Bitcoin is an example of a decentralized network. There are no people or organizations that control it. This is part of its architecture. For many, the creation of Bitcoin Cash under the pretext that blocks with more memory would be beneficial is seen by most of the community as an example of an attack on decentralization. dependency on the stakeholder network and its technologies for mining and hosting nodes.
National (and even supranational, such as the European Union) governments also seek centralized control. These political institutions are sometimes designed to prohibit the use and exploitation of Bitcoin by anyone other than the authorities. However, the design of the network got in the way of this alternative, causing them to experience the third and greatest danger to Bitcoin, according to this author.
ChatGPT has become an indispensable tool that most people use on a daily basis to automate various tasks. If you’ve been using ChatGPT for a while, you’d understand that it can give wrong answers and limits null context to some niche topics. This raises the question of how we can connect to chatGPT to bridge the gap and allow ChatGPT to have more user data.
A vast amount of knowledge is shared across the various platforms we interact with on a daily basis, i.e. confluence wikis at work, loose groups, corporate knowledge base, Reddit, Stack Overflow, books, newsletters, and Google docs shared by colleagues. Keeping track of all these sources of information is a full-time job in itself.
Wouldn’t it be nice if you could selectively select data sources and easily pass that information into a ChatGPT dialog with your data?
According to our cryptanalysis: “Blockchain Attack Vectors & Vulnerabilities to Smart Contracts” The growing popularity of Bitcoin is attracting hackers and other attackers. But what can these hackers actually break?
There are several levels of Bitcoin security. We can talk about mining and potential 51% attacks to refactor the most recent blocks, we can explore the chances of a wallet being hacked to find its private key, or we can take the easy route and assume an increase in social attacks (malicious developer inserting malicious code, or individual bitcoin users who are tricked into losing their coins).
First of all, the 51% attack is one of the biggest security threats to Bitcoin and it is part of the Proof of Work scheme. The idea that a mere majority of miners’ hashrate can act in bad faith is a serious attack vector. However, the incentives of the so-called Nakamoto consensus are designed in such a way that it is more profitable to play by the rules than to try to attack the system. Buying and renting mining equipment, and then consuming a lot of electricity to double spend transactions and reorganize the most recent blocks is not cheap at all.
With a hash rate of over 360 exahashes per second, even the most resourceful governments and multinationals in the world will struggle to accumulate 51%. Also, supercomputers are not optimized to run SHA-256 hashes like Bitcoin ASICs, so if you put together all the supercomputers in the world, you only end up with the equivalent of a very tiny and insignificant mining pool.
A 51% attack on Bitcoin requires the purchase or lease of scarce and highly specialized hardware currently used to secure the network while being rewarded for playing by the rules. Financial incentives matter, and so far, miners have remained honest, focused on their goal, and used energy efficiently. Anyone pursuing this type of attack on Bitcoin requires a lot of resources to sustain it.
The biggest risk an attacker faces is that honest network members fork into a new chain that copies the UTXO set in order to maintain legal ownership of the coin. Such efforts offer no guarantee of any profitability or success, which at best can serve as a political FUD against network security. If financial incentives remain constant, we will most likely never see a major 51% attack.
ChatGPT , the AI language bot taking the world by storm, has just added more firepower to its arsenal thanks to the release of new OpenAI plugins. These plugins open up a wide range of third-party knowledge sources and databases, including the Internet, thereby expanding its already impressive functionality.
The integration of these new plugins could be a game changer for investors and traders in the crypto industry. However, the impact of this integration on the crypto industry remains to be seen.
Impact of ChatGPT Internet Functionality on Cryptocurrency
ChatGPT’s ability to access the internet in real time could have major implications for investors and traders in the crypto industry, as well as the market as a whole.
With access to an ever-expanding pool of information, a chatbot can provide investors and traders with real-time information on market trends and events. This means users can stay up to date with the latest news and insights, potentially allowing them to make more informed and profitable decisions.
In addition, the integration of real-time Internet access may allow ChatGPT to identify new trends and opportunities before they become mainstream. This can give traders a significant edge over their competitors and lead to increased profits.
Even large pools of multiple users pooling their computing power to share rewards are subject to game theory, which makes them fair. Under pressure from the government, they may choose to stop mining entirely so as not to attack the network. Disabling mining will cause crashes in the remaining blocks of the cycle, but after every 2016 blocks (approximately 2 weeks) there is a new difficulty adjustment and there is always someone else in another part of the world who wants to start mining when mining is over. the chances of successfully finding the correct hash are higher. Bitcoin is very well thought out and there’s a reason these attacks never succeeded – not in the early days when they were easier to pull off.
In addition, ChatGPT claims that as a result of the growth in popularity, attackers will appear. So from the start, launching 51% attacks should not fit this description, as more users joining will also lead to more mining farms being deployed. However, it was important to explain as the AI software is not directly related to the issue.
ChatGPT is the next evolution of the OpenAI language models, in this case specifically tuned to act as an “Oracle Chatbot” (my definition) that knows about an absurd amount of things and that you can consult by asking questions like natural speech. In particular, here I tried to satisfy my curiosity about cryptocurrencies, blockchains, etc., or rather their applications.
ChatGPT gave me the opportunity to explore questions about the crypto world that I just didn’t know where to ask. I started trying to get an idea of the future of cryptocurrencies and then moved on to the question that interests me the most: what are the current and future applications of the technology with concrete examples? (As opposed to just idealized applications, which may not materialize in practice.)
Below, my questions are in bold and ChatGPT answers are in plain text. Here and there, when I thought that ChatGPT might be making things up, I went to Google and looked for information to confirm or deny ChatGPT’s answers. While writing this article, I have inserted quote comments between my questions and ChatGPT answers. These comments I have made sometimes refer directly to the “quality” of the ChatGPT responses, and sometimes to the information conveyed and any facts that I could verify or rule out after consulting the web.
ChatGPT cited decentralization as the main argument in favor of a flagship digital asset – the fact that no single entity, such as a government or financial institution, can control it, which in turn provides greater freedom, autonomy and resistance to censorship and manipulation. .
The second reason AI highlighted is that bitcoin can provide access to financial services for individuals where access to banking services is not available or is difficult, for example, in regions with an underdeveloped or poorly developed banking system. In order to use cryptocurrency, you only need a smartphone and Internet access.
In third place are bitcoin transaction fees , which can be lower “compared to traditional financial services, especially when making cross-border transactions.” The issue from ChatGPT highlights that this can also reduce costs for both individuals and businesses that need to make international transfers.
In addition, “ Bitcoin transactions are recorded on a public, tamper-resistant ledger called a blockchain ,” so “transactions can be easily verified and tracked, reducing the risk of fraud and corruption.”
According to ChatGPT , there is a 15 percent chance that Bitcoin’s performance will drop by 99.999 percent by 2035 and become irrelevant. This was announced by the head of the trading department of Coinbase Conor Grogan.
Grogan commented on this by saying that GPT is a big fan of Bitcoin but is more skeptical about altcoins and their sustainability. For example, for Dogecoin he estimates the probability that something similar will ever happen by 2035 is 45%, while for Litecoin the estimate is 35%. For Ethereum, on the other hand, it’s 20%, or just slightly more than for Bitcoin.
Regulation and Big Crypto Threats to Bitcoin
As mentioned above, this is where the greatest danger lies. In the blink of an eye, every country in the world could come together and legally ban the exchange of bitcoins for goods or services.
Or make life difficult for companies in the sector that discourage initiatives by relegating Bitcoin to computer engineering labs.
In the short term and in fragments, this is still happening today. Here in our circle of influence, thanks to the US, the idea is not to make laws that hinder technological and economic development. Malicious use can also convince the public that a police check will be useful. Although this is the most real danger, in practice it is not so simple. It only takes one country to break the anti-Bitcoin agreement to suck up all that Bitcoin, acting as a “crypto haven.” It is up to us and everyone in the sector to fill the market with good use cases, empowering alternative communities and economic structures. As well as the development of technologies to provide a more transparent and egalitarian system. This is what everyone crave besides the risk.
Potential risks for all cryptocurrencies
However, there are also potential risks associated with this development.
One potential risk is the reliability of the information the bot is accessing. Not all information available online is accurate or reliable and use of such information may lead to incorrect investment decisions. Therefore, traders and investors must exercise caution and ensure that the information they use to make decisions comes from reliable sources.
Another potential risk is the speed of the market. Real-time information can quickly become outdated in the rapidly changing world of crypto trading. Making decisions based on information that is no longer relevant can lead to significant losses.
Second, let’s talk about iterating through wallets to find the private key that allows hackers to steal funds. This is definitely the type of security vulnerability that should theoretically become more common as Bitcoin becomes mainstream. Every internet hacker should try to crack the wallet files, try to guess the valid BIP39 seed phrases and generate the correct passphrases. Good luck with this – you have a better chance of finding intelligent alien life on a distant planet or digging up a particular grain of sand in the desert.
Let’s take the most obvious example: the coins of Satoshi Nakamoto. The legendary million, described by Sergio Demian Lerner in his research project Patoshi, is the highest award. There is no evidence that this theory about what Satoshi can own is true – it’s just an analysis that suggests that Satoshi was constantly mining. But the resulting coins, whoever they belong to, are in plain sight and have not been moved since 2009. Everyone knows about their existence and can track them in a public registry. However, no one can crack the private keys to claim their rights to them. To put it all into numbers, Bitcoin has a total of 2,256 possible private keys and only 2,160 combinations of addresses that may exist (assuming they are all 160-bit). However, the enumeration must start with an existing and valid public key. That in itself requires additional effort.
The future of cryptocurrencies is difficult to predict as the technology and market are still relatively new and constantly evolving. However, many experts believe that cryptocurrencies can become more widespread and integrated into mainstream financial systems. Some of the key factors that are likely to shape the future of cryptocurrencies include the development of more convenient and secure technologies, the adoption of cryptocurrencies by more businesses and institutions, and the regulation of the market by governments and other organizations.
Deflationary, private and programmable in the field of artificial intelligence
As the chatbot correctly pointed out, Bitcoin has a limited supply of 21 million BTC , making it a deflationary currency, reducing the risk of its inflation, which tends to “undermine the purchasing power of traditional currencies over time.”
GPT-4’s sixth argument in favor of bitcoin is the greater degree of confidentiality in asset transfers compared to traditional transactions, due to the fact that only a public address is used in cryptocurrency transfers, and not sensitive personal information.
In seventh place is the value of bitcoin as an investment and a method of diversifying a financial portfolio, as the largest decentralized finance (DeFi) asset by market capitalization has demonstrated “the potential for significant growth in value over time.”
And last but not least is the fact that:
“Bitcoin and other cryptocurrencies enable the creation of smart-contract-programmable money that can automate and streamline various financial processes and transactions, leading to greater efficiency and new business models.”
The Future Is Here and ChatGPT Forecasts on Bitcoin and Cryptocurrency Market Trends
It should be noted that in order to obtain these results, Grogan used a jailbreak for GPT , which he called JamesGPT (Just Accurate Markets Estimation System), which allows you to make future predictions on any topic.
However, at the same time, he wonders if such a tool is really useful for researchers, especially for identifying biases.
Can help researchers better detect bias and tune AI?
pic.twitter.com/jqTcNbCT2d— Conor (@jconorgrogan)
April 30, 2023
In fact, as far as is known, such predictions cannot be considered reliable at all. It’s not even clear how ChatGPT formulates them.
What is known is that JamesGPT encourages the GPT to “weigh” its beliefs on various topics, although the results provided may not be unambiguous and may vary slightly depending on changes in the markets.
Grogan says he asked GPT4 the same question 100 times and got answers that are actually quite consistent with a standard deviation of less than 10 percent.
What remains interesting, however, is that ChatGPT likely pulls this data from the Internet, or at least from sources it considers reliable.
So his predictions can at least be seen as a sort of “consensus average” of the sources he considers authoritative.
The most important risks and development of artificial intelligence
There are several risks associated with Bitcoin that could affect its value and acceptance. Here are some of the most significant:
- Regulation: Governments and financial authorities around the world are still figuring out how to regulate Bitcoin and other cryptocurrencies. Rules that are too strict or hostile to Bitcoin can lead to a decrease in its adoption and use, and rules that are too lenient can lead to an increase in scams and scams.
- Security: Bitcoin is based on a decentralized system that relies on complex algorithms and cryptography to provide security. However, the system is not reliable and there have been cases of hacking and theft of exchanges and wallets.
- Volatility: The price of Bitcoin has been very volatile, with large swings up and down over short periods of time. This makes it a risky investment for some and can make it difficult to use as a reliable medium of exchange.
- Adoption: While Bitcoin has seen significant growth over the past decade, it still faces challenges with increased usage and acceptance. Many merchants still do not accept Bitcoin as a form of payment, and there are still significant barriers to people who want to buy and use Bitcoin.
- Competition: Bitcoin is not the only cryptocurrency on the market. There are thousands of other cryptocurrencies with different features and use cases that could challenge the dominance of Bitcoin.
Can GhatGPT speed up finding the private key for lost Bitcoin Wallets by Satoshi Nakamoto.
The search for the private key for Satoshi Nakamoto’s lost billions of dollars worth of Bitcoin wallets haunts and to this day, the way to iterate over wallets is to try to find one of the 296 private keys that collide with the same address. The number of possibilities is 79,228,162,514,264,337,593,543,950,335—about 79,228 times more than the estimated number of stars in the universe. On the other hand, if you want to hack a specific wallet (for example, Satoshi’s wallet), you have to deal with all 2,256 private key combinations. Assuming you have the computing power to try 1,000 trillion keys per second, it will take you 2.7 × 1044 to try any key . × age of the universe (as above) . developer Raghav Sood on Bitcoin StackExchange). This number exceeds anything that can be measured by man, including the number of atoms surrounding the world we observe.
As for BIP39 seed phrases, there are 2048 words and 12/24 combinations of them. For convenience, let’s assume that this is a base setting of 12 words. To guess the random you have 2048 12 (or 2 132 ) possibilities. According to a Reddit BashCo moderator, this number is 1 in 115 qattuorvigintillion 792 trevigintillion 89 duovigintillion 237 unvigintillion 316 vigintillion 195 novemdecillion 423 octodecillion 570 septendecillion 985 sexdecillion 8 quindecillion 687 quattuordecillion 907 tredecillion 853 duodecillion 269 undecillion 984 decillion 665 nonillion 640 octillion 564 septillion 39 sextillion 457 quintillion 584 quadrillion 7 trillion 913 billion 129 million 639 thousand 936.
If you are sure that one of the 2048 words must be the first, then your chances turn into 2048 11 , because in BIP39 words can be repeated in the same setting. And if you have the first 10 words in the correct order, and you only want the 11th and 12th, you only have 2048 2 possibilities, which already today makes it brute force with a normal computer processor. So take care of your original passphrase, and if you’re comfortable, add a passphrase on top of it from outside the BIP39 dictionary. This will greatly increase your security, but can only become a problem if you forget or lose your passphrase.
But in general, as Peter Todd and BIP39 co-creator Pavol “Stick” Rusnak pointed out, this is very impractical and akin to saying that 500 cars can be parked on a football field. Peter’s suggestion was to remove it entirely, as an effective way to attack BIP39 seed phrases is to brute force the generated private key.
There are many different applications for cryptocurrencies and the underlying blockchain technology. Some of the more common uses include:
- Digital Currencies: The best-known use of cryptocurrency is as a digital currency that can be used to make purchases or transfer value between individuals. The most famous cryptocurrency is Bitcoin, but there are many others such as Ethereum and Litecoin that are also used for this purpose.
- Smart contracts. Blockchain technology can be used to create “smart contracts” that automatically fulfill the terms of an agreement between two parties. For example, a smart contract can be used to automatically transfer ownership of a piece of property from one person to another when certain conditions are met.
- Supply Chain Tracking: Blockchain technology can be used to track the movement of goods through the supply chain, providing transparency and accountability. For example, a food company can use blockchain to track the origin and movement of ingredients, allowing them to guarantee the quality and safety of their products.
- Identity Management: Blockchain technology can be used to create secure decentralized systems for storing and verifying personal identity information. This can be used to build more secure and efficient voting systems, social media, and other applications.
These are just a few examples of the many possible applications of cryptocurrencies and the underlying blockchain technology. As technology continues to evolve, new and innovative ways to use it are likely to be developed.
ChatGPT bitcoin price predictions
In fact, to correctly interpret ChatGPT’s answer regarding Bitcoin exploding in the next 12 years, one has to take into account not so much that he predicts a 15 percent chance of it, but that he actually considers it to be 85 percent impossible.
This is why, according to Grogan, GPT is a big fan of Bitcoin.
It must be said that such a low estimated probability of Bitcoin failure in the medium/long term is quite common, especially among Bitcoiners, although for maximalists it is probably even lower, if not close to zero.
So ChatGPT is not a Bitcoin maximalist, but seems to have the same “ideas” as Bitcoiners.
In light of the above considerations regarding the method by which ChatGPT makes these predictions, there seem to be two explanations for this line of reasoning.
Either ChatGPT includes primarily Bitcoiners among the sources considered authoritative about Bitcoin, or indeed, by now, even in the world of mainstream finance, the hypothesis of a real Bitcoin explosion is considered marginal.
The point is that other similar initiatives have yielded similar results, i.e. the current consensus among experts is that Bitcoin is unlikely to collapse within a decade or so.
Therefore, the widely held consensus seems to be precisely the rather low probability of implosion, though by no means non-existent.
Quantum Computing + ChatGPT to Find the Private Key for Lost Bitcoin Wallets by Satoshi Nakamoto.
Yes, quantum computing could be a threat in the future. But that future is a long way off: as of March 2023, the most powerful quantum computer in the world is the IBM Osprey, a machine that advertises 433 physical qubits. As stated in a 2022 research paper published in the journal AVS Quantum Science, a computer that seeks to break Bitcoin’s elliptic curve public-key cryptography within 24 hours requires 13×106 qubits . In other words, quantum computers must become thousands of times more powerful in order to crack Bitcoin.
So far, the technological leap in quantum computing has slightly exceeded Moore’s law. For predictive purposes, let’s use this model assuming that the pattern continues and the number of qubits continues to double every 2 years. To go from 433 to 13 × 10 6 , quantum computers would have to become 30,023 times more powerful. It’s at least another 20 years before we have to seriously start worrying.
It took 24 years of research and development to go from 2 qubits to 433 qubits. How soon will we reach 10,000 qubits? Probably a few more decades. With 10,000 qubits and some very specific physical conditions (code cycle time of 1 µs , reaction time of 10 µs , and physical gate error of 10^−3), a quantum computer would be able to steal coins from an arbitrary Bitcoin wallet in 10 days. However, by then, cryptography will also have improved significantly, and Bitcoin may move to a better model that makes brute force so difficult that quantum computers will take much longer to catch up.
Switching to quantum-resistant keys only requires a software fork that can be activated by most nodes or miners. So this whole discussion could just be a paper tiger or an unworthy FUD. Now that we’ve got rid of these two very complex and extremely expensive attacks, it’s time to focus on the most likely of them: social attacks. In Bitcoin, we like to say “don’t trust, verify”. However, the creation of trust systems that remove doubts about the potential malicious intent of developers is one of the very serious attack vectors.
Financial services in ChatGPT as a virtual assistant.
Here are some more concrete examples of how cryptocurrencies and the underlying blockchain technologies are being used in the real world:
- Financial services. Many financial institutions are exploring the use of cryptocurrencies and blockchain technology to improve the efficiency and security of their services. For example, the Bank of Canada is experimenting with a blockchain-based interbank settlement system, and the People’s Bank of China is developing its own digital currency.
- Retail Payments: Several retailers, including Starbucks and Whole Foods, now accept Bitcoin and other cryptocurrencies as payment for goods and services. This allows customers to use their digital currencies just like cash or a credit card.
- Charity and philanthropy. Cryptocurrencies and blockchain technology are being used by charities and non-profit organizations to increase the transparency and effectiveness of their fundraising efforts. For example, the UN World Food Program has used blockchain technology to provide food aid to Syrian refugees.
- Public Services: Some governments are exploring the use of blockchain technology for various public sector applications, including land registration, voting, and identity management. For example, the city of Moscow uses a blockchain-based system to track ownership and prevent fraud.
These are just a few examples of how cryptocurrencies and their underlying blockchain technologies are used in the real world. As the technology continues to evolve, it is likely that more and more applications will be developed.
For Bitcoin, this would mean a price below $0.3, a level that was crossed in 2010, the first year of trading on exchanges, and has not been touched since. In other words, it will mean a return to its original irrelevance.
For Ethereum, this would mean a drop to $0.018, a level it has never been at and much lower than even $0.4 in 2015.
So while there doesn’t seem to be a consensus on the possible crash of Bitcoin over the next ten years, and not much more on Ethereum as far as altcoins are concerned, the argument is different.
However, it should be emphasized that there is actually no certainty that ChatGPT’s forecasts really reflect the true consensus of analysts considered to be reputable, and furthermore, these forecasts can easily change over time.
However, one way to try to understand how reliable they are is to ask him to predict the price movement in the short term or, even better, in the medium term, so that in a few months or at most a few years, then we can see how reliable the in fact, his predictions will turn out to be.
ChatGPT will change programming and CODING in the near future
As we wrote earlier, programmers around the world are reinventing the wheel to find the private key for lost Bitcoin Wallets from Satoshi Nakamoto, this race will change the usual programming. ChatGPT as a jet plane will change all standards in programming in the near future.
The easiest way to mitigate any kind of attack is to stay conservative with your code: don’t update to the latest version unless you test it first or pay someone else to do it for you. And if you’re doing neither, at least make sure enough people with hostile incentives test the new code. When the stakes are so high that the global financial system is at risk, it’s safe to assume that developers are under a lot of pressure to make mistakes or be compromised.
However, this is not an argument in favor of ossification: Bitcoin as a project is not yet complete, and improvements are still needed. From improving privacy to reducing the size of transactions and providing protection against quantum computing attacks, there is still much to be done. My argument is against recklessness with untested technology, the consequences of which are not well understood, but not against innovation.
However, in our pursuit of innovation, we must not abandon verification in favor of urgency. As a community, we should encourage Bitcoin developers to prepare options before a threat becomes imminent: models for quantum-resistant elliptic-curve cryptography, scalable privacy, and so on. Some of these solutions are already being tested with market incentives on other networks – most importantly, Bitcoin developers are paying attention to legitimate technological improvements, improving what is already there, and putting forward proposals that everyone should discuss. In addition, we should never neglect our roles as independent node operators and miners – it is we who choose what code to run, and Bitcoin clients can work with some minimalistic specifications. Not all, what has been added to Core is necessary. Last but not least, we need to talk about the security of each individual bitcoin user. This is most likely the main type of FUD that ChatGPT expressed when he mentioned hackers and intruders. Anything between keyloggers that log and translate your computer keyboard input (which may contain your Bitcoin Core passphrases or BIP39 seed phrase) to affinity scams and physical attacks is becoming increasingly likely as the price of BTC rises.
Yes, there are many other interesting applications for cryptocurrencies and blockchain technology besides the digital advertising industry. Here are some other examples of the use of this technology:
- Supply chain management. Blockchain technology is being used by companies to improve the transparency and efficiency of supply chain operations. For example, Walmart uses a blockchain-based system to track the movement of pork in China, and Maersk uses a similar system to track the movement of shipping containers.
- Identity management: Blockchain technology is used to create decentralized systems for storing and verifying personal identification information. For example, the Estonian government uses a blockchain-based system to manage the health records of its citizens.
- Energy Trading: Blockchain technology is being used to create more efficient and transparent energy trading systems. Startup LO3 Energy, for example, is using a blockchain-based platform to enable residents of Brooklyn, New York, to buy and sell renewable energy from each other.
- Voting: Blockchain technology is being explored as a way to increase the security and transparency of voting systems. For example, in 2018, the West Virginia Office of the Secretary of State ran a pilot program that used a blockchain-based system to vote in the state’s primary elections.
These are just a few examples of the many possible applications of cryptocurrencies and blockchain technology. As technology continues to evolve, it is likely that more and more innovative ways of using it will be developed.
The bad news is that no developer, protocol change, governmental or non-governmental organization can protect you from mistakes. The good news is that there are some general guidelines you can follow to increase your security. These include:
– use of a dedicated device to sign and broadcast Bitcoin transactions (Linux laptop or phone running Bitcoin full node software during use, BIP39 hardware wallets with strong passphrases);
– creation of setups that exclude single points of failure (multisig and SLIP39 Shamir backups);
– the use of cold storage ( metal plates , paper wallets, physical Bitcoins);
– protect yourself with good operational security and privacy (don’t reveal to random strangers where you live, what your bitcoin setup is, and how much money you have – this also includes living a materially normal life for your neighborhood/community without showing off). Remember: disclose as little information about your Bitcoin activity as possible, or at least mislead your spies so that they have a distorted idea of what you really do and how rich you are.
Bitcoin is a currency that provides absolute ownership.
This means that once a transaction has been committed and confirmed in a block, it has become irreversible. Thus, each user is responsible for protecting their wealth to the best of their knowledge and ability in accordance with the real threat model. Before creating any settings, you should ask yourself, “Who is the most dangerous opponent who is likely to try to steal my coins?” .
If you share a computer with other people, you should not leave unencrypted wallet files. If you are traveling, do not carry devices that show that you are carrying Bitcoins (usually a hardware wallet is easier to recognize and more suspicious than a laptop or piece of paper). If you have kids or a nosy spouse who might be tampering with your file cabinets and drawers, then it’s best not to keep a backup within reach. If you live in a bad neighborhood with a high crime rate, you should probably avoid keeping Bitcoin backups in your home. And if your area is threatened by floods, fires, volcanic eruptions or earthquakes,
However, the most common threat is Internet hackers. You can find these criminals in the form of individuals who illegally try to hack into your computer, as well as businessmen in suits who develop systems that essentially steal your coins within the law. From the first category, you can single out people who code malware or befriend you to ask for money later (be it a Nigerian prince or an OnlyFans model who desperately needs help). The second category consists of exchanges and banks that promise to keep your coins in a secure environment but restrict you from withdrawing when their business model is at risk. You should avoid both of these hackers at all costs as they will most likely steal your Bitcoin.
Of course, here are a few concrete examples of how cryptocurrencies and blockchain technology are being used in real world applications:
- Supply chain management: IBM uses a blockchain-based system called TrustChain to track the movement of diamonds from mines to retailers. The system allows each participant in the supply chain to verify the authenticity of diamonds and ensure that they are conflict-free.
- Identity management: The government of Honduras uses a blockchain-based system to manage the land rights of its citizens. The system allows landowners to securely register and transfer title to their property, reducing the risk of fraud and corruption.
- Energy Trading: Startup LO3 Energy is using the blockchain-based TransActive Grid platform to allow residents of Brooklyn, New York, to buy and sell renewable energy from each other. The platform allows users to buy and sell energy using the Exergy cryptocurrency, creating a more efficient and sustainable energy market.
- Voting: In 2018, the West Virginia Office of the Secretary of State ran a pilot program that used a blockchain-based system called Voatz to vote in the state’s primary elections. The system allowed military personnel and other voters abroad to vote securely using their smartphones.
These are just a few concrete examples of how cryptocurrencies and blockchain technology are used in the real world. There are many other similar applications, and as the technology continues to evolve, it is likely that more and more innovative ways of using it will be developed.
The crypto industry suggests that crypto technologies can be used for intellectual property purposes, such as the evolution of the system for patenting inventions.
Cryptocurrencies and blockchain technology have the potential to revolutionize the way intellectual property is managed and protected. One of the key advantages of this technology is the ability to create secure decentralized systems for storing and verifying information. This can be used to create more effective and transparent systems for protecting intellectual property such as patents, copyrights and trademarks.
For example, blockchain technology can be used to create a secure and decentralized patent database that allows inventors to easily register and protect their inventions. The blockchain can be used to store details about each patent, including the name of the inventor, date of invention, and description of the invention. This information can be verified and verified using cryptographic methods, which guarantees its authenticity and integrity.
In addition to creating more efficient and transparent intellectual property protection systems, blockchain technology can also be used to protect intellectual property rights. For example, smart contracts can be used to automatically enforce license agreements, ensuring that inventors and creators are properly rewarded for their work.
Overall, the use of cryptocurrencies and blockchain technology can greatly improve the way intellectual property is managed and protected. As the technology continues to evolve, it is likely that more and more intellectual property applications will be developed for this technology.
While depositing your coins in some kind of bank account is convenient, this type of action goes against the purpose of the Bitcoin project and greatly diminishes your own financial sovereignty. Trusted third parties are security holes and you should never trust a person or company that promises to hold your BTC in exchange for security and/or income.
Of course, there are other types of social attacks: fake emails exchanged asking you to confirm the seed in the response, callers impersonating a wallet service that asks you to confirm your details (sometimes even your home address). intercepted and compromised by BIP39 seed insertion (attackers leave their seed in a box hoping new users will send their coins there), $5 key attacks, and impersonators that pose as friends or family members, who urgently need money delivery. These are the ones that become more common as the price increases and distribution increases. That’s why you need to be aware of them and protect yourself by minimizing the amount of data you provide about the services you use, where you live, and how many Bitcoins you have.
Returning to the ChatGPT argument , it would be disingenuous to suggest that scammers pose a serious threat to Bitcoin. The network will exist and continue to function in spite of the thieves. Of course, many people can be afraid and repulsed by the thought of responsibility. But we must not forget that self-service solutions also become more secure and user-friendly over time. The layers of Bitcoin are also becoming more developed, and new ways of using and storing your money are opening up. For example, the Fedimint project plans to create public banks where users can unlock their funds with just a selfie.
Most importantly, create a culture of fairness, accountability, good practice and truth.
Perhaps crypto technologies are being used to track scientific research? Or is there such an application?
Yes, cryptocurrencies and blockchain technology are being explored as potential tools for tracking and managing scientific research. One of the key concerns in the scientific community is the need to ensure the integrity and transparency of research data. Blockchain technology, with its ability to create secure and decentralized databases, can solve this problem.
For example, a blockchain-based system can be used to track the progress of scientific research, from the initial research proposal to the final publication of results. Blockchain can be used to store research details, including research questions, hypotheses, methods, results, and conclusions. This information can be verified and verified using cryptographic methods to ensure its authenticity and integrity.
In addition to tracking the progress of scientific research, blockchain technology can also be used to manage the peer review process. Blockchain can be used to store reviews and comments from other scientists, allowing researchers to easily view and incorporate feedback into their work. This could help improve the quality and transparency of the peer review process.
In general, the use of cryptocurrencies and blockchain technology in scientific research can significantly increase the integrity and transparency of the research process. As the technology continues to evolve, it is likely that more and more applications will be developed for this technology in the field of science, and their applications:
- Cryptocurrencies are digital assets that use cryptography to secure and verify transactions. The most famous cryptocurrency is Bitcoin, but there are many others such as Ethereum and Litecoin.
- Blockchain technology is the underlying technology that powers cryptocurrencies. It is a decentralized, secure and transparent database that allows users to store and verify information without the need for a central authority.
- One of the key applications of cryptocurrencies and blockchain technology is the digital advertising industry. Projects such as Basic Attention Token (BAT) and AdChain are using this technology to create more efficient and transparent systems for buying and selling ads.
- Cryptocurrencies and blockchain technology are also being used in a variety of other applications, including supply chain management, identity management, energy trading, and voting.
- In the future, cryptocurrencies and blockchain technology are likely to become more widespread and integrated into mainstream financial and other systems. Key factors that will determine the future of this technology include the development of more convenient and secure technologies, the adoption of cryptocurrency by more businesses and institutions, and the regulation of the market by governments and other organizations.
There are several governments around the world that have adopted cryptocurrencies and are exploring ways to use this technology to improve their economy. For example, as you mentioned, the Salvadoran government recently made headlines by becoming the first country in the world to accept Bitcoin as legal tender. President Naib Bukele announced plans to use Bitcoin to finance public infrastructure projects and stimulate economic growth.
Apart from El Salvador, there are other governments that are also exploring the use of cryptocurrencies and blockchain technology. For example, the government of Barbados has announced plans to launch a digital currency, Bitt, which will be pegged to the Barbadian dollar and used for domestic transactions. The Tunisian government has also launched a digital currency called eDinar, which is being used for a variety of public sector applications, including healthcare and education.
In general, it is clear that cryptocurrencies and blockchain technology are gaining more acceptance and recognition at the government level. As technology continues to evolve, it is likely that more and more governments will explore ways to use this technology to improve their economies and provide better services to their citizens.
Any similar apps in the US or Europe?
Yes, there are several governments in the US and Europe that are exploring the use of cryptocurrencies and blockchain technology. For example, in the United States, the State of Ohio has announced plans to accept Bitcoin as a form of payment for taxes and other government fees. In Europe, the Estonian government is using a blockchain-based system to manage the health records of its citizens, while the Swiss government is working on a blockchain-based voting system.
In addition to government applications, there are also many private sector companies in the US and Europe that are exploring the use of cryptocurrencies and blockchain technology. For example, JPMorgan Chase, the largest US bank, has developed its own cryptocurrency called JPM Coin, which is used to facilitate transactions between its customers. In Europe, energy company EON is using a blockchain-based platform to allow its customers to buy and sell renewable energy from each other. In general, it is clear that the use of cryptocurrencies and blockchain technology is gaining more acceptance and recognition in the United States and Europe.
As the technology continues to evolve, it is likely that more and more governments and businesses in these regions will explore ways to use this technology to improve their operations and provide better services to their customers.
Overall, while Bitcoin has many benefits, it also comes with a few risks. It is important to be aware of these risks when investing in or using Bitcoin. OpenAI has announced that the new ChatGPT plugin feature is still in early alpha testing and will initially only be available to a limited number of users. According to a company statement, interested users can join the waiting list to access the ChatGPT Plus feature. In addition to the web plugin, OpenAI has also introduced a code interpreter for ChatGPT. This interpreter provides the chatbot with a Python interpreter in a secure environment with a firewall and disk space. According to OpenAI, users can upload files to ChatGPT and upload results, making it ideal for tasks such as analyzing and visualizing data, converting files between formats, and solving math problems.