Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
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I really don’t follow anything nerd culture / gaming. I barely play games at all anymore. Also I’m horrible with anything new in general. I can barely name new celebrities, actors, or singers from the past 20 years.
edit:
Just looked again at his videos. Ohhh yes, the Francis character. I’ve seen that before in gifs / videos. I didn’t even realize that was the same dude when he was talking.
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OU Ariakas
Diet Dr. Pepper Enjoyer
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The thing about getting rich in an investment (real estate, crypto, stocks) is that you have to SELL THE ASSET AND REALIZE THE GAIN. Just like everyone says that it isn't a loss until you sell.....well it isn't a gain until you sell either.
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Big Phoenix
Pronouns: zie/zhem/zer
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This guy has been a worthless sack of fat shit since like 2010 and humanity would be vastly improved if he died.
Last year he arrested and ended up being convicted of a felony because after encouraging an internet troll to show up at his house, when said troll knocked on his door he stepped out side and randomly fired a gun into the air to scare the troll;
Aside from that the guy is your worthless youtube vlogger retard invovled in endless grifting and hypocritical drama.
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Flobee
Vyemm Raider
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Significant bandwidth reduction is being proposed for merger into Bitcoin Core, update is called Erlay. This replaces the current P2P node communication method for transactions called BTCFlood and should result in nodes being able to run with lower bandwidth allowing for greater decentralization of node runners. It will also allow for transactions to replicate across the network quicker. I'm always a little nervous about BTC BiP's being introduced because I never fully understand how they work, and what they may allow for down the road.
Whitepaper for the BIP: https://arxiv.org/pdf/1905.10518.pdf
Grabbed the highlights for those that don't want to click through
Whitepaper for the BIP: https://arxiv.org/pdf/1905.10518.pdf
Grabbed the highlights for those that don't want to click through
Bitcoin is a top-ranked cryptocurrency that has experienced huge growth and survived numerous attacks. the protocols making up Bitcoin must therefore accommodate the growth of the network and ensure security. Security of the Bitcoin network depends on connectivity between the nodes. Higher connectivity yields better security. In this paper we make two observations: (1) current connectivity in the Bitcoin network is too low for optimal security; (2) at the same time, increasing connectivity will substantially increase the bandwidth used by the transaction dissemination protocol, making it prohibitively expensive to operate a Bitcoin node. Half of the total bandwidth needed to operate a Bitcoin node is currently used to just announce transactions. Unlike block relay, transaction dissemination has received little attention in prior work. We propose a new transaction dissemination protocol, Erlay, that not only reduces the bandwidth consumption by 40% assuming current connectivity, but also keeps the bandwidth use almost constant as the connectivity increases. In contrast, the existing protocol increases the bandwidth consumption linearly with the number of connections. By allowing more connections at a small cost, Erlay improves the security of the Bitcoin network. And, as we demonstrate, Erlay also hardens the network against attacks that attempt to learn the origin node of a transaction. Erlay is currently being investigated by the Bitcoin community for future use with the Bitcoin protocol.
In summary, this paper makes the following contributions:
• We analyze bandwidth inefficiency of Bitcoin’s transaction relay protocol. We do this by running a node connected to the Bitcoin network as well as by running a simulation of the Bitcoin network. Our results demonstrate that 88% of the bandwidth used to announce transactions (and around 44% of the overall bandwidth) is redundant.
• We propose a new, bandwidth-effcient, transaction relay protocol for Bitcoin called Erlay, which is a combination of fast low-fanout flooding and efficient set reconciliation, designed to work under the assumptions of the Bitcoin network.
• We demonstrate that the protocol achieves a close to optimal combination of resource consumption and propagation delay, and is robust to attacks. Erlay reduces the bandwidth used to announce transactions by 84% immediately, and allows the Bitcoin network to achieve higher connectivity in the future for better security.
• We analyze bandwidth inefficiency of Bitcoin’s transaction relay protocol. We do this by running a node connected to the Bitcoin network as well as by running a simulation of the Bitcoin network. Our results demonstrate that 88% of the bandwidth used to announce transactions (and around 44% of the overall bandwidth) is redundant.
• We propose a new, bandwidth-effcient, transaction relay protocol for Bitcoin called Erlay, which is a combination of fast low-fanout flooding and efficient set reconciliation, designed to work under the assumptions of the Bitcoin network.
• We demonstrate that the protocol achieves a close to optimal combination of resource consumption and propagation delay, and is robust to attacks. Erlay reduces the bandwidth used to announce transactions by 84% immediately, and allows the Bitcoin network to achieve higher connectivity in the future for better security.
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Mist
REEEEeyore
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The lack of volatility in BTC and ETH is due to waning interest.
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Mist
REEEEeyore
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Haven't those 3 conditions already happened?
Interest in crypto and NFTs has cratered and most big growthy tech stocks are over 50% off their highs.
Crypto was never super relevant to the overall market anyway; at it's height, all of crypto's market cap was still less than Apple + MSFT combined.
Arden
Blackwing Lair Raider
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Agreed, interest in NFTs and retail interest in crypto has cratered and big growth tech stocks are down at least 50% on the year. None of that stuff is deniable. I don't think we are quite at the bottom though.
Interest in big growth tech stocks and crypto is minimal, but it's not completely fucking dead- and I think that's what Burry was saying needs to happen. Plenty of people are still holding on, assuming we will get a bounce back in the near future because they have recency bias. I think the timeline needs to lengthen a little more and those people need to get shaken out before we truly hit the bottom.
Take a look at the last "crypto winter" on the 5y BTC chart. If you use December 2017 as the last peak, you see that the following downward trend took almost exactly a year. We didn't hit the nadir until around December 2018. Then, things moved sideways for the next 3 or 4 months before BTC started climbing out of the hole. If you want to use that as a template, we are probably in the current equivalent to something like April 2018- i.e. still a ways to go. Not that I think we should assume things will line up perfectly with the last crypto winter though. It may be a similar scenario, but it won't be exactly the same. As the saying goes, history doesn't repeat itself but it often rhymes.
Personally, I see a lot more volatility in the future. The global "bad guys"- China, Russia, Iran, NK- aren't done fucking around. Some of them are just getting started. Inflation isn't really easing, despite the rate increases. The US midterms and other impending politically charged events have the potential to plunge our country into civil unrest. There's also the European energy crisis. Oh, and it's pretty clear we are already in the early stages of a global recession.
So no, I personally don't believe we have quite hit the bottom. It's not just that things are bad- you can build a better economy on top of a shitty economy, as long as things are relatively stable. Things are still far too volatile to start rebuilding imo.
Of course this is all just rampant speculation on my part. Now that I've put this out in the universe, the universe will almost certainly arrange a huge rebound to new highs, just to remind me I don't know wtf I'm talking about. So you're welcome
Mist
REEEEeyore
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Interest in anything is never truly dead. You will always have die-hards clinging on. There's still a Vanguard thread FFS.
EDIT: Woops, I meant a Pantheon thread. But yeah that's still basically a Vanguard thread.
Flobee
Vyemm Raider
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Assets won't rebound until the Fed pivots. I suspect we're not so far from that happening, but if I had to guess I'd say be winter 2023 at the latest. We see new ATH across the board traditional and 'crypto' markets by winter 2024. Fed is trying to taper a ponzi, and you just can't taper a ponzi.
Because USD is gunna eat every other fiat currency, Americans are going to be the last to understand what is happening. Gresham's Law will continue to play out for Bitcoin, and because people love getting scammed crypto will be along for the ride.
We're in one of the largest market drawdowns in history, both stocks and bonds are getting wrecked, sovereigns are very likely set to default (hard default or hyperinflate, we'll see) and you're bearish on Bitcoin? Bretton Woods 3 is imminent. God willing this all collapses slowly, but fast or slow I wouldn't want to be caught not holding the best available alternative to the current reserve system.
Because USD is gunna eat every other fiat currency, Americans are going to be the last to understand what is happening. Gresham's Law will continue to play out for Bitcoin, and because people love getting scammed crypto will be along for the ride.
We're in one of the largest market drawdowns in history, both stocks and bonds are getting wrecked, sovereigns are very likely set to default (hard default or hyperinflate, we'll see) and you're bearish on Bitcoin? Bretton Woods 3 is imminent. God willing this all collapses slowly, but fast or slow I wouldn't want to be caught not holding the best available alternative to the current reserve system.
For a second there I though you were talking about the investing thread. "Yeah, I mean people recommend low-fee ETFs but there's more going on than just Vanguard..."
Arden
Blackwing Lair Raider
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Try not to take everything so literally. I don't mean dead as in going to zero. There's a floor for both BTC and ETH that is comfortably above zero. Plenty of people are never selling, and the floor has gotten higher with each ATH cycle, so it's difficult to pinpoint exactly where it is. I think what Burry is saying is not only do we need to reach the floor, but we need to stay there long enough that it looks like the floor is the ceiling. I just don't think we are there yet.
The flaw of crypto currency is that it is a terrible product, as a currency. Highest security takes tons of energy, and every single transaction ever is on a ledger that makes tracking any individual person easier than the best surveillance state. This is why China is so bullish on a digital currency. “Decentralized” trades a government surveillance for a less defined group whose motives may be less sinister, but able to profit handsomely from a trove of data.
Blockchain has business applications, but hopefully not as a currency for anyone who values privacy.
Blockchain has business applications, but hopefully not as a currency for anyone who values privacy.
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Mist
REEEEeyore
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I think we're basically at the floor for crypto and near the floor for stocks. Stocks and crypto will recover if the dollar starts coming down a bit, which is likely soon.
The dollar and specifically 2-year US treasury bonds are the safest bet anywhere right now, and until that materially changes, all other asset prices will remain depressed. A too-strong strong dollar also threatens debt crisis for any foreign nation that borrowed heavily in dollars, which threatens a global recession.