James, please comment on this snippet from Luke Dash Jr thank you
Bitcoin's greatest threat to survival is that far too few people are using a full node. For Bitcoin to work, at least 85% of economic activity needs to do so. As a result, Bitcoin is _likely_ going to fail already - it's an uphill struggle.
This comment from Luke is frankly inconsistent with reality. From a simple frame of how people actually behave, 85% node runners is beyond silly to even pretend could ever happen. In product design and engineering, you can't design for the world and customer you want, only the one that is in front of you. We must adapt to the constraints of reality.
Bitcoin has been designed to work when a small intolerant minority run nodes. It's why filters are ineffective, because you need total near 100% penetration, yet a small minority can route around them. Most people will never ever even contemplate running a node, and the vast vast majority will never even know nodes exist. It's just not how people work, they outsource technical stuff to services, and eventually never know it's working in the background.
I disagree with Luke that 85% of people and economic entitles will ever run a node (lucky if it hits 2%), and Bitcoin will be just fine anyway. I disagree that not reaching 85% means it fails, and I also disagree with a great many other things he says on this topic.
On the possibility that the cycle dies with a whimper, i.e., top signals never flashing before a bear, and how to navigate such a scenario, I'm not sure I understood your answer. Maybe you or someone else can restate it.
Hey Congrats on the baby James thats so awesome!! My wife is also about to give birth any day now for our first haha, due date sept 2nd! God bless mate!
James, please comment on this snippet from Luke Dash Jr thank you
Bitcoin's greatest threat to survival is that far too few people are using a full node. For Bitcoin to work, at least 85% of economic activity needs to do so. As a result, Bitcoin is _likely_ going to fail already - it's an uphill struggle.
Far out...where do I start.
This comment from Luke is frankly inconsistent with reality. From a simple frame of how people actually behave, 85% node runners is beyond silly to even pretend could ever happen. In product design and engineering, you can't design for the world and customer you want, only the one that is in front of you. We must adapt to the constraints of reality.
Bitcoin has been designed to work when a small intolerant minority run nodes. It's why filters are ineffective, because you need total near 100% penetration, yet a small minority can route around them. Most people will never ever even contemplate running a node, and the vast vast majority will never even know nodes exist. It's just not how people work, they outsource technical stuff to services, and eventually never know it's working in the background.
I disagree with Luke that 85% of people and economic entitles will ever run a node (lucky if it hits 2%), and Bitcoin will be just fine anyway. I disagree that not reaching 85% means it fails, and I also disagree with a great many other things he says on this topic.
Happy to elaborate as needed.
Love it, thanks!
Congratulations to you and your family James… time to start stacking nappies alongside sats!
Haha yes indeed, stacking away, staying humble.
Staying humble until the kids remind you who the real boss is… but I’ve been stacking BTC for kids for a while and 5xd it so far. 😉
Congrats James! Wish you and your family all the best :)
Happy to know you're a young father too, matey! Welcome your little coiner, and also some grey hair soon! Haha
Congratulations, Sir! May the crypto gods bless your upcoming family with health and wealth!
Thanks Joshua, I can't wait to meet him!
Congrats, Mate :)
Thank you!
Congratulations James! Good luck and health to your family
Thanks Mareto, can't wait to meet him.
Congrats James!
Congratulations!
On the possibility that the cycle dies with a whimper, i.e., top signals never flashing before a bear, and how to navigate such a scenario, I'm not sure I understood your answer. Maybe you or someone else can restate it.
Congrats James. Very cool, and one lucky kid!
Congrats. I got 4 bitcoiners.
Hey Congrats on the baby James thats so awesome!! My wife is also about to give birth any day now for our first haha, due date sept 2nd! God bless mate!
Congrats both. I got a due date Sept 10. #2
Congrats James
Congratulations to you and your family James! One more Bitcoiner to help changing the world for the better!!
Congrats Check. Not only bitcoiner , kiter too 😜🤙. All the best
Im already selfishly looking forward to buying his first little kite!
Bitcoiner and kiter here too although the kiting doesn't happen too often with 3 young kids!
Congrats brother. Mine is coming in October. All the best and wishing your baby and wife lots of health!
Thanks Julian. It's the lowest time preference thing we can do. Wishing you all the best also!