I saw a post made by someone in which he told his story about his investment in Bitcoin and how it helped him go through the financially challenging times that the COVID-19 pandemic brought. A good, heart-warming story by a fellow Bitcoiner, BUT we shouldn't forget that simply HODLing/owning Bitcoin could also be a kind of political movement, because its features could make Bitcoin weaken or break down political strongholds. It might be premature to call it a revolutionary movement, but what were the motivations of the early cypherpunks when they were building their tools? Satoshi's message in the Genesis Block is also political.  |
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In my country inflation are manipulated by adding or removing products or goods to the inflation basket that has minimal impact. The inflation statistics are a poor reflection of the true inflation in the country. Example : Vegetable Oil went up the most and it was removed from the inflation basket.  The Reserve Banks play "smoke & mirror" games with the money printing and inflation and citizens does not understand the long-term impact of those measures.  Haha, that's true! The devil is always in the details. In the United States' inflation data, there was a month when there was a reduction in inflation, I don't remember the month or if it was a month-on-month reduction or a year-on-year. But what it really was, there was one item in the inflation basket that had a very high reduction in price, I think 50%, which distorted the data. Do you know what that item was? Flowers. They prolly added it in the inflation basket after Valentine's Day. ¯\_(ツ)_/¯ |
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You might claim that inflation lags the money printing, but how long is that lag? How do you explain the low inflation rate for the 13 years between 2008 and 2021, even though the USD monetary base increased by 500%.
I explained it to you in the post just above this one but you chose to ignore it. Inflation measured as CPI is manipulated downwards by governments, and does not take into account asset inflation. To the supposed low inflation of those 13 years, add the inflation of assets like Real Estate, stock market and Bitcoin among others and you will see where the FED's money has gone. I don't subscribe to the manipulated CPI conspiracy theory, but the asset inflation is a good point. The effects are not instant. It could take months to years before a policy from the Federal Reserve/a Central Bank could take effect in the entire economy. Asset inflation happened because the money newly printed goes to those entities who have first access to them. The government, the banks, the rich and wealthy. BUT do we really expect that all that printed money would never go down to the lower parts of the system, to the plebs? Inflation will happen sooner or later. |
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I don't know what you mean about food crisis other than price increases. Where I live at least there have been no shortages. In that sense the food crisis would fall under the global inflation crisis that was exacerbated by the Ukraine war but started before that due to massive printing and restrictive fossil fuel policies.
There have already been food crises in different parts of the world, but you're right, it's not that there's a new surging one that's currently happening. It's the same food crises that has been there many many years before, especially in parts of South Africa. There's a narrative that's currently called "supply-side inflation". That's merely something the government made up to make everyone believe that they are not at fault for inflation. Everyone should remember that, Inflation has always been a monetary phenomenon. Research who said that. He is a great Economist. Lacking in supply of commodities and services merely increases inflation temporarily because supply always comes back if there's demand. The inflation we're experiencing now is "sticky inflation" because the price never goes down. What is that? Because there's simply too much money in circulation. |
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In my opinion, dividing money into many types of investments is a safer and more profitable thing, if there is an investment that drops, we can still rely on others, and of course the biggest portion at the moment, in my opinion, is bitcoin, this is because of the short-term potential or less than a year from bitcoin is very good compared to gold and silver.
In the U.S., that's actually not a bad suggestion, BUT in the context of the possibility of a financial/currency crisis, HODL Bitcoin and something physical like Gold and Silver. There are politicians who want go raise the government's debt ceiling to "pay for their debt". The truth is, they have never paid for their debt. They are already $31 TRILLION in debt, and it's only growing. They keep borrowing money printed for them by the Federal Reserve, and they want continue this death cycle without any concern for the future. |
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There are people who think that its okay to not completely hide your seeds if you remember the way they are ordered but this small experiment makes it pretty clear that one should be more cautious.
No one should consider scrambling their seeds as a way of keeping it away from Intruders, you can forget the actual order and can lose your bitcoins, especially if it's a 24 word seed phrase. The essence of back ups is the safety of the location which should be as covert as possible to evade detection. If one location does not prove enough then one should consider using more than one location with a multi sig wallet and storing them differently. One getting compromised does not result in loss of funds. An additional seedphrase which you can store separately is also a good alternative to scrambling the seed phrase. For BIP-39 compliant wallets, adding a "25th word", which is actually a secret passphrase, in your seed would increase the security of your wallet exceedingly. Make it alpha-numeric, and with symbols included. Plus if a hacker gets your seed words, he/she would have access to a different wallet/address space than the wallet with the added "25th word", with the address space where your Bitcoin is HODLed. |
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In any argument you can bring up any arbitrary condition and then try to make your conclusion. The strong argument is if you first explain your arbitrary condition and why it can happen first then try to extend it to your conclusion.
well after thinking about it, i realize that just because bitcoin were to devalue wouldn't necessarily mean fiat would also devalue. for example, say ordinals really takes off and becomes the main use case for bitcoin. and other people abandon bitcoin because they don't like nfts so bitcoin price goes down because all its being used for is storing monkey pictures. that wouldn't affect the us dollar at all. In here you first have to explain what can cause both fiat and bitcoin to devalue at the same time.
bitcoin has risk cases that are unique to it which are not shared by fiat. for example anything that caused a disruption in the internet would affect the price of bitcoin. and not in a positive way. the longer the outage lasted, the lower bitcoin would go. until it reached 0. fiat existed long before the internet and could exist long after it if necessary i would think. in 2056
rewards will be a lot lower.
0.0244xxx make fees higher 0.1756 you are at 0.20 means 1,000,000 a coin is a 200,000 block value
which does not work.
so you're saying in order to keep the same block value, bitcoin would need to go up to $1,000,000 per BTC by 2056. that doesn't bode well for bitcoin.  of course, the other way to get the block value to the same level is with much much higher fees but who is going to want that? no one! and no one would use it except rich people if that was the case... Yeah and .1756 in fees with blocks doing 500 tx means .1756 x 1 million = 175,600 dollars in fees or $351 a transaction. So we need adjustments. Franky1 likes a bigger tx section we can go to 32mil vs 2 mill or 4 mill that would mean maybe 5000 tx in a block or 175,600/5000 = $35.12 a tx. which would be maybe 3 or 4 usd in 2023 money. but block size needs to be higher. Should be fun to see it works its way out What are your opinions on having a "Miner Chain" issuing "Miner Coins" that's merge mined with Bitcoin and, in practice, continues miners' block rewards forever. Let's pretend that it has the whole community's support. I believe it could be another form of an increase in block size, in that, miners would need to process more data, no? |
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The Kingdom of Bhutan has been mining Bitcoin for several years "at a relatively low cost by using green energy", https://www.nobsbitcoin.com/the-kingdom-of-bhutan-has-been-mining-bitcoin-for-years/Doesn't that sound like philipma1957's mining operation? I believe there might be more of hybrid, slightly-independent mining farms around different parts of the world that are operating with relatively less dependence on their national power grid. That's real decentralization. Knowing these kinds of things happening in Bitcoin Land makes me more confident about HODLing. |
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Furthermore someone said that the losses incurred in trading especially when you were disciplined enough to stick to your plans and the proper risks management strategies should not be considered losses. He said they are akin to operational costs for running a business.
What do you think?
What do I think? Be very honest with yourself. Are you truly a "real trader"? I believe many of us here in Bitcointalk would definitely belong to the "No" column. We're merely plebs who are trying to make some profit from the market, BUT we are under-capitalized and we can't out-trade the real traders, who have the skills, the experience, and the army of bots to trade against you. The best move for us? Don't play their game, just Buy the DIP and HODL! |
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I am curious. How many of you also stack gold and silver in addition to BTC as a hedge for inflation?
Since the beginning of the year, gold has grown by 8 percent. Nevertheless, if you decide to buy it now, it will be a good investment - after all, gold is one of the main shelters during inflation. Now the whole world continues to adapt to the withdrawal from the Russian markets, import and export chains are being redirected, and the economy of the whole world is adapting. So these are unstable times. Because most of the Central Banks from different regions of the world have started buying and HODLing Gold. The older generation says that if Central Banks start doing it, we should expect another large-scale war. The question is Russia. If Putin's invasion of Ukraine is a success, what would stop him from invading another former Soviet Union region?
Nevertheless, I have never considered and will not consider gold as an investment. Why? It is better to find another promising coin, like TON, and invest money in it.
TON? That shitcoin is better than Gold? Hahaha. Your post wants me to join Peter Schiff and become Gold Bug. |
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This might be good for non-technical people who want to try actually using Lightning, https://lightning.engineering/posts/2023-04-26-litd-release/It's also probably good for fee generation with their "One Node for Many Users" feature. There's also this very practical feature.
With zero confirmation functionality, Pool users can now purchase or sell Lightning Network channels without the need for on-chain confirmations. A Lightning business, or Lightning service provider (LSP), can purchase inbound and outbound zero-conf channels for a user to give them the ability to send payments over the Lightning Network in a fully non-custodial manner, without requiring the end user to understand Lightning liquidity.
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What has kicking the spam out of Bitcoin to do with your freedoms?
Define "spam". I agree that dick pics and fart sounds shouldn't be stored in the Bitcoin blockchain, but to other people in Bitcoin Land, they're valuable "assets", and there's a market that validates that they are "valuable". You are free to fork and/or make another altcoin for that purpose. Leave Bitcoin for bitcoin.  n0nce also made the same debate. To push Ordinals out to an off-chain layer like RGB, and I agree. https://www.rgbfaq.com/faq/what-is-rgbBut there are users who want their assets secured onchain = in a "bank vault", not in a less-secure off-chain layer = a "cheap museum". ¯\_(ツ)_/¯ |
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My experiment's over so I'll transfer the Bitcoin folder to 1TB SSD for completing 100% download.
That is just it. Get yourself 1 terabyte SSD or HDD card. But considering how long Bitcoin has existed, and how many transactions it has managed to accomodate, maintaining its blockchain to be "just 500 gigabytes" is very very good in my opinion. Other networks couldn't hold their blockchains to be as efficient as Bitcoin if they had the total transaction volume that Bitcoin has. |
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NFT on LN is also a failure.. again the proof of ownership /transfer lacks. yep you cant prove ownership in LN
there is a major point of blockchain.. its not just data store, its also the proof that cannot be edited of ownership and transfer
there was a big problem cypherpunks were hitting their heads against for decades before bitcoin was invented. and seems the ordinal adoration brigade and LN supporters do not recognise bitcoin and blockchain purpose.
You make me laugh, franky. How did LN+NFT come into the debate?
casey can change which output his ordinal process follows, without messing with data. because his "transfer"(lack of) of such is not dependant on bitcoin code or cryptography or proof in hard data within the outputs to milestone the movements.. meaning that his ordinals do not use the blockchain function of proving the transfer in an uneditable way
there are ways to prove it but casey is not using it, so its a double fail
Are there more technical users in the topic who can ELI-5 for stupid non-technical people like me?
but the fact that he and his fans adore using blockchain as just a dead weight data store. is the facepalming part. those memes have no value, have no true ownership control and thus are just a waste of space done purely to force everyone else to pay more just to reliably stay in mempools long enough for mining pools to pick up and add to blocks
adding bloat to reduce the number of transactions that fit then charging more per transaction is the complete opposite of an efficient payment system and those idiots who love doing this are the ones that dont care about bitcoin. and yes ordinals is an attack because it uses a crappy cludgy backdoor to be added into bitcoin blocks without being verified as data fit for bitcoins purpose
I agree that it's adding more useless bloat. I agree that those memes, dick pics, and fart sounds should not be in the Bitcoin blockchain. I agree that Ordinals can be used as another attack vector. BUT what I can't agree with are people saying, "Ordinals is an attack/exploit". Be reminded that Ordinals, from the Bitcoin protocol's viewpoint, are valid transactions that follow the consensus rules. You may have your opinions, but you can't misinform the community with what's simply isn't true. bitcoin. binary data. numbers. math does not count sats the way you think casey prescribes economics logic, math, common sense shows different to what casey says.. its not a franky opinion. its a data fact you can research and see just do so at data level not PR campaign buddy eli-5 spoonfeed level casey project of adding in memes into the dead weight area of a transaction uses a trojan exploit of an opcode(of many new opcodes added recently) to just auto treat as passed/success without validating it to any protocol format of requirement. its blindly passed rather than having to meet a requirement learn the difference for instance a legacy signatures have to meet requirements such as length limit. such as having a relationship to an input and the message hash calculations of signature proofs etc. a meme does not need to meet any format or standard or requirement its just blindly let passed due to an exploit OK, I believe I understand your point of view. That in The Ordinals Theory, Casey Rodarmor merely invented a set of "imaginary" rules within Bitcoin to "govern" the numbering system of satoshis, which isn't truly enforced by anything except that Casey's "rules are the rules". Is that right? It still doesn't change the fact that Ordinals transactions are still valid transactions that follow the consensus rules at the protocol level. |
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NFT on LN is also a failure.. again the proof of ownership /transfer lacks. yep you cant prove ownership in LN
there is a major point of blockchain.. its not just data store, its also the proof that cannot be edited of ownership and transfer
there was a big problem cypherpunks were hitting their heads against for decades before bitcoin was invented. and seems the ordinal adoration brigade and LN supporters do not recognise bitcoin and blockchain purpose.
You make me laugh, franky. How did LN+NFT come into the debate?
casey can change which output his ordinal process follows, without messing with data. because his "transfer"(lack of) of such is not dependant on bitcoin code or cryptography or proof in hard data within the outputs to milestone the movements.. meaning that his ordinals do not use the blockchain function of proving the transfer in an uneditable way
there are ways to prove it but casey is not using it, so its a double fail
Are there more technical users in the topic who can ELI-5 for stupid non-technical people like me?
but the fact that he and his fans adore using blockchain as just a dead weight data store. is the facepalming part. those memes have no value, have no true ownership control and thus are just a waste of space done purely to force everyone else to pay more just to reliably stay in mempools long enough for mining pools to pick up and add to blocks
adding bloat to reduce the number of transactions that fit then charging more per transaction is the complete opposite of an efficient payment system and those idiots who love doing this are the ones that dont care about bitcoin. and yes ordinals is an attack because it uses a crappy cludgy backdoor to be added into bitcoin blocks without being verified as data fit for bitcoins purpose
I agree that it's adding more useless bloat. I agree that those memes, dick pics, and fart sounds should not be in the Bitcoin blockchain. I agree that Ordinals can be used as another attack vector. BUT what I can't agree with are people saying, "Ordinals is an attack/exploit". Be reminded that Ordinals, from the Bitcoin protocol's viewpoint, are valid transactions that follow the consensus rules. You may have your opinions, but you can't misinform the community with what's simply isn't true. |
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Applying for Hero rate.
Current number of posts (including this one): 9315
Rank: Legendary
Merit earned in the last 120 days: 73
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Bitcointalk Username: Wind_FURY
Bech32 address: bc1qkj69e8cd6twqlcedfk5cdlsfrfw3q6l43mufk3
Merit earned in the last 120 days: 73
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If the Dollar devalues, Bitcoin surges in Dollar units.
i'm not so sure about that as far as being 100% guaranteed. what if whatever causes the dollar to devalue also affects other fiat currencies. what if it also affects bitcoin? I believe Craig Wright had the same proposal. For me it's laughable and very stupid.
well if you can't explain why something is "laughable and very stupid" then maybe it's not. but if the reasoning has to do with your coins going higher in value because other peoples' coins are getting lost then that's really not a good enough reason... You're on ignore. |
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Probably another thing, but what's going to happen and what's not going to happen is not for you and me to decide, it's the market, and probably we can agree that the market doesn't care about the marketcap. It will take Bitcoin where it wants to take it. If it goes to a seven digit price valuation, OK. If not, OK. so if bitcoin just stays under $100,000 forever that's ok too? what if the us dollar devalues alot and bitcoin still stays the same? that's ok too? OK from the perspective that the network will go on whatever the price. If the Dollar devalues, Bitcoin surges in Dollar units. I don't know, I neither thought nore suggested that Ordinals is going to drive it to new valuations. Let's wait for the next halving.
apparently bitcoin is supposed to go up in price at each halving. Theoretically it's supposed to, but practically it also depends on demand.
"Satoshi"? Are you talking about the person who demanded that the Core Developers write code to recover his lost coins? That "Satoshi"?
never heard of that satoshi. that sounds unreasonable of a demand though. but recirculating old coins that haven't been used in 250 years does seem kind of reasonable. at least to me. I believe Craig Wright had the same proposal. For me it's laughable and very stupid. OK, we're off-topic now. This post will be my last reply on that matter. |
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