Author

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 13405. (Read 26723278 times)

legendary
Activity: 2590
Merit: 4839
Addicted to HoDLing!
You explain to me how 9 billion people are able to merely open a single Lightning Network channel in under three decades [...]

Currently there is no need for 9 billion people to open a single Lightning Network channel. When the need arises, the protocol will evolve and scale as necessary, and in ways smarter than a mere change of a constant in a piece of code.

There's no need for this:

legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
You explain to me how 9 billion people are able to merely open a single Lightning Network channel in under three decades

Sure. Again that's just simple math (the thing that bcashers don't seem to be able to do). Though for an apples to apples comparison to what I said before we would need 3.5 billion people to open a single lightning channel. So opening a lightning channel is bigger than a regular transaction. Let's call it 0.0005mb. Now let's see how much space is required for 9 billion people to do that same thing 9billion*0.0005mb=4,500,000mb. Next lets figure out how many bitcoin blocks will be produced in three decades 10*24*30*12*10*3=2592000. Finally let's divide the total amount of space needed by the number of blocks to figure out how large each block would need to be 4,500,000mb/2,592,000=1.736mb.

Quote
(speaking of segwit) That would be 1.6MB and 2MB of total actual data if you hit the limits with real transactions, so it's more like a 1.8x increase for real transactions. -https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-December/011869.html


So, hilariously enough, you just happened to pick the perfect example where what we would need is roughly exactly what we have right now!

Of course I did. That is exactly the point. Onboarding the world to LN will take on the order of three decades. And that is merely for each person to fund a single channel - once and only once.

Sure, by combining channel openings for multiple people into single transactions you can cut down this multi-generational time figure. You'll need to work out the UX issues first.

Obviously, lacking innovations not yet envisioned, larger blocks will be needed.

In the meantime, bigger blocks is the easy solution. In industrial-class engineering, the simple thing is done before the complicated thing. Period.  And as long as block size stays ahead of adoption, there are no untoward effects.

This is what the big blockers understand.
legendary
Activity: 1722
Merit: 1217
You explain to me how 9 billion people are able to merely open a single Lightning Network channel in under three decades

Sure. Again that's just simple math (the thing that bcashers don't seem to be able to do). So opening a lightning channel is bigger than a regular transaction. Let's call it 0.0005mb. Now let's see how much space is required for 9 billion people to do that same thing 9billion*0.0005mb=4,500,000mb. Next lets figure out how many bitcoin blocks will be produced in three decades 10*24*30*12*10*3=2592000. Finally let's divide the total amount of space needed by the number of blocks to figure out how large each block would need to be 4,500,000mb/2,592,000=1.736mb.

Quote
(speaking of segwit) That would be 1.6MB and 2MB of total actual data if you hit the limits with real transactions, so it's more like a 1.8x increase for real transactions. -https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-December/011869.html

So, hilariously enough, you just happened to pick the perfect example where what we would need is roughly what we have right now!
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
  Perhaps I oversimplified my idea? The seastead dwellings would not be assembled in an O-zone;

No, I was being simple minded. infofront, at least, caught it.

Quote
The O-zone (numa numa) reference pertains to a romanian band which had an extremely popular hit single called "Dragostea din tei" which was referred to as the "Numa Numa" song in the US. It was the only other time i had seen the term O-zone; perhaps i'm alone in that respect.

Well, I'm still lost here, though it seems tangential to your point.
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
So why don't you take your "response to the ratio of the time derivative of adoption to the time derivative of technology's capacity for transactions blah blah blah" and shove it up your arse.

Because it sounds like an unpleasant experience.
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight

Haha. You found a few play projects. Most of my code is not open source. And most of my FOSS stuff was written before git was conceived , let alone github.

The point of the initial comment is that JJG, in his/her technical ignorance, is in no position to judge the capability of various engineers. Let alone his/her making of blanket statements about a group of folk, without even being able to identify one or two of said group.
legendary
Activity: 2758
Merit: 13660
BTC + Crossfit, living life.
legendary
Activity: 3122
Merit: 1538
yes
legendary
Activity: 3808
Merit: 7912
So: topic swerve.

All y'all may recall I've been looking to Puerto Rico as a means of reducing capital gains taxes owed (I'm 'Merkin). But I've just learned of another (legitimate - according to IRS) potential route out of the system that may be as interesting:

https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/

Anyone interested in forming a study group? Or is there some other subforum here in BCT that might be better for such a discussion?

Thank you for the link. Extremely interesting.

Quote
North Charleston, South Carolina, might be the most misnamed place in America, a path through a weedy, desolate neighborhood with 20% unemployment and a 40% poverty rate.

Can I invest in meth labs?

Grr. Be serious for a moment, dammit! This is potentially useful to a good number of us here. Boblawblaw? Where you at? I know you've got me on ignore, but this should be very interesting to you too.

 This could be an opportunity for a seasteading Bitcoinist.  Set up shop in an o-zone (numa numa) to build components for the steads.  Dodge some tax money, employ a few people who need it and help to build your new community in the equatorial zone.  Win win win.

FryePondering.png "Not sure if serious...or trolling me".

No. The tax advantage bestowed by this program is only for investment in specially designated Opportunity Zones - all within the US, and in areas deemed economically disadvantaged in relation to surrounding locale. Unsuitable in the least for seasteading.


I think he meant that you could manufacture the platforms and other components for the seastead in an opportunity zone. Then transport them someplace.

 Thank you!  That's exactly what i meant.  I guess it would be better to read all the posts i missed before replying... I could have saved some time and typing replies on a smart phone is very annoying.  Angry
My kingdom for a phone that can read my thoughts!
legendary
Activity: 3808
Merit: 7912
So: topic swerve.

All y'all may recall I've been looking to Puerto Rico as a means of reducing capital gains taxes owed (I'm 'Merkin). But I've just learned of another (legitimate - according to IRS) potential route out of the system that may be as interesting:

https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/

Anyone interested in forming a study group? Or is there some other subforum here in BCT that might be better for such a discussion?

Thank you for the link. Extremely interesting.

Quote
North Charleston, South Carolina, might be the most misnamed place in America, a path through a weedy, desolate neighborhood with 20% unemployment and a 40% poverty rate.

Can I invest in meth labs?

Grr. Be serious for a moment, dammit! This is potentially useful to a good number of us here. Boblawblaw? Where you at? I know you've got me on ignore, but this should be very interesting to you too.

 This could be an opportunity for a seasteading Bitcoinist.  Set up shop in an o-zone (numa numa) to build components for the steads.  Dodge some tax money, employ a few people who need it and help to build your new community in the equatorial zone.  Win win win.

FryePondering.png "Not sure if serious...or trolling me".

No. The tax advantage bestowed by this program is only for investment in specially designated Opportunity Zones - all within the US, and in areas deemed economically disadvantaged in relation to surrounding locale. Unsuitable in the least for seasteading.


  Perhaps I oversimplified my idea? The seastead dwellings would not be assembled in an O-zone; the specialized parts required for their construction would be manufactured in an O-zone and shipped to the equatorial region for later assembly.  It seems to me the design of the dwellings would need to be modular so mass production is a natural fit.  The cost of this production could be offset by setting up shop in an O-zone.  A bitcoinist could offset their tax liability without having to renounce their US citizenship while working on their dream of living autonomously.
  
The O-zone (numa numa) reference pertains to a romanian band which had an extremely popular hit single called "Dragostea din tei" which was referred to as the "Numa Numa" song in the US. It was the only other time i had seen the term O-zone; perhaps i'm alone in that respect.

legendary
Activity: 3836
Merit: 4969
Doomed to see the future and unable to prevent it

Even if bcash is better, look at IPv4 and IPv6. IPv6 is objectively the better standard. It has enough IP addresses that you could have one for every electronic device in your home.

IPv6 has been around since the late 90s. And yet we still use IPv4. Why? Everything has been built on IPv4. It's established. Getting everyone on the Internet to migrate to IPv6 just never happened. Could it? Should it? Maybe. But it didn't.

With limited IP addresses the Internet stopped working right? No. They just adapted and used various layers to represent the various devices you use every day. You may have one router in your home which then assigns a local IP to your computers and phones. Most people have dynamic IP addresses so that when someone's no longer using an IP address it doesn't just sit there, it can be used by someone else. The Internet adapted. The end of the world did not happen as the IPv6 advocates proclaimed would happen once we ran out of IP addresses.

So work with the current Bitcoin protocol and do what you can to make that work because that's what we've got.

IPv6 is used for some LANs and other things within businesses. Maybe bcash can go that route. Who knows.

I can tell you why IPV6 was not adopted out of the box and that is because there there baked in vulnerabilities that M$ and 3 letter agencies tried to push to us and we spent a lot of time and effort vetting that and stripping it out. As far as it's current iteration, I have no clue.

That is the Milan Stock Exchange, at NASDAQ Facebook is at ATH. Nevertheless, all stocks are over-inflated, I wish I could see the same thing happening in NASDAQ (most likely sooner than later).
Sooner.
https://www.zerohedge.com/news/2018-07-25/and-most-popular-hedge-fund-stock

How the hell is Zuckerberg able to dump his shares outside the trading window ?!

The inevitability of a free market, you have a problem with that?

These guys stole my retirement. https://www.britannica.com/topic/Salomon-Smith-Barney-Holdings-Inc
newbie
Activity: 21
Merit: 0
Imagine how crazy that would have sounded not even that many years hence. In the near future, central banks and hedge funds will me reliant on a social media app where people share pictures of food and cats. Nobody would have believed it.

Yeah true. The best part is that the ignorant public believes that this is how these social media companies actually make money.... with memes, cat pics and grandmas baked goods.

Not even close. They make 99.9% of the money from selling user data to other companies, who then use that data to target ad campaigns, email and telemarketing.... and sell to govt agencies to spy on us.

So when a social media company like Facebook essentially tells their investors that they have stopped growing more user accounts, the investors dump the stock. Because they are not going to pay the same subscriber money to FB for access to the *exact same user account data* as they paid for last year, and the year before that, and so on. They already have that data.

Precisely! And then what can they do? Create bots and sell their data? Facebook is backing itself into a corner pretty quick here, and they're gonna get despirate soon.

Data privacy has always been a big lie. But what can we do as consumers, really? Either you don't use their services (and don't exist as far as most people are concerned) or you suck it up and let them sell your data. Google will even listen in on conversations and then throw up relevant ads based on what you're talking about. Really. I've got a friend who worked in an advertising agency with them.
hero member
Activity: 1848
Merit: 640
*Brute force will solve any Bitcoin problem*
The whole U.S. stock market is just insane. They keep lying to the public quarter after quarter, year after year that everything is great, the economy is getting better and better, and profits are up YoY.

If anyone believes this nonsense, they need their head examined. Just one look at this chart proves that nothing has improved with the U.S. economy in the last decade, it has actually cratered. Companies only profit when money moves.

https://fred.stlouisfed.org/series/M2V

cryptographic money has improved in the U.S.A. ! Wink ahahh
legendary
Activity: 3794
Merit: 5474
Imagine how crazy that would have sounded not even that many years hence. In the near future, central banks and hedge funds will me reliant on a social media app where people share pictures of food and cats. Nobody would have believed it.

Yeah true. The best part is that the ignorant public believes that this is how these social media companies actually make money.... with memes, cat pics and grandmas baked goods.

Not even close. They make 99.9% of the money from selling user data to other companies, who then use that data to target ad campaigns, email and telemarketing.... and sell to govt agencies to spy on us.

So when a social media company like Facebook essentially tells their investors that they have stopped growing more user accounts, the investors dump the stock. Because they are not going to pay the same subscriber money to FB for access to the *exact same user account data* as they paid for last year, and the year before that, and so on. They already have that data.
legendary
Activity: 2268
Merit: 1278
Imagine how crazy that would have sounded not even that many years hence. In the near future, central banks and hedge funds will me reliant on a social media app where people share pictures of food and cats. Nobody would have believed it.
Hey, it's a bit dickish to point out, I know, but this is the second time. 'hence' looks forward in time. Replace with 'ago'.

It does sound a bit crazy, yet it feeds into the (conspiracy) theory that big finance knows or perhaps now thinks it knows exactly how to keep the masses entertained and docile - with catpics and 'foody-ism'.
Yeah but language is not a mathematical formula, even if school teachers want it to be. Also english is not technically my first language (even if I probably know it better than my own at this point), so I have that excuse, so nyah.

And the masses will absolutely revolt at some point, just a matter of what the spark will be.
legendary
Activity: 1652
Merit: 4393
Be a bank
Imagine how crazy that would have sounded not even that many years hence. In the near future, central banks and hedge funds will me reliant on a social media app where people share pictures of food and cats. Nobody would have believed it.
Hey, it's a bit dickish to point out, I know, but this is the second time. 'hence' looks forward in time. Replace with 'ago'.

It does sound a bit crazy, yet it feeds into the (conspiracy) theory that big finance knows or perhaps now thinks it knows exactly how to keep the masses entertained and docile - with catpics and 'foody-ism'.
Jump to: