Bitcoins - about to hit $5,000 per coin today!

[Mayday]

Whoa. Who could have saw that pump coming?  Lol

Things were definitely heading down and then this happened. Haven't had time to check the news. Wonder what it was.

Fed announced 0% interest rates to 2023, 7% GDP, 2% inflation and 4.5% unemployment.

Of course, they didn’t mention the fact they can’t control their debt accumulation or the required printing or what their plan is to remain solvent.

Lit up everything because hey, just show us some lofty goals but don’t say how you will do it because that will ruin the game lol.

[Bindare_Dundat]

Fed announced 0% interest rates to 2023, 7% GDP, 2% inflation and 4.5% unemployment.

Of course, they didn’t mention the fact they can’t control their debt accumulation or the required printing or what their plan is to remain solvent.

Lit up everything because hey, just show us some lofty goals but don’t say how you will do it because that will ruin the game lol.

Thanks man. Also just heard some news about Goldman Sachs but I dont have the details. I'm stuck at work...

[Mayday]

Morgan Stanley capitulated and announced they are allowing wealthy clients access to Bitcoin funds.

Need to have 2M minimum with them for at least 6mths. Can’t allocate more than 2.5% of your total into Bitcoin.

The 2.5% is more about them wanting to prevent a sell run on their other funds otherwise we’d be seeing 10%-20% allocations going on.

Morgan’s total management value is 900B. Assume they bring a 60,000 coin demand from their clients and that is 2% of the supply in exchanges that would be removed from the supply pool......

Oracle hasn’t even bought their 70,000 coins yet (another 2.5% of supply). Other major banks will follow (94% market share).

The inbound drain of coins from exchanges is something very real. We might see a very real institutional FOMO driving the spike of price much higher than people expect this bullrun.

[Bindare_Dundat]

Morgan Stanley capitulated and announced they are allowing wealthy clients access to Bitcoin funds.

Need to have 2M minimum with them for at least 6mths. Can’t allocate more than 2.5% of your total into Bitcoin.

The 2.5% is more about them wanting to prevent a sell run on their other funds otherwise we’d be seeing 10%-20% allocations going on.

Morgan’s total management value is 900B. Assume they bring a 60,000 coin demand from their clients and that is 2% of the supply in exchanges that would be removed from the supply pool......

Oracle hasn’t even bought their 70,000 coins yet (another 2.5% of supply). Other major banks will follow (94% market share).

The inbound drain of coins from exchanges is something very real. We might see a very real institutional FOMO driving the spike of price much higher than people expect this bullrun.

Thanks Mayday. My limit order kicked in earlier today. Lets see how far this goes. But I missed the meat of this run thus far. Damn.

[Bindare_Dundat]

Hey obsidian? What's going on with the Ethereum miners "going on  strike" at the end of the month? What's your view on how that will effect the price? Short term/long term. Sorry if you already answered this but I've been so busy I dont have time to search the thread.

[obsidian]

Hey obsidian? What's going on with the Ethereum miners "going on  strike" at the end of the month? What's your view on how that will effect the price? Short term/long term. Sorry if you already answered this but I've been so busy I dont have time to search the thread.

Actually another Ethereum Improvement Proposal just came out: EIP-3368. This proposal calls for the immediate increase of block rewards from 2 to 3. This was an initiative pushed by miners to counter the gas fee burning. Many miners are willing to accept EIP-1559 if the block reward increases to 3.

https://www.worldstockmarket.net/ethereum-developers-publish-eip-3368-to-reduce-miners-discontent-with-burning-fees/

https://eips.ethereum.org/EIPS/eip-3368

Simple Summary

Changes the block reward paid to proof-of-work (POW) miners to 3 ETH from existing 2 ETH and starts a decay schedule for next two years to 1 ETH Block Reward.

Abstract

Set the block reward to 3 ETH and then decrease it slightly every block for 4,724,000 blocks (approximately 2 years) until it reaches 1 ETH.

Motivation

A sudden drop in PoW mining rewards could result in a sudden precipitous decrease in mining profitability that may drive miners to auction off their hashrate to the highest bidder while they figure out what to do with their now “worthless” hardware. If enough hashrate is auctioned off in this way at the same time, an attacker will be able to rent a large amount of hashing power for a short period of time at relatively low cost vs. reward and potentially attack the network. By setting the block reward to X (where X is enough to offset the sudden profitability decrease) and then decreasing it over time to Y (where Y is a number below the sudden profitability decrease), we both avoid introducing long term inflation while at the same time spreading out the rate that individual miners cross into a transitional range. This approach offers a higher level of confidence and published schedule of yield, while allowing mining participants time to gracefully repurpose/sell their hardware. This greatly increases ethereums PoW security by keeping incentives aligned to ethereum and not being force projected to short term brokerage for the highest bidder. Additionally the decay promotes a known schedule of a deflationary curve, aligning to the overall Minimal Viable Issuance directive aligned to a 2 year transition schedule for Proof of Stake, consensus replacement of Proof of Work. Security is paramount in cryptocurrency blockchains and the risk to a 51% non-resistant chain is real. The scope of Ethereum’s current hashrate has expanded to hundreds of thousands of new participants and over 2.5x original ATH hashrate/difficulty. While the largest by hashrate crypto is bitcoin, ethereum is not far behind the total network size in security aspects. This proposal is focused to keep that superiority in security one of the key aspects.

[Mayday]

ADA making a run for the border.

[jude2]

ADA making a run for the border.

It is making a good run.

[Bindare_Dundat]

Actually another Ethereum Improvement Proposal just came out: EIP-3368. This proposal calls for the immediate increase of block rewards from 2 to 3. This was an initiative pushed by miners to counter the gas fee burning. Many miners are willing to accept EIP-1559 if the block reward increases to 3.

https://www.worldstockmarket.net/ethereum-developers-publish-eip-3368-to-reduce-miners-discontent-with-burning-fees/

https://eips.ethereum.org/EIPS/eip-3368

Simple Summary

Changes the block reward paid to proof-of-work (POW) miners to 3 ETH from existing 2 ETH and starts a decay schedule for next two years to 1 ETH Block Reward.

Abstract

Set the block reward to 3 ETH and then decrease it slightly every block for 4,724,000 blocks (approximately 2 years) until it reaches 1 ETH.

Motivation

A sudden drop in PoW mining rewards could result in a sudden precipitous decrease in mining profitability that may drive miners to auction off their hashrate to the highest bidder while they figure out what to do with their now “worthless” hardware. If enough hashrate is auctioned off in this way at the same time, an attacker will be able to rent a large amount of hashing power for a short period of time at relatively low cost vs. reward and potentially attack the network. By setting the block reward to X (where X is enough to offset the sudden profitability decrease) and then decreasing it over time to Y (where Y is a number below the sudden profitability decrease), we both avoid introducing long term inflation while at the same time spreading out the rate that individual miners cross into a transitional range. This approach offers a higher level of confidence and published schedule of yield, while allowing mining participants time to gracefully repurpose/sell their hardware. This greatly increases ethereums PoW security by keeping incentives aligned to ethereum and not being force projected to short term brokerage for the highest bidder. Additionally the decay promotes a known schedule of a deflationary curve, aligning to the overall Minimal Viable Issuance directive aligned to a 2 year transition schedule for Proof of Stake, consensus replacement of Proof of Work. Security is paramount in cryptocurrency blockchains and the risk to a 51% non-resistant chain is real. The scope of Ethereum’s current hashrate has expanded to hundreds of thousands of new participants and over 2.5x original ATH hashrate/difficulty. While the largest by hashrate crypto is bitcoin, ethereum is not far behind the total network size in security aspects. This proposal is focused to keep that superiority in security one of the key aspects.

Sounds like a bandaid solution to be honest. The incentive seems to last only a few years.

[Bindare_Dundat]

ADA making a run for the border.

yup, kicking ass lately.

[FitnessFrenzy]

bitcoin spiked from 55k to 58k when the FED announced yesterday that it would keep rates unchanged to around 2023. So people are buying bitcoin in that moment as an investment for an ultra low interest rate environment; I think that fits with the view of bitcoin as a kind of digital gold. Interesting stuff to witness.

[Mayday]

bitcoin spiked from 55k to 58k when the FED announced yesterday that it would keep rates unchanged to around 2023. So people are buying bitcoin in that moment as an investment for an ultra low interest rate environment; I think that fits with the view of bitcoin as a kind of digital gold. Interesting stuff to witness.

Rally based on knowing more QE is coming along with more coronavirus handouts.

We get hyperinflation on stocks, collectables, luxury goods, high end property and deflation on technology, consumer goods and wages.

We are drowning in deflation (wage deflation) because debt is inflating all things scarce making it appear like you are drowning in inflation.  Property flies up not because your wages flew up but because debt flew up. Debt is deflationary by nature because of interest. Ie It sucks out more than it puts in.

46.8M millionaires on the planet. 18.6M of them are in the US. There are 17M BTC mined coins of a possible 21M. Probably 2% of the 46.8M millionaires hold BTC.

Supply on exchanges since the pandemic has dropped from 3.1M coins to 2.6M coins resulting in a 6 fold price increase. If they rationed the remaining 2.6M coins to one per buyer, the remaining 45M millionaires have a 6% chance of owning 1 coin.

BTC becomes a blackhole triggering a deflationary spiral which will result in the endgame of monetisation of debt.

[El Diablo Blanco]

so now bitcoin is being used as an email scam.  I get a random email saying I won .890989 BTC in some random draw.  Just click on the shady link to accept.  lol.

[SOMEPARTS]

BTC becomes a blackhole triggering a deflationary spiral which will result in the endgame of monetisation of debt.

...and at the end of all that those that orchestrated this debt end up owning everything that is real while regular people own code. 

The mantra they are putting out there is "own nothing and be happy". Perfect vehicle for that.

The little people of the world are not going to rule over the elite over this novelty. You are still standing inside their casino playing their game.

[Griffith]

How much of a pullback do you guys think we could still see for BTC?

[Humble Narcissist]

so now bitcoin is being used as an email scam.  I get a random email saying I won .890989 BTC in some random draw.  Just click on the shady link to accept.  lol.

The real Bitcoin is a scam.  You might as well invest in unicorn farts.

[gib]

The real Bitcoin is a scam.  You might as well invest in unicorn farts.

I thought we've already discussed this with you. How can BTC be a scam? The entire ledger is public. Every single transaction is visible and recorded. 100% transparent. Perfectly limited in supply.

Fiat currency is the scam. Bitcoin is our defence against that...

[Mayday]

...and at the end of all that those that orchestrated this debt end up owning everything that is real while regular people own code. 

The mantra they are putting out there is "own nothing and be happy". Perfect vehicle for that.

The little people of the world are not going to rule over the elite over this novelty. You are still standing inside their casino playing their game.

An understandable position but average Joe isn’t buying crypto, the wealthy are. The inbound increases in price are a result of massive wealth entering the system, us plebs can barely make it budge now.

We are massively in debt. We are solving that by increasing debt. Debt increases deflationary pressure as it’s % increases vs your output.

We will hit peak debt at which point markets are flooded with money and there is no yield left. That is the decision point.

BTC is over 1T market cap. It’s as big as silver and has passed the point of being shoved aside. At the point of market yield collapse, BTC would have averaged 100%/yr while all other asset classes provide zero yield with downside risk. Do you see the risk of a deflationary trigger there?

What price does it need you to hit to capitulate?    For me it took the event of a pandemic and a global shutdown to understand I needed a way off the island at any price.

[polychronopolous]

...and at the end of all that those that orchestrated this debt end up owning everything that is real while regular people own code. 

The mantra they are putting out there is "own nothing and be happy". Perfect vehicle for that.

The little people of the world are not going to rule over the elite over this novelty. You are still standing inside their casino playing their game.

Not financial advice but perhaps you should put your silly little pride to the side and buy some BTC. I know it pains you but maybe just admit your were wrong.

You give far much too much power to the so called "elite"

Either you put your due diligence in and caught this train early or you didn't. You didn't.

Your pride has cost you a shit ton of money but you still have time.

[polychronopolous]

The real Bitcoin is a scam.  You might as well invest in unicorn farts.

"I didn't put my time in and I lost out so now I am extremely bitter at those who WERE able to recognize this revolutionary technology"

[SOMEPARTS]

Not financial advice but perhaps you should put your silly little pride to the side and buy some BTC. I know it pains you but maybe just admit your were wrong.

You give far much too much power to the so called "elite"

Either you put your due diligence in and caught this train early or you didn't. You didn't.

Your pride has cost you a shit ton of money but you still have time.

As stated before, I owned some before probably anyone in this thread and still have a little BTC and LTC.

[polychronopolous]

As stated before, I owned some before probably anyone in this thread and still have a little BTC and LTC.

That makes you incredibly stupid if you sold bitcoin years prior seeing as the price is 57k and gearing to go MUCH MUCH higher.

Again, not a personal knock towards you. Just a pride issue that you have.

[obsidian]

Sounds like a bandaid solution to be honest. The incentive seems to last only a few years.

Yeah well proof of work was going to get phased out regardless and all miners knew that. I am surprised we can still mine Ethereum with GPUs. You could only mine Bitcoin with a GPU for about a year and then FPGA miners took over and eventually ASIC. There are ASIC miners on Ethereum also even though it is supposed to be ASIC resistant.

I think miners are shortsighted. The price of ETH will go up with EIP-1559 and so what if you get paid less ETH. In dollar terms you will probably make more. I'll enjoy GPU mining while it lasts. There are of course other coins to mine after Ethereum but right now it is the most profitable.

[obsidian]

Ethereum is now above the price of gold 

Yes Ethereum is above 1 oz of gold. And Bitcoin is above 1 kg of gold lol!

[Humble Narcissist]

"I didn't put my time in and I lost out so now I am extremely bitter at those who WERE able to recognize this revolutionary technology"

"revolutionary technology..."