Bitcoins - digital currency
Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:
- Bitcoins can be sent easily through the Internet, without having to trust middlemen.
- Transactions are designed to be computationally prohibitive to reverse.
- Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
Total size 5,811,700 BTC
or 4,585,431 USD
or 3,545,137 EUR
or 133,094,323 RUB
or 3,849 ounces of gold
Any value to this idea or will it never work?
btc's limited supply is known and should be baked in. perfectly inelastic supply is a great-but-not-fully-sufficient aspect of hard currencies. if it were, limited edition princess diana beanie babies would be the **** and my sister would be a billionaire.
gold is harder than btc, imo, because of relative confiscation risk. i can't imagine a world in which the US government (much less rest of world govts) bans gold, given it's been around forever, has industrial uses, the treasury owns half a trilly, etc.
seems more likely (albeit remote) scenario where btc poses legitimate threat to global financial order, -- especially the dollar -- and political machinery demonizes it as a ponzi that benefits select few cryptobros at the expense of everyday americans. sprinkle in a few anecdotes about btc funding illicit drugs/arms trades, that transaction fees make it prohibitively expensive as an actual currency, energy costs to mine (GLOBAL WARMING) and you could get sufficient support to ban possession. in that scenario US-facing brokerages (and btc itself) would be cooked. btc ownership is also more traceable.
this is a simple framing assuming nationalist rules apply going forward rather than techy-madmax or utopian future states.
disclaimer: i'm btc agnostic and can easily see it 10x in coming years so don't stone me
How are people handling half of their bitcoins being gone? There's probably a lot of new market participants unprepared for this.
gold is harder than btc, imo, because of relative confiscation risk. i can't imagine a world in which the US government (much less rest of world govts) bans gold, given it's been around forever, has industrial uses, the treasury owns half a trilly, etc.
Lol what. Look up executive order 6102
they were reimbursed for it, anything that had nostalgic/collectible/historical value was exempt, and you could keep up to $100 worth of it no problem, the equivalent of about $20k today
he didn't ban gold, due to the depression, wealthy people stopped spending it and were just hoarding it and at the time our currency was still backed by gold so it was a money supply issue
and the next president repealed it because they decided the gov shouldn't be allowed to dictate those kind of terms
I use BTC to make purchases about once a year. The transaction is only about $20. Previously the fees were less than a dollar. When I entered the transaction yesterday, the fees were over $100, thinking this must be an error, i cancelled and tried again, still showed over $100. I use Blockchain wallet. Is this normal? Is this correct? If so, how can this be considered a legitimate medium of exchange.
I use BTC to make purchases about once a year. The transaction is only about $20. Previously the fees were less than a dollar. When I entered the transaction yesterday, the fees were over $100, thinking this must be an error, i cancelled and tried again, still showed over $100. I use Blockchain wallet. Is this normal? Is this correct? If so, how can this be considered a legitimate medium of exchange.
it's very high right now. runes and other items have been added post halving. it will calm down eventually, but the past few days have not been the best time to make transactions.
Never forget that they paid out $20/oz for gold, and then when they were done confiscating they immediately repriced it to $30/oz.
I use BTC to make purchases about once a year. The transaction is only about $20. Previously the fees were less than a dollar. When I entered the transaction yesterday, the fees were over $100, thinking this must be an error, i cancelled and tried again, still showed over $100. I use Blockchain wallet. Is this normal? Is this correct? If so, how can this be considered a legitimate medium of exchange.
Fees are cheaper when those in the US are sleeping. Some were paying over $100 at one point. Average fee https://bitinfocharts.com/comparison/bit...
DOJ indicts Samourai developers. There is no privacy in bitcoin.
I'm moved some of Maximus's posts and their replies to another thread: https://forumserver.twoplustwo.com/30/bu...
This thread is more for current affairs regarding bitcoin.
It this what they meant by halving?
Guess we shall see!
If suddenly Whale Alert starts showing massive Tether prints, every logical bit of analysis goes right out the window. If Tether didn't exist, I think you guys could stack at 38k too. But as the market is today, not much sense predicting.
ETF outflows are big, but maybe not as big as the news is trying to make them out to be.
It definitely looked to me like all the Halving hype was exit liquidity. But I'm almost never right in this stuff.
Halving has happened 3 times before this one.
Study halvings.
There's what, a bit over 1M BTC left to mine yeah? Would the theoretical impact of halvings not reduce as less and less of them are there to mine? I'm asking, genuinely do not know.
People ape in around the halving because they are dumb and think the price is going to magically double or rocket up. When it doesn't happen, they get disillusioned and paper hand.
The effects of receiving half the mining rewards typically don't get seen for 6-12 months post halving. The year of the halving isn't the one to watch. It's the year following that has historically been the big run up.
We'll see if history repeats, but I'm generally bullish on 2025. We're also in a 'then they fight us' stage. November election seems pretty important this year for the near term success of crypto.
K all i'm saying is the halving run up has logical reasons based on how bitcoin works. There was a functional explanation.
All I'm asking is if that functional explanation should make way less sense when there's almost no coins left to mine. Is that not more or less at least a consideration?
house i have a lot of respect for you but this feels like results oriented cope
in the prior months this thread just jumped back to life with "halving when" "moon" 200k by 2025, etc etc
only once it drops do we get the "well it's more of a long term process"
K all i'm saying is the halving run up has logical reasons based on how bitcoin works. There was a functional explanation.
All I'm asking is if that functional explanation should make way less sense when there's almost no coins left to mine. Is that not more or less at least a consideration?
Are you saying since less bitcoins left to mined , the halving should have a lesser impact for bitcoin to go up ?
house i have a lot of respect for you but this feels like results oriented cope
in the prior months this thread just jumped back to life with "halving when" "moon" 200k by 2025, etc etc
only once it drops do we get the "well it's more of a long term process"
Ha keyword in your post 2025
We aren't even halfway through 2024 yet.
Anyone who expects up only on a short term trade is likely to get rekt.
Zoom out.
