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

[ChartBuddy]

Explanation

[Who is John Galt?]

Maybe I don’t understand something enough, but from a technical point of view, how are sidechains or second layers fundamentally different from other altcoins, besides the fact that they use fees directly in bitcoins, and not in an intermediate token?

Well, they don't use their own blockchains for one. They rely on the security provided by their parent blockchain.

Coin = own blockchain
Token = rides on top of another blockchain

I get it: part of the appeal of Ordinals was having data embedded directly in the blockchain of the world's most successful cryptocurrency, and/or most secure computing network. That's why they don't want to be on something like Liquid or a shitcoin like BSV.

But the BRC20 thing I don't understand the appeal of. It could all be done on Counterparty (not really a "second layer" so much as a protocol built on top of Bitcoin) in a much more responsible and data efficient way. Its novel I guess is its main selling point. Which means its a fad that will eventually die down just like any other degen fad. Just have patience.

With coin and token, it's clear, it's a matter of defining terms. In essence, as long as bitcoins are in the second layer network, they cannot be controlled in any way by the original bitcoin blockchain. After all, there they are already becoming ersatz-bitcoins, even call it coins, even call it tokens. The key is that a full-fledged bitcoin can only be in the main bitcoin blockchain, everything else is just a replacement.

Yes, BRC20 are tokens on the Bitcoin blockchain, and this is fundamentally different from any second layer solutions. The second layer is still a separate network, even if it is connected to the main network by special contracts.

[ChartBuddy]

Explanation

[hisslyness]

Maybe I don’t understand something enough, but from a technical point of view, how are sidechains or second layers fundamentally different from other altcoins, besides the fact that they use fees directly in bitcoins, and not in an intermediate token?

Well, they don't use their own blockchains for one. They rely on the security provided by their parent blockchain.

Coin = own blockchain
Token = rides on top of another blockchain

I get it: part of the appeal of Ordinals was having data embedded directly in the blockchain of the world's most successful cryptocurrency, and/or most secure computing network. That's why they don't want to be on something like Liquid or a shitcoin like BSV.

But the BRC20 thing I don't understand the appeal of. It could all be done on Counterparty (not really a "second layer" so much as a protocol built on top of Bitcoin) in a much more responsible and data efficient way. Its novel I guess is its main selling point. Which means its a fad that will eventually die down just like any other degen fad. Just have patience.

With coin and token, it's clear, it's a matter of defining terms. In essence, as long as bitcoins are in the second layer network, they cannot be controlled in any way by the original bitcoin blockchain. After all, there they are already becoming ersatz-bitcoins, even call it coins, even call it tokens. The key is that a full-fledged bitcoin can only be in the main bitcoin blockchain, everything else is just a replacement.

Yes, BRC20 are tokens on the Bitcoin blockchain, and this is fundamentally different from any second layer solutions. The second layer is still a separate network, even if it is connected to the main network by special contracts.

I would suggest to you to start your own Bitcoin Lightning Node if you want to really understand the difference between LN Layer-2 scaling solutions vs "the other crap out there"

At any time i can settle my LN channel by issue a closing TX on the "Original Bitcoin Blockchain", hence this throws your argument that "as long as bitcoins are in the second layer network, they cannot be controlled in any way by the original bitcoin blockchain"

As for all these BRC-20, like i said before, just another hype for the "dumb fucks" out there!

[hisslyness]

On another note, i am not seeing any increase routing traffic on my LN Node.... if anything i am seeing a decrease in daily traffic/volume.

Anyone other LN operators seeing anything different?

[ChartBuddy]

Explanation

[aesma]

Bought some discounted corn at 27500...

Regarding Canada vs USA being French Québec would be easier to immigrate to for sure, but I want southern US weather...not mountains of snow to shovel.

Also I'm a certified expert on a Canadian brand of IT stuff (but it's well used in the US too).

[ChartBuddy]

Explanation

[OutOfMemory]

.....i would really like to know Satoshis opinion on that shit.

Fuck satoshi.

Who cares what he thinks (or thought)?  Can't go crying to daddy satoshi.



We're BIG boys and girls now.... on our own.

 



 

 

Nah, not crying at all.
I just would like to know, like i wrote.


I also value Gachapin's opinion, by the way. Why shouldn't i?
It's not that if don't like something  i expect everyone else to not like it too  
because now i'm a BIG boy, too

[ChartBuddy]

Explanation

[philipma1957]

over last 14 hours we made  788965 - 788879 = 86 blocks  just a bit over 1 per 10 minutes, but the fees were unreal

788886 by ant pool 0 fees

788924 by unknown 1.72 fees

the other 84 were all higher. some over 5 coins.


lets see how long this lasts.


btc at 27,500 still solid under this massive attack

from mining viewpoint

viabtc is paying 128% of a block

or 8 coins per block

so if you got 97% of a block 2 weeks ago  at 31k  coin were worth 30.07k


128% of a block at 27.5 k coins are worth 35.2 k today

so miners are happy

investors are screwed.


and fee structure is still fucked up.

[Biodom]

Regarding Canada vs USA being French Québec would be easier to immigrate to for sure, but I want southern US weather...not mountains of snow to shovel.

Also I'm a certified expert on a Canadian brand of IT stuff (but it's well used in the US too).

ooookay, it's 95-105F (35-40.5C) from about mid May to mid October around here, more or less.
Lots of greenery, though, and, surprisingly, lots of conifers (pine, etc.) 

[ChartBuddy]

Explanation

[hisslyness]

over last 14 hours we made  788965 - 788879 = 86 blocks  just a bit over 1 per 10 minutes, but the fees were unreal

788886 by ant pool 0 fees

788924 by unknown 1.72 fees

the other 84 were all higher. some over 5 coins.


lets see how long this lasts.


btc at 27,500 still solid under this massive attack

from mining viewpoint

viabtc is paying 128% of a block

or 8 coins per block

so if you got 97% of a block 2 weeks ago  at 31k  coin were worth 30.07k


128% of a block at 27.5 k coins are worth 35.2 k today

so miners are happy

investors are screwed.


and fee structure is still fucked up.

Just a little taste of what to expect in 2036

It does show with the current block size, the fees generated can sustain mining at this scale, if not larger!

[Gachapin]

[edited out]

it's up to the market to decide.  
Bitcoin is the most secure database humanity has invented, and the market participants will outbid each other for being able to use it.  

Right now only a bunch of freaks are using it. But wait until mainstream catches up. We have seen nothing yet... (compare it to the internet)

Lookie uie poo-ie.. ... 

All diplomatic (and professional) about the matter.

 

breaking character busted...

be gentle with me #nohomo

[ChartBuddy]

Explanation

[coolcoinz]

investors are screwed.

Are they really? I don't feel screwed, but I don't have to send BTC on a daily basis. If I had to pay my employees in BTC, I'd feel a bit screwed.

Let's say we had no ordinals and there were people willing to send a couple satoshis and pay a higher fee than the value of transaction, wouldn't that put us in the same situation? Bitcoin's fee was made for this and there's no real solution, unless we ban ordinals, but then we'll be deciding what is and what isn't allowed.
Rollback taproot?  

[vroom]

investors are screwed.

Are they really? I don't feel screwed, but I don't have to send BTC on a daily basis. If I had to pay my employees in BTC, I'd feel a bit screwed.

Let's say we had no ordinals and there were people willing to send a couple satoshis and pay a higher fee than the value of transaction, wouldn't that put us in the same situation? Bitcoin's fee was made for this and there's no real solution, unless we ban ordinals, but then we'll be deciding what is and what isn't allowed.
Rollback taproot?  

and segwit. let's go full bch retard 

[ChartBuddy]

Explanation

[Gachapin]

investors are screwed.

Are they really? I don't feel screwed, but I don't have to send BTC on a daily basis. If I had to pay my employees in BTC, I'd feel a bit screwed.

Let's say we had no ordinals and there were people willing to send a couple satoshis and pay a higher fee than the value of transaction, wouldn't that put us in the same situation? Bitcoin's fee was made for this and there's no real solution, unless we ban ordinals, but then we'll be deciding what is and what isn't allowed.
Rollback taproot?  

and segwit. let's go full bch retard 

bcash already pumpin