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Off-Topic discussion about Bitcoin and cryptocurrency.
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Some on-chain analysis of Tether fraud:
https://www.reddit.com/user/StablecoinsFraud/comments/o0u5cg/tether_chain_swap_fraud_non_existent_burns/
🤣
In chart news, the 50-day moving average (green line) has crossed below the 200-day moving average (red line). It's been riding above since May 2020, but no longer. If the normal rules applied to Bitcoin, a lot of people would change tactics at this point and start betting on the price going down. That's always happening a bit, but the equilibrium could shift (and it might).
All things considered, though, I'm not confident that the normal rules do apply here. I'll venture that plenty of people out there believe that any price below the red line is a bargain, and there must be a lot of, "They will do this, so I will do this, because I am clever" strategies in play.
(It doesn't mean that they're clever.)
The grey line is the 21-day moving average, and that's been settled for about 11 days.
very boring market.. To be honest i would be glad to have clean signal for short but no matter how intry i don't see it, just plain 200/50 cross is not enough for me... PA is dead at the moment, no sign og up or down sentiment...
after false breakout (red circle) we're back in range with super low volumes.. everybody is literally waiting what other will do ...
bottom two green lines are my ultimate bid areas...
this looks to me like realistic midterm scenario
and here excellent analyse from one of best traders on CT about death cross
mother of all scam/bubbles
Misleading chart, they changed the way they account for M1 money supply by adding savings deposits, which used to be counted as M2. So the chart is reflecting that statistical change. That tweet was either intentionally misleading or posted by someone clueless. Maybe both?
https://www.federalreserve.gov/releases/h6/h6_technical_qa.htm
Incoming hot take "but Richard, only normies call it fake, it has a 62B market cap" in 4, 3, 2...
ah so, thanks for explanation ... it means it was bubble even before, just splited into two graphs to better hide it
https://www.fox5ny.com/news/crypto-currency-confusion-georgia-man-wakes-up-a-trillionaire
naysayers: "it's not money, it's volatile, it's slow, it has high tx fees, unusable as payment"
people of el salvador:
Counterpoint:
Yeah, as said above, they're just doing business. 🤷
there. is. no. inflation.
Btw. face of Peter Shiff after approaching end of this list, and realising that 0.1% is definitelly less than Bitcoin's 265% to the date
Tether got own emoticon on Twitter :-)))
Almost half of hashrate temporarily down, as China miners are migrating to other locations.
What happened with Bitcoin network ? Nothing worth to mention. Temporary longer time of block block processing (around 20 minutes for block *), in few days difficulty will adjust automatically and we are back to 10 minutes block production, like clockwork.
Now. Imagined that almost half of banking SWIFT network goes down. Pretty much epic world-scale payment collapse would me imminent.
That's why decentralisation matters.
(*) of course that's just block on main net - lightning network is, obviously, still fast as lightning, with almost instant transactions
The banking network is also distributed and decentralised. There isn't one central bank that everyone uses.
The comparison with SWIFT is asinine, the difference between SWIFT and Bitcoin is that SWIFT is widely used and Bitcoin is not. You can't compare the financial infrastructure of the entire world with some fringe internet bit-player - the volume of transactions is in no way comparable, and neither Bitcoin nor Lightning are capable of competing with SWIFT.
Decentralisation is by very nature slow and expensive: you have to keep many multiples of the ledger updated all the time, which is why it's very hard for decentralised systems to compete with centralised ones when it comes to speed, efficiency, and cost.
The only solution is to increase the amount of centralisation in the network, which is what systems like Lightning inevitably lead to. You can't have your cake and eat it: it's either decentralised, slow, and expensive, or centralised, fast, and cheap. Or as the cliché goes: pick any two: decentralised, fast, or cheap.
https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
of course , if you want proof that something will not work, you just need google long enough and with probability close to 100% you will find somebody who can confirm your bias with some sophisticated enough theory, consistent with your worldview/faith/conviction lol :-)))
thing is, even if lightning will have some bigger nodes "central" nodes (amongs to many amall ones, literally EVERY bitcoin node can serve also as lighning node), still nodes have zero control about network parameters (i mean in terms how they are big - they have still jist one vote, no matter if they route 1000 or 0.0001 btc of transactions daily) - unlike the central banking system..
rest is wasting of time with academical and mathematical debates, totally irrelevand to real world use cases... fact is lightning network is growing, almost everybody who is using getumbrel node is running also lighning node..
nice complex abstract matmematical proof is one thing.. reality is often other thing. In reality it just works and it's improving every day.
just sent 7 euros to somebody with account in different bank.. it took 2 days... sending same amount through lightning - few seconds..
btw that guy is from Bitcoin Cash team so he is obviously spreading his own propaganda ...
how i know it ? Just read last sentnence in that article
"So, is Bitcoin in trouble because second layer solutions may not work? No, not at all. Bitcoin
was designed to scale on-chain with simple blocksize increases. It can and will do so, if we allow it."
Classic Bitcoin Cash propaganda from 2017/2018.. remains of "block wars" from that era... that article is outdated and history proven it was wrong.. next time try some articles from 2020/2021 and not from Bitcoin Cash / Bitcoin SV shitcoiners :-)))
you are doing exaclty same mental athletics like Roubini or Taleb - using as proof againt bitcoin "arguments" constructed by scammers around Bitcoin Cash or Bitxoin SV. Beware of those people, they're fraudsters. They're on wrong side of history.
Why is it always someone else who is a victim of confirmation bias?
By its nature confirmation bias lures one into thinking you are seeing things as they "really are". People that harp about confirmation bias are just as likely to be subject to it as the people they complain about.
It's not mental gymnastics, it's simple logic: you can't have a fully decentralised network that also provides fast and cheap transactions. Lightning, in order to be efficient, has to centralise around hubs, otherwise there is no way for the nodes to find each other efficiently.
El Salvador for example is not using the regular Lightning network for Strike, they're using their own centralised version of it.
Decentralisation is not a panacea: like everything else in life it comes with tradeoffs. Decentralisation is slow and inefficient, which is why decentralised money will never be as fast or convenient as more efficient centralised systems. It's also why Bitcoin will never work as a global payment system. Never. But that's OK right, because it's not a payment system, it's a "store of value".
here is current map if ligning network..
https://explorer.acinq.co/
+10k nodes, +47k channels. And growing
That's all what matters. Not some 4 years old propaganda written by some random shitcoiner...
theory:
reality:
discussion how much it is/isn't decentralised is absolute misunderstanding of ligning concept.. it was never supposed to be perfectly decentralised - it's compromise between decentralisation and centralisation, best of two worlds, it's supposed to solve fast cheap payments with preserving some level of decentralisation.. there is no centralised authority which can manipulate transactions, alter them, prevent them, do some malicious job (like banks are doing in central banking system)
It also (with upcoming taproot) solves security at pretty good level.
It already is... it takes up to 2 days to send money from one bank to other bank, it doesn't work on weekends and public holidays, it is vulnerable to centralized authority crashes (like recent crash of FED's services which are providing some essential features to banks, google it if you want) and manipulations (bank can prevent you from using your money if they decide or if they're asked by other big brother central authority)
Centralised systems are actually horribly unsafe, slow and inefficient when compared to decentralized systems.
one important difference - anybody, including you, can run node with lighning channels to help network, it costs almost nothing and nobody can prevent you do it..
Can you open bank ? No you can't.
None of this is true. In the UK interbank payments are instant and free. Stripe payments all over the world are instant and cheap.
Your premise started with "Bitcoin is decentralised, which makes it better than the traditional banking system", so when I point out the flaws of decentralisation, you counter with "but the Lightning network". The Lightning network is only viable because it centralises transactions - something you concede yourself.
The Lightning network is no more decentralised than traditional banking. We don't all use one central bank, there are tens of thousands of banks with branches distributed all over the world, it's a decentralised network of private banks. The payment systems are all run by private companies. It has nothing to do with "central banks" whose role is to set monetary policy and regulation.
This is idiotic, there are plenty of bad actors who manipulate transactions in crypto: Mt Gox, Thodex, Africrypt, Quadriga - all vanished taking their clients money. Bitfinex also gave all their customers a haircut after they lost money. And once you get into shitcoins and DeFi the number of scams is too high to count.
In fact this is far more likely to happen in crypto because there is no regulation. Contrary to what you may think having a regulatory framework means people are less likely to lose money - far less likely, because traditional banks can't just close down and take all their client's money with them.
I'm from Slovakia. We're part of EU. This is normal here, sending money to different bank (different bank in same country) takes up to 2 days. Even worse, if i want send momeny to Czech bank (or any other EU country bank including UK), it needs 3-4 days and costs 10 euros (or even more if i want to have it processed just 1-2 days) .. If you send momeny at friday after 16:00, they arrive to target bank in Tuesday next week. So up to 4 days.
If you pay nothing for your bank account, and nothing for transactions even between different banks, or nothing for using your VISA card - then congratulations, you live in beautiful utopia :-D Here i have to pay from 5 to 20 euros even for having bank account, i pay for VISA transactions, i pay for money transfers to other countries ...
Plus i can't sent any money during public holidays.
Plus if bank decides, he can prevent me from sending money, even through i didn't broke any law. [personal experience]
Plus bank can cancel my account anytime without reason. [know few people with this experience from more countries)
If all this is not possible in UK, contgratulations. But UK is not whole world and i have riends from outer EU and USA countries with exactly same experience like mine.
It's decentralized, in terms of there is no central authority which can control network, affect transactions. Which totally applies also on lightning network. Even node owner who hold opened channels can't affect what is happening on those channels.
There is no central authority which would be capable to control/affect/deny those transactions at all. It's so much centralized like was Napster or Bittorrent :-D :-D Talking here about centralization is absolute misunderstanding how it works.
Mt.Gox didn't manipulated any transactions. Mt.Gox servers vere hacked and private keys were stolen by hackers. It has NOTHING to do with Bitcoin network itself and even hackers with those keys didn't affected transactions in any way, they just got access to wallets. Same all other cases. Blame network / technology from that is insane nonsense, it's like blame car company from car accident
Actually - wors crimes happening in crypto are happening BECAUSE of regulation. KYC personal data stolen and sold at black market from centralized companies under govermennt control, just because Exchanges are forced by law to share those data with those companies.
I think you're willfully missing the point
In the decentralised Bitcoin ecosystem you're far more likely to lose your money because of bad actors (I've named five specific examples, two of which have occurred this year, but there are many more).
In the traditional banking system this is extremely rare. Banks don't suddenly shut down and take all their customers' money. The only "control" they exert is to ensure funds are there and that they comply with the law.
As for the "evils" of KYC, well yes isn't terrible that some effort is made to stop criminals from laundering their money. Let's just let them do as they please, because freedom. 🤷♂️
A system that is specifically set up to evade legislative oversight is naturally going to attract criminals and fraudsters. That's exactly what Bitcoin and crypto have done, from Silk Road to Tether, Mt Gox and Quadriga.