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?
All the way down to one sat, baby.
In four years the world will be fighting over 225 bitcoin a day. Steady lads.
Some people enjoy buying themselves fancy clothes. Others are fond of getting pampered at a spa. And others would love nothing more than to travel around the world and stay at nice hotels.
Myself, I love to check the price of BTC and see a 5-digit number starting with a 7. I guess I am a man of simple pleasures.
We can do it all. We can do it all!
I honestly don't think anybody is ready for the supply shock that is coming once the ETFs have gobbled up most of the available bitcoin. And this time it will be with the first-and-only truly scarce asset with a fixed supply that will never increase.
And nation states haven't even really started yet. Or billionaires. Or corporations. Or anything. Just phychos, Saylor, and Blackrock/Fidelity/et al so far.
99.999999% of the planet has no idea what this means. That leaves about 8,000 who do, which I
Why do you think nobody is ready? We literally just did a 2.5x in price driven by the ETF. I'm bullish BTC and think we still go higher this cycle, but this "nobody understands" stuff sounds like euphoric nonesense to me. I think a lot of people understand pretty damn well.
I'm saying I don't think anybody is ready for what is actually going to happen in the next decade with true scarcity and hyperbitcoinization. Two years will melt faces, but 6-10 will atomize populations. Less 'euphoric nonsense', more 'nothing stops this train.'
I'm saying I don't think anybody is ready for what is actually going to happen in the next decade with true scarcity and hyperbitcoinization. Two years will melt faces, but 6-10 will atomize populations. Less 'euphoric nonsense', more 'nothing stops this train.'
I personally look forward to the new world order where bitcoin is the only currency and literally nobody can obtain it
I dunno if you've really thought this immaculate future through thoroughly
Some of you people, man. RCYFD
Faketoshi is a great nickname
Microstrategy is up to almost 1500. Crazy. Saylor purchased 12,000 more bitcoin.
Leading up to the ETF approval, what kind of predictions/estimates were being made for the quantity of bitcoin that ETF custodians would purchase? Has reality outpaced those predictions? Trying to understand how much (if any) the near/medium term outlook on bitcoin has changed since early Jan as a result of the ETFs.
TradFi ETF analysts were projecting $10bn of inflows by the end of 2024.
There were a billion inflows on Monday alone.
How do we know the 6m are lost? Don't dormant wallets from years ago come back all the time?
Seems like a really hard thing to estimate
It’s not 6m. Best estimates are 3-4m permanently lost (including satoshi stash) which matches up with coins that have never moved on the blockchain.
There are certainly some non-lost dormant coins in there (like the guy that just sold 1000 BTC after never touching the wallet), but 3-4m is the best estimate at this point.
There are going to be some great stories of people finding keys to fortunes. Wallet.dat files found on old CPUs, .txt or .doc files of keys, keys written on a shred of paper in the bottom of a dead man's drawer or in a book bought at a garage sale. Unfortunately, there will also be stories of people's keys being found from poor security and funds drained. And let's not forget the keys that will never be found after someone's death, or lost from this point forward.
I'm talking 5-10 years from now. There will be some doozies.
The crypto mantra has always been "Not your keys, not your coins", and I "think" I understand the reasons why this is important. That said, I'm a techno-idiot, and I decided that it was more likely that I'd mess something up with the keys, so I have half my crypto in cold storage at Coinbase and the other half at Gemini. No hardware wallets, nothing other than two factor authentication for both companies.
With the advent of bitcoin ETFs, does the NYKNYC "law" still apply? Presumably Fidelity, BlackRock, etc., all have great security systems, but anything that can be programmed can be hacked, so...??? Would anyone here have any SECURITY CONCERNS with regards to investing in btc via an ETF?
I'm not interested in trading crypto and not concerned w/ anonymity; I look at crypto as insurance, and am strictly a buy & hold investor.
Lastly, I bought some btc & eth via grayscale that's being held in my Fidelity rIRA. I'm aware that grayscales management fees are much higher than the competition https://www.nerdwallet.com/article/inves...
Are there any valid reasons not to sell my grayscale holdings and rebuy from an ETF w/ lower fees?
Is there a consensus on this forum as to which ETF is preferred?
Thx in advance for any replies!
If you're not comfortable holding your own keys, holding the ETF is probably your best option. Coinbase/Gemini is ok, but if you get social engineered or your 2fa practices aren't good, you could end up losing your coins there.
This is my journey telling family/friends:
1) buy bitcoin and hold it yourself
2) buy bitcoin and hold it on Coinbase
3) buy bitcoin etf
1 is still the best but people just can't satisfactorily figure it out. ETF has a tiny amount of fees, which probably outweighs risk of loss.
It’s not 6m. Best estimates are 3-4m permanently lost (including satoshi stash) which matches up with coins that have never moved on the blockchain.
There are certainly some non-lost dormant coins in there (like the guy that just sold 1000 BTC after never touching the wallet), but 3-4m is the best estimate at this point.
Thanks for clarifying. I did a Google search and 6 million was the first result that popped up: https://www.makeuseof.com/how-much-bitco...
The second result said 7.8 million: https://coingape.com/blog/approximately-...
I haven't looked closely at how any of these estimates are derived, but I'll take your word for it that 3-4 million is a better estimate.
And let's not forget the keys that will never be found after someone's death, or lost from this point forward.
I'm talking 5-10 years from now. There will be some doozies.
This is a valid concern that doesn't get discussed much, in my opinion. The majority of crypto enthusiasts may be <40, but I'm >60. So the crypto storage choices I make have to factor in (a) how my beneficiaries can take control of my crypto after my death and (b) the possibility of my own cognitive decline.
It's one thing to say "not your keys, not your coins," but if you can't remember where you left your keys—also not your coins.
We already knew this but nice to see the court. And fast too. He's going to get slammed for forgery as well.
But what about Dr. Craig's wheelbarrow of degrees!?
The very idea that Satoshi Nakamoto would wear double-breasted suits(pinstripe no less!) is preposterous. I need no other evidence.
Btc downnnnnnn
The odds of a friend asking in 2024 "how should I store my coins?" getting successfully social engineered out of your Coinbase money is so much lower than the odds of him doing something stupid and losing the coins in his wallet. It's like the stat about how your handgun is way more likely to kill you than anyone else.
