Gold collapsing. Bitcoin UP.

[Zarathustra]

The best and still significant use case for BTC is capital flight. The ability to withdraw assets from a state terror territory. Then the fees are irrelevant.

 

[BldSwtTrs]

Indeed, BTC is an asset with attractive features (anti-inflationnary, no counterpary risk, easily transportable, easily hideable...) despite its drawbacks regarding the value transfer efficiency.

I am not sure these features will be sufficient to make it survives in the long run, especially against something that has the same attractive features and fixes the value transfer inefficiency (BSV). However, these features have value by themselves. Even more so in times of rising uncertainty due to the aftermaths of the covid/lockdowns crisis.

 

[79b79aa8]

it is not trivial to turn a substantial amount of crypto into legal tender in advanced jurisdictions. even less so if it is one in which you do not already have a fiscal basis.

BTC at $200,000 means a capitalization of $4T for BTC. i doubt the capital flight case, available to only a few that can navigate it, is quite that significant.

 

[pafkatabg]

There are strong deflationary forces in the short term, which will surely prevent BTC going over its ATH in the next 6 months. There's and there will be too much private debt destruction in the next months..There won't be new private debt creation at a reasonable speed to prevent deflation. FED's actions will definitely cause inflation in the future, but unlikely to be in 2020.

I definitely agree with @Zarathustra that debt is the most important aspect in the economy. We will soon see a tsunami of personal and small business bankruptcies, which will result in a smaller debt/money supply. Moreover, people will limit spending and we need the opposite for price rises in anything. People should be happy to get into debt and say goodbye to their money by buying stuff. Huge crypto bull market needs completely different macro-economic climate and mental state of the masses.

 

[BldSwtTrs]

So their plan looks more and more to be able to move the BTC without the key.

 

[cypherdoc]

that's the stupidest thing Ayre has ever said.

 

[Norway]

I think he may be trolling back.

 

[lunar]

that's the stupidest thing Ayre has ever said.

While i'm not convinced it is a good idea to move Satoshi coins with a court order, the 'not your keys, not your coins' argument is clearly bogus. Coins are property, hence a legal proof of ownership with sufficient (51%) jurisdictional coverage should be enough to compel miners to act?

'not your coins, not your keys'
It will be interesting to watch if proceeds of crime can be returned? Likely.

Although I'm inclined to think Ayre is trolling here?

 

[Norway]

Jeeez, the central bank of Norway went full retard and lowered the intrest rate to zero today.

 

[79b79aa8]

BU apparently got another significant donation. there has been no notification to or discussion with the members. there is no activity on slack, or on www.bitcoinunlimited.info, or in this forum.

it is bizarre.

 

[cypherdoc]

amazingly sad. you mean they have no open member-driven communication channel? what is this?

 

[79b79aa8]

at least not one that i know of.

@sickpig , @Roy Badami , @Bagatell , @digitsu , @Peter Tschipper , @AdrianX , @chriswilmer, @Wildfire.ca , @torusJKL , @bitsko , @Griffith , @mkomaransky, @freetrader

*edit* if you wish, we may move to this thread for discussion of BU-related matters.

@solex @Peter R @theZerg

 

[Norway]

Don't forget that (simplified) financial reports stopped long time ago. @solex promised a report "within a month" last year, but it never came.

 

[79b79aa8]

the BSV network (mainnet) current thoroughput peak is 2300 tps. it's 5500 tps on testnet and growing.

the BCH network is capped at 32MB/block and is thus currently limited to about 150 tps (if it were to reach capacitity).

BCH development is not currently focused on competing on scaling. it is focused on how to fund BCH development.

BCH is lab coin.

 

[Bloomie]

if you wish, we may move to this thread for discussion of BU-related matters.

Or even better, take the COVID discussion to a separate thread.

 

[lunar]

Block with 1.2 million transactions. nice job TAAL

Bitcoin SV / Block / 634643 — Blockchair

Bitcoin SV (BSV) block 634643, hash: 00000000000000000378547fbe30031f8a98e54574983978c601c75ac0bbade8, date: 2020-05-12

blockchair.com

 

[Norway]

Bitcoin (BSV) to the moon!

 

[79b79aa8]

it seems to have been a capacity test mined by taal, who accepted the txns directly far under 1 sat/byte, and built the block on the side.

* * edit * *

TAAL said the transactions were organic—that is, originated from unknown third parties without notification—and it wasn’t a coordinated effort to produce a large block.

That said, the abnormally full mempool presented transaction processors with an opportunity to demonstrate the Bitcoin network’s scalability. Even though the transactions concerned were low-fee and small, TAAL thought it would make a good point to clear them all out at once. ....

[Chan aka digitsu] added that his team had been vaguely aware of a group conducting a form of stress test for the Bitcoin network by broadcasting small transactions in large volumes. However the move was wholly external to TAAL and was not discussed with the company beforehand. TAAL processed the transactions with its default settings and fee structure.

 

[cypherdoc]

the default fee is 0.5 sats/b

 

[Norway]

it was a capacity test mined by taal, who seems to have accepted the txns directly far under 1 sat/byte, and built the block on the side.

What's your source? As far as I know, Taal promotes capacity tests on the scaling testnet. And there is no lower limit to fees. A miner can mine a transaction without any fee if he wants to for whatever reason. The current default limit out of the box is 0.5 sat/byte but can be changed by the miner.

Post automatically merged: May 13, 2020

I thought it happened because the ANNE transactions were stacking up and Scatman complained about it in public. I don't know if the ANNE transactions were a capacity test, but I don't think they were.

Then something like this happened: