I guess with each new ATH it's in price discovery mode, so it's worth is in the eye of the beholder?

I can say this, however, the more non-transactional data and jpeg the bitcoin blockchain stores (i.e. spam spam spam) the less it will be worth, because storage of data and jpeg's are not the significant breakthrough needed to become a "player" in the $900 trillion market that money and debt are.

However, it appears to be physically impossible to stop all spammy data. Smart people will have to find a compromise if they don't want the value of the chain to sink.

Sort of like the law. Make laws too stringent, then the extreme percentage of law enforcement will inevitably abuse regular folks. Make laws too loose, the extreme percentage of society will abuse regular folks. Some things in life are just not black or white, got to find a happy middle ground, thank goodness for Democrats AND Republicans (the world outside the US doesn't matter).

Hmmm, after the attaboy's and great job fella, I guess the next thing I would say is 'dispensing half the supply in the first 4 years....what da heck were you thinking??', and then I'd thank him some more anyway.

I think it turned out that enough bitcoiners who are also interested in  ordinal/runes/spam don't want to do a number 2 where they eat, so they aren't participating so much.

This may also be the case for possible op_return increase changes. But on the other hand having said that, I suppose if you get rid of guns people would still kill each other, but you'd probably filter it down to only the most determined.

I got nothing for you on the technical side, but how does a 3/4 multi-sig, with you holding 2 of the keys, appeal to you. This way even if the other 2 keys are found and conspired against you (your ex-wife found the key at her home and got hold of your safety deposit box key?), they can't spend the bitcoin (which they could in a 2/3), the most that could happen is the bitcoin would be frozen until something was worked out?

I wonder what name his kids use at school when the subject of kids dads comes up (maybe parents/teachers meetings). Surely the Nakamoto children don't use Satoshi? Maybe Sam, or Steve, possibly Sheldon?

One would hope that a thoughtful court of law (should it come to that) would recognize that the usefulness to the public of greatly reduced time to complete a transaction ( a few seconds at most), along with  transaction fees that are a tiny fraction of main chain fees, would overwhelmingly dwarf the negative impact of the few illegal transactions that may be occurring (much like with cash).

This is why I am kind of unimpressed with Phoenix wallet running away from the US market so quickly after the Samourai charges, when they weren't requested to block  US cutomers or charged with anything.

Interesting. can you link where you got the "creating missed counts" counter-attack theory from? Or did you figure it out yourself?

I'm curious how many people at these Cefi places bought bitcoin specifically to get a higher interest rate. Like, how many people thought, hmmm, I can deposit my $10k in a bank CD and get 0.5%, or I can buy $10k worth of bitcoin, deposit it on cefi, and get, I don't know, 4 or 6 or 10%+ interest? In other words, how much of bitcoin's price rise came from this kind of (sort of artificial) demand?

On the other side, with fewer companies and coins available for re-hypothezation, that should reduce this (sort of artificial) selling pressure overall, shouldn't it?

"But all they have, and see with their own eyes to have, are numbers next to their addresses"

When you wrote this for some reason I thought you were referring to UTXO's when you wrote "addresses", and that you had taken a deeper dive into bitcoin than I thought. I wonder why my brain translated things this way. Maybe because you took the time to write so many words, I must have figured surely this person had taken a deep deep deep dive to write so much. Oh well, my bad.

You are correct, bitcoin as the native token is not mentioned.

Your post is amazing.

Almost everything you wrote is silly. Except somehow, some way, you understood what few people realize, that Nakamoto's system does nothing more than transfer integer numbers from one long string of letters/numbers (public address) to another. These integer numbers today are called Satoshis (in honor of), and the white paper does not mention the word bitcoin at all. The word "bitcoin" (when used used to represent the system's native token) is just a representation of an amount of satoshis, one bitcoin = 100.000.000 satoshis. You are correct in your assessment that all that is happening is that regular plain old integer numbers (satoshis) are being  rearranged.

How you were able to understand this, and not understand anything else about how bitcoin (the network) operates, or how the system's protocol works, or how it can be used as an electronic payment system, or the implications this could have to the future of finance in this world, or why it is accruing value over time, is just mind blowing.

I am sure at some point in time far in the future a bitcoin clone will fork with some inflation. Whether people follow the fork and the  almost certain lowering of value inflation would create is unknown. If transaction fees are too low to mine profitably, AND no one wants to mine the original  btc chain at a loss / voluntarily, AND those with a great financial interest in the main chain thriving don't want to subsidize mining at a loss as a cost of business, then maybe a majority will move over to the forked btc+inflation coin. Far. far far in the future though. But yeah, the chances of the current btc chain hard forking to include inflation is about as close to zero as it gets.

I have heard from several publicly available sources that once btc price gets past certain resistance levels that $10k+ daily candles will be a more common occurrence. If true, then yes, petty much any number seems possible. Still, since the only $10k day I can remember was Tesla announcing they bought (actually more like $8500), I guess I have to see these gargantuan candles first to believe it.

I swear the previous report cards were somewhere, but it's that darned boating accident I had earlier this year, I lost so much stuff that day.

Hmmm, I thought B- adoption grade was pretty fair. To me it means adoption (after 12 years) is above average, above expectation, with room to improve.

I'm pretty sure after 15 years (3 years from now), with lightning much more mainstream, middle class will become more fully btc engaged.

By "poor man", I was really thinking about how (in general) countries lower on the GDP per capita scale are adopting and promoting btc before those countries higher on the GDP per capita scale  (https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita).

Bitcoin class adoption has become the following at year 12:

- Poor man's currency

- Wealthy man's dangerously appealing new asset class

- Middle class man's not very much. Middle class in developed countries have way better medium of exchanges (or are at least viewed as such), and middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

Overall adoption grade: B-


Discuss.

You wrote "It also provides an immutable record of value transactions"

But when Satoshi, and the first few people on the network sent bitcoins to each other in 2009/2010, they had no monetary value.

If you are going to be an educator of bitcoin and write many articles, please explain how bitcoin went from being valueless, to being worth something, so we can understand (but writing someone gave someone else 10,000 btc for 2 pizzas is not a complete enough answer).

According to data.bitcoinity.org, in the last 30 days, around 16% of bitcoin volume has come from Bitfinex. Over the last 6 hours it's been 62% from bitfinex.

Wow!

If all bitcoin owners had the exact same amount of bitcoin, yesterdays monkey business wouldn't and couldn't have happened.

The more disproportionate the bitcoin distribution is, the funkier the things that can and will happen will be (in both directions). But that goes for any market, not just bitcoin.

Bitcoin is more susceptible because few understand it and panic more easily, and also because so many coins are off exchanges.

Didn't read every post, but anyway here is a list of BIP39 words that make up bitcoin's seed phrases. There are 2048 words on the list.

https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt

Maybe if you had a 12 word phrase (from the BIP 39 wordlist) and you had to type them in once in a while, then looking through the list could jog your memory. Obviously the more words you can remember in the correct location, or the more words you can remember in any location, or  maybe the  letter that starts a word,  the better one of those services that help crack wallets can be in helping you recover.

If you had a 24 word seed and can't remember much then it's probably hopeless.