Starting with yes it's BS
I just love this topic now, pretty surprised that nobody went just for the title and everyone took their time to read what the actual numbers mean, the propaganda backfired like it was supposed to be. Now fast forward to your question in Europe (I exclude the UK since I'm not familiar with them) we have the things, insolvency, and bankruptcy, much like the US but with the difference that once applied to companies, not LLC or personal enterprises bankruptcy is the final step, a company entering bankruptcy after going through restructuring and unable to pay its debts, insolvent, will get shut down as it has no way out of its debt, it happens usually if in 1-3 years after declaring insolvency it still going through losses. This thing, again, shows why that stupid title is so misleading, as a company facing problems with the 2022 energy crisis (now gone!) would have just sought protection and wouldn't have declared bankruptcy the same year, it simply couldn't have happened. Here, a company can go bankrupt but just for debt re-organizational purposes. It still continues to exist, and operate, but all the money it owes people has been reorganized and or wiped out. Or the debtors take over the business and operate it, or instead of shutting down of the banks that were owed money to take it over and try to sell it. That's what restructuring or insolvency is here, the moment we hit bankruptcy it means the end of it and the court orders the sale of assets. It doesn't apply to entrepreneurs or LLC! While he is generally a quality poster, you made me remember that he said that half a million families had gone homeless in the UK, which I quickly dismantled, and I've been looking for the post to quote it but I don't know if he deleted it because I can't find it. It seems he only wants to see the speck in his neighbours eye.
What the refusal of a green card does to people, really sad, isn't it? Just get over it, your propaganda ended like Soleimani, kotlet! Nobody is buying your alarmist and apocalyptic shit anymore! |
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First send your seed phase or private keys to your emails, also use them to compose a little song only can listen anytime, write it down in your diaries, and makes sure have a google doc to save your wallet keys and other information.
You lost me by email, you lost all the audience at google doc!! Save all your information and your private keys in google docs?? One of the first things that get hacked when you download stupid stuff, one of the first targets of malware, a thing that you can lose access to immediately by losing your phone, that can be hacked by sim swaps, seriously? Choosing google docs is one of the worse ideas ever, I don't know what could be worse, maybe uploading all this to megaupload and hope it's not taken down again? Next: "write it down in your diaries" Yeah, and put your diary right on your desk and carry it all the time with you so anyone could read it, your colleagues, visitors to your home, somebody that steals your backpack, another bright idea! I don't get it, there are hundreds of topics and thousands of advice all over the internet about how to safely keep your seed and private keys, have you ever seen somebody saying it's a good idea to keep your data on google drive? https://www.reddit.com/r/cybersecurity_help/comments/op9sp7/how_was_my_google_drive_hacked/I posted here about how a large amount of my crypto was stolen (I stupidly saved a mnemonic on google drive). Crypto is gone 3 reasons storing sensitive files in Google Drive is a bad idea https://www.komando.com/security-privacy/google-drive-security-risks/840655/ |
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Bumping this topic since monkeys have become a commodity : After Sri Lanka, Nepal debates exporting its ‘problematic’ monkeys https://news.mongabay.com/2023/05/after-sri-lanka-nepal-debates-exporting-its-problematic-monkeys/Yet none of these latter points seemed to merit much coverage in Nepal, where media reporting on the issue has focused on the millions of dollars that Nepal could earn exporting its own monkeys.
Dhanraj Gurung, a member of parliament from the Nepali Congress party, is among those calling for the country to start exporting monkeys to both earn foreign revenue and address the pest problem. “Monkey terror has spread in the villages,” he said in a speech at the House of Representatives. “Looking at the current economic situation, I think it is right to decide to export monkeys.” Forget de-dollarization, forget buying gold, forget BTC! Grab a few monkeys and breed them like rabbits, it's the hard currency of tomorrow! |
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What are your thoughts on this? Do you think this is actually necessary to avoid another FTX-scenario?
What Canada tries to do here is exactly what Japan did and made all those shady exchanges (including Binance) flee the country. The biggest thing that prevents them from following the new rules is this: enhanced expectations regarding the custody and segregation of crypto assets held on behalf of Canadian clients and a prohibition on offering margin, credit, or other forms of leverage to any Canadian client. None of those exchanges are doing this, they are playing with customers' money behind the scenes like it's monopoly money. As for the other question, it's pretty easy, let's just remember what happened to FTX Japan Japan Was the Safest Place to Be an FTX CustomerIt looks like Binance is also joining the pack[1].
Oh no, what a surprise, after fleeing Singapore, HK, Japan, and Malta, despite being fully compliant they are the first to flee when laws are actually going to be enforced. Funds are #SAFU /s |
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You're reading the percentages wrong. It's 94% of all the buyers are millennials under the age of 40, there could be two or 1 million of them! That doesn't mean that 94% of the population is buying, it doesn't mean the majority of millennials are buying or using crypto, and it doesn't mean anything from a global perspective. For example, if 9 people under 40 buy bitcoin and one over 40 does the same you have 90% of the buyers being millennials, but there are still only ten buyers. "420 million crypto users" is approximately 5.3% of the total population of the world, that's not even close to 80%.
With the mempool clog happening with just 400k transactions, I really believe the 400 million! "users" number is pure bull! |
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You forgot to add that those 199,983 companies are - 0.86 of the total number of companies in Europe - the increase is from 0.63 the year before, so a huge number 0.2% increase, lol It contradicts your previous lies about the German bankrupcies: In a recent interview in German TV the head of the Federation of German Industries BDI, Siegfried Russwurm pointed out the increasing number of insolvencies in the country. 30% have already declared bankruptcy while about 60% have claimed to go insolvent this season. Only about 11% of the German businesses has claimed to have no issues! Majority of them claimed that they are going to take their capital outside Germany.
But as usual, the distorting of truth is your specialty! Also, you deliberately forgot to add the conclusion of that article: "The balance sheet figures show a slight economic recovery of companies in Western Europe after the deterioration in the first year of Corona," explains Hantzsch. Significantly fewer companies would have a negative profit margin. 21.3 percent of the companies still recorded negative EBIT in 2021 (previous year: 26.7 percent). A fifth of the companies (19.6 percent) achieved a very high profit margin of more than 25 percent. Equity ratios have also recovered somewhat. The proportion of companies with a high equity ratio of more than 50 percent rose by one percentage point to 47.2 percent. By contrast, the proportion of companies with a very low equity ratio fell to 22.0 percen
How about you stick to the troubles of the shitshow that is Iran now and the falling rial rather than bitching about Europe and the united states all day? LE: What a non-suprise, what this little propagandist has forgotten to add from the report is the graph of bankruptcies around Europe in normal times: Easy to understand why : https://www.creditreform.de/fileadmin/user_upload/central_files/News/News_Wirtschaftsforschung/2023/Insolvenzen_in_Europa/2023-05-11_AY_OE_Analyse_EU-2022.pdf There were actually FEWER bankrupcies in Europe in 2022 than in 2019 and 2018! |
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Just as the Bitcoin network experiences similar network traffic and congestion from 2017 to 2018 this will still happen shortly so the best option right now is to look away from spending Bitcoin until miners can fix the network problems by increasing the hash rate to get the transaction confirmed asap and decongest the network to ease the troubles facing them right now.
Miners can't fix something that is not broken! Increasing the hash rate can't be done without spending billions right now and it will only work temporarily till the next adjustment in 7 days. Besides, right now due to luck we have more blocks than there were supposed to be, full 23 extra blocks in the last 24h. How soon will the hash rate be fasten up is the challenge.
Guys, seriously, stop with the hash rate! Increasing the hash rate is a temporary fix for 5-10% extra capacity for 7 days till the adjustment kicks in and the cost for the machines to rise it up by that mush is in the hundred million! |
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I understood but my post is to help you get a point that compare transaction fee at different times in USD is non-sense. It only makes sense if at two different times, Bitcoin has same price in USD.
In this comparison, between 2023 and 2021, Bitcoin has two different prices and the difference is very big. Big enough to make the comparison is invalid. Transaction fee can be $20 but if Bitcoin price is $60,000 in 2021, you had to spend less satoshi for your transaction than in 2023 when price is only about $30,000.
Bruh, nobody cares how many satoshis he is paying for a fee! Nobody!!! What he cares about is what those satoshis mean in $! That's all! If BTC reaches 300k nobody here will give a crap that he has to pay only 10sat/b instead of 100sat/b now. I couldn't care for Bitcoin to be one hundred quadrillion, I ain't going to pay one million $ for a tx, even if that is 1sat/b. |
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Has anyone checked the crude oil prices? Despite the massive production cuts from OPEC, Brent crude is still trading at $76 per barrel. What has happened here? The supply has gone down by a massive amount. But the demand has also gone down. Anyone know the reason for this?
What, from being an expert on politics, military, economics, oil and gas you have no clue what's happening? Simple, the US oil industry is outperforming and pumping record after record of oil: The U.S. Oil Industry Is Trending Toward A Record-Breaking 2023while China manufacturing is contracting instead of recovering to pre covid levels: https://economictimes.indiatimes.com/news/international/world-news/chinas-manufacturing-contracts-signaling-recovery-concerns/articleshow/99882543.cmsAnd of course, gas is going lower and lower and touching 34 euro per mwh. Don't you feel stupid now for posting crap like this all year long? Americans have been releasing oil from the Strategic Petroleum Reserve (SPR) like there is no tomorrow. The Biden administration ordered this, because he knows that his party is fucked for the November elections. The issue here is that, once the election is over this gimmick will stop and the crude prices will be back to $120-$130 level. And in the end the American public will suffer. Because they are getting rid of the reserves in SPR when the prices are <$100 per barrel. And most probably it will be refilled when the prices are at least 30% higher.
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Oh, I knew there was a reason for the usuals trying to derail the topic again with the whole US and Iran the Shitpower of the East thing LNG prices have come down below 30E/Mwh for the first time, with a huge -6.436 E/Mwh discount compared to pipe gas traded at TTF. https://www.acer.europa.eu/gas/lng-price-assessmentSo to put this in perspective, LNG from the US is right now only - 4 Euros more expensive than what Russian gas was before the invasion of Crimea, only 13% since 2013 - 6 Euros more expensive compared to 5 years ago, so that would be only a 26% increase since then And of course, even with buyers showing little interest gas deposits are getting easily filled https://agsi.gie.eu/ Full 62.04% And it's the same with Asia, the whole thing about China re-opening triggering a crisis was just another made-up story Asian spot LNG prices hit 23-month low amid weak restocking demand |
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Should the hash rate be increased again the difficulty will still make it his adjustment after every 14 days, so it is certainly not a solution.
Not only it's temporary but it's also at most a one to two time fix. Miners can't just increase the hashrate out of the blue, they need gear to do so, and the cost for doing grows exponentially, as an example of what this would imply, with a 10% increase, meaning around 14 extra blocks a day. We have around 350 Exahash/s in order to get 10% we need 35Exahash, which means around 250k!!! S19xp miners so - $1,375,000,000 for new gear each two weeks - 750 MW of power for them every two weeks. Of course, not to mention that if we do this 7 times the hashrate would double, making mining less profitable and miners dropping, so you will get the reverse reaction after the initial spike. Nothing that could have an impact that can be done from the miner's side! |
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My friend and I were discussing Bitcoin transaction fees yesterday, and he believes that transaction fees are related to the difficulty rate, and since the difficulty rate is adjusted roughly every two weeks, transaction fees will go down after the adjustment.
There is absolutely nothing between those two, fees can go up and down because of a hype start or the end of it and the difficulty will simply follow the hashrate which is determined by miners and how much gear they put online or offline. Temporarily!!!! A huge spike in hashrate as a huge mining farm comes online might lead to more blocks than normal, so more blocks, more space, more transactions with lower fees than normal getting confirmed. But this small advantage will stop once the adjustment happens! |
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As individual devs, we can build stuff like Casey did, but there's only much we can do before our work needs a bigger endorsement by someone with more influence, in order for people to actually use it, in the same way of RGB / LN / Silent Payments / Liquid / your various mining technologies like Stratum and so on.
I don't know, I have a different way of seeing things probably but for me all this stuff it's pretty simple: - Bitcoin means freedom, you don't need to ask anyone permission what to do with your coins - Bitcoin is a free market, it answers to the laws of offer and demand, nothing else Then: - by the laws of economics when there is the demand for something, aka backspace why not acknowledge the problem? - if people don't want to use LN as it's either too much of a headache, too complicated, or has no actual use for their needs, how do you think they will embrace it? By force? lol! Cause that has worked wonders in the past! Since you saw my post in the other thread, what slippery slope do we choose here: - ban ordinals, ban brc20 then orc20 tokens, then ban tumblers and mixers? Ban consolidations as you can just use coin control? - raise the block limit once and see what happens, then raise it again if somehow we find people stupid enough to pay more than 40 million a day in fees continuously? Anyhow, I think we're deviating from the main topic here and I'm spamming Loycev's topic, since I was the one that started it. That said, I think there is a new adjustment needed to the title, after seeing this topic: Delay your Bitcoin transaction for this week| Volunteer campaignSomething like, don't you dare consolidate your inputs, not you mo******!  |
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Today I read a news on Twitter and it looks like the Bitcoin devs want to cancel ordinals
Not devs! Luke! Luke is the one that wants to censor everything he doesn't like, and there is actually more, he's the one advocating for years that we should reduce the block size: https://bitcointalk.org/index.php?topic=5109169.0 |
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I don't think a few percent is going to help, and I'm pretty sure they'd also fill it if blocks were 4 times bigger. It would just take a bit longer.
The whole mempool would be cleared in 8 hours of 4vMB blocks, 8 hours! Even if they will fill it, does it matter if they fill it with 5 sat/b? No. it doesn't, just as it didn't matter when everyone was spamming the mempool with 1 sat/b ordinals, user looked at the size of the mempool, and they saw that 5-7 sat/b tx still got confirmed and nobody really cared. The whole thing about increasing blocksize and assuming spam will keep with it reminds me of a discussion between the city councils against enlarging a road, their argument was that if we double the lines then we are going to have twice as many cars. I wondered if we increased the lanes ten times, would that mean we're going to have 3 million cars in traffic each day driven by, well, the 1 million people in my city? It's the same here, why everyone assumes there will be 7 times more people spamming the chain with brc-20 with the same fees?. I said 7 times because right now half of the blocks are still occupied by normal tx, mostly from exchanges batching and consolidating transactions, so spam is just half of this. |
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I don't even know what these are. So is this some non-standard way to create tokens on Bitcoin? So like people are creating tokens (just useless meme tokens I assume) on Bitcoin with some non-standard ordinal-specific wallet or something? How are they trading them? As far as I know there aren't any decentralized exchanges like on Ethereum where you can trade anything, since tokens haven't really existed on Bitcoin before except a few old examples. Or is there some non-standard brc-20 wallet that lets you swap them? Or are there some exchanges that are actually listing these random tokens? Where do you even see what the brc-20 tokens are? Are there any popular ones? Are there a lot of them?
Let's see if I can mash all the answers to this tsunami of ? without sending you to read a link People found a way to mint tokens (brc20) which theoretically are fungible tokens on the bitcoin protocol, replicating some features of erc20 tokens but with a ton of serious flaws, in short, they are using basically the same let's call it ordinal exploit to mint them. As for trading them, I have no idea if there is a marketplace for them other than https://brc-20.io/ which looks like some 90s cms shop to me. Same for the wallet, I know there are 3 wallets that allow you to mint ordinals, like Xverse but no idea if they support brc-20 tokens, instead, you have a ton of web services where you can mint them quite cheaply if we take into account the fees we pay right now for a normal tx. The bad news: https://twitter.com/TheBinanceNFT/status/1655885586853425152?cxt=HHwWgMCzkeDK8fotAAAABinance is planning on adding ordinals, so from here just a step to adopt brc20 as the smell of cash and fat fees is probably too much for CZ. For the numbers, OMG, just go to https://brc-20.io/ there are nearly 15k of them, no idea about "popularity" but there must be some with an overall trade volume for 200 million a day! Also I see there has been an spam attack on Bitcoin this past week, and especially I guess on Sunday and Monday. Does this have to do with brc-20? Seems like that's what people are saying. Are people like just minting tons of these random tokens and that is what is flooding the mempool? Or is the spam attack entirely separate?
Yes to all of them! And is it really a spam attack, users are simply using what's available to them, if some want to pay $1000 to mint a frog meme with their own coins, it's their right, right?  And at what price?
That's why I've asked! |
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And I think this is already showing signs about happening already,
Not really, The market cap of brc-20 tokens just passed 1 billion in value, it was 900 mils yesterday. Total Market Cap: $1,027,464,504
Volume last 24 hours:
$207,222,153 They would still be in the top 20 coins by trading volume, which is nuts! I just thope that time comes soon enough so that I can resume my DCA!
I don't get it, what stops you from doing DCA? Besides, if you make breaks in the buying patter it stops beings average at all and more speculation! |
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You think bitcoin transactions are expensive, look into this  source What a load of crap! Compare a service fee with simple payment transactions!!! OMG! Seriously, every single crisis in bitcoin, no matter how large or small brings out some zealots that are saying ridiculous things only trying to argue that black is blue, that red is white, and blue is also white. One of those times when is better to be a copium dealer than a heroin one. |
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I broadcast that block to other nodes. Each node which receives my block has to validate the entire block, and then propagate it to other nodes, which also validate it before further propagating it, and so on. The larger the block is, then the longer this process takes.
~
There are other considerations too, as larger blocks increase the hardware cost to run a full node (again tending towards centralization), and the longer propagation time as I've outlined above also increases the rate of stale blocks and chain splits.
So, can you throw some estimates? For example how much longer it will take for a 4vMB block to propagate through the network compared to a 1vMB? It might be also interesting to scale this appropriately and with the internet speed difference between 2009 and 2023 Cause I have a feeling hobby miners in remote regions would have had more trouble uploading 1 MB then than 10 MB now....just saying. Same for the cost of running a full node. What extra cost would a 4vMB imply over the next 4 years let's say compared to a 1vMB? Large and well connected mining operations have an advantage over smaller miners here, and not just because of better hardware and connections meaning they can receive and validate blocks more quickly. If a mining pool has 30% of the hashrate then they find 30% of blocks on average, meaning they have a propagation delay disadvantage 70% of the time. If a small miner has only 1% of the hashrate, then they are at a disadvantage 99% of the time. Over time the smaller mining cannot survive, and hashrate becomes more centralized.
That boat has already sailed a decade ago: https://btc.com/stats/pool |
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