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

[Richy_T]

It could be used as a way of attacking Bitcoin by congesting the network but it would only be a temporary attack as no one is going to send that much Bitcoin. How do I know this? You can attack Bitcoin the same way now by sending 0.0000001 transactions on the network with no fees and it would congest the network but no one does it because they cannot keep it up and it would only be a temporary attack. Lightening makes it easier to do with fees but it would not make much of a difference because of the congestion it causes does not achieve any thing.

There's actually a minimum relay fee setting. Not sure what the default is these days but nodes won't forward transactions which don't have sufficient fees for a good few years now.

[JayJuanGee]

100k Pump soon, confirmed.

OPsec, richie.. opsec..

Nice selfie, though.   

[explorer]

... there is another angle to this also, once people have a deflationary money to store their earnings in for future spending then they are motivated to buy products that last, quality items are preferred over inferior quality substitutes that burn-out, break, etc, i.e. cheap nasty stuff that gets disposed of readily ... because if you buy a product that serves a utility/function/pleasure for longer then your savings will buy more of that product (use/functionality) in the future

I'm not sure what's the purpose of that post.

Sure, overconsumption may decrease in certain parts of the world if we all used a deflationary currency such as Bitcoin, but if you know that your currency will worth more in the future, you'll also choose to not invest in stocks, because they'll bring less rate than your currency's. This means that the economic growth will slow down. Not to mention how damaging can this be for the government.

There are lots of downsides that come from deflation.

   I'd argue that stonk prices haven't much to do with actual 'economic growth'.  Real Economic Growth comes from productivity, not financial maneuvering shell games.  I agree with MA that deflationary currency would curtail this unsustainable consumerism that is constantly pushed at us.  Just another bubble to pop.

[marcus_of_augustus]

without intending to offend, you don't know what you are talking about ...

Why can't one have a normal conversation in the wall observer? A constructive dialog? Why someone has to ruin it somehow?

It wasn't a normal conversation, I posted some informational content that you had no idea what it's purpose was and then you proceeded to reply with some garbage nonsense output from some garbled thinking which I pointed out and now you're offended when I specifically stated that wasn't my intent.

There's a ton of material out there on the economics and historical precedents for sound money being superior to inflationary currency substitutes. You shouldn't expect to be spoonfed the good oil if you ask patsy questions and spout inflationista propaganda in a sound money forum.

[El duderino_]

https://twitter.com/BTC_Archive/status/1429545566070091782?s=20

 

[marcus_of_augustus]

without intending to offend, you don't know what you are talking about ...

Also, you absolutely do know what you are talking about.

... he clearly doesn't and the fact you think he does shows you don't either, which I guess shouldn't come as a surprise to me

[ChartBuddy]

Explanation

[marcus_of_augustus]

https://www.cnbc.com/amp/2021/08/20/kelly-evans-long-live-austrian-economics.html

Austrian economics versus Keynesians, muppets can begin here somewhere

[Richy_T]

Thats just marcus being marcus.

I think some of us just find the deflation fear-mongering tiresome. "Oh no, by not squandering my money today, I can have a better life tomorrow. However will I cope?"

[Richy_T]

Well I'll give an opinion but I don't think I can do a fair review as like I mentioned in the past the Foundation is literally the only thing Asimov wrote that I couldn't slog through. Maybe its because I was to young and I would get pulled in now but all I remember about it is it went into such long drawn out detail about the specifics of cataloging and fundamentally boring bureaucratic methods that It just couldn't keep my attention.

I'd think that you guys that actually have read the book would have more representative opinions on the subject than I would.

This is actually the reason I'm thrilled to see it as a show as now I can get the story line without having to wade through a 3 inch thick technical manual.

I don't really remember it that way. I do recall cryptography got a side-mention at one point in the form of message signing.

[cAPSLOCK]

https://www.cnbc.com/2021/08/22/bitcoin-nears-50000-after-months-of-weakness.html

When the MSM prints sort of positive stuff like this, prepare for a sharp leg down.

#BTFD

Oof.  That is ugly.

[Richy_T]

OPsec, richie.. opsec..

Nice selfie, though.   

Sadly too close to home in these covid lockdown times. 

[Hueristic]

Well I'll give an opinion but I don't think I can do a fair review as like I mentioned in the past the Foundation is literally the only thing Asimov wrote that I couldn't slog through. Maybe its because I was to young and I would get pulled in now but all I remember about it is it went into such long drawn out detail about the specifics of cataloging and fundamentally boring bureaucratic methods that It just couldn't keep my attention.

I'd think that you guys that actually have read the book would have more representative opinions on the subject than I would.

This is actually the reason I'm thrilled to see it as a show as now I can get the story line without having to wade through a 3 inch thick technical manual.

I don't really remember it that way. I do recall cryptography got a side-mention at one point in the form of message signing.

I was in my teens so that was quite awhile ago for me to remember any specifics.

that's just the jist of what my memory holds on the subject, hence why I stated I don't think I would be a good person to review the piece. 

[Richy_T]

I was in my teens so that was quite awhile ago for me to remember any specifics.

that's just the jist of what my memory holds on the subject, hence why I stated I don't think I would be a good person to review the piece. 

My 20s for me I think while I was at uni. I don't recall details for much of the books but I seem to recall there was a lot of filler for generally a nice little twist towards the ends.

[cAPSLOCK]

Another great short opportunity is upon us.

We need a diagram that shows future price behavior. A scientific diagram, based on hard math & science.
Pleeze?

[cAPSLOCK]

Lightning thoughts.

I want to spearhead a movement for cypher-punk inspired idealist zealots begin to run lightning nodes that have low, or even ZERO FEES.

One way to make lightning not become what people all worry about (banks) would be for the people who want to see the system run as counter to the existing one to make that happen themselves.

In fact, I think people who complain about the risks of centralization and exploitation in lightning have something they can do that is far more powerful than complain.

And that is to be the change you want to see.  Run a damn node, and run it the way you think Bitcoin should work!

For those who care about the direction of bitcoin... there really are only three choices.

1.  Complain.
2.  Fork bitcoin.
3.  Join us.

*EDIT* Are zero fees dangerous for spam etc?  Exploitable?

More and more often I find myself nodding when I read your posts.
An ELI5 about setting up a Lightning node could be useful.
Pointers?

Well.  A bitcoin node is not too heavy a task.  You can do that on any "sometimes on" computer, but a lightning node takes a little more dedication (and the doing of it will also flesh out why a conservative approach to the blocksize limit is smart.)



When lightning was brand new (reckless etc) I spun up a node on a QNAP using a docker image i created.  That was one of the dumbest things ever.  I made something completely NOT ready for production in a containerized format. Bitch to maintain.

But currently my suggestion is Raspiblitz!
https://github.com/rootzoll/raspiblitz

It's not too hard out of the box, follows the FOSS ethos quite well, and can be extended to various power-user features.

Buying a little RPI and a 1T hard drive (mine is still 500g.  I have to upgrade soon) that can be ALWAYS ON is how lightning is going to work.  The more of us willing to do it at home, the more decentralized the network will be.

But the instructions at the Raspiblitz github are good.

It is a project that DOES require a minimum of dedication.  But once you have it up and running it's not terribly hard to maintain.  One of my biggest "problems" is when I set it up i put a little pittance of BTC on it, and kept adding now and then, but over the last few years the value of the damn thing has gone up a bit. Lol.

Brings up another point... Be conservative and intentional about opening channels.  Every open costs a TX, and so will each close.

I recently opened channels to nodes in:
Nigeria
El Salvador
Venezuela
Cuba
Afghanistan

And for those my fees were all ZERO.  But recently I just dropped ALL my fees to zero.

The thought of quietly bringing down the government of Cuba while they are not looking was just too awesome to pass up.

If you get into it and want help, reach out... I will help how I can.  I'll open a channel to you on one of my nodes too if you like!

[marcus_of_augustus]

https://twitter.com/i/status/1426894553722802176

50 years of inflationary fiat failure

... Oh Noes! What about my stonks?!

wtfhappened in 1971?

[El duderino_]

Wet weather Sunday
Merely under 5 0 K
Let the good times role.

[El duderino_]

[ChartBuddy]

Explanation