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Question: What happens first:
$65,000 - 59 (86.8%)
$48,000 - 9 (13.2%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26327926 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. (170 posts by 1 users with 9 merit deleted.)
fillippone
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June 29, 2019, 05:24:52 PM
Last edit: May 16, 2023, 07:39:00 AM by fillippone



DATALIGHT RESEARCHES

Lightning Network Study. Will this technology become the new standard for Bitcoin transactions?


https://datalight.me/blog/researches/lightning-network-study-will-this-technology-become-the-new-standart-for-bitcoin-transactions/

Among other things that I have read:

- Bitcoin block size 1Mb.
- The Bitcoin network to transfer big amounts.
- LN for micropayments.

It's fine for me. (but we have to decentralize LN.) Wink

I want LN to work but setting up a wallet is not as simple as downloading a bitcoin wallet and adding some funds.
Last time I tried it I either had to have a node running that I attach to, or use some service that runs a node for me. And even then, I had a hard time with it.

It's a similar problem with OpenBazaar. To buy or sell you need to download the software and run a node or pay for a service.

It reminds me of when I was trying to use gold as a currency. You could pay for a service to hold your gold and secure it and then pay a percentage to spend it via a debit card. The whole point of why I like Bitcoin is that you don't have to pay a monthly fee for someone to secure it for you.

Is there technology down the pipe that will make LN more user friendly? Is it possible?

Bitcoin is in competition with physical gold as a store of value. It has to prove his reliability over the centuries as gold did, Bitcoin is ingot 10 years old, still can fail, but I see good chance can achieve constant real purchasing power over very long time arc as gold did.

LN is in competition for MoP, mean of payments,  with credit cards, until the user experience is not at par with credit cards, you can basically use without even taking it out your wallet , or integrated in your mobile (Apple Pay) Lightning Network will face tough competition.
In addition to that credit card have some advantages: for example censurability for small payments could be a nice feature ( what if the merchant charges an erroneous amount and I don’t immediately realise it?)
We are bitcoiner, but we don’ Need to be zealots.

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June 29, 2019, 05:27:50 PM
Merited by JSRAW (1)

It kind of pissed me off. I was taking my sweet ass time accumulating in the $3K-$4K range. I assumed we'd probably still be there now.

I only ended up re-buying half of what I had originally planned - why couldn't we have just panic bought like bitches instead of being so methodical? Tongue

Still, can't complain.
I planned to buy in big at 2700-2800.  I knew 3000-4000 was cheap long-term, yet I got greedy again, still beating myself up about that.

very understandable  Undecided

I know this is a tendency that people have, but I still have difficulties giving a lot of sympathy to the wait for lower prices approach.

For sure, I sympathize with the approach of "still having money available" in case the price goes to $2,700-$2,800, and even having had been prepared for  "still having money available" for a whole hell of a lot lower BTC prices that are quite a bit lower than reasonable expectations, because we know that BTC can be unreasonable and has shown a decent number of times to be unreasonable, but I still have difficulties with having regrets about not buying.

In my thinking, you buy whatever you are able to buy while still being prepared for either UP or DOWN.  Even I was running low on fiat funds, especially after the BTC price dropped below $6k because I largely bought a decent amount back with the nearly 70% plunge down to $6k.  So, yeah, when the plunge got close to the 85% territory (which was the $3,122 area), I did not have a lot of money left for buying BTC... and I had to restructure some of my available dollars and to re-figure out some future cashflow  in order to at least have some money that I would be able to use in the event that BTC were to go even lower than that $3,122 local low...   

So, yeah, having money available and re-thinking the situation should be a pretty normal and prudent exercise that any BTC HODLer/accumulator would do, so once the cash flow and the cash holdings and the expenses are figured out, we still had about 4.5 months in that sub $4k price area to figure out how much of our funds that we could buy at that point and how much we needed to keep in reserves in case the price went lower than the then local low of $3,122. 

Maybe any regrets would be of having had not set a sufficient amount of time to really consider one's personal situation, and then once the BTC price went up on 4/1/19 and broke through $4,200 not to have regrets about whatever, position that a guy (or gal) had taken prior to 4/1/19?

So, in that regard, the main conundrum should have been to ponder about what could be learned from the situation.  What can be learned to make better assessments in the present based on present circumstances that includes considerations of what will happen in the future and being able to reconsider when the future time comes, as well.... 

TLDR: I do understand that people can sometimes feel "regrets" yet feeling regrets should be a motivator for learning, and such learning would be how to spend a sufficient amount of time to consider one's own situation, finances and thoughts, in order to lessen any kind of likelihood of feeling regrets in the future.
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June 29, 2019, 05:28:02 PM
Merited by JayJuanGee (1)



DATALIGHT RESEARCHES

Lightning Network Study. Will this technology become the new standard for Bitcoin transactions?


https://datalight.me/blog/researches/lightning-network-study-will-this-technology-become-the-new-standart-for-bitcoin-transactions/

Among other things that I have read:

- Bitcoin block size 1Mb.
- The Bitcoin network to transfer big amounts.
- LN for micropayments.

It's fine for me. (but we have to decentralize LN.) Wink

I want LN to work but setting up a wallet is not as simple as downloading a bitcoin wallet and adding some funds.
Last time I tried it I either had to have a node running that I attach to, or use some service that runs a node for me. And even then, I had a hard time with it.

It's a similar problem with OpenBazaar. To buy or sell you need to download the software and run a node or pay for a service.

It reminds me of when I was trying to use gold as a currency. You could pay for a service to hold your gold and secure it and then pay a percentage to spend it via a debit card. The whole point of why I like Bitcoin is that you don't have to pay a monthly fee for someone to secure it for you.

Is there technology down the pipe that will make LN more user friendly? Is it possible?

usability and accessibility are some key factors to make a technology successful. LN developers know what and are working hard on apps with good user experience.

Do you know these LN projects?

Android/IOS Apps
BlueWallet - https://bluewallet.io/
Wallet of Satoshi - https://www.walletofsatoshi.com/

LN node
Spark + c-lightning for the DIY - https://medium.com/@notgrubles/spark-a-new-gui-for-c-lightning-2cf2f024500c
casa node for the lazy - https://store.casa/lightning-node/

Services
Lightning Pizza - https://ln.pizza/
polofeed - https://pollofeed.com/
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June 29, 2019, 05:35:16 PM
Last edit: June 29, 2019, 05:55:20 PM by jbreher

jbreher - You do still believe that wright is Satoshi, correct?

Where the hell did you ever get that idea? I have never said that I believe Wright is Satoshi. Indeed, I have publicly stated several times right here within this thread that I consider the prospect unlikely. Though possible.

Quote
what about his moral character? do you believe he is ethical?

Well, I've never interacted with him directly. Accordingly, it is rather hard to gauge moral character. But I have seen nothing in his actions that would make me suspect that he would commit aggression against another.

Quote
what about his supposed tech genius?

Again, I don't know what contributions he has made, as opposed to others in the organizations with whom he is associated. Though I have listened to a number of his statements, read a number of his posts, and studied a few of his patents. In the above, I have seen some unique insights that have turned out to be true, some points that the community has ridiculed that still seem they may be true, some things that I believe were outright errors, etc. So as with pretty much everybody, the story is somewhat of a mixed bag. But from the evidence at hand, yes. I find the term 'tech genius' is likely warranted.

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wouldn't be possible for him to make a mistake like this would it?

What mistake? Allegedly claiming that a certain address was his, when it may have been shown not to be? I dunno. Let's see what the trial brings out on the topic.

Why all the questions for me?
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June 29, 2019, 05:44:50 PM

Relaying bytes:

Quote from: Shelby

Accordingly, capex will have a longer profitable time horizon, leading to the above equation being even more dominated by opex -- which is in turn energy cost.

Which in turn is capex, e.g. solar panels run during the daytime to lower average cost per KWH. Solar panels are as low as $0.02 per KWH now and costs are dropping 20% for every doubling of production per Swanson’s Law.

Also you seem to not appreciate that the payback duration on the mining hardware is dominated by the hardware costs, not the electricity costs, especially for Ethash.

Thus @realr0ach doesn’t really have any holistic point. You seem to liter argumentation with irrelevant details because ostensibly you think being correct on every irrelevant detail is meaningful. That is the myopic mindset of a “nuts & bolts”, shirt-pocket-calculator engineer, but not the mindset for greatness and leadership. I prefer to attempt to extract the relevant from the irrelevant.

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June 29, 2019, 05:45:45 PM

Who's spamming the network?

https://btc.com/stats/unconfirmed-tx

107 satoshis to 3 satoshis per vbyte in a matter of minutes.
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June 29, 2019, 05:45:59 PM

Moving to Zimbabwe for a bit cuz reasons.  Cool

https://oracletimes.com/bitcoin-btc-sells-for-50000-in-zimbabwe-after-the-government-banned-it-last-year/

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June 29, 2019, 05:46:06 PM

having to clarify misrepresentations of The Other Bitcoins does indeed get tiresome. But I soldier on. Because truth is important.

Yes, stupid ass.  The "truth" is important, and you should already know that there are no other bitcoins, you purposefully misleading dumbass.  There is only one bitcoin. 

These other projects that you want to suggest that are "bitcoins," are merely bitcoin wannabes that are never going to become bitcoin because: 1) bitcoin is not broken and 2) the fucktwat imitation projects are way too incompetent in themselves to even approach anything even close to bitcoin because a) they are largely lacking community support and b) lacking integrity in terms of their own small community greed (and desperation fraud-like) devolutions.
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June 29, 2019, 05:52:58 PM


Release r0ach into the wild & a 100BTC bounty for who finds, kills & puts his head on a spike?
I’m definitely up for that!
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June 29, 2019, 05:53:30 PM

https://www.zerohedge.com/news/2019-06-29/bitcoins-spectacle-renews-fight-within-hard-money-camp

"But, then again, there’s no cure for being Peter Schiff.

And that’s sad to say because a decade ago Schiff was someone I looked up to. Now he’s just another Wall St. punter wedded to his single solution, gold.

And he’s not alone in the Austrian community.

When you’ve wedded yourself to a particular idea long enough,gold, it’s easy to misread the changes staring you in the face. Technology changes the definition of money all the time. It is a constant of history.

And the thing about the free market is that it doesn’t care about your opinions or ‘muh fealz.’ It just does its thing, responding to the needs of the people who make it up."


Some obvious observations in this article to the chosen of us known as the WO familia (WO mafia?  Shocked)but well stated nonetheless.
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June 29, 2019, 05:59:27 PM


Release r0ach into the wild & a 100BTC bounty for who finds, kills & puts his head on a spike?
I’m definitely up for that!

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June 29, 2019, 06:00:00 PM

Relaying bytes:

Quote from: Shelby

Accordingly, capex will have a longer profitable time horizon, leading to the above equation being even more dominated by opex -- which is in turn energy cost.

Which in turn is capex, e.g. solar panels run during the daytime to lower average cost per KWH.

Oh gawd. Reductio al absurdium? Fine. I can play that game too.

Your solar panels are nothing but raw stuff existing within the crust of the earth, plus energy expended to extract, refine, alloy, and form it.

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June 29, 2019, 06:08:12 PM

in other rolly eyes
https://www.dailymail.co.uk/sciencetech/article-7194019/U-S-Navy-patents-theoretical-ship-bends-physics-speed-air-water-space.html
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June 29, 2019, 06:17:47 PM


 Isn't that patent held by Craig Wright?
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June 29, 2019, 06:18:19 PM
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your statement is thus erroneous
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June 29, 2019, 06:23:39 PM

Who's spamming the network?

https://btc.com/stats/unconfirmed-tx

107 satoshis to 3 satoshis per vbyte in a matter of minutes.
I think it's the wallet software users are using. People tends to use the recommended fees by the wallet software. Yesterday I had a 1 sat/Byte tx cleared. It was hanging there for last few days but I did not bother.

I think people are overpaying because of ignorance.
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June 29, 2019, 06:30:42 PM


He also holds a patent on room temperature super conductivity?

Looks like the guy solved all of humanities problems for the next 500 years lol
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June 29, 2019, 06:32:28 PM

Who's spamming the network?

https://btc.com/stats/unconfirmed-tx

107 satoshis to 3 satoshis per vbyte in a matter of minutes.
I think it's the wallet software users are using. People tends to use the recommended fees by the wallet software. Yesterday I had a 1 sat/Byte tx cleared. It was hanging there for last few days but I did not bother.

I think people are overpaying because of ignorance.

I have to admit I always pay a little over the recommended fee. I don’t like hanging around, waiting. It makes me paranoid. When I was claiming BCH the other year & moving coins I fucked up & paid low fees due to the wallet I was using. I was not happy.

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June 29, 2019, 06:37:13 PM

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June 29, 2019, 06:39:30 PM



I have to admit I always pay a little over the recommended fee. I don’t like hanging around, waiting. It makes me paranoid. When I was claiming BCH the other year & moving coins I fucked up & paid low fees due to the wallet I was using. I was not happy.


I do not mind waiting unless I am sending them in an exchange. In the last few months I think the most I paid was 20 sat/byte, only in few occasions. Most of the time I go with 1 or 2 sat/byte LOL

And on average I do weekly few bitcoin transactions.  

For a tx of 1 or 2 sat/byte the max I think I waited three days so far and it was my latest tx which was confirmed sometimes yesterday.
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