Silarous / Silarous is on Nostr

#Bitcoin

Last Notes

2024-09-16 16:04:03

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Pretty insane that wasn't learned last cycle. I guess not enough people got burned. Maybe this time.

2024-09-16 15:57:32

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Coinbase deleted me about 8 years ago. Never missed them.

2024-05-12 01:03:05

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Agreed. It's nice you can do your own peg-ins but we really need the functionality to do your own peg-outs as well. Feels like a cash grab for certain individuals.

2024-05-09 23:26:47

AI chain-analysis tools are a real threat to #Bitcoin privacy. It would be nice to have AI privacy tools on our side.

2024-05-04 14:12:10

Attention #bitcoin #JoinMarket users. There's a malicious website "joinmarket .net" that offers a windows installer that will drain your wallet. This website appears near the top of a Google search. Always use the official JoinMarket github when downloading. Stay vigilant!

2024-04-25 16:54:53

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If you feel that's a fact then all they need is a little direction, not a fork.

2024-04-25 03:39:13

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What makes you think users aren't changing the defaults on fidelity bonds if they want to? JM has always been a bit technical and I'd argue most of the active users know how to configure it. It's 1 setting in the config file that's part of all the other parameters that they need to set. Without the FB, a single maker can make as many offers as they have UTXOs for. An offer with a large bond is going to be more valuable to a taker than a offer without. Perhaps it may be helpful to allow easier configuration in JAM for less savvy users but I don't think forking it is necessary since it is ultimately up to the taker anyway.

2024-04-25 00:50:19

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No, users always had control of their funds. They can either point their Samourai wallet to their own node (should have been doing this in the first place) or restore their seed phrase into another wallet to recover.

2024-04-25 00:46:48

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Move to Raspiblitz and use JoinMarket.

2024-04-25 00:39:49

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You can run a version older than 0.9.0 which is when they added fidelity bonds. But why would you when fidelity bonds are optional? It's up to the taker how much they value fidelity bonds in their CJ. I specifically remember JM pre fidelity bonds and some makers would run many different offers using the same coins to increase their chances of getting selected for a CJ.

2024-03-10 20:36:17

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Agreed. That's why I decided to use the ETF in my IRA and self custody outside of it. Most of my holdings are outside my IRA anyway. It's nice to finally have options other than GBTC.

2024-03-06 20:19:58

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No exchange that I'm aware of. I would probably just list it locally. I'm not currently planning on selling it. I may eventually convert it into 3 120v space heaters for indoors. 😊

2024-03-06 12:33:28

I bought a S19J Pro 13 months ago. Here's the numbers...
I bought a S19J Pro Bitcoin miner to use as a garage heater in February 2023. I've been tracking its earnings on a spread sheet. It's had roughly 99% up time since I got it. I ran it overclocked for the majority of the time at 4000w and 125TH. In the summer months, I underclocked it at 1700w and 70TH. My residential electricity rate is right around $0.08 kWh. Here's the numbers using a current BTC price of $62,801
* I spent $2454.41 for the miner and everything I needed to get it up an running (control board for overclocking, wire, outlet, breaker, AC Infinity fan, fan shroud, etc.)
* I spent a total of $2,434.56 in electricity.
* Total expense = $4,888.97
* As of today, I earned 8,372,182 sats. That's worth $5,257.81.
* Mining profit = $368.84
* If I was to sell the used equipment today, I'd get roughly $1,368.35 or 2,178,866 sats.
* Total profit from mining and selling used equipment = $1,737.19 or 2,766,182 sats.
* Total BTC accumulated = 10,551,048 sats worth $6,626.16
Not bad, right? I made $1737 over the course of a year while heating my garage. In USD, that's a net gain. However, if we do the math on BTC earned from mining vs using the money spent on the equipment and electricity to buy BTC...
* $2454.41 spent on the equipment in Feb 2023 would have bought approximately 10,751,441 sats.
* $2,434.56 spent on electricity would have bought approximately 7,329,100 sats if I purchased BTC on the 1st of every month.
* Total BTC from buying = 18,080,541 sats, worth $11,354.76.
* Total profit buying BTC = $6,465.79
* Net loss from mining vs buying = -7,529,493 sats or -$4,728.60
In my case, I would have made a lot more money and bitcoin if I just bought it. But, I wouldn't have had a heated garage either. However, many of the months I didn't need a heated garage and ran the miner anyway. :) Would I have paid to heat my garage without the miner? Probably not. Either way, I had fun tinkering with it, it was a great learning experience, and I'm still happy I did it.
To those thinking about spending a large sum of money starting up a mining business, you seriously need to run the numbers. This situation would have worked out even worse if I bought more miners, infrastructure to support them, and had rent to house them. With the halving coming up in about a month, I will most likely become unprofitable and will be shutting down unless BTC doubles from here or difficulty drops. Time will tell.
#bitcoin

2024-02-27 02:21:00

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If Bitcoin was replaced with a "better" option, how long until the better option is replaced with an even better option? It would just prove there never was digital scarcity at all. Confidence in any digital scarcity would be destroyed.