cAPSLOCK
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Whimsical Pants
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We should see several interesting dynamics come into play.
1. Prices will likely drop at merchants that take Bitcoin, and discounts for payment in bitcoin will be offered. 2. Wallets will begin to intelligently choose between on and off chain payments at certain thresholds. 3. Real competition in the lightning node fee markets will develop as you will not have the near monopolies the CCs currently are. 4. It will make sence to open channels to retailers you frequent the most. The grocery store, and perhaps even the computer store. And then you may be able to reduce your fees to 0, or close to it.
Banks will eventually do complex channel management, and i predict we might even see payment apps, that can use the lightning network branded by the bank. Strike has shown the way, and banks may begin to realize they can do FIAT denominated electronic payments by using the lightning network backend.
When you think about it a little and start to see the future.. it's pretty amazing, in my opinion.
I will get to some of your post later on but what do you think about merchants creating and operating their own Lightening node. I think that would be more profitable for them and while not every merchant might have the knowledge to do it I think the bigger companies would open their own nodes and dictate their own fees. That could be problematic if Google started doing that because they could demand higher fees and still get business while smaller businesses would need to charge more for the product and would need to use lightening nodes which already exist or create their own with fees which would not compete with Google. Oh, I think it will most certainly happen. I can imagine merchants offering all kinds of incentives to connect to their nodes like they do with lines of credit today. Including lines of credit. Because merchants will figure out having a well connected payment node will make them money, and save them money. And of course eventually there will be so many connected nodes with big channels that payments will work better and better as the network grows. But one of the best incentives is if you have a channel to the grocery chain's node then payments can be basically free. Also (and somewhat disturbingly) the whole "buyer's card" thing also gets tossed in this scenario, because the data will be directly in the hands of the seller... they will know what you bought, when you bought it, etc. Which is the reason for those little dumb cards now. So like I said... I think the store will not only encourage you to open a channel to their node they might pay for it. On the other hand, for many grandmas with smart phones all the channel management etc will be handled by the players building this stuff. There is some pretty deep money to be made taking a seat at the table where Strike is currently one of the only ones sitting. Where the real innovation lies for this? Making all these things into a standards. Everyday folks are not going to take the time to learn what lightning is. They just need a way to pay for their stuff. And the tech will do all of this on the back end. This is where some folks are frightened by the centralization that this will incur. And I understand that. But it is unavoidable. There is no way to build these systems in a way that people will not take the "easy route". Like a gmail account... The banks and merchants who do this well are going to have a really big seat at the table. But like I frequently point out. No one HAS to use ANY of it if they do not want to. And "power users" will be able to keep their sovereignty as long as we keep the requirements to run a node low enough.
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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El duderino_
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BTC + Crossfit, living life.
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August 29, 2021, 07:26:11 PM |
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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August 29, 2021, 07:45:01 PM |
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Of course, historically I have frequently posted about the mature investor who already has some kind of investment portfolio and therefor I have always suggested for that kind of investor to figure out a way to allocate 1% to 10% into bitcoin, and there is largely ONLY vague reference to what the other investments might be because that would be largely off topic here.. and then if there is a brand new investor who does not have any other investments, then we would be more interested in establishing his/her bitcoin investment rather than figuring out what other investments that person might have or be considering... and I am not even opposed to starting out with only bitcoin and cash, and then once the bitcoin and cash portfolio is built up, then perhaps figuring out diversification after that, yet again there seems to be hardly any need to discuss what those other investments might be, if any.
This probably is not good investment advice but I think diversifying instead of investing all you can in Bitcoin would be a poor choice. Bitcoin is the most revolutionary thing that exists today and even if it is not used as a mainstream currency the potential to earn on it is bigger than any market I have invested in previously. I have researched many hours on what the best things are to invest in and my conclusion is the property market is always ok to invest in because there will always be demand and Bitcoin because the demand in freedom is always going to be higher than what we have in fiat. I think diversifying is good because you are not risking all your eggs in 1 basket but I think if you are not investing all you can afford into Bitcoin now you will lose out. I cannot disagree with you, but I will still state that there are going to be significant amount of differences between the mature investor (just referring to someone who has already built a decently-sized investment portfolio not referring to smartness, sophistication or age) and the person who has no other investments or very few investments. The mature investor has to first get off zero and has to likely figure out the amount of allocation that s/he is going to make towards bitcoin, if any, and surely I am with you in terms of the more aggressive approaches being much likely to be better, especially if we are talking about anyone with a 4 year or longer investment horizon. Any mature investor also would need to consider how to get from zero to his/her target investment allocation.. and then potentially be studying bitcoin along the way too in order to tweak his her target amounts and/or other bitcoin allocation/management strategies. The brand new investor might be a bit easier to advise in terms of suggesting to just start with bitcoin.. but let's say for example, the person only has a few hundred dollars of cashflow per month that could be invested, there could be some questions regarding how aggressive to be in terms of also making sure that such brand new investor does not get himself/herself into a pickle in terms of managing cashflow including having some kind of emergency that causes some possible need to cash out some or all BTC at a time that is not of his/her own choosing. Poor cashflow management for the newbie, or even unnecessary risk taking by more mature investors could put either one in either underperforming positions or even losing money on an investment that should be profitable given that it is likely part of a unprecedented wealth transferring system.
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Hueristic
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Doomed to see the future and unable to prevent it
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August 29, 2021, 07:45:59 PM |
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More of these, please. Maybe someday I will put one up.tc But I know a lot of folks think the Guy Fawkes mask is cool and all, but doesn't it sort of reinforce the "shadowy super coder", "bitcoin is being used for dark purposes" stereotype?
In the US probably nearly half of us would associate that with Antifa, and most of those people would not see it in a positive light.-says a random pseudonymous dude on the internet... it is likely a bank advert try to hurt btc Not likely, they are the recipients of Brrrrr. Occasionally you see some themes that are pro-bitcoin on the surface, but sending strange subliminal messages.
I have noticed this in quit a few instances as well.
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NIZZAONE
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"a mad man is laughing at the rain"
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August 29, 2021, 07:49:35 PM |
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hamster in a wheel gon' send him to outer space never will come down pls 4 give me
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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August 29, 2021, 07:59:40 PM |
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https://bitcoinmagazine.com/culture/1-million-bitcoin-price-billionaireHowever for Balaji it appears that there is another, perhaps more fascinating flippening that will come soon - the flippening of billionaires. He says that when bitcoin hits milestones like $100,000, there will be as many bitcoin billionaires as there are traditional billionaires. When bitcoin hits one million dollars, the world’s bitcoin and crypto billionaires will surpass the number of traditional billionaires. I have no doubt that before I'm 6 feet under, my tiny stash could be worth in the $millions. You are talking about $10 million per coin then, especially if you expect that your 0.21BTC is going to be worth millions (minimum entry-size for "millions" is $2 million). However, seeing how a loaf of bread and a gallon of milk at that future point in time will cost $1999.99, that's not really saying a lot.....
Lookie uie poo-ie - a pessimist. .....
I do not know why But i feel so much pity for People Who only learned about money in their life and just revolve their life about money.
......
Says the nocoiner clown with "I need 3 Bitcoins. Urgently .." in their avatar. For further clarification, FTFY Pretty sure you are just an idiot nocoiner troll
FTFY, too... who knows how, and loves to get quoted in the wob, so I give you credit for that.
Lookie uie-pooie. Sucking up to the nocoiner. (< I know... this one is not a highcoo, oh well.... )
You are forgiven. kind of. Regulations so that people stop making so much money?
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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August 29, 2021, 08:01:25 PM |
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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August 29, 2021, 08:02:24 PM |
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hamster in a wheel gon' send him to outer space never will come down pls 4 give me Is that your own gif, NIZZAONE?
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NIZZAONE
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"a mad man is laughing at the rain"
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August 29, 2021, 08:08:13 PM Merited by JayJuanGee (1) |
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Is that your own gif, NIZZAONE?
yeah, had my funnyfiveminutes already
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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August 29, 2021, 08:13:29 PM |
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Is that your own gif, NIZZAONE?
yeah, had my funnyfiveminutes already Surely not a bad piece.. even though I did not see any hamster contained within.. or even in the peripheries.
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NIZZAONE
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"a mad man is laughing at the rain"
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August 29, 2021, 08:24:32 PM |
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Is that your own gif, NIZZAONE?
yeah, had my funnyfiveminutes already Surely not a bad piece.. even though I did not see any hamster contained within.. or even in the peripheries. thx #nohomomy haiku was to underline that space&golden rocket-theme anyhow... so the hamster is more a symbol, but surely now is glad and sittin in that golden spaceship 4 finding a better place
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NIZZAONE
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"a mad man is laughing at the rain"
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August 29, 2021, 08:42:13 PM Merited by JayJuanGee (1) |
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...even though I did not see any hamster contained within.. or even in the peripheries.
kkk... FTFM LOLROFL
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NIZZAONE
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"a mad man is laughing at the rain"
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August 29, 2021, 08:53:50 PM |
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The last chance to buy Bitcoin under $50,000.
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ChartBuddy
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August 29, 2021, 09:01:41 PM |
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Richy_T
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August 29, 2021, 09:30:35 PM |
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More of these, please. Maybe someday I will put one up.tc But I know a lot of folks think the Guy Fawkes mask is cool and all, but doesn't it sort of reinforce the "shadowy super coder", "bitcoin is being used for dark purposes" stereotype?
In the US probably nearly half of us would associate that with Antifa, and most of those people would not see it in a positive light.-says a random pseudonymous dude on the internet... it is likely a bank advert try to hurt btc Do we know it's real? It looks a bit photoshoppy to me.
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sirazimuth
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born once atheist
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August 29, 2021, 09:32:21 PM |
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......
Says the nocoiner clown with "I need 3 Bitcoins. Urgently .." in their avatar.
For further clarification, FTFY
...... Um... Jay....you didn't fix it, you broke it. Its no longer a highcoo.... And this is highcoo Sunday, you naughty peep you.... ...... Lookie uie-pooie. Sucking up to the nocoiner. .... Guilty as charged....
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OutOfMemory
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Man who stares at charts
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August 29, 2021, 09:48:14 PM |
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More of these, please. Maybe someday I will put one up.tc But I know a lot of folks think the Guy Fawkes mask is cool and all, but doesn't it sort of reinforce the "shadowy super coder", "bitcoin is being used for dark purposes" stereotype?
In the US probably nearly half of us would associate that with Antifa, and most of those people would not see it in a positive light.-says a random pseudonymous dude on the internet... it is likely a bank advert try to hurt btc Do we know it's real? It looks a bit photoshoppy to me. Seconded.
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sirazimuth
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born once atheist
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August 29, 2021, 09:53:08 PM |
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......
.... It looks a bit photoshoppy to me.
Isn't every pic on the intertoobz "a bit photoshoppy"?
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Zedpastin
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Infographics save lives
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August 29, 2021, 09:58:33 PM |
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On the other hand, for many grandmas with smart phones all the channel management etc will be handled by the players building this stuff. There is some pretty deep money to be made taking a seat at the table where Strike is currently one of the only ones sitting.
Where the real innovation lies for this? Making all these things into a standards. Everyday folks are not going to take the time to learn what lightning is. They just need a way to pay for their stuff. And the tech will do all of this on the back end.
This is where some folks are frightened by the centralization that this will incur. And I understand that. But it is unavoidable. There is no way to build these systems in a way that people will not take the "easy route". Like a gmail account... The banks and merchants who do this well are going to have a really big seat at the table.
This is why I talked about merchants owning and operating their own nodes because it makes sence to be that they would benefit directly off of the node instead of using another and they can set their own fees without having a external person changing those fees frequently because they would have to reflect that in their store prices. Lightening is hard to understand for most and I think this is a problem for Bitcoin as well because its hard to understand people are scared of it. As soon as we can figure a way to make Bitcoin less complicated I think adoption could increase. I think vendors operating their own nodes for customers would help in making it less complicated because then the consumer does not have to worry about fees because they could be included into the price if a vendor has set them. If there are enough vendors operating their own nodes then we do not have to worry about centralization except maybe that all retail merchants will own all of the nodes but I do not think that is to big of a problem and would not stop adoption because credit cards are currently run by one entity instead of lightening nodes being owned by the business you choose to do business with. Do we know it's real? It looks a bit photoshoppy to me.
It is photoshopped the giveaway is the lights. The material used for bill boards does not reflect light like that. I have seen Bitcoin billboards but I am not sure they are any good at getting people to look into Bitcoin and research it.
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