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

[SOMEPARTS]

http://www.the-sun.com/news/3195065/bitcoin-billionaire-mircea-popescu-dead

 

Be careful out there Gib the crypto ubermensch.

[gib]

Lol at those fools and crypto-doomsayers here who cited India as an example of a country "banning" Bitcoin...

https://finance.yahoo.com/news/india-may-quietly-shown-hand-190909090.html

[gib]

This is where the hash rate sits right now. Back at 2019 levels now.

According to Twitter this is either completely irrelevant or it is bullish.

Interesting that now miners are irrelevant when They were being blamed some time ago for dumping coins when the hash rate dropped. Funny that.

We’ll find out in July whether hash rate and price still like to hang out together. Could also be August.

Think of it like this.

Imagine a bunch of property developers (akin to miners producing hash rate) start building a whole bunch of properties. They can build all they want, but all that effort building and increasing supply does nothing to increase price. And indeed it would be a rather foolish to start building properties in the belief that the act of building generates demand.

Rather they way it happens it like this. The price of existing properties risee. This in turn leads builders to build more, provided their cost of production is less then the current (or anticipated) price, in the hope of making a profit in selling the future properties they build.

Its the demand that drives the incentive to supply.

Same with bitcoin. Its a ridiculous concept to believe that you will go out and mine, and the more you mine the more the prices will go up. Indeed its actually quite the opposite. You have a price of BTC (driven by demand) and then, if your cost of mining is lower then the current price you will be incentivised to mine. If your cost of mining is less then the money you can earn from it, your incentive to mine will drop.

It should be very obvious - hash-rate does not determine BTC price. Indeed its quite the opposite - the higher the BTC price is above the cost of mining, the more people are encouraged to mine.

Pure capitalism and economics.

[Mayday]

So it’s a system which encourages greater and greater energy consumption with its purpose only as  something to store money in. As price rises, more energy piles in to make money. It doesn’t power anything other than the creation of itself. Ok I get that and I see why institutions have a huge problem with its energy side now.

Saylor has said, he doesn’t want BTC to have any ambitions above being something that you park money in. That’s it. He wants as little regulation as possible and says it needs to have no ambition as a result. Says the downfall of ETH is it has ambition and therefore greater regulation will make it useless. An interesting take to have technology that sort of does nothing.

Don’t get me wrong, the rich have fucked our monetary system but I do have a bit of an issue that this is the answer. You can see why Elon gives maxis a hard time over energy usage. His point being, sure let’s have a crypto to park money in but it needs to use way less energy if it isn’t going to really do anything.


Anyhoo, the start of the month is for rallying. We should hopefully see 2 weeks of a strong rally. Money makers can easily send over 42k and from there let retail FOMO to 47k-50k. I’m still in cash. The greater market might get rocky back half of July and charts say we still have more months of cool down.

[Theoak*]

So it’s a system which encourages greater and greater energy consumption with its purpose only as  something to store money in. As price rises, more energy piles in to make money. It doesn’t power anything other than the creation of itself. Ok I get that and I see why institutions have a huge problem with its energy side now.

Saylor has said, he doesn’t want BTC to have any ambitions above being something that you park money in. That’s it. He wants as little regulation as possible and says it needs to have no ambition as a result. Says the downfall of ETH is it has ambition and therefore greater regulation will make it useless. An interesting take to have technology that sort of does nothing.

Don’t get me wrong, the rich have fucked our monetary system but I do have a bit of an issue that this is the answer. You can see why Elon gives maxis a hard time over energy usage. His point being, sure let’s have a crypto to park money in but it needs to use way less energy if it isn’t going to really do anything.


Anyhoo, the start of the month is for rallying. We should hopefully see 2 weeks of a strong rally. Money makers can easily send over 42k and from there let retail FOMO to 47k-50k. I’m still in cash. The greater market might get rocky back half of July and charts say we still have more months of cool down.

Saylor has said BTC is the base layer and other applications will be built ontop of layer 1. I dont  recall him saying no regularion, infact he states regulation  is welcomed as it welcomes  adoption.  Be it Saylor, Musk Maxis .......btc doesn't  give two shits. BTC will keep growing organically.  Btc has weathered a tsunami of attacks over its short tenure, and like the hulk, the more you piss it off the larger and more ferocious it becomes. 

[IroNat]

Once bitcoin eventually becomes accepted the big institutions will control it just like they control everything else.

The only way it will become accepted is if it becomes a relatively stable medium of exchange.

If you can make some money speculating before that happens go for it.

Once it goes mainstream the party will be over.

[SOMEPARTS]

So it’s a system which encourages greater and greater energy consumption with its purpose only as  something to store money in. As price rises, more energy piles in to make money. It doesn’t power anything other than the creation of itself. Ok I get that and I see why institutions have a huge problem with its energy side now.

Saylor has said, he doesn’t want BTC to have any ambitions above being something that you park money in. That’s it. He wants as little regulation as possible and says it needs to have no ambition as a result. Says the downfall of ETH is it has ambition and therefore greater regulation will make it useless. An interesting take to have technology that sort of does nothing.

Don’t get me wrong, the rich have fucked our monetary system but I do have a bit of an issue that this is the answer. You can see why Elon gives maxis a hard time over energy usage. His point being, sure let’s have a crypto to park money in but it needs to use way less energy if it isn’t going to really do anything.


Anyhoo, the start of the month is for rallying. We should hopefully see 2 weeks of a strong rally. Money makers can easily send over 42k and from there let retail FOMO to 47k-50k. I’m still in cash. The greater market might get rocky back half of July and charts say we still have more months of cool down.

Every form of technology is replaced by a cheaper, faster one. Every single one.

As a socio-economic experiment crypto is a success but the only real thing I've seen crypto do at this point is divert $$$ that would have otherwise gone into precious metals. Metals ETF vs physical has already decoupled, imagine if that 1.5T was in the metals market. It would seem a benefit to govts, big industry and central banks that all this fake printed money chase fake assets rather than real ones.

[polychronopolous]

Saylor has said BTC is the base layer and other applications will be built ontop of layer 1. I dont  recall him saying no regularion, infact he states regulation  is welcomed as it welcomes  adoption.  Be it Saylor, Musk Maxis .......btc doesn't  give two shits. BTC will keep growing organically.  Btc has weathered a tsunami of attacks over its short tenure, and like the hulk, the more you piss it off the larger and more ferocious it becomes.

These fudsters in this thread remind me of the slow kid in class who lashes out at his classmates because they understand the subject and he doesn't.

Like it's THEIR fault because HE hasn't been paying attention or doing his homework 

[Theoak*]

These fudsters in this thread remind me of the slow kid in class who lashes out at his classmates because they understand the subject and he doesn't.

Like it's THEIR fault because HE hasn't been paying attention or doing his homework 

[Marty Champions]

This is a retarted thread for retards who want to lose money

[gib]

This is a retarted thread for retards who want to lose money

You are a retard, if you think anyone on this thread wants to lose the money. The entire purpose of the discussion (whether you are for or against bitcoin) is how to avoid losing money. Think about it...

[gib]

Every form of technology is replaced by a cheaper, faster one. Every single one.

As a socio-economic experiment crypto is a success but the only real thing I've seen crypto do at this point is divert $$$ that would have otherwise gone into precious metals. Metals ETF vs physical has already decoupled, imagine if that 1.5T was in the metals market. It would seem a benefit to govts, big industry and central banks that all this fake printed money chase fake assets rather than real ones.

Yes, even gold, (although its use has existed for over 5000 years)...

[Theoak*]

You are a retard, if you think anyone on this thread wants to lose the money. The entire purpose of the discussion (whether you are for or against bitcoin) is how to avoid losing money. Think about it...

You misunderstood what he said. We are 'retarted' "One who has been given additional tarts. Tartmobile vendor: Here is your extra tart sir. Consider yourself retarted."

I dont believe he referred  to us as 'retarded'.....that would  be ironic. An actual retarded statement.

[polychronopolous]

You misunderstood what he said. We are 'retarted' "One who has been given additional tarts. Tartmobile vendor: Here is your extra tart sir. Consider yourself retarted."

I dont believe he referred  to us as 'retarded'.....that would  be ironic. An actual retarded statement.

 

[Mayday]

Saylor has said BTC is the base layer and other applications will be built ontop of layer 1. I dont  recall him saying no regularion, infact he states regulation  is welcomed as it welcomes  adoption.  Be it Saylor, Musk Maxis .......btc doesn't  give two shits. BTC will keep growing organically.  Btc has weathered a tsunami of attacks over its short tenure, and like the hulk, the more you piss it off the larger and more ferocious it becomes.

I liked his earlier layer talk. I thought that made a lot of sense if it could make it that far.

Recently he said he doesn’t want BTC to have aspirations because it brings regulation. No currency. No payments. No private wallets. He sees the downfall of ETH being that it has aspirations and with that will come heavier regulation which will kill ETH.

It’s an interesting decision he made. Better to sit and do nothing and ‘assume’ the nearest competitor who wants to do a lot more, will fail……..

[Mayday]

These fudsters in this thread remind me of the slow kid in class who lashes out at his classmates because they understand the subject and he doesn't.

Like it's THEIR fault because HE hasn't been paying attention or doing his homework 

Bear markets contain lots of FUD because it is used to hide the large players exiting their positions. Makes sense yeah?

I’m pretty fair. I even said this first half of July is where we would see a rally take place if we are going to get one.

I mean, it’s not like the charts look all that fantastic……

[a_pupil]

You are a retard, if you think anyone on this thread wants to lose the money. The entire purpose of the discussion (whether you are for or against bitcoin) is how to avoid losing money. Think about it...

Falcone Landscaping LLC > Bitcoin investing

[FitnessFrenzy]

[gib]

I liked his earlier layer talk. I thought that made a lot of sense if it could make it that far.

Recently he said he doesn’t want BTC to have aspirations because it brings regulation. No currency. No payments. No private wallets. He sees the downfall of ETH being that it has aspirations and with that will come heavier regulation which will kill ETH.

It’s an interesting decision he made. Better to sit and do nothing and ‘assume’ the nearest competitor who wants to do a lot more, will fail……..

BTC has a great defined role as the rock solid base layer store of value upon which everything else is built. The planet around which many moons orbit.

Think of BTC as the forest floor, with various plants and organisms of all shapes and sizes growing on top, coming and going, evolving, competing, collaborating in symbiosis, all in an organic manner governed by the laws of nature and natural evolution.

[Mayday]

Ok so let’s say BTC is God’s gift.

Serious question, why did China just walk away?

They want world domination. They are on track to become the largest economy in the near future. They had the largest crypto mining % globally. Not only did they ban it but they shutdown the mining facilities.

It’s not the central bank crypto because that has a different purpose. What did they see happening that made them want to run a mile?

[Theoak*]

Ok so let’s say BTC is God’s gift.

Serious question, why did China just walk away?

They want world domination. They are on track to become the largest economy in the near future. They had the largest crypto mining % globally. Not only did they ban it but they shutdown the mining facilities.

It’s not the central bank crypto because that has a different purpose. What did they see happening that made them want to run a mile?

Communist regime. Controlling the people is far more important, they're  still heavily reliant on USA buying their cheap goods and manufacturing it over there.
What good is a decentrilised monetary system in a heavily centralised communist regime? Does BTC not embody property and freedom? Basically everything China is opposed too.

[Mayday]

Communist regime. Controlling the people is far more important, they're  still heavily reliant on USA buying their cheap goods and manufacturing it over there.
What good is a decentrilised monetary system in a heavily centralised communist regime? Does BTC not embody property and freedom? Basically everything China is opposed too.

BTC isn’t money, only meant to be a store of wealth.

It’s ok, kind of found my answer

[Theoak*]

BTC isn’t money, only meant to be a store of wealth.

It’s ok, kind of found my answer

Ok tell that to el.salvador. CCP would rather their  people store wealth in btc or their own country?

[Griffith]

Ok so let’s say BTC is God’s gift.

Serious question, why did China just walk away?

They want world domination. They are on track to become the largest economy in the near future. They had the largest crypto mining % globally. Not only did they ban it but they shutdown the mining facilities.

It’s not the central bank crypto because that has a different purpose. What did they see happening that made them want to run a mile?

Potential competition to their eYuan which will be used to keep more control over the population and their access to funds and ability to make payments.

With their current social credit point system they can make it impossible for someone to even buy a train ticket. This probably extends to using banks as well and transferring money.

Anyway, mining leaving China is a good thing, it will now be spread out over more countries. Before, it was about 60% in China.

[Coffeed]

China is a communist country. While I cannot grasp the bitcoin mania, it is easy to see why a government that wants total control over their people would be adamantly opposed to anonymous transactions.