Bitcoin
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- nb3
Bitcoin doesn't need to be a mainstream payment system and it will still keep going UP and UP and UP in price for the foreseeable future. Yes it will sometimes have big dips because certain people own so much they can manipulate the market. (I think.) Those people are probably causing huge dips and then they can buy back in.
But it will continue to trend upwards over time, probably for years.
First I'll explain why crypto won't be a mainstream payment method in the US until the government changes how they tax it. It's just not feasible for people to legitimately report it on their taxes as it is taxed currently. It's ridiculous. This could change, but for now it's just not realistic to expect people to start shopping in crypto in the states. Or, they might but once they do their taxes they're going to be like, wait, what, what a hassle this is insane! Imagine having to report every single purchase you make to the IRS, itemized and converted to a different currency's value at the time of the transaction. Lol, no thx. However, other countries have different laws and we could see BTC being adopted by other countries sooner.
Ok, sooooo if it's not really currency, why do otherwise SMART and RICH people keep buying it and pushing the price up? Biggest reason is because people have money to invest and they need somewhere to put their money. Period. It's that simple. They have money and nowhere to put it. This is kind of what Elon Musk was saying (although he was going a bit further comparing it to USD and other fiat currency. It's the same argument.)
Basically, if you have a lot of money it is increasingly difficult to find places to invest it. It has been this way for YEARS. Interest rates are low AF, govts are slowly shifting to MMT and there's no indication interest rates will go up significantly.
Wealth is concentrated in a small portion of the population. These people want their money to earn money, but it's hard to find great investments. Ever wonder why there seems to be so many shitty stupid startups that are heavily funded even though they have no plan on how to make money? There are tens of thousands of them. It's not because it's a great investment, it's because MONEY IS AVAILABLE. There are people looking to put their money anywhere they can.
So far, Bitcoin and other crypto has been better than having your money sitting around. And hell, it's been WAAAAY better than that.
So people and businesses continue to buy up Bitcoin and it pushes the price higher and higher. Sure it will dip, but in the long run it will go up and up and up. Until there is a significant shift in interest rates and places to invest, this will continue. And this will snowball because now investors don't want to be left behind in the BTC and crypto market, even if they think it is a bubble.
It has nothing to do with whether or not it is a useful currency (or, if people even consider it currency or not.... that's just not affecting the price right now.)
- Beeswax1
Bitcoin is a stupid crypto.
Does nothing and sucks tons of electricity.
On top that the whole market is pegged to BTC price.Countries MUST ban BTC like they banned XRP trade.
Screw it's volume, push it into the OTC markets and let it die there weeping and scared.
After that we can really start talking about a crypto revolution.
- ESKEMA2
All our opinions about it are irrelevant.
- shapesalad-4
If you bought 1 bitcoin last year, guess how many bitcoins you'd have today?
Yeah, 1.
So it's stable.Maybe it's the $ that's fluctuating.
Think about that.Bitcoin is mathematically limited to 21m ever being printed.
How many $ are the US Federal Reserve limited to printing, and how much say do you have in them issuing more currency? Because each time they pump another trillion into the economy that dollar you have your wallet just lost some of its value, that 1 bitcoin you have, is still 1 bitcoin.- There’s no need to explain it. The naysayers have their minds made up here. Crypto currency is only the Future. Hard to believe people don’t get it.BH26
- An extremely libertarian viewpoint to say the least... following your logic if it falls down to sub $4k you'd be happy because it would still be 1 BTC. stablejonny_quest_lives
- maybe the sun is stable and the Earth rotates around IT! ever think about that??sarahfailin
- Comparing the Bitcoin ecosystem to the Fed is not accurate as Bitcoin was developed to allow transfer of capital between to parties without the need of banksjonny_quest_lives
- FYI guys... we orbit around Pluto.shapesalad
- Hurr durr 1 bitcoin. Stable genius. You're a fucking joke********
- If you can redeem/sell your Bitcoin for the price you want more power to you... but trying to validate this emperor has no clothes shady exhange ecosystemjonny_quest_lives
- is another matter... The legitimacy you crave comes with regulations... and I am by no means defending the current financial systemjonny_quest_lives
- it has flaws, but is regulated by the government with appointed oversight which in theory should hold fiscal entities in compliance with laws and adequatejonny_quest_lives
- funding to issue credit. Who do you appeal to if something goes wrong on current exhanges? or an exchange locks u out during tradingjonny_quest_lives
- because the exchange may be complicit in the price manipulation themselves and not have redeemable capital at all?jonny_quest_lives
- this is not a decentralized marketplace at all that ship has sailedjonny_quest_lives
- https://cbeci.org/mi…jonny_quest_lives
- If the dollar was really fluctuating that much then a pizza that cost $10 a decade ago would cost a million dollars. The opposite of what happened with Bitcoin.yuekit
- And let's be honest if Bitcoin wasn't so unstable in value no one would be talking about it. The thing that makes it attractive as a speculative investmentyuekit
- is the same thing that makes it unworkable as a real world currency.yuekit
- Value of $ isn’t based on Bitcoin you fucking clown. Compare it to baseball cards or another commodity if you want to make comparisons. This is stupid.monospaced
- One thing's for sure - Bitcoin et al is a more divisive topic than Mac vs. PC.Nairn
- shapesalad-1
For those that don't dig crypto and bitcoin, don't like the risk, prefer to be nice and safe with an S&P500 index fund... well you own Tesla now, and they own Bitcoin. So you're indirectly invested in Bitcoin.
- jonny_quest_lives6
"Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands."-Warren Buffett 2000 Berkshire Hathaway Annual Report
- this starts with: The line separating investment and speculation, which is never bright and clear, becomes blurred still further when..sted
- when most market participants have recently enjoyed triumphs.sted
- cross-post this to the stock of the day threadsarahfailin
- Bitcoin is basically a cult...grafician
- grafician-2
- There is work being complete for ETH2 that will transform it from POW to Proof of Stake. That will solve energy consumptionzaq
- That "work" is already years late, so don't use that argument - maybe ever lolgrafician
- Also PoS works only for ETH in theory, NOT for Bitcoin as Satoshi never intended this shit lol so stop with your "whatabouthism"grafician
- and also for ETH PoS is a "solution" for the past 5 years, no solution in sight, again stop adding this false argument to any crypto discussion.grafician
- The energy costs of crypto are real vs. zero problem solving, other than speculation.grafician
- inteliboy2
- stop you're making too much senseAQUTE
- Banks run on blood, not electricityGuyFawkes
- You need a lot of electricity to clean all that bloodESKEMA
- we should cancel money. waste of energy.uan
- Hahah what a moron, this is like that Pepsi presentation:
https://danhedl.medi…grafician - "Bitcoin, through the harnessing of these new or disparate energy sources, not only moves us forward to a Kardeshev Type I economy but may bring us closer to agrafician
- a Kardeshev Type I energy civilization (We’re ~0.72 on the Kardashev Scale)."
Yup, lunacy = checkedgrafician - https://lunarmobiscu…Nairn
- Also, graph the 0.001% of people using bitcoin vs every other cunt on the planet with a dollar in their hands.
< It's a really stupid comparison.Nairn - ^ apparently over 1% of the world now own or use bitcoin.inteliboy
- huh, turns out you're about correct.
Still.Nairn - Mind you, that's assuming that there's not a significant amount of people with more than one wallet. If I used it for its intended purpose, I'd have more than 1Nairn
- Datasource: some guy named Dan with a medium article. Unassailable.monNom
- drgs3
Institutions are here, except that they probably bought at 5k and sold at 50k and you don't hear about them.
It's the crazy one which get's all the attention. MicroStrategy bought 20k BTC at 52700
https://twitter.com/michael_sayl…
- you're against people channelling their emotions via attempts at poetry?ESKEMA
- i do admire his McAfee energy.jonny_quest_lives
- greed energy is at an all time high. LOLKrassy
- toemaas0
Is it a zero sum game?
- Only if you divide the number by it's self and then subtract 1.shapesalad
- Hah, I’m a little bit shit at maths but that was a nice succinct answer.sausages
- Since there is a set amount of bitcoin and the price only reflects how many are buying and not based on any supply/demand value - then for every dollar one perstoemaas
- on makes, another person looses... or is there some other value I'm missing here that regulates the fluctuation??toemaas
- Basically, what happens when they are all bought?toemaas
- they explode in everyone's pocketsESKEMA
- shapesalad0
https://news.bitcoin.com/researc…
On February 22, 2021, an author published a post on substack.com about an anonymous Twitter account that may have belonged to the mysterious Satoshi Nakamoto. The researcher discovered a Twitter account dubbed ‘Goldlover,’ and found some interesting coincidences with the account’s tweets and Bitcoin’s creator.
- "If you know where there are oranges in the sky in Winter Garden, you are on the right track for locating a treasure box."drgs
- Winter Garden as in Winter Garden, Orange County, Florida?drgs
- Winter Garden as in Kew's Garden https://www.kew.org/…shapesalad
- zaq3
Instead of replying in comments scattered through multiple crypto threads. I will respond to you here, my fellow qbnero. It might be relevant to few others too.
I understand where you are coming from. Believe me I feel your pain. You put so much effort into your work. You try very hard to keep an edge. You most likely have tons of experience, backed by prestigious awards, praised by your coworkers... and then some joe with nothing behind puts a few bucks borrowed from his mom into a gold rush and makes a fortune while reposting memes. I know that sounds very unfair. It sucks! It really is. Therefore, you just wait for the thing to burst and burn to the ground. You find some snippets online to justify your worldview: bitcoin is energy consuming, it's being used by criminals, it's a Ponzi scheme, there is no Ctrl-Z etc. When the hell will this thing would burst?!!!
Let me assure you, it's not going to happen. It will go up and down. Some people will lose money, some will gain.. But it will be there for quite long time. At least a few decades. And it will become much much bigger.
Blockchain is a trillion dollar market today. It's not going to disappear overnight. It's not only in people's head. An enormous number of machines are linked to it.
Coinbase is going IPO in a couple of weeks with a close to a $100 billions valuation. It's expected to be the most important IPO of 2021. Coinbase of blockchain is as Netscape of internet. Celsius will follow. There are some others that are scheduled to IPO this year in crypto too.
Bitcoin is only the tip of the iceberg. There is a lot of work that is being done in blockchain outside of bitcoin. ETH2 in my opinion will take the reign.
The smartest people have moved from working on displaying the most relative ads to programmatically shift capital.
Blockchain is not so much a technological revolution. As a technology, it's even a step back. Blockchain is a disruption of power. Where the old powers are losing the grip.My advice to you, as a fellow qbnero. Do not fight blockchain. Embrace it. Not by buying crypto, but by becoming knowledgeable in the domain.
Read https://coinjoy.io/ daily
Listen to Crypto Startup School https://a16z.com/crypto-startup-…
Get MetaMask
Monitor the NFT/bitcoin/crypto threads.
If you have a child, I'd like to invite you to participate in the crypto project that I am launching. It's fucking awesome!!! :)
- what's the project? it's harvesting my childs Adrenochrome for Hillary Clinton and the hollywood elite's isn't it._niko
- if so, I'm in, the little shits have cost me a fortune so far, time to recoup!_niko
- I will post about it soon.zaq
- but don't quit your job yet :)zaq
- I am not jelly y'all making bucks. I'm not afraid of the technology. I hate seeing the technology being used to perpetuate the system it claims to disrupt.palimpsest
- This is like trying to tell the kids to stop playing with fire cuz they can burn the house down, while the kids are spoiled bratsgrafician
- is coinbase down again?jonny_quest_lives
- Coinbase support number 1-213-212-3502jonny_quest_lives
- https://news.bitcoin…jonny_quest_lives
- It's not. I just transferred some funds to acquire Clive's NFT from a fellow qbnerozaq
- https://imgflip.com/…jonny_quest_lives
- hop on the crypto train! everybody's going to be RICH! lolKrassy
- shapesalad1
https://decrypt.co/59864/damien-…
Damien Hirst Is Now Accepting Bitcoin and Ethereum for His Art
“I love the crypto world,” says the artist.For the first time, I’m accepting Cryptocurrency for payment,” he wrote on Instagram. “It’s hard for any of us to trust anything in this life but somehow we manage it and we even find love and I love art and I love the crypto world and I am happy and proud to put my belief into Bitcoin (BTC) and Ether (ETH) and accept them for this drop.”
- hans_glib0
anyone else getting spammed about chinacoin?
- Yes, only wish I had thought of it. Big scam, must be raking it in...shapesalad
- nopeAQUTE
- AQUTE-3
Old news
Great interviewIf this doesn't get you into it or up for it I don't know what will lol
I'm still hoping for this March dip 20-30% would be nice. Otherwise got to bite the bullet and get in there more and more
Watch "Bitcoin Infiltrates Corporate America (w/ Michael Saylor and Raoul Pal)" on YouTube
- Krassy0
what happens if there's a war (or a cyber attack, or a natural disaster, etc) and the government(s) shut down the internet / electricity / networks? how do you have access to your Bitcoin?
- when this happens, bitcoin will be your last problem :-)uan
- not reallyKrassy
- if you have cash or gold, you're OK in any of these disaster scenarios... but with crypto, poof -- you got nothin! lolKrassy
- cash will be worthless. and if you have gold, you'll be target 1 for the hungry packs.uan
- cash will be worthless? how so?
and my gold won't be hanging around my neck :)Krassy - Yup, all you would need is a farm and skills to grow food. Nobody has this anymore, even farmers. We are all fucked if this happens.tank02
- Hence why buying a few acres of farmable land (with simple home on it) is the best investment. You can get something decent for €50k+ in Central/North Portugalshapesalad
- They usually have a well and fruit/olive trees. You then keep chickens, bees, maybe a goat, work the land and worry less about $£€'s, crypto and precious metalsshapesalad
- Well this is my goal anyway... living in a city is an unnatural human life and a bad investment for both health and wealth.shapesalad
- And crypto, investments and a little hard work will get me there.shapesalad
- sounds great, where do i sign?hans_glib
- https://www.youtube.…shapesalad
- If? - Wars and cyber attacks happen every minute. The decentralised nature of the internet was built to withstand themSlashPeckham
- shapesalad, why buy the land now? just wait till all goes to shit and claim the land for your own then ;)microkorg
- "claim the land"... implies you first buy guns just to indicate this is not negotiable :)ekael
- my point is -- if the government decides to control/shut down Bitcoin, it can and it will. No?Krassy
- they can regulate the markets, but if you got bitcoins in a wallet where you own the private key, they can't take it.uan
- @uan your wallet and private key are nothing without the internetKrassy
- invest in ammo? :pBabySnakes
- ^ ha! :DKrassy
- Guns, that's all you need. In case of a meltdown, you're just holding cash and provisions for the guy with all the weaponry.zarkonite
- shapesalad-1
Imagine the fee for moving and storing 4.5billion of Gold... certainly it'd be more than $21.
'Bitcoin Whale Moves Massive $4.5 Billion Fortune in BTC for a $21 Fee'
- drgs2
- yes... anything can happen from here.shapesalad
- which tool you use to make those? I presume it's an AI calculation on probability?shapesalad
- based on past data?shapesalad
- Not AI, just comparing to previous data, takes 1 hour to run
https://www.qbn.com/…drgs