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208 sats \ 0 replies \ @nymkey 30 Jan 2024 \ on: What does hyperbitcoinisation look like to you? bitcoin
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.```