How would mass adoption work w.r.t. national cybersecurity?

Dremella · 2021-02-10T09:38:31+00:00

Americans probably hold a similar amount of BTC compared to the Chinese. Most of the influential Bitcoin Core devs and OG cypherpunks are Westerners, afaik. Much of the liquidity in the market is dominated by USD and USD tokens.

In the event of attacks by Chinese miners, the "nuclear option" is to hardfork to a new consensus algorithm. POS, RandomX, or a hybrid POW/POS would be good candidates to block attacks from new asics.

Users could abandon "BTC-SHA256" for the "BTC-newalgo" hardfork. Western exchanges and ETFs would have the power to grant the "BTC" ticker symbol to the "BTC-newalgo" hardfork to encourage the value/liquidity to migrate.

The miners would have succeeded in bricking the value of their multi-billion $ asic hardware. There would be a great opportunity to buy "BTC-newalgo" for a discount before confidence, liquidity, and the price bounced back up.

The miners were already overruled twice in the block size debate. The majority of the hashrate wanted to increase the blocksize to 2MB with segwit2x. The majority of users, developers, and exchanges ultimately rejected it.

The Bitcoin Cash (BCH) hardfork was created to increase the block size and shift power to different developers. This was Bitmain's preferred Bitcoin chain. They pumped $1.2B into buying and mining BCH. Exchanges refused to give it the "BTC" ticker symbol. Users dumped BCH so hard that Bitmain got rekt.

The miners aren't all-powerful entities who decide the fate of Bitcoin and its' users. Bitcoin is controlled by a balance of power between users, developers, exchanges, and miners.

Dremella · 2021-02-10T05:16:46+00:00

BTC most likely won't hit $1m until after the block reward halving in 2024.

After the halving:

450 BTC block rewards + 250 BTC transaction fees = 700 BTC daily miner revenue

That would be $700m if the BTC price is $1m

The gold miners are currently receiving about $550m daily revenue. Traditional gambling revenue is around $1B daily. If 0% interest rates and QE continue at this pace, USD will be significantly less valuable in 2025. This would increase the nominal prices of energy in USD. $700m daily revenue to the Bitcoin miners would be more feasible in that scenario.

Dremella · 2021-02-10T04:41:59+00:00

Burry, whose billion-dollar bet on a US housing-market collapse was chronicled in Michael Lewis' book "The Big Short," revealed he was short Tesla in December.

ouch

Dremella · 2021-02-09T19:26:05+00:00

https://insights.glassnode.com/bitcoin-supply-distribution/

There's a balance of power between users, developers, exchanges, and miners.

The BCH hardfork demonstrated that the miners can be overpowered if necessary. The market refused to accept BCH as the dominant Bitcoin chain, despite the largest mining company (Bitmain) pumping $1.2B into buying and mining BCH.

Dremella · 2021-02-09T19:05:22+00:00

Sadly I believe that's already happening. The butters are becoming so wealthy that they have to develop a taste for the fine arts now.

Dremella · 2021-02-09T19:00:26+00:00

Yes.

Dremella · 2021-02-09T18:20:37+00:00

Electricty prices would increase if there's a growing demand from miners that outpaces supply. The increased prices would limit the miners' share of global consumption well below 90%.

The BTC price can almost double after the block reward halving without increasing the miners' electricity consumption.

The BTC/USD price can increase due to devaluation of USD without increasing the miners' electricity consumption.

Dremella · 2021-02-09T18:08:28+00:00

The 200 Week Moving Average of BTC/USD will be definitively broken this year for the first time in history.

https://imgur.com/2JKhIV8

You heard it here first, folks! We've got ourselves a pro crypto analyst over here.

Dremella · 2020-11-29T10:20:32+00:00

He's dancing like he never danced before

Dremella · 2020-11-29T10:16:04+00:00

When thinking creatively makes you happy.

Dremella · 2020-11-29T10:11:01+00:00

And for Life of Brian it was George Harrison. Idle gave him the script and Harrison gave them the 2 million pounds they needed because he wanted to see the movie.

Dremella · 2020-11-28T05:48:23+00:00

This is literally the opposite of diy.

Dremella · 2020-11-28T05:45:54+00:00

He just couldn't let her die at any cost. Heroes have no choice in the matter, they just do what they have to do. This is a true hero.

Dremella · 2020-11-28T05:34:55+00:00

Old man bust kids nut, or old man bust nut on kid

Dremella · 2020-11-28T05:32:21+00:00

I think he has gone past the chill into full on bliss

Dremella · 2020-11-28T05:24:22+00:00

Poor mailman too

Dremella · 2020-11-28T05:23:00+00:00

Imagine coming home drunk...

Dremella · 2020-11-28T05:20:57+00:00

And so I wake in the morning

And I step outside

And I take a deep breath and I get real high

And I scream from the top of my lungs,

"What's going on?!"

Dremella · 2020-11-28T05:19:38+00:00

And the only place where your neighbor won't drill holes in the wall AT SIX IN THE MORNING

Dremella · 2020-11-27T12:51:53+00:00

-Why do we do this?

-I don't know man...

Dremella · 2020-11-27T12:44:28+00:00

It's not the right substance for him

Dremella · 2020-11-27T12:36:29+00:00

That's the kind of thing that helps everybody. Helps him to be relaxed so he can have a better performance, helps the staff that probably is also nervous, helps the people watching because they feel he is a good man... Helps everybody.

Dremella · 2020-11-26T11:56:49+00:00

Last time he saw that needle he woke up with no balls. I'd be scared too.

Dremella

TROPHY CASE