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

[Humble Narcissist]

There are no plans to restore any of the buying power that has been stolen from the US dollar.

The plan is for the government to spend more, borrow more, tax more, print more..............and people are calling Bitcoin a scam.

Two completely different things.

[Thin Lizzy]

The whole point of going off the gold standard was because gold couldn’t be devalued. Why would governments adopt something similar?

[Flexacon]

The whole point of going off the gold standard was because gold couldn’t be devalued. Why would governments adopt something similar?

Haven't you heard? Gold will soon be useless. Elon is gonna start mining asteroids and will be bringing back tons and tons of gold. You better buy some Bitcoin ASAP!

[Coffeed]

Haven't you heard? Gold will soon be useless. Elon is gonna start mining asteroids and will be bringing back tons and tons of gold. You better buy some Bitcoin ASAP!

I thought it was DOGE?

[Flexacon]

I thought it was DOGE?

That's a shitcoin. It will end up at zero like the rest of the shitcoins.

You need to buy bitcoins because it has fundamentals.

Fundamentally speaking you need to buy on top of me, so I can keep on making money. Then we need to convince others to buy on top of us so we can continue making money. Got it? Now laser up!

[obsidian]

That's a shitcoin. It will end up at zero like the rest of the shitcoins.

You need to buy bitcoins because it has fundamentals.

Fundamentally speaking you need to buy on top of me, so I can keep on making money. Then we need to convince others to buy on top of us so we can continue making money. Got it? Now laser up!

And what fundamentals are those? It has a finite supply. So those Zcash - same as Bitcoin. And Zcash is more anonymous. So in theory it would be preferable over Bitcoin?

The only thing Bitcoin has going for it is it was the first crypto. The decentralization argument seems to be untrue as we can see with the miner shutdowns in China. Now they will pick up and move to another nation and become more centralized. You'll have miners in some peanut republic that can have a regime change at the snap of a finger.

The defense that Bitcoin will have sustainable mining but still use a lot of electricity is not as good as one where a proof of stake crypto uses 1% of Bitcoin's electricity. And proof of stake could be more secure if it becomes more decentralized via many staking validators. Bitcoin is only as decentralized as its mining farms allow. If there are 10 or even 1000 massive mining farms it still means that the decentralization is spread over 1000 entities. 100,000 or 1 million staking validators would provide more decentralization.

I am more bullish on Ethereum and Cardano as far as fundamentals go. Look at their percentage returns compared to Bitcoin the past year. Why would I dump $10,000 into Bitcoin when Ethereum and Cardano could offer a bigger return on investment?

[obsidian]

That's a shitcoin. It will end up at zero like the rest of the shitcoins.

You need to buy bitcoins because it has fundamentals.

Fundamentally speaking you need to buy on top of me, so I can keep on making money. Then we need to convince others to buy on top of us so we can continue making money. Got it? Now laser up!

The Bitcoin maximalist approach is no different than the Gold / Peter Schiff maximalist approach.

[obsidian]

So Microstrategy will just continue to keep BTC on life support??

What happens why they stop leveraging themselves into the mix? Just seems a bit too sleazy from a market manipulation standpoint.

Saylor will soon have to auction off his kids, donate blood and start sucking dicks for money in order to squeeze out more capital to keep BTC's price up.

Where's Max Keiser during moments like these?

"1"

This is embarrassing / cringe worthy. Keiser is giving Bitcoin a cult vibe. Saylor also with his laser eyes on Twitter. It comes across as being a cult and childish. Who Photoshops laser eyes on their face?!  The crypto market needs people that don't come across as fanatics. Max Keiser is giving perfect ammo for Bitcoin detractors.

[Flexacon]

And what fundamentals are those? It has a finite supply. So those Zcash - same as Bitcoin. And Zcash is more anonymous. So in theory it would be preferable over Bitcoin?

The only thing Bitcoin has going for it is it was the first crypto. The decentralization argument seems to be untrue as we can see with the miner shutdowns in China. Now they will pick up and move to another nation and become more centralized. You'll have miners in some peanut republic that can have a regime change at the snap of a finger.

The defense that Bitcoin will have sustainable mining but still use a lot of electricity is not as good as one where a proof of stake crypto uses 1% of Bitcoin's electricity. And proof of stake could be more secure if it becomes more decentralized via many staking validators. Bitcoin is only as decentralized as its mining farms allow. If there are 10 or even 1000 massive mining farms it still means that the decentralization is spread over 1000 entities. 100,000 or 1 million staking validators would provide more decentralization.

I am more bullish on Ethereum and Cardano as far as fundamentals go. Look at their percentage returns compared to Bitcoin the past year. Why would I dump $10,000 into Bitcoin when Ethereum and Cardano could offer a bigger return on investment?

No problems with decentralization. The Banana Republics are setting up bitcoin mining operations that will use the power of lava and volcanoes. Also have you heard about Nigeria?

Shitcoins like ETH and ADA are too volatile. If you put that $10,000 in Bitcoin now and hodl, then you will providing your family with wealth that will last for generations.

No other coin can match fundamentals like that.

[obsidian]

No problems with decentralization. The Banana Republics are setting up bitcoin mining operations that will use the power of lava and volcanoes. Also have you heard about Nigeria?

Shitcoins like ETH and ADA are too volatile. If you put that $10,000 in Bitcoin now and hodl, then you will providing your family with wealth that will last for generations.

No other coin can match fundamentals like that.

Yes and what if there is a regime change in the Banana Republics? Like what happened in Libya and Iraq? Then they declare Bitcoin mining wasteful. They'll say the electricity from the volcanos should be used to power homes and other entities they deem to be more deserving. The other problem is what happens once all Bitcoin has been mined? What will secure the network then?

Miners won't be getting paid Bitcoin so what will finance this? Will Bitcoin holders be charged a fee on a monthly basis to ensure that the network is secured for transactions? I have a feeling Bitcoin will eventually have to switch to proof of stake and will need some kind of inflation to reward stake holders in Bitcoin. Because what will incentivize stake holders if they are not going to receive Bitcoin for their staking? Bitcoin's finite supply might actually be an issue in the future once all Bitcoin has been minted. I think a low inflation rate would be what saves Bitcoin.

I am still not sure what fundamentals make Bitcoin so great compared to others. You said hodling $10,000 BTC will provide wealth for generations. Why not Ethereum? Since Ethereum's creation it has outperformed Bitcoin by 250%. This is over a period of 6 years.

https://cointelegraph.com/news/eth-has-outperformed-btc-by-250-since-inception-raoul-pal-triggers-debate

[El Diablo Blanco]

If Bitcoin is anonymous. How did the Feds seize the Bitcoin paid to the hackers of the pipeline shutdown?

[Coffeed]

If Bitcoin is anonymous. How did the Feds seize the Bitcoin paid to the hackers of the pipeline shutdown?

Sounds like a conspiracy just to hurt crypto that the news just ate up!

[Theoak*]

If Bitcoin is anonymous. How did the Feds seize the Bitcoin paid to the hackers of the pipeline shutdown?

Btc was not hacked. Ransom hackers used a rented cloud server. FBI got a subpoena and took control of it and recovered coins. That's it.

[gib]

If Bitcoin is anonymous. How did the Feds seize the Bitcoin paid to the hackers of the pipeline shutdown?

Gold is anonymous too. And it can be seized.

The bitcoin didn't disappear. Rather it was taken and transferred to the Feds due to the baddies not being secure with the private key. Pretend you took some gold as a ransom and then left the safe where you stored it unlocked. Someone else can then come to the safe and steal the gold. The gold is a perfectly fine and uncorrupted asset. But you fucked up in the way you stored it.

Hope that helps...

[Humble Narcissist]

If Bitcoin is anonymous. How did the Feds seize the Bitcoin paid to the hackers of the pipeline shutdown?

I was wondering that myself.

[IroNat]

If the Feds want to get you they will.

[Flexacon]

I'm gonna menstruate. It's quad witching day tomorrow. I'm expecting a 25% BTC dump very soon.

It dropped 28%

I've clearly lost it!

[El Diablo Blanco]

If the Feds want to get you they will.

I don't believe this shit is anonymous.  I'm sure the feds figured out a lot about bitcoin and can probably shut it down if they wanted but it's been a huge opp to shutdown a lot of illegal businesses.

[polychronopolous]

Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan


Chinese bitcoin miner BIT Mining delivered its first batch of 320 machines to Kazakhstan after its operations in the Chinese province of Sichuan were suspended.

The publicly traded company (NYSE: BTCM) expects to deliver another 2,600 machines before the start of July, it said in an announcement Monday.

The company's remaining machines will also be shipped overseas.

The mining machines already shipped have a theoretical maximum hash rate capacity of 18.2 PH/s. One PH/s stands for one quadrillion hashes per second, the measure of how many calculations a mining machine can compute.

The move to Kazakhstan came after BIT Mining received notice on Saturday that the power supply for its data center in Sichuan would be suspended by the state energy regulator.

BIT Mining's data centers in Sichuan contributed about 3% of its total revenue in May.

With China's crackdown on the crypto mining industry, companies are looking to migrate elsewhere. Along with Kazakhstan, BIT Mining has also invested $25 million in a new mining center in Texas.

https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan

[Griffith]

Israel will be trialing a central bank digital currency of the Shekel using Ethereum.

[SOMEPARTS]

If the Feds want to get you they will.

[Flexacon]

Israel will be trialing a central bank digital currency of the Shekel using Ethereum.

What does one of the most technologically advanced country in the world know? They should be following the Nigerian Bitcoin model.

[IroNat]

My ancestors were coal miners.

Does those genetics transfer to bitcoin mining?

[Flexacon]

Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan

27K BTC incoming

[polychronopolous]

El Salvador President: This is a Bitcoin Law and No Altcoin Will be Made Legal Tender


With the news of El Salvador’s bitcoin adoption as legal tender still trending, the country’s president, Nayib Bukele has made it clear that no altcoin will be made legal tender in El Salvador.

In a recent interview, President Bukele noted that his administration will be focusing on creating the necessary infrastructure required to make bitcoin fully operational as legal tender in the country.

He pointed out that residents can trade any altcoins of their choice but none of these altcoins will be made a legal tender.

He said,

“We are not gonna ban any other cryptocurrency but this is a Bitcoin Law, it’s just for bitcoin, for several reasons. It will be impossible to have ten legal tenders, having two legal tenders is quite a challenge enough. So, for legal tender, it’s only gonna be bitcoin and the USD.

El Salvador’s Bitcoin Adoption is a ” No-Brainer”
When the news of El Salvador adopting bitcoin as legal tender broke, it was met with mixed reactions. While several members of the crypto community expressed their joy, some critics slammed the El Salvadoran government.

In one instance, Steve Hanke, a top professor of Applied Economics at the John Hopkins University, criticized the decision and said that it was “very stupid.”

In his interview, though, President Nayib pointed out that the decision to adopt bitcoin as legal tender was because of “forward-thinking.”

According to him, bitcoin’s historical trend is a clear indication that it is going to be a lot bigger than it is currently and that is why so many people are switching to it.

President Bukele revealed that adopting bitcoin has made El Salvador a little less dependent on the US dollar and its inflation, considering that it is one of the three officially dollarized American countries.

He said,

“Not becoming independent because we are not but at least becoming a little less dependent on the output of new dollars and the new inflation that is coming with those new dollars.”

He continued,

“Having bitcoin as a legal tender, even though nobody has done it before, was a no-brainer.”

https://coinfomania.com/el-salvador-no-altcoin-will-be-made-legal-tender/