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

[JayJuanGee]

I would say speed is where bitcoin is lagging behind LN and other payment system. Though LN was introduced to cater this shortcoming but wasn't able to take off till date.

If you had not heard, Bitcoin's lack of speed (10 minutes-ish) is a feature rather than a bug.

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[OutOfMemory]

I would say speed is where bitcoin is lagging behind LN and other payment system. Though LN was introduced to cater this shortcoming but wasn't able to take off till date.

I would say this is a apple-banana comparison. Bitcoin is secure and decentralised. Stil faster than secure transportation of a gold bar (or crumbs).
A simple point most people new to Bitcoin (or too ignorant) are missing.
BTC took 12 years to be established to today's state, LN was starting just a few years ago.
Time is a factor, but you need to shift your focus from speed to reliability.

[eXPHorizon]

Ah richy richy.. my jokes have more meaning and matter more than your general opinion ever will . I just saw what you wrote while i was not logged in otherwise i wouldnt pay attention at all cause i have you on ignore .. so lucky you 

By the way multiverse is real ^^

[WatChe]

If you had not heard, Bitcoin's lack of speed (10 minutes-ish) is a feature rather than a bug.

I would say thank you for adding this to my knowledge.

I would say this is a apple-banana comparison. Bitcoin is secure and decentralised. Stil faster than secure transportation of a gold bar (or crumbs).
A simple point most people new to Bitcoin (or too ignorant) are missing.
BTC took 12 years to be established to today's state, LN was starting just a few years ago.
Time is a factor, but you need to shift your focus from speed to reliability.

That's true. LN is addressing the scalability issue of bitcoin but still majority prefer the original bitcoin over this super fast LN. Definitely bitcoin have won the confidence of people over period of time.

[ChartBuddy]

Explanation

[Hamza2424]

Hey Buddies Do you Own some miss conceptions Just watch it i would must say thats eye opening if your in the Imagination of any of these things as Facta are facts.

2 min to learn all haha i would say you'll enjoy it.


https://twitter.com/BitcoinMemeHub/status/1554865301900169216?t=SiVjk6rtwDu0ZJLXRHSl8w&s=19

[dragonvslinux]

I liked this infographic up until the "deflationary" part. Bitcoin is not deflationary and never will be, that's how it's programmed, ignoring loss of coins that only affects it's circulating supply, not the maximum, also ignoring some op code failures. I digress. I much prefer the term "mathematically regulated inflation" or "reducing inflation". Just because the rate of inflation for Bitcoin decreases every 4 years, it still doesn't make it deflationary.

I feel like this is a common misconception or misunderstanding of Bitcoin, conflating the rate of inflation with inflation itself. Inflation rates decreasing every 4 years also doesn't make an asset deflationary, it simply means the inflation rate is decreasing, this is self-explanatory. Bitcoin is (currently) an inflationary asset, regulated by mathematics, and the sooner everyone get's their head around this concept the better imo. Rant over.

[OutOfMemory]

If you had not heard, Bitcoin's lack of speed (10 minutes-ish) is a feature rather than a bug.

I would say thank you for adding this to my knowledge.

I would say this is a apple-banana comparison. Bitcoin is secure and decentralised. Stil faster than secure transportation of a gold bar (or crumbs).
A simple point most people new to Bitcoin (or too ignorant) are missing.
BTC took 12 years to be established to today's state, LN was starting just a few years ago.
Time is a factor, but you need to shift your focus from speed to reliability.

That's true. LN is addressing the scalability issue of bitcoin but still majority prefer the original bitcoin over this super fast LN. Definitely bitcoin have won the confidence of people over period of time.

You mean more payments over the blockchain than LN per day?
I doubt that. Got some numbers to support this statement?

LN is not only scalability, but also usability.

Look at the whole picture  

By the way multiverse is real ^^

I don't know about the multiverse, but your mum is more real 

[ChartBuddy]

Explanation

[JayJuanGee]

If you had not heard, Bitcoin's lack of speed (10 minutes-ish) is a feature rather than a bug.

I would say thank you for adding this to my knowledge.

I would say this is a apple-banana comparison. Bitcoin is secure and decentralised. Stil faster than secure transportation of a gold bar (or crumbs).
A simple point most people new to Bitcoin (or too ignorant) are missing.
BTC took 12 years to be established to today's state, LN was starting just a few years ago.
Time is a factor, but you need to shift your focus from speed to reliability.

That's true. LN is addressing the scalability issue of bitcoin but still majority prefer the original bitcoin over this super fast LN. Definitely bitcoin have won the confidence of people over period of time.

I am glad that you are learning along the way WatChe, but you still seem to be incorporating shitcoiner-like talking points into your language in the sense that you are suggesting LN as if it were a replacement for onchain transactions or as if it were the new bitcoin or just weird ways of framing matters as if everyone had the same preferences and circumstances, and you are not completely wrong in some of your framing but sometimes you are just trying to lock the framing of what bitcoin and/or lightning network is too much and still it may well be better to attempt to consider both lighting and onchain as a couple of different options that you have within bitcoin (or related to bitcoin), and one method might be preferred for certain kinds of transaction and the other method might be preferable for other kinds of transaction.. and there may well be certain kinds of transactions that could go either way.. with trade-offs in regards to which one you might choose as OOM had mentioned.

In other words, as an individual you have options, and your way of thinking about the trade-offs might be different than another person's as well, and it also might depend upon where you are at and what others (your potential transaction partners) are doing too...

In these relatively early days of bitcoin, there may well be situations in which both options of lightning and bitcoin might not be available to you; however, I would expect with the passage of more and more years, what options (and even usability considerations) that we have right now (including that some of us, including yours truly have not educated ourselves or attempted to use certain options) are likely different from options that we might have 1 year, 3 years, 5 years, 10 years or even some other number of years from now.

[WatChe]

You mean more payments over the blockchain than LN per day?
I doubt that. Got some numbers to support this statement?

LN is not only scalability, but also usability.

Look at the whole picture  

Ohhh k. Its time to learn and explore LN  




Image source

[WatChe]

I am glad that you are learning along the way WatChe, but you still seem to be incorporating shitcoiner-like talking points into your language in the sense that you are suggesting LN as if it were a replacement for onchain transactions or as if it were the new bitcoin or just weird ways of framing matters as if everyone had the same preferences and circumstances, and you are not completely wrong in some of your framing but sometimes you are just trying to lock the framing of what bitcoin and/or lightning network is too much and still it may well be better to attempt to consider both lighting and onchain as a couple of different options that you have within bitcoin (or related to bitcoin), and one method might be preferred for certain kinds of transaction and the other method might be preferable for other kinds of transaction.. and there may well be certain kinds of transactions that could go either way.. with trade-offs in regards to which one you might choose as OOM had mentioned.

In other words, as an individual you have options, and your way of thinking about the trade-offs might be different than another person's as well, and it also might depend upon where you are at and what others (your potential transaction partners) are doing too...

In these relatively early days of bitcoin, there may well be situations in which both options of lightning and bitcoin might not be available to you; however, I would expect with the passage of more and more years, what options (and even usability considerations) that we have right now (including that some of us, including yours truly have not educated ourselves or attempted to use certain options) are likely different from options that we might have 1 year, 3 years, 5 years, 10 years or even some other number of years from now.

Well, pardon me if I wrote something silly about bitcoin.
As I already said, it's time to learn and explore LN.
I am not saying LN is better then bitcoin, I know bitcoin is the king and will remain king. LN is no way a replacement of bitcoin.
LN is a very new concept that is still under development.
Whats new to me today is that 10 min settlement time is not any shortcoming rather a feature of bitcoin.

[eXPHorizon]

I don't know about the multiverse, but your mum is more real 

So is your Sugar mommy

[JayJuanGee]

[edited out]

Well, pardon me if I wrote something silly about bitcoin.

Nope.. no mercy.

No forgiveness.

As I already said, it's time to learn and explore LN.

Good for uie-pooie.

I am not saying LN is better then bitcoin, I know bitcoin is the king and will remain king.

This statement is retarded.. just like I had tried to say in my earlier post, but in that earlier response, I was just attempting to say it in a MOAR nicer way.

LN is no way a replacement of bitcoin.

I suppose.. that is sort of correct.. I guess.. sounds weird.

LN is a very new concept that is still under development.

So is bitcoin, and so am I.

Whats new to me today is that 10 min settlement time is not any shortcoming rather a feature of bitcoin.

Well that's good.  Rome was not built in a day.

 

I don't know about the multiverse, but your mum is more real  

So is your Sugar mommy

Don't leave grandma out of this discussion eXPHorizon.

Otherwise she may well decide not to bring you any cookies and milk today.

[Toxic2040]

the Saturday afternoon wall report


still ranging with light weekend volume, bitcoin is currently trading around 23.1kish

seems content for now awaiting further signals

dyor





right full rudder, all ahead flank....starboard batteries fire for effect

4h


D

stronghands

[goldkingcoiner]

Shows something dark in the american psyche, imho.

The idiot masses will make a cult out of what they consider "AI predictions" in the near future. Feel free to screenshot this.

It's no "Three days of the Condor", which was a very good movie made in mid seventies and has some similarities, but by no means parallel.

Also thanks for the movie idea. I watched it and I am adding it to my list

The Phantom Carriage or Körkarlen 1921, Swedish Silent Horror Film, by and Starring Victor Sjöström.
https://www.youtube.com/watch?v=Ew6XUvvoK_o

https://www.youtube.com/watch?v=mZ1RTpikz8I

https://www.youtube.com/watch?v=GxPl4HPHOSU



I know it's available with English text, but I couldn't find it on youtube.
It's a classic, the ax scene from the shining, among other scenes, comes from this movie.

I added it to my list.

Also, this is the english translated full version. (Bad quality and weird music added): but https://youtu.be/ZvQzaSa_4Q0
Don't listen to the audio, it ruins the film.

[Torque]

I liked this infographic up until the "deflationary" part. Bitcoin is not deflationary and never will be, that's how it's programmed, ignoring loss of coins that only affects it's circulating supply, not the maximum, also ignoring some op code failures. I digress. I much prefer the term "mathematically regulated inflation" or "reducing inflation". Just because the rate of inflation for Bitcoin decreases every 4 years, it still doesn't make it deflationary.

I feel like this is a common misconception or misunderstanding of Bitcoin, conflating the rate of inflation with inflation itself. Inflation rates decreasing every 4 years also doesn't make an asset deflationary, it simply means the inflation rate is decreasing, this is self-explanatory. Bitcoin is (currently) an inflationary asset, regulated by mathematics, and the sooner everyone get's their head around this concept the better imo. Rant over.

A valid argument.

Although I think it depends entirely on one's definition of a deflationary currency.

If you define a deflationary currency as "the rate at which that currency is minted/printed is slower than the rate at which that currency is lost or hoarded by investors", then I think Bitcoin fits that bill. (At least now, perhaps not in the beginning when it first launched)

Although we will never be able to measure that accurately because fractional reserve bitcoin exists now.

[eXPHorizon]

I honestly cant believe the morons the world has produced hahah..



Translation : It wasn't the internet that produced morons. The internet gave us the capability to see the wide variety of morons there are. 😂

Not all are some are so beautiful... but others are just a straight up hole

[ChartBuddy]

Explanation

[tadamichi]

I wouldnt call LN deflationary. There is no monetary policy attached to it. Its simply a way to transact off-chain, not even attached to only one single currency, in fact shitcoins could use it too. I think Litecoin started to use it years ago.

Well, pardon me if I wrote something silly about bitcoin.
As I already said, it's time to learn and explore LN.
I am not saying LN is better then bitcoin, I know bitcoin is the king and will remain king. LN is no way a replacement of bitcoin.
LN is a very new concept that is still under development.
Whats new to me today is that 10 min settlement time is not any shortcoming rather a feature of bitcoin.

Its simple tho. Imagine transacting Bitcoin off-chain with a friend, simply by writing your changing balances on paper, then in the end yall can settle the final balances on the real network. You saved fees and time, but it obviously requires trust to work and isnt secure. LN is similar but allows this concept to become much more reliable and scalable worldwide, with people you dont even know. In the end the balances are always settled on the real network, otherwise it would be useless.

LN is not a blockchain itself, it needs an underlying chain for final settlement. 10 minute average blocktime is also not a shortcoming, its an engineering decision. It takes time to propagate blocks across a global network. Having more stale blocks would be counterproductive. You also dont want potentially more empty blocks, when rewards are solely based on transaction fees in the future. Neither would you want higher bandwith and storage requirements for nodes trough faster blocks, when its important for decentralization to keep them low. Faster blocks also means needing to wait for more confirmations, there isnt really a point. Its about security and decentralization, oftentimes theres smart engineering decisions behind the choices Bitcoin made. Its not enough to just compare blocktimes and then think its a shortcoming, these metrics can be misleading thats why shitcoin projects focus so much on them. So be careful.