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

[Elwar]

I can see the IMF's position on El Salvador and I agree that it is a higher risk for them.

When they announced that, I thought...why don't we just raise $1 billion among Bitcoin folk and loan El Salvador the money to put toward infrastructure to be paid back in the future.

But if Bitcoin is accepted nationwide and widely used...then...good luck getting any more tax dollars from anyone since they'll just be earning untraceable, anonymous currency. Their tax revenue is going to crash and they won't be able to pay anyone anything.

I do like the idea that they are accepting Bitcoin for residency. That could possibly become their main source of revenue and replace all taxation as people want to join their thriving economy.

Bitcoin ends governments and it makes sense that the IMF would not want to invest in a country that will have a much smaller government in the future.

[1715409943]

1715409943

[1715409943]

1715409943

[Richy_T]

Dynamic size can also result in smaller blocksize and I'm not sure all those people yelling big blocker are grasping that.

I mean, sure it could. And you could also be putting a bigger engine in your car so you could go faster in reverse. Nothing is needed for smaller blocks other than fewer transactions. Certainly lowering the block size limit dynamically wouldn't seem to server a useful purpose.

But I wouldn't want to put words into your mouth (and apologies if I have). What do *you* see as the benefits of a dynamic block size limit?

[Richy_T]

I do like the idea that they are accepting Bitcoin for residency. That could possibly become their main source of revenue and replace all taxation as people want to join their thriving economy.

That could be interesting. If it became a regular thing, it might lead to ES cleaning up their act and becoming a lot more visitor friendly.

Probably watch for the US increasing the cost of renouncing citizenship again soon.

[Elwar]

He is such an interesting "hero" in the BTC space.  He is seemingly anti a lot of the right-libertarian/anarchist vibe so strong in the Bitcoin world.  He seems a bonafide techno-leftist, and yet he has very FIRMLY fallen in with the maxi sort of position.

He is apparently an anarcho-communist and has a tattoo which seems to confirm it.

He's not a friend of freedom.

Anarcho communists want decentralisation but while anarcho capitalists throw in the idea that we'll all be cooperatively free market property protecting volunteers, they believe that everyone will be unselfish, freely trading, sharing society with no need for property...because everyone cooperates and stuff.

Both are flawed in their reliance upon people agreeing to the final terms of life with no rulers. But at least they are on the right path with the no rulers part.

If your societal system does not take into account that some people will want to do X while you think they should do Y, then your system does not work for everyone.

[ChartBuddy]

Explanation

[JayJuanGee]

Maybe keep Segwit, but increase the block by 1 mb, and make a fork of that. See how it catches on. But fork it from BTC, not from the other ones which are already forks from BTC and forks of forks. Just start fresh from 0.21.1 (current version as of this post) and fork from there. You can call it BRH or something Bitcoin Richy? I dunno. hehe.. Or do serious research about the name. BBB.. Bitcoin Big Block.

Might work?  Rome was not built in a day, and little by little peeps can port their lil selfies over to the better version of bitcoin.. I am not a fan of using bitcoin in the name.... but I suppose if such everything the same and  merely BIGGER blocks catches on and takes over, then probably it would be better to have bitcoin in the name at that point, perhaps?

By the way, I will acknowledge that China appears to be ramping up their level of severity in the actual "China bans bitcoin" (for reals this time) arena.  Yet, it does not hurt to reiterate how it seems that their "china bans bitcoin" in late 2016 really fucked over quite a few of their peeps because as a result of the "china bans bitcoin" that time, they likely had quite a few regular folks (rather than the elites) who had quite a few of their funds (anything then on China exchanges) frozen up for something like a year - and seems like it was more than a year.. and guess what happened in 2017 during that time that some china regular peeps had their funds locked up on exchanges?  sure some of them were able to still make sure that they had bitcoin exposure by going through local bitcoins and perhaps some other means, but it did seem that their late 2016  "china bans bitcoin" was problematic and impactful.. but not really problematic and impactful on bitcoin overall, but instead problematic and impactful on certain parts of their citizens.

I guess one factor is that in the past, mining was bringing in a whole lot of $$$US. If China has intentions of ditching the petrodollar, they might be a lot less interested in having USD come into the country. I don't think this is likely any more real than it has been in the past but with USD inflation going the way it is, it seems like the odds may have shifted.

Well of course there are a lot of factors that any country has to consider regarding various regulatory posturing that they might take towards bitcoin, and surely there are a lot of smart people in China who had been studying bitcoin way longer than Michael Saylor and Nayib Bukele, but for some reason, some of these quicker study folks are coming to better conclusions regarding why bitcoin might happen to matter. 

Even though it seems that China officials may well be fighting this tide too much and stifling innovation and industry in their country, they are better in a position to know what they want to do and how to approach the matter, and not even saying that any of their seemingly strong stances in regards to trying to control bitcoin industries in their country is going to work out well for them.  Could be a pretty BIG ass waste of their resources and energies if they believe that they can create some coins or embrace some "crypto" - non-bitcoin projects that they believe are going to sufficiently compete with bitcoin or allow them to keep bitcoin "in check" in their borders.  I am sure that there are plenty of smart people in China advising more friendly bitcoin related strategies, so who knows, exactly, what is real and what is NOT real or if some place like China will be ready willing and able to reverse themselves if they figure out that they are going down the wrong path in relation to their current posturing towards bitcoin.  Maybe they will end up being the smartest guys in the room - instead of seeming to disincentivizing (and stifling) bitcoin developments within their borders?

[Elwar]

I'm checking out Sphynx.chat which @jack just tweeted about.

It appears to be a way to chat over LN. I know they were working on that technology but I did not realise that it was implemented.

Does anyone know much about the tech behind it? Is it truly all living on the LN or is it reliant upon the Sphynx server?

[modrobert]

I can see the IMF's position on El Salvador and I agree that it is a higher risk for them.

When they announced that, I thought...why don't we just raise $1 billion among Bitcoin folk and loan El Salvador the money to put toward infrastructure to be paid back in the future.

But if Bitcoin is accepted nationwide and widely used...then...good luck getting any more tax dollars from anyone since they'll just be earning untraceable, anonymous currency. Their tax revenue is going to crash and they won't be able to pay anyone anything.

I do like the idea that they are accepting Bitcoin for residency. That could possibly become their main source of revenue and replace all taxation as people want to join their thriving economy.

Bitcoin ends governments and it makes sense that the IMF would not want to invest in a country that will have a much smaller government in the future.

IMF (with CIA abusing USAID for the positive mainstream media propaganda) want to invest in a country where they can easily oppress the people through a corrupt government and charge interest long term (think weaponized loan shark on global scale), in other words, El Salvador will be better off without them in the future. Also, I don't understand why Bitcoin would prevent the government in El Salvador to tax their citizens? Tax them with BTC the same way they would using USD.

[cAPSLOCK]

It will not be very many years before tech gets to where we can move the blocksize up.

So I think it is still worth talking about.

-Currently I am mining on a 32thread 16 core CPU I bought for $700.  In a number of years 16 core cellphone processors will be a thing. (Not for mining for the most part, but for all the hashing done to validate things quicly enough)
-$400 will get you a 16T hard drive today.
-5G has Terabyte speeds at low latency WITHOUT WIRES.

For reference, the RPi 4 is based on the ARM-Cortex A72 which is from 2014. The Raspberry Pi computers are not designed to be bleeding edge and they are (I believe) run with a small technical team which means it takes time for them to get to market. Also, I'm not sure how much it's changed but I seem to recall they had trouble getting certain technical specs from the manufacturers.

As I have said the whole "must be runable on a Pi" ethos is misguided IMHO.

But there needs to be SOME minimum hardware requirement target, and though I think the Pi is too low, I would rather have too low than too high.  At least it's the Pi4.  

[cAPSLOCK]

I'm checking out Sphynx.chat which @jack just tweeted about.

It appears to be a way to chat over LN. I know they were working on that technology but I did not realise that it was implemented.

Does anyone know much about the tech behind it? Is it truly all living on the LN or is it reliant upon the Sphynx server?

It is truly LN native.  But there are "custodial" plans that the Sphinx folks sell.  You can run your own server.  Most of the Lightning node in a box distros offer it.

I am doing HUGE transaction volume based on this tech through my node since i have set my fees to zero when going to the podcastindex node (Adam Curry).

Breez has also implemented some crossover stuff... not the chatting, but the podcast/streaming stuff.

[cAPSLOCK]

Jack Dorsey has hinted that Twitter will integrate the Lightning Network. 

https://www.coindesk.com/dorsey-suggests-twitter-lightning-network-integration

He is such an interesting "hero" in the BTC space.  He is seemingly anti a lot of the right-libertarian/anarchist vibe so strong in the Bitcoin world.  He seems a bonafide techno-leftist, and yet he has very FIRMLY fallen in with the maxi sort of position.

Piffy paf wing wang...

Just reeling a little as i realize what a huge pivotal moment this is.

We sit in here and yammer on and on about the price... and various other things...

But THIS development along side the ES thing is going to be a make or break moment for Bitcoin and the scaling path we have chosen.  Twitter implimenting the lightning network is actually a bigger test than the El Salvador thing.  Or equal.

It will obviously light up the BANKS!!! BANKS!!! people because twitter will obviously be running a giant node and all on Twitter traffic will be most likely off chain entirely.  But they obviously seem to be intending to send and receive OFF of the platform otherwise why even go to the trouble.

Jack Mallers is going to be one rich dude in the end.

Go Gen Z!

(By the way it sort of delights me that this is a Gen X/ Gen Z joint.. let the Boomer/Millennial people hate on each other all day and the quiet ones will get some shit done... lol)

[cAPSLOCK]

37k and hodling

not bad.

$37k won't hold and we all know it.

I think you are even more correct than usual about this!

[Hueristic]

Dynamic size can also result in smaller blocksize and I'm not sure all those people yelling big blocker are grasping that.

But I wouldn't want to put words into your mouth (and apologies if I have). What do *you* see as the benefits of a dynamic block size limit?

It simply self manages itself will not have to be addressed again. The market sets the size, as long as you can create parameters that restrict the size from changing from attacks then this shouldn't be an issue as you can economically restrict expansion with a EXPONENTIAL fee schedule.

[Elwar]

I'm checking out Sphynx.chat which @jack just tweeted about.

It appears to be a way to chat over LN. I know they were working on that technology but I did not realise that it was implemented.

Does anyone know much about the tech behind it? Is it truly all living on the LN or is it reliant upon the Sphynx server?

It is truly LN native.  But there are "custodial" plans that the Sphinx folks sell.  You can run your own server.  Most of the Lightning node in a box distros offer it.

I am doing HUGE transaction volume based on this tech through my node since i have set my fees to zero when going to the podcastindex node (Adam Curry).

Breez has also implemented some crossover stuff... not the chatting, but the podcast/streaming stuff.

Very cool. Which would mean it's an uncensorable chat system...

I think it's time I set up a Lightning Node. I've just been using custodial stuff but the time has come.

My former maid just asked my wife about Bitcoin since she's from El Salvador. I need to figure out the best way for her to get paid over the LN and send it to her family without being too complicated. Strike is not available here in Panama yet.

[JayJuanGee]

I can see the IMF's position on El Salvador and I agree that it is a higher risk for them.

When they announced that, I thought...why don't we just raise $1 billion among Bitcoin folk and loan El Salvador the money to put toward infrastructure to be paid back in the future.

But if Bitcoin is accepted nationwide and widely used...then...good luck getting any more tax dollars from anyone since they'll just be earning untraceable, anonymous currency. Their tax revenue is going to crash and they won't be able to pay anyone anything.

I do like the idea that they are accepting Bitcoin for residency. That could possibly become their main source of revenue and replace all taxation as people want to join their thriving economy.

Bitcoin ends governments and it makes sense that the IMF would not want to invest in a country that will have a much smaller government in the future.

I like your idea about a potentiality that El Salvador could get its loan from another source (besides the IMF), and for example the bitcoin community.  Surely I believe that it would be important that if such loan were provided by the bitcoin community rather than the IMF, then there would be some kind of loan management service in place in order to assure that the lender(s) get paid back.

However, you are also asserting that you believe that El Salvador's adoption of bitcoin is going to just put it out of business and therefore, it would not be a good loan risk whether we are talking about the IMF loaning the money to them or the bitcoin community.

You could be correct regarding some aspects of Government being less relevant, but you seem to be presuming a whole hell of a lot to suggest that in the short term El Salvador is going to transition into a society that is unable to collect taxes because of the individualizing power of bitcoin.

So, let's assume that IMF has assumed that El Salvador is not a good risk in terms of paying back any loan (for example $1 billion).  I still personally believe that they would be sufficiently good for it, and if such money were to be loaned through some kind of arrangement of the bitcoin community, terms could be reached to give assurances that El Salvador would be good for the loan.. .. surely a bit speculative on my behalf too, but I do believe that you, Elwar, are presuming quite a bit, too.

[cAPSLOCK]

I'm checking out Sphynx.chat which @jack just tweeted about.

It appears to be a way to chat over LN. I know they were working on that technology but I did not realise that it was implemented.

Does anyone know much about the tech behind it? Is it truly all living on the LN or is it reliant upon the Sphynx server?

It is truly LN native.  But there are "custodial" plans that the Sphinx folks sell.  You can run your own server.  Most of the Lightning node in a box distros offer it.

I am doing HUGE transaction volume based on this tech through my node since i have set my fees to zero when going to the podcastindex node (Adam Curry).

Breez has also implemented some crossover stuff... not the chatting, but the podcast/streaming stuff.

Very cool. Which would mean it's an uncensorable chat system...

I think it's time I set up a Lightning Node. I've just been using custodial stuff but the time has come.

My former maid just asked my wife about Bitcoin since she's from El Salvador. I need to figure out the best way for her to get paid over the LN and send it to her family without being too complicated. Strike is not available here in Panama yet.

Not only that but if I understand correctly it is also encrypted.

This is exactly the kind of stuff chains like BSV (and ETH) are touting as the future but instead of storing every last thing on layer 1 we move all that traffic off to a more appropriate platform.

It's all unfolding beautifully.

[Torque]

Here's fkn chart for ya:

[cAPSLOCK]

Here's fkn chart for ya:

Seems to me the St Louis Fed is on our side a little.  They are not the bullshit slaver types like Yellin or Legarde.

Always been interesting.

[bitebits]

https://medium.com/blockstream-markets-weekly/blockstream-markets-weekly-june-11-2021-b608bd939b42

- El Salvador adopts BTC
- India may formalize BTC as an asset class
- Square & Blockstream team up on BTC solar farm
- Senator Warren calls for a crypto crackdown
- JPM says Tether is an investment giant
- Invesco makes new ETF application and long term holders buy the dip

[goldkingcoiner]

https://medium.com/blockstream-markets-weekly/blockstream-markets-weekly-june-11-2021-b608bd939b42

- El Salvador adopts BTC
- India may formalize BTC as an asset class
- Square & Blockstream team up on BTC solar farm
- Senator Warren calls for a crypto crackdown
- JPM says Tether is an investment giant
- Invesco makes new ETF application and long term holders buy the dip

In other words, why haven't you guys bought more coin yet? Go ahead, lets hear the excuses here.