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28 sats \ 0 replies \ @nullcount 9 Aug \ on: Why are fees so low? bitcoin
Most mining pools are accepting below 1 sat/vb fees. A few months ago, those txns would not be relayed by nodes or included in miner blocks.
Most trading volume of BTC is using paper instruments like ETFs, stocks, or custodial accounts. A few years ago, these didn't exist or were less popular compared to making a peer-to-peer txn.
Lightning network is more mature. Its common now for a single channel to process tens of thousands of payments in its lifetime. LN didn't exist a decade ago, but now it is the preferred way to add payments using BTC.
Nodes and ASIC machines do not emit any CO2
The freezers and refrigerant equipment that keep American ice cream cold uses more energy than all of bitcoin
Bitcoin is for anyone in the world to use. It shields savings from debasement so we can afford to stock more ice cream for next year's party
I've noticed a handful of nodes "crashing out" with similar symptoms in recent weeks. May be related to the new features (bugs) introduced since LND v0.19+
Wasting time thinking/worrying about wasted time, regrets, etc.
Past is over. Why let it hurt you today?
When the countdown reaches zero, the inflation rate of BTC gets cut in half. Happens every 210,000 blocks (about 4 years). Its the mechanism by which the 21M supply cap is enforced.
Its fascinating how quickly people behave themselves when everyone around them is ripped and well-armed.
But seriously, turn off the news... anything you actually need to know will find its way to you. When you tune your attention on information that you don't need to know about, it is not only a waste of time, but it can cause anxiety and hopelessness.
Focus on what you can control. Treat everything else as an attack on your psyche.
Turn off the news.
Touch grass.
Hit the gym.
Arm yourself.
Mining with expensive electricity and inefficient machines does NOT make the sats you mine worth more in fiat terms.
More energy spent on mining means more energy is being harnessed in the first place. Bitcoin is a game that tricks humans into accelerating their path to energy prosperity.
Even after the subsidy is all gone, bitcoin still needs miners to give their energy for the system to function. So can you really count the energy spent today as "production costs"?
Miners had a larger effect on supply in the early years, but today, over 90% of the sats are already in circulation and miners have more options to finance their operation than just selling BTC.
but it will take a tremendous amount of work and a very long time.
Its up to each individual person to do the "work" to learn (or unlearn) about money. The more you understand BTC, the more BTC you tend to own.
2 Separate Timelines. 2 separate Universes.
I think we're in the same universe... just two different kinds of people live in it. We live in the "future" simply because we like to learn about new tech and have adopted BTC before most people have even tried it.
Others would rather adopt new tech later on, after all the difficulties have been smoothed out, or they'll only change behaviors when there is no other option left.
You can't force a late-majority kind of person into becoming an early-adopter. Its just their nature, like our nature is to be early. Embrace your nature and others'.
Even in Los Angeles BTC Map is scarce... and I mean SCARCE on places to spend Bitcoin it's just bizarre.
Not that bizarre if you understand business and the desire to hold better money. Businesses want to make things for rich people because rich people tend to pay more. However, people who are "Bitcoin Rich" are more likely to understand that BTC is better money, and therefore they are less likely to want to spend it if there is inferior money left to spend. Its the same reason you can't find many places to "spend" stocks, real estate, fine art, and other assets.
But in the 'normie' world Lightning does NOT exist.
Good! LN is pretty complicated. Its probably best if people don't know it exists. Do most internet users know TCP/IP exists? Probably not, they just use a domain name or email address and it just works! That's the role LN should have IMO.
And all of them have no FUCKING IDEA what I'm talking about.
This should be a hint... stop talking about bitcoin and start asking them about their ideas of money.
Do they feel inflation? Where do they think inflation comes from? Do they like the USD? Do they think we should go back to gold standard?
Ask questions, resist the urge to give answers right away. Once you understand where they stand, you can start to nudge them toward learning about BTC on their own time.
There are enough resources to learn about BTC once someone is curious enough to WANT to learn about it.
People won't remember the words you said, they only remember how you made them feel.
If you make them feel like they're being sold something, or educated, that's less ideal than if you make them feel curious and intellectual about the nature of money and value.
My friends/colleagues overwhelmingly think that Bitcoin is a joke. Like a digital pet rock... if not a scam + outright waste of time
Maybe they're right! If you are curious about their reasons, maybe they'll become curious about your reasons for owning BTC.
I like to acknowledge that there is a difference between "knowledge" and "wisdom".
You can be wise while getting the "facts" wrong, and you can be knowledgeable about something without an ounce of "common sense".
There are also reasonable and unreasonable ways to arrive at knowledge/wisdom/truth. Some prefer the path of science/logic, others find the path of spirit/emotion more enjoyable.
If you define "intelligence" as "the same path I took to find truth" then, yea, most people are going to look like idiots from your perspective.
If a business is competing based on "ideals", its unlikely they'll compete well on the other things you probably care about: quality, consistency, price, etc.
I want to buy the best from the best. I don't care about spending the best money while doing it. In fact, I'd rather avoid spending good money, if possible.
Your ecomm store is saying "no" to tons of sales if you're not accepting Apple Pay yet. Why?
Its not because Apple Pay has the best privacy, or is the "safest" with respect to escrow, trust, etc. Its not even the tech that is superior.
Its because most people have an iPhone. That's it.
Apple has 92% of the digital wallet market share. They process $6 Trillion per year.
I don't think even 1% of people have access to a Bitcoin wallet loaded with sats they can spend on a whim.
Its not that bitcoin is unworkable at scale. Its just unworkable. Unless your business is only targeting those 1% of people with sats to spend, there is no scale to work with in the first place.
Word-of-mouth is not the same as Viral.
Word-of-mouth is intentional -- I like a thing, therefore, I tell people about it. Because I want people to enjoy it too.
Viral is not intentional -- I didn't mean to spread the thing, but it spread anyways. Like the "sent from my iPhone" message at the bottom of emails. Or email forwarding chains like, "send this to 10 people or you'll have bad luck!" Or rage-bait that makes people share even tho they hate it.