over di world, na di first currency wey dey fulfill the purpose of money, wey be privacy. Some companies dey, wey dey offer custodial services (controlling services) to dey help you manage or hold your bitcoin,but di company go cor get full control of your bitcoin, while you go fit end di purpose sha. Dem create bitcoin normally, somehow wey go make people wey get bitcoin to hold bitcoin themselves by using noncustodian wallet (wallet wey no body dey control) and dem they use m store di private keys way get access to di bitcoin way dem keep on di blockchain. Bcos of dis, need dey for us to take care of our bitcoin bcos na we dey manage m ourselves without any other person so that we go get full control over m. But, we need to dey careful and protect our bitcoin and bitcoin wallets from thief and also make we nor lack safe means of good protection.


Ways wey bitcoin fit tel lost
Although, to send bitcoin to wrong address, purposely sending bitcoin to scammers before person cor know say na scam, when person use fake custodian exchange (exchange way another person dey control), Although, stealing bitcoin through di virus wey di wallet, fake giveaways, cloud mining services and many other ways way person fit become victim of scammers and for there lost bitcoin, dis na why we need to dey careful of scammers and scam sites and to dey always avoid them. For dis case di bitcoin nor lost in any ways wey go make m dey permanently inaccessible but na ways wey scammers fit tel theft m. Ways dey by which person fit lost bitcoin and the bitcoin nor go cor dey accessible again and na dey discuss below.

Inaccessible lost bitcoin
Some people dey in di past wey might think say bitcoin price dey low at dat time and so nor believe say e go rise or base on some other reasons, so they lost access to their private key, and they nor cor fit access their bitcoin on blockchain, dis go fit be as a result of say them encrypt their bitcoin wallet file and so they nor fit decrypt m again, damaged or inaccessible bitcoin storage devices, corrupt backup files, forgetting seed phrase or private key. Also forgetting passphrase (password) wey go cor make you nor fit spend your bitcoin go fit be di result of lost bitcoin. Another reason way go fit cause inaccessible bitcoin na when person nor fit make payment with bitcoin to another person and none of them cor get access to m ( dat is, e hang for air).

Securiti practices
For you to protect your wallet, many security practices dey wey you must follow, some people go download online/hot wallets for the purpose of using bitcoin, but di private key of online wallets dey connected online, dat na why those custodian exchanges (exchanges wey dey help person hold their bitcoin) and dey use online storage dey often dey hack, dis one go only fit good to dey save small amount of bitcoin. For inside the online wallets, Web wallets na dey most easy to hack follow by mobile wallets while desktop wallets be good sha but na still online wallet and should be used to store small amount of bitcoin.
Cold wallets na di safest, private key dey store offline. Dat na why, they be di most recommended wallet for person, example na di airgapped wallet and di paper wallets, they fit dey hard to use but them dey very safe. Bcos of how e tel hard to use airgapped and paper wallet, especially for everyday bitcoin transaction, some companies cor create hardware wallets wey be cold wallets but cor easy to use for dis purpose. Cold wallets dey recommended for long-term storage and to store large amount of bitcoin bcos na them be the safest to use. Another wallet wey dey worthy to be mentioned na the multisig wallet wey dey safe to use also. Lastly na di noncustodial two factor authentication (2fa) wallets, but the transaction fee for multisig and 2fa wallets dey high but likely fit become low in multisig wallet if taproot dey implemented in which any wallet wey dey support taproot go dey able to carry out transactions with normal fee.

No wallet dey 100% safe, you yourself go make m 100% safe
Normally, no wallet dey 100% safe, for example, some people dey make use of their device tel visit any site wey them like, they fit possibly enter sites wey go install virus on their devices, wey go cor make di virus fit thief information wey them fit use tel access di wallet on di device on another device wey fit lead to bitcoin loss or wallet hijack. Dat na why need dey to visit URL and di URL go be link to a safe and legit website instead of using search engines like google wey go fit bring up phishing ads. Also some people go dey use playstore tel go download fake wallets and they go dey think say na di right wallet, to dey visit di official sites for di wallet is di safe way. Also using di latest anti-virus on your device and to dey use ads blockers if you dey use search engine, and if necessary to use search engine, making use of privacy ones like duckduckgo go be di best, although dis nor go give you best user experience but na dey safe to use than to dey use search engines of giant companies like Google and Microsoft on your wallet devices. Even, using cold wallets still need users protection and online privacy.

Watin you wan protect
Protecting your seed phrase, private key, seed and passphrase dey very important, because if attacker fit know these things, e fit go lead to di wallet being compromised, they should be protected offline, keeping it on devices go be di stupidest means of backup, and online backup dey dangerous. To copy your seed phrase into three place and to save m in a place wey nor dey accessible to attackers and damages na di best way to protect seedphrase. Nor go use complicated or difficult-to-remember passphrase, and nor go backup di passphrase together with di seed phrase and do offline backup too just like seed phrase backup. Lastly, use a backup way you go easily retrieve, not di ones wey go dey difficult to impossible for you to retrieve, some people like to encrypt their seed phrase, e nor bad, but make sure say you use encryption way you go fit easily decrypt.

Hey Stable090, thank u say u don help me rewrite dis very important topic of mine! Great job!


Dis topic suppose open d eye of people wey never sabi d danger wey dey whenever de use BTC with centralized exchanges and banks. D topic don try to make all those people make dem change d way dem de reason, so that de go fit use BTC in an anonymous way, e go help dem commot for governs radars, banks and other third parties.

I don too de happy say I see say de don rewrite dis topic for pidgin language, I believe say e go help plenty people for ur local board on how dem go use satoshi’s invention.

Translated Topic in Pidgin Language: 12 years don pass and people no still sabi how dem go use Bitcoin or waiting e good for
Original Topic: 12 years later and people still don't know to use Bitcoin nor what it's good for
Author: GazetaBitcoin

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12 years don pass since bitcoin don de. Till now, plenty people no get idea on how dem de use bitcoin, or Wetin bitcoin de good for. Plenty people de make combination again d nature, dem de use bitcoin together with our bank and centralized exchanges, de no get knowledge about its libertarian and crypto-anarchic grounds. De no sabi say bitcoin de here to help us invade d slavery wey governs and banks de force dem to, people de do everything wey dem fit do to enslaves themselves, de come make am easy for elites wey de oppress dem for thousands of years.

12 years ago Satoshi carry better tool come for humanity, tool wey don set dem free. Make we see how him de describe his invention:


E don offer us method wey go make people fit transact directly, peer-to-peer, e de avoid any third party, no matter Wetin be d name - govern, bank or other person wey go de middle.

Satoshi carry bitcoin come and him give am out for free, for helping people get financial freedom, but people, in return, invested centralized exchanges, “helping” themselves to remain miserable slaves. Dis one na something wey remind me of other memorable scientific inventions, wey dem do to help people, but as dem create d inventions other showed up de come weaponized dem. Apparently, if any entity no de to harm them, we people de always choose on our own to harm ourselves.

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If u don read dis finish, some people fit ask: “Wetin de wrong with using centralized exchanges? Na dem de keep money for me and I fit get my money whenever I like and I fit do anything wey I want with dem!”.

D last sentence na monumental lie. Na oxymoron, e mean say na expression Wey denies itself. E be like say I de talk say “I dey smoke in a healthy manner”.

D wey people de greed never get any limit. Bitcoin appeared for liberating dem, de only understand say bitcoin de there to make dem get money. Na d greed de determined people to invent d centralized exchanges. Instead wey dem go use bitcoin between dem, in peer-to-peer transactions. De get fact wey go render traditional money and governs as irrelevant, people don create an abomination meant to centralize something wey dem born decentralized.

Some people dey sharp pass others, but dem also de greedy, and de take advantage of their knowledge and d others’ greed for creating dis their centralized exchanges, where people de rush to deposit their money - which, since de don deposit am, e don turn exchange’s money. Individuals believe say dem go rich, de know no say dem de lose for all directions. D de very dramatic, as de no lose only money, but way more…

Wetin go de wey pass money? Dem de lose their personal information - that gift wey dem receive at d birth wey remain personal only if individual no want make e de personal again. And if de don reveal d personal information, e no go ever turn personal again. How many don ask themselves “Wetin be personal?”. As greed blinded them, dem de hope say de go get profits and de go become rich over night, people run happily go meet centralized exchanges, sparing no effort for having accepted their requests for opening accounts. E mean say de carry all their personal information give exchanges. Some exchanges de give dem free 5-10-20$ to people wey de create accounts with dem. U don reason before y d exchanges de give dis kin free money? U don tell urself before say “d exchanges de honored to have me as a customer, that’s why”? I no de sure. Dat money wey d exchange give u for free na nothing to dem, as dem go get back plenty money from d clients. Dem de talk say if something na free, na u be d merchandise. Like on Facebook. In d case of exchanges, d situation de worst: if dem de pay u to become a customer, reason d worst thing wey fit happen to u!

Wetin be d highest bad thing wey fit happen?

First of all, exchange no de ever lose money. House de always win. And na customers de Always lose. Users de always de happy if de see say bitcoin de pump, thinking de go earn some profits. Dem de always feel bad if de see say bitcoin price de crash, because dem de lose money. Plenty people sell their bitcoin even if de know say dem de at lose, but dem de sell am so that de no go lose more money. Dey know say as long as de keep their money for BTC their money go remain there de no go lose. And Wetin exchange de even do? De win when bitcoin soars, as de earn fees from d users. Dem de earn if BTC value de go down, as dem de receive fess now also. Anytime wey people commot money from d exchange, dem de lose more money. And we never even talk about d network fees, but d exchange’s fees. In other words, people de always contribute to d benefit of exchanges and also to their very own poverty. Besides, how many of us don notice how d biggest exchanges, like Coinbase or Binance, always encounter "technical outages", shutting down their platforms Since d time wey BTC dey dump reach time wey e de pump? Can it be a coincidence that each substantial price change, an outage shuts down d exchanges till dem see say price don come back to its previous value? D reasons wey d exchanges’ spokepersons de give de very pathetic and ridiculous. E de vivid clear that, since dis shitty moves don de happen for years, d exchanges decide to shut down in that particular moments, thus people no go get profit if BTC soars too much and limiting dem to buy BTC if d price plunges.

Second of all, as I de talk for d post wey de up, people de lose their personal information and na dem de carry themselves pass d dangerous process, wey dem de call KYC. Nothing consign d exchange about their customers or about their customers personal information. All Wetin dem want na more money. De can be hacked by hackers, which besides stealing money, de fit also steal customers personal information, wey de fit even turn to more money, most especially if dem sell d information on Dark Net. A CNBC article describes how those hackers de sell personal information for 1$ a piece (Dis information consisting, among others, de go sell d physical address of where d customer de stay, their credit / debit cards, copies of their IDs etc.): Hackers de sell ur data on d ‘dark web’... for only $1. A notorious similar case from d forum is D case of the Romanian bekli23, which, him de pretend say him de decrypt old BTC wallets, him be de ask people make dem send picture’s wey dem de hold their IDs and other bills for hand. Obviously, him no de decrypt any wallet na lie, him just de use style de collect people personal information, most likely, him de sell am for Dark Net, for as low as 1$ per piece!

For some cases, d exchanges na dem de sell customers’ personal information! And no be say na small, shady exchanges, we de talk about big exchanges. Coinbase na one of d biggest exchanges, and de don catch dem before wey dem de sell customers personal data! A 2019 article, Coinbase Admits Its Former Data Provider Sold Client Data, describes how Christine Sandler, one of d exchange’s executive, e admitted that d company sold d users’ personal information. Him get dis example, you think say other exchanges no de do the same thing? Na just because de never catch dem yet?

Third of all, exchanges offer users’ personal information directly to d authorities. Were u de reason say d govern no go sabi about u and ur finances - at least ur crypto transactions (considering that de know anyway all ur transactions with fiat money)? By using centralized exchanges, e de certain say d govern go put eye for u! Again, example involving Coinbase: a Forbes article, Coinbase Notifies Customers That It Will Turn Over Court-Ordered Data, e shows how exchanges de give people private information to IRS. No reason say na a singular case. Those practices are done by all exchanges, no matter d country.

Fourth of all, a centralized exchange no de give their customers private key, e mean say their customers no get access to d tool wey go allow dem control their own money. Na exchange de hold d private key to d exchanges, thus d users accept dem de cease d right of ownership over their money whenever de deposit to exchanges. Regarding dis situation, d Bitcoin evangelist Andreas Antonopulos used d expression “No be ur keys, No be ur Bitcoin”. Him even make things more clear, in a lawsuit against Coinbase ( dis exchange seems to be d most negative example), D accuser been lose d trial and d judge decided  Not Your Keys, Not Your Bitcoin.

Fifth of all, Hackers fit hack exchanges ( u don lose ur money be that).

Sixth of all, exchanges fit talk say u go against their rules make dem freeze ur accounts any moments (and u go lose all ur money).

Seventh of all, exchanges can exit scam (and u go lose all ur money).

Na d reason y u suppose avoid centralized exchange be that. Na y we no suppose use bitcoin together with such monsters, which dem de only work just to prejudice of d customers! Na how d customers of centralized exchanges de lose money their money no d operation wey dem de plan do. And dis is how, besides money, de also lose their personal information, risking to have it stolen by bad actors, facts wey exposes dem to monumental risks: if all those criminals just get access to person personal details, de fit pay him a “visit”, de fit attack am, de fit enter him house, de fit steal things wey him get and de fit threaten to kill am!

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People’s greed no get limit and, although d above examples should suffice and convince anyone make dem run commot for centralized exchanges, e still no de happen. People no just limit am to d abomination of using centralized exchanges; de carry d absurd to d moon, and used Bitcoin in an even more grotesque combination, by involving also d bank for d financial transaction! Meaning dem de involve trusted third parties wey Satoshi wan carry commot by force for d system. D man fight well to damage himself as much as possible, by combining  Bitcoin with d exchanges and also with banks.

Similar as above, after u don read this finish, some go ask: “Wetin de wrong with make we de use bank? De go help me keep my money at my disposal and I go fit do anything wey I want with them!”.

Again, d last sentence na monumental lie.

First of all, banks no de hold ur money for u, dem de use am find more money for themselves. Dem de keep small for reserve but, plenty times, de no de even hold that fraction. Dis details was also observed by Satoshi and e fit represent another reason wey ginger am to create Bitcoin.


Second of all, banks no dey allow their customers use their money d way dem like. If de deposit money Wey plenty (d one wey plenty pass d money wey u de deposit before), d banks fit put leg for ur account dey go freeze am, de go come force d customer make him justify where dem see that kin big money from. D same thing de happen if customers receive big money like that. People wey de believe say de fit use their money anyhow dey very wrong. D same thing with centralized exchanges, if their customer don deposit money to d bank, de don give bank full control over d money be that.

Third of all, banks fit carry their customers give authorities. And again: If transaction wey dem do no de clear for d bank eye, normally na transaction wey involve big money, den banks no go just put leg for d account alone, de go involve authorities also. And, for dis matter, Wetin d customer go face go even worst, de go force am make him justify d money for front of d authorities!

Of course, if d customer no fit defend where him get d money from, then d money don go be that. Banks act like long arms of d govern and de no care about their customers; d only thing wey de care about na how dem go grow their own money, while keeping a good relationship with d govern.

Fourth of all, banks fit reject transactions wey their customers do, as de want, or base on d Terms and Conditions, which go represent a document wey customer sign, but no customer dey read that kin plenty things wey dem de write when customers de open account. And, as plenty banks no too like crypto, crypto users de very exposed.

Fifth of all, some people de use services wey some financial institutions de provide like Revolut, dem go de think say dem de own crypto. For real life, de no own even 1 Satoshi! Na because Revolut no de allow anybody own any crypto, but of CFDs. De sell u d illusion that ur own crypto, but u don’t. Na d same thing de happen to eToro.

Sixth of all, E dey similar to centralized exchanges, bank customers go lose money in all possible ways: de go pay to open account, de go pay money to deposit, de go pay money to commot money, de go pay to transfer money, de go pay money to check d money wey remain for account, de go pay for administration of d accounts, de go pay to collect credit / debit card and other things like that.

Seventh of all, banks fit go bankrupt also, de fit exit scam and de fit loose customers personal information. But all dis cases no be always compare to crypto exchanges, but all those things fit still happen. De don happen before and de go still happen later again.

And, if u de reason say Wetin I de talk since no de right, d picture wey I go provide below show how one of Romania’s biggest bank treats its customers:


Translated In English, e mean say:

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For below u go fit read  how d customer of d bank wey de up take react. U fit laugh, but de suppose carry d matter serious:


Translated In English, e mean say:

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All d things wey de up suppose make all of us de reason about make we de use Bitcoin together with centralized exchanges and banks. Beware! U go just harm urself maybe u go vex irrecoverable prejudices. Make I also talk about Mt. Gox exchange, wey lost  850.000 BTC Make I also talk about dozen (hundreds?) of exchanges wey de don hack and customers wey don lose money? Make I mention thousands of cases when banks don freeze customers’ accounts? Make I mention how many people de don threaten to kill, how many de don blackmailed, how any were extorted, how many hackers don force to pay them ransom, after hackers don get personal information finish?

Sha u wan live that kin life? If u no want, den stop using bitcoin together with centralized exchanges and banks! Make u de use crypto cash-in / cash-out ATMs, wey go offer u anonymity. Make u use decentralized exchanges, wey no de hold even small customer money and act just to connect d users one with each other. Make u use peer-to-peer transfer. Use crypto wallets which have embedded anonymous exchanges, wey go allow u change cryptocurrency with each other. Make u use any style preserve ur anonymity and financial privacy. Na for ur own good.

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Dis essay na part of my educational articles. I recommend all of u make u read d following essays:

- Bitcoin: D dream of Cypherpunks, libertarians and crypto-anarchists
- Governs dey come 4 traders!
- Cryptocurrency nd digital money Palava by di state
- De Crypto Anarchist Manifesto - Make all of us read am
- Govern try to limit de public to access of information and freedom long long time ago
- Wetin Phil Zimmermann's Dey Reason about PGP  - Make all of us read am
- When d govern wants to hold your private keys
- The call for Julian Assange || The WikiLeaks Manifesto - Make we all read am

Nheer thank you oo as u don help me translate another one of my topic! You don do another good work!

Dis topic na more of a philosophical debate wey be about the outcome of governments' constant oppression of bitcoiners. How many time go pass before bitcoin users go finally begin de use bitcoin as dem suppose use am? Nobody get dis answer but i believe say, sooner or later, e go happen... Nobody fit do am wey governments wey de against cryptocurrency go de hunt am like criminal wey d person go resist am endlessly.

Translated Topic in Pidgin Language: The Oppression wey governs' dey show bitcoiners fit turn against dem
Original Topic: Governs' Oppression of bitcoiners may turn against them
Author: GazetaBitcoin

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Governs don de oppress bitcoiners for more than a decade now. As dem take sabi say bitcoiners de earn real moni from deir crypto transactions, governs all over d world con begin de extort bitcoiners, for carrying d moni wey dis piple don earn on deir own without d state helping dem in any way. piple de work, dem de pay dem for deir work, but d state de want him own share.

Oppression begin de grow bigger and bigger as time passed. As dem don sabi how dem go take force piple to pay, governs for d whole world con create laws wey no de exist before, dem con de try centralize wetin suppose de decentralized. And piple, wey de greedy, con de help d state extort dem even more.

Prometheus bin give piple fire, make dem use am warm up deir homes and make dem use am prepare food, but piple use am burn deir neighbors’ houses. Similarly, Satoshi bin give piple bitcoin free of charge, make e help dem get rid of d slavery wey governs and banks impose on dem, make e perform peer-to-peer transactions, make any third party no put hand, but piple, because of greed go de create centralized crypto exchanges.

Some opportunist believe say dem fit become rich if dem operate this kind exchange. One of dem na im be Charlse shrem (yankee (BitInstant)). A young enthusiast, wey adopt bitcoin wen him bin de college. Later him con launch BitInstant, one of d first crypto exchanges and wey, at some point, bin de tun about 30% of all bitcoin transactions. Later na for cell him con end up, say him de aid and abet operations of money transmitting business wey no get license. Him still get another name “Bitcoins first felon”.

Since Shrem’s case, governs con begin de even more strict on bitcoiners. A 2018 article tell us say d “the so-called “Bitcoin Maven, wey bin admit say him de operate an unlicensed bitcoin-for-cash exchange business and laundering bitcoin […] dem bin sentence am today to 12 months and one day in federal prison, three years of supervised release and a fine of $20,000”.

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Crypto exchanges bin soar and so did deir users, and dem no understand say dem de act against bitcoin’s principles: peer-to-peer / anonymity / pseudonymity / getting rid of middle man. New laws bin come too together with crypto exchanges, and dem force exchanges say make dem impose KYC on deir customers.

Piples greed na im lead dem to:

- risk deir moni wey dey exchange, as no be for deir hand deir private keys dey
- risk deir moni, as dem bin hack many exchanges
- risk deir personal information, as dem bin hack many exchanges and hackers bin use customers’ personal information, or dem bin even sell am for dark web (wey lead to even more risk for dis piple, as you no go know wen criminals go come your door and robs you after dem don buy all your personal information for $1 for dark web)
- risk deir moni, as many exchanges just simply freeze deir account
- risk deir moni, as many banks just freeze deir account after dem find out say d moni come from crypto transactions
- risk deir moni and also deir freedom in case dem no obey d new laws issued by d govern.

Yet, na only few learn deir lesson. Perhaps d ones wey dey wise and d ones wey live at least one of d situations wey dem mention above.

And, as time de go, “Crypto laws” bin become more harsh and more complex. For many cases, e bin de more ridiculous or to raise more questions wey nobody answer.

In Romania, for example, dem bin issue first crypto law for 2019 but, until den, you bin de face d risk wey dem fit accuse you of tax evasion, or say you get criminal record or jail term sef for not declaring d fiat moni wey you get from crypto transactions, although dem no get any legal framework. Accountants bin no sabi how dem go take declare these incomes of deir customers and authorities bin no sabi how dem go answer piples questions. After dem issue d law, in early 2019, bitcoiners con de pay a 10% tax for d profit dem bin make in the previous year. And if deir profit plenty pass 12 minimum wages, dem still suppose pay 10% of d amount of 12 minimum wages. Dem bin give health system d secondary tax. Piple wey na losses dem get for d previous year no suppose pay anything.

Still, d law no de clear. Wetin miner suppose do? If he make profit in d previous year but d hardware equipment wey him buy still far for him to pay back, shey na profit d miner de get abi loss? And wetin go happen to miners wey no get any more bills / invoices of deir hardware equipment? Nobody knows.

For future, new taxes fit come. More complex, more ridiculous.

In any case, dem no conceive bitcoin for anything like dat dem no create am say make e de give piple more troubles nor make carry dem go jail incase dem no give d states deir own share, share wey state no contribute anything. Everything just de d reverse way dan e suppose dey.

Instead wey we go render governs and banks say dem de irrelevant, instead wey you go comot middle man for d equation, na piples action na im enforce dis entities. And now, dis entities de fight back, dem de oppress piple even more. All exchanges de collect users' data con de prepare am keep for d authorities. Bitcoiners go smiling at crypto exchanges -- nobody knows why -- and dem de offer am for free and at deir own will deir moni and personal information. To make sure say dem go turn slaves again, users' de also associate deir accounts from exchanges to bank accounts, thus e de allow banks too to freeze deir funds at will and also give deir data to authorities.

Then many de see money from deir crypto activities and, dem no sabi d very complex laws, dem con turn sitting ducks for front of authorities.

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However, i believe say e go get limit wey all things go end. All dis incorrect uses of bitcoin, all govern and bank extortion, all d abuses of crypto exchanges.

And dem go reach dis limit when enough piple go suffer from deir greed, from deir naïveté, from deir stupidity. When enough of dem go get criminal records and when enough of dem go get jail term wey dem go serve.  Na only sufferness wey strong go fit open piple eyes.

And wen dis thing go happen, bitcoiners go don finally  stop de use exchanges. Dem go stop de put deir fiat incomes wey dem get for crypto activities inside deir bank accounts. Some sef go de avoid to use fiat money. If all dis things go happen den individuals go begin de use bitcoin d way Satoshi bin create am: for deir own benefits, for rendering governs and banks irrelevant, for eliminating middle man, for anonymizing their financial deals, for being deir own bankers, for owning deir private keys instead wey dem go allow exchanges have dem.

And when dis go happen, all d previous oppression wey governs bin de impose go turn against dem. Dem no go fit catch any victim again as deir first victims don sabi how dem go take protect themselves and how dem go use bitcoin properly. when these go happen, d prey go turn hunter.

I no sabi how much time wey go pass wey dis thing go turn real. But i get feeling say, sooner or later, piple go realize say dem don suffer enough and dem go say: "Enough". And dem go open deir eyes and dem go understand how dem go use bitcoin. No be for states benefits, but deir own benefits.

Thanks again Sokani as you take translate another of my topic! I appreciate all your efforts!

Dis na very special topic wey mainly dey dedicated to raising awareness about Ross Ulbricht unfair trial. Many people bin accuse am without proper knowledge of de case. E dey easy to talk many things, but as you watch dis amazing documentary, you go understand say things bin no dey dat simple with am. Agencies bin dey fight each other to take over de case, corrupt DEA agent dey steal BTC from Silk Road: Dem no gree make Ross authorized witnesses appear for court, de persecution bring unauthorized evidences to de court and de judge accept am just to make an example of Ross - all dis and many mata you go understand from de topic and from de documentary.

Finally, one man dey serve 2 life sentences for prison + 40 years bonus(how any person fit take fulfill this kind sentence?!?) without parole, because him dey run a website (!!!) and for him first offense, while de administrators of SR 2.0, 3.0 or other dark markets dem bin don caught dem, imprison dem, and already release dem. Fair justice? Yes, sure!!!

Translated Topic in Pidgin Language: Silk Road Case: De Real, Untold Story. Na Karpelès be Satoshi or DPR?
Original Topic: Silk Road Case: The Real, Untold Story. Is Karpelès Satoshi or DPR?
Author: GazetaBitcoin

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E get any person wey don watch de latest documentary about Ross Ulbricht? You fit find am here Youtube (or for dis second link) and na Free Ross organization na im create am.

I dey ask because I notice some interesting allegations, besides all de wuru-wuru wey dem do during de trial. De wuru-wuru wey dem do against Ross Ulbricht (I think) many people sabi well well de details about de case, many of dem xtraelv bin also torchlight am for im very interesting topic.

However, some of de details (atleast I no no) wey de documentary expose. Some dey very unrealistic (like de suspicion say Mark Karpelès be Satoshi, which I no say actually na fake, but no bodi no de truth), but some raise questions though... Besides, de film give de idea say Karpelès fit be DPR, and not just Satoshi.

• For example, for de beginning of de documentary, (between 0:04 and 09:22), e bin first mention SR for here, by the user silkroad inside de topic Silk Road: anonymous marketplace. Feedback requested (wey dey correct). Jared Der-Yeghiayan, wey be de first investigator of SR (no talk about how im get to know about SR existence), find out say de site wey dem mention for de topic (silkroadmarket.org) na just a surface web platform wey bin dey inform users on how to use Tor and on how to access de real SR for Deep Web. Der-Yeghiayan find out say dem register silkroadmarket.org with XTA.net, na domain server wey a company Mark Karpelès own wey de name na Mutum Sigillum. As una already know, Karpelès na de ex-owner of de defunct Mt. Gox. From dis point e raise de suspicion say DPR(de new owner of SR, after Ross give am de site) na de same person wey be de owner of Mt. Gox.
• By dat time, according to Ross statements, him no longer be de owner of SR. Him bin talk say him dey overwhelmed and after him don find a guy wey help am well well wit de site, him agree to pass de ownership to am. De guy nickname na DPR (Dread Pirate Roberts) and dem dey suspect am to be Karpelès.
• From here, things come even dey interesting: Karpelès buy Mt. Gox. about de same time wey dem launch SR. For de documentary e raise de suspicion say Karpelès fit be Satoshi (wey I doubt) and him for get all de reasons for de world to open SR, to put there de BTC wey him earn from Mt. Gx. and vice-versa. Besides de interesting coincidences, e get one nonsensical accusation - say Karpelès na him be also de owner of BitcoinTalk, na de information wey Der-Yeghiayan receive from one secret informant, wey Karpelès bin previously hire. Dis idea come up after dem note another coincidence for de film, e dey like dis: de SMF platform, use for BitcoinTalk site, dem bin also use am for de discussion forum for SR. Besides, due to say dem dey hardly use SMF for forums, de fact say dem bin use am for both BitcoinTalk and SR bin raise de suspicion of de investigator, wey come make am dey consider say de same owner fit get both platforms, meaning say Karpelès fit be Satoshi.

Examples of de similarities in UI between de sites:

• Make we come back to Ross and how de investigation start (32:00 - 34:46): dem talk am here say de govern use "parallel construction" in other to frame am and make am look like de real DPR. To be more specific, one IRS agent (Gary Alford) bin find for BitcoinTalk one post wey contain Ross email, wey him write before Der-Yeghiayan create him thread (wey I mention above). Practically, Der-Yeghiayan find de topic Silk Road: anonymous marketplace. Feedback requested , wey de username silkroad bin post March 1st, 2011, while Alford talk say him find de post wey de user altoid for January 29th, 2011 (without specifying de name of de topic). De documentary talk say Der-Yeghiayan no fit don find dis topic during him investigation because e no exist. Alford claim say him find de respective post wey another forum member quote in one discussion about SR ( I no fit find de post though I don search for am). Afterwards, Alford come mention one real post of altoid from October 11th, 2011 (wey I find to be IT pro needed for venture backed bitcoin startup), where one email bin talk say: "rossulbricht at gmail dot com". And from here de govern come believe to suspect say Ross bin dey behind SR.

However, wetin de documentary yan, Karpelès (de alleged owner of BitcoinTalk) fit don plant this information or by another user wey get high level of access. Besides, de way Alford find de respective email, dem fit compare am wit " finding a needle from a pile wey fit dey like de size of de internet" (which I totally agree). In other words, for all de people wey dey try to find information about de SR owner, Alford only manage to find dis email address. From there de idea con come up say dem fit don plant de information. Because someone wey get high access fit don make de respective post in de name of Ross and hand over de information to Alford, make everything look real.

De entire documentary dey very interesting, but na de first 35 minutes na im dey raise de questions wey dis current topic talk about. Karpelès fit be Satoshi and also DPR? Another aspect wey de documentary no mention but de forum know about am na say Karpelès bin also perform audit for BitcoinTalk, maybe dis aspect for raise more suspicion for de documentary.


In de end, I wan mention say I find de entire film very interesting, wey bring new details about Ross case, about de unbelievable way de judge treat am and de sabotages some secret agencies/agents perform towards other agencies/agents. I recommend everybody to watch am, na a must watch documentary!

Thank u Stable090 for spreading my words to ur people! I believe say de go enjoy reading all dis translated topics.

Dis topic na another piece of history and I believe say e worth sharing for d forum. D author, John Perry Barlow, na another iconic figure of cryptography and libertarianism, associated with many rebels of his era, including John Gilmore. And d fact that he co-founded the Electronic Frontier Foundation should everything about him.

Dis one na very interesting material and I de impressed by d author's persistence in keeping governments out of cyberspace. Of course, it never happened, but his ambition and fight for a free Internet de extraordinary!

Translation Topic in pidgin Language:The Lighting network FAQ
Original Topic: The Lightning Network FAQ
Author:  Rath_    


 if you no know anything about d lightning network matter before, try make you read "Basics of The Lightning Network" first

Table of contents

1.Lightning basics
2.wallet
3.Running a node
4.Concerns
5. other questions


Lightning basics

How the coins wey dey lightning network take come different from the onchain one?

The two of them na d same coin. Them dey store Dem for inside wallet, wey dey carry many signatures address and them dey settle this collabo without say them carry am come out for Blockchain (except them dey open and close the channel). Now, anytime wey e be say dem  transfer money, Dem go con confirm one new commitment transactions.this kind transactions dey show d state wey the channel dey.and them fit broadcast am if one of d person wey dey involve com run commot.

How many times Dem fit use one particular payment channel?

That particular payment channel fit still dey I use sofa say the two persons wey dey involve, still be pardy or still dey collabo.
The channel no get use and e no dey expire.

Watin be d size of the lighting network?

The overall number, channels and network capacity den dey go up these days. You fit use 1ml.comto take see the today date table. Make we remember say some channel dey private o. Dem no show dem for network and like this so, Dem no join those table.

Watin be d speed wey lightning network payment take dey run?

Dem normally dey fast oo. But some payment fit take small time
If e be say the wallet wan try use many different ways.

When this payment go fit take fail?

Payment go fit fail, wen the place wey e dey go no get road make e follow reach or if the liquidity for the channel wey Dem select no reach. Problems wey fit come latter fit get solution if Dem go share the payment small small come send Dem follow different road.

How much dem dey take Tay do transaction?

Some channel dey charge one particular fee and dis fee dey d same with the money wey person send.so if the money way you wan pay big, you go pay more. Normally you supposed pay less than 3 Satoshi for transactions <=$10 some time.


Dis lightning network e dey hide identity pass on chain transactions?
 
Yes, the lightning network dey hide identity well. E dey use watin Dem dey call onion routing to break am down, if payment dey routed, the node wey dey involve go only know d node wey dey come next and d one wey dey before. Like this now, e no dey possible to take know the person wey first start dis payment and where the payment dey go.

Wallets

Which wallet go good make I use?

Many  better type dey for different persin

No-coiners:strike

Bitcoin people wey newly start:BlueWallet

Regular users:Phoenix Wallet, Breez Wallet, Blixt Wallet,

People wey don Tay for the matter: run your own node  

Electrum still get properties of lightning network, wey them make for inside. Try make you read am first if you know say you wan try am.

Make I run my own node if I no wan use wallet?

You fit get gain if you run your own node some kind way.
Now make we say you run your node 24/7, you go fit receive you money any time. Node still fit help network say e go carry the payment go front. You go come also fit enjoy some kind things like: opening multiple channels for only one transaction, you fit do two transfer and use key take send payments.

E come dey necessary say I go dey generate invoice, anytime wey I wan receive coins for lightening network?

No, invoiceless(keysend/spontaneous) payments dey supported by LND and c-lightning. Sha some wallet no dey supported this matter.

WHY I NO FIT RECEIVE COIN?

 The lighting network e dey centralized?

The matter now be say people Dem dey normally open big channels instead of small or medium ones. As we dey confirm the matter, make we dey expect say hundreds or even thousands of nodes to focus on end users. The post dey focus on nodes wey fit dey exist. You fit check am out if you dey interested.

The matter fit cause bad things for the first layer?

If den go close plenty channel d same time, the transaction fee fit go up and no go gree come down for some time.


The lighting network fit still solve Bitcoin scalability problem?

Sha e no go finish am. Dem design lightning network Normally for those small small transactions wey no go dey costly for the first layer. Big big payment still dey possible, thank God say we get multipath payments. On chain transaction dey involve, if you wan open channel. So if every person come open one channel, d Blockchain go come full well well. So na e make am we go need other solution for d matter. Again ehh, you fit still add more layers ontop of d lightning network.
 
Watin go happen if node commot online for small time?
If plenty big big nodes commot online at the same time, e fit cause catter catter for payment. If you come get only one channel and your pardy no dey online, then you no go fit transfer or receive any fund

Other questions


Which store go fit allow payments with these lightning network?

here, you go fit find some pardy them wey dey gree carry LN payments.

Any exchange dey gree for lightening network?

Yes o, the exchange wey dey support lightning deposit and withdrawal na e be Bitfinex. Here, you go see today today list wey dey gree for exchange with LN.


Watin be the features, wey we go dey expect?

Channel wey dem fit double fund- the two pardy Dem, go fit add money join d channel. This matter don already dey c-lightning but na test dey Sha.

Splicing -in &out- like this ehh you go fit commot your money from your lightning network channel even if you no close am.

Channel factories- lightning network wey don first dey go fit open new channel even though say e no show am to the Bitcoin network. Normally na only one person dey get access to any channel. For factories wey channel dey, people many. These people them dey try make sure say dem maintain the channel by their sef. As users dey plenty, their savings dey increase. If one of the pardy them no come dey follow up, e no go affect the channel.but them no go fit create another channel.

  

Translated Topic in Pidgin Language: A Declaration of Independence for cyberspace - make we all read am
Original Topic: A Declaration of the Independence of Cyberspace - We all should read it
Author: GazetaBitcoin

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Dis topic na sequel of my earlier topics -- The Crypto Anarchist Manifesto - make we all read am and The call for Julian Assange || The WikiLeaks Manifesto - make we all read am.

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Another article wey anybody wey de bitcoin suppose know, libertarian or crypto-anarchist: John Perry Barlow's Declaration of d Independence of Cyberspace. Na for February 1996 dem write d essay by John Perry Barlow, co-founder of Electronic Frontier Foundation, na foundation wey dem build for Internet liberties. Another iconic figure wey de part of EFF na John Gilmore.

Barlow’s declaration come as a reply to telecommunications Act of 1996, wey d US accept for January 1996. All d documents no allow govern’s sovereignty on top cyberspace, dem no allow govern’s de d place and dem denies govern’s to rule people wey de cyber space. D document come de very popular, E don reach like 40.000 websites wey don copy and share d documents.

We fit see all d declaration for d post wey de down (na me get d text formatting):

This na de only political article wey I don ever write. Like dis, I write am to try do something to help de oppressed people - de Ukrainian people. I dey completely against war, against oppression, against violence of any kind, and I don try wit dis article to somehow help de Ukrainian people. One great help na 1maiu wey suggest dis to me and I dey happy say I write am for dis very day February 24th, wey de war reach one year.

Thank you for translating dis my topic. All of us, as we dey use Bitcoin, we dey give more power to Bitcoin and so Bitcoin fit help de Ukrainian people even more. Sokani, you don do a great job by translating dis topic and I no get enough words to thank you.

Translated Topic in Pidgin Language: Help Bitcoin help Ukraine!
Original Topic: Help Bitcoin help Ukraine!
Author: GazetaBitcoin

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Na exactly one year wey Putin invade Ukraine - on February 24, 2022. Na sad anniversary for de Ukrainian people and humanity.

One article from Bitcoin Magazine, wey 1miau recommend to me, come recently catch my attention. Bitcoin Magazine na one great resource place wey dey write beta informative articles about Bitcoin and also dey torchlight many philosophic and libertarian essays.

De article dey long, maybe na one of de longest article wey I don ever read, e get about 14.000 words. E take me time to read am finish but as I read am reach de end, e come ginger me to support de Ukraine cause. De article yan about de chaotic past of the Ukrainian people, de struggle of de past wey still dey continue today, de things wey dey cause dis struggles dey different, but de pain na de same.

We don also get information about Bitcoin adoption for Ukraine and e tell us about de tori of war heroes or tori of Ukrainian bitcoiners. One tori for dis article dey really touching. E yan about Naumenko, na confirm bitcoiner and a hero:


Putin troops bring plenty suffering to Ukraine, where Russian troops bomb and destroy de houses of many Ukrainian civilians. Some Ukrainian cities dem bring am come ground and Mariupol, one city wey bin get population of 500.000 don finish kpa-kpa. Satellites images even show how Russians dig mass graves, to bury Mariupol citizens, wey go be war crime. Putin bring war for everybodi wey dey Ukraine even dose wey dey de western part of Ukraine need to look for shelter wen Russians begin to launch new missile strikes. E dey horrible, because anytime u fit get air raid warning, dey hope say rocket no go hit your house.

Putin also bring suffering for him own country, wen him carry more troops to war front to conquer Ukraine, him bin announced de mobilization of 300.000 young men come send dem unprepared to de front for him own cruel war. Na wetin military strategies dey call "cannon fodder".
Many Russians bin dey try to leave de country but Russian guards bin stop dem for border. Dem don hold dem, force dem go de war front.

Na big shame wetin Putin dey do for deir, him don start de biggest land war since WW2, wen Hitler bin launch attack against Poland, and later many oda countries. E dey completely justifiable to call Putin "Putler" because him dey stand for de tradition of Hitler actions for WW2.
People dey suffer because maniac Putin wan create Soviet Union 2.0 and wan re-establish him communist shit hole.

How bitcoin go fit take help get rid of Putin dictatorship?

As Alex Gladstein take describe am for him article Currency of last resort how Bitcoin dey take help people wey dey suffer from Putin's bloody war, e for make sense to see how Bitcoin go fit help us pursue Putin comot from office or atleast weaken am make him surrender.
Sure, e no dey easy and Bitcoin alone no fit stop Putin from invading Ukraine but Bitcoin fit be part of the solution wey fit send Putin regime to Gulag 😊

How Bitcoin fit contribute:

• Russians go disapprove Putin war by using Bitcoin. As all of us know, Putin dey fear to lose power. Him be dictator and dem no go fit remove am democratically, so people need to make democratic decisions. Bitcoin na democratic tool and him no fit ban am if the people choose to use am instead of him Ruble.
• We, as allies of Ukraine, go help undermine Russian Ruble, de national currency of Russia. E go weaken de Russian Ruble, and a fragile Ruble go weak Putin ability to buy or manufacture more weapons = less people go die for Ukraine from Russian missiles and Ukraine go fit push de Russian troops back comot from Ukraine.
• If Putin still dey rule in an authoritarian way, make Russians refuse to dey pay taxes as to dey pay taxes for de country wey free and fair election never take place for dey optional. By doing so, people fit force a democratic election and vote Putin out of power. Eastern Germany collapse in de same way.
• Bitcoin fit help us send aid to Ukraine as initiative from icopress or JohnnyUA don show us.

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Sometime ago I bin write dis topic Bitcoin can help a bit to reduce spreading of coronavirus, e get small help wey Bitcoin fit bring as e no dey like physical cash, wey fit carry de virus.

E get another aid wey Bitcoin fit bring: help people from Ukraine wey no fit receive fiat donations, bitcoin dey unstoppable. G7 don sanction Russian but e no dey enough to shake de currency too much, bitcoin fit help for here as well. E no dey too much but na something! And, as we dey use bitcoin more, we all dey make am more powerful and de power dey come back to help us. E no dey much but at least, we fit do something to help Ukraine thru bitcoin.

So help Bitcoin help Ukraine!

Thank you nheer as you don help me translate dis topic  for me. You don do another good work!

This topic de very special for me, e de touch me well well anytime i think about how Satoshi manage change d whole world and blood no flow from anybody! Dis be more of a philosophical writing, but e de state true fact: all of us bin live (and we still de live) inside bloodless revolution.

Satoshi bin no ever wan blood. Him bin just wan free us. Free us from banks, from government oppression, from any third party wey just wan steal for our hand in any way. Him don carry bitcoin come for us for free and we fit get full control of our moni since d time wey bitcoin come

Translated Topic in Pidgin Language: Bitcoin - Revolution wey de bloodless
Original Topic: Bitcoin - a bloodless revolution
Author: GazetaBitcoin

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All revolution de imply say blood must flow. Na why revolution flags de always red.

Since spatacus’ rebellion (71 - 71 BC) go American Revolution (1765 - 1783); from French Revolution (1789 - 1799) go Hungarian Revolution from Budapest (1956); from Prague (1968) go Carnation Revolution from Portugal (1974); from Mexican Revolution wey na Emiliano Zapata salazar lead dem (1910 - 1920) go Great Proletarian Cultural Revolution wey Mao Zedong launch (1966) go Nicaraguan Revolution (‘60 and ‘70) and go Romanian Revolution 1989. And d list fit continue sef. All revolution get their bloodbaths. Their leaders bin get purposes wey dem bin de fight for, but none of dem bin succeed bloodless revolution.

Until Satoshi Nakamoto

Satoshi bin no get intention say him wan be revolution leader, buh wetin him bin create -- Bitcoin -- bin revolutionized the whole world. E bin take power from d hands of senior men con carry am give d piple back. Piple con begin de fit control deir own moni and nobody con de force dem make dem involve third parties. Bitcoin con cancel middle men and dem governs and banks con de irrelevant for piple wey de rely on bitcoin. E de disrupt traditional moni and e don implement a new paradigm. A purely peer to peer version of electronic cash wey go allow make we fit send online payment directly from one party to another and e no go pass through any financial institution. Bitcoin na im be d first revolution 4 history wey blood no flow.

Nobody bin die make bitcoin take prevail. For bitcoin revolution dem no scatter anywhere, dem no massacre piple, dem no kill anybody and dem no do any dangerous thing wey de happen for other revolutions. E bin help poor piple and piple wey hunger wan kill to get chance live and fight for their lives. E con help piple connect from all over the world. And no political leader fit shut bitcoin down. D revolution don de continue pass 10 years now.  And everyday, e de get more adept.

Plenty times i don ask myself how bitcoin manage run dis bloodless revolution thing sef. And sometimes i go con de think say, somehow dis bitcoin revolution followed the rules Of Saul Alinsky. Alinsky na American activist, and among others, na him write the rules of successful revolution. As e de easy to see, non of his rules imply any violence

Rule 1: Power no be d only thing wey you get, but na wetin opponent think say you get. -- Since e show, govern’s, banks and other elites con de fear Bitcoin. Dem de feel say dem go loose all the power and authority weg dem get until then dem con begin de see bitcoin as big enemy, although bitcoin bin jus de him first days.

Rule 2: Whenever e possible, go outside d experience of an opponent. For here u go wan cause confusion, fear and retreat and ways wey him no go sabi how he go fight against. -- Elites no de ever fear say dem go loose their pawa over citizen. After all, govern’s and banks don de oppress piple for thousand years sef. Yet wen bitcoin land, together with him new pattern of peer-to-peer financial deals, join with pseudonymity wey dem fit improve well well tru tumblers and coin join, all oppressors con begin de confuse. Next thing wey dem feel na fear. Dem no sabi how dem go take fight bitcoin. And plenty years don pass now wey dem don de try shut down bitcoin but e no work.

Rule 3: Make opponents live up to their own book of rules. -- Bitcoin bin fight against elites with deir own pawa, as elites bin strip piple wey dem no get control of deir money for plenty years, naso bitcoin do too, wey him give piple back d pawa to control deir own moni.

Rule 4: Ridicule na im be man’s most potent weapon. E de hard to counterattack ridicule, and e de vex d opposition, wey go con react to your advantage. -- Governs de always wan sabi d amount of money wey each citizen get and how dem de spend deir money. Satoshi build bitcoin in a way wey e go rubbish d greed wey government get make dem sabi all d transactions wey every citizen make: you fit see all bitcoin transactions for blockchain, wey be public; yet d addresses of persin wey send and persin wey receive na just strings of alphanumeric characters, wey de give out no names, no surnames, no personal information (assume say users no give deir personal information to third parties like dem centralized exchanges). Wetin Satoshi invent don use states eyes see shege and e be like e de say: “shey you wan know how much moni i get? Here you fit see am. Shey you wan see all my transactions? You fit see that one too. I don make am public, for your eyes. But wetin u no sabi na who i be.

Rule 5: Tactics wey dem de use for too long go turn wahala. Commitment fit turn ritualistic as piple de turn to other issues. -- Therefore dem need changing, even na small one. Bitcoin bin pass through changes during last decade. From segwit go bech32 and from taproot go plenty Bips, bitcoin bin change as time bin de go.

Rule 6: Keep the pressure on. Use different tactics and actions and use all events of d period for your purpose. “The major premise for tactics na d development of operations wey go maintain konstant pressure upon d opposition. Na dis thing go make d opposition react go your advantage.” -- Since bitcoin land govern’s and banks begin de feel pressure wey still de continue de grow constantly. Plenty time don pass wey piple get financial problem na bitcoin piple con de use. And d more dis kind terrible problem de happen, d more piple de embrace bitcoin, wey don lead to huge pressure ontop governs shoulder, as dem don de see say d power wey dem take de control piple don de fall comot for deir hand and piple fit organize dem self on deir own without the intervention of State, banks and other third parties.

Rule 7: Pick d target, freeze am, personalize am, den make u polarize am. -- Bitcoin don choose im target even before dem born am: D financial system wey de exist, d middlemen, d govern’s and d bank. Dem bin show deir intentions, in a subtle way, even from em genesis block, wey dey carry d following message: ”Chancellor wey de ontop brink of second bailout for banks".

We fit get many years to live and naso our children and grandchildren fit get. Yet, i no know if we go fit ever see another revolution wey go de bloodless for future…

Okay Boss

I thank you say u dey interested. Actually eh, e still get oda topics wey dem fit still translate to pidgin and u fit see am here. But d tin be say, I nor dey work with low ranks. Sorry. Abeg no vex.

u get anoda one wey newbie fit translate bcus de rest wey I don read for ur work get photo for dem

I throw away salute for u Davidvictorson for d effort wey you put to take translate my tori! Wetin u do mak sense! And e dey sweet me for belle to see say one more of my topic don dey translated for Nigerian Pidgin language  Smiley

Dis tori na very important one for history: Phil Zimmermann and him invention wey e call PGP. D creation of PGP dey very important for cryptography sake of say all cryptography dey base on top PGP. Phil na genius and without am, we nor fit tok where cryptography for dey today or how our private communication go fit dey work.

Him na strong man for him time and now all of us dey benefit from wetin him create. Na im make i reason say this tori need for bitcoiners to read am. Make we nor forget those pipo wey first hustle for free cryptography, cryptography wey everybodi fit access and use now!

Translated Topic in Pidgin Language: Wetin Phil Zimmermann's Dey Reason about PGP  - Make all of us read am
Original Topic: Phil Zimmermann's thoughts about PGP - We all should read them  
Author: GazetaBitcoin

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To put mouth for The Crypto Anarchist Manifesto and The Cypherpunk Manifesto, wey I don tok about before, and also bitmover, I dey reason say anoda story wey go mak sense to read na d tori about PGP, as Phil Zimmermann wey himself tok am: Why I Write PGP.

Dem write d tori for June 1991 and dem come join join more tin afta 8 years, for 1999.

As e be, Phil dey wori about privacy wella, all d type of privacy – wey dey from private discussions to private emails to post cards and oda ones too.

"D right to privacy spread indirectly for d Bill wey show us wetin we get right to. But wen dem form d United States Constitution, d Founding Fathers no see any need to tok with their full chest about d right wey person get to private conversation.", dis one na wetin Phil been tok from d very beginning.

Him show say wit beta sense everibody get him right to privacy! Unfortunately, nor be everybody dey reason dis important part of their lives. But dis tori fit give people wey read inspiration. E dey tok y people nor dey like reason am even wen people dey put eye for their personal matter. E show y people, even though dem nor get anything to hide, make dem still get mouth to tok say "no!". E try to mak us dey agile to our own personal matte, wey dey as precious as our own bodi.

"If na person wey dey obey law nd u nor get anytin wey to dey hide, y e be say u nor dey always send ur paper mail 4 postcards? Wetin dey stop u to go do drug test wen dem ask u? Y u wan mak olopka get warrant b4 dem fit search ur crib? Wetin u dey try hide? If u dey shook ur mail inside envelope make pipo 4 nor see am, dat one mean say u fit be saboteur, drug dealer, or person wey too dey fear? Shey Law-abiding citizens need to hide their email?"

All these questions wey I just ask I nor need answer. And e nor matter, becos I still gats write am, so that pipo go fit understand their situation - na situation wey governs and olopa dem (wey still be d longer arms of the elites) dey hungry for person information, for financial information of their pipo, hungry for information, big information, and to take get am, dem do put camera wey be like witch as oyibo man technology dey change. From aproko dem to the one wey dem fit connect to your phone and to the one wey fit collect your emails. Difference nor dey: the method change, but na the same objective still dey - governs wan sabi everytin about their pipo, whether good or bad ones.

"PGP don give pipo power make dem take carry their own privacy. D matta don dey too much. Na him make I write am, na wetin Phil tok as him dey end d tori. I go advice say mak we listen to weitn him tok!

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P.S.: If you need more materials about PGP, nullius write two better plenti and making sense posts (here and here).

Mulțumesc, nullius, for ur writings! Na u inspire me to write dis one!

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Thank you nheer as you don translate this my topic go Pidgin English!  Great job!

This topic wey de about reputation for online systems na general code of conduct and we fit also apply am for our daily life. For online systems, however, e de very important. Na why i bin use this our forum do example: e no de easy to build good reputation, to earn piples trust, and na still something wey fit cast within a minute. For una wey no know, see wetin happen to yogg, na very respected member, and within a second na so him entire reputation take go, after him do one big mistake. Na so him suddenly reach trust score of -40.

De talk true, de do piple well, and de always keep to your word! Na the only things wey you need de do to get good reputation. E de easy to see, but e de also de hard to get...

I wish everybody best of luck for their business in the future.

Translated Topic in Pidgin Language: Why Reputation de Important for Free Market
Original Topic: Why Reputation is Important on the free Market
Author: GazetaBitcoin

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Plenty users join dis forum for trading activities. And d marchandise de vary - physical goods, digital goods, cryptocurrency exchange, auction, collectible, computer equipment, mining equipment and so on.

D forum de act as free market and the good reputation de important for successful trading. As Tim May talk more than 30 years pass, "Reputation go be d main importance, e go de more important for dealings pass the credit rating wey de today sef".

For Bitcointalk, d Reputation for inside trading de presented by d "Marketplace trust", which na score wey de show your positive, neutral and negative feedback. If a trader get bigger positive trust score, e for mean say he de trustworthy. D opposite na true also: if a trader get relevant negative trust, make una avoid am.

D system de very complex pass like that, but dis one no be d point of the topic. However, two important aspect de wey i suppose mention:
- for negative trust feedback, for this forum e get also a "flag system" wey we fit de use for more better explanation about a trader's untrustworthiness.
- Although dem bin design d trust system for trading activities, forum members de give feedback based on wetin dem de think about other piple, thus influencing the trust score. Thus, the user’s wey de interested to trade with another person suppose read carefully all the feedback about the person so im go get clear impression about who the person wey him wan follow trade be.

As i mention for up before, the topic no be about the trust or flag system but na about the importance for getting strong reputation. As the reputation take big na so the chance of d person to do transaction de take big. Also d opposite na true: make you try scam abi make you violate contract de scatter reputation

Generally, people wey de inside trading - e no matter if dem be seller or buyer - dem de always find smooth successful trades. And the general idea be say if person get good recommendation (in this case - feedbacks), the chances wey dem go fit scam am de low. Na why, a trader wey wan sell a product de get interest for buyer wey get feedback (and also a good trust score), wey dem talk say him de pay fast fast (for example). A trader wey wan buy de interested for seller wey get good feedback wey dem talk say him de send the product as him don agree to do, and say him product de land fast, e de de good shape and e no de get any damage etc.

Another problem wey dey happen well well na im be say: generally if the parties no get (two of them) good reputation, dem de ask this kind question: "Who go first send (the money / the goods)?". Basically, the one wey get reputation go ask the other one to first send, as him no fit prove him trustworthiness. If the other one no fit take the risk to first send, the deal no go happen be dat (make we no mention how the situation go be when the two parties get bad reputation). This problem e get very lower chances of happening if them get implied two parties wey get good reputation - for this case e de likely non of them go mind to send first.

Reputation na im de define us as individuals for the society and as a consequence, in trading activities.

Honest people and traders suppose de very interested in proving their trustworthiness for the free market, thus e go de able to easily, smoothly and successfully transact their merchandise.

However, if the trader na new member for here he / she suppose perform some steps, so him go fit gain trust from other people for trading activities. them no de build Reputation overnight, abi over month. E de take time to build strong reputation or make other people sabi your (user)name say you de “trustworthy”. But once a trader don get good reputation, the reputation don certify am say him be trustworthy merchandiser.

E get many ways wey you fit start trading career for free market. Maybe a new member fit start, as a seller, wey him go first send his goods and then him go de wait for money after. Or, if him be buyer, him go first send money and then him go de wait for the goods after. But him must choose carefully the other party and make sure say the party na person wey get good reputation, thus e go minimize the risks of being scammed. If the trade de successful, make u follow am with another and another and in time, with easy steps, the career for trading and the good reputation go de build.

As d talk wan end, Bitcointalk de even more complex when e reach trading mata. Besides the trust score and the feedbacks, a trader fit also consider the other party’s rank and merits wey him don earn so far. No be to look at the rank and merit alone, but carry everything together with the trust score. If a user get high rank or him don earn plenty merits before, these na d sign say d person get good intentions. E no de always be true, sha. But these aspects together with strong positive trust score de show say d person de less likely to scam people.

Everybody suppose take reasonable steps. But dem go put am for mind say to be trusted you must get good reputation. And as you get good reputation you for don prove am (many times) say you de honor your agreements.

Thank you sokani as you translate dis my topic wey describe how de state oppose, cryptography, cryptocurrencies and access to information. Dis essay na wonderful piece of work from Tim May and e dey amazing to see wetin him talk 30 years ago don become part of our reality.

For people wey neva read de manifesto before, I go suggest make una read am. E dey short and e make a lot of sense.

Translated Topic in Pidgin Language: De Crypto Anarchist Manifesto - Make all of us read am
Original Topic: The Crypto Anarchist Manifesto - We all should read it
Author: GazetaBitcoin

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Following de bitmover topic, another okponge article wey we must read na The Crypto Anarchist Manifesto wey Tim May write.

De essay first dey public in 1988 (4 years before Eric Hughes' article A Cypherpunk Manifesto) for de Crypto '88 conference and e describe de extraordinary vision Tim May get over some aspect wey come dey real 30 years after.

De manuscript explain how technology wey dey center on cryptography and reputation system go change de world as we take know am, including governs, taxes or economic control:

"Computer technology dey on de verge of providing individuals and groups wit de ability to communicate and interact wit each oda in a manner wey dey completely anonymous. Two persons fit exchange messages, conduct business, and negotiate electronic contracts without dem ever knowing deir true name or de legal identity of each oda. Interactions over network go dey untraceable, by de extensive re-routing of encrypted packets and temper-proof boxes wey come implement cryptographic protocols in a way wey e dey nearly perfect say dem no go fit temper wit am. Reputation go dey very important, asin very important in dealings dan de credit ratings of today. Dis development go change completely de nature of government regulation, de ability to dey tax and control economic interactions, de ability to dey keep information secret, and e go even change nature of trust and reputation".

We go certainly appreciate May's vision in crypto wit Jules Verne's vision for science-fiction.

Wit just small words, him talk so many actual technological developments, like smart contracts, Tor, Bitcoin technology or de reputation system (use for example on BitcoinTalk for de Merit and Trust systems).

De reference to de "True Name" fit dey inspired from Vernor Vinge novel. "True Names" (1981), wey be fine piece of art.

Him also foresee de appearance of de black market and de governs fight to stop information to dey reach de people.

"De state as usual go try to slow or stop de spread of dis technology, say na national security concerns - de use of de technology by drug dealers and tax evaders, and de fear of societal disintegration. Many of de concerns go dey valid, crypto anarchy go allow de trade of national secrets freely and go allow de trade of illegal and stolen materials. Anonymous computer market go even make possible de repugnant markets for assassinations and extortions. Various criminals and foreign elements go be active users of CryptoNet. But e no go stop de spread of crypto anarchy".

De essay end wit "Arise, you no get anything to loose but your barb wire fence!" Americans really know de barb wire fence, na part of deir history. Dem be separate de western cities from de cowboys with barb wire, wey want freedom come dey cut de wires. Na de call to fight against de governs corruption and oppression. Against secret agencies effort to shut down information.

Make all of us continue Cypherpunk work and dey fight for freedom!

Translated Topic in Pidgin Language: Real Stori--Watin you go see wen person theft ur identity ||Comot hand from CEXs oh
Original Topic:What happens when your identity is stolen -- real story || Avoid CEXs!
Author: GazetaBitcoin

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Watin u go read so na real stori of one Romanian guy way cor dey see shege everyday, after person thief he Identity. Nor b say he dey use centralise exchange but d way life tel show m shege e cor b like say hackers thief he identity from centralise exchange or any other platform. Dis stori na stori way go make you shine your eye. Everyone way dey use centralise exchange need to know say hackers fit hack d exchange any time and nor be only money dem fit collect bcos dem fit thief person personal identity and cor use against d person or d worst, be say d hackers fit go sell d person personal information for dark web where criminals fit buy m btw 1-5$ and d criminals fit cor go meet d real person of the information...

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One new stori from d Romanian newspaper Adevărul na talk about d stori of C.T. (36 years old), way dey stay Germany for the last 8 years.

He main hustle na driver in Mannheim but he still be vlogger and cor be like say d thieves of personal information cor go collect him name.

D matter start 2018 wen he dey drive go he house from Romania to Germany and Police cor arrest m for Hungary after he stop for normal check up, then d Police cor tell m say he dey part of d thieves way dey steal cars. He name way come out from police computer show say d guy na thief and he thief 22,000 Eur car but d guy be para for dem and try to explain say he nor get hand for d matter but d police cor tell m way make he call one Court for one city wa he never go b4.

Months later, wen he cor dey Germany, Romanian Police cor call m say person theft he personal information. They tell m say they know d thief but they still need m to come meet dem for Romania for some declarations. Wen d man cor go meet d Romanian police, normally he expect to fill forms but they still come carry him fingerprints, cor take m pictures, cor measure he height and make do lie-detector test.

Since then, d matter cor somehow worst for m. Everytime he dey drive go Romania, Custom Officer always dey stop m for road. Everytime way dis thing dey happen he dey always dey ashamed bcos dem go dey look m like criminal and na everytime way he dey go Romania he dey do dis thing bcos them dey see m as person way runaway comot for country because of bad way d person do.

Small time Austrian Police cor tell m say dem don arrest and imprisoned d person way thief he personal information.

But d matter nor end for there, in February dis year he cor get another issue, dis time with German Police. One day, around 6 in the morning, wen he dey work, he neighbour tell m say Police dey he house say dem dey look for m, bcos he thief 38,000 EUR boat. So d man believed say another thief don dey use he personal information again. Augsburg Police na cor look into d case dis time. He go there and he cor see d Augsburg police get plenty of he data, but d picture na another person dey. D Police cor dey ask m where he dey one day like dat for 2022 and he cor show them prove where he dey dat day with he phone for he Google account location history.

Lawyers don advice m to change name but he dey avoid dat side. For d end of d stori he cor dey talk say he dey fear make he nor go find out say person don go use he name carry loan or say dem go dey arrest m everywhere he dey go.

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D stori na sweet one abi. E nor matter how those thief tel dey collect d man personal information. Watin matter na be say dis thing fit happen to anybody way dey use centralised exchanges. Hackers fit collect your data. Even d exchanges fit sell m sef, just as Coinbase first do. You see say we nor dey talk about exchange way b like say their ways nor clear, way come from country way still dey grow but one of d biggest exchange for d world, dem catch m dey sell customers data.

So You go still like to use CEXs?

Thank you sokani as you translate dis my topic. Dis na de third article wey de reach de Nigerian community and I dey more than happy to see my words as you translate am in your beautiful language 😊

Dis topic torchlight small history information wey go help us understand how e bin take dey difficult to use cryptography few decades ago. Time don pass, dem no ban cryptocurrencies, still government dey use many tricks to stop cryptocurrencies. But as e take dey for cryptography, all their efforts no go work. As no person fit stop cryptocurrencies for olden days, no person go fit stop am today.

Translated Topic in Pidgin Language: Governs try to limit de public to access of information and freedom long long time ago
Original Topic: Governs try to limit access of public to information and freedom since ages
Author: GazetaBitcoin

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Today piece of history information come as a sequel to my other posts 1, 2, and 3.

Governs no wan make de public fit get information and dem don do everything wey dem fit do kpata-kpata to stop am long long time ago. The popular example na de invention of de printing press for 1884, as e come give big progress for information to dey easy to access and to make people dey free. After Gutenberg invention come enter public eye, de govern no fit hold again de way people fit get information as dem fit translate writings, books and manuscripts for different languages and spread am for different cultures. Na since dat year wey decentralization start. In 1517, de 95 theses wey Martin Luther write dem bin print am for thousands of copies and dem translate am for different languages and wetin him talk about de whole continent come know. As a result of him actions, de church come exclude am as their member. But without him and without de printing press, e dey sure say de protestant reform movement for fail.

Na person wey get information na him get power, and in general na de elites - governs, agencies, law enforcement na dem hold information. Or de church as e take be for Martin Luther case, and dem no wan make the public get am because e go mean say dem don lose power.

As we come dey enter modern times, but still in de olden days. De time of Cyberpunks, John Gilmore wey be one of dem bin get issue with de NSA. Or maybe I for write say de NSA bin get issue with am? One of de okponge victory of information against oppression na Gilmore wey lead am for 1989, wey him expose to de public secret document. De author of de document bin dey work for Xerox, and NSA bin specifically ask Xerox to destroy de document. John Gilmore bin no gree make dem suppress de information and come post de document for internet. Naso, people come sharply download am in thousands, and de kata-kata between Gilmore and NSA come start.

In 1992, another big kata-kata bin take place between John Gilmore and NSA. For obvious reasons (as e relate to suppression of free information), de manuscripts of William Friedman - as people regard am to be de grandfather of cryptography in USA - dem been classify the document, though na de time of WWII him write am. Gilmore no gree dis time, say Friedman work suppose dey available to any person wey dey interested. So him carry NSA go court and him come talk say de reason him request for dem to declassify the book na because of de Freedom of Information Act. Naso, NSA no gree respond to him request, las las na for court of law dem settle de mata. After dat, him come manage to find Friedman book for public library. During the court case dem bin tell am say if him no give de book to de govern, dem go accuse am of espionage wey go fit lead to 10 years in jail, as him bin dey in possession of classified materials. NSA no end there. Dem try to find any other "sensible" materials wey dey for public spaces. Gilmore tell de judge say wetin him find already dey public since de book dey for public library and na de same time wey him tell de press about the whole case. After small time, Aegean Park Press come print de book.

Gilmore case come become public de moment de govern back-off. Dem drop de charges and dem declassify de manuscripts. John Gilmore win, de people win, as public information remain for public hands, de way e suppose always be.

De fight for freedom of speech, for privacy and to make governs irrelevant start long long time ago. Now e dey our hands.

Tank u Agbe 4 translating ma topic into ur language! I dey happy sae anoda topic of ma own has been translated in ur local board!

Nd I see am sae im go dey help many piple wey wan kno abt Bitcoin, im history nd help dem 2 understand dis phenomenon more easily.

Di current topic sheds light on di palava many countries dey face as govts start doing CDBCs. Many go fall 4 di fact dat di state go offer cryptocurrency 2 di piple, bt dis topic go help us understand dat no govt go ever bring cryptocurrency 2 e citizens. Every govts dey find how dem wan control di piple, nd not 2 help dem 2 get their freedom. So take dis topic as a warning story. Di time of CDBC dey come nd all of us need go ready not 2 be fooled by di govts!

Translated Topic in Pidgin Language; Cryptocurrency nd digital money Palava by di state
Original Topic: Cryptocurrency vs digital money issued by the state
Author: GazetaBitcoin

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A specter dey haunt di present world, di specter of crypto anarchy - Tim May

I dey start dis topic as na "part two" of anoda topic of mine - Governs dey come 4 di traders!, im sef follow, 2 influenced by reading (di title of) dis thread: y di world governments e no dey use cryptocurrencies?.

Governments e no wan 2 use cryptocurrencies; at least no be even decentralized ones. Bcos dem need 2 control everything - 4rom personal information 2 data nd money. U no go fit do anything without a government issued ID - u no go go school, u no go go drive car, u no go go marry nd so on. Governs needs all their citizen's data, including their financial information. 4 dis reason governs try many ways 2 eradicate cash money nd switch dem with credit / debit cards. Cash money e no hard 2 tracked, while digital transactions e deh always stored by di banks, wey dey do doing na government arms, providing di leaders all di data dey ask abt piple.

Knowing all di hype abt crypto, understanding dat piple deh  head towards using digital currencies, governs don start, with bigger or smaller steps, 2 think abt offering such money 2 their piple. Bt no bi decentralized cryptocurrencies, wey dey anonymous or pseudonymous -- dem wan 2 offer centralized cryptocurrencies, a kind of money wey go be tracked, associated with real names nd wey get value 2 determined by di govern instead of di free market. Take 4 example Venezuela's Petro, Russia's CryptoRuble, Japan's J-coin, China nd so on.

Na true, state-issued digital currencies dey totally against 2 cryptocurrencies nd di differences btwn dem wey make so many, dat difficult 2 count all of dem:
- cryptocurrencies wey dem do am 2 liberate piple 4rom di slavery imposed by banks nd governments, removing di middle man nd facilitating peer 2 peer transfers; digital currencies issued by governs na based on trusted third parties (banks), dem don designed am 2 continue 2 enslave piple, 2 give dem dem illusion of freedom, wey be sae dem dey oppressed;
- cryptocurrencies dey provide anonymity / pseudonymity nd di users na their true owners, as dem dey hold their private keys; digital money invented by governs no go offer private keys 2 piple, go be trackable nd, highest won, e no go be mineable (instead, im go be held by di banks);
- (most of) cryptocurrencies get a particular number of coins, in order 2 avoid inflation; digital money issued by governs e no go get particular number, as di governs dey find inflation nd no deflation, bcuz inflation dey indirect tax supported by many piple even without being aware of. E dey more hard 2 force piple 2 accept direct tax, compared with imposing dem an indirect tax; in case di indirect tax e no even realized, governs' work e dey easier;
- cryptocurrencies' value is determined by the free market (or, at least, it should be; let's not think now abt whales); governs' money e get value established by di State.

Nd di list go go on.

As e be like dis, di only thing in common 4 cryptocurrencies nd di digital currencies palava by State na dat both wan 2 get rid of fiat money. Bt, obviously, 4 totally different reasons: cryptocurrencies wan 2 change di actual system, wey deh corrupt 2 di roots, nd di governs wan 2 keep di system, bt with a different financial instrument, wey go give piple di fake thinking of using cryptocurrencies.

Dis future wey forseen a long time ago by di Cypherpunks, di Founding Fathers of crypto anarchy. If na u dey among those who started 2 refuse governs' corrupt fiat money, no let urself tricked into using a digital currency issued by di State!

Arise, u no  lose anything bt ur barbed wire fences! (Tim May, Di Crypto Anarchist Manifesto, 1988)

[2 be continued]

Hey Davidvictorson, tank u 4 di gud words u tok!

I go tell u di truth nd I go admit dat, na Agbe helped me do am with a proper formulation any how, Me, I no bi Nigerian I bi Romanian.

Nd yes, Agbe don do a wonderful work nd im get all my respect!

Tank u 4 ur interest in translating ma topics! U go fit pick any one u like, of course. U go follow di rules wey I specified in ma topic nd send me a preview b4 posting di translation (dis na 2 make double-check b4 u go post am). Nd, of course, if u need any support 4rom me while working on a translation, I go always available.

Shew, GazetaBitcoin you too much. I shock when I see say you dey write for pidgin. The thing sweet me for belle I nor go lie. I even gats check your profile becos I come dey think say e be like say we get Nigerian wey dey disguise. Well nothing spoil sha. I like wetin Agbe don do. Me sef don look through your topics and I go try still translate one or two into our Nigerian Pidgin. Una doh

I thank u Agbe 4 every thing u do in translating dis topic of ma own! Dis na di first time wen a writing of ma own bin dey translated in ur language nd I dey happy well well 2 see dat! I dey very happy 2 see ur words translated in different languages, di thing dey give piple awareness abt different topics.

U select a very interesting topic, wey dey tell us how our leaders come dey strong head with bitcoiners. Na di thing wey happened in Romania nd oda kwantries 2. Secret e no dey anywhere: Leaders no like Bitcoin bcos dem think sae bitcoin go remove dem 4from power nd give am 2 di piple. Di konkon mata be sae, di mata go bad well well.

We go only think dat our fight 4 freedom -- through Bitcoin -- go help us be free of governs' nd banks' slavery! Di more we use am, di more power im go gets. nd di more powers im gets, di more powers im takes away 4rom governs nd give am back 2 us.

Be dey wise, be anonymous nd use Bitcoin!

Translated Topic in Pidgin Language; Governs dey come 4 traders!
Original Topic: Governs are coming for traders!
Author: GazetaBitcoin

Hey,

Wen I don think mani about am, I decided 2 translate dis write up of mine 4 di benefit on di oyibo pple wey dey di world. Di writing bin dey Romanian house of di forum, bt I think di information dey gud nd he go go around 2 mani pple wey im go reach, in order 2 avoid being subpoenaed by governs or oda law enforcing mechanism.

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Autor: GazetaBitcoin
Topic original: Guvernul vine! ANAF si DIICOT ii urmaresc pe traderi

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Dis won no bi joke o!
 I don talk am b4 with a lawyer friend, who don tell me about di mata (about traders being pursued by Romanian govern). 2 be more specific, authorities dey investigate some of his clients, which have 2 explain some plenty money dem transferred 2 their bank accounts.

Di traders come 2 di lawyer as they dem no know how 2 do their trading benefits. Nd di lawyer dey ask me if I go help am anyhow.

Basically, in Romania, di mata dey bad dis year afta di law 30/2910 was issued. Dis law wey about collecting di profits, adding di profits 4rom crypto, bt di wey dey carry out di e no dey pursue those pple wey no dey pay taxes, bt dem dey pursue those with big amounts transferred into di bank accounts.

I don tell ma friend dat make im tell im clients 2 get any possible log 4rom all di crypto exchanges wey im dey work with, in order 2 prove di acquisition price, bt na di marketing price. Anoda wisdom was 2 directly tell di exchanges, who dey act as companies nd who dem granted by di law 2 act as money processors, nd 2 ask dem extrasses with di transactions. If e dey possible, stamped wons. Since di exchanges dey use KYC nd AML, dem go also offer official papers wen dem need.

Ma friend tanked me 4 my ideas nd im come say im go try these methods.

TL;DR: governs dey come! Make u dey aware!
I never be fan 4 centralized crypto exchanges, as dem dey embrace exactly di opposite of di ideas behind Bitcoin: decentralization nd pseudonymity. Nd if everybody dey use Bitcoin nd di oda cryptocurrencies instead of our kwantri money (dat won means be sae “cryptonians” go realize only crypto-2-crypto transactions), den nothing go exist in any taxable earning. Bt nobody (or, almost nobody) acts dis way. Wat remains bi sae,  di centralized exchanges maintain di idea of trusted third party, concept wey Satoshi need am 2 remove am finished kpatakpa. Nd, if im go be used again di way dem do am 4, Bitcoin go remove any third party wey dey.

Mani of di users go 2 a centralized crypto exchange bcoz dem dey convenience, bcuz dem no understand di risks or bcoz dem lack di knowledge abt their alternatives.
1. Convenience dey understandable. Basically, u'v ur funds in a wallet (which u no own actually, as di exchange dey true 4 di owner of di money) nd u go access dem anytime. Nd u go make transactions also anytime u need am.

2. Risks, however, dey many. “ur” exchange wallet e no actually belong 2 u, bt 2 di exchange. Why? Bcos u no have di private keys. See wat happened with Mt. Gox, Binance (twice), Criptsy, Cyptopia, Bitfinex etc. Di same thing happens also if di owner of di exchange e don decides an exit scam. Wen dem never get di private keys, u no own di funds.

Anoda risk is determined by di fact dat di centralized exchanges act as banks nd collect customers’ private data, being forced by governs 2 hve implemented KYC nd AML (Know Your Customer nd Anti Money Laundering) procedures. Nd di govern dey hungry well well 4 all di entity 4 personal data. Giving ur secret info, 2geda with being totally careless abt ur own privacy / anonymity will only put in di frying pan, sooner or later, all those who used these “services”, as it happened with Coinbase clients. If di users hve an evidence of all di transactions nd if dem paid their taxes, dem go bi OK. Besides, everything go bi OK also with those who bought at a higher price nd sold at a lower prices, thus without earning any profit, bt dem go present these evidences as well 2 di authorities. However, even di “law abiding citizens”, go certainly no go like all w bi investigated by di authorities.

Di major problem na 4 those who no hve such evidence nd with those who no pay di taxes. These ones, 4 di governs, go appear as criminals. As tax evazionists.

I agree, di question “if state no accept cryptocurrency as a form of money, why  dem go tax am?” Na di gud won bi dat. Di following na di answer: bcuz it generates earnings. Maybe, if there go bi such thing as trading leaves, even di  profits 4rom selling leaves go bi taxed.

Thus, we get 2 di question “how we go preserve our privacy?”.

3. Lack of knowledge abt alternatives na won of di konkon 4 wat di crypto newbies head towards centralized exchanges. Bt alternatives dey exist.
Di number 1 solution dey represent di peer-2-peer decentralized exchanges, where di transactions dey performed directly between di users, dem dey fully unknown, nd di role of di exchange dey merely 2 help users 2 contact each oda, without holding their money / private keys.
Besides, di cash-in / cash-out Bitcoin ATMs may bi an alternative, bcoz in dis case we no need 2 reveal personal information. Indeed, these terminals e no use a friendly price 4 buying / selling crypto. Bt privacy e get price, though.
Finally, u can perform peer-2-peer transactions with piple u know, or with piple with high reputation in di field, bt also with pesens u don’t personally know, similar with Amazon / Ali Express transactions.

All of di above dey suggestions 4 those willing 2 exchange crypto with fiat money. Only wen doing dis intervenes di pseudonymity nd di exposure. However, while di transactions dey entirely crypto-2-crypto, di anonymity e fi bi preserved beta. Apart 4rom, all of di above e no dey represent an advice 4 how 2 avoid taxes. Every citizen go pay im taxes. Bt working with centralized crypto exchanges e no dey just exposing di users 2 governs, bt also endangering their funds.

I dey close am here by admitting di contribution of centralized crypto exchanges in raising di awareness about cryptocurrencies. Perhaps, without dem, fewer piple go e don hear about Bitcoin nd oda cryptocurrencies. Di exchanges e don overwhelm di role inside di ecosystem. Bt still, dem fit bring huge prejudices. Now, whoever chooses using dem, go do it by fully understanding how dem work.

Edit: just afta writing di topic it came into mind anoda example of traders being chased by governs.

Also in Romania, afta di first crypto exchange wey closed BTCxChange, di owner made di paperwork 4 fully shutting down di company. Practically, in such a case, di site (operation) e dey close, bt di company still dey exists in di registries until I'm go fully closed.

Max Nicula, di owner if di defunct BTCxChange stated recently dat even 2day, 1.5 years afta closing di exchange's site, im no fit close di firm bcuz ANAF (di Romanian version of IRS) started an investigation wen im requested 2 close di operations. Wat dey very important, im asked 2 provide 2 di authorities all im customers names nd data, dis also happened at Coinbase. In dat case, di company was requested forced 2 release di clients' data in order 2 function, while in dis case di company has (still) 2 give out dis data in order 2 bi closed.

Even many intriguing dey dat Coinbase, where de applied a decision of a Court, in BTCxChange's case ANAF came with only a formal request. Max Nicula said im no keep di clients' data after dem close dey site, therefore di investigation still dey go on, di company never closed, bt dat won na anoda story.

Wat dey important dey dat Coinbase history repeats nd I suspect dem dey hundreds of oda similar cases worlwide.

Edit 2: 4 more dangers associated with KYC please read also a topic which dey complementary 2 dis won: Why KYC dey extremely dangerous – nd useless

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Translations (in chronological order):

• Română: Guvernul vine! ANAF si DIICOT ii urmaresc pe traderi, translation by GazetaBitcoin

Translated Topic in Pidgin Language: How You go Fit Secure Your Seed Phrase wit Washers
Original Topic: Securing Your Seed Phrase with Washers
Author: fillippone

Introduction
Custody of d seed na tori wey don dey my mind since. For d first time, Bitcoin na d system wey don put the responsibility to get your own moni for your inside your hand. This feature cari beta opportunities and risk, bcos of the way wet Bitcoin dey. D person wey get d bitcoin na him fit sign and transaction with komputa wit the private key wey follow am - no oda person fit do am. Person, institution, or bot, whoever get control of d private key, am him fit control d bitcoins. Wetin dat mean b say d custody of bitcoin dey importanta if we dey reason d possibility of signing transactions and d other gbege wey person nor fit sit, whether now or for we future, whether na personal, social, or na technological matter wey person wey get bitcoin fit see for d years to come. We gats assess d technological, personal, and legal gbege wey fit happen when we dey reason d kind way we go take store am:

If u dey find correct guide on how u go tek choose how to backup your seed phrase, you fit look this new article, na from Jameson:
How u go tek Backup a Seed Phrase

Of course, d important tin be say Bitcoin don make the self-custody option wey dem no allow for nornal finance dey possible. Na confam feature dey give bitcoiners mind no mata d kind gbege wey go dey happen and fit dey happen anytime for d future.
D wahala b say self-custody dey complex, and d amount of bitcoin wey pipo don loss na d warning for anybodi wey dey reason do am: d challenges wey dey tire wrapper.
I don dey do research for dis topic for some years, and ono of d first articles wey totori me for body na:

Gifting satoshis to future generations


As I dey read the article, na den I come dey realise say if person get keep him own private key by himself for a physical wallet d tin get plenti advantages:

• person nor go dey depend on d technological development in for d wallets/IT supports
• You nor go dey fear say d physical support fit spoil
• E dey easy to take use am dash person as gift.

As i dey browse for d internet, I come see dis page for Jameson Lopp’s website, na famous Cypherpunk and security expert, where him bin test different Metal Seed Storage:
Metal Bitcoin Seed Storage Stress Test

For the first round of testing, d tin wey catch my eye, as na d first implementation of d idea of printing d seed for washers by SAFU Ninja:
SAFU Ninja Review

Him yarn about dis confam idea for him blog:

Cheap and Easy DIY Metal Bitcoin Seed Storage – Safu Ninja



D mata be say you fit do the storage tim with pieces way you fit find for welder shop to tak print d seed.
D most critical part for d work na how to tak stamp d letter for d washers, e nor dey easy, and d tin nor go too fine if na hand wey you use do am.
Therefore, some kind welders fit get their kind machine(jig) wey dem fit use do d correct orientation, separation, and correct printing of the letter
The most famous jig for oyibo side na from Cryptocloacks.


Dis jig fit do the arrange the letters wella as e suppose be.
You fit find d n0nce jig for bitcointalk.org.
n0nce's Steel Washer Backup jig



D advantage of dis jig dey two: d first one be say d project dey modular. Therefore, you fit use am for different sizes for d washers(d main koko about d project na to just print on more large size washers) and kpatakpata, adapt to d various dimensions wey d punches get.
Secondly, n0nce don do beta design of the Blockmit jig, dis one make the different parts dey strong and e com dey protect d invention with small small tolerance to take reduce d work wey dey happen between d components.
Na d n0nce jig I go use for d remaining of this guide, but d way e dey work dey de same. Finally, for d last part, I go analyse d difference wey dey for d two projects in details.

As Federico Tenga don already yarm, d BIP39 standard presents "risks of obsolescence" and, kpatakpata, risks wey dey becos of d derivation path wey dem use. Na why him use d WIF format for him test.
Even though say I understand wetin dey make am fear small, I still decide to use the normal usual BIP39 format instead of dis project's first iteration. Wetin I believe be say e present d correct risk/benefit balance for d practical possibility of recovery by d person wey go receive d message.
Nothing fit stop you from hacking d key wey dey d format for d washers: d string get 51 characters so wetin you need na only seven washers.
For internet, na econoalchemist be d first person to take yarn about hoe d tin go take go:
Securing a Bitcoin seed phrase in stainless-steel washers (abridged)

Wetin I fit talk? Na über cool guy wey him be. A complete test wit a blowtorch! I no even dey reason am, and I go dey okay to do d printing for washers wey fire, corrosion and pressure nor fit touch. I dey fear say e nor go dey different from the kind tests wey econoalchemist and Lopp do.

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Shopping List
As I don talk before, d company advantage na to use d pieces wey already de ground. Dis choice go helep d person get some kind security by obscurity, as nobodi go fit sabi wetin you dey do. Indeed as Safu talk for him guide, if you get sometin wey dey your house wey you go fit use, use am, no even tin to go market go buy am. If you know person wey already get those punches, beg say make e borrow you say you wan use print keys instead of to go market go buy am(no ever tell d anythin about bitcoin o)

Make you use dis models as suggestions:
Washers
Washers wey get an outside diameter na 24 mm, inside diameter na 8 mm, and stainless steel dey okay. You fit find dem for mechanic workshop or shops wey dem dey sell hardware store. Twenty-four washers naim we nee for d key and four washers for d additional safety devices. You go need mani extra washers for d mistakes you go make when you first start.



Wetin I go advise be say make dem be stainless steel. The most corrosion-resistant steels are 304 and 321.

Bolt
We need like 60 mm bolt with a nut, a diameter of 8 mm (if you get correct eye you go don notice say d diameter dey d same wit d washers!).


As we talk before na still stainless steel you go use.

Sledgehammer
You go need sledgehammer. Normal hammer nor go fit do d job well go since d weight must impart enough force to take stamp d washer wella. Again, e nor dey hard.



Anvil
Who fit believe say na your passion for Bitcoin go make you buy anvil!
Becos of wetin dey involve to take print d washers wella, you go need beta support wey nor go damage as you dey knack am.
Na this small 1kg anvil, d smallest wey I fit find, na him dey okay to take do d job.




Of course, if e big na him dey beta, but if you want save some euros, you fit use d side wey smooth of another club or a d bottom of a metal. D important tin be say na correct large surface wey fit give us assurance of good stability of d jig and d force wey dey applied by d club - well na person choice sha. However, my own be say this min anvil make beta sense if you use am take do d work.

Stamps
Regarding d stamps set, wetin I choose na d 6 mm punch set: e get 36 characters, all letters, digits, and d “&” character. d quality dey good, and d dimensioning of d punches is okay. I nor see error when I been use am, and d print quality nor fade during d whole process.



Safety labels
These ones na adhesive labels wey, as you attach am, break, leaving a mark for d surface.



To fit close d container, you go need safety label wey go leave a mark if dem open am. You must number dem one by one to print d serial number inside d washers.

Hermetic container
We want put d seed for container wey air nor fit enter because e fine and to take confam e integrity. I see dis for a lovely bitcoin orange. Among oda tins, d internal diameter na 25 mm, therefore ideally e dey okay to take contain d washers. If you decide say na another type you wan buy, make sure say d diameter and length of d space wey dey inside dey okay to take contain your seed.



Laidis laidis eh, the setup don almost complete.
For bottom I don give d necessary materials.



Oda miscellaneous material

• A pair of gloves.
• Hot glue gun and stick. To take seal d washers.
• Circular labels for security seals.
• D private key for BIP39 format.
• Indelible marker.

D following na d summari of wetin e go cost you for oyibo moni( I nor add d time wey you go spend):

Washers+Bolt+Nut	EUR 3.00 (Sold By Weight)
Blockmit Jig	free
n0nce Jig	EUR 30.00
Sledgehammer	EUR 12.99
Anvil	EUR 9.90
Stamps	EUR 28.79
Safety Labels 100x	EUR 12.99
Container	EUR 15.27
Gloves	EUR 2.50
Duct Tape	EUR 03.99
Microfiber Cloth	EUR 01.00
Hot Glue Gun	EUR 09.50
Circle Stickers	EUR 00.90
Indelible Marker	EUR 8.13
GRAND TOTAL	EUR 138.96

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Stamping Verifying and Sealing d Seed
D procedure dey straightforward. Put d washer inside d jig, cover d yansh of d jig wit tape. D tape go weaken d washer wey dey inside d support so dat e nor go stop as you dey hammer am.
If you do am like this, the letters wey you dey print go dey alright, but if e nor sweet your belle as the letter dey when you print am, you fit try make you reprint am, untop of d signs. This one na d main advantage wey dey when you dey use jig: to do everytin with your hand, fit make the printing dey jagajaga, but if you use a jig, you sef go confam d printing, and if you do am wella all the letters go make correct sense for the metal. Nevertheless, if you use jig, d work go dey straightforward and e go dey presentable if you follow d gif:


You fit use d two upper notches take identify d correct way wey d words suppose dey, while you fit use d eight lower take print d terms. For d BIP39 standard, na only 8 letters wey the words fit reach, and d first four letters dey sufficient enough to take identify them. You nor need to worry say d data go loss if one or two letters not dey clear.
Put d jig for d anvil and knack am.
Do am like dis for all d letters and all d words.

To talk too much nor good so make I show una one or two videos make una confam am:

	Where I dey do the work for outside. Look d washers wey don spoil wey I throway. Agbe legendary Activity: 1106 Merit: 1372 Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} July 04, 2022, 02:44:11 PM #7 Translated Topic in Pidgin Language: Everythin u wan know about BTC option bt u dey fear 2 ask Original Topic: Everything you wanted to know about BTC options but were afraid to ask! Authur:fillippone Options wey dey  bitcoin hav bin accessible only 2 whales nd dey very specific exchanges as Deribit, bt wen Bakkt nd CME, di 2 kamkpe traditional bitcoin exchanges go open di products 2 their clients option trading in bitcoin go bcome more widely open 4 everybody. Ehen, options trading has been open on Bakkt since December 9th, wey CME go launch a simila thins later dis month, starting trading 4rom January 13th. Options deh strong things 2 trade. Dis deh true 4 traditional markets, but dis deh even more true in a wild market like bitcoin. With dis thread, I go try 2 give a few practical nd practical wey go dey understandable, price nd use options. I go start reveal wat an option dey, explaining all d characteristics of di options nd wat dey mean 4 di investor. Den I go briefly explain how 2 price dem. I no go explain di details wey di mathematical side l used 2 price dem, becos  he go imply som advanced different calculus wey  nobodi wants 2 hear about. Wat I go try  do 2 convey wat factors hav an impact on option price nd how 2 interpret dos. I go dey try 2 clear di field 4rom som common misconceptions about options. Las I go explain small common strategies 4 options trading. Nothin 2 strong, just small example on how 2 use dem according 2 di investment purpose: be it speculation or hedging. INDEX Introduction Weti bi option Strike Time 2 expiry Volatility Example How we go market option Historical Volatility vs Implied Volatility Option strategies - How 2 use an option Leverage Trading Covered call writing Collar Word of caution Useful resources: Online Calculators: Exchanges product informations: Online courses: Weti bi option Option wey bi contract dat gives di holder di faculty, bt nt di obligation, 2 trade an asset, called di underlying asset, b4 di expiry, di ending date of such contract. Di option dat gives di holder di thinking 2 buy di underlying asset wi  dey  called call option. Di option dat gives di holder di thinking to sell di underlying asset wi dey  called put option. Di price at di trade go happen is called di strike price. Wen an option generates a trade den wi say it is "exercised", if not he go simpli ends without ani trade put in place wi say it is "abandoned". If na option wey bi exercised only at di ending we dey called am European Option, while if wey bi exercised anitime b4 di ending dey called American Option. Di price di buyer of di option pays to di seller, or di writer of di option, wi dey call am di premium. If di market price wey dey up di strike price, di call option wi dey call am "in-the-money", bcos in di case of American exercise he go fit exercised with profit. If not, di call option wi dey called am "out-of the-money". If di market price dey below di strike of di put option, di put option wi dey called am "in-the-moni", bcos in di case of American exercise he go bi exercised with profit. If not, di put option dey called "out-of-the-moni". If wi luk at a certain strike den, onli call options or put option go bi in-di-money, not both of dem. 4 example, if wi luk at 10,000 strike options, di calls go now out-of-di-money, while puts go dey in-the-money. Wen he don expire, if di option go generate di underlying asset weti e don bin priced dey called “physical delivery”. Mani commodity or financial options dey physically settled. Alternatively, na option go regulate onli di moni wey e dey good go make profit exercising di option itself: dat expiry den na in-di-moni option e don deliver di buyer a cash amount di same 2 di difference between di asset price nd di strike (in case of a call option) or di difference between di strike price nd di asset (in case of a put option). In this case, di option dey called cash-settled. In di mata of Bitcoin options, namely di Bakkt options wey bi BTC futures, di option dey physically settled: at di expiry of di option di in-di-money option generates an appropriate position in di underlying future. There’s only a peculiarity: as e dey common on mani commodity options, di option itself expires some days b4 di future, so di holder of di in-di-money options has di possibility 2 close di future position b4 di real delivery of di underlying of di future (di option has di future as underlying, di future has di bitcoin as underlying). Dis is y u probably heard some marketing nonsense where “Bakkt options allow u 2 choose di type of delivery: physical or cash)". B4 analysing mathematically how 2 market an option, we go see dat impact di marketing with di intuition. STRIKE: Di first element dey di strike. Of course, di difference between di market price and di strike dey di first hint at di value of an option. Intuitively di more an option dey in-di-money, den di more such an option must have value.   Wen an option dey in-di-money, such an option has intrinsic value. 4 both call nd put options, di intrinsic value dey equal 2 di difference between di underlying market nd tdi strike market: intrinsic value onli measures di profit as determined by di difference between di option's strike market and market price. Wen an option dey out-of-di money instead, di intrinsic value deh zero. Di intrinsic value dey di minimum value of an option: if di value of an option go bi less dan di intrinsic value, go bi arbitraged, buying dat option nd exercising it 2 profit. So wen BTC dey trading at 7,000, a call with strike K = 5,000 dey in-di-money nd has an intrinsic value of 2,000, so di market must bi greater dan dat. At di same time, a call with a strike K =10,000 has no intrinsic value, so di intrinsic value dey zero. Of course, intrinsic value dey onli a part of di marketing of an option: oda things impact di option marketing each won of dem adding value 2 di intrinsic value getting di final value of di options: TIME 2 EXPIRY: di second most important element wen marketing an option dey di time 2 expiry: di longer di time 2 expiry, di dearer di option. If wi market 2 options with all characteristics wey dey equal, bt di exercise date, di won with di exercise date di furthest away, go have di greater price. VOLATILITY: di greater di volatility of di underlying asset, di greater di value of di option. Here di explanation e gets small bit tricky. Wi go say dat di konkon reason he no go pass di volatility of di underlying, di greater di possibility of di underlying going in-di-money. We go see later why dis dey gud, make dis no dey  obvious. di option e no profit 4rom di option going in-the-money. E no profit only if di option goes in-the-money. di buyer of di option benefits just bcos di underlying asset walker (i.e. e deh volatile) under a risk-neutral approach, i.e. without taking di “risk” of profiting bcos di option goes in- di -money. we go see example: We buy a call option on BTCUSD, with a strike price of 8,000 USD, expiring in June 2020. Di way dey named Long call bcos buying something dey called being "long" in finance jargon. di premium for dis option e dey  1,350 USD, wi ve 2 pay fast fast ("upfront", again in finance jargon). Fast forward 2 option expiry. Di outcomes of our option e dey differ according to di final price of bitcoin: If BTCUSD e dey down to  8,000 USD  di option go abandoned, it expires worthless. If BTCUSD e dey up to 8,000 USD di option go exercised, nd generate a payoff equal to di difference (positive) among BTCUSD nd di strike price. In more formal terms di call option payoff e dey di following: Call=max(0;Spot-Strike) Di endingl payoff of di strategy go be di following: Note dat dis graph considers we paid a premium of 1,350 USD upfront, di premium go paid in every scenario: if di option expires worthless di P&L (Profit&Loss) of di strategy e dey bad and equal 2 di premium paid, otherwise e dey equal 2 di option payoff netted with di premium paid. Note dat di P&L starts increasing at di strike price level, 8,000 USD in dis matter, but breaks even at a higher level equal 2 di strike + di premium plaid, or 9,350 USD in dis example.   Make we see di same thing for a put option. We buy a put option on BTCUSD, with a strike price of 6,000 USD, expiring in June 2020. Di strategy dey named long put. Di premium for dis option dey  732 USD, we hav 2 pay "upfront". Fast forward 2 option expiry. Di outcomes of our option differ according 2 di final price of bitcoin: If BTCUSD deh above 6,000 USD di option go deh abandoned, it expires worthless. If BTCUSD dey below 6,000 USD di option go deh exercised, nd generate a payoff equal 2 di difference (positive) between di strike price nd di BTCUSD. In more formal terms di put option payoff dey di following: Put=max(0;Strike-Spot) Di final payoff of di strategy go be di following: di graph luks familiar, as e dey di symmetrical payoff than di call. Note dat di graph considers we paid a premium of 732 USD upfront, di premium must be paid in every scenario: if di option expires worthless di P&L of di strategy go deh  negative nd equal 2 di premium paid, otherwise is equal 2 di option payoff netted with di premium paid. Note dat di P&L go dey high at di strike price level, 6,000 USD in dis matter, but breaks even at a lower-level equal 2 di strike - di premium plaid, or 5,267 USD in dis example.    Wi go hav a luk at an options exchange luking for confirmations. All di examples come 4rom Deribit, who dey di only widely available source 4 option prices: creating an account dey easy nd e no require KYC. If u come interested 2 do am 4 educational purposes. Of course standard disclaimers apply nd I linked 2 dat exchange. If wi select BTC options, nd den 26 Jun 2020 wi go find a screen like di following: (click on di image 2 enlarge it) Dis particular page considers di options maturing on 26 Jun 2020. Di centre grey column represents di strike levels. Di options on di same row share di same strike price. On di left of dat column, we have di call options 4 each strike, while di puts come deh on di right-hand side. di bid price na di price where oda pipo want 2 buy di options, i.e. di price u hav 2 sell at if u want di sell am. Di ask price na di price where oda pipo want 2 sell di options, i.e. di price u hav 2 pay 4 if u want 2 buy am. Each bid nd ask price has a corresponding Implied Volatility level, nai bi di volatility level dat, if inputted in di model, gives back di aforementioned price. Dis na y speaking of options, volatility nd price come exchangeable concepts. As we dey see am early, we see dat di calls hav a diminishing price wen di strike goes up: di 6,000 call has a mid-price (di average between di bid nd di ask) of 0.29725 BTC, while di 10,000 call has a mid-price of 0.11275 BTC. Di opposite dey true 4 di puts. Di puts with lower strike hav lower premiums. Di put stuck at 10,000 has a price of 0.46075 BTC, while di 6,000 put has a mid-price of 0.09725 BTC. Also, we go see dat examining options with greater time 2 expiry each option has a greater value: di 10,000 USD strike call maturing in September has a value of 0.16775 BTC versus the value of 0.11275 of di same option maturing in June. Di 6,000 strike put has a value of 0.13175 BTC versus di value of 0.09725 of di same option maturing in June. If we plug di data we find on dat page in an options calculator we go reprice di option itself. If we try 2 reprice di 8,000 USD call, inputting 0% as di interest rate (BTC dey 4 non-dividend paying asset) nd di correct information about strike, underlying nd implied volatility, we get di (almost) exact valuation we hav on Deribit:   Di numbers wey deh down di option price na di "greeks" or di sensitivities of di option price 2 their different component: DELTA: na di sensitivity of di option price 2 di underlying: if di underlying go up 1 USD, di option price go up 0.55 USD. GAMMA: na di second-order sensitivity of di option price 2 di underlying: if di underlying go up 1 USD, di option delta go up 0% (I guess there's a rounding factor here 2 consider in dis calculator) VEGA: na di sensitivity of di option price 2 di volatility level: if di volatility go up 1%, di option price go up 20.54 USD. THETA: na di sensitivity of di option price 2 di time: if 1 day passes, di option price go down 4.39 USD. RHO: na di sensitivity of di option price 2 di interest rates: if interest rates go to 1%, di option price go up 13.49 USD. Di greeks of an option e don linked 2 each other in a pretty difficult way, e get many ways 2 interpret dem nd they all varies continuously given di level of di market, di volatility nd di time 2 maturity. Books hav been written on how 2 tame dem nd use dem in your favour. I think dis very brief explanation  e deh ok 4 dis thread. How 2 price an option Understanding di details of how options dey priced, would mean understanding very advanced mathematics, including stochastic calculus, differential calculus, statistics, etc. Here I go only give u a few important concepts, u hav 2 keep in mind wen thinking of options nd their value. Black&Scholes won di Nobel prize 4 their option pricing model. Their biggest achievement was 2 demonstrate nd e deh  possible 2 price an option using non-arbitrage conditions. Arbitrage na di trade where a profit dey  gained involving no risk nd no capital. Of course, dose trades e no deh exist, so markets go adapt demselves 2 avoid dese situations. Thinking under di “non-arbitrage” conditions, means also dat no risks go involved, hence di individual appetite 4 risk of each different trader in di market go bi taken out of di equation. Dis means dat every trader in di  market go think  using d same “language” of a world without risk (if we think with no-arbitrage conditions, we go ignore di associated risk, den we go ignore di willingness of every trader 2 take dat risk). Dis means di price of such a derivative dey unique, irrespective of di risk appetite 4 each trader. Dis won has di important consequence di price of an option dey INDEPENDENT of di probability given by each trader about di possibility of di underlying ending in-di-money. Dis na something wey wi hav 2 keep in mind: di price of an option e no mean automatically dat di scenario where e deh ends in-di-money dey more “plausible”. Historical Volatility vs Implied Volatility As wi go see di only “difficult” input 2 price an option dey di volatility 2 bi used. Di correct number 2 bi plugged into 2 pricer dey di expected future realised volatility until di expiration of di option. Quoting dis number means quoting di price of di option (being di other option pricing numbers deterministic, i.e. known without uncertainty). Di volatility level used 2 price an option dey called implied volatility bcos na di level of volatility “implied” by di quoted price. How do u quote di future volatility? Here’s di trick of options trading. Di first idea e go look at di realised volatility: looking at di past go give first guidance of di future volatility. Of course, dis won e no deh always true as e go be many factors dat go change di volatility in di future. One easy example, specific 2 bitcoin options go bi di halving. Dis event, according 2 many models, go hav a great impact on di bitcoin price. So wi go guess dat coming into di halving d volatility go bi low: bitcoin might move, but without great variations, but once di halving happens, di price go possibly start swinging more, due 2 di very different valuation di S2F model implies. In dis case realised volatility won’t bi gud guidance 4 di future volatility: namely di realised volatility go bi much lower dan di future volatility used 2 price options with expiries after di halving. Many websites calculate di realised volatility of bitcoin: on Deribit u get get won. Calculating historical volatility with different horizons yield very different results: In di above graph, wi see di bitcoin price (black line, left axis), with di superimposition of different historical volatility calculations using different terms (yellow, red and blue lines, right axis). Volatility in di short term go bi more “volatile” itself (yes, na di volatility of volatility, but dis na 4 advanced options trading). Di yellow line represents di annualised historical volatility calculated using di previous 10 trading days, nd as wi see in di above graph dey swinging more violently, 4rom 180% 2 below 20%. Volatility calculated over more extended periods of time, like di blue line (calculated over di last 30 days of data) or di red line (calculated over di last 180 days of data) dey instead more nd more stable as wi extend di calculation interval. Of course, wi  deh more interested in matching, with di caveat earlier explained, di historical volatility computation with di time 2 expiry of di option wi want 2 price. Di implied volatility go instead bi observed on options markets. If wi luk at di options screen above wi see some IV columns: dat dey di implied volatility corresponding 2 each quote. If wi use di model in di opposite way, wi go use di price as an input nd find di volatility implied into dat price: dat dey di implied volatility. Option strategies - How 2 use an option Options go dey very complicated instruments, here I want 2 highlight only a few uses of dem. Dese go bi most simple ones, nd all hav in common 2 bi “static” strategies. Dis means dose go meant 2 bi put in place nd not touched until maturity. There go bi different strategies meant 2 bi adjusted during di life of di option. Dese go totally different animals nd wi dey call am dynamic strategies. Leverage Trading Scenario: U want 2 gain as much possible exposure 2 bitcoin. U hav a very clear trading view. U no dey interested in losing ur capital if dis view e no deh materialise. Strategy: Use ur funding 2 pay di premium 4 an out-of-di-money option, choosing di strike 2 maximise di expected final payout. Example: - Buy 1 call option strike 7,000 USD, Jun Expiry at 0.233 BTC. alternatively - Buy 1 call option strike 8,000 USD, Jun Expiry for a total of 0.1805  BTC.   Analysis: In dis scenario, u hav gained exposure 2 di appreciation of bitcoin above di strike level using only a fraction of di capital required 2 buy di underlying (i.e. 1 bitcoin). In di case of bitcoin being at a price of 10,000 at expiry, in di case of a bitcoin investment, u would have a return equal 2 (10,000-8,000)/8,000=25%. Dis na di base case scenario of no leverage. Buying an in-di-money call option di return would bi instead (10,000-7,000-1,742)/1,742=72%. Note dat if di option gets further in-di-money di return go go up even further as di option paid  e dey constant, while di gain increase linearly. In di second example, wi bought an out-of-di-money option, using even less capital. In di case of bitcoin being at a price of 10,000 at expiry, di yield go bi in dis case (10,000-8,000-1,350)/1,350=48%. Of course in di scenario of an opposite movement, ur loss dey limited 2 di premium paid, which e go lost entirely. Dis implies dat u hav 2 choose wisely not only di strike level, 2 gain di correct level of exposure, but also di expiry, as di movement has 2 materialise B4 di expiry of di option.   Covered call writing Scenario: Na u bi whale u want 2 sell part of ur bitcoin holding 2 finance ur daily expenses. u go bullish on bitcoin as an investment. Strategy: Sell out-of-di-money calls, cash in di premium 2 finance ur expenses, actually sell bitcoin only if di price go up (possibly on a spike). Example: - long 1 bitcoin, - sell 1 option strike 10,000 USD, Jun Expiry at 0.11 bitcoin. Analysis: Di payoff of di structure gives u a benefit over di simple holding of bitcoin equal 2 di premium if di price dey below di strike price at maturity. If at expiry di price dey above dey strike, dey option go go in-di-money nd u sell di bitcoin. Di strategy has a break-even, compared 2 bi long di BTC only, at a level equal 2 strike + premium received (in dis example at 10,000+0.11*7,478=10,826 roughly). If di BTC go further up, u basically sold a bitcoin at 10,826, hence di strategy has a lower value against holding di bitcoin. Collar Scenario: U bi whale. U want 2 sell part of ur bitcoin holding 2 finance ur daily expenses. U bi bullish on bitcoin as an investment. U get pissed off in case of a violent drawdown in bitcoin prices. Strategy: Sell out-of-di-money calls, cash in di premium 2 finance ur expenses, actually sell bitcoin only if di price go up (possibly on a spike). Use di cashed-in premium 2 buy protection on di downside, i.e. buying a put option. Buying an out-of-di-money call nd selling an out-of-di-money put is a strategy known as "Collar". Example: - long 1 bitcoin, - sell 1 call option, strike 10,000 USD, Jun Expiry at 0.11 BTC, - buy 1 put option, strike  6,000 USD, Jun Expiry for 0.098 BTC. Analysis: Di final payoff is similar 2 di won of di covered call writing. Di payoff of di structure give u a benefit over di simple holding of bitcoin equal 2 di difference between di premiums paid 2 buy di put nd di premium cashed in 2 sell di call. In dis particular case, I chose 2 strike levels 2 hav di smallest positive difference between di twos. If di price dey below di strike price at maturity. If at expiry di price dey above di strike, di option go in-di-money nd u sell di bitcoin. Di strategy has a break-even, compared 2 bi long underlying, at a level equal 2 strike+premium received (in dis example at 10,000+(0.11-0.098)*7478=10,093 roughly). If di BTC go further up, u basically sold a bitcoin at 10,093. On di contrary, if BTC go down, u also bought protection at 6,000, as u dey long a 6,000 put. More precisely, as u cashed in a premium of 93 dollars, u dey protected at a 6,093 USD. In case bitcoin go down more, u no dey affected, as di payoff of di put protects u on di downside. Word of caution. Options dey  very complicated topic. I tried ma best effort 2 explain dis topic in di most simple nd intuitive way. I go expand di thread in di direction u prefer. Just ask mi 2 explain wat u dey interested in most, or just ask mi 2 clarify di point u want mi 2 dig more precisely. If u think dis thread or any other of my threads dey worth 2 bi translated in ur own local board, please do! I go happy 2 provide assistance! Useful resources: Online Calculators: Option Calculator Exchanges product information: Option on Bakkt ™ Bitcoin (USD) Monthly Futures Options on Bitcoin Futures Online courses: Basic: CME Option Course Advanced: Options Theory for Professional Trading Dis post dey eligible 4 ma project: Help me translate my best posts in your Local Board Quote I bi strong believer in di utility of local boards. I dey lucky enough 2 bi able 2 express myself in at least a couple of languages, but I know dis won no bi case 4 everyone. plenti users post only on di local boards bcos of a variety of reasons either language or cultural barriers, lack of interest or whatever other reason. I personally know a lot of very good users (from di Italian sections mainly, for obvious reason) who no dey post in di international sections. I think all dose users dey miss a lot of good contents posted on di international (English) section or on other boards. If u think u go help here, just visit di thread! Davidvictorson hero member Activity: 1190 Merit: 901 Livecasino.io Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} July 01, 2022, 04:10:56 AM #6 Translated Topic in Pidgin Language; Everythin wey you wan be know about Grayscale BTC Trust but fear no gree you ask am! Original Topic: Everything you wanted to know about Grayscale BTC Trust but were afraid to ask! Author: fillippone Since dem publish PlanB articles, d Bitcoin value proposition don get confirmation sake of say na correct model, wey dem use serious maths talk say "Bitcoin dey valuable because say e dey scarce". Na him make Bitcoin Investment dey ok for some kind pipo, wey dey ready to carri d court, regulatory and fiscal mata for head to mak sure say bitcoin get exposure. Oda pipo go follow, but those pipo wey carri d matter for head first na dem collect beta shares and profits as no competition been dey d market. D one wey dem don talk about wella among dis funds na Grayscale. D plenti bitcoin wey dem buy don mak pipo for d community dey look their side. Becos e be like sign say big big companies don dey accept am, or na wetin dem use tak measure how scarce wey bitcoin dey wen dem measure am against mined bitcoin. Wetin I tink be say dem don too simplify plenti of d concepts about dis fund, and some of d technical details of how e dey take operate fit mak pipo sabi how d fund dey work, how big compani investors dey use am, whether na "fiat investors" or whales, and small small investors. Sake of say dem don too talk about Grayscale news, some beta reports, and dem don do correct thread for d Italian board, I decide say I go follow d thread wey don talk about d main aspects, I go go thru some of d correct details, I go also try yarn about wetin I don learn as I dey talk. As I dey on top of dis article I go dey look dis this spreadsheet, na there you go fit see mani of d calculations wey I do. You fit open am and play wit am. I throwway salute to my fellow Italian members wey don shook mouth inside d mata Grayscale thread by Plutosky for their local board. Table of Contents Grayscale Company Profile and Faq Primary Market Secondary Market Arbitrage In-Kind Buying Hedging Strategies Conclusions 1. Grayscale Company Profile and Faq For Grayscale Website we fit get beta tori wey concern d whole compani and organization: Quote Grayscale Investments, LLC (“Grayscale”) na d largest digital currency asset managa. Wit approximately $3.3B AUM,* Grayscale dey provide opportunities for him investors to collect beta exposure to d digital currency asset class. Grayscale na d sponsor of Grayscale Bitcoin Trust (BTC), Grayscale Bitcoin Cash Trust (BCH), Grayscale Ethereum Trust (ETH), Grayscale Ethereum Classic Trust (ETC), Grayscale Horizen Trust (ZEN), Grayscale Litecoin Trust (LTC), Grayscale Stellar Lumens Trust (XLM), Grayscale XRP Trust (XRP) and Grayscale Zcash Trust (ZEC), and d managa of Grayscale Digital Large Cap Fund LLC. Both d trusts and d fund dem dey call dem “Products”. Any Product wey dey give share creations dem go call am “Offered Product”. Grayscale Digital Large Cap Fund currently nor be Offered Product. Grayscale LLC  dey manage plenti Trusts, wey resemble each other, and dem get d same format for operation. Quote D Products na privately offered investment vehicles wey dey available to institutional and confam individual investors for their different private placements. Grayscale’s single-asset Products dey provide exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC). Grayscale’s diversified Product, Grayscale Digital Large Cap Fund, dey provide exposure to d top liquid digital assets by market capitalization and e currently get BTC, ETH, XRP, LTC, and BCH. D Grayscale Digital Large Cap Fund private placement dey also offered on a periodic basis to correct investors* only but e dey closed now. Each Product’s investment objective na for d value of d shares (based on digital assets per share) to show how d price of the Product’s underlying digital asset(s), less fees and expenses dey perform. Dem do am afta popular commodity investment products, dem create each Product for investors wey dey find exposure to digital assets through a traditional investment vehicle. Those products wey be privately offered investments, dey available to investors thru private placements. D objective of each fund na to passively check d performance of d underlying wey dem use am join bodi. So Grayscale nor dey look for addition yield for thru active management, investments or oda revenue sources. Dem be just passive investors. D Trusts dey open-ended, and dem dey different from d majority of publicly traded futures wey dey any exchange, wey get expiry date, and dey request say make d investor cari him position to other contracts(e get some "Perpetual futures, but where dem cover too dey small) Quote Additionally, Grayscale Bitcoin Trust (OTCQX: GBTC), Grayscale Ethereum Trust, (OTCQX: ETHE), Grayscale Ethereum Classic Trust (OTCQX: ETCG), and Grayscale Digital Large Cap Fund (OTCQX: GDLC) dey publicly-quoted for d OTCQX® Best Market, wey be numba one by d OTC Markets Group and e dey available to all individual and institutional investors. Some of those investments wey dey private also dey publicly-quoted for d public market. Quote Except for Grayscale Bitcoin Trust, wey trun to SEC reporting company for January 21, 2020, d Products nor dey registered wit d U.S. Securities and Exchange Commission (d “SEC”) and dem nor fit subject am to disclosure and certain oda requirements wey d U.S. securities laws talk say dem suppose do. D biggest fund na d Grayscale Bitcoin Trust (BTC), wey dey small pass 90% of the total AUM of Single assets funds. GBTC na d only fund wey dem register with d SEC, so na only him on respect all the rules wey the public agency been talk. D smallest investment threshold and d management fees na him represent correct informate. The smallest threshold for $ 25,000 ($50,000 for GBTC) come mean say those product nor mak sense for small small investors, e give d Sponsors a series of disclosure to take protect most of d investors wey never sabi wella. Dem dey comot d management fee from d theoretical price on a daily accrual basis to tak cover for d annual administration and safekeeping fees. All these funds get some common regulatory characteristics: Most notable ones na d Index Provider wey be Tradeblock and Coinbase custodian. Wetin e mean be say all d calculation dey for d back of Tradeblock price computations (I go give more update on this matter later) and say d assets det for cold wallet for Coinbase. On a side we sabi say Grayscale na part of a group: Quote Grayscale na subsidiary of Digital Currency Group, Inc. (“DCG”). DCG put hand for mani digital currency ventures in addition to Grayscale. CoinDesk, wey be d leading digital media, events and information services company for d digital asset and blockchain technology community, na also a subsidiary of DCG. CoinDesk dey editorially independent from DCG and Grayscale, and any views or opinions wey CoinDesk talk nor be d views or opinions of Grayscale. So, CoinDesk dey independent from Grayscale, but dem na d same family. 2. Primary Market Mak we look d BTC trust fact sheet. E dey clear say d private trust naim get d right to give shares for d primary market afta dem don follow the correct procedure to Accredited Investors (AI), wey be d only subject wey dem allow to put moni inside d Trust. Wetin be d requisites to be an AI? Quote Any normal human being wey him income big pass $200,000 for each of him two most recent years or joint income wit him partner wey big pass $300,000 for each of those years and wey dey expect dey to dey d same income level in the current year; or Any normal human being wey him net worth, or joint net worth wit him partner, big pass $1,000,000 (minus d value of d place wey d person dey stay or if him dey owe moni for the place wey him dey stay). Of course banks, partnerships, corporations, nonprofits and trusts (with wey get moni pass $ 5 millions) dem be Accredited Investors. D procedure to give new shares dey very simple. Every day at 4:00 PM d VWAP, a Volume Weighted Averaged Price, of d XBX Index (a volume weighted average of bitcoin on different exchanges) dey calculated. Dis one follow for d benchmark index of d fund. Quote Notably, na only once dem dey calculate d official NAV for Bitcoin Investment Trust (on business days at 4pm) by Grayscale, dem dey use d weighted average of d XBX Index over d preceding 24-hour period. Dem go later divide d funds by d price to tak check d equivalent amount for BTC. Dem go still divide dis amount by d per-Share Digital Asset Holdings to tak calculate d actual numba of Shares. For d attached spreadsheet I do show una d live calculations: D Bitcoin per shares amount na numba wey dey reduce everyday to show d accruing of d yearly 2% fee. I don show you d example of d calculation for d spreadsheet. Wetin dis one mean be say each share dey control each day less and less bitcoin, d portion of bitcoins wey no dey "controlled" by d shares na d payment for GBTC. For here you fit still calculate d NAV. If you times d official Benchmark Price and d Bitcoin per Shares, wetin you go get na the NAV of each share: As dem talk am for Grayscale Website: So, as each share get a "bitcoin per share" equivalent, d NAV na d US moni equivalent for dis measure. As for SEC regulations, you nor fit just transfer d shares like dat. We read am for their termsheet, na their we tak discover am: Quote Eligible for resale dey accordin to Rule 144 for d Securities Act afta a one-year holdin period. Pursuant to Rule 144, once d Product done dey subject to d reportin requirements of Section 13 for d Exchange Act for a period of 90 days, d minimum holdin period go come dey short from one year to six months. We nor fit give you assurance say secondary market go develop. So d subscriber of dat kind shares go expose herself for 6 months wey be d holdin window. For d end of dis window period she go dey free to tak sell d shares for d open market. As long as say she get, becos Grayscale nor go fit get hand for am. Also, Grayscale nor go fit collect d shares back, becos say buyback agreement nor dey sure. Quote Grayscale Bitcoin Trust persently nor dey do any redemption program and e fit stop creations from time to time. Assurance nor dey say d value of d shares fit dey approximate to d value of d Bitcoin wey dey d Trust and d shares fit trade at a substantial premium over or discount to d value of d Trust's Bitcoin. D Trust fit, but e nor dey compulsory to, seek regulatory approval to run a redemption program. So, wen you put moni for Grayscale shares,, you don lock into dat, and d only way to take comot an for d secondary market, afta like minimum of six months. I write one post on d thread about d restricted shares. You fit see am here here 3. Secondary Market As dem talk for Grayscale website, eligible shares of Grayscale Bitcoin Trust dey quoted for OTCQX® under d symbol: GBTC, e make am dey possible to buy or sell shares continuously thru d tradin day at prices wey d market don set. Some information dey old (market Shares). Dem tak dis picture before d market open, na im mak some information nor dey (volume, range, etc.). D market nor get any relationship wit Grayscale, and e dey rum independently. Dem nor get any market making obligations at all at all, so d price fit dey go up dey come down as e like accordin to bid-offer pressures. Dis one na d graph of d last 12 months, wit volumes. Na an average of 4.75 millions of shares wey dem dey trade every day, e dey equivalent to more or less 4,500BTC. 4. Arbitrage We don see from d oda sections say NAV and Quote prices get big difference. If you buy a quote of GBTC for d secondary market u dey actually but bitcoin for 20% premium, or you dey pay high pass 11,350 USD per BTC. Make e nor shock you, e follow for wetin dey GBTC. Premium is dey close to historical minimum level, but e don big pass 100% for some kind times like that. If you buy a quote of GBTC u dey actually but bitcoin for 20% premium. Why e be so? Well, d first reason be say you nor fit buy GBTC shares for d primary market. Back den to give shares don close for some kind times like dat. And as e be  it nor always dey possible to buy shares for d primary market, na dis one make d demand for quotes dey high for d secondary market wey make d prices and d premium dey go up up. Secondly, mani of d big men investors nor fit trade restricted financial instruments. So dem nor fit buy GBTC shares becos dem nor fit carry am do trade as dem like for d first six months and e nor get any buyin agreement wit d issuer. Lastly, e get plenti investors wey go like buy bitcoins, but dem nor fit do am. So wetin dem dey do na to buy quotes wit premium so dat dem fit get an object wey dem fit carri trade for a regulated exchange, wit correct fiscal, regulatory and legal benefit. You fit reason am like say na family office wey dem don tell to sell only listed products. Dis one mean say physical bitcoins don comot for d matter, obliging d moni managa to divert to GBTC so dat e fit get exposure to bitcoins. Na dis market frictions dey give premium of secondary market quotes mind for where NAV of  trust dey. Dis premium nor dey stable for d past, but contrary to wetin people believe e nor get any relationship wit "market sentiment" so I dey guess say na outside public information dey push am, and e dey related to offering policies: Correlation wit price level is nor dey exist, and na even negative. Hyphen(-) hero member Activity: 1050 Merit: 747 Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} June 29, 2022, 05:29:53 AM #5 Translated Topic in Pidgin Language:- Anythin u wan know about BTC option bt u de fear to ask Original Topic:- Everything you wanted to know about BTC options but were afraid to ask! Authur:fillippone Option 4 bitcoin don de accessible only to whales and som khyn exchanges as Deribiit , bt wen Bakkt nd CME wey b d two main traditional bitcoin exchanges go open d product to dir clients option trading 4 bitcoin go becum widely accessible. Actually option trading don de available 4 Bakkt since December 9th, while CME go launch product wey de simila leta dis month, and dem go start d trading 4 January 13th. Options na instruent wey de hard to trade. Dis wan de sure 4 traditional bt e even too de sure 4 wild market like bitcoin. Wit dis thread i go giv some som khin little theoretical nd practical ways (hints) on how u go tek understand and use options. I go start de brief wetin option b, explain all d characteristics wey option get and wetin dem mean to investors. Den i go explain well how we go tek price dem. I no go explain d main mathematical model wey dem use price d optons, becus e go cary us go advance differential calculus wey nobody wan hear. wetin i go use to convey d khin factors wey get impact on option price and we go tek interpreat dem. I go also try clear rod 4 som common misconceptons we de about opton.   4 d end i go explain som common strategies wey de opton trading. E no go too de complicated, na just small eamples on how we go tek use dem 4 mata wey concern investment: weda speculation or hedging.  INDEX Introduction Wetin b option Strike Time to expiry Volatility Example How we go tek price option Historical Volatility togeda wit Implied Volatility Option strategies - How we go tek use option Leverage Trading Covered call writing Collar Word wey matta Resources wey get use: Online Calculators: Exchanges product informations: Online courses: Wetin be option Option na contract wey go give person way dy hold the pawa, bt not d obligation to buy or sell asset, wey dy call the Underlying asset, b4 d time way the contract go expires. D option wey dy give person way the hold the pawa to buy the asset wey dem keep(underlying) na Im b call Option. D option wey giv person wey hold the pawa to sell d underlying asset na im b put option. D price wey dm use do the trading na im b strike price. wen option generate trade we go talk say it is "exercised", bt if e jst end wey dem no trade anything we talk say e dy "abandoned" If option fit de exercised only wey e wan end (termination) na dat one b European Option, While d option way fit dy exercised anytime before e reach time wey e go end(Termination) dat one na im be American Option. The moni way buyer of option pay seller or person wey b writer of option, na dat one b the premium. If price for market pas d strike price, d called option dy call "in-the-money", because say for American exercise, e fit exercised with gain. If not, dem go call d call option "out-of-the-money". If d price 4 market they below d strike price 4 d put option, d put option go b "in-the-money", because say 4 American exercise e fit exercised with gain. If not, dem go call d put option "out-of-the-money". If we look a certain strike, na only call option or put option fit be in-the-money, no be all of dem. Example if we look 10,000 strike option, d call option dy out-of-the-money, but the puts option dy in-the-money. As e dy expire, if the option fit make d underlying asset weting dem been price am na im be "physical delivery ". Many commodity 4 financial options dy physically settled. Alternatively, option fit control only the moni wey dy d same with d gain exercising the option it self: dat expiry then an in-the-money option go deliver money wey de the same with the difference way they for asset price and strike (4 call option case )  or the difference wey de for strike price and the asset (for put option case). For dis mata, them they call d option na cash-settled. 4 d case of Bitcoin option wey b Bakkt option on BTC futures, the option de physically settled: wen d expiry of d option in-the-money option generate a better position in d underlying future. e get only a trick: as e de common for plenty commodity options, d option Im self expires few days before d future, so d holder of d in-the-money options get possibility to close d future position b4 d main delivery of d underlying of future (the option get future as underlying, d future get Bitcoin as underlying). Na y you fit hear some marketing nonsense wey "Bakkt options go allow u chose d type delivery :" monei or face to face".   B4 we analys am mathematically how 2 price option, make we see the impact 4 pricing wit d intuition. STRIKE: D first element na strike.  E Sure, d different wey de between market price and strike na d first hint at d value for option. Intuitively d more d option dy in-the-money, d more dat option go get value. STRIKE: D first element na strike.  E Sure, d different wey de between market price and strike na d first hint at d value for option. Intuitively d more d option de in-the-money, d more dat option go get value. Wen option de in-the-money, dat option get a calculated value(intrinsic). 4 call and put options, the calculated value dy d same wit d different bitwn d underlying price and the strike price: intrinsic value de only measure d gain wey determined by d diffence bitwn d option's strike and d markets price. Wen option de out-of-the-money instead, d calculated value na zero. D intrinsic value na d minimum value of d option: if d value of d option go de below d intrinsic value, e fit be arbitrage, buying that option and changing it to gain. So wen BTC de trade for 7,000, a call wit strike K = 5,000 is in-the-money and get intrinsic value of 2,000, so d price go de biger dan dat. Na so a call wit a strike K= 10,000 get no intrinsic value I.e the value na zero. E sure, intrinsic value na only a part of price an option: oda variables de impact d pricing of option, any one of dem de add value to d intrinsic value to get d final value 4 the option: TIME TO EXPIRY:D second element wey de important to price option na d time wey e go take expire: d longer e go take to expire, d costly d option. If we price two option wit d same characteristics, wit different date to expiry, d one way get long expiry date go get biger money. VOLATILITY: As d volatility of d underlying asset big, naso d value of d option go big too. 4 here d explanation go de tricky small. Make we talk say d main reason no be how big d volatility of 4 underlying be, na how big d volatility fit dy be wey dy go inside d money. We go see later why dis wan dey important, just put am for mind say e no go too show. The option wey de buy no dey get anything 4rm d option wey dey go inside d money. Rather no give gain, if na only option de go inside d money. The person wey buy d option go enjoy because say d underlying asset don move (i.e he go de change) for risk wey de come neutrally, i.e make you no take d risk of gaining because the option dy enter inside d money. Make we see one example: If we buy call option wey be BTCUSD, wey get strike price of 8,000 USD, wey de expire for June 2020. Dis strategy name na Long call because to buy something na him dem dey call being “long” for finance jargon. D premium 4 dis option own na 1,350 USD, we go pay immediately (“upfront”, again for finance region). Mek we go forward sharpaly to option wey dey expire. The outcome for our option go follow d final price wey bitcoin be: If BTCUSD de unda 8,000 USD d option go dey abandoned, e don expire without use be dat. If BTCUSD de above 8,000 USD d option go still de, and e go generate payoff wey de d same wit d difference (positive) wey de between BTCUSD and d strike price. 4 more formal terms d call option payoff go be dis tins: Call=max(0;Spot-Strike) D last payoff 4 d strategy go be dis tings:   know say d dis graph reason say we pay a premium of 1,350 USD before time, we must pay d premium 4 all scenarios: if d option expires witout, d P&L (profit and loss) 4 d strategy de negative and d same to d premium wey we pay, if not e go de eqaul to d option payoff netted with premium paid. know say d gain and loss go start to de increase for strike price level, 8,000USD for dis case, but e go break even if na for high level wey de dsame wit d strike + d premium u pay, or 9,350USD fir dis example.   Mek we see d same tin for put option. We buy put option for BTCUSD 4 6,000 USD strike price, wey de expire June 2020. Dat strategy na  long put.  D premium 4 d option na 732 USD, we suppose pay am keep "upfront". Mek we go forward sharpaly to option wey dey expire. D result 4 d option de change according to d Bitcoin price: If BTCUSD pass 6,000 USD d option go de abandoned, e go expire without any value. If BTCUSD de below 6,000 USD d option go de exercised and go provide a payoff d same wit to positive difference wey de between d price of BTCUSD and strike price. 4 more formal terms d put option payoff go b dis tins: Put=max(0;Strike-Spot) D final payoff 4 d strategy go b the dis tins: D graph look familiar, as e be d symmetrical payoff pas d call. Mek we know say dis graph dy reason am say make we pay premium of 732 USD keep, to pay d premium na must for all case: wen option expire witout value, d gain and loss of d strategy de d same and negative to d premium way we pay, if not e go de equal to payoff option wey we put for d premium way we pay. Know say d gain and d loss go start to rise for strike price level 6,000 USD 4 dis one, but e go breaks even 4 lower level wey de d same with d strike - d premium wey we pay or 5,267 USD for dis example.   Make we take eye see option exchange to look 4 confirmations. All d examples na from Deribit, who be d only big source wey de available for option prices: to create account de easy and e no de need KYC. If you like am do am for educational reason. E sure say some issues de, and I no 4 any way de linked wit d exhange. If we cary BTC options, and Jun 26 2020 we go see a screen wey look like dis tins: (click on the image to enlarge it) Dis particular page de reason d options wey go mature 4 26 Jun 2020. D middle grey colum de represents d strike level. D options wey de d same row get d same strike price. 4 d of column left side, we get d call option for each strike, and d right-hand side carry d puts option. D bid price na d price wey oda participants wan buy d option, i.e. Price wey u suppose sell am if u wan sell. D ask price na d price wey oda participants wan sell d option, I.e. d price way u go pay if u wan buy am. Each bid and ask price get a corresponding Implied Volatility level, wey b d volatility level dat, if we put dem 4 d model, e go give us back the aforementioned price. Na y if u dy talk about option, volatility and price na d tins wey be d exchangeable concepts. As we don see pass, we se say d calls get price wey dy drop wen strike dy go up: 6,000 call get mid-price (d average wey de between d bid and Ask) for 0.20725 BTC, while 10,000 call get a mid-price of 0.11275 BTC. D opposite na im sure for put. D puts wey get lower strike get lower premiums. D put stuck for 10,000 get price of 0.46075 BTC, and d 6,000 put get mid-price of 0.09725 BTC. Again, we see say if we check d options wey get plenty time b4 dem expire, each of dem get bigger value: d 10,000 USD  strike call wey go muture 4 September get value of 0.16775 BTC versus d value of 0.11275 BTC 4 d same option wey de mature June. D 6,000 strike put get a value of 0.09725 for d same option we de mature June If we put data wey we find 4 dat page in option calculator, we fit price d option itself again. If we try reprice d 8,000 USD call, putting 0% for interest rate (BTC na paying asset wey dem no fit divide) d correct info about strike, underlying and implied volatility, we go get almost d same valuation we get for Deribit:   D plenty numba under d option price na d "greeks" or d toughness of d price of d option to d oda components: DELTA: na d sensitivity of d option price to d underlying: If d underlying go up wit 1 USD, option price self go go up with 0.55 USD. GAMMA: na d second-order sensitivity 4 price option to d underlying: if d underlying go up with 1 USD, d option delta go up 0% (I de reason say some rounding factors wey we suppose consider de dis calculator) The numbers below the option price are the "greeks" or the  sensitivities of the option price to their various component: VEGA: na d sensitivity for option price to d volatility level: if d volatility go up 1%, d option price go go up 20.54 USD. THETA: na d sensitivity of option price to d time: if 1 day pass, d option price go drop down by 4.39 USD. RHO: na d sensitivity for option price to d interest rate: if d interest rate move go 1%, d option price go move go 13.49 USD. D greeks for option de link to each oda for one hard way, ways chok wey we fit interpret dm and de go de change as d level of market de change, d volatility and d time 4 maturity. Dem don write books wey de show how to change and Dem d wey e go good 4 u. I sure say dis small explanation don de OK for dis thread.   How u go tek price option To understand d details of how options price dey b, e go mean say u go understand advanced mathematics, even stochastic calculus, differential calculus, statistics etc. For here I go give u small important concepts, u go keep am for mind if you dey think of options and wetin their value b. Black&Scholes na dem win d price for their option pricing model. Their achievement wey big pass na to demonstrate if e dey possible to price option wey dey use non-arbitrage conditions. Arbitrage na trade wey profit wey de gain de involve no risk and e no get capital. Naso he dey be, dos trades no dey exist, dem markets go follow adapt to avoid these situations. Reasoning wey de under d “non-arbitrage” conditions, mean say risk no de inside, hence d individual appetite wey de risk 4 each different trader for d market fit de comot for d equation. E mean say every trader for d market go reason using d same “language” of world wey no get risk (if we reason with no-arbitrage conditions, we fit ignore d associate risk, den we fit ignore wetin wan make every trader carry dat risk). E mean say d risk of dis kind derivative dey unique, irrespective for d risk appetite for each trader. Dis wan get d important consequence wey d price for option dey INDEPENDENT of d probability wey de give each trader about d possibility for d underlying ending wey de inside d monei. Dis wan na something wey we go put for mind: D price wey option get no mean say automatically say d scenario where e end inside d money dey more “plausible”.  Historical Volatility togeda wit Implied Volatility As we don se say d only "difficult" to option price na d volatility wey we go use. D correct numba wey go fit in d pricer na d expected future realised volatility until d option go expire. Quoting dis numba mean say quoting d price of option  (being d oda option pricing numba deterministic, i.e. dem no am witout uncertainty). D level of volatility wey dem use to price option na im be implied Volatility because say na d level of volatility "implied" by quoted price. How u go tek quote d future volatility? Here na d trick 4 option trading. D first idea na to look d realised volatility: if u look d past, u go get d first guidance to d future volatility. E sure, e no de always b true as many factors fit change d volatility 4 future. One easy example, we de specific to Bitcoin option fit b halving. Dis even fit get better impact to Bitcoin price according to many people model.  So we fit guess say if halving de come d volatility go low: Bitcoin fit move, without big variations, bt once d halving sup, d price fit begin de move wela, due to d different valuation d S2F model implies. For dis case d realised volatility no go b good guidance for d future volatility: D realised volatility go d lower dan d future volatility used to price options wit d expires after d halving. Plenty websites don calculate d realised volatility 4 Bitcoin: on Deribit u fit get one. Calculating historical volatility wit different horizons go giv very different results: For d graph wey dy up, we go see Bitcoin price (black line, left axis), with superimposition for different volatility calculations as dem use different terms (yellow, red and blue lines, right axis).  Volatility 4 short term fit de more"volatile" imself (yes, volatility of volatility de, bt na for advance options trading). D line wey b yellow de represents d annualised historical volatility wey dem don calculate using d b4 10 trading days, and we see say d graph de swing more volatility, wey from 180% drop down 20%. Volatility wey dm calculate for mor extended time, lik d blue line (calculated 4 lik 30days of data) or d red line (calculated 4 d last 180 days of data) is instead mor nd mor stable as d interval for d calculations. 4 sure, we de mor interested 4 matching, wit d caveat wey we explain b4, d historical volatility computation wit time wey d option wan expire we wan to price. D implied volatility fit b instead observed 4 option markets. If we see d option screen 4 up we go see some IV columns: dat is d implied volatility wey correspond to to each quote. If we use d model for opposite way, we fit use d price as input and find d volatility implied into d price: wey b d implied volatility. Option strategies - How we go tek use option Options ar instruments wey de very complex, here I wan show some small use of dem. Dis one na d easy ones, and all of dem de common to b "static" strategies. Dis means say we go put dos once in place, and we no go touch dem till dem mature. Different strategies de wey we fit adjust during d life of d option. Dis ones na totally different animals and dem de call dm dynamic strategies. Leverage Trading Scenario: U wan gain as much as possible exposure to Bitcoin. u get clear treading view. U no wan lose ur capital if dis no materialise. Strategy: Use ur own moni to pay d premium 4 option wey de out of d moni, choosing d strike to maximize d final expected payout.   Example: - Buy 1 call option strike 7,000 USD, e go expire 4 Jun at 0.233 BTC. alternatively - Buy 1 call option strike 8,000 USD, e go expire 4 jun 4 a total of 0.1805  BTC.   Analysis: 4 dis scenario u don get eposure wey u go take appreciate if bitcoin don pass strike price level usin a pat of capital wey de require to buy unerlying (i.e 1 bitcoin). 4 d case wey bitcoin de 10,000 as e wan expire, 4 d case a bitcoin investment, u go get return wey d same to (10,000-8,000)/8,000=25%. Dis one na base case scenario 4 no leverage. if we buy in-the-money call option d return go b instead (10,000-7,000-1,742)/1,742=72%. mek we no se if d option go further in d moni d retun go go up futher too as d option pay na constant,while de gain go increase linearly. 4 d second eample, we buy option wey de out of d moni wit less capital. 4 d case wey bitcoin de 10,000 as e wan expire, d yield go b in dis case (10,000-8,000-1,350)/1,350=48%. 4 sure dis scenario wey b oposite movement, ur loss de limited to d premium paid, wey go be completly loss. Of course in the scenario of an opposite movement, your loss is limited to the premium paid, which would be lost entirely. Dis sow se u go chose wisely no b only d strike level, to get beta level of exposure, bt also d expiry, as movement don materialise b4 d option go expire.   Covered call writing Scenario: U b whale u wan sell som pat of bitcoin wey u hold to use 4 ur daily needs. U de bullish on bitcoin as investment. Strategy: Sell out-of-d-moni calls, mek cash in d premium to finance ur epenses, me u actually sell bitcoin only as d pice go ip (possibly 4 a spike). Example: - long 1 bitcoin, - sell 1 option strike 10,000 USD, Jun Expiry at 0.11 bitcoin. Analysis: The payoff of d structure go giv u benefit pass d simple holding of bitcoin wey de d same to premium if d price go down d strie price at maturity. If at expiry d price pass d strike, d option de go in-d-moni and u sell d bitcoin. D strategy get a break-even, pass to being long d BTC only, at a level wey de d same to strike + premium received (in this example at 10,000+0.11*7,478=10,826 roughly). If d BTC muv further up, u cum basically sell a bitcoin at 10,826, hence d strategy get a lower vale against holding d bitcoin. Collar Scenario: U b whale U wan sell som pat of bitcoin wey u hold to use 4 ur daily needs. U de bullish on bitcoin as investment. U de pissed off in case of violent drawdown 4 bitcoin prices. Strategy: Sell out-of-d-moni calls, mek cash in d premium to finance ur epenses, me u actually sell bitcoin only as d pice go ip (possibly 4 a spike). Use cashed-in premium to buy protection 4 d downside, i.e mek u buy put option. To de buy out-of-the-money call and de sell out-of-the-money put na strategy we dem de call "Collar". Example: - long 1 bitcoin, - sell 1 call option, strike 10,000 USD, Jun Expiry at 0.11 BTC, - buy 1 put option, strike  6,000 USD, Jun Expiry for 0.098 BTC. Analysis: The final playoff de similar wit d one wey dey covered call writing. The payoff 4 d structure go give you benefit on top d simple holding of bitcoin wey equal to d difference inside d premium wey dem pay to buy d out and d premium wey de cashed in to use sell d call. For this kayn case, i chose 2 strike level to get d smallest positive difference wey dey between the twos. If d price de below d strike price for maturity. If for expiry d price de above d strike, d option go de inside the money and you fit sell your bitcoin. D strategy get break-even, if he dy compared to being long underlying, for level wey dey equal to strike+premium wey dy received (for dis example wey be 10,000+(0.11-0.098)*7478=10,093 roughly). If BTC go up pass before, you don basically sell bitcoin for 10,093. 4 d contrary say BTC go down, u also buy protection at 6,000, as you don long 6,000 put. More precisely, d way you take cash out 4 premium wey b 93 dollars, you de protected for USD wey be 6,093 USD. 4 case wey bitcoin go down pass before, you no go dey affected, as d payoff of d put go protect u 4 d downside. Word wey matter. Option topics get as e dey b. I try my best say I de explain dis topic for d simplest way and d way wey de go grab. I fit expand d thread d way u go take sabi am. Just tell me wetin u dey interested pass 4 d topic, or make u ask me make I clarify you more 4 d point wey you wan know more about. If u tink say dis thread or any oda of my threads de wey dem suppose translate go ur own local board, please mak u provide help! Resources we get use: Online Calculators: Option Calculator Exchanges product information: Option on Bakkt ™ Bitcoin (USD) Monthly Futures Options 4 Bitcoin Futures Online courses: Basic: CME Option Course Advanced: Theory 4 professional options trading Dis post de eligible 4 my project: Help me translate my best posts 4 ur Local Board Quote Me na strong believer 4 local boards mata. I de lucky enough as i don epress myself 4 at least some languages, bt i know say dis one no be d case 4 everone. Plenty users de wey b say na oly local board dem de post because of som reasons wey fit be language or culture barriers, and some na lack of interest or some oda reasons Me personally know plenty users wey good (4 d italian section mainly 4 som reasons) whu no de post 4 international sections. I think  say all dos users de miss plenty good content wey dem post 4 international (English) section or oda boards. If u tink say u fit help here, just  come see our thread! Davidvictorson hero member Activity: 1190 Merit: 901 Livecasino.io Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} June 19, 2022, 08:57:48 AM #4 Translated Topic in Pidgin Language; Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity Original Topic: Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity Author: fillippone Na only few articles wey don mak correct wave for were wetin concern Bitcoin dey like d one wey PlanB write. D tin wey him do na to try to explain how much wey Bitcoin be with wetin dem call Stock-to-Flow approach. Stock-to-Flow approach no be new tin for d financial world, e don tey wen dem dey use am for were dem dey do buying and selling; the first time dem relate am to Bitcoin na Saifedean Ammous for him book “The Bitcoin Standard”, him use this approach to take talk about wetin make Bitcoin be “better, correct moni” pass goods and our normal moni. PlanB’s article don come out since after Saifedean’s book, but e make ogbonge wave; d main koko na to talk about how Bitcoin Price take be and the beta effect and how importanta wey e b for were halvings for bitcoin. At the time wey I dey write this thing Bitcoin Price been dey around USD 3,400. For this thread I go try explain some kind misyarn wey dey d article, I go ansa some questions wey some pipo dey always ask, I go study the criticism wey pipo don talk about d model, and some new tins wey don come up. This link go cari you go d main article: Modeling Bitcoin's Value with Scarcity Quote from: fillippone on March 05, 2020, 07:45:29 PM I b strong believer 4 d join bodi 2geda of local boards. I get luck well well say, I sabi open mouth 2 talk watin dey my mind 4 at least som kind language dem bt I knw say no b so e be 4 evry persn. Plenty pple way dey d forum dey post onli 4 dere local boards bcus say, e get watin dey hold dem nd e ft b language, watin dem beliv in way no allow dem, netwrk no dey abi e get orda reasons. As I dey like dis, I sabi plenty pple way dey use d forum wella (frm d Italian side dem, via som kind reason way no ft hide) way no dey post 4 where evry body 4 d world dey talk. I believ say, all dose users dem way no dey talk 4 where evry bodi 4 d world dey talk 4 (English) or 4 orda boards so, dem dey miss wella. If u tink say u ft help 4 here, u fit go see dis topic! CryptopreneurBrainboss legendary Activity: 2478 Merit: 4341 eXch.cx - Automatic crypto Swap Exchange. Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} May 23, 2022, 04:01:10 PM #3 CryptopreneurBrainboss legendary Activity: 2478 Merit: 4341 eXch.cx - Automatic crypto Swap Exchange. Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} May 23, 2022, 03:43:41 PM #2 CryptopreneurBrainboss legendary Activity: 2478 Merit: 4341 eXch.cx - Automatic crypto Swap Exchange. Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} May 23, 2022, 02:48:31 PM #1 Welcome, just as the title says, here you'll find useful English threads that has been translated to the different languages we speak in Nigeria without the use of translation tools but personally hand written to pass across the information to those that might find it hard to comprehend English or find it easier to understand when read in a common language they're familiar with. This initiative came into existence to prevent spamming the main Naija discussion thread with translations and obstructing the flow of discussion. For users interested in the translation of this topics, kindly used this format below to keep the thread clean and readable. Code: [color=red][b]Translated Topic in (input native dialect been used[/b][/color]; [color=red][b]Original Topic:[/b][/color] (input title of thread with link to thread) [color=red][b]Author:[/b][/color] (input original authors name). Sample: Quote Translated Topic in Pidgin Language; Everythin wey you wan be know about bitcoin futures but fear no gree you ask am. Original Topic: Everything you wanted to know about BTC futures but were afraid to ask! Author: fillippone Translations on this thread with links. 1: Original topic: -: Translations: Ps: This thread is off discussion; all discussion to done on the official Nigeria (Naija) with reference to this thread. DM for thread to be opened for posting your translation. 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