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75 sats \ 0 replies \ @CruncherDefi 28 Aug \ parent \ on: Have we all been overpaying for Bitcoin transactions? bitcoin
That's why I explicitly mentioned 'value' and differentiated it from 'price'. Your points seem to focus on 'price'. My whole reasoning focuses on 'value'.
A metaphor could be Mass vs Weight. Mass is inherent property of a body. Weight is a measurement you get using something else. And on different planet you will get different weights, while mass stays the same. Similarly, if you use different denominating assets (like dollar, euro, eggs or 1 kg of beef) you will also get different prices.
Value is like mass - it's an inherent property of an asset. Price is like a weight - it's a relative measurement when you express value of an asset denominated in a value of other asset (UsdBitcoinPrice == ValueOfBitcoinUnit / ValueOfDollarUnit).
My claim is that not only 'price' of bitcoin increased, but also 'value' of bitcoin increased. And it's obvious why is that the case - adoption is bigger, there are more use-cases, the track record is longer - those increase the inherent value of bitcoin unit.
Hope that clear things up. Todays sats have more value than 2011 sats, so we need to pay less of them for the same thing.
AAAAAAA it annoys me so much: why anyone in those discussion ignores that fact that bitcoin gets more valuable with time? It makes those discussion so intellectually dishonest.
"Average mining fees per day have dropped to lowest levels since 2011"
NO! Bitcoin get over 100x more valuable since 2011. So NO, the average mining fees are NOT the lowest when you consider value. It makes sense that mining fee go down when denominated in bitcoin.
Note that I am not talking about fiat price of bitcoin (price != value). I am talking about value (so value accrued by network regardless of any denominator you might use to measure it). When talking about FIAT everyone here remembers that 'fiat gets less valueable over time' in their reasoning. But when it comes to bitcoin everyone seems to forget that 'bitcoin gets more valuable over time'.
My question is: if the fee market settles around 0.4 sats/vB, might that imply that for some of the last few years, Bitcoiners were paying artificially inflated prices to get their transactions confirmed?
No. The more adoption bitcoin have and the more value is being stored in the network, the more each sat is worth. Therefore todays 0.4 sat/vb is like 40 sat/vb in 2011.
Literally no reason to ever do that.
If Bitcoin reaches $1M
Bitcoin network doesnt know its dollar price. So it means you are trusting some oracle.
Also timelocking for "I don't want access my bitcoin for a time" is really dump. If you security gets compromised you cant immediately migrate your UTXOs. Hackers have all the time to figure out your keys/passwords and will be ready for the time timelock is off.
If shitcoin devalues in this way, the government of shitcoin may have to print more shitcoin, leading to even more devaluation. If shitcoin enters into a hyperinflationary spiral, it could get to the point where it becomes almost worthless, and most economic transactions are just done in hardcoin.
Or, more realistically (which happened in our world), the shitcoin country will use the shitcoin-printing-power to quickly finance the army that takes over the hardcoin country, 'solving' the problem via force.
My hope is that bitcoin is different - it's a bottom up revolution. It's individuals that adopt it. Central power cannot possibly coerce each individual (With gold that was doable because of banks that held gold instead of individuals).
Why would you use consumable material as money? That is kinda crazy. Monetary use case will compete with industrial use case.
102 sats \ 1 reply \ @CruncherDefi 21 Jul \ parent \ on: Tether Fun Unbelievable Details - Part I bitcoin
They want to limit arbitrage opportunities for others, so they can collect all the arbitrage revenue. And there is some serious money in there - ask wallstreet.
Arbitrage is extremely-margin-thin and zero-sum game. If they themselves don't pay the fee, it effectively makes it impossible to get into the game for others, cause they will sweep the opportunity before it's ever profitable for other players.
Also an example, in which the author is a sufficient condition to disregard (or at least scrutinize more) the paper.
He is literally proved to be a fraud in the court.
Of course you are not required to listen to the podcast and as a adults people it should be explainable to each other.
However
I finally told him the truth which is that I prefer AI slop over listening to his podcast.
seems like an unnecessary cruelty.
Can a human institution override Natural Law?
You made it say as if "Natural Law" wasn't invented by man. It is. Maybe it's more ancient/low_level/basic but still it's invented by man. Similarly institutions/goverments and constitutions are invented by man.
And as both are man-made I don't see any contradiction by one overruling another. It's just a convention we made up.
What if the person is innocent?
That is the problem with death penalty. It's an ultimate tool to silence inconvenient people forever.
Without death penalty if you set up someone and send them to jail (think dictator states) you risk getting exposed somewhere in the future. It introduces some back-pressure to the oppressive state.
And that is the reason why I am against death penalty. It's just a too powerful tool for dictator wannabes.
yea you're a real expert
I wouldn't go that far, but nevertheless I added my remarks to the PR discussion for this BIP. I encourage you to do the same on the github PR page! Surely you have some useful insight to share with the community xDDD
Such a quantum threat would also be a quantum miner, making key-cracking superfluous.
Wtf are you talking about. Quantum threat is only about breaking key-signing of UTXOs.
When it comes to mining, quantum algos improves SHA generation only slightly, nothing game changing.
Anyways its clear from this post that you are clueless, so its an end-of-topic from my side.
Quantum is a hoax
xDDDDDDDD Thank good you are not the decision maker. Feel free to have this incorrect opinion, but don't get in the way of us other people fixing the issue instead of pretending it's not a problem.
Last time I checked bitcoin value goes up forever. So small amounts of sats also go up forever in value.
So why would it be controversial to allow <1000 sat/vb transactions? Perhaps we hit a bitcoin price so high, that it's justified?
Some stupid people assume that freedom means "free to do/say anything" but they don't consider that those actions/utters consequences are also their responsibility.
Everyone is free to say something. But it this utterance leaks national secret, breaks some NDA they signed or causes someone to be beaten hard, they are to be held responsible for consequences of the utterance.
Free to do action, not free from the consequences.
In cases where we have prisoner dilemma dynamics from mathematical branch of game theory.
Unconstrained, players will go for greedy 'defect' action. Which makes other players also retaliate with 'defect' action and everyone ends up worse off.
If you can limit possibilities of playing 'defect' action, it's easier to stay in pareto-optimal solution of everyone playing 'cooperate' action in which everyone is better of.
another major reason is that fewer people keep piles of cash in their house, and most of the portable, high value items are becoming harder to sell.
This is the real reason. Home security systems are not even close to being the real reason.
would the kidnapper be able to easilly tell it was a timelocked UTXO tho?
Yes.
Also kidnapper probably would only consider bitcoins transfered to their wallet as valid giving up your money. Good luck trying explaining to the kidnapper "Those are private keys to the UTXO, its timelocked but after the lock expires, its gonna work for you, pinky promise" instead.
Yeah, my kidnapper totally would be satisfied and let me off after I gave them timelocked UTXO.
If anything it only gives them incentive to get rid off me for good to make sure I don't sweep the timelocked UTXO after it unlocks (from their perspective its just a timelocked UTXO)
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Good stuff. We could have digital equivalents of pyramids in cyberspace.
I just wish that infrastructure would also be decentralized. That way we truly could have our first digital monuments that can exist for hundreds of years.
1 out of every 500 bitcoin transactions in the world happened at Steak ‘n Shake
Yeah, how possibly could they know that? They cannot. LN transaction are not broadcasted to the world. It's a bullshit statement.