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

[SouJerz]

Either way, we key of course is to accumulate, hodl, and let time do its thing, and the long term to the trend is up. 100 K will be here before you know it. Be patient young Jedi...

Just scooped up a few more Satoshi’s!

[obsidian]

It appears that Ethereum is more resistant to attacks than Bitcoin. An Ethereum attacker would first have to acquire enough Ethereum. The problem is as they start accumulating the price goes up. Eventually it would become very expensive. Let's say it is a State Actor with vast resources. The Ethereum community and developers would first of all notice something is afoot. Once all that Ethereum has been acquired, it needs to be configures as validators. That also requires hardware, electricity, internet, etc. Not to mention the attackers' Ethereum would be slashed as a penalty for their dishonest validators.

A post from Reddit:

https://www.reddit.com/r/ethereum/comments/11duz5f/is_ethereum_more_secure_than_bitcoin_at_this_point/

Both would require billions in fiat, but you're being stupid when thinking about how an attacker would get ASICs. They would build factories to produce them, not buy them from the market.

Lets work out their budget, how much could they spend and still be less than attacking Ethereum? So there is currently about 17 million ether staked. That works out to about $28 billion. To be equivalent to a 51% attack on PoW, an Ethereum attacker would need 2/3rds of the total stake, meaning double the current amount staked... $56 billion (assuming that the price is unchanged despite buying vastly more ether than is liquid anywhere).

For that amount of money you could build 10-20 Tesla gigafactories and still have plenty of billions left for expenses.

It is very silly to build your argument on the idea that ASICs are a limited resource and think that security comes from there not being enough for sale. That is true for ether, an attacker has literally no way to produce their own, they have to buy it from the market. That is not true for ASICs when we're talking about these amounts of money.

^^^^^^^^^^^^^^
The $28 billion figure for 17 million ETH is wrong. At current prices that over $54 billion. And the price will go up. Nobody will be able to buy 17 million ETH in one transaction. The orders can't be filled. They would have to purchase in increments and the cost would increase to probably over $1 trillion dollars. And the ETH community will realize something is up.

https://unchainedcrypto.com/51-attacks-on-bitcoin-and-ethereum-impossible-coinmetrics/

Attacking Ethereum Costs More Than an Attack on Bitcoin: CoinMetrics
The cost to attack Bitcoin ranges from $5 billion to $20 billion, while it would cost over $34 billion to attack Ethereum, according to CoinMetrics. Even then, researchers found no way for the attacker to profit and the network would still survive.

^^^^^^^^^^^^^^^^^^^^
I would say it would cost a lot more than $34 billion to attack Ethereum. The price would shoot up significantly as the attacker tries to acquire more ETH.

[Marty Champions]

Go get cha bitchcoin while spplies last whole net profit of 1% year over year  fakecoin bitchcoin

[AbrahamG]

Go get cha bitchcoin while spplies last whole net profit of 1% year over year  fakecoin bitchcoin

Soar high oh Falcon.  Soar high.

[gib]

Go get cha bitchcoin while spplies last whole net profit of 1% year over year  fakecoin bitchcoin

Zoom out. Man up. And BTFD.

Up over 1200% since this thread started. And up 138% over the last year (not 1%).

Buy, stack and chill young jedi. In time you will understand...

[Marty Champions]

Zoom out. Man up. And BTFD.

Up over 1200% since this thread started. And up 138% over the last year (not 1%).

Buy, stack and chill young jedi. In time you will understand...

price has fallen to 2018 level , brilliant!

Hasnt done anything in 6 years but go down, if you cash out thats 30 percent in taxes so youre at a net loss or you dont pay the tax and go to jail

[Marty Champions]

If you invest 10k and cash out if it goes to 12k youve made a whopping 1k if that

[gib]

price has fallen to 2018 level , brilliant!

Hasnt done anything in 6 years but go down, if you cash out thats 30 percent in taxes so youre at a net loss or you dont pay the tax and go to jail

If you claim you made your entire investment into BTC on exactly 12 November 2021, you are either a liar, a fool, (or incredibly unlucky). And even if you did, had you just kept DCA'ing you would be well up (indeed as you would be had you just DCA'd from at any time after this thread started).

Second, in general we don't "cash out", going from a supreme asset, to back to declining fiat currency. We hodl and stack and chill. But either way, any Bitcoiner of any substance either lives in a jurisdiction where no capital gains is paid, or finds ways to hold freedom money in a way that the Government is not aware who owns it (unless of course they want to pay taxes, which is always their choice). Further, such taxes you mention, are imposed in the US on all asset classes, (all of which BTC has outperformed over since the start of this thread).

Stop making a fool out of yourself, learn more about Bitcoin (and improve your spelling and grammar). All these tips will help bring you success.

[a_pupil]

If you claim you made your entire investment into BTC on exactly 12 November 2021, you are either a liar, a fool, (or incredibly unlucky). And even if you did, had you just kept DCA'ing you would be well up (indeed as you would be had you just DCA'd from at any time after this thread started).

Second, in general we don't "cash out", going from a supreme asset, to back to declining fiat currency. We hodl and stack and chill. But either way, any Bitcoiner of any substance either lives in a jurisdiction where no capital gains is paid, or finds ways to hold freedom money in a way that the Government is not aware who owns it (unless of course they want to pay taxes, which is always their choice). Further, such taxes you mention, are imposed in the US on all asset classes, (all of which BTC has outperformed over since the start of this thread).

Stop making a fool out of yourself, learn more about Bitcoin (and improve your spelling and grammar). All these tips will help bring you success.

Where do you take out your monthly "wage" from?

Eventually I'm hoping to sell my [roids] business, dump it all into investments and retire. Do you keep stocks to take an income from or do you take money out of crypto?

[Flexacon]

price has fallen to 2018 level , brilliant!

Hasnt done anything in 6 years but go down, if you cash out thats 30 percent in taxes so youre at a net loss or you dont pay the tax and go to jail

Falcon is no longer soaring 

Price is more than 3 times higher than 2018 level

[Flexacon]

Where do you take out your monthly "wage" from?

Eventually I'm hoping to sell my [roids] business, dump it all into investments and retire. Do you keep stocks to take an income from or do you take money out of crypto?

Do it the MattC way. Add some rental properties to your investment portfolio if you have a relatively stress free way of doing it.

[Flexacon]

Well over 100k by March 2024, right?

You were the one screaming the price was going to zero because it's all tulips. He was far more accurate in his prediction than you.

My man you lost this. You made zero here and he added considerably to his wealth and yet you try take a victory lap? More evidence you are a full on retard!

[gib]

You were the one screaming the price was going to zero because it's all tulips. He was far more accurate in his prediction than you.

My man you lost this. You made zero here and he added considerably to his wealth and yet you try take a victory lap? More evidence you are a full on retard!

Ha ha - well said Flex!

[gib]

Where do you take out your monthly "wage" from?

Eventually I'm hoping to sell my [roids] business, dump it all into investments and retire. Do you keep stocks to take an income from or do you take money out of crypto?

Me personally? Yes I have stocks and property for income. And a reasonable chunk of cash always on hand. But my gold and my Bitcoin I simply just hodl, with no intention of selling.

[obsidian]

So it begins. SEC is asking for ETH ETF comments. Ethereum Futures are already trading on commodity exchanges like the Chicago Mercantile Exchange (CME). If it was deemed a security the SEC would never have even allowed that.

Some people are also saying the lack of engagement between the SEC and ETH Spot applicants indicates that the ETH Spot approvals will not happen. Well, could it be that the engagement already occurred with the Bitcoin Spot ETFs? The ETH Spot applicants already modeled their applications based on what was learned during the Bitcoin Spot applications. The engagement with the SEC already occurred. The lack of engagement now does not mean the ETH Spot applications are dead on arrival.

https://decrypt.co/224693/ethereum-spot-etf-public-comment-period-sec

SEC Calls for Comments on Three Proposed Ethereum ETFs

A number of high-profile fund managers are hoping to get the green light from the regulator next month.

The U.S. Securities and Exchange Commission is asking the public to comment on three proposed Ethereum exchange-traded funds (ETFs)—the latest movement from the regulator for the much-anticipated investment products.

After issuing a series of delays in its decision making on Ethereum spot ETFs, Wall Street’s top regulator said Tuesday that Grayscale Investments, Fidelity, and Bitwise are now subject to a three-week comment period.

This is a standard part of the procedure for fund managers seeking approval from the SEC for an ETF, and the same thing happened with the spot Bitcoin ETF applications—U.S. citizens and organizations wrote to the SEC voicing their respective opinions on the proposed investment products.

All three fund managers have proposed a spot ETH ETF to the regulator. The idea would be that they would hold ETH and sell shares that track the asset's price.

In January, the SEC approved 11 spot Bitcoin (BTC) ETFs, allowing them to trade after a decade of denials. The investment vehicles now trade on stock exchanges and give traditional investors the ability to buy shares that track the price of the cryptocurrency.

And with huge inflows, they have been hugely popular.

Many of the same fund managers are now trying to get approval from the regulator to do the same with ETH, the second biggest digital coin by market cap.

British multinational bank Standard Chartered said in a January report that it expected ETH ETFs to get approval from the SEC by the May deadline.

However, industry analysts have since said that the regulator's approval of the products is less likely, and posited that a delay that puts space between Bitcoin and Ethereum spot ETFs would be a good thing.

The price of ETH now stands slightly below that at $3,314, per CoinGecko data. Unlike BTC, it is still very far off its 2021 all-time high of $4,878.

[obsidian]

Me personally? Yes I have stocks and property for income. And a reasonable chunk of cash always on hand. But my gold and my Bitcoin I simply just hodl, with no intention of selling.

You're doing it right. I think these are all solid moves you made and Bitcoin has proven to be the safest play during volatility. I do think you need to give Ethereum more credit though. What the thousands of ETH developers accomplished thus far is something else. It was extremely challenging to pull off the upgrades that were necessary to get it where it is now. The Cardanos and Solanas came a few years after Ethereum started the smart blockchain space and as such they were able to avoid significant upgrades that Ethereum required. Bitcoin is the father of Blockchains. Ethereum is the father of Smart Contract Blockchains. Both are very secure and as decentralized as they can be given their constraints. There's room for improvement sure. That's how it works with technology and networks.

[SouJerz]

You're doing it right. I think these are all solid moves you made and Bitcoin has proven to be the safest play during volatility. I do think you need to give Ethereum more credit though. What the thousands of ETH developers accomplished thus far is something else. It was extremely challenging to pull off the upgrades that were necessary to get it where it is now. The Cardanos and Solanas came a few years after Ethereum started the smart blockchain space and as such they were able to avoid significant upgrades that Ethereum required. Bitcoin is the father of Blockchains. Ethereum is the father of Smart Contract Blockchains. Both are very secure and as decentralized as they can be given their constraints. There's room for improvement sure. That's how it works with technology and networks.

But one is Proof of Work and the other is Proof of Stake

[obsidian]

But one is Proof of Work and the other is Proof of Stake

Correct. And the cost to attack a decentralized Proof of Stake decentralized network like Ethereum will actually be more than the cost to attack a decentralized Proof of Work network like Bitcoin. Not only would the attackers have to acquire sufficient Ethereum, they will also have to set up validators. The price of Ethereum will shoot up as they try to accumulate a sufficient number of ETH. The ultimate cost would be more than what is required to develop / build enough ASIC miners to take over 51% of the Bitcoin hashrate.

Here's a link where it is discussed. I think the numbers are off and conservative.

Proof Of Stake also has the added benefit of using less energy.

https://www.bitcoinsensus.com/51-percent-attack-cost-ethereum/

Cost to Attack Ethereum Network Higher than Bitcoin’s, Say Researchers

Revealing the True Cost of Compromising Blockchain Integrity: Insights from CoinMetrics

CoinMetrics’ research highlights the impracticality and high financial barrier to executing a 51% attack on Bitcoin and Ethereum.
An attack on Bitcoin could cost over $20 billion, while compromising Ethereum would exceed $34 billion, making these attacks economically unfeasible.
Despite concerns about Liquid Staking Derivatives (LSDs), the study shows they cannot be leveraged for network attacks, reinforcing the security of these blockchains.

According to recent findings by CoinMetrics, an on-chain analytics firm, carrying out a 51% attack on the Bitcoin and Ethereum blockchains would not only be exorbitantly costly but also unprofitable and ineffective. These insights shed light on the robust security measures underpinning the two largest cryptocurrencies by market capitalization.

Understanding the 51% Attack Threat

A 51% attack, a potential threat in blockchain technology, involves a group of miners or entities gaining control of more than half of a network’s mining hash rate in Proof-of-Work (PoW) systems, or nodes in Proof-of-Stake (PoS) settings. This control could, theoretically, allow them to manipulate network transactions and double-spend coins. However, the size and strength of a network play a pivotal role in its security, making larger networks like Bitcoin and Ethereum less vulnerable to such attacks.

CoinMetrics’ research, led by Lucas Nuzzi, the head of research and development, quantifies the Total Cost to Attack (TCA) for both Bitcoin and Ethereum. The findings reveal that an attack on Bitcoin would require the purchase of approximately 7 million ASIC miners, a venture that could exceed $20 billion, significantly outweighing any potential gains from the attack. This cost estimation takes into account the market’s reaction to such a large-scale acquisition of ASICs.

The Prohibitive Costs of Attacking Bitcoin and Ethereum

Similarly, targeting Ethereum would be even more costly, estimated at over $34 billion. This figure is based on Ethereum’s current metrics, including its price, the total amount of staked ETH, and the number of validators. The complexity of carrying out such an attack on Ethereum is further compounded by its PoS mechanism, which has a churn limit preventing the immediate deployment of a large amount of stake, extending the time required for an attack to over six months.

Another aspect explored in the study is the potential risk posed by Liquid Staking Derivatives (LSDs), such as those offered by staking services like Lido and RocketPool. Lido, which controls a significant portion of staked ETH, poses a theoretical risk to Ethereum’s network security. However, Nuzzi clarifies that leveraging LSDs to manipulate block templates is not a viable strategy for attackers.

LSDs and Network Security: Dispelling the Myths

The research concludes that the costs associated with carrying out a 51% attack on either Bitcoin or Ethereum far outweigh any potential benefits. This economic disincentive, coupled with the technical challenges involved, makes such attacks highly improbable and reinforces the security and resilience of these leading blockchain networks. The findings provide reassurance to investors and participants in the cryptocurrency ecosystem about the robustness of these digital currencies against potential threats.

[SouJerz]

Correct. And the cost to attack a decentralized Proof of Stake decentralized network like Ethereum will actually be more than the cost to attack a decentralized Proof of Work network like Bitcoin. Not only would the attackers have to acquire sufficient Ethereum, they will also have to set up validators. The price of Ethereum will shoot up as they try to accumulate a sufficient number of ETH. The ultimate cost would be more than what is required to develop / build enough ASIC miners to take over 51% of the Bitcoin hashrate.

Here's a link where it is discussed. I think the numbers are off and conservative.

Proof Of Stake also has the added benefit of using less energy.

https://www.bitcoinsensus.com/51-percent-attack-cost-ethereum/

Cost to Attack Ethereum Network Higher than Bitcoin’s, Say Researchers

Revealing the True Cost of Compromising Blockchain Integrity: Insights from CoinMetrics

CoinMetrics’ research highlights the impracticality and high financial barrier to executing a 51% attack on Bitcoin and Ethereum.
An attack on Bitcoin could cost over $20 billion, while compromising Ethereum would exceed $34 billion, making these attacks economically unfeasible.
Despite concerns about Liquid Staking Derivatives (LSDs), the study shows they cannot be leveraged for network attacks, reinforcing the security of these blockchains.

According to recent findings by CoinMetrics, an on-chain analytics firm, carrying out a 51% attack on the Bitcoin and Ethereum blockchains would not only be exorbitantly costly but also unprofitable and ineffective. These insights shed light on the robust security measures underpinning the two largest cryptocurrencies by market capitalization.

Understanding the 51% Attack Threat

A 51% attack, a potential threat in blockchain technology, involves a group of miners or entities gaining control of more than half of a network’s mining hash rate in Proof-of-Work (PoW) systems, or nodes in Proof-of-Stake (PoS) settings. This control could, theoretically, allow them to manipulate network transactions and double-spend coins. However, the size and strength of a network play a pivotal role in its security, making larger networks like Bitcoin and Ethereum less vulnerable to such attacks.

CoinMetrics’ research, led by Lucas Nuzzi, the head of research and development, quantifies the Total Cost to Attack (TCA) for both Bitcoin and Ethereum. The findings reveal that an attack on Bitcoin would require the purchase of approximately 7 million ASIC miners, a venture that could exceed $20 billion, significantly outweighing any potential gains from the attack. This cost estimation takes into account the market’s reaction to such a large-scale acquisition of ASICs.

The Prohibitive Costs of Attacking Bitcoin and Ethereum

Similarly, targeting Ethereum would be even more costly, estimated at over $34 billion. This figure is based on Ethereum’s current metrics, including its price, the total amount of staked ETH, and the number of validators. The complexity of carrying out such an attack on Ethereum is further compounded by its PoS mechanism, which has a churn limit preventing the immediate deployment of a large amount of stake, extending the time required for an attack to over six months.

Another aspect explored in the study is the potential risk posed by Liquid Staking Derivatives (LSDs), such as those offered by staking services like Lido and RocketPool. Lido, which controls a significant portion of staked ETH, poses a theoretical risk to Ethereum’s network security. However, Nuzzi clarifies that leveraging LSDs to manipulate block templates is not a viable strategy for attackers.

LSDs and Network Security: Dispelling the Myths

The research concludes that the costs associated with carrying out a 51% attack on either Bitcoin or Ethereum far outweigh any potential benefits. This economic disincentive, coupled with the technical challenges involved, makes such attacks highly improbable and reinforces the security and resilience of these leading blockchain networks. The findings provide reassurance to investors and participants in the cryptocurrency ecosystem about the robustness of these digital currencies against potential threats.

So hopefully Ethereum ETF is denied price drops and it’s a great buy opportunity!

[gib]

Quote from: Marty Champions on April 03, 2024, 07:38:19 AM

"Hasnt done anything in 6 years but go down, if you cash out thats 30 percent in taxes so youre at a net loss or you dont pay the tax and go to jail?"

If you claim you made your entire investment into BTC on exactly 12 November 2021, you are either a liar, a fool, (or incredibly unlucky). And even if you did, had you just kept DCA'ing you would be well up (indeed as you would be had you just DCA'd from at any time after this thread started).

Second, in general we don't "cash out", going from a supreme asset, to back to declining fiat currency. We hodl and stack and chill. But either way, any Bitcoiner of any substance either lives in a jurisdiction where no capital gains is paid, or finds ways to hold freedom money in a way that the Government is not aware who owns it (unless of course they want to pay taxes, which is always their choice). Further, such taxes you mention, are imposed in the US on all asset classes, (all of which BTC has outperformed over since the start of this thread).

Stop making a fool out of yourself, learn more about Bitcoin (and improve your spelling and grammar). All these tips will help bring you success.

Its really quite sad posters like this. Same type of guy whining every time from 1K up to now 60K at all the little dips along  the way, It should really be quite obvious. BTC goes up, OVER TIME. When there is a dip, FTFD!

[gib]

A strong criticism of the seemingly endless ongoing changes within that spaghetti mess that is ETH.

ETH is now down 16% to BTC last 6 months, and appears poised to continue to decline. This clip explains a little further...

&t=297s

[obsidian]

price has fallen to 2018 level , brilliant!

Hasnt done anything in 6 years but go down, if you cash out thats 30 percent in taxes so youre at a net loss or you dont pay the tax and go to jail

Lol your post is funny. Have you looked at the charts?! It's up more than 6X from the 2018 price levels.

[obsidian]

Just as I suspected, Solana transactions are failing at record levels. I saw those failed transactions on Solana Beach. Looks like they are having trouble coping with all the spam.

https://cointelegraph.com/news/solana-struggling-record-seventy-five-percent-trasnactions-fail-memecoin-mania

Solana struggles: Record 75% of user txs are failing... or are they?

The Solana network appears to be struggling to keep up with a ravenous demand for memecoins, with data showing roughly 75% of transactions on the network currently failing.

Roughly three-quarters of all transactions on the Solana network have been failing amid a deluge of activity brought by the recent memecoin mania on Solana; however, proponents say the data is being widely misinterpreted.

Dune Analytics data shows that on April 4, just over 75% of all “non-vote” Solana transactions failed, the highest failure rate on record.



75.4% of non-vote transactions on Solana have failed. Source: Dune Analytics

The uptick has been paralleled by a recent uproar from Solana users on social media, complaining of failed transactions and degraded user experience.

In an April 4 post to X, pseudonymous trader Altcoin Sherpa said that while he still believed Solana would cement itself as the blockchain network for retail adoption, he noted that the current user experience was currently less than ideal.

“As much as I think that SOL is the chain for retail this cycle — the experience is f---ing brutal lately.”

[obsidian]

A strong criticism of the seemingly endless ongoing changes within that spaghetti mess that is ETH.

ETH is now down 16% to BTC last 6 months, and appears poised to continue to decline. This clip explains a little further...

&t=297s

And to think that's after all the ETF inflows Bitcoin experienced. I would not brag about those numbers. I just checked the 3-month chart and BTC is up 50.52% and ETH is up 43.92%. I am staking ETH so let's add in my 3% yield. So from my point of view it is 50.52% vs 47%. And remember Bitcoin is getting constant airwaves on the mainstream channels. Many people have not even heard of Ethereum. Bitcoin is known by Kennedy's shoeshine boys.

There's also constant FUD coming from Maxi's like you. You're smoking crack if you think Bitcoin will be able to compete with Ethereum as far as smart contracts go. There are 400 Bitcoin developers vs over 4,000 Ethereum developers. That's a lot more brain power and experience plugging away at the Ethereum ecosystem.

Ethereum's user fees also dwarfs Bitcoin.

Financials: Ethereum generated $2.4 billion in user fees last year vs $796 million for bitcoin. On the expense side, the Bitcoin network paid out $9.7 billion in token incentives to its miners. Ethereum paid out only $1.39 billion in token incentives over the same period.

https://www.coindesk.com/coindesk-indices/2024/02/28/think-beyond-bitcoin-ethereums-use-cases-and-latest-technology/

Yes, the FUD might bring the ETH price down more. That's what's needed for Bitcoin Maxi's to feel great - lol! We'll see what happens the next few years.

[obsidian]

Ivan makes great points here in this latest video. He says you can't compare SOL and ETH. He also advocates for less tribalism and I agree on that. The Solana team is working hard to fix the spamming issue. It will be great if they figure it out. The Ethereum developers decided not to try and fight it. Ethereum L1 has high fees and is like a cockroach that can't die. Spamming will be too expensive on ETH L1 - which is why Blackrock went with that for the BUIDL fund. They don't care about high fees, they want stability and security. The ETH L2s will have to figure out spamming like the SOL developers.