BC CRYPTO
Saved by @CodyyyGardner

What will it actually take for BSV to succeed?

One big thing, or many small things.

 No other 'cryptocurrency' is scaling in a way that will actually work. They're adding friction, barriers to entry, and narratives and narratives and narratives.

As a result, they *can't* compete when BSV achieves higher usage than they can support.
This is a two sided issue.

First, BSV must be able to scale. So far, it looks like the software can handle scale pretty nicely, and folks are working on further improving it.

Second, people must actually use BSV. Adoption. This also drives miners to scale, too.
So, what will it take for BSV to succeed?

One big thing, or many small things... Using BSV to work.

See, if we get one large volume business sustainably using BSV, or many small volume businesses doing so, BSV wins.
The dynamics of mining shift entirely in BSV's favor as soon as this happens.

The "costly revenue" will arise on BSV, so only miners who work will earn it, while the "cheap revenue" will remain on BTC/BCH.

BSV miners will earn both cheap and costly revenue.
This means that only the miners who are actually working will earn the most revenue. They will be the ones best positioned to win the mining game, because they'll be able to earn both cheap and costly revenue, while others get squeezed in the cheap revenue alone.
Quite literally, the cheap revenue side will be so focused on hashing (burning energy, burning their revenue,) that their profits will actually begin to diminish against the miners who are actually working for their revenue.
Because you can't cheat Proof of Work.

Hashing is only one form of Proof of Work in Bitcoin.

There's also compiling and validating transactions, hashing them into the Merkle tree, and communicating with the other miners.
Those who focus only on one of these forms of Proof of Work will be unable to compete in the other form.

Only BSV miners will maximize profits.

And with that in mind, which coin do you think they'll be more likely to sell, the cheap one, or the costly one?
If I were a miner who was willing to work for a maximization of profits, I'd keep the costly one, because I know that others won't be able to earn it in the first place.

That gives me incentives to maximize the value of the costly one, because I'll have higher market share.
So, again, how does this all happen?

With one big business using BSV, or many small ones.

But you know what...?
This is why I want both retail and enterprise use cases on BSV.

I want to encourage everyone to use BSV, not just one big business, or some small businesses.

Everyone.
Because I don't want BSV to win in five decades.

I want BSV to win within the next five years.

And that is absolutely within the realm of possibility.
The more businesses that succeed on BSV, the more business will be attracted to BSV.

The more ways users have to earn BSV, the more commerce can happen on BSV.

The more ways consumers can use BSV, the more valuable BSV becomes.
Bitcoin's success is extremely sensitive to initial conditions.

The more folks we have building now, the more folks will be attracted to BSV tomorrow. Then, the more will be attracted the day after that.

It's a compounding effect.
Your efforts today may feel small, they may seem flawed and insignificant.

But they will be the catalyst to change the world for the better, if you have the courage to push forward.

Take it from Sam:
We have a path to success.

It won't be easy, but it is simple.

Have courage. Build. Encourage adoption. Give people a reason to use BSV.

And keep pressing on.

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David Fauchier
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Some thoughts on this super inaccurate piece.

tl;dr: this is not a defence of Tether/ iFinex, who I would like nothing more than to see disappear into irrelevance. However, most of the conclusions here show zero understanding of crypto market

1. First up: it’s completely inexcusable that Tether refuse to have a 3rd party audit. I can’t find a single good faith reason for this.

Bitfinex GC recently did a superb job of sidestepping that question on WBD:

2. For better or worse, USDT (tether) started as a way for people to move fiat between exchanges (a major problem) in the absence of the ability to onboard banking partners, none of whom wanted to touch crypto. USDT is now the dominant stablecoin by mkt cap & liquidity.

3. As a result of the difficulty of having a fiat on/off rail, many exchanges, like Binance, chose to be ‘crypto only’, using stablecoins in lieu of fiat. This is why the majority of inflows into BTC (article says 70%) is via USDT

4. Unbanked exchanges are in aggregate larger than banked ones. This is true, but it’s not because of a giant conspiracy to steal your BTC. Being unbanked = real regulatory arbitrages (lower cost + ability to innovate fast), and lower barriers to entry means there’s more of them.
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Jonty Wareing
Jonty Wareing
@jonty
Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file

Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX


THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"

Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF
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Vitor Const\xe2ncio
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@VMRConstancio
Tesla just announced that it had bought 1.5 billion dollars of bitcoin and could in the future sell cars in bitcoins. Since this morning both Bitcoin and Tesla are going up in the market. Maybe there is afterall something in the saying that“Bitcoin is Tesla without the cars”1/ 20

Musk is seen as a genius, a true Midas, by many investors and millennials. For them he can never go wrong. He became recently the richest man in the world dur to Tesla stock valuation (+353% yoy). He moves markets and today´s announcement is “kind of legitimise “ bitcoin 2/

Tesla shares attained $870 which represents a Price/ Earnings ratio of 1.747 (!) on the basis of last year´s profits. Apple is at 37 and the S&P firms average is 23 (against a historical average ≈16). Future profits would have to increase a lot to justify a more normal ratio 3/


Tesla has a good product but the question is if it will sell enough cars to get such profits in face of coming fierce competition. However, this is not the question I want to comment upon. It is also not about what may interest the SEC and market conduct…4/

It was not disclosed when Tesla had made this investment. In December, Musk said that Tesla could buy bitcoin, and this was followed by many statements that he supported bitcoin. Bitcoin kept going up & Tesla investment has appreciated. The SEC will look into this 5/
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Bartek Kiepuszewski
Bartek Kiepuszewski
@bkiepuszewski
[1/13] It may be initially confusing to fully grasp how deposits and withdrawals from L1 to @optimismPBC are actually implemented, and it helps to see the on-chain action of what is happening behind the scenes.

[2/13] Initial setup (simplified): on L1 we have SyntheticBridgeToOptimism from Synthetic and OVM_L1CrossDomainManager from Optimism contracts. On L2 we have SynthetixBridgeToBase and OVM_L2_CrossDomainManager contracts.

[3/13] Additionally we have Sequencer (L2 mining node) that verifies all L2 transactions and submits them in batches to L1 for future reference and Relayer that is responsible for relaying messages from L2 —> L1

[4/13] Step 1 - Alice wants to deposit $SNX to L2. To do that she calls initiateDeposit() method on the L1 SyntheticBridgeToOptimism which takes her $SNX, puts it in the escrow and calls OVM_L1CrossDomainManager sendMessage() method.

[5/13] The CrossDomainManager puts this request to CanonicalTransactionChain (this is an “official” and “unmutable” list of all L2 transactions on L1). As a consequence the Sequencer (L2 mining node) will need to execute this transaction on L2.
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LiBZ42
LiBZ42
@LiBZ42
1 - Over the years I've learnt a lot of new things that I wish I knew when I first started so I want to make this thread for all the new traders out there who wants to turn their trading into a profitable career 🔥

Will be adding to this thread over time.

17 - Because trading is a game of numbers and probabilities, whenever you see a setup that fits your trading rules and aligns with your edge, you NEED to take the opportunity!

Don't pick and choose, just religiously follow your plan and rules!
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