31–40 of 57 posts
It's the same rinse repeat cycle, it'll crash back down to 8k in a few weeks.
[1]: "Using DLCs, Bitcoiners can make bets based on events to which the oracle is attesting. Last week, we saw one of the first of these done by Suredbits Founder Chris Stewart and creator of BTCPay Server Nicolas Dorier, betting on the result of the U.S. election."—https://bitcoinmagazine.com/articles/dlcs-are-on-bitcoin-bri...
Earlier quoted context omitted.
This is my view exactly. I've been telling people I know who are trying to ride the crypto train that BTC has no fundamentals, by which I mean exactly that "the only reason it has value is if people value it." Think about it: the way BTC is created is basically by expending energy to solve some contrived math problem. So what ? Who should ever care at all that someone, at sometime in the past, happened to be running…
I would hesitate to call it "money" as well, as apart from its use in place of money, it has no value. Even paper currency is, at bottom, worth the paper it's printed on.
-Thomas Jefferson
Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…
so wrong. >unlike literally all other commodities on earth, the supply of bitcoin is truly constrained BTC is not a commodity, so there's no point comparing it to "other" commodities, of which in fact there are true constraints. > cannot be anymore made in response to demand above the normal rate of inflation. above? BTC does not track "normal" rate of inflation. the only reason BTC has value is because it can be swa…
the only reason BTC has value is because it can be swapped for fiat currency. it will never be its own "thing".
Bitcoin is a non-sovereign, hard-capped supply, global, immutable, decentralized digital store of value. It’s an insurance policy against monetary and fiscal policy irresponsibility from central banks and governments globally.
This makes bitcoin it's own thing. It's early days, but satoshi's (1/100,000,000 of a bitcoin) are already the standard for a variety of transactions.
Bitcoin is already a store of value and we can transact in it; it's just a matter of time before it becomes a unit of account.
Earlier quoted context omitted.
This is my view exactly. I've been telling people I know who are trying to ride the crypto train that BTC has no fundamentals, by which I mean exactly that "the only reason it has value is if people value it." Think about it: the way BTC is created is basically by expending energy to solve some contrived math problem. So what ? Who should ever care at all that someone, at sometime in the past, happened to be running…
I would hesitate to call it "money" as well, as apart from its use in place of money, it has no value. Even paper currency is, at bottom, worth the paper it's printed on.
So what has 'true value' then? Gold? It's similar to Bitcoin, in that you have to deposit it and use an exchange.
Earlier quoted context omitted.
But they trust bitcoin more than plain old gold. That’s interesting.
I’ve never liked the idea of investing in gold, purely for the fact that I could see a big disruption happening to it in my lifetime. Asteroid mining, some advance in fusion that makes “alchemy” commercially viable, etc. I don’t trust Bitcoin either, of course. If something were to happen to Coinbase or some attack on the network itself it could tank awfully quickly.
Coinbase is just an exchange; plenty of them have come and gone since bitcoin has been around. Mt. Gox was much bigger on a percentage basis than Coinbase is now when it went out of business. There are plenty of other exchanges and other ways for people to buy and sell bitcoin [1][2].
Bitcoin is a global network of tens of thousands of full nodes verifying the block chain and miners; there's no feasible attack for this.
It's been 12 years; I'm sure it's been attacked every which way possible in that time. The only way you can stop bitcoin is to shutdown the internet and that's not going to happen.
One mantra in the Bitcoin community to live by: "Not your keys, not your bitcoin."
Anyone with a substantial amount of bitcoin should transfer them from an exchange (or Cash App or PayPal) to a wallet they control, which isn't that difficult. There are plenty of hardware wallets to enable this and n of m multisig solutions, so there isn't a single point of failure.
[1]: https://keys.casa
Earlier quoted context omitted.
I’ve never liked the idea of investing in gold, purely for the fact that I could see a big disruption happening to it in my lifetime. Asteroid mining, some advance in fusion that makes “alchemy” commercially viable, etc. I don’t trust Bitcoin either, of course. If something were to happen to Coinbase or some attack on the network itself it could tank awfully quickly.
If something were to happen to Coinbase or some attack on the network itself it could tank awfully quickly. Coinbase is just an exchange; plenty of them have come and gone since bitcoin has been around. Mt. Gox was much bigger on a percentage basis than Coinbase is now when it went out of business. There are plenty of other exchanges and other ways for people to buy and sell bitcoin [1][2]. Bitcoin is a global networ…
It matters not if there are other exchanges, if your bitcoins are on the next exchange to disappear without a trace. That happens enough times, the money folks will give up. Leaving it to hobbyists I suppose
Earlier quoted context omitted.
I would hesitate to call it "money" as well, as apart from its use in place of money, it has no value. Even paper currency is, at bottom, worth the paper it's printed on.
Coins are essentially worthless as well. Ok, they have a 'book value' of the (usually base) metal they're made from. But that's about it. So what has 'true value' then? Gold? It's similar to Bitcoin, in that you have to deposit it and use an exchange.
Bitcoin is peer-to-peer; you don't have to use an exchange to transact.
Lightning allows us to transact bitcoin instantaneously, person to person. There are plenty of Lightning wallets for iOS and Android.
[1]: https://bisq.network
[2]: https://hodlhodl.com
Earlier quoted context omitted.
Coins are essentially worthless as well. Ok, they have a 'book value' of the (usually base) metal they're made from. But that's about it. So what has 'true value' then? Gold? It's similar to Bitcoin, in that you have to deposit it and use an exchange.
It's similar to Bitcoin, in that you have to deposit it and use an exchange. Bitcoin is peer-to-peer; you don't have to use an exchange to transact. Lightning allows us to transact bitcoin instantaneously, person to person. There are plenty of Lightning wallets for iOS and Android. [1]: https://bisq.network [2]: https://hodlhodl.com
Earlier quoted context omitted.
But they trust bitcoin more than plain old gold. That’s interesting.
Gold isn't easily divisible. You can't use gold for daily transactions. People do and have used Bitcoin to buy the proverbial cup of coffee. Gold isn't easily transportable. If you had $100,000 in gold and wanted to leave the country with it, that would be quite a hassle. A bitcoin wallet can live on your smartphone or a USB stick. Or you can memorize 12 words and gain access to your wallet anywhere there's an intern…