This is exactly the angle people fail to see nowadays. When we hit the 1 Sat = 1 USD of today, fees will be much lower. I remember several years ago paying either 0 fees or 1M sats fee because the purchasing power was irrelevant and there was no competition to enter the next block. I agree with your point of view and I have been always wondering why it is so hard to understand by many... I guess they are still stuck on the equivalence 'Bitcoin - Fiat' and fail to understand that everything will be measured in terms of Sats. Finally I saw someone explaining this angle.
That was basically my approach, to have a node for myself, not a routing one, so if I need to send some sats I use my own node. A profitable Node seems like a very hard task, something that I kind of saw from the very beginning. I did not think about hurting the network... that left me thinking. Thanks for your valuable feedback.
Something that is always overlooked is that many orders in bulk have been arriving gradually and have been connected in the last two years. That, and the fact that some entities are joining 'secretly' adding more hashing power. And never forget that at the end, Bitcoin will be world's standard for transactions and store of value combined. Hashing is the only way to be in the loop for the future of money.
Banks's mission, 'ab origine', was to keep you gold safe because its value was increasing through time. Once we deviated from that, especially in 1971, we made most people slaves and poor, keeping the 1% in control of the mint and subsequent debt. That was the Economic Catastrophe, Bitcoin brings back honest and true money to our civilisation.
Seems like that will be the theme in this Bitcoin cycle. But will, again, collapse due to that coin being so inflationary. Elon will try to profit and will incorporate, through code and forks all kinds of changes to adapt it to his goals. Due to the swarm of morons following him, it will get some attention and price, - in terms of fiat - will pump, that will, as usual, lead to dramatic moves as those same followers will try to convert to fiat all at once deeming it useless as an alternative payment system. We have seen it before and will see it again. And all that will be between exchanges, so again 'paper' stuff, not real value.
I was writing a final chapter where the use case was broadcasting a transaction using smoke signals like in the old times. It is doable and tells a lot about the power of Bitcoin.
I think it is time to decentralize and avoid concentration of ASICs in mega-grids. It is better to relocate miners all over the globe and invite people to integrate them in their houses, using them to warm the rooms or dry clothes instead of dryers and so on.
No specific reason but probably because I am a boomer, and use to sign my messages with PGP and this format makes it easier to verify them, if needed.
I would be willing to finance miners for the costs of their electricity if they send me my contribution as a fix amount of Sats daily from the subsidy they get from confirming Bitcoin blocks. That fixed amount of Sats would be 20% of my contribution but they need to promise to keep sending the same amount of Sats till the block previous to the next halving.
They all failed to see the value of the 10 minute per block adjustment of difficculty that makes/made impossible for any ¨power¨ to steal all the value as they implied. Most fail to see that Bitcoin is tied to time in a very powerful yet subtle way and thus they think/thought of it as another ´bitgold´ proposal. Now it is more understood but still the rethoric is leading to accumulate instead of using it daily and that is why full adoption is taking longer. It will happen, eventually, most of us, today, will need to give up for it to flourish. Next generations will laugh at us for having been so naive about it.
To be honest, the liquidity for those miners comes from the very few places where they can trade those rewards for real BTC and at the end of the day some places will think twice before continuing to accept those rewards and give some Sats in return. I guess many are looking for profit as you say and having ASICs directed to that fork is not difficult but the risk is having their ownders changing the code to block you from confirming blocks if they feel like it. Personally, I think it is all part of the whole game theory around Bitcoin adoption. It will be fully understood years from now, it is still too early for most.
Interesting approach to this attack vector. We are in the Lightning Network´s infancy, we take advantage of the same network that has allowed Visa and Mastercard to monopolize payments and thus we are subject to some attacks as well. We should be keeping an eye and testing as much as possible.
Don't worry, just verify the costs of transactions to see where you are wrong, like this one: txid: 599accbe2962c68b333792f041517c986f8dfe57d444ad1d52edf6d09270c9f6 Just 0.08 USD to move 200K USD. You are welcome. One more thing, if you dont understand it or like it, do not use it, unlike fiat currencies that are imposed on us despite their huge flaws, Bitcoin is optional.
2500 Sats is, as of now, less than a dollar in fiat terms. No bank, institution or any other legacy financial group will let you move any amount for such a low fee. The fee you paid would be the same were you moving 10 whole Bitcoin, and that is the magic. The fact you used the Blockchain to move only 10k Sats and only cost you 2500 is, in my opinion a demonstration of Bitcoin's power. Using the percentage to show surprise is, to say it mildly, lazy. Only Bitcoin let you move very small amounts, the information you provide in your post just shows you do not understand it yet, but it is ok. It happens to most. Using the Lightning Network, moving 10k Sats will cost you 1 or 2 Sats but could even be free. Try that with any bank right now. Keep learning. You will laugh at your own post months from now.
Absolutely, the concepts "mining", "wallet" and so on, are so far-fetched that are causing most of the confusion. I will insist on calling Bitcoin 'electronic cash', it was it from the very beginning and that will be, forever.```
Translations are very personal and after reading few lines of the Spanish site linked I would probably change some expressions. I would suggest opening a Github to accept contributions and changes to the translation so they are they closer to theoriginal work by Gigi. Just a suggestion, of course.```