Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JimboToronto]

It's entirely possible to change Bitcoin from POW to POS. All you need is a law.

Yep. Just get every country to pass the same law and every individual to recognize it. Easy peasy. 

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[1714507813]

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[Richy_T]

It's my opinion that POS for Bitcoin would be an inevitable road to government hegemony and even more murder and violence from the same. No thanks.

[Hueristic]

Hello guys. I don't know if it has already been mentioned, but I think it's interesting, for people who store paper/hard wallets in bank vaults :

https://twitter.com/igorsushko/status/1502925809132003328

Igor Sushko
@igorsushko
·
7h
Replying to
@igorsushko
Also - apparently the Russian government will begin, if they haven't started, raiding safety deposit boxes belonging to regular bank customers. Probably looking for USD and EUR cash

You know I thought about this when The Fed seized a bunch of safety deposit boxes and have come to the conclusion that everyone should keep a massive stack of fake mnemonic phrases for the fed to comb through as a time sink in their boxes.

[Hueristic]

I come from the city of Boyarka, not far from the capital city of Kyiv. Don't know who to turn to for help? my friends, my family, my relatives   have been bombarded by the russian army. i have some BTC can someone help sell it? I can't withdraw money in the current situation   pleace

While I can't help you in this instance (localbitcoin not an option?) what I would recommend you do is post a Air B&B ad as people are renting them for Ukrainians just to help you guys out. This is a good method as it also proves you are indeed a resident being fucked over by that piece of shit Putin.

[BlackHatCoiner]

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

[Megathread] The long-known PoW vs. PoS debate.

[OutOfMemory]

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

There will be no change, it's a crazy idea of people who don't even know how to define Bitcoin, let alone what POS would mean for Bitcoin. The proposed laws would not actually apply to all those cryptocurrencies that already exist and are traded or mined in the EU, but would in some way try to force them to start using green/renewable energy sources.

It also says that energy-intensive crypto assets that are already in use in the EU before the legislation comes into effect, will have to "set up and maintain a phased rollout plan to ensure compliance with such requirements" as specified in another part of the framework.

EU bureaucrats are not even able to read studies that clearly show how harmless Bitcoin mining is in the overall picture, let alone when it comes to the EU.

Either i totally confuse this or the parliament vote has to pass commission first to become a law?

[ChartBuddy]

Explanation

[Hueristic]

"A provision looking to force proof-of-work cryptocurrencies like bitcoin to switch to the more environmentally friendly proof-of-stake consensus mechanism is in a draft of MiCA up for a parliamentary vote on Monday."

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

Source: https://www.coindesk.com/policy/2022/03/12/limiting-proof-of-work-crypto-back-on-the-table-as-eu-parliament-prepares-virtual-currencies-vote/

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

Very appropriate.

https://en.wikipedia.org/wiki/King_Canute_and_the_tide

The story of King Canute and the tide is an apocryphal anecdote illustrating the piety or humility of King Canute the Great, recorded in the 12th century by Henry of Huntingdon.

In the story, Canute demonstrates to his flattering courtiers that he has no control over the elements (the incoming tide), explaining that secular power is vain compared to the supreme power of God. The episode is frequently alluded to in contexts where the futility of "trying to stop the tide" of an inexorable event is pointed out

[infofront]

New poll time ...better late than never.

Old poll:

[ChartBuddy]

Explanation

[Toxic2040]

New poll time ...better late than never.

Old poll:

hey info!  wb  thanks for new poll   /wave

[ChartBuddy]

Explanation

[moneystery]

New poll time ...better late than never.

Old poll:

thanks for the new poll....


https://twitter.com/100trillionUSD/status/1502697338644672515

hav a nice day

[cAPSLOCK]

Hello guys. I don't know if it has already been mentioned, but I think it's interesting, for people who store paper/hard wallets in bank vaults :

Anyone who thought this was a good idea hasn't been paying attention.

As long as you use a really strong BIP39 passphrase and keep a backup on the seed GPG encrypted on an archival CD or a couple USB drives or the like... Maybe not the worst ever.

But yeah...  Safe deposit boxes have always had a downside, and I think that downside is going to get more evident over time soon.

[xhomerx10]

Uh oh.  Prepare to be tapped.

The Max Planck Institute for Terrestrial Microbiology in Marburg have shed light on the underlying mechanism. Their findings suggest that all organisms release methane.

https://www.sciencedaily.com/releases/2022/03/220311115336.htm

[BobLawblaw]

Uh oh.  Prepare to be tapped.
Their findings suggest that all organisms release methane.

[aesma]

New poll time ...better late than never.

Old poll:

What range ?

[ChartBuddy]

Explanation

[aesma]

I am a person that will allow a wide range of opinions and strives to respect each one, even the ones I disagree with.

Thanks. My question to you and to others who answered me is this : isn't one of the things Bitcoin supposedly fixed, centralization ? Did Satoshi envision huge mining farms, gigantic mining pools, while 99% of Bitcoiners aren't mining at all ? Isn't that too centralized ?

But the idea below reveals a COMPLETE misunderstanding as to what problem Bitcoin fundamentally solved.  POS recreates a digital version of the current system that will be even worse.

Also, this idea is usually driven by the mistaken concept that using energy is inherently bad.  This is a fundamental misunderstanding of what human flourishing looks like.

And finally it fails to realize that the existence of Proof of Work will drive us into green energy and less waste and will fund the ability to build renewable energy in areas it was not economically feasible before POW.  It will absolutely revolutionize the energy sector if it is allowed to grow organically.  This last point is, perhaps, the hardest to see, but luckily there are people beginning to see it in government and the energy sector.  Texas is aiming in the right direction here, amazingly.  Although I am worried that eventually it will fall into this same hole of foolishness.

I don't think using energy is bad, I think that emitting pollutants is bad. And that too much CO2 is bad. Sure, mining can be made on green energy, but how much is done like that currently ? And couldn't that electricity be used for something else, reducing the need to burn coal/oil/gas ?

I'm not making a moral argument, or saying we should be living in huts or anything like that. I'm taking a long haul flight across the Atlantic in ten days to vacation in the Caribbean (a certain socialist island...). I just think as we focus more and more on reducing emissions, POW cryptos will become a target, as well as other excessive emitters of CO2. Flying serves a purpose, whereas for most people cryptos don't. I even think it could be an existential threat to Bitcoin.

[Biodom]

I'm not making a moral argument, or saying we should be living in huts or anything like that. I'm taking a long haul flight across the Atlantic in ten days to vacation in the Caribbean (a certain socialist island...). I just think as we focus more and more on reducing emissions, POW cryptos will become a target, as well as other excessive emitters of CO2. Flying serves a purpose, whereas for most people cryptos don't. I even think it could be an existential threat to Bitcoin.

There is absolutely NO civilizationional purpose for you to haul your ass across the globe for a vacation, none whatsoever.
It's just your whim and civilization obliges (for now).
EU 'greens' should restrain themselves from air traveling first and foremost or travel by dirigibles.
Case closed.