A. Potentially feeding signals into your microphone socket which could damage the soundcard.
Depending on the source of your 0.5V square wave you could deliver excessive current to the sound card : potentially frying components.
BTW a DC blocking capacitor is probably responsible for the display only showing spikes, not a squarewave.
The signal you are feeding it is only 2Hz, sound cards are designed for audio signals which are in the range 20Hz - 20000Hz.
The signal is right off a 555 timer and there is a series
resistor and resistor to ground making a voltage divider.
I’m now getting a spike, positive and negative, whenever the
signal is changing state.
I think I don’t see a square wave because the sound card
wants to level the signal for any standing DC so any time
my signal is not rising or falling it goes flat at 0 on the
Audacity display.
Can I somehow get the sound card to put out actual levels?
IIRC a 555 can be a source of ~100mA which is 100x greater current than you should apply to the mic input.
You need to prevent too much current or too high a voltage being applied to the mic input (see the links in my previous post).
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The spikes are due to DC blocking capacitor. Soundcards are designed for audio frequencies 20-20000Hz AC, not DC signals (which are rightly blocked).