Topic: Laws of Bitcoin - page 3. (Read 728 times)
I know we all know these rules,,, but you know what? This is always good advice to remind each other of these principles. We should put #3 up to #2, and #8 up as first RULE of all. Because people should see this as a risk! We need to remind everyone every time. Put money you can afford to lose!
What "laws" do you agree or disagree with? What would you add to those written above?
Personally, I think these rules are more than enough to start exploring both cryptocurrency space and bitcoin.
The only rule I would add is learn every single day, read books and serious articles about bitcoin because books teach us to think, avoid cryptocurrency media at all costs, because journalists distort facts.
What do you think?
Personally, I think these rules are more than enough to start exploring both cryptocurrency space and bitcoin.
The only rule I would add is learn every single day, read books and serious articles about bitcoin because books teach us to think, avoid cryptocurrency media at all costs, because journalists distort facts.
What do you think?
Dealing with Bitcoin and encrypted assets really needs a lot of caution because your accounts and wallets are all protected with passwords, and if you lose these words, you lose your money forever, so I write them manually in a small paper notebook. This is because I am afraid of a computer or mobile breakdown, and I really took advantage of this when my computer was hacked and I recovered my wallets from manually recorded information on paper.
That was a great advice for those that like to join cryptos space. This should be make like a motto for any traders or investors out there so they can always remember to not making this easy mistake while putting their money at high risk getting scam scam scam.. Its was a basic advice but still a good one to always remember how easy we all can fall to such a scam tactic because our greed.
One incorrect character in an address will lead to an incorrect checksum and therefore an invalid address which your wallet will not accept. There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.
I don't think I will agree with you on this. First and foremost, how did you come about with this statistics '' There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.''When you turn a public key in to an address, the first three steps are to SHA256 hash it, then to RIPEMD160 hash it, and then add the version byte at the start (0x00 in the case of legacy addresses). From this result, you then take the first four bytes of the SHA256 double hash and append them to the end as a checksum, before finally converting the whole thing from Base16 in to Base58.
The checksum, then, is four bytes long. With each byte being 8 bits, that means the checksum is 32 bits of data. 2^32 = 4,294,967,296. This means that if you make any changes to the address, including a single typo, then the chance of the checksum still being correct is 1 in 4,294,967,296.
You can test this yourself using a wallet such as Electrum. Try to import addresses to create a watch only wallet. Take any address you like, and change any single character you like. The wallet will recognize it as invalid and refuse to accept it.
Also, if you are writing down raw private key, 1 character mistake would make it hard to recover the key, cause it would require a custom brute force search.
I still don't understand why people are handwriting private keys. The entire point of seed phrases is to easily avoid issues like this. 
All agree with all the laws.Maybe we could add some new laws.I have 3 proposals.
1.Cloud mining is a scam.
2.Faucets are a waste of time.
3.Always use escrow!When trading BTC for goods and services,never send Bitcoins without an escrow.
It's a great list anyway.Every Bitcoin/crypto newbie should read this list and bookmark it,so he can remember every law in the list.
Those laws apply for all the altcons as well.Maybe we could some laws that are targeted towards some specific altcoins only.Something like "ICOs are scams" and "Don't trust tokens that are backed by other coins/assets".
1.Cloud mining is a scam.
2.Faucets are a waste of time.
3.Always use escrow!When trading BTC for goods and services,never send Bitcoins without an escrow.
It's a great list anyway.Every Bitcoin/crypto newbie should read this list and bookmark it,so he can remember every law in the list.
Those laws apply for all the altcons as well.Maybe we could some laws that are targeted towards some specific altcoins only.Something like "ICOs are scams" and "Don't trust tokens that are backed by other coins/assets".
In the semantics of the words are the power of action, which are rather premises, bitcoin norms, characteristics. But in the reality of the action the important thing is to know and understand the number 4, that leads to having intrinsic (law) 2 and consequently by common sense (5) if it is an important quantity (1), that information only interests you and perhaps to his wife, but if he tells her, she might fall into 6,7,8.
So rule number one is option 4.
So rule number one is option 4.
Tend to Disagree on the First law mate because i think there is limitation or exemption regarding in WHo's were gonna talk about our Bitcoin.
Because i Often talk and discuss Bitcoin to those people i trusted and who trusted me as well to at least consider investing in Crypto market.
and doing this i need them to see my success in regards to what i did here and how much i make money since then.
Yeah i am not discussing about my Whole amount but at least i need to show them some of my holdings for them to believe what i am saying .
Because i Often talk and discuss Bitcoin to those people i trusted and who trusted me as well to at least consider investing in Crypto market.
and doing this i need them to see my success in regards to what i did here and how much i make money since then.
Yeah i am not discussing about my Whole amount but at least i need to show them some of my holdings for them to believe what i am saying .
Hello to all. I think that at this stage these 8 laws are enough. I would only add that it is necessary to treat Bitcoin more carefully than just work - if you lose it, you lose not only money, but also the potential profit that it will give with the next pump. I think that everyone should have an indelible plaque on their desk with these laws.
These are clearly just generic tips and reminders that can help you avoid getting scammed, but they are not set in stone. Eventually, as new technology that improves bitcoin security becomes available, some of these "rules" will change. The full adoption of bitcoin will also entail the creation of laws that will further protect bitcoin users, and that too will ease things up. For now, we have no choice but to be extra smart, vigilant, and cautious when handling our coins. The term "laws" is just used to make the content more catchy I suppose.
Good enough, although the title "Laws of Bitcoin" has a much heavier impact than its actual contents which are basically reminders to avoid getting scammed or phished, having your BTC sent to a wrong address, losing in an investment, and so on.
Perhaps there should also be like "Tenets of Bitcoin" which bears the basic principles of Bitcoin and what they mean.
Perhaps there should also be like "Tenets of Bitcoin" which bears the basic principles of Bitcoin and what they mean.
2,5 and 7 seem pretty good. Not that the others are bad, just that the ones I listed are the ones I really like. Most people still don't understand how wallets really work, and number 2 really says what they should really do. As for 5, I'm someone with a bit of paranoia when checking stuff you know, like when I'm leaving my car and locking it, I'd double check it twice, thrice, step out a few more steps, go back and check it again. Even with our fridge, I do triple checks or more whenever I leave the kitchen to know that it's bloody closed, it's annoying at times, but hell, it makes checking stuff really worth it imo. As for 7, well I'm not a die-hard enthusiast, and nor am I a hard-headed person. I like researching about a lot of stuff, though most of them don't really end up in a deep search, just about entry-level, but it's still really fun to learn how people talk about various stuff with crypto.
I like what #7 saying, everyone has their own opinion. Everything should mostly be taken with a grain of salt. They would say anything that they think is viable and would only stick to their beliefs since that's what they already know. I feel as members of the crypto community, it's best to convince them that "if" they have a negative view on crypto, it's up to us to turn it into positive.
The rules presented here are not for newbies but for people who are already involved in crypto, not the ones who are just getting into crypto. Don't immediately believe everything you read, but keep an open mind still; just don't fall for scam tactics.
The rules presented here are not for newbies but for people who are already involved in crypto, not the ones who are just getting into crypto. Don't immediately believe everything you read, but keep an open mind still; just don't fall for scam tactics.
The Law of Bitcoin that is written above for me is already enough.
Don't avoid crypto-currency media, it helps us to decide or it help us to see the future price movement. Even if we know that is a fact or not there's always an effect on the price mostly if this distort fact is circulating in social media.
Don't avoid crypto-currency media, it helps us to decide or it help us to see the future price movement. Even if we know that is a fact or not there's always an effect on the price mostly if this distort fact is circulating in social media.
Quote
One incorrect character can cause you to lose your Bitcoin.
I appreciate the sentiment behind it, but it is factually incorrect. One incorrect character in an address will lead to an incorrect checksum and therefore an invalid address which your wallet will not accept. There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.
That's not to say you shouldn't double/triple/quadruple check every address - you absolutely should - but any incorrect or fake address will almost certainly differ by more than one character.
You can lose money if you make a single character mistake with decimals when you are selecting the fee or the amount. Especially risky when editing raw transactions, like that famous case when someone paid 50 BTC miners fee.
Also, if you are writing down raw private key, 1 character mistake would make it hard to recover the key, cause it would require a custom brute force search.
(......)
Well, how about this rule? [Demand and Supply], the price vary on this law. Because sometimes they will think that there a correlation of price in stocks or gold price.
Well, Bitcoin is being Bitcoin. We all now that as time goes by, Bitcoin rewards for miners are being reduced, especially when their is Bitcoin Block Halving happens. For sure, most of the people who owns Bitcoin know about this.Well, how about this rule? [Demand and Supply], the price vary on this law. Because sometimes they will think that there a correlation of price in stocks or gold price.
But I also believe that it is not totally vary on that law of yours, as we can see we saw a blockhalving recently this year, so the rewards for miners are being reduce but we still don't see a new all-time-high even the supply (being produce by miners are reduced).
5. Double, Triple, Quadruple Check - When sending or receiving Bitcoin, double,
triple, and quadruple check that the addresses are correct. One incorrect
character can cause you to lose your Bitcoin.
6. Check Those Links - Anytime you buy, send, or receive Bitcoin, make sure you
have a verified legitimate link, url, or website. There are a lot of scamming
websites aimed at taking your Bitcoin.
triple, and quadruple check that the addresses are correct. One incorrect
character can cause you to lose your Bitcoin.
6. Check Those Links - Anytime you buy, send, or receive Bitcoin, make sure you
have a verified legitimate link, url, or website. There are a lot of scamming
websites aimed at taking your Bitcoin.
Either 5 or 6 should be extended with a warning about clipboard malware. It's more likely that you lose coins due to clipboard malware changing the target address on the fly than due to a typo.
Another rule to add, even if it's not about security:
Rule X: Don't try to evangelize the unwilling - But help whenever someone shows genuine interest.
Personally I like 7th one the most. I have tried convincing many people about how bitcoin is a safer option when compared to fiat but some people just fail to understand this. This even makes me ponder over my decision of investing in Bitcoin but a good research and knowledge can make anyone realize that bitcoin is a great investment.
I would add to this:
9. Just Hodl It - You didn't lose anything until you sell.
I don't think we need this as it makes no sense for someone using bitcoin as a currency he would never be thinking of selling it for fiat until and unless he needs his money desperately. Moreover, this rule which generally everyone considers to be very magical has actually resulted in tremendous losses for many. This idea in case of bitcoin looks nice for an investor but for a trader or person looking for short terms gains it makes no sense. Just invest what you can afford to lose.9. Just Hodl It - You didn't lose anything until you sell.
Rule number 5. This is something I would extensively reiterate to everyone. Bitcoin is probably one of the easiest currencies out there to make a mistake due to the amount of decimals there are. Unless, you're the filthy rich of course, you'll likely never need to use multiple digits with fiat currencies, but with Bitcoin sending $71 can be easily sent as $710, and isn't that noticeable unless you triple check it. I think we've probably all made small mistakes such as putting the fee to high, or the actual transaction amount.
I'd like to add something to what has been written in your "laws of Bitcoin."
I would add to this:
9. Just Hodl It - You didn't lose anything until you sell.
I guess that falls under the rule number 8. That's a rule for investing in general. 9. Just Hodl It - You didn't lose anything until you sell.
Quote
One incorrect character can cause you to lose your Bitcoin.
I appreciate the sentiment behind it, but it is factually incorrect. One incorrect character in an address will lead to an incorrect checksum and therefore an invalid address which your wallet will not accept. There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.
That's not to say you shouldn't double/triple/quadruple check every address - you absolutely should - but any incorrect or fake address will almost certainly differ by more than one character.
I don't think I will agree with you on this. First and foremost, how did you come about with this statistics '' There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.'' You can't just state figures without giving us proof on how you obtain it. So far as there is some level of chance, you can loose your bitcoin when you input an incorrect address.
What proof do you want? Bitcoin addresses is design to have checksums, hashing it through SHA256 twice and then getting the first 4 bytes as your checksum. So taking the first 4 bytes ensures that it is unique by itself. So taking that into account, (2^32)-1 = 4,294,967,295 chances.
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