News of the day.
I have never seen so many posts about the same topic.
Must have been at least 20 mentions in my feed.
You know what's more interesting than this actual news? How much the thirsty goblins in the cryptoverse have latched on to it. Please make number go up, Michael Saylor!
Savoir Saylor
Even funnier, all these articles are talking about how much money Microstrategy has lost because of the Bitcoin crash. Spoiler alert: Microstrategy hasn't lost any money. They are up a ton. Has everyone already forgotten that Michael Saylor is basically going to go down in history as the spearhead to institutional adoption? Yeah, the person who frontruns the market doesn't lose money... they make a shitload of money... duh.
And now after a 50% plus dip MSTR goes long again and loads up on debt to buy more... and everyone talks shit about what a risky play it is. Ha! Memory of a goldfish I tell you! Will they still be talking trash when Saylor is the richest person in the world I wonder? Probably.
In other news, Trump tries to stay relevant by denouncing Bitcoin as a scam and praising the almighty dollar. No surprises there. This isn't anything new. He doesn't know anything about Bitcoin, just playin that politics game. This is showcased by the quote that it needs to be "very high regulated". Hm, yeah, it can't be regulated. That's the entire point. Only the banks can be regulated.
And that's what Coinbase, Bittrex, and Kraken are: Banks.
Hilarious how they can't even regulate the banks like Binance and Huobi. Really goes to show you how crazy this is all getting. Shadow banking has never been easier thanks to Bitcoin.
And on to the Grand Finale!
Well lookie lookie what Google has to say about "el salvador". Bitcoin is soon to become a foreign currency and crypto twitter is still concerned that number won't go up. Once Bitcoin is deemed a currency it can no longer be taxed for capital gains. I had no idea that it would only take one country to accomplish this. Pretty crazy stuff.
The dominoes will continue to fall on this front. It doesn't matter if other countries don't recognize Bitcoin as a foreign currency at first. More and more countries are going to follow in the footsteps of El Salvador and make this an unavoidable reality. If I'm being honest: this is happening much sooner than expected.
This creates a huge incentive for crypto innovation and users to flock to the countries that rightfully classify it as legitimate currency. Every country that finds itself under the thumb of imperialism can now follow El Salvador's lead and hit the ground running as this new cooperative economy is forged.
I always wondered why crypto was legally considered "property" in the states. It makes no sense because you can wash trade crypto and take the losses on your taxes. Looks like I have the answer. Even though property doesn't make sense they sure as hell don't want to give it currency status where there are no taxes. Funny how they immediately had to admit that Bitcoin wasn't a security. I suppose "commodity" is still on the table, but I don't know the law surrounding that either.
We are rapidly approaching an era where crypto will start being accepted by vendors and actually used as currency. Once that happens it will pretty much be impossible to deny that this asset class is indeed currency and not some product they can siphon taxes from. Again, this is all happening so fast and all anyone can seem to ask is "when number go up!?" This is why we can't have nice things, children. Good things come to those who wait.
Are we there yet? Are we there yet? Are we there yet?
Target is still Q4 2021.
Has been for 3 years.
Get over it.
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So what my country El Salvador Is in the news hot we implement BTC as a money legal currency, we do not know today how it will work.
The time say, fortunately we have a knowhow about crypto thanks to give.
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I think hive would be better because of the stable coin. Also, free transactions would be needed. But I like the attention crypto becomes :)
If even a million people started using Hive RCs would be worth a lot and transactions would no longer be free. Of course people like you and I would suddenly have a yield farm that went from $0 value to market value, so no one with Hivepower is going to complain.
I have so much hivepower I've never used...
we all have :) Thats why the price is cheap. More usecases = higher demand :)
guive me your power.
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I think it would be always cheaper than other chains. And it could be with an RC market easy refinance if dapps generate revenue and pay for the RCs.
A big advantage to every other chain is out. Also hive can scale much much easier :)
Think about if a finance app allows users without hivepower to transfer HBD and Hive. The fee could be 0,05% and it would be superior :)
Enough to pay RC delegators and for daily use :)
Why? If you think Hive would always be cheaper than other chains you're basically just implying that we won't have the demand of other chains.
How? Data is data. DLT is DLT. Hive doesn't magically lower the cost of running a node is the face of massive demand to store immutable data. The RC cost of everything is going to skyrocket.
This doesn't work if the fee is worth less than the RCs.
And it also doesn't work if the fee is worth more than the market value of RCs.
Sure, there are altruists on this platform that will take a loss for the greater good and give away their RCs for free or at a discounted price so that more users can participate. But we've already seen that more than half of people around here are going to make the profitable play according to the rules that have been set. That's just how capitalism works.
Seriously, just wait.
Shit is going to be crazy around here at the end of the year.
You'll see for yourself.
This entire network has a maximum bandwidth of 22KB/sec currently.
We are running this entire thing on 56k modem speeds.
Dpos is way cheaper as pow + every year computing power becomes better and cheaper. Also a factor 20 blocksize increase would be very doable, bitshares has 1MB.
it was an example. even 0,5% would up to fixed top cap would be really competitive :)
We should not forget, hive needs to deliver benefits. If things become too expensive it doesn't work anymore.
But we can scale and even this makes hive more valuable. But with the factor 20 in the background, everything should run fine. And I don't say it, it was Blocktrades. Only hivemind can makes problems or need updates :)
Can't agree more :) Scaleable to the moon. Btw data storage algos becomes also better and better. Like MP3 for example. Before that music was much bigger.
Bitshares has a 1MB blocksize?
Ha, that's nuts.
Definitely too high: there's no way they can sustain such a high limit.
That's 28 GB a day of raw data.
10 TB a year.
Hive witnesses can set the limit to whatever they want,
Doesn't mean the network can actually handle it.
But yeah I'm probably being bearish for no reason.
FUD!
yeah, you are an old bear :) Blocktrades was the opinion 1MB is doable, only hivemind would maybe make some problems.
But I'm sure it would not be impossible to fix.
And if a Block is not at 100%, it would be less than 1MB:) it is only the maximum :D I would expect it would need much more users and transactions to fill 1MB.
Edit: even 10TB is not that much if we think really about it. It is on today's data streams close to nothing.
I know replay and start a new witness note after some years could be maximum pain, but I remember 1GB hard drives and less. And its not that long ago :)
Hive IS much cheaper to run than other chains designed to hold large amounts of data.
There has been a huge amount of work on optimising this by @blocktrades and others and costs have been reduced by more than an order of magnitude.
Whereas once Steem required massively expensive 1Tb RAM servers now a basic 64GB RAM machine with cheap SSD will run Hive RPC nodes and witnesses can be run on much less.
A single 64Gb API node costing around $2000 could handle all Hive's current traffic (according to @blocktrades). We have immense spare capacity.
Look at the requirements for being an EOS witness and you'll see how far ahead Hive is in this department.
Oh yeah there is no denying how much work has gone into Hive scaling up.
It's pretty incredible really.
But that doesn't really matter.
We are going to hit a brick wall no matter how fast we hit the ground running.
I look forward to the live stress-test at the end of the year.
Here hoping to good problems like millions of new users and order of magnitude transaction increases.
It will always be much cheaper, but for now with this strike network the costs have decreased but I think that once everyone is familiar with btc they will start looking for alternatives so we can do a good job from here to add many more people to our beloved network from hive.
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Onboarding is key :)
Well, if a million people use the Hive blockchain then the price of Hive would be way up, so it would pay for much more powerful servers to be run by the witnesses. And there will be huge incentive to run powerful servers and continue optimizing the blockchain and properly adjusting the cost of each type of transaction so as to keep transactions free. I am not familiar with the technical details but I think the blockchain wouldn't break a sweat if a million people made transactions, I think the far more difficult part is running API nodes, and here is where the modular Hivemind work done by the Blocktrades team will shine as you'll be able to run an API node with just the data you need for your dapp.
Right, so what about every other node that's not in the top 20?
If it becomes prohibitively expensive to run a node we will only have 20 total.
This greatly centralizes the chain and leaves us open to multiple attack vectors.
It also kills a lot of projects that would have otherwise done well.
To be fair I think we are doing a pretty good job with the scaling situation.
But many people around here don't grasp the technical challenges of scaling up.
We've all simply been told that Hive scales better and most users blindly believe that.
We could do the math. IF the earnings on much higher hive price would be enough to cover the cost for top 100.
Also services maybe host a node for there game/app, that generates enough by itself, so they don't need to cover 100% on witness earnings.
I think only longterm would show up. Worst case, cut a bit top 20 and share it with top 100.
ohhhhh I would not give to have those numbers, but I think it is a good time to mass hive around here, it would be enough that many people knowing that BTC is legal will want to see how to earn money writing then they could start a campaign to promote it
I think it is a great moment and conjuncture that we can take advantage of to massify ourselves here also now if those incredulous who have been making fun of me will know that it is real and that the crypto world is giving us the reason.
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ohhhhh I would not think it was hive the elect but it can not be, everyone has used btc but there is the strike lightning network that is supporting all the existing infrastructure that has served as a pilot test to do that from children to the elderly can use BTC as a means of payment.
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please super cycle.
I think what El-Savador has done is setting a pace, it'll eventually become inevitable, its only time. Once more politicians will discredit anything provided it helps their political ambitions and not just because they're totally ignorant
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Yes, the politicians are complicated, but here we are at an interesting juncture so I think this will give us a great boost as a community and as a good country we are already in the arena, before we were the bad guys, today we are going to the forefront.
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💥Boom💥
and
💥Boom💥
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I have no idea if El Salvador will actually be able to pull it off or not (obviously lots of steps before it becomes actual law) but it's obviously genius. With one move they've declared to the world that they want some of the best innovators in the world to move to their country. Sure, they'll also have to cope with a ton of crypto bros, but I'm very sure it'll be worth it. The value this could bring to the country could be huge - with Starlink they don't even really need to have a lot of infrastructure ready. I hope their work visas department is ready...
BTC is obviously terrible tech for actually transacting in El Salvador, but it's still such a genius move. I really hope it works out for them.
When we look at the actual ramifications of their actions it seems like it's almost impossible that this will become a reality in the short term. But to me that doesn't matter: because simply the threat of this happening is enough.
A lot of money and power are going to be allocated by multiple dominating countries to make sure this doesn't happen in the short-term. It will happen sooner or later no matter what though. Cat is out of the bag.
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In truth, perhaps in the short term, perhaps not, but in the medium term if it will be a reality, for this reason, there are already pilot tests implemented in the beaches of El Tunco and El Zonte, there are already two BTC ATMs operating in those places, so people It is already sensitized, they have already learned to use the strike lighting network or whatever it is written, but I think that once the law is authorized, the implementation will be quite fast and today with the authorities that are advancing by leaps and bounds I think that by the end of the year we will already be with a good part of the population sensitized.
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I've done a further deep dive into this topic which deals with the issues you raise. https://peakd.com/elsalvador/@apshamilton/el-salvador-and-btc-deep-dive-on-momentous-impacts
i read it, this is amazing investigatión about our country, i share with other who need learn a lot about this great topics.
He has a massive majority in Congress and this will become law quickly. Most transactions will be on the Lightening network not BTC directly. That’s what the Strike app does.
It was Strike’s CEO who drafted the bill and it was his presentation at Miami crypto conference where this was announced.
Thanks @apshamilton - I didn't know this level of detail... definitely sounds encouraging.
On the beach el tunco and zonte there has already been a project for several days, in which the strike lighting network is being used through a project called bitcoinbeach, you can locate it in google play, through which you can buy up to tortillas, a soda, a snack, a plate of food paid for with satoshis, so I think we already have a great advance in that sense, the community is already sensitized, even older adults, 81-year-olds, are using btc as a means of payment as well I think it is only a matter of waiting for the law and implementing it in a massive way and everyone up, time will tell us if we can or if there will be difficulties, it will be a great challenge but for now we are already quite advanced.
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All we have to do is stay calm, ride the waves, ignore the trumps of the world and get ready for a really fun ride to the moon. It will happen!!
Great post!
here we go, of course man, if thank God we are already here to advance by leaps and bounds. and the good thing is that hive has given us a lot of knowledge to be able to implement it.
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Great to hear good news like that
It is like seeing green color on the market
At least we are all informed and do not know
what to say, just spit it out.
It is the same way when the whole community is talking
about Hive is this and that. Off course it is. Wash, rinse, repeat.
I like your parallelism way of putting stuffs out there.
It is about time we focus on value and not much price, price.
Now that is another one.
Mouth needs to feed.
!BEER
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View or trade
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BEERfrom @pouchon for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.As far as I know, the number-one investment rule is:
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Seems like MicroStrategy wants to break this rule. I salute them for that :))
This is only a rule for novice traders who are going to lose everything.
Margin trading is a great tool for hedging and making small focused bets.
Saylor knows what he's doing.
That is a rule for individuals only. The REAL rule for investing as a company is NEVER USE YOUR OWN MONEY. Use other peoples' money so if it works, everyone is happy. If it doesn't, you don't lose anything other than trust and reputation and you can try it again with a different group of people.
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You nailed it
Had no idea about this either. As I said yesterday, I expect a few more [smaller] countries to follow suite over the next 2 years. For a major shift to occur though, we would need a strong, developed nation to join the ranks. That will be a game changer
I have no idea. I recently stopped paying attention to prices and worked on other streams of possible income. The goal is to stay focused. If Q4 is the target, then so be it.
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All those who are patient will come write with crypto
I am wondering what El Salvador's government motive is.
Politicians always have some interests that normal people don't know. So is business man like Elon Musk before he bumped BTC and/or DOGE at the beginning. There is always something behind the scene...
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The motive could be extremely transparent. El Salvador doesn't have their own fiat currency because of some past revolution or some such thing. They all use USD. Now that USD is being printed out by the trillions they need to hedge against that.
Bitcoin is a new revolution of money. There's a huge financial incentive to be the first country to legalize it as a currency. Doesn't need to be much more motive than that: they're going to make a boatload of money. Of course there probably is more to it than that but there is already enough out there on the table to justify the move.
Just read a comment from another post. https://leofinance.io/@apshamilton/re-cryptowendyo-qudet7
Something I was not aware of at all.
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yeah i was not aware they are exclusively using USD either.
I've done a further deep dive into this topic https://peakd.com/elsalvador/@apshamilton/el-salvador-and-btc-deep-dive-on-momentous-impacts
I, like everyone, am just going to ignore the grammatical error in "very high regulated" 😂
adverbs are for suckers
Trump would have been relevant if he'd pardoned Julain Assange. He kept on intentionally overlooking that. We just have to admit it, he was a puppet pretty similar to what Biden is...
There's a lot happening for crypto lately, and quite a few relevant good news, the price seems to be waiting for Q4 to react... :))
Hopefully we will have mass adoption for crypto as payments in a few years from now as well. It would make much more sense than it currently is.
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When the time comes they will all embrace crypto. Remember this pattern: They call Bitcoin a fraud or Ponzi. Then the next week they are issuing their own NFT’s singing the praises of the blockchain. Crypto has taken over…
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You are my contra-indicator. When you say something positive about BTC it immediately plummets.
Did you just figure this out?
Shit has been happening for over a year :D
Straight up constant running joke in LEO community.
I think you did forecast the dip.
I remember you wrote about the double price each year. So you think 2021 will end 55k.
Nevertheless I love your insights on tech and politics, the price is just a follower.
Shows that the big institutions are gaming the crypto markets and scooping up coin from weaker hands.
Children who listen get nice things. Bitcoin may end up as the de facto reserve currency of the world. These moves may end up occurring regardless of US monetary policy. I suggest all people to plan accordingly since right now there is no accountability in the legacy system. Not your keys not your coins :)
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SoonTM I will pay my monthly expenses in $CAKE and !PIZZA
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People condemn what they know nothing about, wouldn't blame Trump.
Bold move from El Salvador. Truly a great one. Looking forward to see how it affects the market and hoping other countries follow suit on this.
And thanks for keep us in the know with this news
Any country that has rejected the USD as a whole has paid dearly in war. I would not be surprised if the usa starts bombing el salvador or creating a bunch of false flag attacks and fake terrorists or mafia creations as a counter approach.
We canbjust look at the history of what happened to Afghanistan, Iran, Iraq, etc
Well I think there was another African country following El Salvadour's lead. Obviously we still have to wait for things to pass through their Congress before it does work out.
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Yeah, we can see Bitcoin as the currency of the people.
This is the final push downward, in my opinion, before the markets start climbing the proverbial "wall of worry". The FUDsters have hammered this about as blatantly as they can possibly get away with and they are just about there as far as turning the masses bearish. Once this final "scare" is out of the way, the next big leg up begins. I've got my autobuys stacking sats on a regular basis. I may have to put in a couple of bigger buys way down below the market. The wicks may just give me a truly great entry....
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Scrambling to figure out what label to slap on the several thousand various cryptocurrencies to try and control them? HAHAHA
Nice article man :-). Although I'm sure you can still get charged for Capital Gains for money made in forex trading?
Maybe I'm wrong, or perhaps it depends on your country of residence. I'm in the UK.
Cg
I'm calm here with you. Q4 it is.
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That's amazing news about the "currency" factor with El Salvador. I just want to be able to buy and sell stuff with crypto and not be worried about serious tax implications.
Are we there yet?
Yes I agree with the end of year take profit period.
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Lol Trump said BTC is a scam. This should throw my boomer dad's head into a tailspin. Boy he loves Trump, lets see if he loves his crypto more.
What trump said further reveals how weak and fallen the power of the dollar is, and what Saylor and the savior did is a clear indication of the superiority of cryptocurrencies over fiat money.
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Man I've missed out on a lot of shit due to my wedding activities but it's glad to be back. Will be checking out this Elalvador bit and maybe even consider relocating there if possible.
Nigeria is deeper into shit as Twitter has been banned around here and still no word about crypto situation being respolved
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why they are targeting bitcoin?
As always, patience plays an important role, but the cryptocurrency sector will lead over huge institutions,volume we have seen is insignificant compared what will come.. Great post ;)
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LOL I couldn't do anything but laugh because I am thinking the same thing! The problem is, you have so many people trying to make a living really doing nothing with their lives other than being an echo chamber for news to get likes and hits, this is the outcome you get, lol. It has really been a struggle to figure out what kind of content to come up with and actually be original... The problem is... the echo chamber is what people read. People don't give a crap about originality anymore, and it's sad. Same thing with music... People don't want to hear an amazing new original by an artist, they only want to hear covers of the same ole reverberated garbage they have heard a million times. Sorry, morning dab is kicking in and I went on a tangent, lol.