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1  Bitcoin / Mining / Re: Bitcoin's Future: What Happens When the Block Reward is Lower Than Fees? on: January 07, 2023, 07:36:53 PM

I see a lot of problems with BTC and current scaling issues and a shift to LTC/DOGE as a more likely solution than BTC continuing to work well.

Script mining can be fun, and the merge mining of LTC and DOGE could potentially be beneficial as it provides two revenue streams to miners. It's interesting to note that one used to mine LTC and receive DOGE, but now the reverse happens, demonstrating the volatility and uncertainty of the market. The rise of Bitcoin as the dominant cryptocurrency seems inevitable, with its first-mover advantage and recent recognition as legal tender in El Salvador. As history has shown, the actions of one nation often inspire imitation in others.


Doge will thrive and BTC will falter.

LN really hurts BTC in the not so distant future.

That is why I mine both DOGE and BTC
Quoted for when it doesn't happen Smiley

The lessons learned from the scaling debate and the enduring strength of Bitcoin as market money serve as a reminder of the power of staying true to one's principles.


So, in the end the regular fees will probably top block rewards sooner then we seem to be talking about here.

Still 20+ years away.

The inherent design necessitates that the number of transactions within a block must either increase or the value of the fees for those transactions must increase in order to sustain mining. In this way, we are confronted with a paradox: as the value of Bitcoin increases, so too does the value of each satoshi used to pay the fee. It is a complex balance, one that demands careful contemplation and discernment.
2  Bitcoin / Mining / Bitcoin's Future: What Happens When the Block Reward is Lower Than Fees? on: December 18, 2022, 05:57:12 PM
I was lucky enough to be around Bitcoin mining when the rewards were sky-high and the competition wasn't as fierce. But as time has passed and the difficulty has skyrocketed. It's become almost impossible to turn a profit with mining. I still remember when I first got my S9 and it was bringing in a cool $25-$100 per day, but those days are long gone and the rewards just aren't what they used to be.

I've been thinking a lot about what will happen when the block reward subsidy drops below 2 BTC in a little over 5 years. According to the original white paper, the goal was for fees to eventually overtake the subsidy, but there was no specific timeline given. If the price of Bitcoin is high enough to make up for the lower subsidy with miner fees, it could cost an exorbitant amount to send Bitcoin. This could put pressure toward using centralized services like exchanges and WatchTowers on the Lightning Network for using Bitcoin. If the cost of sending Bitcoin remains low, mining will become more and more reliant on cheap electricity.

It's hard to predict exactly what will happen, but I'm curious to hear what others think. What do you think will happen when the block reward subsidy is 1.5625 BTC in a little over 5 years?
3  Economy / Economics / Monetarist vs. Austrian Economics: is there a difference? on: September 11, 2022, 05:36:41 PM
Being in Bitcoin, many of us have heard people talk about the value of hard, sound, fungible money. Books like the Bitcoin Standard and other thought leaders in the space discuss Austrian Economics vs. Keynesian. I am studying to take the Securities Industry Essentials Exam and came across the following definitions:

Principal Economic Theories
Keynesian: Theorizes that an increase in government expenditures and a decrease in taxes can prevent or repair an economic recession.

  • The government’s role is significant.

Monetarist: Theorizes that controlling the money supply and letting the market work itself out can curb inflation and is essential for a healthy economy.

  • The government’s role is minimal.


Could an Austrian Economist, such as Saifedean Ammous, be called a Monetarist? Are the two terms interchangeable? 
4  Other / Archival / Re: Entrepreneurship or Office job? on: September 11, 2022, 05:26:30 PM
I have been taking classes with the local Small Business Development Corporation (SBDC) to write a business plan. I have learned capital is key. According to my projections, and I am told this is semi-common, the first two years would be sunk costs and profit would start into the third year. Others have somebody else with an income and their business is not the only income. On whole, I believe people who work "in an office" (which now can be "work from anywhere" in many professions) generally have higher individual net balance at the end of the day - except those who are able to grow to $20M or higher in revenues.

If you have sufficient money, then a business can be a place to generate income ... generally, it takes a job to get that income or pawning your house. Few will do a private placement and raise funds through equity capital. Business that can be started with low barriers will soon be saturated, e.g., Bitcoin mining.

However, I will add that another option is changing industries. That can lead to different culture, income and satisfaction. I am considering that, right now, because the industry in which I work is too authoritarian.
5  Economy / Economics / Re: Which fiat money are you holding right now in case of emergency needs? on: September 11, 2022, 05:10:28 PM
I hold $USD and $MXN. But it is difficult to obtain, unless it's cash and there are conversion fees.

I, also, have some specie coins that are in other fiat but the value is separate from the fiat value.
6  Alternate cryptocurrencies / Mining (Altcoins) / Re: Where can I find information on mining Monero - XMR? on: September 02, 2022, 08:55:25 PM
thanks
7  Bitcoin / Bitcoin Discussion / Re: Why has bitcoin adoption failed in El Salvador? on: September 02, 2022, 08:17:47 PM
Not exactly. El Salvador blew it when it gave away the $30 all in one go. It should've rewarded citizens based on participation (like a sort of cashback), not just downloading and installing the wallet

he does that on two motives, one is to help the citizens adapt to the use of bitcoin by having some stash in the wallet so that they can all have a reason more for it engagement, he also do that in other to consider the less privileged and for every single citizens to have at least that little amount to earn a living

Most everyone immediately downloaded the Chivo app. For the first week, I saw about 1/3 using the Chivo wallet. I have seen a handful since. Most people spent it right away. But I do think it is helping with remittances in amounts of $20 - $30 because it removes the 25% transaction fee. Everyone I send to sends me a screenshot and I see "convert to USD" checked.

I would like to be able to receive Bitcoin as change from SuperSelectos, Texaco and other large establishments.
8  Alternate cryptocurrencies / Mining (Altcoins) / Where can I find information on mining Monero - XMR? on: September 02, 2022, 08:12:02 PM
I've searched around and everything seems to be 2020 or earlier. I have come across a few sources here and there, but does anybody have information on how to build a rig and calculate mining ROI for Monero?

Any help appreciated. I'd like to get some estimates on hashrate and power consumption as well and am not coming across it.

thanks
9  Bitcoin / Bitcoin Discussion / Re: Why has bitcoin adoption failed in El Salvador? on: August 31, 2022, 12:12:04 AM
Do you have evidence to either show that El Salvador's economic condition has not been improved in the last year or at least that it is not worse off ...?

El Salvador's economy grew by 16.63% in 2021, which is an astonishing amount considering many countries see 4% as great.

Numbers are still out on this year, obviously.

Source:https://www.macrotrends.net/countries/SLV/el-salvador/gdp-gross-domestic-product
10  Alternate cryptocurrencies / Altcoin Discussion / Re: What are your thoughts on Ethereum Classic (ETC) with the upcoming ETH merge? on: August 30, 2022, 04:27:21 PM
Why fork when they can just redirect their hashing power to ETC.  But I bet if ever a fork is created during the transition, many will still fall for it and happily spend their money to buy those forked tokens.

Exactly! And they may have a new fork, but they need exchanges to accept the new fork and there needs to be liquidity. I think exchanges will be hesitant, since miners already continued the original chain. I think exchanges may get tired of supporting forks, e.g., Litecoin Cash.

I would like to see more development on ETC.

If in 2020 bull run, ETC can rise to $200, it will rise to higher price in 2024 or 2025. Especially if in future, there is no PoW for ETH.

One of strongest Proof of Work coins. If you look at ETC chart, there are good waves for this coin.

Seems like it could be a good 2-3 year play ... curious about the upcoming months. Will there be a "buy the news, sell the event"?
11  Alternate cryptocurrencies / Altcoin Discussion / Re: What are your thoughts on Ethereum Classic (ETC) with the upcoming ETH merge? on: August 30, 2022, 02:14:32 AM
ever since Ethereum announced the Ethereum Merge, Ethereum Classic is really very bullish,
I think the hype for mineable coins will be huge if you see Ethereum classic have performing well in this bear market,
and rumors are indeed Ethereum miners moving to Ethereum classic , because we know that Ethereum will switch to POS

I am mining $ETC and am bullish on it long-term. When you look at coins like DOGE overtaking LTC, the former merge mining upon the latter, it seems those that are right under our noses go up. When you look at the token economy, I think 2-layer solutions like MATIC may provide relief at the margins but it is complex. Ethereum Classic is the second best EVM (Ethereum Virtual Machine) in my opinion. And it may become the first best if the PoS fails Cheesy Cheesy Cheesy. [Remembering the number of Ethereum I had on Coinbase when Tone Vays convinced me it was a scam. Roll Eyes]

In any case, there will be more miners moving over to $ETC in time as the DAG grows to 5 MB. That protects against the one negative I had on ETC, 51% attacked that occured. DOGE took care of their 51% by merge mining with Litecoin. Ethereum devs may have actually helped the original, immutable, chain survive with their upgrades. I may buy if it hits the $7-22 range. Will is 10x??  Ain't that always the question?

I agree that minable coins will be more favorable long-term because with things like Polygon (MATIC), you get warnings that your coins are unregistered. WTF?  People know Ethereum Classic. It's a solid performer ... like bass player from Nirvana: steady and reliable. It has long-term value. It's here to stay.

Though ... now, there may not be an ETH merge, again.

12  Bitcoin / Bitcoin Discussion / Re: Why has bitcoin adoption failed in El Salvador? on: August 30, 2022, 12:55:40 AM
The Bitcoin price dropped in the one year 60% which has a huge impact on the value of the national holdings of El Salvador.
1BTC = 1BTC; they have the same amount of Bitcoin. But, yes, people still believe in soft fiat money.

The big problem in my opinion is that the government is becoming more harsh in their effort to silence opposition and trying to stop people from speaking out against bitcoins.
.
I have not seen that. I have only seen a few protests in the capital ... it's mostly farmers who want seeds and fertilizer. Oh, and the media. They are negative on Bitcoin. But they are mostly negative on anything the government does.
 
And then there is the IMF who is controlled by USD and will not help El Salvador as long as they use Bitcoin as their national currency.
They have two national legal tenders: $USD and $BTC. Puts the $USD cartel, established by A. Lincoln in the 1863 and 1864 Banking Acts, in a difficult position. It's funny. But the fun part is that SV (El Salvador) is building securities law around Bitcoin. So, it is trending toward the direction of all securities "permitted" in El Salvador need to be on Bitcoin. You cannot, for example, live on dividends from investments on a US exchange ... hence, the need for Bitcoin. People shit on El Salvador. I've even had hundreds stolen from me (likely from the FinCEN) in transmission.

If the civil unrest keeps increasing they might need to find a compromise to give into the protests.
What are you talking about? The protests were in 2021. The biggest danger is that Bukele changes the Constitution, so he can remain in power beyond 5 years. He has like an 80% approval rating, so many are likely to support it. He showed up in the Legislature, during session, with the military and surrounded the place. After that, there were talks of changing the Constitution but it has all been in secret. If changes were made to the Constitution, nobody yet knows.




13  Bitcoin / Bitcoin Discussion / Re: Why has bitcoin adoption failed in El Salvador? on: August 30, 2022, 12:27:21 AM
I thought that Strike was also popular in El Salvador, ...

Jack Maller was involved in getting BTC adopted as legal tender. But NOBODY uses strike nor do they hold their own keys.  

I personally have not even used the lightning network ... but sure they are custody wallets too from my understanding.

Yes. It is difficult to setup. To custody your own watchtower you need to (a) fund it and (b) have other people fund it. It tends toward money transmitters like Bitfinex who have the most liquid channels. I had to give my keys to two other organizations to try to pay my Internet bill over $LBTC. Neither worked and I paid $10 in fees to add and remove from their watchtower.

I wonder if any El Salvadoreans are using any of those wallets?


No. There is not one Lightning channel in El Salvador; it appears the closest are in Mexico and Panama: https://explorer.acinq.co/

Everyone uses the "Chivo" wallet, which is sort of like Tik-Tok biometrics meets WeChatPay in China. There is an option to pay with Lightning but there is no verification. I am convinced what they call Lightning is simply a database on the Bitso exchange. Chivo is the only regulated way to buy Bitcoin in El Salvador. There were a few BTM providers at popular spots, but the government took over the BTM business by placing them all over the country and adding a 2% spread. You need to have a +503 (Salvadoran) phone number, DUI (their state ID) or passport registered with the government to buy Bitcoin from Chivo vending machines (BTMs). Signs at stores says, "Chivo accepted here" not "Bitcoin accepted here," except Pizza Hut which prices in satoshis.

Very few understand keys, blockchain or fees. Most receive Bitcoin and immediately convert it to $USD. I hope it changes, poco a poco.

Regarding your AirBnb.. I would imagine that there is more demand for various hotels and Airbnb.

Yes, there are MANY more AirBnbs offered.

I'll keep trying to educate my friends on the difference between a government database and Bitcoin. It's a slow go. People will eventually catch on (when they have a Chivo wallet frozen). While SV (El Salvador) has its issues in implementation, it is f***ing sweet to have as legal tender. It makes life so much easier on many fronts.
14  Bitcoin / Bitcoin Discussion / Re: Why has bitcoin adoption failed in El Salvador? on: August 29, 2022, 01:28:22 AM
It has not failed, though it appears adoption is slow everybody has access to the Chivo wallet and can spend at Super Selectos, Simon and other large chains. Individuals also accept it, but you do not see ... such as services rendered from the US (gardening, medical, cleaning). There was more than $50M in remittances in the past year.

A major problem is that most do not understand "not your keys? not your coins." In fact, it appears as though many of the $LBTC transactions may actually be Chivo-to-Chivo because I have tried paying two separate parties with Lightning and it did not work. I even tried both implementations and paid the $4 watchtower fee. It's a little concerning that the government holds all of the keys on an exchange in Mexico called Bitso.

But the cool thing is they can accept from any BTC wallet and send to any BTC wallet. Plus, it is ONLY BITCOIN - which is huge. That drops everything else out of the equation and they are building legal securities infrastructure (with the help of Simon Dixon and Blockstream) on top of Bitcoin.

Have a good day. And, please, visit the eastern part of El Salvador ... a place called Tropico Inn at El Cuco is a local favorite for those living in San Miguel (the largest city near to where Bitcoin City is slated to be.) Come visit the east not just San Salvador and drive via Usulutan not San Vicente, it's faster. I have an Airbnb if anyone is interested.
15  Bitcoin / Bitcoin Discussion / Re: Why is no one worried about this on: August 21, 2022, 04:28:02 PM
What are we going to do about the 2 billion worth of BTC that Mt Gox plans to release very soon to the public, won't this make BTC crash heavily or the rumour is fake?.

I think they learned their lesson in 2017. They will likely sell to "accredited investors" through the OTC market.
16  Alternate cryptocurrencies / Altcoin Discussion / Re: What are your thoughts on Ethereum Classic (ETC) with the upcoming ETH merge? on: August 21, 2022, 04:22:10 PM
Quote from: bittraffic
ETH POS is just not going to convince supporters of decentralization. The biggest validators will soon be the centralized exchanges and institutions we know today while the validators are also going to be forced by regulators like SEC to track transactions and probably even freeze funds thru these CEXs.

I agree and would say that's a strong possibility as we already see staking today taking place on the exchanges. With the price of ETH high not many people have the ability to solo stake. It seems centralized to me and open to government influence. But I have thought that since I sold most of my ETH at $50  Undecided

... ETC is for POW miners who are really die-hard mining it. So why would they choose to migrate now instead of starting it first? They probably want to stay with ETH mainchain because it's the main one. 


Many with 5GB memory chips will stay with ETH until the end because it is the most profitable coin to mine. Few miners would leave 41% higher returns on the table, unless forced to do so as happened with the recent DAG increase. Many have sunk thousands into mining hardware and will seek ROI, which now takes years ...

Owners of GPU miners will still have to make a choice and connect their machines to another network. 

It ain't just GPU miners on Ethereum. They have purpose built ASICs going from $1000 to $30000. This one is $27k: https://ipollo.com/products/ipollo-v/


But can't feel too bad as they make the choice to buy it. Mining is full of overpriced equipment and unexperienced people do not know to take into account difficulty increase. But people with this equipment will seek ROI and really only have ETC as an alternative. This will move up hash rate by force instead of it following price. It will be tricky for miners and could end up being another Dash situation (where you need to pay $0.01 per kW/h to make $0.10 per day with the best equipment).


With Ethereum Classic, it is similar to Dogecoin. It is truly to say there are more developments for Ethereum Classic than Dogecoin that nearly has no development.

That makes me think that both are driven by community and actually decent because  they are not a scam. Many of the ERC series tokens are designed to make a dev team or individual wealthy. DOGE had massive returns and became a meme coin after being "dead" for 8 years or more. I wonder if the same could happen with ETC.

My biggest issue with ETC was when the 51% attack occurred. But that seems less likely now. And looking at the ECIP (Ethereum Classic Improvement Proposals) list, there seems to actually be a lot of devs working on the core software: https://ecips.ethereumclassic.org/core. But there aren't the front end developments like DeFi and such.

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It seems to have some strong fundamental potential for attention and price rise. Instead of buying and ERC20 token, paying $70 to "bridge" to a new network via an unknown and unregulated third party website, like zapper.fi, it seems like a path of lower resistance to use the same programming language on the other Virtual Ethereum Machine. It'd certainly be easier for those less technically inclined. And it has the scarcity component of only 210,700,000 to exist, instead of ETH with a max supply of ∞



17  Alternate cryptocurrencies / Altcoin Discussion / Re: Merged Mining with Bitcoin for Ethereum Classic? on: August 21, 2022, 02:38:06 AM
I think Classic will be broken sooner or later. It also continues to waste resources.

It has already experienced a 51% attack when the hash power was at it's lowest. I think they rewrote something like 100 new blocks.  

Couldn't Classic be switched to Merged Mining with Bitcoin (if Classic were to be switched to SHA-256)?

I don't think Ethereum Classic is as centralized as ETH, but not sure. DOGE is merge mined with LTC because Jackson Palmer was the creator and only dev of the project. He wanted to quit and not compete. Cool to get both if you mine, but I don't think the community would move together. People are paying $1000 for miners that make $5 per day; they will want their ETCHASH investment back.
18  Alternate cryptocurrencies / Altcoin Discussion / What are your thoughts on Ethereum Classic (ETC) with the upcoming ETH merge? on: August 21, 2022, 01:59:51 AM
I mined a few ETC back in the day and have always thought it could be a simple alternative to Ethereum's high fees, but there doesn't seem to be much development on it. And I hear some of the devs who were involved in the Segwit2x scheme use it as a sandbox. When I add it to MetaMask, the price doesn't show up. I don't know much about it, except it's the original chain after some hack.

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.
19  Bitcoin / Bitcoin Technical Support / Re: Can I change Lightning invoice to pay with regular Bitcoin (on-chain)? on: February 23, 2022, 11:20:09 PM
Thanks. I was trying to avoid losing control of my keys and have third-party risk. 

It looks like Exodus mobile wallet makes it really easy to move funds to and from Lightning via the Wallet of Satoshi.
20  Bitcoin / Bitcoin Technical Support / Can I change Lightning invoice to pay with regular Bitcoin (on-chain)? on: February 23, 2022, 08:40:14 PM
I am trying to pay for my Internet bill in El Salvador on https://sv.mipagoclaro.com/#/.

The problem is they only accept Lightning. I control my keys and have not been able to set up a Lightning node through the Core client.

I believe my options to be:
      1. Setup a Lightning node and add liquidity, connect with others
      2. Install a 3rd party program, but which one allows me to control my keys?
      3. Pay someone I know in Bitcoin to their Chivo wallet and have her pay for me
      4. Use the SWIFT network

or


Is there a way I can convert the BTC Pay Lightning invoice to regular Bitcoin, so I can just send the payment with fiddling around or giving my keys to someone else?

Thank you.
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