The scarce space is the "commodity" being sold in the fee market. If you increase and decrease the supply depending on your price, I doubt there will be any customers who will want to buy your product for long. Can you think of a commodity that acts this way except the commodities that have middlemen traders hoarding capacity? Are those the best examples of the kind of market we want a bitcoin fee-market to be?

This solution seems to fail on the simplest of economic model. Someone accustomed to actual financial modelling can comment better on this.

In addition, this also opens up a situation where people will be waiting and speculating on the transaction fees.

Isn't verification of target size limit a thing while producing blocks. How do you calculate the average transaction fee for the current block when you haven't decided the block size and hence the topmost transactions to keep in it? Or do you propose to just calculate all the fees in all the transactions in mempool?

So I assume that you haven't seen or attempted an implementation of this sort on a test net etc. That would be the best way to go i suppose.

If you ignore my opening statement and just read the rest of it, you would see I am just asking him to back his idea with some data or a code implementation he has done or seen. It would be educating to look up for some of us. Otherwise, we just end up doing this in the Development and Technical section without any reason.

This kind of thing is also then more suitable for "Bitcoin Discussion". That sub could use some of this brainstorming and intellectual back and forth rather than what we otherwise do there.

Also, I AM trying to take it seriously as he named an optimization algorithm in his opening post. Yet, for someone who thinks that BCash is the real bitcoin, i just want to be sure.

The topic is either clickbait or real emotions arising out of the realization that Bitcoin is slipping right out of our grasp and into the coffers of the richest people who are putting millions into it.

Every time I feel like I want more BTC and look at the price and look at my safe limit of monthly buying of a volatile asset, i too wish that all these top hoarders fucking spent it on yachts and women and lambos so i could accumulate more. Yet, these OGs seem to have something else on mind. They keep hodling and the supply on exchanges keeps decreasing.

Each new entrant is willing to pay a higher price.

This has been happening for long enough now. I think those buying opportunities will keep presenting themselves because there is no lack of FUD and weak hands. If you really believe in it, be there to lap up the Sats you can afford when it falls below 20K the next time. Alos, just as @mk4 pointed out, you can use it for whatever you want. I buy groceries with it in a roundabout way as there are no stores that directly accept BTC. I then buyback what I would have spent on groceries. For all of this to happen, we need this secure, high hash network that only Bitcoin offers.

Keep the spirit up. Its not dying and not going anywhere. If you fear people blaming you, always tell them about the technical aspect and let them make their own decision to buy or not, If they get it.

Okay, so who are you exactly?

I don't mean to ask for your real identity but you seem to have all the answers about what Bitcoin is or not and what it should be. I would like to know if the person behind this has thought this enough or you are just trolling.

Have you implemented or have seen the implementation of such dynamic sizing? Any studies or data to show how this would work on a network where blocks are to be produced every 10 minutes on average and decisions like the allowed blocksize has to be taken as part of the verification process.

Why do we keep having these redundant discussions? There already are Alts with every possible change you can think of.

Why should Bitcoin do something that it hasn't set out to do? We should discuss block size increase when LN and initiatives to reduce transactions size have provably failed.

A block-size increase is the last step in a lasting solution. The other steps of a "lasting solution" INCLUDE the development and usage of the ecosystem in ways that lead to a justifiable fee market for the very long term. Your view may depend on what "lasting" means to you.

One thing leads to another and the initial point gets derailed. The initial point was about Banks closing him down and Trump having an option in Bitcoin. If his twitter account was still active, we all might be tweeting about it, LOL.

The banks closing him down and Twitter bans should be seen as two different things. These banks are hardly the ones with the moral authority to declare themselves on the right side of all that is good and pious.

Like you implied, law will take its own course on not just Trump but all the people who rioted and led to the deaths. Yet, as an outside observer who downright detests him as a human being, i still wonder how much of his "wrongdoings" are actually wrong and how much of it is righteous rage. The years long collusion investigations did not lead to anything even though the left liberal media from WP to Late Night shows celebrated Mueller as bringing some sort of righteous, final judgement to the bad orange man. It all turned out to be a molehill ultimately.

What road the "law" takes and who gets prosecuted has always been influenced by the public. From medieval witches burning at stake to Bitcoin being portrayed as illegal, its as much a perception game as actual wrongdoing. Never before has corporations and by extension, individuals held so much power over this process. I think now that Trump is gone, as freedom loving bitcoiners, we need to err on the side of ideals and not on the hatred for Trump or Trumpism.

I hate Trump and personally, it does feel good out of spite to have this abomination go through whatever difficulties anyone can throw at him, even if its banks. Yet, you are absolutely right about the tyranny of banks. It is not just Trump that they can do this to. He is just getting noticed by the mainstream media. They do it to normal helpless people and small businesses ALL THE TIME. THAT in fact, is their actual business.

Banks all over the world are lapdogs of the rich and powerful. They assist in money laundering and fraud. Every time there is a major scam involving embezzlement of public funds, these banks are inevitably the ones assisting the wrongdoers. They should be the last ones trying to do a stage show of "doing the right thing" by kicking on Trump just because the tide has turned against him.

If they are powerful enough to deny service to a sitting (even if only for another week) president, where the fuck were they when Trump was actually supporting conspiracy theories and instigating people?? Ditto for Facebook, Twitter and the others. None of them are doing the "right thing" here. They are just exploiting this opportunity to stay in the good books of masses.

Trump is welcome to the Bitcoin town.

While Jack Ma has done wonders with Alibaba and his other sprawling businesses, I don't know whether to feel sorry for the man. He is the one who bought the South China Morning Post, which was a largely independent Hong Kong based publication. Since the takeover by Alibaba, SCMP had become one of the "moderating voices" for China whose purpose is to present a moderating view of the Chinese establishment and how they are doing wonders.

The Hong Kong protests were effectively suppressed, thanks to the subdued press reaction. Now China has plans to nationalize Alibaba and seems like the guy is missing. I doubt that the Chinese are stupid. They are in fact the most clever and deeply systematic people who never do anything without a plan, so they wouldn't do anything stupid when it comes to Jack Ma. Yet, Jack Ma would learn his lesson about his attempt to "present to the world", the view of China.

The CCP is the sole authority and by extension, Xinping. He spoke against him thinking all his wealth and neo-capitalist credentials would help him. They won't. The Chinese dragon does not negotiate. It only waits and bides its time till it strikes. Those of us in the neighborhood know that. Anybody who believes that they can make friends with China and are somehow going to find a multiculturalist vibe with the eastern kingdom will be in for a rude surprise when they effectively overtake the west and take greater control of things, all because of the naivete and compulsions of democracies.

I don't think anybody in China plans to hold Bitcoin as a hedge. They know well enough that they cannot even connect to the Internet without the party knowing what they do with their money. Bitcoin's purpose of being safe money is for those who have been historically oppressed and were too poor to safeguard their possessions. Your average billionaire doesn't need that. He has all the best investment banks in the world to launder his money safely.

My opinion on this is that its not suitable for long term growth to think that everyone with 100s and 1000s should hold so rest of us gain value. I would much more prefer the topmost wallets to regularly sell-off their BTC, keeping the price low and ensuring that the wealth generated through bitcoin has a higher chance of being spread about than remaining consolidated amongst few individuals/ exchanges and companies.

According to that logic, I do think that someone finding 5000 BTC and selling them all off would be good for bitcoin and for rest of us.

No matter what I hope though. the truth is that those with 100s and 1000s of BTC are smarter than me. They are HODLing and will continue to. The allure of being in the league of wealthy, rich elite is too enduring.

I suppose that there is no dearth of people who have made millions from having bought BTC low during 2015-16. These people must have already been technically and financially savvy enough to understand the implications of Bitcoin and hold it for this long. I expect that most of these people have the trail to prove if asked for.

The only ones that have millions but would find it hard to encash may be individuals with funds hacked from the ICOs and exchanges. For those people, the Hawala-type transactions reminiscent of the Nigerian prince scam would be the only possible route.

Great Point. This was a so-called necessity because these banks were deemed "Too big to fail". So Govt bought up all their shitty debt and sunk projects.

This part is a little hard to understand. The way you put it, it seems like a Catch-22 situation. The US economy and the tendency of people to live in debt in the form of mortgages, student loans etc. results in a situation where everyone owes the banks. Combine that with unemployment and radical restructuring of job opportunities, more of those people are unable to repay. This makes it necessary that the Govt put money directly in the hands of the population.

This brings an even more serious point. Despite having such deep internal imbalances, the US economy has continued to thrive. While a lot can be said about it happening because of the enterprising capability and innovation of US entrepreneurs, it cannot be denied that a lot of that has happened at the cost of other parts of the world. Just look at the middle-east. The US interventions have served two motives. It ensured that energy superiority was maintained and the US consumer had easy and cheap access to petroleum and petroleum based products. Second, it ensured that the huge millitary-industrial complex continued to have a market in the form of oil wealthy countries like UAE, Saudi buying up US arms to defend against the "threats" of Iraq, Lebanon or whoever the US chooses to mark so (Remember Axis of Evil??)
 
Continuing from that previous geo-political statement, I think what bitcoin proponents mean is that the combined effect of these years of mismanagement, greed and kicking can down the road will come back to haunt in the form of USD losing its dominance in the world. With China's rise and its insistence on economic dominance, this may happen sooner than later. So cryptocurrencies and Bitcoin are just one part of a general decline in US dominance and de-coupling of US prosperity from the rest of the world.

Thanks for the great points.

What are the skills that you have that such projects can find useful?

Are you good at drawing in general, creative memes, video editing etc.?

Are you good at programming and can learn solidity?

First answer these questions for yourself and you will auto-magically have hundreds of options to choose from. If you are looking to turn up a profit by randomly hitting everything and hoping that it will fly then gambling may be the section for you. The casino in my Signature is really fun and you can try your luck and skill there while having some fun.

There already is some very good advice in the thread.

My advice to any newbies coming into Bitcoin and the crypto market in general is this: Learn to treat your BTC as money and do not see it in terms of its USDT value.

Most newbies come in with the hope of increasing their Fiat net-worth by day-trading the BTC swings or by catching one of those insane Alt-coin rallies. The right approach is to actually recognize your place in the world first. If an investment of a few 100 dollars could move fortunes then everybody would already have done that. That never happens.

You build your BTC holdings with slow accumulation. You can also build by finding projects that have a well known, open dev team and then get associated with the intention of understanding and actually contributing. See crypto as a great opportunity to learn and earn together. Don't see it as a means to accumulate fiat and retire. When you actually become involved, better opportunities will start coming your way.

Simply relying on trading will lead you to the situations of FOMO and anxiety like the one you described. We have all been there.

I am yet to find someone who is genuinely interested about this whole aspect of "Where does the value come from?". They have mostly already drawn their conclusions comparing Bitcoin to Stocks. The question is "What is the value when there is no product or company behind it?, It is all virtual"

Over at my place most people are looking for something that will give them an instant profit as people have all heard stories about those who bought at 1000 USD and then bought land and cars at the ATH. Everybody wants to be that guy. Not that I have enough to sell to someone but even if I had, I wouldn't be the one selling it for the reason that I don't want to be the one who takes blame for failing those expectations. I have seen that the best people to share it with are the ones who are interested in the tech part of it first. Sooner or later they realize the financial aspect as well.

Smart Contracts can be programmed to do almost anything. The ICOs were based on this simple exchange where you sent Eth and got back the ERC-20 token. When you say that the the smart contract should "earn" Ether, it essentially means that somebody putting ETH into the contract should get some ETH back when the token price increases.

That is the basic concept of several staking and yield farming projects which made a lot of rich people a lot of money in the past days. For this, you need the ERC-20 token to have some value. Unfortunately, there is no value to be found behind MOST of these projects. Affiliate marketing cannot be the answer instead of a long-lasting project that accrues value due to an actual use case. This is basically the holy grail of Smart contracts or DeFi.

All you oldies of the forum discussing alts out here and wondering when it will rally are missing the point, including me. LOL. Like some have pointed out, the Alt-coins are already rallying but not the ones that started out with actual projects and have some working product from the 2017 ICO boom. The ones rallying are whichever is the latest "fad".

There were projects like GNT, Sia etc with interesting ideas and which actually have been working for a few years now. Yet, in crypto, the market assigns value to the newest experiments and not necessarily to a product. This is why the strategy of hodling Alts in the hope that they will moon after years of existence doesn't have great chances of success.

You have been here for 2 years doing shit bounties and just using your account as well as access to this forum for posting bot-like reports.

And then you say you have 50-70 USD to invest but are asking people for advice on it. What the fuck is wrong with you dude? Doesn't that kind of behavior feel completely lazy and unethical to you?

You are wasting the time for others with that all caps post while wrapping it all in a request to "share knowledge for help". You were doing all those DeFi token advertisements. Didn't you make an account on Uni?? You should have those 400 UNI and shouldn't need to ask people such shitty questions.

BTW, please don't fool others with such dishonest remarks. You don't need others' help, you are just off-loading some of your own work by finding a confirmation from the general community, without contributing anything in return. Nobody would give those options if they were so "new" to this whole space.

Seeing this report, who would guess that just a few years back we were still trying to tell people that Bitcoin is going to take the banking world by storm. Now the opening line itself is selling Bitcoin to investors as a hedge against "rampant money printing". Seeing that the minimum investment in these is 50K, the investment companies will be hard-selling it to there HNI investors.

So 50K support for Bitcoin is just a matter of time.

One interesting thing to note is the quote about Sky Bridge opening a position in Gold and then exiting it with profit. Hopefully they'll be open to an "exit" with BTC too. Which means cheaper BTC for us if and when that knife falls momentarily.

This article by Peter, MD seems more like a jump of faith and confirmatory bias. That research paper was not some high-security, classified study. It was published in Nature and is visible for everyone to see. It was a bunch of academics working together. Chinese-American researchers working together is nothing new when they collaborated with even Russia for Science and Space.

As far as containment in the US is concerned, all you guys have to do is stay indoors and avoid public contact for 20 days straight so that all cases can live out their duration and those that get serious get contained in a medical facilities. The rest of the population can then slowly take a few more weeks with Mask usage to determine their individual areas of containment. The fact is that under Trump and with Trumpism, America has become a shithole where people are willing to say the most indecent thing and demonstrate the most unlawful of behavior for their doses of Social media fame. It says a lot about the average American mind desperate for attention and fame.

Containing it is not that big a deal if people keep their distance in public and wear masks. As the prevalence of the virus decreases, things slowly get back to normal.

For all the conspiracy theory, would you care to explain the economics of it? Like, What exactly do you think the elites are trying to achieve and how you think they will go about it in terms of the economics??

There are projects out there which provide insurance coverage for your DeFi investments if you are looking for a way to ensure that what you get back in case of a failure is a non-zero amount.

Projects like this with a few poorly written medium posts and claiming to be the solution to a problem with zero code to show for it are the reason that nobody tests the open soruce crowdfunding that blockchain has enabled. All that these projects are good for is if you get their "tokens" for free. If you invest and give them your BTC/ ETH then the joke is on you.

Better still, just go to their every possible outlet and make fun of them for their tall promises and zero delivery. I bet that the scammers who come up with these projects are the same ones who have regularly scammed bounty hunters in the last 3-4 years and wasted your time and effort.