Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 330.

modrobert

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-"When the going gets weird, the weird turn pro."

Quote from: Richy_T on August 07, 2024, 09:55:21 AM

Quote from: somac. on August 07, 2024, 01:26:48 AM

a free market capitalist system,

In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity.

If you refer to the 21 million BTC cap, it's decentralized scarcity based on proof-of-work (PoW) in a consensus system.

Any change to the 21 million cap in the source code would require a Bitcoin Improvement Proposal (BIP) which must be approved by at least 90% of the miners and the final most important decision comes from the Bitcoin community who have to upgrade to the new software version (which we most likely would refuse in this case).

EDIT:

Never mind, this was about fees, but still doesn't make sense.

Gachapin

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bitcoin retard

Quote from: d_eddie on August 06, 2024, 11:21:16 AM

It seems we have different opinions/history with drugs (including one of the worst - alcohol).

Quote from: Hueristic on August 06, 2024, 11:03:10 AM

Quote from: WhyFhy on August 06, 2024, 10:08:38 AM

Quote from: philipma1957 on August 06, 2024, 08:36:23 AM

]
I Still drink mostly good Japanese whisky.

Tried saki once wasn't a fan, how's the whiskey differ?

They serve saki (rice whiskey) cold because its straight up garbage and that's the only way its remotely palatable.

Sake is a generic term that means "alcoholic beverage". What we call sake, they specifically call Nihon-shu. It's more like wine than like whiskey. Approx 30-36 proof range. It is usually served cold, like white wine would. There are several types and brands, kara-kuchi (dry) or ama-kuchi (mellow). The good ones are generally kara-kuchi. I actually like it.

As for whiskey, there are several Japanese brands from cheap through decently priced, up to preposterous. It's just whisk(e)y, nothing like Nihon-shu. I like Nikka, very mild, mid-priced.

sorry to smart ass, and quite delayed at that, but Nihonshuu has 15%-20%. The one with 25%-45% is Shouchuu.

Nihonshuu is made of only rice and yeast. Whereas Shouchuu can be made of many things (rice, barley, sweet potatoes, buckwheat, sugarcane).

Nikka is a good choice btw. I quite liked "from the barrel"

But Japanese whiskies got ridiculously expensive recently, because many people around the world started buying them.

Price almost doubled in the last 4 years. At this price I rather choose some Scottish whisky.

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bitcoinPsycho

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$120000 in 2024 Confirmed

How's eth going after the etf launch?

Let's have a look.....

tainted_love

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Quote from: LoyceV on August 07, 2024, 10:22:00 AM

Quote from: Richy_T on August 07, 2024, 09:55:21 AM

Quote from: somac. on August 07, 2024, 01:26:48 AM

a free market capitalist system,

In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity.

One could argue the efforts are to increase transaction capacity are (supposed to be) made off-chain.

Didn't the jump in fees coincide with all the NFTs shifting to the blockchain? The resent drop in fees made me think that people finally figured out NFTs are worthless.

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Biodom

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Quote from: philipma1957 on August 07, 2024, 11:14:23 AM

Quote from: LoyceV on August 07, 2024, 10:22:00 AM

Quote from: Richy_T on August 07, 2024, 09:55:21 AM

Quote from: somac. on August 07, 2024, 01:26:48 AM

a free market capitalist system,

In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity.

One could argue the efforts are to increase transaction capacity are (supposed to be) made off-chain.

yeah we could but realistically using btc as cash is not practical.

If the transaction is under 100 dollars and fees are high it simply does not work.

If btc does go to 200k which is possible the smallest on chain fee is maybe 440 sats or 1 dollar

so at a 200k price and 4 sats a byte fee we would be one dollar cost.

I can see this as being always true 1 dollar and up per send seems to be certain.

while doge is 10x the blocks and 1 doge per tx is only 11 cents even if it goes to a dollar a coin.

so for small 100 dollar sends doge is clearly better.

btc is not a p2p payment system anymore.

it is, still, just not for coffee size payments at the moment.
Lightning seems to stall a bit.
The main 'problem" is that people don't care to pay with an appreciating "currency'. They would rather pay with a depreciating one.
In that sense, doge is purrfect Grin

philipma1957

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'The right to privacy matters'

Quote from: LoyceV on August 07, 2024, 10:22:00 AM

Quote from: Richy_T on August 07, 2024, 09:55:21 AM

Quote from: somac. on August 07, 2024, 01:26:48 AM

a free market capitalist system,

In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity.

One could argue the efforts are to increase transaction capacity are (supposed to be) made off-chain.

yeah we could but realistically using btc as cash is not practical.

If the transaction is under 100 dollars and fees are high it simply does not work.

If btc does go to 200k which is possible the smallest on chain fee is maybe 440 sats or 1 dollar

so at a 200k price and 4 sats a byte fee we would be one dollar cost.

I can see this as being always true 1 dollar and up per send seems to be certain.

while doge is 10x the blocks and 1 doge per tx is only 11 cents even if it goes to a dollar a coin.

so for small 100 dollar sends doge is clearly better.

btc is not a p2p payment system anymore.

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LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Richy_T on August 07, 2024, 09:55:21 AM

Quote from: somac. on August 07, 2024, 01:26:48 AM

a free market capitalist system,

In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity.

One could argue the efforts are to increase transaction capacity are (supposed to be) made off-chain.

ChartBuddy

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Richy_T

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Quote from: somac. on August 07, 2024, 01:26:48 AM

a free market capitalist system,

In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity.

ChartBuddy

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Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: bitebits on August 07, 2024, 02:45:24 AM

https://darkskippy.com/

Quote

An attacker who corrupts a signing device watches on-chain until they spot a watermarked transaction, unblind and invert the low entropy nonces to learn the master secret seed.

I recommend watching the short video, very interesting way retrieving the seed phrase.

Quote

A signing device could be tampered with to have malicious firmware loaded onto it.
The user could be tricked into installing malicious firmware onto their device.
The attacker could build malicious devices to sell or infiltrate supply chains.

It seems to me that the third option is something that represents the greatest danger, because most hardware wallets have protection that prevents the installation of malicious firmware. So be careful who you buy devices from, directly from the manufacturer is the best option - it is even better to convert an old laptop into cold storage - then you don't need to worry about any firmware.

On the other hand, if someone loses a seed, he can attack himself in this way in an attempt to recover it - although it is much simpler to just send coins to another address/new wallet.

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