Let's dig into this game the algorithm angle. Okay, so we have an adaptive blocksize limit in place. Who is gaming the algorithm, what is their aim, and what does it cost them? Im a miner, I flood the blockspace to drive up the blocksize which at some point drops a bunch of full nodes off the netwo...

Let's dig into this game the algorithm angle. Okay, so we have an adaptive blocksize limit in place. Who is gaming the algorithm, what is their aim, and what does it cost them? Im a miner, I flood the blockspace to drive up the blocksize which at some point drops a bunch of full nodes off the netwo...

Conversation probably swings from "fees too high" to "fees too low, how do we sustain mining!" No. 99% of the time you ensure enough block space such that fees are extremely low. If someone wants to burn their precious satoshis to “spam” the network, they are welcome to. They on...

1. You (or anyone else) shouldn't be surprised because the base case of: "Bitcoin as anti-Central Bank and the US has the largest central bank so they will be arch-enemies" is pure fiction. Whether or not you have the humility to say it out loud, this is a tacit admission that "Bitco...

Wish I bought some seeing what it’s done. But never really looked into the details of the mechanisms. Harry Browne said something about this idea that without a clear understanding of why something works, one may struggle to replicate or sustain that success in the future. That’s probably where I’m ...

B, how do you think things are going to play out in the next few years? Any general predictions? Not sure if I am B, but Ill answer. 'It's tough to make predictions, especially about the future.' and they will make you look like a fool, which Im ok with for the fun of this forum. Markets I think we...

Perhaps it’s just a matter of time before a country pegs its currency to the bitcoin instead of the dollar — or has some small nation already done so? Kind of the converse of stablecoin. Seems like a bad idea to do this, at least in the next 10 years. Many crises already around countries pegging to...

More specifically, I think it finds its place as the form of pure digital capital and store of value. People will hold Bitcoin on their balance sheets, both corporate and personal, as savings, and simply convert as necessary for spending. I would love to do that if the fees were lower. Arguably the...

Ugly_Bird wrote: ↑Thu Nov 21, 2024 9:15 am

ochotona wrote: ↑Thu Nov 21, 2024 9:11 am The US Treasury might start buying Bitcoin.

At the peak price in this cycle :-)))))

“You get Bitcoin at the price you deserve” as they say

Are you referring to running your own Lightning node? Sure, but you dont need to run your own lightning node in order to use lightning in a non-custodial manner. As fees to send a transaction became untenable for commerce, and the developers in control of the project refused to increase the blocksi...

I’m familiar with this argument, but find it far fetched. The institutions in question benefit from the fact that they control the base layer. They went through great lengths to own the base layer and will not easily give it up. In fact, I believe Bitcoin has already been neutered by these parties....

- Lightning Network is a custodial solution - not crypto currency This is not true. You can use lightning in a custodial or non-custodial manner. But even the global digital store of value case has been kneecapped by the block size limit. As more people try to use the blockchain as a store of value...

See my reply to BTCintheVP below: This isnt really true. In Bitcoin its not defined as the longest chain nor the chain with the most hashrate. Its the chain with the most proof of work _that is valid_. So if 90% of the Bitcoin hashrate (miners) starts mining _invalid_ blocks, they will be rejected ...

Thought this was funny:

You can outperform most venture funds by buying LEGO.

I analyzed the last 20 years of secondhand LEGO pricing data, and found randomly purchasing sets will match most VC's returns...

Thread:
https://twitter.com/WillManidis/status/ ... 8128486845

Smith1776 wrote: ↑Tue Jan 03, 2023 1:32 am Just added to my Bitcoin VP stash today.

Hashrate and longest chain define the "legitimacy" of the blockchain, in the sense that it can prove how robust it is to network attacks, namely 51% attacks. But assuming a 51% attack can be sustained long enough, you've lost the main pillar on which PoW stands on. You can no longer defin...

Etherium has smart contracts too, in fact that was a big point during the NFT craze: that the creator of the work could be paid a percentage each time the work was involved in a transaction. However, a bunch of marketplaces recently decided they would no longer pay that royalty fee. Turns out that ...

whatchamacallit wrote: ↑Mon Sep 11, 2023 9:42 pm Once the dust settles I don't see it being more valuable than the largest companies in the world based on the service it offers.

The service that Bitcoin is working to offer is money. Quite a potential market.

you can for instance program a transaction to either be accepted or rejected subject to other criteria. Bitcoin has smart contracts. In fact each Bitcoin transaction is a series of contracts. Ethereum is also already becoming the accepted 'regulated' (official) network. No need for Ethereum or a bl...

No. For practical purposes, it does mean it has value backing it. That's the point of what "backing" even means. If you keep abstracting the conversational points you can say nothing has backing and make the discussion of backing (or anything else) totally moot. Is your financial wellbein...

Similarly BTC has properties that are valued (by individuals). I had a list from before so Ill paste it here: I think it's quite naive to expect cryptocurrencies to have value for anything privacy-related. The whole point is that all transactions are 100% trackable. It just doesn't make any sense a...

Inflation is such a poor word since it can mean so much. You’re right CPI didn’t inflate during "the printing". And now during the tightening (of money supply) CPI is high. But the point is the same. When the money was looser/being printed/whatever name we give it (monetary inflation seem...

But if you're an intrepid speculator, what better time than after a precipitous 70% crash? The counter argument is that after a crash like that the market trust in Bitcoin might be broken irrevocably. it went from $30 to $1 then $270 to $40 then $1200 to $100 then $20k to $3k now $70k to ??? Person...

Regarding crypto, the problem is always that to be a good asset, something needs more to it than simply, "I think I'll be able to later sell it at a higher price than I paid for it". It needs some kind of real underlying value or collateral to provide a guideline for a reasonable price an...

Bitcoin was actually a pretty great monetary inflation hedge (went up a lot during money "printing" in the last years), and not a good CPI hedge, esp during tight money. As it seems the monetary inflation has stopped and we are in tightening money mode it makes sense to me that BTC would ...