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

[Hueristic]

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.

But as stated, Bitcoin already coped fine with blocks of 1MB and below (Luke JR may disagree of course) so what benefit could there be other than to allow for larger blocks? That's all I'm saying. I don't want to badger you about this. It seems fundamentally I'd find your proposal acceptable. I would say that unpredictable fees are a much bigger issue than high fees. In fact, unpredictable fees exacerbate high fees since if you want to be sure you get in a block in a timely manner, you not only have to use a fee that's good currently but you have to add extra in case of a surge. And if everyone is doing the same, that may not even be enough.

You keep wanting me to say we need larger blocks so as to trigger the thread again and that is not what I'm saying.

Variable blocks pegged to market demand will go up or down as needed but in a manner that costs at an exponential rate to increase and this will stop any spam attack.

Nothing in my statements would create unpredictable anything, there is ZERO chance in the question I was proposing.

I also am just wondering about this in an academic fashion as I really don't care if the block size never changes.

I will not be answering any more questions that look like your trying to bait me into making your arguments for you.

You keep repeating the bolded when I have already addressed that many times in my last posts and I know your not that stupid so I can only think you are being disingenuous.

[1715350423]

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[1715350423]

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[AlcoHoDL]

How much confirmed maths and science do you know?

There's no confirmed maths & science. There's only maths & science.

How much maths & science do you know? 0%? This reminds me of something...

[philipma1957]

the builders thread:
https://bitcointalk.org/index.php?topic=5314398.0

these cheap nodes that mine at a small profit can be in 10 thousand homes.

building a super node with 32mb blocks would mean using 8tb ssds in arrays

you would need more than 300mb internet speed.

I loaded a node/wallet on a thread ripper about 18 months ago

used a threadripper 3970 with 128gb ram

used 200mb internet and a 2tb nvme m.2 ssd

took 2 hours to synch it.

the time was 2 hours due to a 100mb switch I downloaded at a constant 80-90mb. it was about 300gb

but if we had a 32mb block thread it would be 16x the size
take 32 hours to download
and use 4.8tb

if it were a 96mb block
it takes 96 hours to download

and use 13.4tb

so that would mean at least two 8tb ssds in an array to give 16tb
maybe the 2000 usd threadripper the 3970 is good enough
maybe the 128gb ram is enough.

but I would need to have built a 9 k rig to do a node.

i dont need my full node (which i use purely for validating my own transactions) to run on a rPi, but it at least needs to be able to run on a (probably beefy) commodity computer and be able to sync from scratch in a reasonable time. so i dont mind needing a 3-4k (or even 10k) computer to run a node purely for my own verification, but once you need business class internet and seriously potent server gear thats when i have issues. i will need to trust other nodes at that point. SPV clients have thier place but not as my main check for my transactions and balances. i suppose spinning up AWS type stuff for a personal verification node is a possibility but that seems drastic and likely expensive plus i like my gear in house.

blocks at its current size may have issues but they work for me at this point and thats good enough for now. high fees at the moment? pay up, wait, or go home: pretty simple. ill wait for the bulging brains types to figure the best way forward.

edit: slow and steady. this is Prod after all. i like my coin STABLE. let the alts blow up their blockchains. believe me its nice to have paper wallets from 2011 that are as safe and usable as the day i printed them. cant say that for a lot (likely most) shitcoins from back in the day, or even more recent ones.

If you want to be all btc.

Have a few hodl wallets.

paper ,trezor, core

and have liquid btc on an exchange.

Personally I have run nodes on really good pcs and on the new apollo with many inbetween.

I like running on the rasp/arm apollo it uses 10 watts and does the job. Plus it mines. It is due to become an ln node. It is possible that 10,000 of these could be in the world in a year or so.

We would not be able to have 10000 small form pc nodes like a dell with an i7 a 2tb ssd  and 32 gb ram with 100 mbs internet.

basically it is less affordable.

question how many nodes do we have and where to find a node number chart.

do we have :

1,000
5,000
10,000
25,000
50,000
100,000

the higher number would be an argument favoring the low block size we currently have.

it would be a nice point to assist the block size discussion.

I found this

https://bitnodes.io/

and it claims 9790 nodes  in the grand scheme of things that is not enough nodes

so the small miner/node using a rasp pi on steroids sold here

https://bitcointalk.org/index.php?topic=5314398.0

would prefer the current block size. and with only 9790 nodes we could use node promos to help BTC

I am not shilling the product listed above.

you can make a better node with this pc

https://www.ebay.com/itm/184882713320? 127
 a 2 tb ssd https://www.newegg.com/samsung-2tb-870-evo-series/p/N82E16820147794? 250

327 + 150 for 2 sticks of ram.

477

https://www.ebay.com/itm/283307664983?

point is we could use more nodes and yeah you could go to 4mb blocks with the pc above

but likely that knocks out a lot of rasp pi style nodes.

So maybe we stay with 2mb and do other work arounds. hoping to go up to 20000 nodes vs the 10000 listed.

[ChartBuddy]

Explanation

[BTCaesar]

Bitcoin 2021 Miami Conference Becomes Superspreading Event as Dozens Test Positive For COVID-19


https://twitter.com/i/events/1403126437192900608?s=09

[ChartBuddy]

Explanation

[jojo69]

Bitcoin 2021 Miami Conference Becomes Superspreading Event as Dozens Test Positive For COVID-19


https://twitter.com/i/events/1403126437192900608?s=09

[nutildah]

OT: This is the ultimate red pill, the ultimate "ah ha" moment.

And you can no longer vote against it. They will print and spend regardless of who is in office. Once you "get" this, you soon realize that there are only so many ways out of their system. Bitcoin is one of those ways.

"Big government only sees itself. It is the ultimate narcissist, everything else exists for its benefit.  

Think about this...with massive government, the people are the budget. We’re little hash marks on a piece of paper, little items in a multi-trillion dollar lobbyist giveaway, all devolving us into nothing more than a product to manage, a product to distribute, a product to tax, and a product to exploit for political and financial gain all along the way.

The size of government itself and its contempt for the people it’s supposed to represent has made it inevitable that they hardly see us as human beings at all. No doubt they see us as hamsters in the wheel, all to fund an ever-expanding bureaucracy.

In fact, the endless spending is a representation of the denigration of humanity at every level, and it all happens when the government becomes an insatiable monolith."

-Tammy Bruce

I thought this was common knowledge. Its a system that's been in place since the beginning of empires.

The dollar remains the world's worst currency except for all others tried.

[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.

I would be delighted to help with this.  And I have some simple suggestions.  Forgive me if you do not want them.

Wallets:
Non-Custodial: Breez, Phoenix
Custodial: Wallet of Satoshi, Bluewallet

The reason to even consider a custodial wallet (for the receiving family) is for simplicity and security.  It ties your account to an email address so a lost phone is not the end of the world.  Breez backs up to google drive (I do not find this acceptable for a "grandma" level user).  Phoenix backs up to a 12 word seed.  Maybe better than Breez, but still not grandma level.  The security tradeoffs are the question here. 

It's too bad strike does not work in Panama yet because it offers several advantages.  It is tax free.  You pay in USD which avoids tax implications, and it is drop dead simple.  But since it is not an option, I would look at coinos.io.  It can be custodial, or you can point it at your own node(s).  You send it some BTC (or L-BTC) and you can just send that out over lightning to whatever wallet they choose.

Anyway, You might already have this all under your belt... but I have done a LOT of work with lightning and I know my way around it by now.

My tolerance for trade offs may also be higher than yours. I would think sending lightning size amounts of money do not need base layer type security guarantees.  I would suggest WoS for the recipient just because there is the most chance they know someone who uses it...

Anyway feel free to reach out if I can help!

[goldkingcoiner]

How much confirmed maths and science do you know?

Aren't you the guy who told me, a university trained physicist, to learn more math?

[ChartBuddy]

Explanation

[JimboToronto]

i know one lid = one joint

OMG that's Cheech and Chong sized.

If you really need to use a whole ounce (28g) in a single doob you really need to find a better supplier.

[cAPSLOCK]

the builders thread:
https://bitcointalk.org/index.php?topic=5314398.0

these cheap nodes that mine at a small profit can be in 10 thousand homes.

building a super node with 32mb blocks would mean using 8tb ssds in arrays

you would need more than 300mb internet speed.

I loaded a node/wallet on a thread ripper about 18 months ago

used a threadripper 3970 with 128gb ram

used 200mb internet and a 2tb nvme m.2 ssd

took 2 hours to synch it.

the time was 2 hours due to a 100mb switch I downloaded at a constant 80-90mb. it was about 300gb

but if we had a 32mb block thread it would be 16x the size
take 32 hours to download
and use 4.8tb

if it were a 96mb block
it takes 96 hours to download

and use 13.4tb

so that would mean at least two 8tb ssds in an array to give 16tb
maybe the 2000 usd threadripper the 3970 is good enough
maybe the 128gb ram is enough.

but I would need to have built a 9 k rig to do a node.

i dont need my full node (which i use purely for validating my own transactions) to run on a rPi, but it at least needs to be able to run on a (probably beefy) commodity computer and be able to sync from scratch in a reasonable time. so i dont mind needing a 3-4k (or even 10k) computer to run a node purely for my own verification, but once you need business class internet and seriously potent server gear thats when i have issues. i will need to trust other nodes at that point. SPV clients have thier place but not as my main check for my transactions and balances. i suppose spinning up AWS type stuff for a personal verification node is a possibility but that seems drastic and likely expensive plus i like my gear in house.

blocks at its current size may have issues but they work for me at this point and thats good enough for now. high fees at the moment? pay up, wait, or go home: pretty simple. ill wait for the bulging brains types to figure the best way forward.

edit: slow and steady. this is Prod after all. i like my coin STABLE. let the alts blow up their blockchains. believe me its nice to have paper wallets from 2011 that are as safe and usable as the day i printed them. cant say that for a lot (likely most) shitcoins from back in the day, or even more recent ones.

If you want to be all btc.

Have a few hodl wallets.

paper ,trezor, core

and have liquid btc on an exchange.

Personally I have run nodes on really good pcs and on the new apollo with many inbetween.

I like running on the rasp/arm apollo it uses 10 watts and does the job. Plus it mines. It is due to become an ln node. It is possible that 10,000 of these could be in the world in a year or so.

We would not be able to have 10000 small form pc nodes like a dell with an i7 a 2tb ssd  and 32 gb ram with 100 mbs internet.

basically it is less affordable.

question how many nodes do we have and where to find a node number chart.

do we have :

1,000
5,000
10,000
25,000
50,000
100,000

the higher number would be an argument favoring the low block size we currently have.

it would be a nice point to assist the block size discussion.

I found this

https://bitnodes.io/

and it claims 9790 nodes  in the grand scheme of things that is not enough nodes

so the small miner/node using a rasp pi on steroids sold here

https://bitcointalk.org/index.php?topic=5314398.0

would prefer the current block size. and with only 9790 nodes we could use node promos to help BTC

I am not shilling the product listed above.

you can make a better node with this pc

https://www.ebay.com/itm/184882713320? 127
 a 2 tb ssd https://www.newegg.com/samsung-2tb-870-evo-series/p/N82E16820147794? 250

327 + 150 for 2 sticks of ram.

477

https://www.ebay.com/itm/283307664983?

point is we could use more nodes and yeah you could go to 4mb blocks with the pc above

but likely that knocks out a lot of rasp pi style nodes.

So maybe we stay with 2mb and do other work arounds. hoping to go up to 20000 nodes vs the 10000 listed.

I gotta say... I really want one of those little miner/nodes.  Kinda goofy the stock ships with a 500mb drive.  Thats gonna need to be upgraded fairly soon.

[heslo]

the builders thread:
https://bitcointalk.org/index.php?topic=5314398.0

these cheap nodes that mine at a small profit can be in 10 thousand homes.

building a super node with 32mb blocks would mean using 8tb ssds in arrays

you would need more than 300mb internet speed.

I loaded a node/wallet on a thread ripper about 18 months ago

used a threadripper 3970 with 128gb ram

used 200mb internet and a 2tb nvme m.2 ssd

took 2 hours to synch it.

the time was 2 hours due to a 100mb switch I downloaded at a constant 80-90mb. it was about 300gb

but if we had a 32mb block thread it would be 16x the size
take 32 hours to download
and use 4.8tb

if it were a 96mb block
it takes 96 hours to download

and use 13.4tb

so that would mean at least two 8tb ssds in an array to give 16tb
maybe the 2000 usd threadripper the 3970 is good enough
maybe the 128gb ram is enough.

but I would need to have built a 9 k rig to do a node.

i dont need my full node (which i use purely for validating my own transactions) to run on a rPi, but it at least needs to be able to run on a (probably beefy) commodity computer and be able to sync from scratch in a reasonable time. so i dont mind needing a 3-4k (or even 10k) computer to run a node purely for my own verification, but once you need business class internet and seriously potent server gear thats when i have issues. i will need to trust other nodes at that point. SPV clients have thier place but not as my main check for my transactions and balances. i suppose spinning up AWS type stuff for a personal verification node is a possibility but that seems drastic and likely expensive plus i like my gear in house.

blocks at its current size may have issues but they work for me at this point and thats good enough for now. high fees at the moment? pay up, wait, or go home: pretty simple. ill wait for the bulging brains types to figure the best way forward.

edit: slow and steady. this is Prod after all. i like my coin STABLE. let the alts blow up their blockchains. believe me its nice to have paper wallets from 2011 that are as safe and usable as the day i printed them. cant say that for a lot (likely most) shitcoins from back in the day, or even more recent ones.

If you want to be all btc.

Have a few hodl wallets.

paper ,trezor, core

and have liquid btc on an exchange.

Personally I have run nodes on really good pcs and on the new apollo with many inbetween.

I like running on the rasp/arm apollo it uses 10 watts and does the job. Plus it mines. It is due to become an ln node. It is possible that 10,000 of these could be in the world in a year or so.

We would not be able to have 10000 small form pc nodes like a dell with an i7 a 2tb ssd  and 32 gb ram with 100 mbs internet.

basically it is less affordable.

question how many nodes do we have and where to find a node number chart.

do we have :

1,000
5,000
10,000
25,000
50,000
100,000

the higher number would be an argument favoring the low block size we currently have.

it would be a nice point to assist the block size discussion.

I found this

https://bitnodes.io/

and it claims 9790 nodes  in the grand scheme of things that is not enough nodes

so the small miner/node using a rasp pi on steroids sold here

https://bitcointalk.org/index.php?topic=5314398.0

would prefer the current block size. and with only 9790 nodes we could use node promos to help BTC

I am not shilling the product listed above.

you can make a better node with this pc

https://www.ebay.com/itm/184882713320? 127
 a 2 tb ssd https://www.newegg.com/samsung-2tb-870-evo-series/p/N82E16820147794? 250

327 + 150 for 2 sticks of ram.

477

https://www.ebay.com/itm/283307664983?

point is we could use more nodes and yeah you could go to 4mb blocks with the pc above

but likely that knocks out a lot of rasp pi style nodes.

So maybe we stay with 2mb and do other work arounds. hoping to go up to 20000 nodes vs the 10000 listed.

I gotta say... I really want one of those little miner/nodes.  Kinda goofy the stock ships with a 500mb drive.  Thats gonna need to be upgraded fairly soon.

Received mine this week. I believe I was the first to post about it here in WO back when it first got announced and was very excited for it. It's a great bit of kit, a few niggly issues software side that will get fixed I'm sure but can highly recommend it to others. Very excited for LN functionality to get added too as that's the main reason behind the purchase for me

[cAPSLOCK]

Bitcoin 2021 Miami Conference Becomes Superspreading Event as Dozens Test Positive For COVID-19


https://twitter.com/i/events/1403126437192900608?s=09

[goldkingcoiner]

*and science

We could all always learn more maths & science, am I wrong?

Oh yes, definitely. I need to make Proudhon proud otherwise Bitcoin will crash

[Richy_T]

Nothing in my statements would create unpredictable anything, there is ZERO chance in the question I was proposing.

I wasn't saying they were. I was explaining why I support a scheme such as you mention. Running systems at full capacity all the time is well known to cause instability as there's no way to accommodate temporary surges.

I just don't see how what you're advocating amounts to anything other than bigger blocks since smaller blocks have long been a feature of having fewer transactions. But if you say that's not your intent, I'll respect that.

[Richy_T]

We could all always learn more maths & science, am I wrong?

Here's an intriguing watch:

https://www.youtube.com/watch?v=jyQwgBAaBag

[ChartBuddy]

Explanation

[Toxic2040]

the evening wall report

continued sideways accumulation observed on declining volume

#dyor

1h



4h

#stronghands