Topic: People have a complete misunderstanding of Bitcoin. - page 2. (Read 397 times)

We know how the minds of those investors works, they think that because bitcoin is hyped and if they entered in the market or invest to then they can earn a lot, but that's not the case, they are the people or investors that only care for money or profit, for sure after they can get a huge sum of profit in bitcoin they will sell all their assets, and that investors are some of the whales that is selling their assets unpredictably, notice that after halving event theres a whales that sell a huge amount of bitcoin maybe because they want to secure their money as they are afraid that bitcoin will make a dump, without them knowing they are the reason why bitcoin dump into the range of $60k, but it doesnt matter as long as bitcoin doesnt lost its value I'm sure it will keep on increasing or becoming more powerful.

Until now, there are still many people who do not understand Bitcoin. Most of those who enter the field of the bitcoin business industry are just hyped, persuaded by a friend, or just go along with the trend. There are still many investors of this type entering here.

Then, in the end, they will think badly about bitcoin, which in the end is also their fault. That's why it's still good that, as investors, we know what we're getting into and the investment we're making. We don't just know the use case but also the potential it can bring not only to us but also to the economy of the country we belong to.

The only people you should do transactions with on apps like Telegram should be close contacts like your friends and family.

Well, you seem to hammer on several points at the moment of which includes people's ignorance of what Bitcoin is.
If you have met real person who are ignorant of what Bitcoin is why don't introduce them to this forum so they learn for free and read up on their own schedule, so as to plan ahead and know if they can have future investment interest or just remain informed and still ignorant?

The rave of patronizing social media for cryptocurrencies sponsorship like telegram, or as an earning platform will soon be phased out, because it isn't really meant for that purpose and unless there are social media platforms specially developed for the purpose, coins will still get missing for those who use social media wallets to transact or save cryptocurrency because that's not the real reason for social media platforms unless they tweak it to become so.

I can't agree more with you that most of people are into BTC for profits, but IMHO you are also doing the same thing but what's makes your words a little different, is you said, I do proper research before investing but most of the people don't and that's also very true. That's due to a number of reasons, people investing in bull runs are newbies, or the ones, who are playing the long game, because they know BTC's scarcity factor will increase its price more.

Knowledge is power and without it even if someone buys BTC they can't control there emotions and end up selling low in lose. But if you will have the knowledge and you will know the real potential that BTC have and what's usecase there would be based on this BTC blockchain then you will understand that you should wait more and hold the funds for more time.

In some parts of the world, or in every part of the world per se, I think it's easier for most new investors to buy Bitcoin through CEX. I am not saying that CEX is the very recommended place to buy Bitcoin, but it has been a quick source of buying Bitcoin for so many people around the world, despite its risk. Most of DEX doesn't have enough liquidity; although I have not used Bisq, what I know is that the majority of people find it easy to use CEX. 

I don't think it's possible to turn Telegram into a place to carry out Bitcoin transactions unless you have actually found a trusted person that you want to do business with. Social media is always a space filled with different kinds of scammers. 

Let's say that your buddy, Pete, comes over to your house. He parks his car in your driveway, knocks on the door, and you let him in. There's a cop parked in his car across the street, and he's watching all this. But if he wants to come into your house against your will, he has to get a warrant, and have probable cause. Let's examine this scenario.

Your house is located in the public.
Pete drove his car in the public, and onto your private driveway.
The cop is in the public, and watches from the public.
All kinds of things related to you and Pete are in the public eye.

What you and Pete do and transact behind closed doors in private. Unless there is probable cause and a warrant, the cop isn't supposed to break into your privacy.


Now, lets look at Bitcoin.
Bitcoin is public.
The code is open source = public.
The blockchain is public.
The public addresses of each of you are public.
The NSA might even be able to track that it is you and Pete who did such and such a transfer.

But the transaction is private until you or Pete disclose the reasons for it.

The private addresses that you and Pete each have automatically inside your Btc client are private to each of you.


Everything is both public and private. It is this way for all people and governments and nations. Privacy in the US is strong until people want to give it up. Foundational US law upholds the privacy, in the 4th Amendment, and in loads of Supreme Court decisions going way back to 1800.

It is only when Bitcoin exchanges open themselves up to the public that they make themselves vulnerable to public laws that government might pass. And if people use these exchanges, they lose some of their privacy, even though the details of the reason behind any transaction remains private.

The point is to make some of the exchanges to be private. This means that they can't advertise in public ways. It all has to be word of mouth to get anybody to join.


An example of this is the failed Paraiba fraudulent securities company - https://outranklab.com/is-paraiba-world-a-scam. The leaders and heads of this Ponzi got away with it because they didn't advertise publicly. Everything was done by word of mouth, and an applicant had to be accepted privately. Info leaked out, of course, but it never leaked from the official company, except by word of mouth, person to person.

Paraiba was a scam, a Ponzi. But we know that Bitcoin is legit. The point is, an exchange that is advertised only by word of mouth among its members can be private. This means, no exchange website. Being private takes it outside the rules of public law. Examining how Paraiba was set up and 'advertised', might be the best way to set up a private exchange, outside of government control.

Note that, for all we know, there might be many little private exchanges... exchanges that do not advertise, but grow by word of mouth among members and potential members. We don't know about them, because nobody talks about them publicly.

This is and the short article you linked to your analogy is like a crash course on those intending to be cowboys and cowgirls. Great article by the way.

The best way I think to totally bypass government and banking through privacy laws and rules is through decentralization as right mentioned which provides censorship resistance. It is one way of taking power away from government and banking that wants to keep track of our activities.

Another way to totally bypass government and banking through privacy laws and rules is through running a Bitcoin node. The advantages of setting up and running a bitcoin node are numerous. When you run your own bitcoin node, you are able to verify transactions on your own without consulting with a third party service that could be working hand in hand with the government.

The same is what applies to the privacy you get when you set up your own bitcoin node which protects basically prevents your transactions history from being disclosed to again third-party services which works with the government.

Misconception has always been in every aspect of life, though its not a good idea, but we cannot completely accept that people don't get the wrong approach to how things are being done correctly, this same misconception is what the government has towards bitcoin that they wanted to make it appears to the public as a scam or something related, same got wrong information's concerning bitcoin and they never make steps on how they could ascertain some facts by engaging on research, we must not be the same as others do, we have to established every element of truth by making research and findings and we go by the due process of acquiring knowledge.

That is good analogy and somewhat easy to understand even without proper information about horses and the likes. Maybe I can use this someday to explain what bitcoin is to someone 

Why can’t we just create a whole new one?

I don’t think turning something that has existed way before into something it isn’t meant to be is the safest option. I’d rather have some create something out of nothing but meant to be used the way you are suggesting.

Nice article BADecker, but is hard to make private something that is public by nature, while the blockchain is public then you will leave a track behind each step (transaction), and when your steps are big then the government will start tracking them, even if you feel like you are doing the right steps to stay anonymous if the transaction is up to $1 Million they will find who made that transaction.

About the Bit term in the Bitcoin word, i think it was used as the bit in computer science, a bit means the most basic unit of information and is about a binary digit, it could be 0 or 1.

From what I've found, the vast majority of people whom own bitcoin simply do so for "profits".  I even see a lot of that here.  From day one what made the most sense to me was to study it, and how it functions.  I can't imagine investing my money in something and not having done any research on it. 

The problem is people just want to make money. Well, most. But I'm not sure how we can make any changes with that.

People have a complete misunderstanding of Bitcoin. They think of the 'bit' in Bitcoin as the bit in computer language. And, to some extent they are right. But the 'bit' is so much more than that, and in some ways, so much less. Here's what I mean.

The bit in the mouth of a horse can turn the whole animal at the will of the rider. But if all you have is the bit, it will fall right out of the horse's mouth. You also need the bridle if you want the bit to be able to do it's job. And you need the reins if you want control.

What is the bridle in Bitcoin? To some extent it's the blockchain. And what are the reins? They are the extent that the rider allows himself to control the horse, with or without the control of government or banking. It's up to the rider where he wants to sit in the saddle... in control of the horse, or under the thumb of government.

When does government control at least some of the Bitcoin activity? When it is public, right? Like Coinbase, and their relationship with anybody who uses their system.

But you and I can transact privately in Bitcoin, and nobody in government might even know about it. If there isn't any memo in the blockchain record, the reason why we transacted is known only to the two of us, except when we make it known to others. It's private, between you and me, and nobody can interfere, not even government.

This might sound funny regarding Bitcoin, but read the short article, "Properly Adjusting a Bridle: How to Fit a Western Bit" - https://www.aqha.com/widget/-/properly-adjusting-a-bridle - and think about how to apply the info to Bitcoin and your transacting using it.

It's time that we start to properly understand how we can totally bypass government and banking through privacy laws and rules. By going through public exchanges, we are sticking ourselves right into government. As a possible alternative, consider BISQ and BISQ 2.

What other alternatives might there be to using a public exchange? How can we turn media apps - like Telegram - into private Bitcoin transfer places that might 'push' Bitcoin into private use among a lot more people?