pull down to refresh

Sitting here at Steak n Shake eating fries. What's the problem with Bitcoin now?
3240 sats \ 27 comments \ @anon 16h bitcoin
I mostly look at Stacker News for my 'Bitcoin news' because it's so awesome and uses Lightning. But every once in a while I check out 'Bitcoin Twitter' and...
What on heck is going on over there?
I literally just bought a milkshake, using Lightning, with my own node. Non-custodial. Instant. Almost no fee. There are tons of Lightning wallets, some more advanced, some simpler some custodial some not...
But they actually work. It's pretty easy to take a UTXO, move it to a Lightning app on your phone open a channel with it and have access to a big Lightning network just from your phone. Send money anywhere, almost instantly for almost no cost.
You can swap in and out on-chain for a very low cost, swap on or off-chain non-kyc basically at any time... send a UTXO using various platforms and get 'sats' to your Lightning channel or ecash wallet almost instantly. Way more private, swap in swap out spend etc so on and so forth.
There's robosats which only requires TOR browser allowing you to buy non-kyc directly to your Lightning channel.
5 years ago none of this technology existed, the swaps the ecash the ability to go to Steak n Shake... none of it even Robosats (to the best of my knowledge) didn't exist 5 years ago.
I don't pretend that this technology will withstand NSA scrutiny but it's a huge improvement on Bitcoin privacy while maintaining the L1 transparency that's so important, and it actually scales albeit with some growing pains because it's new.
I don't even know what to think of Bitcoin Twitter. Are they all bots? Or just losers? Do these people actually use Bitcoin? Do they just not have any?
I know for a fact that above 2-3 sats/vbyte the vast majority of arbitrary data is outbid and that's from watching my own fucking Core node without filters so what's the point?
I refuse to believe that the vast majority of "voices" on Twitter are actual people, because for all the times they talk about "Bitcoin the Money" apparently they don't actually use it? If the filter (now confiscation people???) actually used Bitcoin as much as they bitch about spam and filters we wouldn't have such anemic on-chain demand, demand would be healthy we would have real merchant adoption and a fee-market.
If spam is outbid 95% at like 2-3 sats/vbyte which it is then what the hell is the problem? With all the people in the world outbidding spam, it should be absolutely trivial and the infrastructure has gotten so much better it's easier to use.
I refuse to believe that "bitcoin twitter" is composed of real people, as opposed to mostly bots or just losers. It reminds me of the screaming kids and morons on Call of Duty but that was 15 years ago the 'adults' I thought had moved on.
Eating my fries, having a drink I bought with Lightning is FUCKING AWESOME I look at the 'filter' and 'UTXO-debate' with astonishment.
What is the 'problem' with Bitcoin now?
write
preview
related posts
190 sats \ 8 replies \ @SimpleStacker 15h
Twitter attracts drama queens and clout chasers. "Stuff that works" is boring and thus no drama and no clout to grab. Stacker News is better for quality discourse
reply
166 sats \ 4 replies \ @anon 15h
Stacker News is great, although I disagree with some of the views shared here I will always with extraordinary passion defend the rights of others to have those views and have their own voice.
The 'stuff that works' is what Bitcoin is actually about. If the people want better money they should earn and go use it.
reply
36 sats \ 3 replies \ @SimpleStacker 15h
Yeah, it's disappointing at how few people seem to actually want to use Bitcoin as a MOE. @siggy47 has wrote about it a few times, about the attitude of most bitcoiners he meets at in person meetups. People who use bitcoin to buy things is a minority of a minority
reply
0 sats \ 0 replies \ @Aeneas 12h
Lazy, stupid worker bees that refuse to make new honeycomb cells. They only like to eat honey, but they don't realize how much more honey there'd be if they made new cells. 🐝
reply
0 sats \ 1 reply \ @anon 13h
Well people are obviously 'exchanging it'... but they are exchanging it for fiat not necessarily goods and services. If there was huge demand to 'buy something' with bitcoin then I guess the exchange rate would go down as the sats are 'given' for that good or service...
But the education would be way better.
The filter people can't have it both ways... they can't complain that blockspace is used for junk when the demand for blockspace is sub 1 sat/vb. They can't IMO 'not pay fees' and then not approve the transactions of others who do pay the fees, even if it's just for junk. It's larping not bitcoin using.
reply
0 sats \ 0 replies \ @Aeneas 12h
However they frame it, they're selling bitcoin—fractionally detracting from the network's value—and buying dollars, fractionally increasing the money supply with more credit. Totally counterproductive for Team Bitcoin!
reply
0 sats \ 2 replies \ @denlillaapan 8h
Stacker News is better for quality discourse
Imma disagree a little bit there. (Not that Twitter is better, lol, so fine... your point stands)
reply
9 sats \ 1 reply \ @SimpleStacker 5h
First time I won an argument without saying anything!
reply
0 sats \ 0 replies \ @denlillaapan 3h
amazing eh
reply
21 sats \ 3 replies \ @sudonaka 13h
Your entire argument is based on this:
If spam is outbid 95% at like 2-3 sats/vbyte which it is
How did fees reach 500sats/vb+ back in the first few ordinals and runes waves?
How much would you have to pay Google Drive or Drop Box for uncensored data storage for 1000 years?
What if you are a government actor that can print money for fees?
There is limitless demand for data storage. And v30 just invited a lot more data storage users to bitcoin.
reply
0 sats \ 1 reply \ @anon 13h
How did fees reach 500sats/vb+ back in the first few ordinals and runes waves?
Ordinals don't exist btw. 'Ordinals' is an arbitrary numbering scheme to 'pretend' you can order sats lining up inputs and outputs it's dumb. Degens were sending utxos back and forth to exchanges to 'pan' for 'rare sats' base on some arbitrary numbering scheme a dev just made up.
'Runes' is ~10 bytes in op_return used to 'pretend' a memecoin exists this stuff is fringe stupidity.
After the hype subsided all the spammers did was burn huge amounts of Bitcoin.
How much would you have to pay Google Drive or Drop Box for uncensored data storage for 1000 years?
Bitcoin for arbitrary data is vastly more expensive... than Google Drive/Dropbox.
What if you are a government actor that can print money for fees?
A government can pay fees and create massive amounts of dust to harm the network without using any arbitrary data.
There is limitless demand for data storage. And v30 just invited a lot more data storage users to bitcoin.
Most people have no idea Bitcoin can even 'store data' and data in op_return is really expensive. Therefore my outlook is holistic...
Do people want use Bitcoin or not? If they do they pay fees whatever it costs if they don't they won't it's as simple as that.
reply
0 sats \ 0 replies \ @anon 6h
Bitcoin for arbitrary data is vastly more expensive... than Google Drive/Dropbox.
@anon, you know just enough to be retarded.
Keep your opinions to yourself for now.
reply
0 sats \ 0 replies \ @SimpleStacker 13h
How did fees reach 500sats/vb+ back in the first few ordinals and runes waves?
It was a fad. I hope they lost a buttload of bitcoin.
How much would you have to pay Google Drive or Drop Box for uncensored data storage for 1000 years?
Byte for byte, it's still probably cheaper to store your data on google drive / drop box
What if you are a government actor that can print money for fees?
That seems like a risk regardless of non-monetary data rules on bitcoin
There is limitless demand for data storage. And v30 just invited a lot more data storage users to bitcoin.
IMO, your analysis of the source of the demand is wrong. If what they wanted was actually just data storage, there are other much more efficient ways.
reply
250 sats \ 0 replies \ @Aeneas 12h
I mostly look at Stacker News for my 'Bitcoin news' because it's so awesome and uses Lightning. But every once in a while I check out 'Bitcoin Twitter'
First mistake! There's nothing to really check out on Twitter. It's just a senseless hive of narcissism, drama queening and, yes, bots—or people who think like bots (because their heads are full of algorithm narratives).
I literally just bought a milkshake, using Lightning, with my own node. Non-custodial. Instant. Almost no fee.
👏 Yep, same here. This morning I did the same getting coffee and treats for the missus at a local coffee shop.
It's pretty easy to take a UTXO, move it to a Lightning app on your phone open a channel with it and have access to a big Lightning network just from your phone.
It's easy, but it's not as easy as just using CashApp (i.e., "letting someone else do it for you"). We'll just have to let these people who don't put even the most minimal of efforts go, though—they are unfortunately NGMI.
There's robosats which only requires TOR browser allowing you to buy non-kyc directly to your Lightning channel.
True. The future does not have hoverboards, but at least there's this.
5 years ago none of this technology existed, the swaps the ecash the ability to go to Steak n Shake... none of it even Robosats (to the best of my knowledge) didn't exist 5 years ago.
Right, now extrapolate 10, 20, 30 years from now. We're like the early aviators of the 20th Century, replete with the occasional crash and burn.
I refuse to believe that the vast majority of "voices" on Twitter are actual people, because for all the times they talk about "Bitcoin the Money" apparently they don't actually use it?
The only place I know of that's worse is Reddit's Bitcoin page. It's best to think of those websites as Normielandia and stay the fuck out.
What is the 'problem' with Bitcoin now?
Nothing really. I heard we had a 30% crash? The biggest crisis is I flat ran out DCA funds for the holidays so I hope we don't rebound yet. Am totally reliant on Stacker News for my stacking until 1/1 and DarthCoin only sends me Cowboy Credits 😔
reply
0 sats \ 0 replies \ @siggy47 6h
Great post. There is a unique satisfaction sitting at Steak n Shake, feeling my cholesterol soar (I don't believe in bad cholesterol), knowing I just paid for my meal using my own node. BTW, what is this twitter/X of which you speak? 😀
reply
0 sats \ 0 replies \ @fiatbad 6h
Yes, we have the tech now to use Bitcoin as money in daily life.
What's the problem with Bitcoin? Nothing.
The problem is the Bitcoin community. Obsessed with dollars and fiat valuations. There is no reason to use Bitcoin as currency because they can get Sats back if they use their fiat debit/card instead.
Even Bitcoiners, apparently, don't seem to understand why fiat is so bad. (But it makes a great talking point when selling the idea of Bitcoin to normies).
Even "the ones who get it" aren't fighting very hard to end fiat. They accept fiat as a necessary evil.... and make excuses for why it doesn't make sense to switch to using Bitcoin for anything other than hodling.
reply
0 sats \ 0 replies \ @denlillaapan 8h
5 years ago none of this technology existed, the swaps the ecash the ability to go to Steak n Shake... none of it even Robosats (to the best of my knowledge) didn't exist 5 years ago.
That bit is pretty cool to consider, actually
reply
0 sats \ 0 replies \ @DarthCoin 10h
bitcoin twitter is like...
reply
0 sats \ 0 replies \ @Taj 10h
I'm so glad you wrote this piece, I was literally wondering the same thing
I recently set up a nym X account and just use it to see what's occurring
I set up notis for blockstream and Adam b after the 'jade' incident
Because I've got a jade plus and want to keep up with any patch upgrades
The stuff being written over there! It's like all out warfare
The knotsees the cores the university guy the irresponsibly long mstr guys 😂😂 i joined their group to see what's going down, apart from the price 😀
SN is like a serene satstral plane where stackers write extensive informative helpful productive pieces of content
Another area of information i like is this week in Bitcoin on fountain, very commonsense views imo
Anyway good piece anon, thank Satoshi for SN and k00b and Scoresby and sox and ek and darth obviously 🙄
reply
0 sats \ 0 replies \ @eduardopro 11h
That's a long way of saying you don't understand the filter and spam problem and are not interested in studying it.
That's fine, though.
You don't have to participate in the battle for Bitcoin's soul.
reply
0 sats \ 0 replies \ @2053456d48 13h
Bitcoin is best because of only zapping and lightning⚡
reply
0 sats \ 0 replies \ @d680ecaa8e 14h
Twitter could be good choice to follow news but not those related to bitcoin.
reply
0 sats \ 2 replies \ @unboiled 14h
But every once in a while I check out 'Bitcoin Twitter' and...
Why would anyone do that to themselves?
I, for one, never feel the urge to poke myself in the eye with a rusty nail when I am enjoying some fries.
reply
0 sats \ 1 reply \ @anon 13h
There are some good people on Twitter, but most 'people' there are bots/larpers
reply
0 sats \ 0 replies \ @unboiled 13h
There are also some good people on over-80s nudist beaches.
reply
0 sats \ 0 replies \ @Scoresby 14h
Eating my fries, having a drink I bought with Lightning is FUCKING AWESOME I look at the 'filter' and 'UTXO-debate' with astonishment.
Rock on!
Bitcoin can be used by any jerk who wants to use it, in any way they can possibly figure out, for any reason they like.
There are real people on Twitter. Some of them are nuts, some of them are Feds, and some if them are just people with sincerely held beliefs I think are dumb.
We probably need more and worse tests to make sure this thing isn't some fragile experiment destined for the dust bin. Bring 'em on.
reply
0 sats \ 0 replies \ @035736735e 13h outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.