Hi J1GGY !! Can you please tell me, what is the meaning of "Wall Observer", as in the title of this glorious thread?


Gotta get them  S T Y L E   P O I N T S  


What?! Really? The benefit of the doubt? Seriously? You would give me that? On my very first post?!? YES PLEASE!! Pretty please with a big fat red dildo on top!


I honestly don't know that much about it, although I am very interested in understanding what it is and how it works; I have been following the price, on and off, for quite some time.

It was a genuine question, as I'm unfamiliar with the term - what does "Wall Observer" mean?


Although I've expressed interest in understanding the application of cryptography, as has been done with bitcoin, I find it strange that your primary response is to encourage out-of-pocket investment in the project/experiment.

I am compelled to follow up - why should anyone invest in bitcoin? Fiat return? Future potential for fiat return? Value retention? Acquisition of secure digital assets/property?

Maybe a better way to follow up would be to ask why YOU'VE invested in bitcoin? Is it one of the above reasons? All the above reasons? Something completely different?


Maybe I am naive, but I do not see why this would be the case; can we not have valid and insightful discussion on the subject without being financially invested?


I'm not sure I believe that setting up an account on an exchange (and acquiring bitcoin) will do anything to further the individual's understanding of the technology itself.

Let me ask another question, what is YOUR understanding of the technology?

Thank you, kingcolex, for the clear response.

Although I'm not totally unfamiliar with SHA256 and the concept of sovereign ownership (I find these things quite interesting), I see that you've highlighted fiat return as a primary reason for financial investment into the bitcoin project.


Although I've heard these points made previously, I appreciate your restating of them, as I believe some of these innovations will have massive implications with regards to the way the global economy evolves.

As for there being a "limited supply", is this not simply a variable, able to be changed at the discretion of the largest and most powerful network contributors?


This is very intriguing - are there any guides or tutorials that explain exactly how to do this?


I'm still not sure that this is necessarily true.
I'm not even sure it's worth continuing to suggest investing, to be honest. Does it further the discussion regarding technical understanding? Does it do anything other than simply pressure others to join "your side"?


Back to the primary motivation of fiat return (and potential loss), I see - is this how most people see bitcoin? A purely speculative asset and/or tool for gambling?

Isn't "consensus among the majority of miners" effectively identical to "the discretion of the largest and most powerful network contributors"?


Why would it be "incredibly improbable"?
Bitcoin Cash exists, doesn't it? Bitcoin Satoshi's Vision exists, doesn't it? Although these projects have not yet changed the total supply or distribution, they have changed other variables in the protocol.

What about litecoin? The Scrypt mining algorithm utilised in litecoin is as secure as the SHA256 mining algorithm utilised buy bitcoin, albeit slightly different in design. Confirmation times are faster with litecoin, and there is a higher total supply.

What makes bitcoin better than litecoin?
Is vanilla objectively better than chocolate?

I'm not suggesting that other projects or hard-forks "are bitcoin", nor am I suggesting that they have a direct effect on the fundamentals of the bitcoin protocol, I'm simply asking why the arbitrary variables set in the bitcoin protocol are "better" than the variables set in the protocols of other projects.


That's a huge claim and you've provided no evidence that this is in fact true.

I've heard the "first mover advantage" mentioned, along with terms like "the network effect", but I'm yet to hear a convincing argument for the superiority of the bitcoin protocol, when compared with others in the space.

My concern can easily be written off if the argument for the superiority of bitcoin is its current price action, but this highlights again the underlying majority view that bitcoin is simply a tool for gambling, doesn't it?


It's true that we can't write off all non-bitcoin projects as scams; it's also true that a large number of other projects are in fact scams.

So, what makes bitcoin better than those other projects which are not scams, and which are effectively clones of bitcoin with minor differences?


Bitcoin is where WHAT'S at?
The totally massive and radical financial gains potential?

You do realise that argumentation and thoughtful discussion is a valid way of learning, right?
A reasonably effective way at arriving at the truth, no?

You're also aware, obviously, that indoctrination is the practice of "listen and believe", right?

Going by the chart on the previous page, I'd say pretty soon.


   

I'm asking genuinely honest questions, jiggy, and I appreciate the replies I have received.

Observing BTC @ 10,020 USD

I think he's referring to the spam/scam emails, rebel.
Bitcoin is simply a method of transaction.

I'm not really sure what you're expecting;
are you familiar with basic spam/scam emails?

Observing BTC @ 9,695 USD

Currently hovering above the 9,400 USD support line; potential retest incoming.

Source? This looks to be BLATANT FUD.


I personally find litecoin to be quite an interesting project; it appears to be almost identical to bitcoin, with the exception of developers pushing the envelope with regard to technological innovation and the implementation of new/experimental ideas.

Halving is only nine [9] days away too.

That would be hilarious.


From Investopedia:

The Basel III regulations are designed to reduce damage to the economy by banks that take on excess risk.


Isn't this already happening?

Of course A is not equal to B, but they do share similarities in protocol design and proposed use/implementation.

I'd be very interested to hear your take on the differences between litecoin and bitcoin, jiggy.

In conclusion, "Australia is moving to zero interest rates for the first time in history." is FUD.

Thanks for clarifying.

I'm beginning to lose my patience with you, jiggy; are you able to have a rational, back and forth discussion without immediately going on the defensive and resorting to inflammatory accusations?

Stop proclaiming that you're the arbiter of my intentions, you aren't.


Refuse to engage or respond? I'm on mobile most of the time, which makes it difficult to format long posts and reply to multiple users.

With regard to our previous discussion, I was asking questions while you would answer; you never actually responded by asking me any specific questions of your own.

If you would like me to answer some specific questions or provide information of some kind, please, ask away!


Incorrect, as I specifically acknowledged the network effect and first mover advantage that bitcoin has, in my previous posts.


Protocol differences between projects definitely exist, you should be aware of this.


I never claimed the bitcoin was broken in any way, you're simply being disingenuous.


I'm not touting anything, I'm asking basic questions about the differences in protocol between projects.

Specifically, I've asked what makes bitcoin "better" or "best".
If your answer to this question is "it's more popular and it got there first", that's fine.

Observing BTC @ 9,460 USD

Currently sitting on the 9,400 USD support line; will we be visiting 8,600 on this little adventure?

If you don't feel you can tolerate what someone is saying, simply disengage/ignore; diversity of opinion and belief is a fact of life.

Delicate sensibilities are no reason to restrict freedom of expression.

I purchased a small amount of bitcoin today.

Does this make me more qualified to speak on the subject?

What things, previously unavailable, can I now do with my newly acquired bitcoin?

Although you are technically correct that previously I was unable to sell, lend, exchange or earn interest on the bitcoin that I didn't yet own, I must admit, I don't see this as revolutionary.

EDIT: Why did you delete your post, biodom?

I agree, also, I do not need to own X to speculate on X.


Thank you for this advice, I will see what else I can learn.


You are the creator of bitcoin, as per your flawless logic.

I just tried to visit sportsbet.io, the website in your avatar, #KnowNoBorders, and I was greeted with the following message:

"Sorry about this, but Sportsbet.io isn't available from [my country].
Due to our gaming license, we cannot accept players from your jurisdiction."

Hmm.

I'm not sure it's a good idea to encourage people to break either their local laws, or the website terms and conditions, especially considering the risk of financial loss.

I can't make sense of that chart.
Bitcoin difficulty has never "bottomed".

https://www.blockchain.com/en/charts/difficulty?timespan=all

Solid response.
I especially liked the part where you used true premises and valid reasoning in a refutation of the central point. Lol.

Seriously though, please don't encourage people to break the law.

EDIT: Nice edit; I hope you're not implying that government is unnecessary and wrong. Without modern civilization you wouldn't even be able to make that terrible argument on the internet. Do you know what hypocrisy is?

I read through the article to try and understand the argument being made, but the author is completely dishonest:


Stark drop in the bitcoin mining difficulty?
Bitcoin mining difficulty has had precisely ONE (1) stark drop in its entire history.

You can look at the difficulty chart on a linear scale or a logarithmic scale, it makes no difference.

The article also opens with this:


Lol.

I'm offering constructive criticism in the form of simple questions; don't act like not engaging in discussion somehow strengthens or supports your position.


In the proverbial words of Satoshi Nakamoto..

Highly unlikely.

Are you okay..?

Off topic but Alternative Hypothesis has an excellent breakdown of Guns, Germs and Steel on YouTube.

Observing BTC @ 9,499 USD

Would transaction throughput increase with block size?
Would confirmation times remain the same?

What about $10?
What about $100?

As you've said - "there are no guarantees".

I wish I had some merit to give.

Observing BTC @ $7,600 USD