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

[Globb0]

Indeed maybe. Maybe we should ask theymos

One more fact that I've noticed. Many Dev's on Grin ATM.

The joke will be revealed on april 01

[Cryptotourist]

^. Which year?

[realr0ach]

It's very annoying the Lightning Network conmen are trying to pretend LN while bitcoin has empty blocks vs bitcoin with full blocks that are uneconomical to use would look anything remotely similar to one another.  It's a testnet and they're launching spam channels everywhere that have pocket change in each one and try to pretend each 'line' represents 'decentralization'.  In the real world, the way it's designed incentivizes you to put all your money in a single channel connected directly to a well-connected bank, so the exact opposite of how they try to trick people and portray it as.  

The testnet lines are meaningless, only incentives matter.  Empty channels that nothing flows through is not a valid measurement of anything, just a visual trick.  The real measurement of LN decentralization is basically what % of a user's net worth is all in the same channel and how few channels would actually be moving all the volume in the real world.  For example, do you think someone is going to have 20% of their net worth in a channel connected to the grocery store then 5% to the pet store, yada yada?  Hell no.  They're not going to pay money to open all these channels and then for no reason split all their money up into non-fungible pools that can't be combined to spend on larger purchases.  

How the fuck would you mobilize your cash to invest in anything if you constantly have to keep it in 100 different channels too?  It's not feasible for savers, spenders, for anyone really.  The only way it works at all in a non-clown car manner is having all your money in a single channel connected directly to a bank.  So in other words, LN is completely worthless and is identical to the current banking system.

Roach, despite distracting and less than admirable personal qualities, you get some things right.
When I first looked into Lightning Network, I was thoroughly underwhelmed.  Nothing has happened to change my mind.
LN is a kludge.

Yea, I don't really understand how claims by the Lightning Network have fooled so many people thus far.  It's not possible for it to function in the real world as anything except the hub and spoke model abomination that I described above identical to the current banking system.  Anyone who's been around bitcoin for a while and actually talks to all the players in the scene would remember back in LN's formative stage, people were actually using phrases like "yea, we're going to attempt to scale bitcoin in a manner similar to the way current banks scale".  Well, congratulations, you have created....an exact replica of existing banks.

I'm not even joking.  The people working on it were using that exact terminology.  So why would it be surprising the end result is awful with all the same negatives?  Each LN hub/node would be required by law to do AML/KYC on transactions too, and each one would have giant blacklists of people they refuse to process transactions for which cannot be overcome with non-fungible tokens.  The whole thing is a nightmare.  The same people that ban your Twitter account for making a pro-Trump post will just literally turn off your money with blacklists so it can't be spent.  All money will flow through the same small amount of mega-hubs run by the banks too.

A lot of people are anti-Mike Hearn.  I don't know anything about him personally to make a call one way or another, but he was probably the first noteworthy person anyone knows about to make a case that if bitcoin relies on LN to scale, it will be a failure due to only being able to function in a hub and spoke configuration.  Regardless of whether you like him or not, I would say he's correct.  So where do people go from here?  If on-chain scaling is useless, and LN is useless, how is bitcoin useful for anything if all it is and has the capacity for is a centralized, intrabank settlement system inferior to gold as Hal Finney predicted would be it's only use case or fate.

[DeathAngel]

More sideways, starting to think BTC might be classed as a new stable coin soon (sarcasm)

[Cryptotourist]

hey r0ach, I've got news for you.

Every time you quote a WO member, that costs you one merit given to that person. To Mic two.
Every time you say the words silver, gold, fungible, or Schelling Point, that's two merits to the thread creator.
Every time you slob that racist misogynist shit, that's ten merits to me.
How about that? Sound fair?

That said, I enjoyed your point of view on the Lightning network.

[DeathAngel]

Yeah, they got alot of nerve being born on the other side of a line we drew in the sand and to want to get away from the shithole they found themselfs in.

Get in line, with all the rest of the immigrants who are going through the process legally.

Fuck you and your bleeding heart, for supporting people illegally entering the USA.

+ 1 WO Merit to Bob.

I’m out of sMerit

[bones261]

Yea, I don't really understand how claims by the Lightning Network have fooled so many people thus far.  It's not possible for it to function in the real world as anything except the hub and spoke model abomination that I described above identical to the current banking system.  Anyone who's been around bitcoin for a while and actually talks to all the players in the scene would remember back in LN's formative stage, people were actually using phrases like "yea, we're going to attempt to scale bitcoin in a manner similar to the way current banks scale".  Well, congratulations, you have created....an exact replica of existing banks.

I'm not even joking.  The people working on it were using that exact terminology.  So why would it be surprising the end result is awful with all the same negatives?  Each LN hub/node would be required by law to do AML/KYC on transactions too, and each one would have giant blacklists of people they refuse to process transactions for which cannot be overcome with non-fungible tokens.  The whole thing is a nightmare.  The same people that ban your Twitter account for making a pro-Trump post will just literally turn off your money with blacklists so it can't be spent.  All money will flow through the same small amount of mega-hubs run by the banks too.

A lot of people are anti-Mike Hearn.  I don't know anything about him personally to make a call one way or another, but he was probably the first noteworthy person anyone knows about to make a case that if bitcoin relies on LN to scale, it will be a failure due to only being able to function in a hub and spoke configuration.  Regardless of whether you like him or not, I would say he's correct.  So where do people go from here?  If on-chain scaling is useless, and LN is useless, how is bitcoin useful for anything if all it is and has the capacity for is a centralized, intrabank settlement system inferior to gold as Hal Finney predicted would be it's only use case or fate.

Actually, my main criticism of the LN has to do with the fact that in order for the channels to work properly, it requires that funds be stored in hot wallets. No big institutions in their right minds are going to open up a hub and expose large amounts of funds in hot wallets. That is just a big hack waiting to happen. I think LN is a non-starter for big time scaling and adoption. It's only use case is for a bunch of us cryptonerds to push around dust among ourselves.

[Hueristic]

If they wanted to keep tomato pickers out, they would make it illegal for US farmers to hire illegal immigrants and enforce it.   Problem instantly solved.

Well, you'd first need to explain how that does not run afoul of the 13th amendment.

If it's not in the patriot act it can always be added. 

[goldkingcoiner]

You guys should be allowed to shoot your immigrants, its just not right.

They'd think twice then.

Yeah, they got alot of nerve being born on the other side of a line we drew in the sand and to want to get away from the shithole they found themselfs in.

Lawful shoot to kill on all sightings is in order!

Did not think of you both as idiots until now.... Shame.


So the arguments are now: Take a human life for passing an arbitrary line OR import a tiny fraction of another population and hope the problems in both countries gets magically better.

WTF is happening in this thread? Did Roach finally get to you guys? Have feelings taken priority over logic? Just wow. Shame on WO for being this dumb.

[Hueristic]

may be some time before i get to this lebowski thing

edit: dam i was tricked. no lezzers. i hate adult cartoons

Hah, I definitely see one that I'd watch first!

[Globb0]

hah my tounge in cheek provocative comment. Don't damn me!

[jojo69]

Guys one question for all senior members. What's so special about hats in your profile. I have never seen this craze in any other thread so far. Plz tell me.

nobody tell him

[sirazimuth]

.... What's so special about hats in your profile. ...

you answered your own question... its so special.

[realr0ach]

You guys should be allowed to shoot your immigrants, its just not right.

They'd think twice then.

Yeah, they got alot of nerve being born on the other side of a line we drew in the sand and to want to get away from the shithole they found themselfs in.

A lot of you mentally ill Marxists will need to be purged due to the fact you're unable to process the fact a nation is a product of it's demographics, not all races are equal, and every nation without an ethnocentric majority collapses, which is the only reason nations like China and Japan still exist after all these years while others have imploded.  In other words, white nationalism aka what America was actually founded on, is the only way possible the nation can exist at all.  Anything else will be the union imploding, balkanized, and split up into sub-states.  

It's actually probably already inevitable the US will break up into smaller parts due to demographic pollution.  Russia has forecast this a few years back.  Just look at any movement trends in America.  It's ALWAYS whites practicing white flight and fleeing areas blacks move into like Chicago, Detroit, and wherever else.  The amount of money and resources the US spends on constantly trying to move away from black people is staggering, and a giant handicap compared to nations that don't have to do this.  

It's now getting to the point where there's nowhere for whites to flee to to escape these minorities (white people stalkers) and live a normal life, so whites will naturally start to attempt to secede from any areas infected with them and disallow them from invading their last stand , nowhere to run base.

[BinaryReign]

Guys one question for all senior members. What's so special about hats in your profile. I have never seen this craze in any other thread so far. Plz tell me.

nobody tell him

I almost explained it, but then figured it doesn’t really need explaining, does it?

[goldkingcoiner]

Guys one question for all senior members. What's so special about hats in your profile. I have never seen this craze in any other thread so far. Plz tell me.

nobody tell him

I almost explained it, but then figured it doesn’t really need explaining, does it?

You say that like we have an explaination for it in the first place.

[Toxic2040]

Morning folks.

Bitcoin continues to trade in a narrow channel as we get ready to close the week out. Crossing MACD on the hourly appears to indicate we will test resistance at the 0.382 fib in the short term. Narrowing triangles on both charts point towards some sort of breakout event within the next several days. I don't mean to be vague but I am as confused as the market appears to be. Sentiment and some indicator's are showing sign's of a upwards movement but my gut is telling me to expect a consolidation event downwards. Flip a coin at this point and do your own research.

1h


4h

#stronghands'19

[Last of the V8s]

pls stahp with the apostrophes it's giving me apoplexy

[Last of the V8s]

https://twitter.com/blockdigest/status/1089574454471073793
 

[bitserve]

Guys one question for all senior members. What's so special about hats in your profile. I have never seen this craze in any other thread so far. Plz tell me.

nobody tell him

I almost explained it, but then figured it doesn’t really need explaining, does it?

I would explain it... but then I would have to kill you all.