|
What I learned today, after reading this 115-post long thread:
1) Wallets implementing The SegWit Omnibus Changeset (i.e., Core 0.13.1 and 0.13.2) do not create SegWit transactions (reeeeallly? WTF!? that itself seems a red flag)
2) There is no 2.
That said, I'll leave all y'all with one parting thought: 1MB 4EVA (even extended by the accounting legerdemain that is the SegWit accounting magik) is not enough upon which any sizable LN network needs to open and close channels.
|
|
|
|
do person to person transactions, localbitcoin, darkmarket etc.. have much of an impact on bitcoins price? Or is the price mostly determined/driven by exchanges?
Every transaction happens at exactly the bitcoin price. A willing buyer and a willing seller meet at a mutually agreeable figure. The 'market price' is merely an abstraction. |
|
|
|
the value of the fiat is derived solely from government "backing",
The governmental backing is nothing but an empty promise. All functional money is based upon nothing but faith. |
|
|
|
In order to get rich you need to get in at a super cheap price like rpietila did. If you want to get rich from bitcoin now, you better have at least 100 BTC and be ready to wait 10 to 20+ years (and by rich I don't even mean rich, but maybe hit your first million). Other than that forget it.
I can't help but think that, in ten years, you'll be looking back at today in the full realization that $800 is a super cheap price. Maybe, but realistically, in 10 years, what can the price of bitcoin be... $10,000 best case scenario? No. In ten years, $10000 is not the best case scenario. $10000 or above is the 40% probability. |
|
|
|
The number 1 thing you need to get rich like rpietila is luck. You need to be lucky, that's all. "The harder I work, the luckier I get" - Yogi Berra |
|
|
|
In order to get rich you need to get in at a super cheap price like rpietila did. If you want to get rich from bitcoin now, you better have at least 100 BTC and be ready to wait 10 to 20+ years (and by rich I don't even mean rich, but maybe hit your first million). Other than that forget it.
I can't help but think that, in ten years, you'll be looking back at today in the full realization that $800 is a super cheap price. |
|
|
|
stop talking about vaporware, lightning network is very real.
Some form of lightning may exist, but isn't referring to it as a network a stretch? How many lightning transactions have you made? To how many different counterparties? |
|
|
|
I can't believe we're back on about block size again. My new compass is $700. I can't die holding bitcoins.
WTF? If you die holding any monetary asset, but no Bitcoin, I will have lost respect for you. Lol. I plan to go out in a blaze of reckless spending. Is that so wrong? Not at all. I completely misinterpreted your statement. Carry on. We'll see if last night's drunk sends me out in a blaze of reckless posting  |
|
|
|
I can't believe we're back on about block size again. My new compass is $700. I can't die holding bitcoins.
WTF? If you die holding any monetary asset, but no Bitcoin, I will have lost respect for you. QFT: You have just been sent a personal message by Bitcoin Forum on Bitcoin Forum. IMPORTANT: Remember, this is just a notification. Please do not reply to this email. The message they sent you was: A reply of yours, quoted below, was deleted by a Bitcoin Forum moderator. Posts are most frequently deleted because they are off-topic, though they can also be deleted for other reasons. In the future, please avoid posting things that need to be deleted. Quote Quote from: BlindMayorBitcorn on Today at 06:52:47 AM I can't die holding bitcoins. WTF? If you die holding any monetary asset, but no Bitcoin, I will have lost respect for you. Reply to this Personal Message here: https://bitcointalk.org/index.php?action=pm;sa=send;f=inbox;pmsg=5555973;quote;u=0... as if the topic of bitcoins becoming frozen due to the death of the owner have no impact upon 'Bitcoin price movement tracking & discussion'... grow a fucking brain, moderator. eta: (Edited To Add): 'fucking' - as in: grow a fucking brain, moderator eta2: we see you. and your shit antics ...and we are not amused ... and that ain't the royal we, either |
|
|
|
OK, here's the funny thing. The central bank can bloviate all it wants. In the end the people have the power. (OK, it wasn't exercised in this recent India demonitization, but we should be ready for the next ((hint: it's coming to you)) ).
What do I mean? India was about 80% cash. Why would the people not just reply with 'fuck you - we'll just keep using these notes the same way we have been'. Nothing changes. 80% of all transactions continue being done in cash -- not recognized by the gubmint, but who the fuck gives a shit -- and Modi ( and his wall street financiers) get to stew over in the corner. I mean really -- for the people, what is the downside?
The problem is that you have to trust every other member of society to honour the value of that non-government-backed cash. It's like a massive game of Prisoners' Dilemma. Personally I wouldn't trust other people to maintain the value of my wealth (any more than I'd trust the government). Unless it has some sort of very widely recognised/intrinsic value, you're playing a very dangerous game. But aren't you already trusting the government to maintain the value of your cash? |
|
|
|
The Indian government is also confiscating gold taxing holdings of black money, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated taxed if their government can find it.
FTFY By "black money" do you mean money tainted by contact with our evil banking overlords? Probably gold that's had no tax paid on it. If they have an inheritance tax in India I doubt anyone admits they inherited a shit load of gold to the government. They probably also use it to buy and sell things and don't bother declaring the transactions for tax. Can India's currency ban really curb the black economy? http://www.bbc.co.uk/news/world-asia-india-37933231" Black money is essentially money that has been earned - either through legal activities or through corruption - without any tax being paid on it. There are several estimates of the total amount of black money going around in the Indian economy. A World Bank estimate puts the size of the black economy at 23.2% of India's total economy in 2007.
By making high denomination bank notes worthless overnight, the government hoped that those who had black money in this form would not be able to convert it into physical assets like gold.
Those who have black money will try exchanging it for new notes. But they cannot simply go to a bank and deposit all their old cash, given that it is likely to lead to questions from the income tax department. Any other way of exchanging notes will take some doing, given that the old denomination notes form more than 86% of notes in circulation by value.
As the former central bank governor Raghuram Rajan said: "I think there are ways around demonetisation. It is not that easy to flush out the black money. Of course, a fair amount may be in the form of gold, therefore even harder to catch. Further, the government needs to quickly introduce electoral financing reform in the country. Most elections in India are fought using black money." OK, here's the funny thing. The central bank can bloviate all it wants. In the end the people have the power. (OK, it wasn't exercised in this recent India demonitization, but we should be ready for the next ((hint: it's coming to you)) ). What do I mean? India was about 80% cash. Why would the people not just reply with 'fuck you - we'll just keep using these notes the same way we have been'. Nothing changes. 80% of all transactions continue being done in cash -- not recognized by the gubmint, but who the fuck gives a shit -- and Modi ( and his wall street financiers) get to stew over in the corner. I mean really -- for the people, what is the downside? |
|
|
|
Do you run a node? Do you ever stream video content? Are you aware that hypothetical 100MB blocks are no more resource intensive than SD video content?
I do. I uploaded over a terabyte of data to other nodes last month. Obviously if blocks are bigger, the amount of data users need to share to keep the network running will increase. I have very expensive, top tier internet from a major ISP that I recently purchased specifically for running a Bitcoin node. I had to gimp my maxconnections with more typical home user speeds or my internet was unusable for other tasks like surfing the web. While I feel for you, I hardly notice the impact that running several full nodes has upon my foreground browsing activities. Granted, I have a better connection than most. But my point is... If your bandwidth sucks, you are not an asset to the network. Period. Sorry to reveal your inconsequentiality. This remains true whether we are pushing 2MB blocks, 8MB blocks, or 100 MB blocks. It just is. Too bad, so sad. |
|
|
|
All right... I'm willing to investigate. But first, you must explain to me why this document -- purported to have been written in 1933 -- contains quotes from 1960. Just exactly what is it you are pushing at us? |
|
|
|
1. to geometrically increase block size and doing nothing else is a kindergarten/elementary school solution, in my opinion.
Is that a problem? Are there not lessons you have learned in Kindergarten that are still applicable to life? 2. why do we need to do what is the easiest instead of what is more likely to succeed long term.
What if what is 'easiest' (evidently not, as it is so hard to get others to string along...) is also the most likely to succeed long term? 4. You will keep making bigger and bigger blocks, then what?
Exactly. What? Why does there need to be something else? 5. I don't even care if it is 1mb, 2mb or anything else, but there has to be a rationale behind the scaling, NOT forks all the time.
Then jump on the BU train. No hard fork now, no hard fork as larger blocks become part of the block chain, no hard forks ever. What could be better? |
|
|
|
The Indian government is also confiscating gold taxing holdings of black money, which is making bitcoin more and more popular in India. Any gold that hasn't been taxed gets confiscated taxed if their government can find it.
FTFY |
|
|
|
The big-blockers ...
Ahh those bloody idiots are back  I don't know who you are referring to as 'idiots', but we 'big blockers' have been here the whole time, and don't plan on leaving. Deal with it. How big will the blocks need to be to "handle an increase in 100 million+ users"  Do you run a node? Do you ever stream video content? Are you aware that hypothetical 100MB blocks are no more resource intensive than SD video content? yeah maths are hard.
Arithmetic ain't hard. It appears, however, that for some, thinking through the implications of the arithmetic calculations are out of their grasp. |
|
|
|
It seems to be so difficult to stay calm in times like these ...
Nonsense. In the big picture, the people of the world need a form of money untainted by grubby partial reserve central banking whimsy. Right now, there is nothing known that can take that mantle from Bitcoin. This is a minor temporary setback. No sense panicking - that is what loses fortunes. In this moment, I am serene. I shall hodl. |
|
|
|
Wow, I ate a big bag of shit today. Got wiped out. I guess that's what you get when you get overconfident.
Truly sorry to hear it. |
|
|
|
So given what you know you tell me if the drop from $1160 to $790 was justified over the China news alone.
Of course not. But Bitcoin is too thinly traded, and too overwhelmingly owned by ignorant basement-dwelling neckbeards [tm] to be ruled by logic. And also, my dad wants to put $30K into bitcoin
Isn't it better this way, rather than borrowing it for one purpose, and sneakily putting it into BTC instead? |
|
|
|
|
Show Posts
