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

[BitUsher]

Bullshit. You can't just point at the entire corpus of material written about LN, and tell me that these concise targeted assertions are disproven therein. Grab one and point me to what you believe is written that disproves it.

If you can, pretender.

Sigh ... , lets start with the first link ....

https://bitcoin.stackexchange.com/questions/85650/htlcs-dont-work-for-micropayments/85694#85694

https://docs.google.com/presentation/d/1G4xchDGcO37DJ2lPC_XYyZIUkJc2khnLrCaZXgvDN0U/edit?pref=2&pli=1#slide=id.g85f425098_0_195

which directly addresses one of Rizun's concerns with the dust limit expressed in the article "Visualizing HTLCs and the Lightning Network’s Dirty Little Secret"

Do we need to keep spoon feeding you so you can continue to stick your head in the sand?

[Biodom]

but I am still shocked by the extreme overreaction of Thailand over what was a ridiculously small boating thingy in the middle of the nothingness.

I thought so and still think that it was a overreaction.
The following hypothetical scenario occurred to me, though...

Imagine that once one structure is there, a shenzen factory starts mass producing such units and "stitch" them to each other, forming basically a colony near a country.
Later, they would "send" 100k people to live on those structures.
Then, how would they possibly deal with such development?

I don't think "independence" would work 13 miles away, unless some micronation actively encourages this.
Maybe some in Polynesia (more likely) and/or Caribbean (less likely).

Interesting story about chinese buying defunct ukranian aircraft carrier and rebuilding it.
https://nationalinterest.org/blog/buzz/what-if-china-never-bought-ukraines-aircraft-carrier-and-rebuilt-it-32897
If there would be more for sale...then someone could make a 'seastead' in the middle of the Pacific.
IMHO, seasteading is a nonstarter when done in close proximity, as this case shows.

[BitUsher]

So why do you refer to that point as "false rumors and misinformation"? You contradict yourself.

You have a very hard time reading. I make it 100% clear that LN has limitations. Don't make a false dichotomy to insinuate this means everything Peter suggests is accurate or that he is not being hyperbolic. If you bothered reading the information I provided it goes into details what these limitations are and are not in an open matter. It isn't marketing fluff but an open and honest technical discussion of LN.

[Lambie Slayer]

https://www.zerohedge.com/news/2019-04-23/trump-and-twitters-jack-dorsey-hold-unannounced-meeting-oval-office

Trump and Jack discussing how to pump their BTC bags.

[bitserve]

Dispelling LN FUD from Rizun For others that care to research -

[...lazy wall'o'text...]

Hmm. That's an awful lot of stuff to dredge through. From a cursory glance, much of which I am already conversant with. Perhaps you'd be so kind as to list which of Rizun's FFFoLN are rebutted by which said articles you have provided?

For the record, the following is my restatement as best I concisely can of Rizun’s ‘Five Fundamental Flaws of LN’:

1) Lightning scales txs not users
2) Friction in layer 1 leaks into layer 2
3) Routing failures are inevitable
4) Much trapped liquidity in the system
5) Running a non-custodial wallet is more cumbersome than onchain

1) Not a "flaw". And not completely true. Yes, LN MOSTLY scales txs but in doing so it frees up space on the blockchain for more users. And that's how it was intended.

2) Yep, and at the same time the mere existence and usage of LN reduces friction on L1.

3) Maybe. Haven't researched into the subject in this early stage. How BIG is the issue CURRENTLY?

4) Trapped liquidity is bad? Anyway... when we reach, donno, maybe 1 million BTC "trapped" into LN we could talk about it. At the moment I only see around 1000BTC *IN TOTAL*.

5) Shouldn't be. Maybe current wallets need to improve. Non custodial LN wallets should be pretty much straightforward and almost transparent to the user.

[Paashaas]

Dispelling LN FUD from Rizun For others that care to research -

Rizun is not a chief scientist lol..this guy is on Rogers payroll shilling bigger blocks, he's trying hard to discredit LN which is all FUD.

Funny thing is that Jbreher rather listen to him than the actual engineers who's working on LN itself..lol.

When Bitcoin SV has been experiencing new problems due to 6 consecutive orphan blocks, not even a singel word from Jbreher.

Like i said before; just tunnel vision big blocks without understanding the consequences.

[Phil_S]

Not much of a difference in terms of law.

Elwar build nothing, he was just a tenant.

That's like finding a houseboat on Airbnb... nobody is going to arrest a tourist for renting one in the US.

Try declaring sovereignty in a trailer on the mainland and see what happens.

It is a very powerful idea. Which makes it dangerous.

Nothing will happen. Declaring anything is just words, and words are protected by the First Amendment.

Actions matter, like if someone would start breaking laws, and stops paying taxes, such actions will invite trouble.

[HairyMaclairy]

I’m not really interested in getting into a detailed analysis of Lightning with big blockers.  But even if Lightning was a total flop (and not saying that it will be - quite the opposite), there are other tools out there like Blockstream Liquid.

You realize Liqid is a permissioned quasi-sidechain, right?

Yes I do realize.  I don’t care if a trusted third party controls my daily coffee purchase.

If I care, then I can make an L1 transfer. 

[bitserve]

but I am still shocked by the extreme overreaction of Thailand over what was a ridiculously small boating thingy in the middle of the nothingness.

I thought so and still think that it was a overreaction.
The following hypothetical scenario occurred to me, though...

Imagine that once one structure is there, a shenzen factory starts mass producing such units and "stitch" them to each other, forming basically a colony near a country.
Later, they would "send" 100k people to live on those structures.
Then, how would they possibly deal with such development?

I don't think "independence" would work 13 miles away, unless some micronation actively encourages this.
Maybe some in Polynesia (more likely) and/or Caribbean (less likely).

Interesting story about chinese buying defunct ukranian aircraft carrier and rebuilding it.
https://nationalinterest.org/blog/buzz/what-if-china-never-bought-ukraines-aircraft-carrier-and-rebuilt-it-32897
If there would be more for sale...then someone could make a 'seastead' in the middle of the Pacific.
IMHO, seasteading is a nonstarter when done in close proximity, as this case shows.

It basically wouldn't work. Even if the neighbouring nation would somehow let the seasteads be there, they could always impose sanctions to commerce and travel such that the individuals living on them would NOT be allowed to enter the neighboring country nor anyone buy goods on it to sell them to the seasteaders. It would basically be a way of saying: You wanna be left alone? Fine, now you are really alone.

See what Thailand inmediately did there: Cancel Elwar tourist visa. Go against the local people and business involved in the making of the seastead, etc.... Death penalty was not even needed and completely overkill... that being said, I am not sure if the charge has been officially make, all newses just seem to imply it has only been "suggested" as a possibility (still ridiculous but a little less).

[HairyMaclairy]

Not much of a difference in terms of law.

Elwar build nothing, he was just a tenant.

That's like finding a houseboat on Airbnb... nobody is going to arrest a tourist for renting one in the US.

Try declaring sovereignty in a trailer on the mainland and see what happens.

It is a very powerful idea. Which makes it dangerous.

Nothing will happen. Declaring anything is just words, and words are protected by the First Amendment.

Actions matter, like if someone would start breaking laws, and stops paying taxes, such actions will invite trouble.

First Amendment does not mean freedom from consequences.  

If you say “I declare sovereignty” to your cat and continue to pay your taxes, then no, nothing will happen.  

But I don’t think that was what seasteads were about.

[BitUsher]

Bcash is just pathetic with their concern trolling of LN, when we openly discuss its limitations, or the constant rehashing old talking points from rogers past propaganda.

Bcash is so insecure and so centralized that they further shifted away from the whitepaper into an area where they no longer even use PoW to achieve consensus anymore but have reorg timestamps approved by a central dev team where PoW is merely to be used at the chain tip to order txs. Unlike BTC and the way Bitcoin was described in the whitepaper the BCH alt now uses weak subjectivity as the basis of determining consensus.

[HairyMaclairy]

The 2014/15 fractal continues to break down as the price breaks upwards.  Bullish. 

[JayJuanGee]

sorry guys

I'm fucking grumpy today

What else is new?

[HairyMaclairy]

sorry guys

I'm fucking grumpy today

What else is new?

People who live in glass houses shouldn’t throw stones

[Phil_S]

First Amendment does not mean freedom from consequences.  

If you say “I declare sovereignty” to your cat and continue to pay your taxes, then no, nothing will happen.  

But I don’t think that was what seasteads were about.

And what exactly Elwar did? They just lived there.
You can live like that on a houseboat in the US and nothing will happen.

[jojo69]

sorry guys

I'm fucking grumpy today

What else is new?

I applaud you for dutifully reading the backlog of posts from your, rather lengthy, absence. 

Actually reading the fucking thread goes a long way with me.

[jojo69]

First Amendment does not mean freedom from consequences.  

If you say “I declare sovereignty” to your cat and continue to pay your taxes, then no, nothing will happen.  

But I don’t think that was what seasteads were about.

And what exactly Elwar did? They just lived there.
You can live like that on a houseboat in the US and nothing will happen.

It's the rhetoric.  

I am quite certain that if you started erecting spars 15 miles out in the gulf of Mexico and posting on FB about your libertarianism and self sovereignty the reaction of the USCG would be swift and unequivocal.

Global enclosure is nearly complete.  I really think that, short of an orbital Lagrange platform, the aircraft carrier is the only way.

[VB1001]

Good morning WO,s

Updated thread taking a coffee.

[bitserve]

Good morning WO,s

Updated thread taking a coffee.

Good morning VB. Looks like Bitcoin is treating us well lately

[stadus]

Good morning WO,s

Updated thread taking a coffee.

Good morning VB. Looks like Bitcoin is treating us well lately

Yeah, it's really moving well, relaxing here waiting for the price to pump again, $6K incoming is probable.