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Question: How much of your corn do you plan on cashing out in the next massive bull run?
None - 19 (19.6%)
1-10% - 11 (11.3%)
11-20% - 12 (12.4%)
21-30% - 15 (15.5%)
31-40% - 4 (4.1%)
41-50% - 10 (10.3%)
51-60% - 8 (8.2%)
61-70% - 5 (5.2%)
71-80% - 3 (3.1%)
81-90% - 2 (2.1%)
91-99% - 0 (0%)
100% - 8 (8.2%)
Total Voters: 97

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21781042 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (147 posts by 36 users deleted.)
realr0ach
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January 12, 2019, 11:23:40 AM



You are the last person on earth (besides JayJuanGee) qualified to determine whether Lightning Network is a scam or not.  It does not matter how you attempt to spin it, Lightning Network is an exact replica of the current banking system that already exists with all of the same negatives.  It would be the banker's greatest dream for everyone to use Lightning Network.  

There's too much to explain about why it's complete garbage, but just one example in particular involves transaction validator nodes.  In the base bitcoin model this is going to be the miners and the miners are required to compete in terms of economic soundness and efficiency in their operation.  Since the state is the bankers, they can then implement huge red tape and regulation, killing off any 'hobby' miners or really any competitors in general except themselves.

So it's pretty easy for the banks to completely control bitcoin already as is with blacklists and everything else, turning into a complete dystopia, but they do have at least some small inconveniences in their way.  With Lightning Network, there IS NO hashing for them to do, they can simply regulate everyone else out of existence with red tape, then they control ALL Lightning router nodes and collect their vampiric usury fees off every transaction with no skin in the game.  In other words, there's ZERO difference between that and current banking.  Banks collect infinite interest by taking a cut of every transaction with no skin in the game and own the planet.
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El duderino_
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January 12, 2019, 11:25:30 AM

^
To quote me other thread THX in advance
Troll r0ach
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January 12, 2019, 11:33:49 AM

^
add a price Maybe..... its a good way to get back into BTC perhaps
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January 12, 2019, 11:34:09 AM

Had my 24 word seed tattooed along my penis, the burglar will have to impress me somehow before they can steal it.

Forget about burglar. stay away from Gold diggers  Grin
Wekkel
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January 12, 2019, 11:36:55 AM

[...]Lightning Network is an exact replica of the current banking system [...]

You have to upgrade your thinking.... Roll Eyes
realr0ach
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January 12, 2019, 11:42:31 AM

[...]Lightning Network is an exact replica of the current banking system [...]

You have to upgrade your thinking.... Roll Eyes

You people are clueless if you think all Lightning nodes that route transactions won't be run and controlled by the banking entitites that already exist.  They can simply make it that way with the stroke of a pen.  Banks are not traditionally in the semiconductor business, so that has slowed their ascent of taking control of bitcoin mining, but Lightning doesn't require mining.  It's the playground of their already existing business model, to just insert themselves in as middlemen by regulation with the following result:

Banks collect infinite interest by taking a cut of every transaction with no skin in the game and own the planet.
El duderino_
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January 12, 2019, 11:43:26 AM

[...]Lightning Network is an exact replica of the current banking system [...]

You have to upgrade your thinking.... Roll Eyes

No room for upgrade

As not in NAZIthinking
As not in valueble asset thinking
As not in woman thinking
As not in *can’t disturb the WO* thinking
As not in many things

He’s fully upgraded for TROLLING

Only it seems he’s not willing to TROLL in the place special created for him Roll Eyes

What are we gonna do Grin
VB1001
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January 12, 2019, 11:45:34 AM

Shorts and Longs graphics.



https://en.tradingview.com/symbols/BTCUSDSHORTS/



https://en.tradingview.com/symbols/BTCUSDLONGS/

Cassius
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January 12, 2019, 11:48:35 AM

^^ Not bullish. Ready for a long squeeze.
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January 12, 2019, 11:53:35 AM

Of course lightning is a far weaker system than Bitcoin offering far less security and censorship resistance. It's designed that way swapping security and censorship resistance for scalability. If you need Bitcoin level security and censorship resistance pay for an on-chain Bitcoin transaction.

Additionally, if lightning ever proofs to not work good enough it can be disregarded altogether. Finally several lightning-like protocols can theoretically exist at the same time (although winner takes all seems way more likely, but perhaps there exists some niche with different requirements).
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goodbye sweetest cat of em all


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January 12, 2019, 11:53:57 AM
Merited by vapourminer (1), JayJuanGee (1)


How do you secure your security seed? Honest question

Writing/engraving it down in multiple places of trust. No photos are allowed.
Also switching around a couple of words, would "secure" the seed in the event of an intruder finding it.
Need to remember which words of course.
You can bring some extra security in the steelplate (paperwallet) solution by dividing the phrase in three parts where you need at least two for the complete phrase. You can store them at three different locations.




Source: https://www.reddit.com/r/ledgerwallet/comments/83ecqy/how_you_can_store_your_recovery_words_very_safely/
Quote
Here are the steps required:

So what you need first is an engraving pen that can engrave steel. Those cost less than 20 dollar and can be used to engrave anything, so may come in handy later for a gift or whatever. Those can be bought cheap on amazon for example.

Next thing you need is something to engrave to. I used cheap dog tags, a pack of 25 for ~5$ from China (banggood IIRC). But you can use whatever you want, 3 simple plates of old scrap metal work too.

Then you split the metal up in 3 groups.

Last step: You engrave your recovery words on them. If you use tags, you need 8 per group, because you can engrave front and back. So the first group gets words 1+2, 4+5...; The second group gets 2+3, 5+6...; and the third group gets 1+3, 4+6...; This only takes a few minutes, maybe half an hour if you're not used to a tool like the engraving pen.

It's done. You can now deposit each group of words in 3 different locations. You need 2 groups to recover your seed, so a thief can't do anything with it, while you still can restore the phrase easily. And your seed even is immune to water damage or whatever. Hope this helps!
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January 12, 2019, 11:55:53 AM

Bart followed by inverse Bart?



realr0ach
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January 12, 2019, 11:57:53 AM

Of course lightning is a far weaker system than Bitcoin offering far less security and censorship resistance.

You miss the point it does nothing to fix the current monetary system.  The fact bitcoin is designed around having built-in, rent seeking middlemen who you need to ask permission from to move the coins you supposedly own, and then need to pay a ransom extortion fee to, should be a red flag to any non-idiot that bitcoin at it's core does really nothing to alter the evil banking system that currently exists.  The variable of fixed money supply in bitcoin vs infinite fiat supply is pretty much a giant red herring to distract people in this regard.

The real issue at hand isn't the variable of supply, but the ability of people to insert themselves into the middleman position and siphon off wealth while doing virtually nothing, collecting infinite interest, and ownining the entire planet in the process.  The banks do this in their current business model, and both bitcoin and the lightning network are designed the same way.  So nothing really changes in the end.

Physical metals, on the other hand, DO NOT have built-in middlemen like bitcoin and the current banking system do.  If I attempt to spend a bitcoin, I am involuntarily making someone else rich in the process - the designed to centralize, built-in middlemen mining monopoly or lightning node monopoly.  If I attempt to spend a gold, silver, or copper coin, NOBODY else is profiting off my transaction and sucking up all wealth in the universe in the process.
El duderino_
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January 12, 2019, 11:59:02 AM

Bart followed by inverse Bart?





Go and defend your WIN
Based on that
Grin
Globb0
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January 12, 2019, 11:59:24 AM

Where you can freely take your silver and gold bars through any airport
rebal15
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January 12, 2019, 12:01:27 PM

[...]Lightning Network is an exact replica of the current banking system [...]

You have to upgrade your thinking.... Roll Eyes

You people are clueless if you think all Lightning nodes that route transactions won't be run and controlled by the banking entitites that already exist.  They can simply make it that way with the stroke of a pen.  Banks are not traditionally in the semiconductor business, so that has slowed their ascent of taking control of bitcoin mining, but Lightning doesn't require mining.  It's the playground of their already existing business model, to just insert themselves in as middlemen by regulation with the following result:

Banks collect infinite interest by taking a cut of every transaction with no skin in the game and own the planet.

So there is no way to escape from banks.
realr0ach
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January 12, 2019, 12:01:32 PM

Where you can freely take your silver and gold bars through any airport

Stupid example.  It's like claiming since you can't freely move your house at the speed of light to Mars, a house has no value.  Humans, and everything of value that exists in the real world, are governed by the laws of physics. Imaginary things of no value aka digital timestamps, are not.  Doing anything in the real world requires both time and energy.  

Even bitcoin itself utilizes both time and energy, but it's to create an end product that's completely imaginary in nature.  You're expending much of the same resources of transferring gold, but accomplishing no real world result - entirely sunk cost fallacy.
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January 12, 2019, 12:07:12 PM

MACD is hooked, or goes up or down, is weekend, more complicated, but there may be a squeeze, many hours on the side. Cool


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January 12, 2019, 12:07:17 PM
Last edit: January 12, 2019, 12:20:17 PM by Wekkel

Of course lightning is a far weaker system than Bitcoin offering far less security and censorship resistance.

You miss the point it does nothing to fix the current monetary system.  

Can only banks start a Lightning Network Node?
Can only banks validate LN transactions?
Can banks create Bitcoin out of thin air?

Your reasoning does not hold up under scrutiny.

Something else:


bitcoin nodes

I wonder how that relates to the spread of wealth in Europe  Roll Eyes
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January 12, 2019, 12:16:09 PM

How do you secure your security seed? Honest question

Cryptosteel or similar, stored in a safe
https://cryptosteel.com/

and/or

Shamirs Secret Splitting
https://iancoleman.io/shamir/

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