#dyor
1h
1h
4h
stuck in the middle with you
D
W
#manuforti
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 7087. (Read 26720360 times)
September 20, 2020, 09:25:02 PM
charts..charts everywhere
#dyor
1h
1h
4h
stuck in the middle with you
D
W
#manuforti
#dyor
1h
1h
4h
stuck in the middle with you
D
W
#manuforti
September 20, 2020, 08:30:05 PM
Wow, you're a complete asshat aren't you.
You are rude, combative, and argumentative toward anyone who disagrees with your
Want an “asshat”? Reread your own posts, and look in the mirror.
I never said I relish the idea of people being priced out.
I never said that you said so. You have consistently acted like you relish the idea: You posts drip contempt of anybody who doesn’t join the “big boys” so they can afford “$1000+” transaction costs—logically including people who are now children, or not yet born; how, praytell, are they supposed to rush to “fill [their] bags now while BTC is still dirt cheap” now, as you put it, such that they can use Bitcoin to avoid financial enslavement? Or what about people who actually, sincerely cannot afford right now to acquire (whatever you believe to be) “big boy” amounts of Bitcoin? They (admittedly, we) deserve to be forever locked out of “Be Your Own Bank” financial freedom?
I have repeatedly quoted you at length. I see no reason to add yet another collection of quotes, now redundant. Those who question my analysis and interpretation of your posts may go reread upthread.
And don’t you dare say that anybody who really wants to, can. Not so many years ago, I literally took money intended for food and used it instead to make my very first BTC buy. If I do say so myself, that bespeaks commitment and skin in the game. I have more now, but I am obviously not filling any “bags”. Whereas I am only in this position, at this point in my life, due to being principled and suffering some bad events caused by big-bank chicanery! On behalf of everybody who is neither rich, nor a bank-loving natural born slave: Fuck you for consistently, undeniably acting like everybody who doesn’t grab a big BTC stash at today’s mouth-wateringly low prices is just a chump to be herded into Paypal 2.0, Blockchain Edition.
If you don't like it, become one of the big boys by filling your bags now while BTC is still dirt cheap.
It's just a reality, not what I think should happen or even what I prefer.
A standard propaganda ploy: Repeatedly assert something without explaining just why it is so inevitable, peremptorily make conclusory statements and condescend toward anybody who even questions what you say, and then, when you are called out for it, switch to what you just said.
Whereas you have not even begun to explain why you think that your future vision is inevitable, instead of a future in which on-chain scaling improvements combined with trustless, permissionless off-chain protocols such as Lightning make management of one’s own private keys still available to anybody who wants it.
I don't know why anyone would have fear of bitcoin evolving to a point where people were willing and able to pay those high fees.
Logically, this means one or the other of two things:
- Bitcoin will make everybody rich! Everybody! Forever! Let’s all go to the moon!
- Only a very limited subset of people now living (or their heirs) deserve the benefits of Bitcoin, in terms of permissionless control of one’s own money. Fuck everybody else.
Either-or.
Reply to jbreher is in the pipeline.
September 20, 2020, 08:17:06 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
1? or even 0? average person will fully transact on L2+
Hmmm, while I am a full fan of L2+ for day to day transactions the idea of $1000 fees for transacting on-chain is somewhat hard to digest though. What kind of marketcap are we considering for this scenario? What level of adoption? I do agree that, with a high enough level of worldwide adoption, the average person will probably NEVER transact onchain even if he do use Bitcoin directly (but L2+) or indirectly (100% custodial/off-chain).
What is the incentive for anyone to expend time, toil, and treasure in the exercise of validating a chain upon which they never transact?
For a typical grandma, that doesn't run her computer 24/7 probably none. But every single concentrator/bank/cashapp/paypal/venmo/zelle/facebook(soon?) that those people use will run it's own node, and every person that wishes to validate chain will always have the option to if they wish.
September 20, 2020, 07:34:11 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
1? or even 0? average person will fully transact on L2+
Hmmm, while I am a full fan of L2+ for day to day transactions the idea of $1000 fees for transacting on-chain is somewhat hard to digest though. What kind of marketcap are we considering for this scenario? What level of adoption? I do agree that, with a high enough level of worldwide adoption, the average person will probably NEVER transact onchain even if he do use Bitcoin directly (but L2+) or indirectly (100% custodial/off-chain).
What is the incentive for anyone to expend time, toil, and treasure in the exercise of validating a chain upon which they never transact?
To be able to do it for an asset which no one controls, nor can change the issuance of, as opposed to slaving away for an asset that is controlled by a party (The Fed) who does not have our best interests at heart ultimately.
Just because I do not write the TCP packets for this message, nor do I own the fiber network over which it travels does not mean that I am not transacting on it. Why are not layer 2 transactions not at their root (settlement) a part of Bitcoin transactions?
September 20, 2020, 07:28:43 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
I like where you are going.
But since the requirement for validating nodes is kept low it would continue to be in EVERYONE's best interest to run one. Even if I am not directly writing data to the block chain I would benefit by monitoring those who do. In fact monitoring the whale moves of banks, governments, and retired WO members would be of great sport and interest. Not just for security, but for knowledge. I used to think the Whale Alert accounts on twitter were a novelty, but they are actually an indicator.
People ran Seti@Home even though they got no green stamps from Martians for doing it, and same thing with the folding app for the genome. And I would say validating one of the most important ledgers on the planet would command MUCH greater incentive. Bitcoin is for enemies after all.
And as layer 2 is currently being built out people who run lightning nodes are STRONGLY incentivized to run a corresponding Bitcoin node. I think as second+ layer solutions are developed we will see more and more interest in that among a much wider group than the hobbyists (like me) who do now.
On top of that I think we will see mining hardware possibly become commoditised. As energy production changes BITCOIN is poised to soak up a lot of spotlight. This will most likely decentralize even MINING nodes. People with solar energy systems may be able to choose to sell excess energy to the grid, or instead use it on commodity ASIC hardware to produce Bitcoin. And by that time the price of energy will be at least joined at the hip with BTC production if not outright dictated by it.
What do you think?
September 20, 2020, 07:23:59 PM
rolling explicitly alleged that in the future, ordinary people will be completely priced out of on-chain transactions. That is bog standard bigblocker nonsense, except with the twist that rolling relishes his fantasy of the blockchain being only the for the “big boys”. Quote-unquote. His words.
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...
On-chain will be for the big boys.
My argument is people are idiots and the few who aren't will be priced out of the market by high fees.
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...
I never said I relish the idea of people being priced out. It's just an unavoidable reality, not what I think should happen.
I don't know why anyone would have fear of bitcoin evolving to a point where people were willing and able to pay those high fees.
September 20, 2020, 06:40:05 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
1? or even 0? average person will fully transact on L2+
Hmmm, while I am a full fan of L2+ for day to day transactions the idea of $1000 fees for transacting on-chain is somewhat hard to digest though. What kind of marketcap are we considering for this scenario? What level of adoption? I do agree that, with a high enough level of worldwide adoption, the average person will probably NEVER transact onchain even if he do use Bitcoin directly (but L2+) or indirectly (100% custodial/off-chain).
What is the incentive for anyone to expend time, toil, and treasure in the exercise of validating a chain upon which they never transact?
September 20, 2020, 06:19:13 PM
Congratulations AlcoHoDL, well deserved. 
September 20, 2020, 06:02:18 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
1? or even 0? average person will fully transact on L2+
Hmmm, while I am a full fan of L2+ for day to day transactions the idea of $1000 fees for transacting on-chain is somewhat hard to digest though. What kind of marketcap are we considering for this scenario? What level of adoption? I do agree that, with a high enough level of worldwide adoption, the average person will probably NEVER transact onchain even if he do use Bitcoin directly (but L2+) or indirectly (100% custodial/off-chain).
On an unrelated note: Congrats @AlcoHoDL!
September 20, 2020, 05:22:16 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
1? or even 0? average person will fully transact on L2+
September 20, 2020, 05:17:40 PM
jbreher probably agrees with rolling, except for the relished fantasy part. Of course, his solution will be to increase the blocksize to the point that ordinary people cannot run nodes. He is on record as alleging that non-mining validators are useless [emphasis added by jbreher, as that is quite clearly NOT what I wrote], anyway.
For example; boldface is his:
For example; boldface is his:
You are delusional. I have demonstrated over and over again that the count of non-mining validators is a powerless metric in regards to Bitcoin consensus.
[...]
A count of non-mining validators has fuck-all to do with a measure of the economic majority.
[...]
A count of non-mining validators has fuck-all to do with a measure of the economic majority.
https://youtu.be/0Rl9Cxc7uZA?t=24
No. No you do not. Obviously. Can't even understand simple English. Or maybe you are lying by misattributing words to me that I clearly have not uttered. Fucking liars running around starting brigaded neg campaigns based upon unfounded allegations that they are incapable of even understanding. In case it is not clear, I am referring to you, nullius (you fucking liar).
Quote
For my part, I think that most transactions will and should be off-chain.
Mmm Hmm. And when most people seldom or never make an on-chain transaction, where is the incentive for them to run a non-mining validator?
Quote
Anybody who does not understand this should try, just try running Bitcoin and syncing mainnet on old and/or very cheap hardware. You will soon wish for smaller blocks. If you have a bit of vision, thereupon contemplate network effects and the resistance to centralization brought by keeping full nodes within the reach of people who are not rich.
False inflammatory statement. I run several non-mining validators on the same machine. That I bought years ago. Used. And added an SSD thereto. Total cost: about $400.
One might say 'even that is too much money'. As compared to a $1000 tx fee? Riiiight.
September 20, 2020, 04:56:09 PM
**LOTTA CAPSTYPINGS***
Happy Saturday!
Happy Saturday!
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?
That as a possibility is implicit in my thoughts, I'd say, yes.
OK, so here's the relevant followup question. When average tx fees are $1000, what is the typical profile of a person willing to run a non-mining validator? Let's start simple on this - how many tx per year might the average such person make?
September 20, 2020, 04:44:31 PM
Apple's market cap is down around 20% from ATH a month ago to $1,8 trillion. If bitcoin had the same market cap as that one company, each BTC would need be worth $100k, doesn't sound that crazy now.
yep I see multiple hedging efforts by major money people over the next year 50k 100k 250k even 500k can happen.
September 20, 2020, 04:43:00 PM
Preference for the BSV protocol != 'Faketoshi-apologia' (WhateverTF that might be).
My first encounter with you was in a thread focused on Craig Wright’s grand-scale identity theft, not technical issues.
“Faketoshi-apologia” == this, inter alia:
Wright’s theft of Satoshi’s identity is factually false,
For this to be true, it would require facts not yet entered into evidence. Sure, you have a mountain of circumstantial evidence, but from a logical standpoint, not conclusive.
If, tomorrow, I were to claim that Faketoshi “verified” a signature for me (!) on the same basis as his “verification” for Gavin, then that would leave only two realistic possibilities: Either (1) I am maliciously lying with the intent to support Faketoshi in a scam, or (2) Bitcoin Core developer and technical forum moderator Andrew Chow is himself so incompetent that he said the foregoing about someone who doesn’t even know how properly to verify a digital signature.
Your set of possibilities omits a third possibility. And that would be that "faketoshi" actually did verify a signature for you. You evidently believe this to be "unrealistic". However, the very framing of the question in this manner precludes the scant -- though actually real -- possibility.
Yup. And you've also quoted me in all that need be said about that:
"For this to be true, it would require facts not yet entered into evidence. Sure, you have a mountain of circumstantial evidence, but from a logical standpoint, not conclusive."
Faketoshi-apologia? Hardly.
And that entire matter of starting a brigaded neg campaign against me. Not like it hurt me in any way, but that's just fucking rude.
I’ll give you this: You are not a garden-variety BSVer, the type who either lacks intelligence or has a few loose screws (or both). By process of elimination, that is why I called you a liar.
Right. Then proceeded with a litany of 'examples' to 'support' your claim, in which I lie in exactly 0% thereof. You asswipe.
If Blockalypse II comes and goes without the same sort of reduction in BTC Dominance that accompanied Blockalypse I, I'll likely acquiesce. In the same sense that I have waved goodbye to the sonics of 2" 30 ips tape. But repudiate the better design? Ain't gonna happen.
jbreher, what did you mean by “sonics”?
The subjective pleasure or displeasure -- as sensed psychoacoustically -- imparted by a particular music recording technology.
Quote
The question is actually significant here.
For those who are unfamiliar with high-fidelity audio reproduction, I should briefly explain: There is a certain type of man who is unalterably certain of the superiority of analogue audio recording technology—stereotypically, vinyl records. It does not matter how often you explain the Nyquist Theorem. It does not matter if you use absurdly high-precision scientific instruments to measure audio differences far too small for humans to be capable of hearing, which invariably show that good digital equipment is hands-down superior to the quality of the best analogue device ever made. It does not matter if you perform empirical double-blind listening tests in anechoic chambers. And the problem is not stupidity, per se. It is tantamount to a religion.
For those who are unfamiliar with high-fidelity audio reproduction, I should briefly explain: There is a certain type of man who is unalterably certain of the superiority of analogue audio recording technology—stereotypically, vinyl records. It does not matter how often you explain the Nyquist Theorem. It does not matter if you use absurdly high-precision scientific instruments to measure audio differences far too small for humans to be capable of hearing, which invariably show that good digital equipment is hands-down superior to the quality of the best analogue device ever made. It does not matter if you perform empirical double-blind listening tests in anechoic chambers. And the problem is not stupidity, per se. It is tantamount to a religion.
That's a lot of blah blah blah dancing right past what really matters. You don't need to lecture me in Nyquist's theorem. I am a degreed electrical engineer and applied mathematician. But your blanket statement of superiority conveniently shoots right past the question of 'superior at _what_, exactly? The field of music production is a corner of the field of commercial art. And art is not measured by scientific instruments. It is measured by the effect it has upon each listener's emotions.
Quote
If the above quote was intended to imply that 2" 30 ips tape has superior audio fidelity to digital, in the sense of transparent reproduction, then I have just accidentally solved the mystery of jbreher!
So sad for you that the point flew right over your head.
Quote
On the other other hand, I don’t think that anybody ever said that about 2" (!) 30 ips (!!) tape. That seems pretty clearly aimed at maximal quality, not audible distortions.
You've obviously no experience in the production processes of popular music - where 2" 30 ips tape used to be the norm. True, it has largely been supplanted by digital production processes. But this is widely considered a production workflow efficiency driven decision. Employing 2" 30 ips analog tape for pop productions is still largely considered in professional circles as 'going the extra mile' in pursuit of improved sonics.
September 20, 2020, 04:39:05 PM
I didn't really get the answer about love to my bottom (which seems to be holding, BTW). If a woman is with you because of love or something else, you might never know. If you're with her because you like her or love her, that's all you can know : you're own sentiments. None of that is about qualities of someone, though, the usual dilemma is smart or beautiful, both or neither. The woman in my pic is an accomplished French actress which seems pretty smart to me, not a bimbo, so my kind of (unobtainable) woman. Dumb and beautiful can be endearing but I can't imagine that lasting long. Of course people can have qualities you can't discern like that, when you see sex symbol actors cheating on their beautiful wives with the bland nanny, there has to be a reason.
AlcoHoDL : congrats on Legendary, the path is still long for me !
AlcoHoDL : congrats on Legendary, the path is still long for me !
September 20, 2020, 04:29:53 PM
So sue me. (I've got a pretty big war chest - you better be sure of your case).
You been taking litigation lessons from diptwats? Craig and Calvin.
Get the fuck out of here with your confrontation, nonsense.
LOL. Bragging about a legal warchest on a cypherpunk forum founded by a Tor user who invented a new form of permissionless money.
Few affronts are as frustrating to a man as demonstrating to him the limits of his own power.
I suspect that in large part, this is why Faketoshi and his clique tend to froth at the mouth against anonymity: Their litigious lawyers are powerless to terrorize people who cannot be located.
Mr Bear, I can’t speak for anybody else, but I have some news for my own part: Your legal “war chest” is a contemptible joke, insofar as I am concerned. I am above your corrupt laws, and untouchable to your corrupt courts.
[Mine] is the anarchy of the good who, being good, hold fast to honour out of pride: For the most sincere morality is the self-glorification of the proud, whose judgments of others honour the best of what they see in themselves. It is they who would embrace death before the self-negation of dishonour—not as a sacrifice, but as a supreme act of pure selfishness...
Free yourself first from the moral authority of the mob. You owe nothing to mass opinion; therefore, the laws which rise on mass opinion have no proper authority over you. You do not consent to be governed by the votes of millions of anthropoid livestock who want to be bound in chains—who eagerly embrace those chains just as long as they remain warm, fed, and adequately entertained. You are a law unto yourself.
Wherefore “anarchy” as to the masses and their so-called “governments”, which are in truth no more than the largest, most well-armed organized criminal gangs. Don’t reject authority: Be your own authority.
Free yourself first from the moral authority of the mob. You owe nothing to mass opinion; therefore, the laws which rise on mass opinion have no proper authority over you. You do not consent to be governed by the votes of millions of anthropoid livestock who want to be bound in chains—who eagerly embrace those chains just as long as they remain warm, fed, and adequately entertained. You are a law unto yourself.
Wherefore “anarchy” as to the masses and their so-called “governments”, which are in truth no more than the largest, most well-armed organized criminal gangs. Don’t reject authority: Be your own authority.
Rankles a bit, does it not. The rattling of blunt sabres doth not impress.
September 20, 2020, 04:24:57 PM
and yeah I heard you updated from your shitty van to a nicer one
Don't you be callin' Bessie 'shitty' - them's fightin' words. I drove her for twenty years, because it was the vehicle that suited me at the time.
Fair enough....
though I cannot guarantee that in the future I might not devolve into loose references that seem to be denigrating on their face, but surely I am not really meaning to denigrate your personal subjective values in that regard.
(not that you are living in it.. hahahahaha... nothing wrong with that)..
...down by the river
Quote
Another factoid I let slip a while back: At the top of the market in late 2017, I sold enough to buy My Personal Lambotm.
I know about your mercedes or whatever it is. Perhaps we have a misunderstanding of the meaning of My Personal Lambotm. It is That One Purchase made whose attributes are rather ostentatious as compared to needs or requirements for an object of that class. It need not be an actual Lamborghini. Indeed, in my case, it is not any sort of vehicle.
I doubt that we need to get into specifics because I largely already understood your intended meaning in regards to "lambo".
Some of us are well into the divestment phase.
Probably one of the first times that you mentioned that mostly "divestment phase" perspective of yourself.
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 Lifestyletm* off my accumulated holdings. Hence, Divestment phase.
You are being a bit back and forth here... so you gotta admit that.
OK, I will admit my role in this particular misunderstanding. Silly me for expecting that the trademark term on Lavish Lambo Lifestyletm would denote that the use of the term is tongue-in-cheek. Nay, other than My Personal Lambotm, I live pretty frugally. Always have. Which, of course, is what has allowed me to make the investments that have landed me in my current position.
I doubt that our misunderstanding is very BIG at all.
The only thing that I am suggesting (or perhaps leaning towards quibbling with) is that you are seemingly wanting to weave ideas of both frugality and opulence through your more recent posts in ambiguous ways that seem to be getting off topic in the sense of implying that your involvement in shitcoins has personally paid off.... rather than giving some proper (and likely deserved) credit to king daddy.
I had heard that you quit your regular job a couple of years ago.. so anyhow, that still would not necessarily mean that you are "well into the divestment phase" of your BTC unless you choose to start to make such divestments.
Gotta eat. That's gotta be funded somehow.
Do we really need to get into particulars? Any of us who have reached some more advanced age (and you are likely in such similar club as me, if not a bit more advanced) have likely built up a variety of cashflow sources, whether we draw upon them or not might be somewhat discretionary, at least in terms of which ones we might choose to draw upon. So in that regard, there may be some earlier years in our "retirement" in which we do not feel comfortable drawing upon certain resources that we have, but then we also might not have advanced so far that we perceive our life to be approaching dusk years, in terms of any kind of need to really dip into principle (rather than largely attempting to live in a more sustainable way that is not really dipping into principle) - so maybe in some sense, I am thinking that divestment has more of an "on balance" dipping into principle rather than sustainable aspects of our various overall investments that might still be riding without any dipping into them.
Yep.
I was a bit struck too (or maybe the better word choice would be "awed"?), by the jbreher strategic placement of that unimportant metric.
'unimportant metric'
It's almost as if you are making my point for me.
It is possible that I misunderstood what you were saying, perhaps? But, I doubt it because I have heard you spout out nonsense as if the BTC dominance was some kind of an important metric, including the post in which you used that BTC dominance term in your description of a supposed bitcoin blockalypse (referring to late 2017/early 2018) and a speculated upcoming blockalypse II (based on what you speculate is going to happen in bitcoin's next bullrun), that is referred to in my response that you cited here.
September 20, 2020, 04:19:54 PM
EDIT: an interesting "thought" experiment would be to launch a few thou (or more) btc with the private code protected by a strong encryption (or strong multisig) into Sun-Earth L2 spot. Just in case if btc losses would be catastrophic at some point in the decades ahead. If needed, future humanity can retrieve such btc.
I cannot imagine any sort of catastrophe where a sudden injection of currency units would not exacerbate the problems faced, rather than solve them.
We were talking about a theoretical scenario where btc available to use would decline to some ridiculous number, say, less than 1000btc.
I can see a few catastrophes that might make most btc on Earth lost, but let's not get into gruesome details.
Having a btc "reserve' in the stable orbit (L2) might be a prudent thing to do, maybe some private company would finance it eventually.
A 100-300 year fund. Have a South Dakota perpetual "dynasty" fund investing in such "stash".
After several centuries such fund beneficiaries would probably be the richest on the planet.
Honestly, having a theoretical scenario where we have just few btc left for commerce and we now have to divide them into 10^16 sub-satoshis does not sound like a good idea to me due to the risk of a sudden discovery of a stash of a number of btc that exceeed all liquid btc at the time (on the planet).
The problem is that nobody knows what % is truly lost and what is recoverable at any given time.
In any case, it is not something to be concerned about right now, perhaps.
IMHO, an opinion that says that it does not matter how much is lost cannot possibly be serious if/when numbers of such losses would be extreme.
That said, maybe it is all a false alarm and as someone posited, losses will decrease as price increase.
Intuitively, this conjecture might be true.
September 20, 2020, 03:58:36 PM
EDIT: an interesting "thought" experiment would be to launch a few thou (or more) btc with the private code protected by a strong encryption (or strong multisig) into Sun-Earth L2 spot. Just in case if btc losses would be catastrophic at some point in the decades ahead. If needed, future humanity can retrieve such btc.
I cannot imagine any sort of catastrophe where a sudden injection of currency units would not exacerbate the problems faced, rather than solve them.
September 20, 2020, 03:37:46 PM
Apple's market cap is down around 20% from ATH a month ago to $1,8 trillion. If bitcoin had the same market cap as that one company, each BTC would need be worth $100k, doesn't sound that crazy now.
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