BITCOIN

DannyCarey

Scottex99 said:

Good Karma pump.

I assume equities are all up too?

Green candles on Saturday morning are never bad

Still a long way to go, feels like a bull trap. Interesting mini pump though after crabbing for so long..

I would guess its a combination of:

• People finally withdrawing Bitcoin into cold storage, squeezing supply
• Exchanges having to be kept honest, rather than selling Bitcoin IOU
• Blackrock and Fidelity are now offering Bitcoin trading
• China opening back up
• Growing user base every day eating into supply etc. Total wallet addresses holding at least 0.1 bitcoin at all time highs and grows every day.

After all that, $15k next week maybe

mooneysaver

So now that Satoshi has released ordinals, what's everyone going to store on their bitcoins?

Section62

[UK] Government promises robust crypto regulation...

https://www.bbc.co.uk/news/technology-64468617

'Conservative MP Harriet Baldwin, who chairs the Treasury Committee, told BBC News it had heard evidence of "truly Wild West behaviour" but also recognised there was "valuable technological innovation happening that could benefit the UK economy".'

Malthusian

For those who haven't been keeping up, "ordinals" are a way to inscribe pictures on Bitcoin's blockchain, which was thought to be impossible / prohibitively expensive until a recent update.
Basically, imagine if you could draw some illegal hentai on a bank note, which caused the same image to appear on every other banknote in existence, and also somehow on every £5 stored in electronic form. Thus making it illegal to possess UK currency.
Being part of the blockchain network which keeps track of who owns which Bitcoins necessarily involves storing the entire blockchain; that is how the peer-to-peer network works. Which is a big problem if storing and processing the blockchain means possessing and distributing material that is illegal to possess nearly everywhere in the world.
The future of money!

DannyCarey

Malthusian said:

For those who haven't been keeping up, "ordinals" are a way to inscribe pictures on Bitcoin's blockchain, which was thought to be impossible / prohibitively expensive until a recent update.
Basically, imagine if you could draw some illegal hentai on a bank note, which caused the same image to appear on every other banknote in existence, and also somehow on every £5 stored in electronic form. Thus making it illegal to possess UK currency.
Being part of the blockchain network which keeps track of who owns which Bitcoins necessarily involves storing the entire blockchain; that is how the peer-to-peer network works. Which is a big problem if storing and processing the blockchain means possessing and distributing material that is illegal to possess nearly everywhere in the world.
The future of money!

Its kinda nothing new, people have been adding messages, notes, wiki leaks stuff, links to images into base layer transactions in Op Returns for literally years. A few NFTs won't change that. People who do this will just pay more for the transactions as they will be taking up more space in a block....

Nodes also don't have to store the entire blockchain, they can prune the chain down to the last GB if they want... Its really a mute point, especially since all the rapid transactions happen on the layer 2 system, i.e. Lightning, where this isn't an issue and you would have to go out of your way to find any imagery on the base chain.

For someone who supposedly dislikes bitcoin as an investment, you sure do like to spend time keeping up to date with all the news and FUD. Why is this? 

Scottex99

He knows more than most maxis, haha

DannyCarey

On the surface he speaks with authority, but when you dig a little into the details there are clear gaps...

Blue_Sky

I've seen some of these crypto ATMs around but hadn't realised they were illegal, I wonder why it has taken the authorities so long to clamp down on them.
Watchdog and West Yorkshire police raid crypto ATM operators in UK first | Cryptocurrencies | The Guardian

Malthusian

The ATMs aren't illegal per se, but the fact the operators aren't registered with the FCA (because it's a money laundering outfit) is.
Crypto outfits operating in the UK have been required to register with the FCA to prevent money laundering since January 2020. So it's taken the FCA the lesser of three years or how long the ATMs have been there. Not that long in regulatory terms. According to a BBC article, before the operators were "raided", they were sent letters asking them if they wouldn't mind stopping their criminal activities (which were apparently ignored). All of that would have taken quite some time. The wheels of justice grind slowly when there is no immediate threat to life and limb (and often even then).
Raid is a slightly dramatic word; according to the FCA, all they did was "investigate" the sites. It sounds like all that has happened is that the machines were unplugged and taken away. No arrests have been reported.

Det Sgt Lindsey Brants, of West Yorkshire Police Force Cyber Team, said: "Having conducted intelligence-gathering work across West Yorkshire, we soon established the locations of several live crypto ATMs."

Intelligence-gathering work = Googling "Bitcoin ATMs in Leeds" and driving around? The whole point of these things is that they're out there on the street.

Frequentlyhere

Hi all, good to see this thread come about again, it's just been too long.

My recent discovery on this front, and perhaps you all knew this, is on just how revolutionary Lightning network is.

 I mean, I knew it wasn't really going to solve Bitcoin's ability to become useful money for a lot of people, but honestly I had no idea just how much it wasn't going to.

Until now, I had kind of thought that in theory at least, the LN could be some sort of solution but was a way off. My god, I was so wrong.

You can read this thread for yourselves, it's essentially genuinely trying to understand the ins and outs of how it works (despite yes being hosted on r/buttcoin)

TLDR, things I learned.

• You probably need a CS degree to get started using the LN - it requires configuring channels, sending confirmations, trial and error. Takes at least an hour.

• If a widespread number of people tried to use the LN, the Bitcoin network would practically collapse under the weight of trying to open channels. Closing channels also causes the network to be clogged.

• It's actually designed to fail a significant portion of the time (see thread) - about a third of the time for any transaction. 

• 99% of all transactions over $200 fail. Handy.

There are actually many - many - more things, believe it or not. Amazing. So whilst I'm sure I haven't explained this very well, I can certainly see why LN is always the answer of tomorrow and never today.