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Question: When will we see a new ATH?
October - 19 (26.8%)
November - 11 (15.5%)
December - 22 (31%)
2022 - 11 (15.5%)
After 2022 - 8 (11.3%)
Total Voters: 71

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25443819 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. (157 posts by 13+ users deleted.)
Arriemoller
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April 28, 2021, 05:04:54 AM

The L1/L2 distinction is not only a Bitcoin thing; it addresses problems which are fundamental to blockchain architectures.  As the market matures, developers and users will come better to recognize which transactions belong on a blockchain, and which don’t.  A beneficial side effect of Bitcoin’s scaling debates is that Bitcoin is years ahead of any altcoin in L2 developments.  (Notwithstanding how Ethereum has been spinning its wheels with L2 talk; it has much worse scaling problems than Bitcoin, and thus far much less to show in terms of solutions.)

The problem is that Bitcoin itself is not adequate to support the L2 systems being constructed for it. (Something explicitly acknowledged by the LN developers by the way). The problem is not that Bitcoin is inadequate to the purposes to which I would like to see it put (which might have fallen by the wayside, admitedly) but also to those you are suggesting for it.

I'm not going to argue for bigger blocks right now though. I think the need is going to become ever more self evident. Indeed, the recent hashrate crash would have been largely a non-even if there was adequate capacity.

"I'm not going to argue for bigger blocks right now though" argues for bigger blocks.

Stop your bcash shilling!!!
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Arriemoller
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April 28, 2021, 05:08:52 AM


If I personally had to chose, I would rather live in a MacArthur society that nips all socialism in the bud, then in the type of society the USA, and many other countries, is turning into now.
I would be fine with outlawing communism and radical socialism.
Richy_T
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April 28, 2021, 05:12:37 AM


I think that in then end, even though those are good technical and developer topics, they really do not seem to be too helpful to discuss in threads like this because they seem to be focusing on pie in the sky scenarios that had about a snow balls chance in hell of happening, so we should not be giving them any more emphasis than that.  

That's probably fair.
ErisDiscordia
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April 28, 2021, 05:36:24 AM

The application of this for Bitcoin could be to code your wallet seed phrase in this way by choosing a book and finding those seed words in the book and converting them to 5 digit numbers.

Without knowing from which book and the exact print edition (your key), your seed phrase is reasonably safe.

The cryptographers here will be able to punch holes in this but for good enough protection for regular folk it could work quite well.

Yes, they will.  So don’t do it.

*snipped brainwallet talk*

Using phrases from books as your seed phrase seems obviously insecure. Even if you use a further encryption method of your own design.

What about passphrases, though? Let's say you have your seed properly generated & stored in a secure manner. How much additional security would a six word phrase from a book provide? What about six words, picked from one book, using a method of your own design? How would the entropy generated this way compare with the entropy of six randomly generated words (such as throwing dice & picking words from the diceware list)?

Random six word passphrases are generally recommended as secure enough. Their downside is that while they are much easier to remember than secure strings of alphanumberic + symbols, they are still hard to remember, especially if you use more than a few. When using a method to generate 6 words from books, you just have to remember the method and which books you used. Is it comparably secure to storing your passphrases in a password manager or on paper in a hidden location?

This way, your wallet has 3 layers of protection: your seed phrase, your passphrase generation method and the knowledge of which particular print of a book to use. At this point I believe your biggest risk of loss is clearly yourself & the multiple points of failure you have set up Smiley

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April 28, 2021, 06:01:36 AM


McCarthyism is clearly one of the problems, but I think it is more than that. Constant propaganda from the biggest mainstream media outlets dating back to the Vietnam war (perhaps further back), which makes it almost impossible to discuss as people tend to trust what they learned from mainstream media over the past decades.

How are these media lies created? A starting point...

Former CIA Agent John Stockwell Talks about How the CIA Worked in Vietnam and Elsewhere
https://www.youtube.com/watch?v=NK1tfkESPVY

CIA Officer Frank Snepp Discusses Planting Stories in Vietnam
https://www.youtube.com/watch?v=UwerBZG83YM

These agents both went through CIA lawsuits after telling the truth, more info on that in Wikipedia:
https://en.wikipedia.org/wiki/John_Stockwell_(CIA_officer)
https://en.wikipedia.org/wiki/Frank_Snepp


I think a healthy approach is to distrust all news sources to some degree, and build from that. Triangulation of media outlets; pick at least three with different views (not just mainstream, use independent media as well) in an attempt to get closer to the amoral truth. Perhaps this goes without saying, as traders in WO it's best to stay well-informed, dig really deep even when it upsets your previous dispositions.

If mainstream media is all you have consumed in the past it is high time to re-evaluate what you know about Bitcoin, the Fed, wars, socialism, Cuba, Russia, etc.
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April 28, 2021, 06:03:49 AM
Last edit: April 28, 2021, 06:15:36 AM by DaRude

Do you have a citation for that?

https://lightning.network/lightning-network-paper.pdf

Quote
If all transactions using Bitcoin were conducted inside a network of
micropayment channels, to enable 7 billion people to make two channels
per year with unlimited transactions inside the channel, it would require
133 MB blocks
(presuming 500 bytes per transaction and 52560 blocks per
year). Current generation desktop computers will be able to run a full node
with old blocks pruned out on 2TB of storage.
...

To me this sounds like we're already just 133x away or two orders of magnitude from covering whole world wide population. So at current stage should be enough capacity to meet current needs with LN. How do other blockchains (lol) compare in regards to being able to cover whole human population, say 100 transaction/human/day?
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April 28, 2021, 06:15:10 AM

Do you have a citation for that?

https://lightning.network/lightning-network-paper.pdf

Quote
If all transactions using Bitcoin were conducted inside a network of
micropayment channels, to enable 7 billion people to make two channels
per year with unlimited transactions inside the channel, it would require
133 MB blocks
(presuming 500 bytes per transaction and 52560 blocks per
year). Current generation desktop computers will be able to run a full node
with old blocks pruned out on 2TB of storage.
...

To me this sounds like we're already just 133x away or two orders of magnitude from covering whole world wide population. So at current stage should be enough capacity to meet current needs with LN. How do other blockchains (lol) compare in regards to being able to cover whole human population?

I'll just bold up a couple of parts of that myself. Again, take a gander at how LN works and see if you think only two channels will be sufficient unless massive centralization occurs.
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April 28, 2021, 06:21:10 AM
Merited by El duderino_ (10)

Solution:  Don’t run executable code from unknown sources.

The .exe might be perfectly fine, from a known source. Yet malicious payload might be hiding in .dll

Freshly downloaded .dll from a compomised update (supply chain attack).

According to your logic, these 29,000 users did nothing wrong:

Quote
As many as 29,000 users of the Passwordstate password manager downloaded a malicious update that extracted data from the app and sent it to an attacker-controlled server. Bad actors compromised its upgrade mechanism and used it to install a malicious file on user computers.

They trusted the software and its update mechanism.
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April 28, 2021, 06:31:43 AM
Merited by Hueristic (1)

I think a healthy approach is to distrust all news sources to some degree, and build from that. Triangulation of media outlets; pick at least three with different views (not just mainstream, use independent media as well) in an attempt to get closer to the amoral truth. Perhaps this goes without saying, as traders in WO it's best to stay well-informed, dig really deep even when it upsets your previous dispositions.

If mainstream media is all you have consumed in the past it is high time to re-evaluate what you know about Bitcoin, the Fed, wars, socialism, Cuba, Russia, etc.

I remember how naively happy I was when alternative media online became a thing and people started to question the Status Quo more often. Turns out, most of them are happy enough to leave it at that, pat themselves on the shoulder for being smarter than the sheeple and promptly proceed to blindly start following whichever alternative media source happens to denounce the Status Quo (all of them) and confirm their biases. Some of them even parade on online forums, posing as "independent thinkers" who have "done their research"  Roll Eyes

Question all authority.
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April 28, 2021, 06:49:24 AM
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Do you have a citation for that?

https://lightning.network/lightning-network-paper.pdf

Quote
If all transactions using Bitcoin were conducted inside a network of
micropayment channels, to enable 7 billion people to make two channels
per year with unlimited transactions inside the channel, it would require
133 MB blocks
(presuming 500 bytes per transaction and 52560 blocks per
year). Current generation desktop computers will be able to run a full node
with old blocks pruned out on 2TB of storage.
...

To me this sounds like we're already just 133x away or two orders of magnitude from covering whole world wide population. So at current stage should be enough capacity to meet current needs with LN. How do other blockchains (lol) compare in regards to being able to cover whole human population?

I'll just bold up a couple of parts of that myself. Again, take a gander at how LN works and see if you think only two channels will be sufficient unless massive centralization occurs.

I highlighted a part too. Once the routing issues are solved, channel re balancing improves, and there are millions of interconnected LN nodes globally, i'd say 6-8/lifetime for a typical user should suffice. Naturally lowest skilled population would probably centralize to their local village node anyway, then a good chunk will use single Facebook/Venmo/Paypal/CashApp/Google/Amazon/regional tech giant channel just because big techs are giving them free stickers/smileys for selling their privacy. Repressive nations will end up tying their CBDCs into LN but will prohibit their population from using LN directly, majority will probably oblige. The point is not to force everyone on earth to buy their coffee on blockchain, but to give them an option, an alternative to current system if they wish to use it. Those who wish can open their own channel to nodes in US, Europe, Russia, South America, China, Europe and Africa and they'd already be exponentially more diversified than currently with all transaction going through either the mastercard or visa networks
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April 28, 2021, 07:29:56 AM

Solution:  Don’t run executable code from unknown sources.

The .exe might be perfectly fine, from a known source. Yet malicious payload might be hiding in .dll

Freshly downloaded .dll from a compomised update (supply chain attack).

According to your logic, these 29,000 users did nothing wrong:

Quote
As many as 29,000 users of the Passwordstate password manager downloaded a malicious update that extracted data from the app and sent it to an attacker-controlled server. Bad actors compromised its upgrade mechanism and used it to install a malicious file on user computers.

They trusted the software and its update mechanism.

Don’t run executable code.  only if they ask me first :p

Yes it's not limited to executable code any more, code injection from the know sources are the real threat these days for example these software updates are the real time code injection examples. If we are talking about hacking this would be no.1 cause and i would place backdoors and zero day vulnerabilities in same category of code injection.

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April 28, 2021, 07:49:36 AM

"Biden to sell historic spending plans in speech to Congress"
https://www.bbc.co.uk/news/world-us-canada-56910884

I'm confused with the reporting here, is it $6 trillion or $7.5 trillion in total?

Eye watering figures.  Shocked


I was just trying to imagine how much a trillion dollars actually is. This video helped.
I thought for a minute, no it's not the last one, it's the one a few steps back. But no, it IS the last one. And that is only ONE trillion dollars.

https://www.youtube.com/watch?v=aKrFFFpYgkU&ab_channel=AnimatedStuff

It took 10 years of interest from techies, traders, those interested in finance and now normies to invest savings and time for Bitcoin to reach that total marketcap figure.
Biden throws it around like it's nothing.
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April 28, 2021, 07:59:36 AM


McCarthy was right, you historically ignorant boob.  Though I guess you don’t know that if your sources of education are Hollywood, the mass media, the public schools, the the Communist Encyclopaedia to which you link-drop in lieu of a rational argument.

Much though he has been maligned and smeared (and as incompetently as he fouled up parts of the handling of his own investigation—which is how he got knocked down), McCarthy was right, and more right than he knew.  There was significant high-level Communist infiltration of the United States Federal government*—so much, and at such a high level, that a mere Senator was in way over his head.

Stop traducing one of the only good Senators that the United States has had within the past century.

* At this juncture, I am often bemused by some Internet idiot conflating Senator McCarthy’s investigation of infiltration of the USG with the House Unamerican Activities Committee’s investigation of Hollywood.  Those Hollywood Commies have really done a bang-up job miseducating the public.
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April 28, 2021, 08:05:05 AM

$6 trillion is about 240 NASA budgets.
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April 28, 2021, 08:12:36 AM

Boring sideways.
Give me some action!
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April 28, 2021, 08:37:06 AM

"Biden to sell historic spending plans in speech to Congress"
https://www.bbc.co.uk/news/world-us-canada-56910884

I'm confused with the reporting here, is it $6 trillion or $7.5 trillion in total?

Biden throws it around like it's nothing.

... it is precisely, nothing.

Printed up out of thin air with a Ctrl-P, or something similar as database entries at the Federal Reserve ... it's nothing, zilch, fugazee. Throw it around.
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April 28, 2021, 08:53:22 AM

Boring sideways.
Give me some up action!

ftfy
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April 28, 2021, 09:26:09 AM
Merited by LFC_Bitcoin (2), Hueristic (1), shahzadafzal (1)


https://twitter.com/spinte8/status/1387167093972422663?s=21
nullius
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April 28, 2021, 09:39:51 AM


That type of an “argument” can be made in either direction.  If I see one more whiner flipping out about NFTs as if it will make your digital fluids impure to touch any value-bearing instrument other than Bitcoin...  Moreover, in the context of an innocuous techno-gadget that you’re free not to buy, it looks very much like a retreat to a last-resort argument of, “I just don’t like it, so I want to shoot the people who do.”  I find that unpersuasive, especially since keyboard-warriors cannot actually shoot me.
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April 28, 2021, 09:49:52 AM


There will probably be a market for it but I think it's just a temporary hype thing.
Volume seems to be dropping on the big players whilst crypto in general made a recovery.
Probably getting oversaturated.

Wanka tried to warn people.


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