Bitcoins - digital currency - Page 1459 - Business, Finances and Investing Forum

Yes, what I should have said was that the method of using the CPI to set interest rates is broken.

We are currently in an endless loop of lower inflation > lower interest rates > higher asset prices.

Quote

05-18-2020 , 08:13 AM

#36452

Adjusted

adept

Join Date: Jul 2016 Posts: 1,093

Quote:

Originally Posted by :::grimReaper:::

It's intended to measure the price of everyday goods, i.e price stability.

Where are you living with a $2M apartment? Wall St?

I'm guessing Vancouver. What do I win?

Quote

05-18-2020 , 08:46 AM

#36453

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

The rabbithole of CPI is also quite interesting. They measure inflation against a basket of consumer goods and services but they can change this basket if they want. And they change this basket a lot to keep up the illusion of a 2% inflation rate.

I like the Chapwood Index a lot better.

Spoiler: The price you pay for 'stability' ain't pretty.

Quote

05-18-2020 , 12:03 PM

#36454

jbouton

veteran

Join Date: Jul 2019 Posts: 3,274

Quote:

Originally Posted by ToothSayer

Bitcoin choking like a dog again with merely this little uptick in interest. $4.50 to send a transaction, incredible. Bitcoin is useless as a currency at that fee level.

Large price increases (fed by feeding frenzy ponzi interest) are self limiting with this huge roadblock. It came sooner than I expected. Not a good sign.

Nothing is chocking tho and the fee is a metric for the intensity of demand to transact via bitcoin. Its high right now.

Quote

05-18-2020 , 01:41 PM

#36455

ToothSayer

Carpal \'Tunnel

Join Date: Jul 2015 Posts: 13,237

It's not choking for the rich yet. It's choking for the poor and for smaller (<$20) transactions. It's dead for those purposes right now.

Quote

05-18-2020 , 04:23 PM

#36456

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

It's DEAD!

https://99bitcoins.com/bitcoin-obituaries/

#381. Maybe you're right though, we'll see!

Quote

05-18-2020 , 05:16 PM

#36457

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by ToothSayer

It's not choking for the rich yet. It's choking for the poor and for smaller (<$20) transactions. It's dead for those purposes right now.

It's proven it doesn't need to be used for those purposes.

It's dead for those purposes and it's still thriving!

Quote

05-18-2020 , 05:17 PM

#36458

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,950

Quote:

Originally Posted by onemoretimes

It's proven it doesn't need to be used for those purposes.

It's dead for those purposes and it's still thriving!

Just a ponzi wave
Wouldn't say it's thriving

Quote

05-19-2020 , 03:34 AM

#36459

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

I actually think it's super bullish that people are willing to pay higher fees to get their TX in a block. It simply shows there is demand for blockspace even though it's not 'cheap'.

You can argue all you want about the best usecase, fact of life is that people right now are paying higher fees and that 20%+ of the block reward is fees.

Quote

05-19-2020 , 10:35 AM

#36460

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by CoolTimer

I agree. A lot of people out there, including myself question the long term sustainability of the network when the mining reward goes away, and it's proving right now that the model very well could actually work where fees pay for 100% of the reward.

Fun little site to watch the transaction activity of BTC.
https://www.bitlisten.com/

Click the little box in the bottom right to switch the amounts to USD and you can get a picture of what type of transactions BTC is used for. Once again, nobody give s a **** about it buying coffee. It's hard to watch the bubbles and not become bullish as hell. It's amazing that activity is happening 24 hours a day.

Last edited by onemoretimes; 05-19-2020 at 10:42 AM.

Quote

05-19-2020 , 12:13 PM

#36461

rickroll

oddly catty

Join Date: Aug 2011 Posts: 23,026

Quote:

Originally Posted by onemoretimes

cool site, if he didn't post the source code though i'd assume it was heavily astroturfed, if i leave that tab and go to another the bubbles that were there 15 minutes ago are still all there but i'm guessing that was an aesthetic choice

Quote

05-19-2020 , 01:22 PM

#36462

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,950

also a fun site
https://txstreet.com/

Quote

05-19-2020 , 09:40 PM

#36463

jbouton

veteran

Join Date: Jul 2019 Posts: 3,274

Quote:

Originally Posted by ToothSayer

It's not choking for the rich yet. It's choking for the poor and for smaller (<$20) transactions. It's dead for those purposes right now.

Its not really choking tho. As demand to use/exchange bitcoin INCREASES the lower value transactions become infeasible. But of course this is because higher value transactors are very willing to out-bid them. A narrative of bitcoin as a coffee money dies but do you mean to say the restaurant can become so popular that no one will go to it?

High fees do not choke bitcoin they only destroy a certain narrative that was based on a libertarian viewpoint.

It scales to this regard just not the libertarian ideal.

Quote

05-19-2020 , 09:45 PM

#36464

case3

adept

Join Date: Jul 2007 Posts: 774

I look forward to a future where space on the chain is worth more than actual coins

Quote

05-19-2020 , 11:29 PM

#36465

johnnyBuz

Carpal \'Tunnel

Join Date: Sep 2013 Posts: 7,586

The ongoing 'discussions' about using Bitcoin for every day coffee purchases at a global scale is beyond ******ed. You can go back and read old message board posts and e-mails from Satoshi and other contemporary peers of that time and see how far ahead they were of mainstream understanding over a decade ago. Do your own research and educate yourself. Nick Szabo (creator of Bit Gold circa 1998-2005, likely author of Bitcoin white paper) did a recent podcast and touched on a lot of these misconceptions.

30:03 - On user experience

Quote:

"Yah, I mean it depends on what part of the system you're talking about. If we're talking about layer-1, so for example increasing the block size would make it friendlier in the sense of lower fees and probably allow you to make some user friendly trade offs better too, but it comes at the cost of trust minimization and security, and so there I say I'm gonna err very much on the side of trust minimization and security when it comes to layer-1 and the core functionality.

When it comes to the edges, like wallets and so forth, then the lower the value at risk then the less security you need, so you're gonna end up if you're just buying a cup of coffee you do not need the super strong security [layer-1] - I have to validate all the transactions in the world myself - that you would need for higher value transactions. I think that ethos is most important in the core and layer-1 and as you get out in layer-2 and so forth and the lesser values then it's more reasonable to start trading that off a little bit for user friendliness."

31:40 - On Bitcoin as peer-to-peer electronic cash for commerce or more of a reserve asset

Quote:

"It's nice to hype and wish about you know everybody could run a full node and be fully scalable and all that. In reality, it's not. If you want to have a trust minimized system - it's not going to be computationally scalable. It will be socially scalable ... social scalability is more important that computational scalability. If you want to be globally seamless, if you want to have that really valuable ... globally seamless, trust minimized not having to go file a lawsuit to get your money back, that kind of thing is just incredibly valuable, it eliminates so much cost and risk out of the system.

So you really want to have that and it's not really something that it's worthwhile compromising on because once you compromise in that direction, you may gain a few bits here and there and increase their transactions per second, but it comes at a much much higher cost which is now you have bureaucracy, now you have risk - then you have traditional banking basically, you're moving towards what traditional banking does much better. They've been doing it for hundreds of years so we're not gonna improve on that. We improve by cutting the Gordian knot and saying we're getting rid of that and doing a simple globally seamless trust minimized system. But to make that technologically scale well you need a layer-2 solution - you're not gonna do that with just layer-1."

48:15 - On idiots debating block size increases

Quote:

"It's like the passengers debating how to set the flaps on the airplane. There's things that division of labor and expertise are important for."

51:04 - Common misconceptions about Bitcoin

Quote:

"The most common one is that it's a form of retail cash that you pay for coffee with and it's basically PayPal but its own currency. Well no, every currency in the world is a multi-layer thing where you have settlement system cost and retail payment systems and they are two different things. And that falls out of the computer science - you can't do everything in one protocol. You can't combine the security and the throughput and all that together in one protocol."

52:06 - On the white paper calling it "electronic cash" vs. what it actually is

Quote:

"This is based on computer science. The computer science tells you what to do to be compatible with trust minimization. You have to bring the value of trust minimization to it. But given that you want to have that trust minimized, censorship resistant, globally seamless layer-1, that means you can't do a bunch of other things on layer-1, you have to do them on layer-2."

Quote

05-19-2020 , 11:39 PM

#36466

TheMVP

old hand

Join Date: Oct 2007 Posts: 1,753

Szabo GOAT but then you find out how much he likes guns and Trump

Quote

05-20-2020 , 12:10 AM

#36467

THEGOATIAN

veteran

Join Date: Nov 2007 Posts: 2,625

That's the point though isn't it. Everybody thinks the same like sheep, must hate Trump. On the balance of things he probably realises Trump is a better alternative to the rest of the corrupt political conveyor belt. Or maybe he just really likes him, fairplay, I don't mind Trump at all, I really don't care that much. I do enjoy how much people cry about what he says/tweets though.

All the left, think the same, act the same, cry about the same things and get their pitchforks out to judge anybody and everyone including fellow lefties for the slightest swerve off the righteous track

If he likes Trump and guns, so what. That's the point. He doesn't think like everybody thinks he should think and good for him, has the balls to flaunt it too. That's why he is who he is.

Quote

05-20-2020 , 12:14 AM

#36468

ToothSayer

Carpal \'Tunnel

Join Date: Jul 2015 Posts: 13,237

Yeah, if you can't see legitimate and compelling reasons why a highly moral and intelligent person would love Trump, you really need to get out more/broaden your worldview and philosophies.

Quote

05-20-2020 , 12:27 AM

#36469

case3

adept

Join Date: Jul 2007 Posts: 774

Today:

If (blockreward < minimum) blockreward = 0

Some day soon:

If (blockreward < minimum) blockreward = 10

The bulls will all cheer this move, better for users, better for miners, better for security, better for newbies. Cheering a hard cap is about the dream of hodl riches, if the future can be brighter without, the dream moves to no cap.

Quote

05-20-2020 , 12:59 AM

#36470

TheMVP

old hand

Join Date: Oct 2007 Posts: 1,753

Was obviously in jest guys. Trump is absolute buffoon but as a non-American it's been easy to stop caring about him.

case3 - good luck convincing tens of thousands of nodes to simultaneously update their software to increase the hard cap.

Quote

05-20-2020 , 01:06 AM

#36471

PuttingInTheGrind

banned

Join Date: Jan 2020 Posts: 172

Quote:

Originally Posted by PuttingInTheGrind

I dont know too much about crypto but a friend of mine sent me this message and was wondering if anybody knows the answer here:

"If I’m running COIN and XYO Network with multiple sentinels by sentinel sharing, do the sentinels all have to be within Bluetooth range of my phone or can I put them anywhere?"

Any help would be appreciated. Thanks.

Quote:

Originally Posted by housenuts

Telling him to stop is probably the best input you can give.

So I posted the above and got that response.

My friend messaged me yesterday saying he has been mining coins. He put just £12 in coins and has been trading with profits and whatever he has made from mining. After almost 3 weeks his crypto portfolio is now worth $440.

I don't know anything about this all but how is this possible?

He sent me the below pics for which I have provided the link below. Also, below that can someone please tell me what I am doing wrong and why the pics are not posting here? Thanks.

Direct link:

https://imgur.com/a/qdoCPWS#yO8ZJLn

Quote

05-20-2020 , 03:04 AM

#36472

The Apex

Pooh-Bah

Join Date: Nov 2011 Posts: 3,603

There’s an altcoin thread

Quote

05-20-2020 , 05:41 AM

#36473

Mat Cauthon

adept

Join Date: Mar 2006 Posts: 1,147

Quote:

Originally Posted by case3

I look forward to a future where space on the chain is worth more than actual coins

Coins are only good for one thing, and that is bidding for space on the chain. Their value is derived from how valuable that space is believed to be now and in the future.

Quote

05-20-2020 , 10:18 AM

#36474

Max Cut

Guest

Posts: n/a

Quote:

Originally Posted by ToothSayer

Yeah, if you can't see legitimate and compelling reasons why a highly moral and intelligent person would love Trump, you really need to get out more/broaden your worldview and philosophies.

Resounding endorsement from a poster devoid of morals, intelligence, and love.

Off topic though. There is a politics subforum.