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

[AlcoHoDL]

I've had some time to sleep and think on this, now, and the more I think about it, I'm just left terrified about the implications this ordinal stuff has for Bitcoin.

I see it as a very real existential threat.

I sincerely hope I am dead wrong.

I'm not an expert when it comes to this new Ordinal thing and how it is implemented, but the possibility of "polluting" the Blockchain with bad data got me seriously worried. The issue here is not so much that it is possible for someone to insert child pornography and/or top-secret defense documents in the Blockchain (which in itself is unsettling), but the fact that the Blockchain is immutable and thus cannot be altered, and this is by design. So, this offensive/sensitive data will have to be there forever, and this could provide a strong reason for TPTB to attack/ban Bitcoin "for the common good".

I assume that, if this ever becomes a problem, it should be possible to handle via a fork, with the new code base removing this feature and also somehow removing all offensive/sensitive content. Said fork will have near-full consensus, so it will become the new, sanitized Bitcoin. The Bitcoin ecosystem should be able to handle this. Another battle, another win for Bitcoin.

Still, all this mess upsets and worries me. Hopefully, Bitcoin will come out of this stronger than ever, as it has done so many times.

[ChartBuddy]

Explanation

[somac.]

I've had some time to sleep and think on this, now, and the more I think about it, I'm just left terrified about the implications this ordinal stuff has for Bitcoin.

I see it as a very real existential threat.

I sincerely hope I am dead wrong.

I'm not an expert when it comes to this new Ordinal thing and how it is implemented, but the possibility of "polluting" the Blockchain with bad data got me seriously worried. The issue here is not so much that it is possible for someone to insert child pornography and/or top-secret defense documents in the Blockchain (which in itself is unsettling), but the fact that the Blockchain is immutable and thus cannot be altered, and this is by design. So, this offensive/sensitive data will have to be there forever, and this could provide a strong reason for TPTB to attack/ban Bitcoin "for the common good".

I assume that, if this ever becomes a problem, it should be possible to handle via a fork, with the new code base removing this feature and also somehow removing all offensive/sensitive content. Said fork will have near-full consensus, so it will become the new, sanitized Bitcoin. The Bitcoin ecosystem should be able to handle this. Another battle, another win for Bitcoin.

Still, all this mess upsets and worries me. Hopefully, Bitcoin will come out of this stronger than ever, as it has done so many times.

I've read nothing about this so I'm probably just going to sound stupid but has this been done on other chains? ETH for example?

What I'm getting at is why hasn't it happened yet and being that the chain is an openbook and there are chainanalysis companies that claim they can find anyone. Wouldn't uploading something so illegal mean the uploader will be found and arrested pretty quick? This in itself would be a deterrence to even attempt it.

What about miners, would they ignore these transactions?

[HI-TEC99]

I've had some time to sleep and think on this, now, and the more I think about it, I'm just left terrified about the implications this ordinal stuff has for Bitcoin.

I see it as a very real existential threat.

I sincerely hope I am dead wrong.

I'm not an expert when it comes to this new Ordinal thing and how it is implemented, but the possibility of "polluting" the Blockchain with bad data got me seriously worried. The issue here is not so much that it is possible for someone to insert child pornography and/or top-secret defense documents in the Blockchain (which in itself is unsettling), but the fact that the Blockchain is immutable and thus cannot be altered, and this is by design. So, this offensive/sensitive data will have to be there forever, and this could provide a strong reason for TPTB to attack/ban Bitcoin "for the common good".

I assume that, if this ever becomes a problem, it should be possible to handle via a fork, with the new code base removing this feature and also somehow removing all offensive/sensitive content. Said fork will have near-full consensus, so it will become the new, sanitized Bitcoin. The Bitcoin ecosystem should be able to handle this. Another battle, another win for Bitcoin.

Still, all this mess upsets and worries me. Hopefully, Bitcoin will come out of this stronger than ever, as it has done so many times.

I've read nothing about this so I'm probably just going to sound stupid but has this been done on other chains? ETH for example?

What I'm getting at is why hasn't it happened yet...

It has. This is from 2016.

https://news.bitcoin.com/cryptograffiti-images-blockchain/

Cryptograffiti.info is a web service that allows people to encode hidden messages into Bitcoin’s blockchain using a special online interface. It has recently added a new and possibly revolutionary functionality — JPG image writing to the blockchain.

How Does CryptoGraffiti Work?

A visitor can type their message into the text field, pay some bitcoin, and after 1-10 minutes see the message decoded from the blockchain and displayed on the CryptoGraffiti site, along with other messages from the anonymous Bitcoiners.

Untill June 17, 2016, users were only able to send text messages to the blockchain. But now it is possible to have JPG images written to the blockchain alongside text messages.

The images can be up to 50KB in size. And, once the process of publishing to the blockchain is complete, no one on the planet is able to censor, delete or rewrite the information entered by users — it is saved in the blocks forever.

Since it’s the first service in the Bitcoin ecosystem that implements automated image writing to the blockchain, Bitcoin.com reached out to CryptoGraffiti’s creator, Erich Erstu (nickname Hyena), to ask him a few questions about his vision of the task and its possible outcomes for the Bitcoin community.

https://cryptograffiti.info/

Here's its thread. Hyena (the OP) hasn't logged in here since 2021, but his site's still online.

https://bitcointalk.org/index.php?topic=524877.0

He switched to using BSV, so he won't be writing any more images to Bitcoin's blockchain.

i have found out that bitcoin forked and cryptograffiti uses "bitcoin cash" which seem less popular than "bitcoin". how many miners bitcoin cash has? how much reliable is this? are messages saved there are now going to be provable to be indeed not changed by 51% attack?

Actually CryptoGraffiti.info now features only the Original BitCoin (BSV)...

[ChartBuddy]

Explanation

[BitcoinBunny]

A massive Chinese surveillance balloon spotted hovering over Montana, U.S.

[somac.]

He switched to using BSV, so he won't be writing any more images to Bitcoin's blockchain.

i have found out that bitcoin forked and cryptograffiti uses "bitcoin cash" which seem less popular than "bitcoin". how many miners bitcoin cash has? how much reliable is this? are messages saved there are now going to be provable to be indeed not changed by 51% attack?

Actually CryptoGraffiti.info now features only the Original BitCoin (BSV)...

Haha, what a retard.

[ChartBuddy]

Explanation

[montaga]

A massive Chinese surveillance balloon spotted hovering over Montana, U.S.

Thanks for the entertainment. So another space junk been added to the thousands and thousand already floating about.
So air deference has degraded to the point that a cheap balloon traveling a wind speed can travel all the way to Montana.
https://youtu.be/Q2xpQFEcumE

[ChartBuddy]

Explanation

[BitcoinBunny]

A massive Chinese surveillance balloon spotted hovering over Montana, U.S.

Thanks for the entertainment. So another space junk been added to the thousands and thousand already floating about.
So air deference has degraded to the point that a cheap balloon traveling a wind speed can travel all the way to Montana.
https://youtu.be/Q2xpQFEcumE

If it's a balloon it's clearly not going to reach space junk orbital heights.

[psycodad]

For those of you who feed to ADSBExchange:



https://mastodon.social/@elonjet/109750762823662070

I am still feeding r/n but will stop doing so shortly.

Apparently its not noteworthy enough to make it to the announcements. :rolleyes:

https://www.adsbexchange.com/forum/forums/adsbx-announcements.12/

SoylentADSB
 —
Today at 11:34 AM

Removal / disabling the services:

sudo bash /usr/local/share/adsbexchange/uninstall.sh


If the above doesn't work, you may be using an old version that didn't have the uninstall script, just disable the services and the scripts won't run anymore:

sudo systemctl disable --now adsbexchange-feed
sudo systemctl disable --now adsbexchange-mlat

Following up on this:
Jack Sweeney (the elonjet guy) is up to something:

https://theairtraffic.com/

Switching my station was as easy as:

Code:

sed -i s/adsbexchange.com/theairtraffic.com/g /etc/default/adsbexchange
systemctl restart adsbexchange-feed
systemctl restart adsbexchange-mlat

Will be interesting to see how valuable that 20m site is to JetNet without enough feeders..

[ChartBuddy]

Explanation

[hisslyness]

What I don't understand: some are saying higher fees due to ordinals could mean increase of USD/BTC.  But wouldn't miners be able to sell BTC for cheaper prices than usual, when they made more revenue off fees?


higher fees might speed up a fee-based mining model though that would eventually be needed, when block rewards get too low, due to the halvings ...however that's still long time ahead...

Not really a long time, In about 2036 - 2040 (13 Years) we will see what the ramifications are. Block rewards will be smaller than block transaction fees collected.

Will this be a sustainable model? I believe so, with some tweaks.................. (smaller blocks/second layer)

[OutOfMemory]

OT:
Did some pixelmath (...n'stuff)  

The source material was a lil blurry, frame exposure time too long, near full moon, so the ion tail of C-2022/E3 (ZTF) is barely visible in the stacks.
There's a chance after 10th of February, at new moon, to capture the comet another time but better.
For my first comet astrophoto, i'm satisfied to a good extent.





pic1 is from the late night session, while pic2 is the result from the earlier one (10pm).
Both obviously processed differently. I think i can like fall in love with those star-trail looks. Probably going to work more into this direction for some time...

[ChartBuddy]

Explanation

[Torque]

That latest U.S. jobs report is pure BS. With all the mass layoff announcements? In the first two weeks of Jan?

No. Fucking. Way.

I'm sure the numbers were fudged, probably pulled forward holiday and contract hires, just to dump on the longs.

They'll revise down months later.

The Fed really wants to keep this inflation narrative and rate hikes going, drag it out for as long as possible.  

[Stepstowealth]

No. Fucking. Way.

do you not see it as possible?

[Lainta]

NEW: Mining firm Marathon Digital Holdings, second largest publicly-listed holder of #Bitcoin     has sold 1,500 BTC, worth $35.3 million for the first time in two years

https://twitter.com/BitcoinNewsCom/status/1621508577570725888?t=w6Peb_vfI4EnFwfJ2LPfIw&s=19

[hisslyness]

That latest U.S. jobs report is pure BS. With all the mass layoff announcements? In the first two weeks of Jan?

No. Fucking. Way.

I'm sure the numbers were fudged, probably pulled forward holiday and contract hires, just to dump on the longs.

They'll revise down months later.

The Fed really wants to keep this inflation narrative and rate hikes going, drag it out for as long as possible.  

They call it Seasonal Adjustment!.. i.e "We can make up shit and spin in a way that the average person will say o yeah, that make sense!"

Of course they will drag it out as long as they can, think of all the interest they are getting on the trillions dollars of bonds they hold! I wonder when the tax hikes are coming....

Maybe the ultimate goal here is drive "US Military Recruitment" to prepare for possible future conflict.... maybe...