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Sunday, Feb 04, 2018 - 22:16 SGT
Posted By: Gilbert

Two Steps Forward One Step Back

Me: Human! Human! Am I glad... nah, always sounded more natural when the hamsters say it. For all their shortcomings, they've been accessible, or more accessible than whales - who've only now started conversing - at least... wait, what the hell is Mr. Ham doing kneeling out there?

It is a matter of relativity
(Source: r/bitcoin)

Mr. Ham: Spare a copper, m'lud?

Me: It probably isn't that bad, you know. We've had like four 30+% dips over the last year, and the price even today remains an annualized 1000%; you know about Buffett's advice, to buy on the assumption that they could close the market for five years? Although it doesn't transfer directly, it remains a good attitude to approach Bitcoin with. I mean, if we rushed to sell at all-time highs, we'd be out at US$10, US$250, US$1000, USD$3000 or US$5000, or any number of smart-seeming points in between. What more with...

Mr. Ham: Um, see, I was getting all emotional-like when it was falling back through US$10k, so I texted Mr. Robo to get in 100x long with everything we had...

Me: YOU WHAT?! Oh, wait. Mr. Robo's been curled up in a ball shivering in my spare room for the past week or two, seeing as how it's plunging, so it's probably alright.

Mr. Ham: Oh. Oh. That's nice. *makes call* Eh, Sammy? Don't cancel my reservation at Puertopia just yet. And stall the bailiffs coming to repossess the lambos.

Me: ...and as I was saying, this sort of thing puts hair on your chest *looks at Mr. Ham* well, more fur than was originally there at any rate. Separates the men from the boys. You haven't begun to live until you experience eight-figure hits to your portfolio in a matter of weeks, they say.

Gotta admit that it's fiendishly hard not to get caught up in the excitement and declare over-high price floors when it's rising, but other than that, it's all going swimmingly - new, better-backed exchanges sprouting everywhere, Robinhood integration, Lightning hitting a thousand channels already on mainnet despite haters not understanding what's up - can't wait for when LN instant and nearly-free transactions make the mainstream.

That was quick
(Source: lnmainnet.gaben.win)

By the way, there seems to be a pervasive misunderstanding about how the Lightning Network operates. At its most basic, two users can open a funded channel between themselves, which is limited by the constraint that the sum total of Bitcoin in that channel remains constant. Clearly, this is not particularly useful, even if transactions on the channel are fast and cheap. However, the point is that, like the Internet, it is a Lightning Network - users may not be directly connected by a channel, but they still can transfer value to each other by hopping over multiple nodes, same as with packet data!

Mr. Ham: Now, that's reassuring. Was beginning to get tired of my old Huracán. That he which hath no stomach to this downturn: Let him sodl; his limit order shall be filled. And tether for withdrawl put into his account: we would not hodl in that man's company: that fears his fellowship to hodl with us.

Me: Ah, the classic hodler's mantra. I don't know, Mr. Ham - these things can be hard to discuss. It pains me that sincere advice - say, on mining and altcoins - is seldom well-received, due to the taint of personal interest. Observations on liquidity advantages being historically self-reinforcing tend to fall on deaf ears, because it's far more tempting to believe that Special World-Beating Altcoin #371 will explode thousandfold, despite general past evidence to the contrary - for every ETH, there were countless dozens Auroracoins that never recovered after their initial burst of glory. To each his own, I say...

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