the latest batch of #Binance consolidation transactions was replaced-by-fee from 13.5 to 56.4 sats/vb, despite failing to signal BIP125 replaceability.
is Binance running Full-RBF Peering #Bitcoin Core?
or have they simply made a deal with a #mining pool?
8.3 #BTC in fees and still counting...
it would seem they're determined to give every last satoshi in their wallet to miners.
still going...
I think we're up to 4.7 BTC in fees now.
someone is getting so fired tomorrow.
the volume looks like an exchange or large custodian, but the activity is weird.
the transactions are all interlinked, with lots of self-sends across different address formats, and these strange output amounts.
up to 32 transactions now, which means this person has burnt 3.2 BTC in pointless fees so far
"forgot to add a change output" strikes again
https://mempool.space/tx/f01379333e488bba5a1f47415a50dc98c91b3911b3e7632974818ecb29151b4e
It is essential to clarify that when discussing costs in the context of currencies like metals, fiat, or Bitcoin, it encompasses more than just the expense associated with sending the asset from one party to another. Costs also encompass the costs of storing the asset and verifying its properties.
When dealing with physical commodities like gold and silver, the costs extend beyond the simple act of physically transporting the metal. Storing these metals securely involves additional expenses such as safekeeping, insurance, and protecting them from theft or damage. Furthermore, verifying the authenticity and purity of the metals adds an extra layer of complexity and cost to each transaction. These factors contribute to the overall costs, rendering physical commodities less competitive compared to digital currencies in terms of ease, efficiency, and affordability.
In the case of Bitcoin, costs include various elements beyond the mere act of transferring the BTC. One crucial aspect is the cost of storing bitcoins securely. Given their digital nature, bitcoins are typically stored in digital wallets or hardware devices, which necessitate implementing robust security measures to protect against hacking, loss, or unauthorized access.
Additionally, costs involve verifying the properties of Bitcoin, such as ensuring the validity of transactions and maintaining the full integrity of the ledger. This verification process, running a node, requires very little computational power and energy consumption.
By taking into account the broader spectrum of costs associated with storing and verifying assets, it becomes evident that Bitcoin offers significant advantages over physical commodities like gold and silver. The digital nature of Bitcoin enables lower storage costs, eliminates the need for physical transportation, and streamlines the verification process through the decentralized, cryptographic p2p consensus mechanism.
Therefore, when evaluating the competitiveness of different currencies, it is vital to consider not only the cost of sending the asset but also the expenses related to storing and verifying its properties. In this regard, digital currencies like Bitcoin have a distinct advantage over physical commodities, contributing to their growing prominence in the market for currencies.
The quest to de-monopolize currency has long been a central focus of libertarian strategy, with a particular emphasis on promoting gold and silver as viable alternatives. However, this endeavor has encountered significant obstacles, as it proves difficult to compete against a digital currency such as the dollar with a physical commodity. The costs associated with the latter present a formidable challenge. Thus, the success of metals as alternative currencies relies on the failure of fiat.
While it may be true that fiat currencies are prone to eventual collapse over the long term, waiting for this possibility is unacceptable given the substantial damage that central banks inflict upon the accumulation of capital. Merely advocating for the passage of an "Audit the Fed" bill, engulfing it in scandal, or calling for the "legalization of currency competition" overlooks the insights of public choice economics. Furthermore, it ignores the fact that digital fiat currencies have already triumphed over metals in the competition and would likely do so again. We require not another political solution to an economic problem, but rather a more competitive market currency. This is where Bitcoin enters the scene.
Bitcoin's low costs position it as the most competitive currency in the history of humanity. It is plausible that a currency with even lower costs is theoretically impossible to conceive.
The transition from metallic and fiat currencies to Bitcoin is gradually transpiring, moving from the early stages with "Innovators" to the subsequent phase of "Early Adopters."
This progression is expedited by the emergence of new intermediaries like River and Swan, which are reducing the costs associated with converting fiat into BTC. Simultaneously, Bitcoin's inflation has significantly slowed due to the block reward halvings.
Consequently, the total dollar value of all bitcoins in existence has now surpassed $540 billion, raising an intriguing question: Is the value of bitcoins merely a speculative bubble?
In reality, it is the price of fiat currencies (and the debts denominated in fiat) that constitutes the bubble destined to burst. The pertinent question lies in determining when the purchasing power of BTC will reach its peak. As the adoption rate of Bitcoin plateaus, the appreciation of BTC relative to consumer goods will decelerate, prompting those who have accumulated wealth to utilize their gains to acquire such goods.
Concurrently, fiat currencies will experience hyperinflationary turmoil, leading to a spike in real interest rates. High real interest rates will incentivize BTC hoarders to invest in productive assets and lend to borrowers who are liberated from fiat-denominated debts. Consequently, the purchasing power of BTC in terms of capital goods (i.e., interest rates) will decline, while their purchasing power for consumer goods will continue to ascend due to deflation fueled by enhanced productivity.
If the prospect of eliminating central banking intrigues you, I would recommend acquiring BTC and securely storing your funds on a
@COLDCARDwallet
Remember, my friend, youβre not the government with a magical money-making machine. Itβs wise to pay off your debts and keep your financial ship sailing smoothly.
Bitcoin is a decentralized digital currency that operates on a technology called blockchain. Unlike traditional fiat currencies, such as the US dollar, #Bitcoin does not rely on a central authority or government. Instead, it operates on a peer-to-peer network and is governed by a consensus protocol.
Given the nature of Bitcoin, it is unnecessary to have specific laws against counterfeiting BTC for the following reasons:
1. Immutability of the Blockchain: Bitcoin transactions are recorded on a public and immutable ledger called the blockchain. Each transaction is verified by network participants, making it extremely difficult to counterfeit or manipulate transactions without detection. The transparency and security of the blockchain provide inherent safeguards against counterfeiting.
2. Limited Supply: BTC has a finite supply, with a maximum of 21 million coins that can ever be created. This scarcity is programmed into the system and cannot be altered. Since new BTC can only be "mined" through a computationally intensive process, it is not possible to counterfeit or create new BTC without expending significant computational resources.
3. Trust in Decentralization: BTC's value and acceptance rely on trust in its decentralized nature and the consensus protocol that governs it. Counterfeiting or manipulating the supply would undermine this trust and could lead to a loss of confidence in the entire system. Therefore, participants in the Bitcoin network have a strong incentive to maintain the integrity of the currency, making specific counterfeiting laws redundant.
4. Existing Legal Framework: While there may not be specific laws against counterfeiting BTC, traditional laws and regulations related to fraud, theft, and financial crimes can still be applied to illicit activities involving BTC. Authorities can investigate and prosecute individuals who engage in fraudulent practices or use BTC for illegal purposes under existing legal frameworks.
However, it is important to note that counterfeiting BTC is not the same as hacking or stealing BTC from individuals or exchanges. The theft or unauthorized access to Bitcoin wallets or exchanges is illegal and falls under traditional laws related to theft and cybercrime.
Although specific laws against counterfeiting BTC may be deemed unnecessary due to the inherent design and security measures of Bitcoin, it does not mean that there are no legal consequences for fraudulent or criminal activities involving Bitcoin.
good morning, stay humble and stack sats π«‘
And now I am awake
A lot of common sense stuff is being called into question these days. Data helps ground everyone into a shared reality.
Underage chest reconstruction surgeries 2016-2019
Note: These numbers are likely an undercount as JAMA did not track procedures at private surgery centers.
βThe median total charges for chest reconstruction were $29,886 ($21,285β$45,147)β
In counterpart to what was done by Bukele, today in Brazil the Senate approved a project to expand from 20 ministries (which Bolsonaro had) to 39 requested by the socialist Lula da Silva: more spending, more bureaucracy, more corruption, more waste of resources.
The President of El Salvador, Nayib Bukele announces:
- Huge reduction in the size of the state
- The 262 mayors of the country will become 44.
- The 82 seats in Congress will now be 60.
- War against corruption: crimes of corruption do not prescribe and will prosecute those who have defrauded the State.
The reason for eliminating so many mayoralties and reorganizing the territorial structure is to lighten the public burden, the bureaucracy, streamline the economy and reduce state corruption.
Choked out with disrespect...
https://nostr.build/av/c4ea352b0232a1b73e2541f2a2156b48f3b8828ce6ac46feab38f7b4a2198843.mp4
#FightClub
omg
βΏπ₯πππππ‘π: Global #bitcoin mining revenue increased to $916.6 million in May.