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23 sats \ 0 replies \ @tomlaies 1 Feb \ on: this cycle my friends are asking about shitcoins instead of bitcoin AskSN
It doesn't feel like that to me at all. I feel like "this cycle" has fewer people noticing Bitcoin. It feels like fewer people care about Bitcoin or shitcoins than in 2017 or 2021. It's a pure price mechanic, no emotions or enthusiasm. No influx of new people.
It costs money to close channels. The node wants to reserve some money for that purpose. Onchain fees fluctuate. Therefore your spendable balance fluctuates a little bit.
The real reason is the simple one: because it just isn't used that much.
The demand for baselayer Bitcoin usage/blockspace is just low.
- The number of people that are orangepilled is small.
- Of those who are, sadly many many are just stacking on the exchanges custodial account.
- Of those who have their own keys, many have Lightning now
- There are almost no merchants worldwide that sell for Bitcoin at all. Those who do, many use Lightning
What's left after all that? A few stackers to cold wallets. A few channel openings. Some people/merchants that haven't updated their Bitcoin setup since 2013.
I also just noticed that them being onchain allows for atomic swapping i.e. buying and selling shitcoins for stablecoins in one single onchain transaction. It also allows for stablecoins chaning hands without the centralized issuer interacting.
They're still shitcoins tho. When the centralized reserve holder (i.e. Thether) rugpulls them they will hopefully learn.
Just because something is derivative doesn't make it not not real.
At some point the price for 97vbytes and for 98vbytes would cost the same price. Alas, this isn't a "problem" per se but what would that look like tho.
1 sat/vbyte is a clean and round number. What would less than 1 sat even mean? What's when you use an odd number of vbytes? Buy more unused vbytes to fill out a whole sat? or round the fees up/down? ceiling? Is there even pricing pressure here, do miners want to sell block space for less?
I said several times here on SN: that more pressure on coinos it will create situations like this.
So you did not predict this at all.
Darth was right again... I told you so.
"I told you so" is a funny thing to say when you didn't say so at all.
You didn't like people using this custodial service for completely unrelated reasons
UK faces gold shortage as traders send $82B to New York in anticipation of Trump tariffs
Something odd is happening. Something is in the air. Will investors realise that rights to gold in London could be confronted with not enough gold physically being there? (Something that cannot happen to Bitcoin)
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crazy how many 6 digit BTC number holdings
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unnecessary fearmongering about qUaNtuM. Does this literally list all P2PK transactions? Unserious.
I used to do this too. Due to the animation it's fun to click the lightning multiple times instead of once with more sats. Not anymore due to the new minimum amount that swaps to CCs
What does he mean
"Send it! Send it! 🚀"
Send what. Where. Why. Nothing changed, Bitcoin does not care at all about this.