181–190 of 830 posts
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> I know practically no one around me ... You need to travel and/or get out of your social bubble more. I've met folks who bought houses with Bitcoin and moved millions across "money transfer unfriendly" borders.
I've met folks who bought houses with fiat too. Moving millions across "money transfer unfriendly" borders sounds like money laundering to me.
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From your link: “Stability in value is presumed to be the decisive factor for acceptance. Hayek makes the assumption that competition will favor currencies with the greatest stability in value since a devalued currency hurts creditors, and an upward-revalued currency hurts debtors.” Stability is not the observed behaviour in BTC.
It is rather a promise of an "eventual stability". Thinking through that lens, I think USD (and other Fiat currencies) are the ones exhibiting instability.
What about the 51% attack problem? Why doesn’t this matter? Can someone explain how this currency is a good bet when there is this seemly huge gaping hole in the system. Honest question!
that's right i wonder the same. a motivated state actor with access to hydroelectric dams, nuclear power and large datacentres can still easily take over the network.
How much compute power and electric would that take?
So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard). We know transactions are slow and expensive, so it’s not a good replacement for ordinary commerce. It can be used to transfer across borders, but there often is asymmetry in capital movement that makes this difficult in the places you need it most (poor countries with r…
> it’s terrible as a wide spread value store because it removes an important tool that governments have to handle the economy (dealt with debt via inflation aka printing money How does a static rather than unconstrained supply make something a LESS good store of value?
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What helps me sleep at night is that even had I entered all this time ago with BTC I would have exited 100 times by now. There have indeed been many 2x,3x,5x multipliers with BTC but there have been so many instances when it was unclear how everything is going to turn out which would personally prompt me to consider exiting with what I had. As my friend nicely put it: only way we could have gotten rich from BTC is ha…
That's exactly my attitude towards it too. But this has also given me a strong lesson for the future. If I get in on the ground floor of anything and decide to sell out, always keep a little skin the game that you don't touch.. because you never know if it'll go big. If the GP had sold 99% of his 3650 coins and kept 1% till now, that would still be $1.8m.
So does it make sense to put in some money that I’m okay with losing now or have I missed it?
You probably missed it, since the hype around it has been going on for a while now. If the cycle continues like it has a few times now, there will be a big crash / correction, things will be very quiet around BTC / Crypto again for a few years, and then the next surge will happen. Not financial advice, but if you have BTC, sell now - or sell half, whatever. At least make sure you have your investment back. If you don…
Draw what conclusions you want, just an observation.
Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?
Had I spent £1k of spare cash then, I would now have enough to buy another house.
EDIT: And I’ve just now remembered that someone gave me £0.50 of BTC as a “thank you” on Twitter, which I sold to a friend for £25 and which is probably now worth £250.
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73% of mining is renewable energy https://pd.coinshares.com/EN-Mining-Whitepaper-December-2019
Still we could have used the same energy for other things that are currently running on non-renewable energy.
So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard). We know transactions are slow and expensive, so it’s not a good replacement for ordinary commerce. It can be used to transfer across borders, but there often is asymmetry in capital movement that makes this difficult in the places you need it most (poor countries with r…
Hardcore tech people and those who don't (or can't) trust institutions with their Bitcoin will pay the transaction fees to get their money out of exchanges and into their own wallet. The average retail investor, however, doesn't want to be their own bank. They just want in on the price action, while letting the exchange manage their money. Does anyone really think the person buying crypto $100 at a time in their Robinhood account wants to pay $18 (current average transaction fee) every time they want to move that BTC into their wallet? Of course not, which is one reason why Robinhood doesn't even have an option to withdraw Bitcoin.
As with any frenzy, the misinformation being circulated by people who want everyone to buy Bitcoin is getting out of control. How many average people buy Bitcoin because they think Bitcoin is the only way to avoid losing purchasing power? Meanwhile, everyone else has been protecting against inflation by purchasing stocks, real estate, or virtually any other investment long before Bitcoin was even invented. (Yes, I'm aware of the 21 million maximum BTC cap). The current Bitcoin narratives are more like a religion than reality.
That said, Tesla's Bitcoin purchase does make a lot of sense. Elon Musk went on Twitter and called Bitcoin "BS" to drive the price down so they could buy at a discount. They then announced their Bitcoin purchase with fanfare that drove the price up, marking a quick return on their investment. They used Elon's influence to make a quick profit on the frenzy.
How much of this Bitcoin wealth is centralized to the top %?
Satoshi owns $54 billion worth of Bitcoin at this point.
(I have limited cryptocurrency knowledge so that may be all hogwash)