Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 7034. (Read 26710408 times)

Just to be clear, you seem to be stating that a future where transaction fees being $100, $1000 or even more per on-chain tx is a distinct possibility?

HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.

I can't find my laser dildo hat anywhere. Felt like putting it back on.

Feelin' kinda good lately.

HODL.

[— sticking a fork in rolling’s nonsense —]


You are the one throwing bigblocker “Bitcoin won’t scale!!!” arguments, only with the twist that you think that’s a good thing.  Or at least, a “hah hah, little guy, you’re just totally fucked—bow down to your masters!” thing.

Your argument is pie in the sky nonsense in regards to a fear of a future of bitcoin evolving in a way that squeezes out the little guy...

You have hardly any evidence of that beyond pure speculation, and why the fuck do you believe that bitcoin had adopted segregated witness rather than increasing the block limit size?  That is in order that little normie people can run nodes.. .Have you heard about that kind of inclusiveness phenomena that puts power of the chain in the hands of the people through consensus mechanisms?

 

Of course, there is going to be a combination of off chain and on chain.  Did someone send you over from the bcash nutjober camp to make these speculative baloney points?

Just to be clear, you seem to be stating that a future where transaction fees being $100, $1000 or even more per on-chain tx is a distinct possibility?

Calling it a bottom !

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We need more bottom pics.

However, if the dollar itself is overvalued tensfold, then bitcoin is also overvalued tensfold

Wrong. The hashrate/difficulty is more than 10x higher, not the security. It doesn't take 10x more investment to attack the network than it costed in december 2017 because current mining devices are way more efficient (per $ spent and electricity) than back then.

bitcoin price volatility expected as 47 of btc options expire next friday
https://cointelegraph.com/news/bitcoin-price-volatility-expected-as-47-of-btc-options-expire-next-friday/

"Hal Finney" Sun, 11 Jan 2009
https://www.mail-archive.com/[email protected]/msg10152.html

Don't rule out any pricing option, look what they were talking about in 2009.

Very good post, thanks.

I hope jbreher and the other big blockers read it (I'm saying this in a positive way, not intending to offend anyone...).

Happy Saturday everyone!

This is a very hard thing for the old school bitcoiner to accept.  And some will reject it outright. In fact that is why Roger Ver went the way he did.  I think CSW is an actual pathological conman, but I think Ver fell in love with a version of Bitcoin that he began to see as doomed, ironically as it began to become successful. But I want to put forth a couple reasons I think what you said above is important and inevitable.  

1.  The banking infrastructure  and concept is STILL useful.
2.  We actually NEED it.

Bitcoin, if it does indeed begin to serve the world as even a semi-niche store of value will grow to magnitudes of it's current resource usage.  And I am not going to crank the blocksize debate up again, but to put it simply we can either keep bitcoin validation decentralized and thereby enforce the consensus, or we can let it be taken over by a small minority, and end up with a digital panopticon that would make most fundamentalist evangelical's vision of the "mark of the beast" look like Monopoly.  The fight is over which resource use grows... and the market has, in some way against all odds, chosen correctly: Fees.

I agree with the market here and I realize the future is not what, even Satoshi, seemed to have seen.  Although Hal got it.  And WAAAAAY back then too...



That was a very wise man seeing the rise of Cash App, Strike, and Kraken back when everyone else was just wanting to figure out how to get around all the regulations that made it hard to play online poker.  Insert Ver's scrunched up face here as he foams at the mouth taking about PEER TO PEER CASH!!! AND I AM SORRY I JUST GET SO EMOTIONAL!

No one can stop you from using the chain.  Ever.  That is CERTAINLY one of the things that makes bitcoin a "zero to one" invention.  But if you really want to compete for the kind of VALUE that Bitcoin will command and REQUIRE for on chain transactions??? ...better get that business plan ready.  And there are some fairly smart folks out there with a good head start on you already.  Bitcoin is not replacing credit cards... Bitcoin is replacing FedWire.

If we want Bitcoin to be successful then this is where we are going.  And we should really be glad.  It might not look like what we all thought it would 10 years ago (or 7 or 3 or last week), and part of the reason for that is our vision is limited.  We get hung up, like Ver, on shiny things that look more important than they are.

That feeling you got when you did your first few Bitcoin transactions?  It's not going away.  It's just changing form.  And you are one of the lucky ones that got to experience that first.  Most people will have the much more ho-hum feeling of just watching the mover and shakers roll out the new world for them...

-Greg Maxwell around the BTC all time high Dec 2017. https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html

Happy Saturday!

and yeah I heard you updated from your shitty van to a nicer one

Again, not at all. From the same time frame as above: I have already stated that I have retired. Which means I need to fund my Lavish Lambo Lifestyle^tm* off my accumulated holdings. Hence, Divestment phase.