This but also is there a good public escrow service for wagers? Seems like a solid application to launch on NOSTR
lol no, I donāt spend a lot of time on gun broker. I figured .2 BTC could get it done for an old less desirable transferable .
Tech companies must have missed the memoā¦
ā”ļøšŗšø NEW - Sen. Cynthia Lummis on the Genius Act.
"We look forward to sending this bill to the House so the US can establish itself as the country that has adopted the most advanced, forward-thinking, digital asset policy in the world."
"It's been a long time coming. Now let's get it done."
https://blossom.primal.net/b6c97e4ce2465078cf3aedde3f10d66d75718846e29fdfb4a309e4fbe6ca5f3b.mp4
El Salvador like š
Ohhhh put a bounty on it. Call it āSnitches Get Riches!ā
How about crawfish?
Top right bear is special. IYKYK
Actual photo of a bear that infiltrated Breton woods.
No shit. Scam texts been popping off all year.
You could argue itās kinda already happening. People use ML to forecast power rates and inform hedging strategies for Bitcoin miners. I would posit that AI running the grid is probably a dystopian nightmare.
Ehhhhh do you think AI central planning is a good solution to a complex emergent system?
This would be a demand shockā¦
Spending and saving our in direct competition.
Saving is one of the core purposes of money. Theyāre all intertwined.
What youāre describing is technically correct, but itās not understanding that drives economic activity. We canāt speculate on what will be the value of tx fees/tiny subsidies. If Bitcoin does what we expect, 100k sats could buy you a house in a decade. Miners would be plenty incentivized to throw hashrate at that. If you want to spend your sats, go for it; hyping people into doing the same is very meh. What if they need the savings protection more than the thing they could buy with dollars.
The view that policy should steer markets is my concern. Gradients drive markets-not beliefs of how things should be. Thereās currently an abundance of block space relative to demand. Wanting that to be different is like wanting the economy to be different. Itās not something we can control. Trying to encourage people to spend bitcoin is very meh to me. Depending on where people are in their journey of adoption determines their willingness to spend. Greshamās law indicates that the desire that people spend bitcoin while dollars are still readily accepted is a foolās errand.
This feels analogous to urging the Fed to cut rates because the economy isnāt doing what politicians want.
If yāall want Bitcoin to stay purely a monetary protocol- then start fucking using it as money.
Before you read this take, know that my ideal scenario is monetary protocol only. Also know that I think itās fucking dumb that nostr:nprofile1qqs8fl79rnpsz5x00xmvkvtd8g2u7ve2k2dr3lkfadyy4v24r4k3s4spremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59uq32amnwvaz7tmjv4kxz7fwv3sk6atn9e5k7tc9vz57s got silenced for expressing a valid concern.
Here we go:
Hodling, sitting and waiting for NGU do NOTHING to increase long term demand for blockspace- which, in case you didnāt know, is needed to secure and stabilize the network once the block reward dwindles. This is what most people in Bitcoin do, unfortunately. This is why we started Conduit and why Iām personally hyper focused on marketplaces: if we can make global Bitcoin circular economies then thereās a chance this thing becomes self-sustaining and the phase change to zero block reward doesnāt result in fucking chaos.
So far, Nostr is the biggest circular economy here, and hate to say it, but since itās all happening on Lightning we are barely moving the needle for base chain settlement demand. Surprised about empty blocks? Iām not.
Do all of you who disapprove of Core devs approach to increase block space demand actually use the blockchain for anything besides UTXO management when fees are low? Are you building anything that increases block space demand for monetary use?
nostr:nprofile1qqsve2jcud7fnjzmchn4gq52wx9agey9uhfukv69dy0v4wpuw4w53nqpr3mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmqpp4mhxue69uhkummn9ekx7mqx7hhq8 is not stupid. Heās been writing about long term instability for years: https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationary
Important quote:
āTo date no proof-of-work currency has ever operated solely on transaction fees, and academic analysis has found that in this condition block generation is unstable. To paraphrase Andrew Poelstra, itās a scary phase change that no other coin has gone through.ā
He also created Opentimestamps which is severely under used in my opinion (NIP 03 would enable so many great features for a decentralized social protocol).
Neither is nostr:nprofile1qqs0w2xeumnsfq6cuuynpaw2vjcfwacdnzwvmp59flnp3mdfez3czpsprpmhxue69uhhyetvv9ujumn0wd68y6trdqhxgef0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7wrtw00 stupid. Or anyone else involved in the current drama. Theyāve probably thought this through more than most.
You think these people are evil and donāt care about Bitcoinās long term health? Think again. They are being practical and doing something about the blockspace demand problem.
You donāt agree with how they are going about it? Then build something that increases demand for block space in the way YOU want it.
Or run Knots. Thatās a great and valid way to express that view. I support it. But make sure youāre prepared for the consequences if you win this war (stay sat flow positive)- and probably consider using the base chain more, or participating in the Bitcoin circular economy (which means spending Bitcoin).
I find it funny how so many people here celebrated big money and big government when it came in and are now surprised these same parties are taking action to protect their investment. If you donāt do it yourselves, theyāll continue to do so for you.
Like yeah but noā¦ Making this change to increase block space demand is dumb.