I'm not totally sure if this quote is accurated. It seems right!
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Sunday 5 December 2021
"If Bitcoin hasn't profoundly shocked you, you haven't understood it yet" - Niels Bohr, 1957
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Partial indexing on pruned node?
When you run a full node, you can index the data by address or transaction for fast queries. Such indexed nodes are used by applications like wallets, which need to be able to retrieve arbitrary tx data quickly.
Some nodes have indexing built in (BCHD, Bitcoin Verde), while others expect a separate indexer service to run alongside the node (BCHn, Flowee). To my knowledge, all of them expect to index the entire blockchain and do not work at all with pruned nodes.
This is a problem because the indexes consume a lot of risk space, even more than the blockchain itself (~400GB last time I checked and probably more by now). That means the cost of a cloud server that can host the index is a little high.
What I'm wondering is, would it be possible to run a pruned node and maintain only a partial index? For example, just index the data for the current UTXO set and the last N blocks (say 1 week or 1 month of blocks). Then just discard index data for spent transactions further in the past.
This would give you all the data you need for a wallet backend that allows you to view, send and receive your available funds. You just wouldn't be able to retrieve older transaction history for already-spent funds. It would also give you a buffer of N blocks of historic transactions which you could query if you needed to (e.g. to check whether a disputed payment was sent by a customer).
This seems like it would make it much cheaper and more accessible to run a node that can be an application backend, even when blocks get up to 256MB or larger.
My question: is there any technical reason that this cannot be done?
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source https://www.reddit.com/r/btc/comments/r8xnhs/partial_indexing_on_pruned_node/
Panic? I'm already down around 30k in less than a week.
DISCLAIMER: This is a throwaway and I don't check DMs or pay attention to anything on this account. Don't try to scam me, it won't work.
Here's a reason you shouldn't panic.
Prior to this week, my wealth allocation was around 40% crypto (mostly BTC) and 60% stock market. Then, on November 29th and November 30th, I wanted to rebalance my allocations to 75% (mostly BTC) and 25% stocks, so this is very close to "going all-in" at around 60k per BTC. I moved a total of $70k USD from stocks to crypto between those two days. Fast forward to today, my crypto holdings are down 28k USD.
How does it feel? Fine. I haven't sold, and therefore I haven't lost. Will I sell? Not a chance, even if BTC drops to 8k per coin.
How do I recover? By DCA'ing. Each time I will deposit more fiat into crypto, I will be lowering my average cost per share. Then when Bitcoin inevitably reaches a new ATH, my gains will be even higher than if ATH happened today.
Moral of the story? There's no reason to panic unless you sell.
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Bitcoin didn't change yesterday.
Bitcoin still functions properly.
The limit is still 21 million.
Blocks are still mined every 10 minutes on average.
The government still cannot merely confiscate it.
It is still digital scarcity.
It will still eventually reach a point where no sane person will exchange a Bitcoin for any amount of fiat currency.
The fiat money printer is still going "Brrrrrr...."
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My 'anti-crypto' dad just asked me which coin he should buy, after he heard that govt is about to allow crypto as assets.
So my Dad is pretty 'anti-crypto' and my Mom is 'pro-crypto'. After months of doubt and questions over crypto. My Dad asked me which coin he should buy. Obviously, BTC!
This is after he heard that the govt is working on a new bill to allow crypto assets to be bought legally in India.
This is big news because India has one of the highest crypto penetration in the whole world.
Reports say that crypto assets will be regulated by the Securities Commission here and some other restriction on non-custodial wallet and decentralised exchanges will be present, maybe. I still don't know how they will do it, but ok. Whatever. Even though technically, it's impossible to 'ban' non-custodial wallets.
But this is the first step. From a 'complete ban' recommended to allowing crypto assets. I think this is a good news. :)
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A price dip? I can't buy at this price without my cost basis going up. In fact, I haven't been able to buy BCH "low" for quite some time.
If you simply buy small, equal amounts often (dollar cost average), and spend often, then price means very little. If you treat BCH as a currency, it works as a currency. The fees are low, so liquidity is high.
And should the price of BCH creep up slowly over time, you win. And should it go down, you lose. The question is, can you afford not to play.
Nowhere in the white paper does Satoshi say, "the price goes up". Blockchains don't care about USD.
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source https://www.reddit.com/r/btc/comments/r8vfq3/a_price_dip_i_cant_buy_at_this_price_without_my/
Saturday 4 December 2021
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