Bitcoin Daily Discussion, April 16, 2020

Daily Discussion, April 16, 2020
I was watching Pokémon on Netflix for a Nostalgia trip when I noticed the sleeping bag brand
"Bitcoin is humanity's best opportunity to escape fiat-driven cycles of boom and bust, allowing people worldwide to build our future on a solid and significantly more equitable economic foundation."
Mark Cuban on the Pomp podcast on Bitcoin: "you've got to be able to spend it... cuz right now you still have to convert it... and as long as you have to convert it, you're still dependent on fiat... I can trade bananas easier as a commodity than I can trade bitcoin"....
FYI: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution.
Got my stimulus check and i already converted it to bitcoin
Bitcoin meetup in VR. Grab your headset, Come out, chill, and drink �� with Hodlers in a Bitcoin world, in VRchat.
This guy builds generators run on flared natural gas to power mining rigs
If not bitcoin, what else?
There is no Exit plan for Bitcoin. Bitcoin IS the exit plan.
Just re listened to the classic that got me into bitcoin, great to look back on your roots folks.
Binance JEX, spending money to run ad on one of the most expensive keywords, to do this ��
Legit discussion: Why is bitcoin mainnet not moving forward while other crypto projects are?
I didn't spend my stimulus check on Bitcoin.
How the Government Pulls Coronavirus Relief Money Out of Thin Air
The 4 horsemen of economic apocalypse
Honey Badger Diaries: Episode 24: Jameson Lopp, Mystery Location (USA)
Raiz investments Australia (an offshoot of Acorns) has just announced a new portfolio: Sapphire. This gives Australian investors access to a portfolio option with a 5% bitcoin weighting, stored with Gemini custody.
Digital Dollar inevitability - why general public should be sh*t scared and how this could help bitcoin...get ready for the demonetization of dollar bills...
"El sueño de Ecdsa" oil on canvas, NFT coming soon!
My Ledger app just asked me for update and then this popped up. Is it anything to worry about?
Got my stimulus check today! Time to get more bitcoin!
Just got my stimulus check!
Not bogged
If Fiat fails, Bitcoin will be a flight to safety and if we reach new all-time highs, Bitcoin will be all over social media for increased adoption. Success is inevitable. HODL!
USD Stimulus Check to BTC Conversion

Daily Discussion, April 16, 2020

Posted: 16 Apr 2020 12:00 AM PDT

Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

We have a couple chat rooms now!

Please check the previous discussion thread for unanswered questions.

submitted by /u/rBitcoinMod
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I was watching Pokémon on Netflix for a Nostalgia trip when I noticed the sleeping bag brand

Posted: 15 Apr 2020 02:05 PM PDT

submitted by /u/sargentpilcher
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"Bitcoin is humanity's best opportunity to escape fiat-driven cycles of boom and bust, allowing people worldwide to build our future on a solid and significantly more equitable economic foundation."

Posted: 15 Apr 2020 05:55 PM PDT

submitted by /u/BitcoinMorpheus
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Mark Cuban on the Pomp podcast on Bitcoin: "you've got to be able to spend it... cuz right now you still have to convert it... and as long as you have to convert it, you're still dependent on fiat... I can trade bananas easier as a commodity than I can trade bitcoin"....

Posted: 15 Apr 2020 04:56 AM PDT

We only have to convert it because of the legal framework created by the IRS. We have to exempt Bitcoin transactions from capital gains, and perhaps even more important, we have to be able to pay our taxes in Bitcoin.

Even if you were trading in bananas, you'd still have to convert your banana gains back into fiat, so his argument doesn't hold up.

This ultimately boils down to the Bitcoin community to fighting for and winning the right to choose whatever medium of exchange we want.

submitted by /u/the420chronicler
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FYI: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution.

Posted: 15 Apr 2020 09:03 PM PDT

There will only be a maximum of 21 million bitcoins. Ever. Approximately 4 million have been permanently LOST, bringing the maximum circulating total to 17 million. This total number won't be reached until 2140 due to Bitcoin's issuance schedule.

Total number of millionaires (in USD value) worldwide is around 33 million (source).

The math is simple: there is not enough Bitcoin in the world for even HALF of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches 10bn.

Bitcoin is SCARCE. Check out the S2F model for a good explanation of why scarcity and value correlate.

Furthermore: If you are able to acquire even one BTC today: Enjoy the feeling. You are an early adopter. And one of a very select number of humans. Owning just ONE BTC means that you are--at minimum--in the top 0.2% (17M / 8Bn * 100*100&ie=UTF-8&oe=UTF-8)) of the human population in terms of total possible bitcoin wealth distribution. The percentage is much lower than that, of course, given that there are lots of whales out there with 1000+ BTC each.

Edit: And never-mind the idiots that will say something asinine like "my pubic hairs are limited in number too...does that make them valuable?" Your pubic hairs have zero network utility, whereas every day Bitcoin proves it has extraordinary utility as (perhaps) the most perfect form of money humans have yet created.

Stack those sats!

That is all.

submitted by /u/Kinolva
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Got my stimulus check and i already converted it to bitcoin

Posted: 15 Apr 2020 03:37 PM PDT

Got my stimulus check and i already converted it to bitcoin

submitted by /u/DaleWright43456
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Bitcoin meetup in VR. Grab your headset, Come out, chill, and drink �� with Hodlers in a Bitcoin world, in VRchat.

Posted: 15 Apr 2020 09:31 PM PDT

submitted by /u/Stonekrypt
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This guy builds generators run on flared natural gas to power mining rigs

Posted: 15 Apr 2020 11:29 PM PDT

https://twitter.com/SGBarbour/status/1250210254098321409

submitted by /u/burgosamovar
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If not bitcoin, what else?

Posted: 15 Apr 2020 04:33 PM PDT

When I bought bitcoin I did it for only one reason. I expected the USD to collapse. I could have invested in anything, but bitcoin for me was the only viable option. I didn't buy bitcoin to get rich.

USD has started the collapse. It will take time but nobody can stop it now. Blame it on the virus 🦠 if you want. I blame it on decades of stupidity by the government.

I also own apartments that I rent with the prospect tenants won't be able to pay. In April 10% didn't pay but I suspect it will be higher in May, and higher still in June. When hyperinflation hits I expect the apartments will adjust to the new currency unless the governments decides to seize private property.

I could easily convert my bitcoin back to fiat now with a big gain and pay taxes too. Then I would have USD that is devaluing quickly. I don't want dollars. It is that simple.

No matter what happens I will own bitcoin because I don't expect I will ever be comfortable owning USD again. And one bitcoin will always be worth one bitcoin.

submitted by /u/foomev2
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There is no Exit plan for Bitcoin. Bitcoin IS the exit plan.

Posted: 16 Apr 2020 01:08 AM PDT

submitted by /u/TheCoiniac
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Just re listened to the classic that got me into bitcoin, great to look back on your roots folks.

Posted: 15 Apr 2020 02:49 PM PDT

submitted by /u/BatMelk
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Binance JEX, spending money to run ad on one of the most expensive keywords, to do this ��

Posted: 16 Apr 2020 01:55 AM PDT

submitted by /u/FSpursy
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Legit discussion: Why is bitcoin mainnet not moving forward while other crypto projects are?

Posted: 16 Apr 2020 02:33 AM PDT

Okay and before you flame me, i realise that lightning network(s) are in development, but i dont get why bitcoin still hasnt done really anything in the last 3 years ive been in crypto. Ethereum is also slow in development but releases new versions occasionally. But other projects go blazing fast in developing scaling, smart contracts etc.

So, the key point of discussion is, why is bitcoin still the same old? It can be used as store of value, sure. But why is it not evolving into more? Less fees to be paid? Faster transactions? Perhaps even smart contracts? Or easier ways to trade bitcoin on decentralised exchanges instead of requiring central exchanges? (Because bitcoin and other crypto assets were build to keep by users, but binance and coinbase are pretty much banks by now instead of exchanges)

Hope to have a good discussion or explanation, thanks anyway fellow crypto adventurers!

submitted by /u/borgqueenx
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I didn't spend my stimulus check on Bitcoin.

Posted: 15 Apr 2020 07:40 PM PDT

I bought an AR-15.

Then I spent my wife's stimulus check on Bitcoin.

Edit: Just to clarify, I bought a puppy last month for my wife with my money (~1,200$). She said I could have her stimulus check if I got her that day. Always clear it up with the Mrs.

submitted by /u/Onsyde
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How the Government Pulls Coronavirus Relief Money Out of Thin Air

Posted: 15 Apr 2020 09:30 PM PDT