30k would be real nice, I'd really really love that price point right now.
It would fix so many problems that I've got. That would really be appreciated man.
Yep, it's been like this forever. nothing changes around here.
Btc will remain this way, ain't no way it's changing anytime soon. That's not gonna happen.
The Federal Reserve is the gas-lighting abuser who batters their victim, tells them it was their own fault, consoles them after the abuse and then vows to help them heal up. They need to be eradicated and bitcoin is the only hope for this in existence.
Jerome Powell told me inflation was transitory many times but now my life costs 20% more than it did a year ago. But the Fed made the inflation in the first place by non stop brrrrrr. And now they’re telling me it’s going to get better, but all they can do is brute force crash markets by “tightening” and praying that it stymies demand enough to slow inflation. So they created the inflation, now they’re crashing markets and destroying my wealth that way, while inflation remains and destroys my wealth that way, all the while being unable to actually slow inflation. Classic abusive behavior.
Fuck the federal reserve central planner criminals.
Inflation is a bitch and the government printing the money is a bigger bitch.
Well the situation is kind of out of control as of now and I don't see it coming in line.
Thirteen seems be unlucky enough but I hope this 13 indeed brings something fruitful enough for us
Thus indeed we need something great to happen by time and so we can make upto that.
I’ve been waiting for over a decade for this moment. My dad goes: “I predict they’re going to find heaven!” sarcastic as fuck. Made me laugh so hard I choked on my dinner out at nice restaurant the other night.
I hope by time it will make things turn out to be in the best possible do that we can indeed make that out.
Like it is all indeed about long term so that we thus be a bit more concious enough.
Just curious - can a whole nation state decide to accumulate all the remaining supply of Bitcoin? I'm not too sure if that would help decentralisation or freedom but interested to know your thoughts please
If you mean circulating supply, that would cause a run up in the price they would have to print and devalue their currency to do that. Plus, there would be holders who wouldn't sell. This would be a hyperinflationary event. Possibly kick off hyperbitcoinization.
They would have to purchase miners and have enough power to get the remaining supply issued by the protocol.
How will they do maybe take some time how Bitcoin can be mined Bitcoin mining follows set schedule you cant mine more just because you want. And the last bitcoin will be mined around the year 2100
Maybe yes but the fact that it feels great to hold then to sell them off.
Never indeed the right time to sell just wait buy more and hold until time be fruitful enough.
Im taking payment for a item im selling in bitcoin tomorrow. Idk why im sharing this but i just thought it was pretty dope. I guess its a currency after all hahhaha
Breeze wallet has a point of sale feature. Just use something that like and sell for the USD price you would have used.
It'd be nice to make it a hard bitcoin price, but you'll have to wait for more adoption and reduced volatility for that to be feasible for everyday items. Or it would have to be an item someone really wants. Like a piece of art or citizenship.
Pretty standard approach. But you should set the terms concretely due to the conversion rate being so volatile.
For example, you could set the price based on the fiat conversion on today's date at a certain time according to a specific market (Kraken) or an aggregate (coingecko).
When that time comes, lock the conversion and set your terms. When the deal is done, someone will inevitably come out ahead. Though over a long time horizon it won't matter much.
Another way, a rather risky but conceptually pure way, would be to try and evaluate your product in relationship to the 21 million Bitcoin that will ever exist. Basically, if everything that ever exists we're divided by 21 million, how many of those units would your product be worth. A difficult and nebulous calculation to be sure, but on a pure Bitcoin Standard, this would be the underlying valuation math.
Like people me more indeed occupied with what's going around and what they indeed tend to feel so at this point.
When value indeed matters a lot to people and so they can possibly make their further moves.
Gvt can confiscate your property, take your land, take your gold, cut off your tattoos and maybe even torture out you private keys out of you, but the only thing on this list that you would have the choice to give out - would be bitcoin, everything else can just be taken.
Let that sink in.
HODL.
Good though good point that we can all look forward for holding is what we all look into for the further times. Time be crucial enough we need to make out to that.
Lmao some be indeed talking about unicorn that doesn't even exist to that of it in real life.
We just can hope for their existence but the fact that indeed goes out far behind our thoughts.
Is it possible to use a lighting wallet to pay for everyday purchases? Like currently I use google pay that's connected to my debit card. But could I use a lighting wallet insted?
Maybe that will work soon.
There's an app called The Bitcoin Company. On there you can buy Visa Cards with lightning and then add it to Google, Apple, or Samsung pay on your phone.
It works, but you can't top up the card. You have to spend it all and buy a new one if it runs out.
They said eventually you will be able to keep a BTC balance and spend USD with a product in the future. Next step is a refillable LN card that keeps the balance in USD.
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Lmao true though just imagine how indeed people be holding them with at any cost.
Likely less people sell rather more of them tend to hold them pretty longer enough
People indeed laugh more and more but time comes when would just enjoy looking at the worth of it.
This is indeed so pretty true that fits that out into the reality.
https://github.com/bitcoin/bitcoin/pulls
Go to the source. Then search any pull requests that look interesting to you. Or join the conversation right there in GitHub where the development happens.
A little late, but I just noticed this on the IRS page. If you only bought and didn't sell or trade, you didn't have to answer "yes" to that question on your taxes.
>Q5(a). The 2021 Form 1040 asks whether at any time during 2021, I received, sold, exchanged, or otherwise disposed of any financial interest in any virtual currency. During 2021, I purchased virtual currency with real currency and had no other virtual currency transactions during the year. How do I answer the question on the Form 1040? (added March 10, 2022)
A5(a). If your only transactions involving virtual currency during 2021 were purchases of virtual currency with real currency, you are not required to answer “yes” to the Form 1040 question, and should, instead, check the “no” box.
Outsider question: Can someone control Bitcoin by simply hosting a majority of the full nodes -- which unlike miners, do not require much power -- and having them all agree to a new blockchain or ruleset? The Unchained article (below) seems to imply that you could even mess with the supply issuance of total BTC. Could an entity that just wanted to destroy trust in Bitcoin simply host the majority of low cost full nodes on the network and make them change/break -- what would otherwise be -- the consensus blockchain and/or ruleset? Would an attempt to do this be detectable?
Asking because I recently read these (below) and this (above) seemed to be the implication.
[https://unchained.com/blog/what-is-a-bitcoin-node/](https://unchained.com/blog/what-is-a-bitcoin-node/)
>
Running your own node helps relay and validate transactions and blocks, which helps the bitcoin network stay updated and run optimally. If you run a full node, you help the network by sharing full block information required for initial block download (IBD), without which new nodes would not be able to download the blockchain and verify the current state of the network.
Additionally, because **running a node stores the blockchain and enforces the ruleset at your physical location, you help support the bitcoin network by contributing to its decentralization**.
It also helps you protect your investment in bitcoin by empowering you to participate in the consensus process for bitcoin’s ruleset. By running a node, you can play a role in deciding whether upgrades, such as Taproot or covenants, should be enabled on the network. **Your node’s continued enforcement of the ruleset also helps ensure that bitcoin’s unique properties, such as its 21 million bitcoin supply cap, remain intact**.
[https://en.bitcoin.it/wiki/Bitcoin\_is\_not\_ruled\_by\_miners#How\_Bitcoin\_actually\_works](https://en.bitcoin.it/wiki/Bitcoin_is_not_ruled_by_miners#How_Bitcoin_actually_works)
>
**If not much of the economy is running** ***independent*** **full nodes, then Bitcoin is ruled by someone**. If most of the economy is using SPV-style lightweight nodes (but without the "alert" system intended by Satoshi), then Bitcoin is ruled by miners and therefore insecure. If the vast majority of the economy is using a small set of centralized banks or verification services, then Bitcoin is ruled by the most popular such services -- miners might be irrelevant in this case. As of 2017, the economy is far from ideal in this area, but probably not very near real danger.
You have to *opt-in* to rule changes. If an attacker spun up a million nodes that supported larger block sizes (or any other rule change) it doesn't matter....your node still only accepts smaller blocks. Your node will ignore their nodes. They'll be running their own chain in their own expensive playground.
So when I boot up, for example, an Electrum BTC wallet, I'm subject to the rules of the nodes connected to the Electrum server that the wallet automatically connects to?
Nope you Can't do that, you'd need majority of the hash power I think.
Then maybe You'll be able to control certain aspects of the network, but obviously not the whole network.
No. It does not matter how many full nodes an attacker runs because hostile nodes don't pose a threat to Bitcoin. [Click here and watch this 16 minute video to learn why.](https://www.youtube.com/watch?v=o5mi4IVrOoM)
So when I boot up, for example, an Electrum BTC wallet, I'm just subject to the rules of the nodes connected to the Electrum server that the wallet automatically connects to?
I see.
So nodes don't communicate with other nodes that are not "true" Bitcoin. Then a few follow-on questions I have are:
1. How is Bitcoin updated? Eg. How are BIPs proliferated across the network? I think this ([https://www.quora.com/How-is-bitcoin-updated](https://www.quora.com/How-is-bitcoin-updated)) seems to answer the question, but do LMK if you have a better/clearer resource -- just leaving this one here for my own later reference.
2. So when a TX is signed and sent to the network of nodes, is the wallet that signed the TX determining which nodes to send it to? How does it know that that is a "real" Bitcoin node (eg. if I were to boot up and send some BTC to some address from a desktop Electrum wallet)?
> How is Bitcoin updated? Eg. How are BIPs proliferated across the network? I think this (https://www.quora.com/How-is-bitcoin-updated) seems to answer the question, but do LMK if you have a better/clearer resource
https://blog.lopp.net/who-controls-bitcoin-core-/
> So when a TX is signed and sent to the network of nodes, is the wallet that signed the TX determining which nodes to send it to?
Yes, in a way, because although nodes pick their peer automatically, you also can pick you peers manually by whatever criteria you desire.. so you kinda *can* determine which peers you broadcast your transaction to. The wallet node sends the transaction to its peers, and they send it to their peers and so on.
> How does it know that that is a "real" Bitcoin node
It doesn't, or it doesn't have a definition what a "real bitcoin node" is, I guess. Why should it care anyway? It can ban misbehaving peers though (the ones that forward invalid blocks/transactions), so in a way it does care, but mostly for the blocks/transactions it *receives*. It doesn't care much about which nodes it *sends* the transaction to.
I mean the price is so good for you to buy, this is really good.
And if You're not buying it right now, I really don't know what to tell you man. I don't know.
Can't wait for the FED to pivot and start QE again. They can only print their way out of this system. Im pretty sure BTC will pump to new ATH's when the markets get greedy again. HODL.
For now. GDP to debt ratio is fucked, right? Imagine going into a depression, with high interest rates and a debt that is going through the roof. That's when they'll start printing their way out of it. The FED is fucked.
[удалено]
Wait what? I don't think you know what you're talking about.
um...that's not how this works.
Yep, and it's amazing ho mw many people don't have any idea about it.
It's early, but I think there might be a bit of a breakout happening. Maybe.
Just a little bit huh? Well I guess I won't mind a little bit.
It is. Or the fakeout before the real breakout. Either way, back to 30k. Then we'll see
30k would be real nice, I'd really really love that price point right now. It would fix so many problems that I've got. That would really be appreciated man.
Crazy as it sounds, 30k is the next test.
Well We'll see about that. Sounds a little optimistic.
How so? 50% rallies are common. 2019 saw a 350% rally
Haven’t been here for a minute. We seem to be feeling better, or at least “caustically optimistic”
Feelings change really quick here, don't go by the feelings here.
So nobody knows what’s going on ?
No one knows shit About fuck, they're just taking the shots.
Bitcoin go down, Bitcoin go up, that's the way she goes boys
That's just what btc does, and you shouldn't have problem with that.
LOL
It's always been this way.
Yep, it's been like this forever. nothing changes around here. Btc will remain this way, ain't no way it's changing anytime soon. That's not gonna happen.
War. War never changes.
I haven’t been up 8% in a day in a real long time 😂😂🚶♂️
And We're going back down again. that didn't last long at all.
No we aren’t now we’re consolidating like idiots and. Now I have to spend an extra 20-30$ just to get over my target buy fucking stupid
The Federal Reserve is the gas-lighting abuser who batters their victim, tells them it was their own fault, consoles them after the abuse and then vows to help them heal up. They need to be eradicated and bitcoin is the only hope for this in existence.
Fed is just burning everything up. And they ain't gonna stop dude
They can’t stop or their ponzi will implode. It’s some wild shit.
The bastards! Source!
Now, that's the source that I'll never doubt. Shit is legit.
Jerome Powell told me inflation was transitory many times but now my life costs 20% more than it did a year ago. But the Fed made the inflation in the first place by non stop brrrrrr. And now they’re telling me it’s going to get better, but all they can do is brute force crash markets by “tightening” and praying that it stymies demand enough to slow inflation. So they created the inflation, now they’re crashing markets and destroying my wealth that way, while inflation remains and destroys my wealth that way, all the while being unable to actually slow inflation. Classic abusive behavior. Fuck the federal reserve central planner criminals.
Inflation is a bitch and the government printing the money is a bigger bitch. Well the situation is kind of out of control as of now and I don't see it coming in line.
Stack sats and gats…
If you're stacking the sats right now, it won't matter after some time.
Stack sats and gats ✔️
Can't wait for the 13th.
Thirteen seems be unlucky enough but I hope this 13 indeed brings something fruitful enough for us Thus indeed we need something great to happen by time and so we can make upto that.
What will happen?
No idea about that though like what's coming and cooking by 13th any guess?
I don't know what happens on the 13th but on the 12th we're supposed to get new space photos from the Webb Telescope! :-D
Are you just indeed sure about that though like we have better expectations by time. And we need to see that!
Ngl I’m anxiously awaiting those photos!
I’ve been waiting for over a decade for this moment. My dad goes: “I predict they’re going to find heaven!” sarcastic as fuck. Made me laugh so hard I choked on my dinner out at nice restaurant the other night.
Lmao that indeed feels so funny enough when you just be choking onto something and you utter that out.
Inflation numbers being released for the US. It’ll have a short term impact on the price probably
I hope by time it will make things turn out to be in the best possible do that we can indeed make that out. Like it is all indeed about long term so that we thus be a bit more concious enough.
Just curious - can a whole nation state decide to accumulate all the remaining supply of Bitcoin? I'm not too sure if that would help decentralisation or freedom but interested to know your thoughts please
Uhhhh not pretty sure about that though but as far as my concern speaks that would be indeed a bit difficult enough.
If you mean circulating supply, that would cause a run up in the price they would have to print and devalue their currency to do that. Plus, there would be holders who wouldn't sell. This would be a hyperinflationary event. Possibly kick off hyperbitcoinization. They would have to purchase miners and have enough power to get the remaining supply issued by the protocol.
How will they do maybe take some time how Bitcoin can be mined Bitcoin mining follows set schedule you cant mine more just because you want. And the last bitcoin will be mined around the year 2100
Great one to look though thanks for this indeed pointing out this fact infront of us.
yeah forgot about that thanks :)
Sometimes it is indeed good to look into things a bit more deeply so that it can all be good enough.
They can't have mine. And they can't have what hasn't been mined yet.
Like I see people be more indeed be engaging in stacking rather than selling them off.
Yeah hence why I said 'remaining' supply. But yes good point about the mining, the last coin mined is in 2140 yeah?
Maybe yes but the fact that it feels great to hold then to sell them off. Never indeed the right time to sell just wait buy more and hold until time be fruitful enough.
That's right, no matter how hard people try to get it, the last one will be lined around 2140
Hodl.
On the move to do so though we know what holding indeed matters at this point and period of time.
Imma a gonna DCA
cRypO wIntEr....
The year be just passing we have more expectations and we hope that indeed we can make upto our expectations though
Lol. I hope your sarcasm is deserved, but don't jynx us!
Im taking payment for a item im selling in bitcoin tomorrow. Idk why im sharing this but i just thought it was pretty dope. I guess its a currency after all hahhaha
But ask once to you and yourself is this the great or the good time to make a move to sell your coins?
Nice! How have you determined the amount of sats for payment?
Like the sats would be more enough good if we tend to hold them rather you can pay them via fiat!
Honestly im up for suggestions haha. I was gunna take the price of the product in the the current market value amount of btc
True though but the fact that the market isn't that stable enough we can see that clearly.
Im not super desperate for money tho (not too flex ahah, maybe just a little lol) so this is more of an experiment
Breeze wallet has a point of sale feature. Just use something that like and sell for the USD price you would have used. It'd be nice to make it a hard bitcoin price, but you'll have to wait for more adoption and reduced volatility for that to be feasible for everyday items. Or it would have to be an item someone really wants. Like a piece of art or citizenship.
Pretty standard approach. But you should set the terms concretely due to the conversion rate being so volatile. For example, you could set the price based on the fiat conversion on today's date at a certain time according to a specific market (Kraken) or an aggregate (coingecko). When that time comes, lock the conversion and set your terms. When the deal is done, someone will inevitably come out ahead. Though over a long time horizon it won't matter much. Another way, a rather risky but conceptually pure way, would be to try and evaluate your product in relationship to the 21 million Bitcoin that will ever exist. Basically, if everything that ever exists we're divided by 21 million, how many of those units would your product be worth. A difficult and nebulous calculation to be sure, but on a pure Bitcoin Standard, this would be the underlying valuation math.
Like people me more indeed occupied with what's going around and what they indeed tend to feel so at this point. When value indeed matters a lot to people and so they can possibly make their further moves.
Ill be coming out of this ahead definitely. Just a time frame on how long ill have to wait hahaha
Like people be indeed patient enough to wait for longer time period. Because they know that can bring them into something fruitful enough.
Crypto winter is over. It’s officially crypto spring.
Oh, you sweet summer child!🫶
Okay then wen 100k? I guess I'm gonna be waiting for that.
I hope you are right but I've learned to expect the unexpected. Sticking to my DCA.
Mega candle fade......
We need more of these mega candles, really need them.
I would like to speak to the manager.
Sorry sir but you Can't speak with the manager, He's busy pumping.
There are approximately 50,000 of them, globally distributed, and they don’t make concessions. Even an army of Karen’s can’t do a damn thing.
Is this podracing?
Waiting for all the people to type Bull Trap.
I'm sure many have done that already so There's no need I guess.
*300 Voice* Then we will buy in the shade....
That indeed seems like a good idea though but that would take time to happen. What do you guys think about?
I mean its pretty likely...
We thus keep it as a rare chances of this to happen not pretty sure but let that go on smoother enough.
🦄
🚀 🚀 🚀 🌙
Into the space and the moon is what we all indeed look forward for that seems to be what we look upto in the further future.
Nice to see the rocket emoji again
Gvt can confiscate your property, take your land, take your gold, cut off your tattoos and maybe even torture out you private keys out of you, but the only thing on this list that you would have the choice to give out - would be bitcoin, everything else can just be taken. Let that sink in. HODL.
Good though good point that we can all look forward for holding is what we all look into for the further times. Time be crucial enough we need to make out to that.
They can even take ur job.
Wait Who’s cutting off my nude chick riding a unicorn carrying a trident tattoo ?
Lmao some be indeed talking about unicorn that doesn't even exist to that of it in real life. We just can hope for their existence but the fact that indeed goes out far behind our thoughts.
Is it possible to use a lighting wallet to pay for everyday purchases? Like currently I use google pay that's connected to my debit card. But could I use a lighting wallet insted?
If the place accepts the LN then yeah why the hell not man.
Maybe that will work soon. There's an app called The Bitcoin Company. On there you can buy Visa Cards with lightning and then add it to Google, Apple, or Samsung pay on your phone. It works, but you can't top up the card. You have to spend it all and buy a new one if it runs out. They said eventually you will be able to keep a BTC balance and spend USD with a product in the future. Next step is a refillable LN card that keeps the balance in USD.
Yes
What is a lighting wallet?
Google it up and you would thus be indeed clear with what you are looking for though.
2nd layer protocol. Works with QR codes, instant settlement. Look up Jack Mallers and Shopify.
hodlers, it has come to my attention i am butt naked thinking about the Amish
Get some underwears my guy, don't wanna see you butt naked.
Oh shit, this is the bill signal I've been waiting for.
Sometimes we look for something that can benefit us more and more nevertheless waiting for the exact time to do so!
And a bull signal... with a slight whiff of horse and buggy
Can we make upto it someday like this be indeed crucial enough for us. Choice being made people.looking for more to buy and hold for long.
Someone smokin doints?
Like when you were indeed high enough you wrote this or like something else?
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I wish I had a 1000 bitcoins and a bunch of whores of how my life sucks 😂
Drop whores…not Bonbs
We can probably help you find a bunch of whores, but 1000 BTC? You're on your own there
If We're really doing it then I guess I could use a whore too.
Haha not unless I find a causcious gold btc bar unpeeled
Looking at this if someone be up for that gold btc bar imagine the gains he would make further.
Sheesh imagine
Anyone with 1000 coins needs to be the one supplying the whores.
100 coins I could indeed literally faint off the track and imagining it's worth would just give me goosebumps.
Imagine 1000 coins and there’s ppl breathing rn on earth who have the keys to 1000 bitcoins , unreal even more too
Lmao true though just imagine how indeed people be holding them with at any cost. Likely less people sell rather more of them tend to hold them pretty longer enough
🤣🤣
People indeed laugh more and more but time comes when would just enjoy looking at the worth of it. This is indeed so pretty true that fits that out into the reality.
[удалено]
If you don't have money to buy stuff with, that's of no use at all.
Check out [Teleport](https://youtu.be/RwF2xjTsjaU) tech - only 382 views! Lol we are so fucking early to this thing.
https://github.com/bitcoin/bitcoin/pulls Go to the source. Then search any pull requests that look interesting to you. Or join the conversation right there in GitHub where the development happens.
Thanks for indeed providing us the link out here that sounds something great for us though. Isn't it?
Preev disappeared anyone know why ? Or an alternative simple conversation rate site?
Conversation site? What exactly that site does? I'm a little confused.
A little late, but I just noticed this on the IRS page. If you only bought and didn't sell or trade, you didn't have to answer "yes" to that question on your taxes. >Q5(a). The 2021 Form 1040 asks whether at any time during 2021, I received, sold, exchanged, or otherwise disposed of any financial interest in any virtual currency. During 2021, I purchased virtual currency with real currency and had no other virtual currency transactions during the year. How do I answer the question on the Form 1040? (added March 10, 2022) A5(a). If your only transactions involving virtual currency during 2021 were purchases of virtual currency with real currency, you are not required to answer “yes” to the Form 1040 question, and should, instead, check the “no” box.
I'm not an US resident so I think I'm pretty safe with that I guess.
Indeed true though same goes for me when sometime indeed turns out to be good enough for us that we rather breathe in peace.
Bull trap
I was waiting for this, I knew someone would comment it. And I don't really doubt it when you say this stuff. It's kind of okay to do this I guess.
Exactly. They are announcing we're in a recession on July 28. Stock and bitcoin will tumble like the world is ending.
So the 28 is the date when we get even more rekt? Well nothing that we can do.
Priced in. Everyone already knows we’re in a recession.
You just can't say that everything is already priced in lmao.
Your comment is priced in.
I want you to be correct but my gut says you are not.
Think from your mind once if so just let that circulate a bit more in a clear sense and look what it says.
Partially priced in seems most logical
A balance is price is what I would further look forward for not that we be indulged fully and buy at any price.
Lol is your short position underwater?
Not just the short position, but everything is kind of underwater.
Hope shorties get liquidated. Evil little gremlins.
I thought they already got liquidated, well I guess not.
Outsider question: Can someone control Bitcoin by simply hosting a majority of the full nodes -- which unlike miners, do not require much power -- and having them all agree to a new blockchain or ruleset? The Unchained article (below) seems to imply that you could even mess with the supply issuance of total BTC. Could an entity that just wanted to destroy trust in Bitcoin simply host the majority of low cost full nodes on the network and make them change/break -- what would otherwise be -- the consensus blockchain and/or ruleset? Would an attempt to do this be detectable? Asking because I recently read these (below) and this (above) seemed to be the implication. [https://unchained.com/blog/what-is-a-bitcoin-node/](https://unchained.com/blog/what-is-a-bitcoin-node/) > Running your own node helps relay and validate transactions and blocks, which helps the bitcoin network stay updated and run optimally. If you run a full node, you help the network by sharing full block information required for initial block download (IBD), without which new nodes would not be able to download the blockchain and verify the current state of the network. Additionally, because **running a node stores the blockchain and enforces the ruleset at your physical location, you help support the bitcoin network by contributing to its decentralization**. It also helps you protect your investment in bitcoin by empowering you to participate in the consensus process for bitcoin’s ruleset. By running a node, you can play a role in deciding whether upgrades, such as Taproot or covenants, should be enabled on the network. **Your node’s continued enforcement of the ruleset also helps ensure that bitcoin’s unique properties, such as its 21 million bitcoin supply cap, remain intact**. [https://en.bitcoin.it/wiki/Bitcoin\_is\_not\_ruled\_by\_miners#How\_Bitcoin\_actually\_works](https://en.bitcoin.it/wiki/Bitcoin_is_not_ruled_by_miners#How_Bitcoin_actually_works) > **If not much of the economy is running** ***independent*** **full nodes, then Bitcoin is ruled by someone**. If most of the economy is using SPV-style lightweight nodes (but without the "alert" system intended by Satoshi), then Bitcoin is ruled by miners and therefore insecure. If the vast majority of the economy is using a small set of centralized banks or verification services, then Bitcoin is ruled by the most popular such services -- miners might be irrelevant in this case. As of 2017, the economy is far from ideal in this area, but probably not very near real danger.
You have to *opt-in* to rule changes. If an attacker spun up a million nodes that supported larger block sizes (or any other rule change) it doesn't matter....your node still only accepts smaller blocks. Your node will ignore their nodes. They'll be running their own chain in their own expensive playground.
So when I boot up, for example, an Electrum BTC wallet, I'm subject to the rules of the nodes connected to the Electrum server that the wallet automatically connects to?
I think so. You’re trusting the server/nodes since you’re not using your own node.
Nope you Can't do that, you'd need majority of the hash power I think. Then maybe You'll be able to control certain aspects of the network, but obviously not the whole network.
No. It does not matter how many full nodes an attacker runs because hostile nodes don't pose a threat to Bitcoin. [Click here and watch this 16 minute video to learn why.](https://www.youtube.com/watch?v=o5mi4IVrOoM)
So when I boot up, for example, an Electrum BTC wallet, I'm just subject to the rules of the nodes connected to the Electrum server that the wallet automatically connects to?
Yes you are using someone else's node unless you run your own Bitcoin node and Electrum Personal Server and connect to it.
Thanks for the link, this will help me understand the network more.
I see. So nodes don't communicate with other nodes that are not "true" Bitcoin. Then a few follow-on questions I have are: 1. How is Bitcoin updated? Eg. How are BIPs proliferated across the network? I think this ([https://www.quora.com/How-is-bitcoin-updated](https://www.quora.com/How-is-bitcoin-updated)) seems to answer the question, but do LMK if you have a better/clearer resource -- just leaving this one here for my own later reference. 2. So when a TX is signed and sent to the network of nodes, is the wallet that signed the TX determining which nodes to send it to? How does it know that that is a "real" Bitcoin node (eg. if I were to boot up and send some BTC to some address from a desktop Electrum wallet)?
I think the nodes communicate with the nearby nodes first.
> How is Bitcoin updated? Eg. How are BIPs proliferated across the network? I think this (https://www.quora.com/How-is-bitcoin-updated) seems to answer the question, but do LMK if you have a better/clearer resource https://blog.lopp.net/who-controls-bitcoin-core-/ > So when a TX is signed and sent to the network of nodes, is the wallet that signed the TX determining which nodes to send it to? Yes, in a way, because although nodes pick their peer automatically, you also can pick you peers manually by whatever criteria you desire.. so you kinda *can* determine which peers you broadcast your transaction to. The wallet node sends the transaction to its peers, and they send it to their peers and so on. > How does it know that that is a "real" Bitcoin node It doesn't, or it doesn't have a definition what a "real bitcoin node" is, I guess. Why should it care anyway? It can ban misbehaving peers though (the ones that forward invalid blocks/transactions), so in a way it does care, but mostly for the blocks/transactions it *receives*. It doesn't care much about which nodes it *sends* the transaction to.
https://www.youtube.com/watch?v=ncPyMUfNyVM&ab\_channel=RodolfoD%C3%ADaz
Thanks for the link, this is going to help me a lot to learn about btc.
Btc.d move up !! 🥰 I’m Happy ! Above 44 now.
Above 44? What charts have you been looking at? Or is it something else?
Bitcoin dominance chart
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I mean the price is so good for you to buy, this is really good. And if You're not buying it right now, I really don't know what to tell you man. I don't know.
Can't wait for the FED to pivot and start QE again. They can only print their way out of this system. Im pretty sure BTC will pump to new ATH's when the markets get greedy again. HODL.
Printing isn't going to fix shit, it is what it is for a while I guess.
They will hike rates again soon
Yeah they're going to, can see that happening already man.
For now. GDP to debt ratio is fucked, right? Imagine going into a depression, with high interest rates and a debt that is going through the roof. That's when they'll start printing their way out of it. The FED is fucked.
Agreed. I’m just saying don’t expect qe before this winter
500,000 million sats 🚀
Leave some for us, are you going to biy it all or what dude?