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

[Theoak*]

Seems like you're pretty upset the degens no longer pump your bags. I recommend you start add these to your shopping cart for a better nights sleep.

The halving cuts miner rewards (BTC) in half approximately every 4 years, so for miners to remain profitable and to maintain current network security the price of BTC needs to double as the rewards half. Without this bitcoin could eventually come under a 51% attack

Miners also earn transaction fees. More people using bitcoin (and it's higher price) means more fees are collected. Eventually this will exceed miner rewards and bitcoin will reach a steady state without the need for the price to double. This is looking like being at some point around 2032.

So from now until 2032 bitcoin needs to double in price every 4 years. Then it needs to move to a steady state collecting transaction fees.

The price isn't guaranteed to double every 4 years and the fee model for bitcoin as it stands isn't fit for purpose. All this would leave bitcoin vulnerable to attack.

This of course is just my basic interpretation of where things stand. An even more basic interpretation is that bitcoin needs a consistent supply of new money coming otherwise it dies.

They believe proof of stake now means people expect profit on ETH via staking, so are trying to paint it as a security. There are plenty of valid arguments why that's not the case. It was even discussed a few pages back on here.

Worst case scenario ETH is classed a security and the founders and foundation pay a big fine. Won't kill ETH, it will just be something different.

ETH can always roll back to proof of work if things get really bad.

Took the bait, didn't you.

Proof of typical shit corner mentality. One hand attacks POW and his magical 51% attack on btc hence reason Eth moved away to POS (centralised databased). Then says if Eth is classified as a security just roll back into POW.

You really can't make this shit up about shit coiners. What's next? Change consensus model to only allow certain transactions governed by certain validators...? Increase Eth supply?

If you can't  extract value might as well compromise  the whole system by changing the rules to benefit a few. Sound just like the fed.

I'll leave those pads for you, perhaps should of focused on btc alot earlier instead of your magical tax free accounts in the UK. That way you wouldn't sound so idiotic. "No POW work bad future is POS. Hang on if I can't get free shitcoins for staking let's just roll back into POW, I desperately  need my bags pumped"

Uneducated looking through a greed lenses thinking btc is an event and not a multi decade process. Old tech, lol.

[obsidian]

Janet Yellen's most recent remarks from 3/16/23 are nothing short of TERRIFYING. Watch this video (below) from the 1:19 mark onward...

Pretty sure the government has made up its mind and wants to divert all available FIAT cash to Systematically Important Banks (SIBs) in order to set the stage for the unveiling of their population-controlling CBDC. Regional banks will get slaughtered and depositors are starting to fear that their funds will evaporate as defaults begin. Moreover, as you've all seen, part of the deal in bailing out the tech-friendly banks is a clause that states that they will no longer honor the business of crypto dealings.

Americans, at the very least, will have a hard time off-ramping their crypto profits onto FIAT currency, as there might be no banks left to provide such a critical function. I think sticking to any cryptos that have proven utility and involvement in the future movements of the government makes most sense. I hold a few Bitcoin, but will seriously start to consider selling off (or converting to other crypto) as the writing is on the wall, unless HYPERINFLATION becomes a reality which I think could be possible given the stunt(s) that the FED and government pulled this past weekend.

"1"

Nobody forces morons to withdraw from banks and cause a bank run because of their emotional responses. If people would all just act together this all can be avoided. Bank runs are driven by customers.

That being said, banks should not be reckless either and be able to survive bank runs. Any bank that can survive will have a great reputation.

A surge of withdrawals proved Binance's reserves.

https://investorplace.com/2022/12/binance-withdrawal-surge-tests-proof-of-reserves/

[Flexacon]

Took the bait, didn't you.

Proof of typical shit corner mentality. One hand attacks POW and his magical 51% attack on btc hence reason Eth moved away to POS (centralised databased). Then says if Eth is classified as a security just roll back into POW.

You really can't make this shit up about shit coiners. What's next? Change consensus model to only allow certain transactions government by certain validators...? Increase Eth supply?

If you can't  extract value might as well compromise  the whole system by changing the rules to benefit a few. Sound just like the fed.

I'll leave those pads for you, perhaps should of focused on btc alot earlier instead of your magical tax free accounts in the UK. That way you wouldn't sound so idiotic. "No POW work bad future is POS. Hang on if I can't get free shitcoins for staking let's just roll back into POW, I desperately  need my bags pumped"

Uneducated looking through a greed lenses thinking btc is an event and not a multi decade process. Old tech, lol.

I think you're confused. I presented a potential flaw in Bitcoins implementation of proof of work and your maxi delusions leapt to the conclusion that I was somehow attacking all proof of work and somehow talking up proof of stake. POW doesn't equal bitcoin, but of course you're too maxi padded up to be able to catch yourself on that.

Also never said proof of stake is better. Both have advantages and disadvantages and ETH entered uncharted waters with POS and that's why I don't hold it, nor plan to hold until there is more clarity. You see unlike you I'm able to think objectively and not marry my bags.

There are no tax free crypto accounts in the UK at the time I held/sold it. There is tax free gambling in the UK and there are crypto betting sites. No issues sharing this now as KYC and affordability checks has closed the loophole, but you take both sides of a bet on different sites where odds are favourable and withdraw the "winning" bet which is now tax free with the accompanying betting slip. Very easy to do especially if you had worked in the the gambling industry for over a decade and know all the limits and regulators like I did. 2024/25 I'll just rely on my duel citizenship to escape some of the tax burden if needed. It helps to plan these things out ahead of time. You should try it, then you might not end up over holding your bags.

Lol @ you holding bitcoin and it not being about greed. What are you gonna do in 10 years if bitcoin is worth $1m? Give it all away to good causes? Stop deluding yourself.

[obsidian]

You should have realized by now that almost all alts are scams (not to mention unregulated securities). Bitcoin has emerged at the single true "alt" to fiat currency. We don't need alt, alts. United we stand, divided we fall. Stay away from a poor-mans shit coin, stack sats, and hodl, It not that hard...

There are too many use cases for blockchains and one size does not fit all. Bitcoin is not designed to handle it all. Nor should it. Bitcoin is having a run now, but it will be Ethereum's turn in a bit. For the past 24 hours BTC is up around 7% and ETH 6.5%. However, 7 days and 30 days out is more favorable to BTC. ETH and BTC have lost about the same in 1 year, with BTC edging it out by 2%. In the past 3 years ETH is up 1,490% vs 424% for BTC. ETH outperformed BTC by an order of 3.5X the past 3 years. 

There is uncertainty about the upcoming Shanghai upgrade which will unlock staked ETH. People are sitting on the sidelines to see how that plays out and they are hedging that the price will initially fall as people sell their staked ETH. I plan to get my ETH off exchanges and into self-custody wallets to start solo-staking ETH.

[obsidian]

They believe proof of stake now means people expect profit on ETH via staking, so are trying to paint it as a security. There are plenty of valid arguments why that's not the case. It was even discussed a few pages back on here.

Worst case scenario ETH is classed a security and the founders and foundation pay a big fine. Won't kill ETH, it will just be something different.

ETH can always roll back to proof of work if things get really bad.

Solo stakers have to configure and maintain their own validators. They have to provide hardware, electricity, and an internet connection. Not effortless endeavors.

Ethereum developers should focus on making solo staking accessible to more people and easier to configure with turnkey solutions. That will blow a hole in the security argument because the "effort of others" specification does not come into play.

[obsidian]

Took the bait, didn't you.

Proof of typical shit corner mentality. One hand attacks POW and his magical 51% attack on btc hence reason Eth moved away to POS (centralised databased). Then says if Eth is classified as a security just roll back into POW.

You really can't make this shit up about shit coiners. What's next? Change consensus model to only allow certain transactions governed by certain validators...? Increase Eth supply?

If you can't  extract value might as well compromise  the whole system by changing the rules to benefit a few. Sound just like the fed.

I'll leave those pads for you, perhaps should of focused on btc alot earlier instead of your magical tax free accounts in the UK. That way you wouldn't sound so idiotic. "No POW work bad future is POS. Hang on if I can't get free shitcoins for staking let's just roll back into POW, I desperately  need my bags pumped"

Uneducated looking through a greed lenses thinking btc is an event and not a multi decade process. Old tech, lol.

What impact will Biden's recent 30% mining tax initiative have on POW in your opinion? What if they raise it to 50%?

POW is not immune to government actions. They can do a lot to kill or disrupt the POW industry.

[obsidian]

I think you're confused. I presented a potential flaw in Bitcoins implementation of proof of work and your maxi delusions leapt to the conclusion that I was somehow attacking all proof of work and somehow talking up proof of stake. POW doesn't equal bitcoin, but of course you're too maxi padded up to be able to catch yourself on that.

Also never said proof of stake is better. Both have advantages and disadvantages and ETH entered uncharted waters with POS and that's why I don't hold it, nor plan to hold until there is more clarity. You see unlike you I'm able to think objectively and not marry my bags.

There are no tax free crypto accounts in the UK at the time I held/sold it. There is tax free gambling in the UK and there are crypto betting sites. No issues sharing this now as KYC and affordability checks has closed the loophole, but you take both sides of a bet on different sites where odds are favourable and withdraw the "winning" bet which is now tax free with the accompanying betting slip. Very easy to do especially if you had worked in the the gambling industry for over a decade and know all the limits and regulators like I did. 2024/25 I'll just rely on my duel citizenship to escape some of the tax burden if needed. It helps to plan these things out ahead of time. You should try it, then you might not end up over holding your bags.

Lol @ you holding bitcoin and it not being about greed. What are you gonna do in 10 years if bitcoin is worth $1m? Give it all away to good causes? Stop deluding yourself.

How does dual citizenship protect you against taxes? I know people that have dual citizenship and they have to pay taxes in both countries!

[Flexacon]

How does dual citizenship protect you against taxes? I know people that have dual citizenship and they have to pay taxes in both countries!

That's only Americans. They don't want people leaving or losing their tax dollars.

Most non American dual citizens only pay tax in the country of their permanent/main residence. I will just move to country which doesn't tax crypto when I look to sell. Although I expect by 2025 they'll all be taxing crypto to some extent.

I believe the American equivalent to avoid the heavy crypto tax burden is to move to  Puerto Rico.

[gib]

That's only Americans. They don't want people leaving or losing their tax dollars.

Most non American dual citizens only pay tax in the country of their permanent/main residence. I will just move to country which doesn't tax crypto when I look to sell. Although I expect by 2025 they'll all be taxing crypto to some extent.

I believe the American equivalent to avoid the heavy crypto tax burden is to move to  Puerto Rico.

Correct. Most of the world do not pay taxes except for where they are resident. And some of us are resident in tax friendly jurisdictions where we pay no tax at all.

I for one, will never pay any capital gains tax, or be taxed on dividends. And NFW is anyone going to ever tax my Bitcoin.

[gib]

Why would the treasury print more money for that?  The money would come from the fees that banks pay into the Deposit Insurance Fund.  They'd just be moving money that already exists.

Allow me to both teach you a lesson, and give you a good old fashioned Get Big self owning...

Emergency lending by the Federal Reserve jumped to about $300 billion in the past week after two bank failures triggered turmoil in financial markets and the central bank said it would make additional funding available to financial institutions.

[loco]

Allow me to both teach you a lesson, and give you a good old fashioned Get Big self owning...

Emergency lending by the Federal Reserve jumped to about $300 billion in the past week after two bank failures triggered turmoil in financial markets and the central bank said it would make additional funding available to financial institutions.

LOL…look who is talking about self owning. 

You are so desperate to find anything to support your absurd claims that you are not taking the time to read and understand what you are posting. 

This emergency lending is for banks low on funds, to help prevent their failure.  These banks have not failed, so this has nothing to do with FDIC-insured bank deposits. 

Your original, absurd claim was that the treasury would have to print money to reimburse FDIC-insured deposits, which is still false. 😀

[gib]

Dude - I am starting to wonder if you are the old Mr Anabolic, back form the grave. Which if you are is fine, as he provided plenty of opportunity to educate.

I told you that the bailout of banks was dilutive of the value of money (as more money will enviably e printed by the Treasury to cover the FDIC).

You in turn reverted that its not dilutive as the FDIC payments come from paid up insurance.

I replied that this was sort of right.

The reason this is sort of right is that the total amount of FDIC insurance funds is a touch more then 100Billion. SVB alone had deposits of 200+ Bellion. FDIC simply cannot cover even a single bank like this, let alone hundreds in the event of a run. The "solution" of course if to print money. And then give that money to the banks. And that in turn is where Bitcoin comes in (as a defense to theft by devaluation). And that in turn is why so much money has flowed into Bitcoin over the last week.

So, consider yourself now educated. Don't try to troll me, but if you ask legit or semi-intelligent questions I will attempt to answer.

I didn't really plan to get active on this thread again until a new AHT was reached but you kind of drew me in...

[gib]

Bitcoin is having a run now, but it will be Ethereum's turn in a bit. For the past 24 hours BTC is up around 7% and ETH 6.5%. However, 7 days and 30 days out is more favorable to BTC. ETH and BTC have lost about the same in 1 year, with BTC edging it out by 2%. In the past 3 years ETH is up 1,490% vs 424% for BTC. ETH outperformed BTC by an order of 3.5X the past 3 years. 

Obsidian - you are smart, and what you said here is not false, but it is misguided. Let me explain...

I could create an "alt" today, for $1 and sell it for $1000 (to myself or a friend) and then claim a 1000% return in a day (or an annualized return of 3,650,000. Do you see where I am going with this...?

Eth, with a smaller market cap and a more recent creation than Bitcoin, will for a period of time of course rise faster than Bitcoin. Any shit coin will. That is why people create them. And the number of shit coins which can be created is infinite, which is also why they will all eventually fail to compete with Bitcoin.

Rather than look at %rises over periods shorter than the life of Bitcoin, I suggest you look at how much funds have flowed into Bitcoin (given its larger market cap) vs the amount of funds which have flowed into [name your favorite alt]. Indeed, given BTC's much larger market cap, the recent outperformance of BTC over ETH is even more impressive. 

We need people like you on-side. United we will all benefit and succeed. Divided (with shit coins) and we collectively fail. Lets not give money to alt scammers promoting new "projects". Believe me- I know this scene intimately well, and have friends and associates who are deeply involved. Despite offers (and despite contemplating) I have always turned down offers to participate as a founder, both because I simply can't feel comfortable with scamming bright eyed crypto novices, and also because I do worry about the legal and reputational implications.

[loco]

Dude - I am starting to wonder if you are the old Mr Anabolic, back form the grave. Which if you are is fine, as he provided plenty of opportunity to educate.

I told you that the bailout of banks was dilutive of the value of money (as more money will enviably e printed by the Treasury to cover the FDIC).

You in turn reverted that its not dilutive as the FDIC payments come from paid up insurance.

I replied that this was sort of right.

The reason this is sort of right is that the total amount of FDIC insurance funds is a touch more then 100Billion. SVB alone had deposits of 200+ Bellion. FDIC simply cannot cover even a single bank like this, let alone hundreds in the event of a run. The "solution" of course if to print money. And then give that money to the banks. And that in turn is where Bitcoin comes in (as a defense to theft by devaluation). And that in turn is why so much money has flowed into Bitcoin over the last week.

So, consider yourself now educated. Don't try to troll me, but if you ask legit or semi-intelligent questions I will attempt to answer.

I didn't really plan to get active on this thread again until a new AHT was reached but you kind of drew me in...

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

Anyone here with half a brain knows there's no way Mr Anabolic and I could possibly be the same person.  Besides, I already told you that I own BTC and ETH.  I'm just not a member of your BTC cult.

[Griffith]

There are too many use cases for blockchains and one size does not fit all. Bitcoin is not designed to handle it all. Nor should it. Bitcoin is having a run now, but it will be Ethereum's turn in a bit. For the past 24 hours BTC is up around 7% and ETH 6.5%. However, 7 days and 30 days out is more favorable to BTC. ETH and BTC have lost about the same in 1 year, with BTC edging it out by 2%. In the past 3 years ETH is up 1,490% vs 424% for BTC. ETH outperformed BTC by an order of 3.5X the past 3 years. 

There is uncertainty about the upcoming Shanghai upgrade which will unlock staked ETH. People are sitting on the sidelines to see how that plays out and they are hedging that the price will initially fall as people sell their staked ETH. I plan to get my ETH off exchanges and into self-custody wallets to start solo-staking ETH.

Correct.

[Flexacon]

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

Anyone here with half a brain knows there's no way Mr Anabolic and I could possibly be the same person.  Besides, I already told you that I own BTC and ETH.  I'm just not a member of your BTC cult.

I agree with you about the cult mentality and those who are a part of it not realizing it. Poor gib bought some ETH and his fellow maxi revoked his cultist maxi card and he felt the need to defend himself. Very sad to see, but I gotta laugh at pointing this out.

I gave you a hard time and called you a cultist in the keto diet thread as your posts there started to read like a lot like maxi posts in here. And I said that as someone who often utilizes keto, just not a cult member 

[loco]

I agree with about the cult mentality and those who are a part of not realizing it. Poor gib bought some ETH and his fellow maxi revoked his cultist maxi card and he felt the need to defend himself. Very sad to see, but I gotta laugh at pointing this out.

I gave you a hard time and called you a cultist in the keto diet thread as your posts there started to read like a lot like maxi posts in here. And I said that as someone who often utilizes keto, just not a cult member 

If I remember correctly, it wasn't keto.  It was the carnivore diet thread, and I was trolling with those posts of other people who follow it.  Yes, keto, carnivore, vegan, vegetarian diets are cults too to some people, and so is crypto, gold, index investing, dividend investing, etc.

Ironically this Mr. Anabolic, who gib is now saying is the same person as me, gave me a hard time on a keto thread in this forum.

[OneMoreRep]

If I remember correctly, it wasn't keto.  It was the carnivore diet thread, and I was trolling with those posts of other people who follow it.  Yes, keto, carnivore, vegan, vegetarian diets are cults too to some people, and so is crypto, gold, index investing, dividend investing, etc.

Ironically this Mr. Anabolic, who gib is now saying is the same person as me, gave me a hard time on a keto thread in this forum.

If for some reason there are members truly considering this to be a possibility, know that after cross-referencing their entire IP address history that spams over the course of many years, there are no matches between loco and Mr. Anabolic. So for now, does not appear to be the same person.

"1"

[loco]

If for some reason there are members truly considering this to be a possibility, know that after cross-referencing their entire IP address history that spams over the course of many years, there are no matches between loco and Mr. Anabolic. So for now, does not appear to be the same person.

"1"

Thanks, OneMoreRep!

[obsidian]

Bitboy is of course spot on here. The crypto community needs to band together and forget tribalism. All these Bitcoin Maxi's cheering on the SEC are too naive to realize they will be next. They can come after Bitcoin with the energy angle and how mining is such a waste of resources. Just wait and see. The SEC loves the banking sector, not Bitcoin. Stop shitting on other coins and stand together, or divided you will fall.

[obsidian]

Obsidian - you are smart, and what you said here is not false, but it is misguided. Let me explain...

I could create an "alt" today, for $1 and sell it for $1000 (to myself or a friend) and then claim a 1000% return in a day (or an annualized return of 3,650,000. Do you see where I am going with this...?

Eth, with a smaller market cap and a more recent creation than Bitcoin, will for a period of time of course rise faster than Bitcoin. Any shit coin will. That is why people create them. And the number of shit coins which can be created is infinite, which is also why they will all eventually fail to compete with Bitcoin.

Rather than look at %rises over periods shorter than the life of Bitcoin, I suggest you look at how much funds have flowed into Bitcoin (given its larger market cap) vs the amount of funds which have flowed into [name your favorite alt]. Indeed, given BTC's much larger market cap, the recent outperformance of BTC over ETH is even more impressive. 

We need people like you on-side. United we will all benefit and succeed. Divided (with shit coins) and we collectively fail. Lets not give money to alt scammers promoting new "projects". Believe me- I know this scene intimately well, and have friends and associates who are deeply involved. Despite offers (and despite contemplating) I have always turned down offers to participate as a founder, both because I simply can't feel comfortable with scamming bright eyed crypto novices, and also because I do worry about the legal and reputational implications.

Only you can't. To be able to sell your $1 coin for $1000 you need a buyer. The only coins above $1000 are Bitcoin and Ethereum. Bitcoin also started out at $1. Feel free to create your $1 alt and try to get it to $1000. No asset thus far has succeeded except Bitcoin and Ethereum. Binance came close with their BNB.

Ethereum has value because it works, has utility, is a store of value, and provides security against attacks, just like Bitcoin. The "network effect" is at play. There are thousands of Ethereum developers. Do you really think that's not worth something? Are all these people misguided? And the whole argument that Ethereum changes and is therefore a security is moot because Bitcoin also changes. Developers modified Bitcoin fairly recently to enable smart contracts.

Bitcoin is getting a push from the SEC because that cockroach Gensler said it is a commodity. So all the SEC fud is what's holding back the alts at the moment.

I want to see Bitcoin succeed, and many other cryptos. This fight we are in requires that everyone stand together.

I think it would be a good strategy for all the blockchain projects and exchanges to band together and start a class-action lawsuit against the SEC. The SEC is harming investors, not protecting them. And Gensler should be forced to resign because of his dealings with SBF. He is totally corrupt. Time to go on the offensive against these corrupt "government employees".

[obsidian]

Here's a chart that maps the performance of ETH vs BTC. As you can see they are very similar, with BTC frontrunning on occasion. The "ETH is a security" and "Unstaking of ETH" FUD is what's putting a damper on Ethereum currently.

[obsidian]

That's only Americans. They don't want people leaving or losing their tax dollars.

Most non American dual citizens only pay tax in the country of their permanent/main residence. I will just move to country which doesn't tax crypto when I look to sell. Although I expect by 2025 they'll all be taxing crypto to some extent.

I believe the American equivalent to avoid the heavy crypto tax burden is to move to  Puerto Rico.

Thanks for that info. You and Mayday provide really valuable info in this thread. Interesting to see the viewpoints of people with financial knowledge.

[gib]

Here's a chart that maps the performance of ETH vs BTC. As you can see they are very similar, with BTC frontrunning on occasion. The "ETH is a security" and "Unstaking of ETH" FUD is what's putting a damper on Ethereum currently.

Yes, Eth obviously is the most successful alt or shit coin. And from thereon down  to any other [name you favorite alt] on the the shitcoin scale.

Bitcoin can only be invented once. The best way to measure the success of any Bitcoin affinity scam coin, is to take its current market cap and then scale its "growth" back to the day Bitcoin was invented. Even better if you want to add a liquidity into the mix. Then the illusion of shitcoinery will become far more obvious ...

[gib]

Only you can't. To be able to sell your $1 coin for $1000 you need a buyer. The only coins above $1000 are Bitcoin and Ethereum. Bitcoin also started out at $1. Feel free to create your $1 alt and try to get it to $1000. No asset thus far has succeeded except Bitcoin and Ethereum. Binance came close with their BNB.

This is correct, and this is exactly the point in thinking I wanted to get you to.

Now, think just one more step beyond this. Imagine shitcoins in a scale from least bad to worse, factoring in both market cap and liquidity. Eth is 1st on the list of least bad, and it gets worse from thereon onwards...