LatinAggie1997 said:

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I suggest you watch more videos and dig deeper into the past. If he is manufacturing this persona then he began long before establishing IOHK. Is it possible, yes, but unlikely it is manufactured. Imo, it is determination, intelligence, and arrogance, that make him exactly how he appears.

This entire space is and has been chasing the next big thing. It is still in its Infancy and even BTC and ETH were unknown gambles just a few years ago. It is the chase powered by due diligence and instincts that can lead to financial freedom.

Nobody knew or could predict an online book selling site would become a global power. Nobody could predict that the Winklevii would inadvertently water a seed that grew into a massive orchard for someone else.

We do the best we can with the information we have and hope for the best, and then accept the consequences good or bad.

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read the bitcoin standard. [Advice to all present]

100% on the Bitcoin standard. I paid my youngest 10k sats to listen to it.

To your point in the previous post, The Blocksize War is a great book about that time. It was interesting for me as I came into crypto in 2017 and became bitcoin only in 2018.

Layered Money is another great one. I would say if you read/listen to the article The Bullish Case for Bitcoin + Layered Money covers the big stuff from the Bitcoin Standard.

Admin errors - if you are on Twitter and don't mind posting your handle I would like to follow you. If you don't want to post it, would you send it to me via email? professionalag at hotmail

I'm assuming there is an "upgrade" coming to resolve the BTC is too slow for real world transactions problem?

Or is that going to be solved with middle layer placeholder tech?

YouBet said:

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I'm assuming there is an "upgrade" coming to resolve the BTC is too slow for real world transactions problem?

Or is that going to be solved with middle layer placeholder tech?

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Does Bitcoin Layer 1 really need to be able to execute millions of transactions per second? Honest question.

The lightning network (layer 2) is able to handle such throughput.

Loaded said:

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YouBet said:

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I'm assuming there is an "upgrade" coming to resolve the BTC is too slow for real world transactions problem?

Or is that going to be solved with middle layer placeholder tech?

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Does Bitcoin Layer 1 really need to be able to execute millions of transactions per second? Honest question.

The lightning network (layer 2) is able to handle such throughput.

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The general public perception (right or wrong) is that BTC is not suitable as a currency because it's too slow for real world transactions.

Maybe your layer 2 comment solves this?

I don't know which is why I was asking. I'm assuming there is a solution for it that many simply don't know about?

YouBet said:

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Loaded said:

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YouBet said:

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I'm assuming there is an "upgrade" coming to resolve the BTC is too slow for real world transactions problem?

Or is that going to be solved with middle layer placeholder tech?

---

Does Bitcoin Layer 1 really need to be able to execute millions of transactions per second? Honest question.

The lightning network (layer 2) is able to handle such throughput.

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The general public perception (right or wrong) is that BTC is not suitable as a currency because it's too slow for real world transactions.

Maybe your layer 2 comment solves this?

I don't know which is why I was asking. I'm assuming there is a solution for it that many simply don't know about?

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I've noticed recently when moving BTC from my Coinbase or Exodus wallet, the transactions go through in seconds with fees equivalent to tens of cents. I assume both entities are using the Lightning Network to execute with such speeds and low fees. It just happens in the background without any hassle. So to answer your question, I think such speed and costs issues are already solved or at least well on the way to being solved.

YouBet said:

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The general public perception (right or wrong) is that BTC is not suitable as a currency because it's too slow for real world transactions.

Maybe your layer 2 comment solves this?

I don't know which is why I was asking. I'm assuming there is a solution for it that many simply don't know about?

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Unfortunately you have to look at the source of general public perception. The people calling the bitcoin network too slow are all looking to sell services that bitcoin can deliver. Similar to a point admin errors made, they are trying to make money off a problem that doesn't exist.

And yes, layer 2 solves this, specifically the lightning network. I suggest downloading Blue Wallet and set up a lightning wallet. If you post an invoice here I will send you 25 sats just so you can see it for yourself. Like everything else, I suggest doing your own research.

Another podcast I listened to recently was Preston Pysch (sp?) interviewing Jack Mallers. I think I posted a Strike link a page or 2 back. Jack Mallers does a good job talking about the bitcoin network as an enabler beyond Bitcoin the asset.

That's all about the mempool being near empty. Coinbase makes their money via your purchases and they pay transaction fees at a level that will confirm in the next block. With an empty mempool, the next block fee will be low. When the mempool is at 50-90 MB like it was earlier this year the bed block fee will be high.

Pro Ag said:

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100% on the Bitcoin standard. I paid my youngest 10k sats to listen to it.

To your point in the previous post, The Blocksize War is a great book about that time. It was interesting for me as I came into crypto in 2017 and became bitcoin only in 2018.

Layered Money is another great one. I would say if you read/listen to the article The Bullish Case for Bitcoin + Layered Money covers the big stuff from the Bitcoin Standard.

Admin errors - if you are on Twitter and don't mind posting your handle I would like to follow you. If you don't want to post it, would you send it to me via email? professionalag at hotmail

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I don't twitter much, honestly, sorry. Post yours I'll follow you.


Also on the lightning network, essentially what your doing is opening up a poker table and closing a poker table when you open/close a channel. Imagine a poker table, you pay to sit down and gamble and when the table closes up all the accounts are accounted for. The accounting is then registered in the blockchain.

That's my best effort at simplifying the concept of a lightning channel.

I'm the same. I use Twitter almost exclusively for following.

I like the poker table analogy. The chips are something that cannot be counterfeited and have to be cashed out on the bitcoin network.

$29k BTC

Blockfi cease and desist via NJ.


For the newbies, this is actually a good thing for bitcoin.

Buying some more

Pro Ag said:

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Not sure who you are DCA'ing through but I am switching all my purchases to strike. They are dropping their fees in preparation for their new Bitcoin tab. Bought $150 the other day with a $0.03 fee.

Referral link gives you $5.
https://invite.strike.me/FEUZWC

Adding a caveat. They don't provide a custodial wallet, you buy now by sending it to a wallet.

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Just signed up but I don't see how to buy BTC. Thanks for the $5!

Sure thing! To buy directly to your wallet, click the pay button and then click the QR scan in the upper right and scan the wallet address and then enter the amount you want to send. https://strike.me/faq/howtopurchase

You do pay fees, but they are low.

They are rolling out a Bitcoin tab. I just got off the waitlist and with that tab you can buy with even smaller fees. It's still early and they are still building withdrawal as a feature. Enjoy!

administrative errors said:

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Blockfi cease and desist via NJ.


For the newbies, this is actually a good thing for bitcoin.

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Can you comment as to why?

Alleged improper behavior, according to their regulations.

yes, but why is this good for BTC in particular?

ETH spiking past 2k.

Because bitcoin is antifragile.

Is anybody listening?

This? https://bitcoin.strike.me/
Haven't heard of that one yet

The only downside I've had so far is a weekly limit of $2500. As mentioned before, they are adding a Bitcoin tab where you buy for no fees. Don't know yet how they will handle fees on withdrawal.

Here is the announcement on the Bitcoin tab. It's the link BQ above posted.

https://jimmymow.medium.com/announcing-the-bitcoin-tab-133fffc5f668

I'm also on the waitlist for their payday solution. If you already have strike, join the list below and help me move up the list.
https://payday.strike.me/?kid=1E9N7P

If you aren't on strike, use a referral link when you sign up to get $5. Here is mine:
https://invite.strike.me/FEUZWC

Yes. Agree with Pro in that the purchase limit appears to be the only major downside.

I had to put in a request to increase my limit to get it to that $2500 as well. I don't know what it starts at now.

have put in for an increase before and they said yes but it stuck at $2500. I am asking again.

just signed up with your link, we will see how it goes

Big fan of strike and also swan, but haven't used either service yet.

I've downloaded bluewallet but haven't set up a lightning channel yet.

I think it'd be legit to see an aggie network of lightning nodes/channels, and make the "aggie network" real.

I'm gonna start a texags crypto clubhouse channel if anyone wants to chat outside of text.

Get clubhouse [open to everyone no need for invites] and search texags

https://www.clubhouse.com/join/texags-bi/44F9qzzK

Testing

I believe this has been posted awhile back, but Pi, which is an app that lets you mine a currently untradable crypto is now at 21 million people. It's unclear as to when they will launch and allow trading, but with 21 million people they must be getting close. It's free to mine and doesn't drain your battery. I also figure if fake coins can make money then these guys, who are trying to build a platform of commerce and development, should be able too as well.

I still need to set up my own channel, I've only used it via custodial wallets. I am interested in getting it set up on a node as well for things like Sphinx chat.

I used Swan for about a year. It was nice. At the end of my annual plan (you prepay fees), I opted not to renew. It was nice doing a daily DCA but over the past year doing a daily versus weekly didn't have a large enough variation for me to continue. I instead do a weekly via strike. They make it so easy I could also just go daily there as well.

If anyone wants to try Swan here is my referral link: https://www.swanbitcoin.com/clay?gc=yanbook1020&utm_campaign=yanbook1020

You get $10 in your account if you activate a plan and a copy of a book.

You are going to make me download clubhouse again