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

[Biodom]

Personally I'm in favor of BTC moving to POS or something else to reduce its energy use. Maybe something like masternodes where you would need 1 BTC by masternode, a bit like ETH 2.0

A lot of thought needs to go into it of course, the security of the protocol must be preserved.

And the transition would be over something like 5 years so that miners can recoup their investment.

I'm well aware of the difficulty in getting consensus so that BTC can evolve, and this is only my opinion, I have no coding skills to contribute, I have stopped maths long ago after an overdose of it in university...

How we get there, I don't know, but it would be a good outcome. I could imagine small coiners joining up to invest in a node, so that even poor countries can participate. And that would leave one less reason for government crackdowns, of course.

I don't see how it is possible, period.
That said, I remember seeing a table where btc energy use is infinitesimally lower in CO2 release than usage of airplanes.
Electricity use does not mean something 'bad" since EV use electricity-DUH!
ESG crowd energy better spend there.
A totally made-up problem.

[ChartBuddy]

Explanation

[Richy_T]

"A provision looking to force proof-of-work cryptocurrencies like bitcoin to switch to the more environmentally friendly proof-of-stake consensus mechanism is in a draft of MiCA up for a parliamentary vote on Monday."

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

Source: https://www.coindesk.com/policy/2022/03/12/limiting-proof-of-work-crypto-back-on-the-table-as-eu-parliament-prepares-virtual-currencies-vote/

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

[Richy_T]

Hello guys. I don't know if it has already been mentioned, but I think it's interesting, for people who store paper/hard wallets in bank vaults :

Anyone who thought this was a good idea hasn't been paying attention.

[JayJuanGee]

Almost 19 million have been mined 18981981, 2 million (2018019) to be mined the next 130 years or so, the argument about mining has left town.
Race cars drive around in circles for entertainment and flown around the world, thats ok? A million things on can list if need be, what i do as hobby is my business.

To your first point, mining is not just for the production of new coins... but securing and transacting the coins that already exist.... so I would imagine, even after all the coins are mined in 2140-ish - there is still going to continue to exist a pretty damned large BTC mining footprint that will likely be there to secure and transact the reserve currency of the world, aminotrite?

[JimboToronto]

It's entirely possible to change Bitcoin from POW to POS. All you need is a law.

Yep. Just get every country to pass the same law and every individual to recognize it. Easy peasy. 

[Richy_T]

It's my opinion that POS for Bitcoin would be an inevitable road to government hegemony and even more murder and violence from the same. No thanks.

[Hueristic]

Hello guys. I don't know if it has already been mentioned, but I think it's interesting, for people who store paper/hard wallets in bank vaults :

https://twitter.com/igorsushko/status/1502925809132003328

Igor Sushko
@igorsushko
·
7h
Replying to
@igorsushko
Also - apparently the Russian government will begin, if they haven't started, raiding safety deposit boxes belonging to regular bank customers. Probably looking for USD and EUR cash

You know I thought about this when The Fed seized a bunch of safety deposit boxes and have come to the conclusion that everyone should keep a massive stack of fake mnemonic phrases for the fed to comb through as a time sink in their boxes.

[Hueristic]

I come from the city of Boyarka, not far from the capital city of Kyiv. Don't know who to turn to for help? my friends, my family, my relatives   have been bombarded by the russian army. i have some BTC can someone help sell it? I can't withdraw money in the current situation   pleace

While I can't help you in this instance (localbitcoin not an option?) what I would recommend you do is post a Air B&B ad as people are renting them for Ukrainians just to help you guys out. This is a good method as it also proves you are indeed a resident being fucked over by that piece of shit Putin.

[BlackHatCoiner]

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

[Megathread] The long-known PoW vs. PoS debate.

[OutOfMemory]

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

There will be no change, it's a crazy idea of people who don't even know how to define Bitcoin, let alone what POS would mean for Bitcoin. The proposed laws would not actually apply to all those cryptocurrencies that already exist and are traded or mined in the EU, but would in some way try to force them to start using green/renewable energy sources.

It also says that energy-intensive crypto assets that are already in use in the EU before the legislation comes into effect, will have to "set up and maintain a phased rollout plan to ensure compliance with such requirements" as specified in another part of the framework.

EU bureaucrats are not even able to read studies that clearly show how harmless Bitcoin mining is in the overall picture, let alone when it comes to the EU.

Either i totally confuse this or the parliament vote has to pass commission first to become a law?

[ChartBuddy]

Explanation

[Hueristic]

"A provision looking to force proof-of-work cryptocurrencies like bitcoin to switch to the more environmentally friendly proof-of-stake consensus mechanism is in a draft of MiCA up for a parliamentary vote on Monday."

I fail to understand how BTC will ever shift from PoW to PoS, surely it's not even possible. What does that mean?

Source: https://www.coindesk.com/policy/2022/03/12/limiting-proof-of-work-crypto-back-on-the-table-as-eu-parliament-prepares-virtual-currencies-vote/

It's entirely possible to change Bitcoin from POW to POS. All you need is a law. The electrons in the algorithms rearrange themselves as soon as the bill is approved or the law is published - depending on the quantum level of electron compliance. The so-called "electron scare" factor. Scared electrons are reliable electrons and all that stuff.

Actually, given the level of understanding they are showing, it could be worth a shot to try and explain them that Bitcoin is already proof of stake! Those who stake the most hash power get to pick the transactions in the next block. Right?

Very appropriate.

https://en.wikipedia.org/wiki/King_Canute_and_the_tide

The story of King Canute and the tide is an apocryphal anecdote illustrating the piety or humility of King Canute the Great, recorded in the 12th century by Henry of Huntingdon.

In the story, Canute demonstrates to his flattering courtiers that he has no control over the elements (the incoming tide), explaining that secular power is vain compared to the supreme power of God. The episode is frequently alluded to in contexts where the futility of "trying to stop the tide" of an inexorable event is pointed out

[infofront]

New poll time ...better late than never.

Old poll:

[ChartBuddy]

Explanation

[Toxic2040]

New poll time ...better late than never.

Old poll:

hey info!  wb  thanks for new poll   /wave

[ChartBuddy]

Explanation

[moneystery]

New poll time ...better late than never.

Old poll:

thanks for the new poll....


https://twitter.com/100trillionUSD/status/1502697338644672515

hav a nice day

[cAPSLOCK]

Hello guys. I don't know if it has already been mentioned, but I think it's interesting, for people who store paper/hard wallets in bank vaults :

Anyone who thought this was a good idea hasn't been paying attention.

As long as you use a really strong BIP39 passphrase and keep a backup on the seed GPG encrypted on an archival CD or a couple USB drives or the like... Maybe not the worst ever.

But yeah...  Safe deposit boxes have always had a downside, and I think that downside is going to get more evident over time soon.

[xhomerx10]

Uh oh.  Prepare to be tapped.

The Max Planck Institute for Terrestrial Microbiology in Marburg have shed light on the underlying mechanism. Their findings suggest that all organisms release methane.

https://www.sciencedaily.com/releases/2022/03/220311115336.htm