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?
My parents are in their 60's and know of BTC, but know literally nothing about it. I told my dad the other day that BTC recently got to a new ATH and was currently $70k and he was confused... he literally thought it went to $0, that it was a scam, etc. I tried explaining it to him and he seemed interested, but more of in a way to just not offend me I think. So, yeah you got people that know of BTC, but they don't know anything about it.
Show him this:
Don't even ask the question. The answer is yes, it's priced in. Think Amazon will beat the next earnings? That's already been priced in. You work at the drive thru for Mickey D's and found out that the burgers are made of human meat? Priced in. You think insiders don't already know that? The market is an all powerful, all encompassing being that knows the very inner workings of your subconscious before you were even born. Your very existence was priced in decades ago when the market was valuing
absolutely incredible
if I had to guess, you guys will get to stack at 50k here
Diamond hands, hodlers, Diamond hands.
20%, 30% and 40% dips have happened during every bull run.
I have a question I would like the answer to before finding it myself:
What specifically is going to make bitcoin 'harder than gold' after the halving?
Gold has no cap. Mined daily. Corn’s limit is locked in. Gov’t can take away your gold if they choose to.
How does a government taking your gold look different than a government taking your bitcoin if the government knows you purchased either at some point in time? You can bury your gold and say you lost it or sold it. You can memorize your bitcoin seed phrase and say you lost it. Obviously, Bitcoin is vastly easier to transport within and across borders.
We're like a day from halving
The zero coverage from MSM right now as this ticks down is delicious. Big fan.
4th halving in 20 blocks!
NYT article next week: Bitcoin halved on Friday and the price is down 2% - speculators who thought the price would go up lost. Bitcoin is bad.
no article in 6-12 months when it rockets past 100k.
NYT article next week: Bitcoin halved on Friday and the price is down 2% - speculators who thought the price would go up lost. Bitcoin is bad.
no article in 6-12 days when it rockets past 100k.
I think you had a typo. Fixed it.
I'm watching the halving edge closer at www.mempool.space
Cheers
Spoiler
I have a question I would like the answer to before finding it myself:
What specifically is going to make bitcoin 'harder than gold' after the halving?
If gold goes to $1M/oz would mining companies dig as fast as they can and create more daily supply? If BTC goes to $1M can they mine more daily?
If gold goes to $1M/oz would mining companies dig as fast as they can and create more daily supply? If BTC goes to $1M can they mine more daily?
bad analogy
there's about 300k metric tons of gold on this planet
245k has already been mined and is in circulation and suffers shrinkage each year due to being lost, shavings - a major reason why they had to constantly re-mint coinage in the ancient world was that over time gold coins would lose mass
you put ten 1g gold coins in a purse for a month and by the time you go to spend them they are each now about .99g because micro shavings came off it
the 50k or so unmined tons are not efficient at all to mine, there are no more veins of gold remaining the only gold left is in the form of dust
the dust is loaded into trucks like this
it then goes through a number of processes to extract the gold - all of which are quite laborious and expensive and very, very bad for the environment with all the chemicals used such as cyanide - I've visited gold mines in colorado when i was studying geology, it's a sight to behold as truck after truck ferries the dirt (this is where the phrase paydirt comes from) to the processing center and those gigantic dump trucks which could carry an entire house will only get a few grams of gold per load
if the price of gold were to 100x then perhaps a few locations which are not profitable because one load of dirt only yields half a gram instead of the 3-4 grams needed to break even currently but the supply of gold is not going to suddenly explode and eventually, just like with bitcoin shrinkage will outpace new supply
