Bitcoin Daily Discussion, March 05, 2021 |
- Daily Discussion, March 05, 2021
- A gold mountain was discovered in Eastern DRC (South Kivu), reportedly the soil is 90% gold. Villagers are seen digging it up to bring it to their homes. (It is estimated that DRC contains $25 Trillion US dollars worth of natural resources).
- I’m all in on Bitcoin, my income will rise from 25k to 100k in 1 year and I’m going to buy as much BTC as I possibly can.
- Every day I see another article on how bad bitcoin is for the environment, and it's honestly the most hypocrital bullshit I've ever seen.
- and then the guy said, just because something appreciates in value, doesn’t make it the base value holder for the entire future of world commerce....
- The IRS just clarified that buying bitcoin with fiat and HODLING doesn't require 1040 tax reporting.
- "Cash is a liability not an asset." - Michael Saylor
- Iran officially plans to adopt Bitcoin mining to bypass international sanctions
- Thanks to the true heroes/ legends - The Bitcoin Dev's!
- Khan Academy has a lot of videos on Bitcoin!
- Never settle for less time gives great opportunity to everyone����������
- Even in a tiny country like Montenegro, we're now trading cows for Bitcoin in the village
- "There is no top to Bitcoin because there is no bottom for fiat money."
- Apparently a massive gold deposit has been found. Anyone have info and how it could benefit BTC?
- Why did Bitcoin fall from it's peak at 58k? And how to relax...
- Its time to buy more bitcoins!
- Bitcoin has saved me money
- It’s an addiction...
- Goldman Sachs Crypto Survey Shows 22% of Investors expect $100,000+ Bitcoin Price IN THE NEXT YEAR
- I just found my old wallet account! I’m rich!
- Market is crazy today but keep in mind that another COVID relief bill is coming ($1.9T) and another $1-$2T of Treasury reserves are about to be released into the banking system... Zoltan Pozsar is saying negative rates could be here fairly soon. Just keep swimming. Stack sats.
- Just Sold To Help With Our House Deposit
- Just want to say THANK YOU everyone!�� ��
- 15% of a bitcoin
| Daily Discussion, March 05, 2021 Posted: 04 Mar 2021 09:08 PM PST 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. Join us in the r/Bitcoin Chatroom! Please check the previous discussion thread for unanswered questions. [link] [comments]  | ||
| Posted: 04 Mar 2021 09:57 PM PST
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| Posted: 04 Mar 2021 02:17 PM PST Title says it all. I am 25, I'll finish school in one year and I've supported myself the entire way off of the money I made myself. I've learned to live pretty frugally and soon I will have access to large amounts of "disposable"(investable) income. Even if Bitcoin crashes I'll just use that time to accumulate tonnes and tonnes of cheap sats. I'm hoping to retire somewhere nice at 35 years old. Thank you Bitcoin and FIRE communities. [link] [comments]  | ||
| Posted: 04 Mar 2021 10:59 AM PST The same people who put out these articles are deeply invested in unsustainable commodities and don't give a fuck so long as it benefits them. Don't be fooled by the media; while I agree that some coins are more innovative in how they mine, bitcoin is still the one that's going mainstream and that's what scares the hell out of them. Why are they so scared? Bitcoin is step one in curbing wealth inequality since it will be a lot more difficult for any institution to manipulate. They won't be able to just turn on the money printer to pump their stocks, meaning that we will no longer see the stock market grow while the consumer price index stays relatively stable (basically what I'm saying is that they put more money in the stock market while the money supply of everyday people stays the same, increasing wealth inequality). Back to my main point; bitcoin mining isn't being run off of oil and coal like all of these other companies news agencies don't seem to have a problem with. They're scared for different reasons. Edit: I just realized that I misspelled hypocritical in the title, but can't change it. I'm well aware of it though. [link] [comments]  | ||
| Posted: 04 Mar 2021 04:18 PM PST so I said- You are totally correct, I agree fully. It is not because Bitcoin is appreciating in value that is why it will become the base value holder for the entire future of world commerce. The price appreciation is just the market recognizing over time that Bitcoin is a standalone system outside of the world of central banking and finance capable of final settlement without concern for borders, apolitical and neutral, permissionless and nearly frictionless, open for transactions 24/7/365 and with open markets every second of the day with a bid and an ask in practically every currency pair, free from government manipulation and debasement. (PS did you know that the stock market is open 6.5 hours a day, 5 days a week, or 32.5 hours per week, ie - open only (7x24=168) 32.5/168, just under 20% of the time, not including holidays or circuit breaks. That means every year of Bitcoin trading is actually 5+ years of stock market trading) The problem with comparing Bitcoin to the massive list of companies/commodities/currencies that have shot way up before coming crashing back down is, how many of those experienced massive drawdowns, were left for dead, and then they rose again to even higher levels than ever thought possible before? Its crashed, and I mean CRASHED, about a dozen times with 80% or more drawdowns -- curiously though, always at higher lows. And here we are somehow, scraping $50k a coin, 900 Billion dollars worth of value created out of uhhh - a bit of ingenious code and a transparent ledger. The question you must ask yourself is, why? Why does it not die? It has every reason to! No other example comes to mind of anything coming back from the dead once, let alone multiple times. Bitcoin is a protocol layer on top of which the application layer rests. The only comparable example is TCP/IP - otherwise known as, the internet. The internet digitized and democratized information- it is now in the same power as you and I as someone with access to the world's best minds to find out whatever we want at the absolute cost of ZERO. Bitcoin is the digitization of money, it is the democratization of money. Today only the privileged in first world countries can have access to bank accounts, credit cards, checkbooks... To send a wire internationally you can pay $35 and wait a couple of days, that is if the country you are sending to is a country your country is down with and the amount of money does not raise any eyebrows in compliance departments. But we are now in the process of seeing the transformation that will allow any person anywhere the ability to send money unfettered, without questions, without unreasonable fees, nearly instantaneously, from Istanbul to Venezuela if that is where their family members live, on a Saturday, at 11PM, and the person receiving it is not charged extortion fees, or bullied, or marked, or followed, or known to have received any value whatever. How much is something like that worth? So in the end if price is all you see, there is a reason for it, it is the iceberg under the surface that you are not seeing, this irresistible, unstoppable force that has been released into the world without hope of curtailing it no matter how much those who control the money supply might try. And that is because Bitcoin, without firing a single round and without spilling a drop of blood, has forever placed beyond the reach of man the ability to manipulate and control the money. It is a voluntary system with clearly defined unchangeable rules (21M BTC, Nodes, Proof of Work, Difficulty adjustment, permissionless, non-sovereign, neutral, Supply schedule set in stone for the next hundreds of years) that if you would like to participate in, you are more than welcome to. If you decide you don't like it, you may sell it and leave. And without a CEO, marketing team, or coercion to transact in it as in FIAT, it has made people believe in it to the point of it being today one of the top 15 companies/ commodities/currencies with the highest of market caps, and it is the only one that looks bent on rising the ranks faster than any of the others. And for the first time in its history the macro external outlook has made it look by comparison, FOR THE FIRST TIME, as a desirable place to park value by those with value to park, accumulating enough liquidity to interest public companies. Validation for the thesis subtly embedded in the first block, ambitious and ridiculous in its scope and imagination, PLAYING OUT IN REAL TIME, earning respect in the eyes of the most serious of capital allocators. And isn't it interesting that as the price appreciates, it actually becomes more useful and valuable, a better network, more reachable to bigger and bigger entities? It is the world's most fine-tuned positive feedback loop ever witnessed. Created by someone (anonymous of course, how else!) who understood this needed to be a public utility (as in water or electricity) and never cashed in on their deca-Billions! IS YOUR MIND BLOWN YET Bitcoin is in the envious position of having time on its side. Everything else feels like it is borrowing against the future at ever-steepening costs to attempt to keep the charade going for another day. Short term gain, long term pain. Every decision at a corporate and government level today is made with the short term in mind, without paying a lick of mind to the long term. Bitcoin just mines another block. And another one. Miners keep dedicating to it more hashpower. It gets stronger and more secure. Monetary policy automatically tightens every 210,000 blocks/ approx every 4 years. Price rises. And the loop goes on. With this scenario as laid before you, in the long term, how does this all play out from here? Bitcoin in the end, is an unalienable right. Like water. Like electricity. Like the internet, arguably. because... We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. And that includes freedom of monetary opression. For every human being on the planet, INDISCRIMINATELY, let freedom ring. [link] [comments]  | ||
| The IRS just clarified that buying bitcoin with fiat and HODLING doesn't require 1040 tax reporting. Posted: 04 Mar 2021 07:38 AM PST
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| "Cash is a liability not an asset." - Michael Saylor Posted: 04 Mar 2021 10:29 PM PST People who say Bitcoin is a gamble have no idea how risky it is to own money that is being heavily debased on the whims of people you can't trust for reasons that are suspicious at best. Do you really want gold that can't be transported or self-verified? Do you really want land or a house that can be confiscated by the state when you miss property tax payments? Do you really want stocks that rely on business outcome? As the price of Bitcoin goes higher, it becomes increasingly crazy to own anything else. People think it's a speculative bubble, and have thought that way since 2011. It's eating all the value not because people are betting on huge gains but simply because every other option is complete trash. It's the lifeboat. You're nuts if you don't even have 1% of the best financial insurance policy ever created by man. [link] [comments]  | ||
| Iran officially plans to adopt Bitcoin mining to bypass international sanctions Posted: 04 Mar 2021 08:35 AM PST
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| Thanks to the true heroes/ legends - The Bitcoin Dev's! Posted: 05 Mar 2021 02:04 AM PST Think periodically it's always nice to pay homage to the often silent heroes that commit their time and effort to maintain and update the Bitcoin code. None of what Bitcoin is today would have been possible without these legends both past, present and future. They have been at the forefront of the revolution from the start and their place in history will be forever embedded within Bitcoin history. Remember any Devs out there that being a part of bitcoins incredible history and future can find out more at: https://bitcoin.org/en/bitcoin-core/contribte/ [link] [comments]  | ||
| Khan Academy has a lot of videos on Bitcoin! Posted: 04 Mar 2021 08:20 PM PST I just logged back into my old account and saw that they have classes on Bitcoin. For free of course. If you don't know, Khan Academy is a free educational website made for the world. It has all years of school and even specialized classes to choose from. They give you points and badges when you interact and it makes it feel like a game like leveling up and stuff. [link] [comments]  | ||
| Never settle for less time gives great opportunity to everyone���������� Posted: 04 Mar 2021 04:40 PM PST
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| Even in a tiny country like Montenegro, we're now trading cows for Bitcoin in the village Posted: 04 Mar 2021 10:06 PM PST | ||
| "There is no top to Bitcoin because there is no bottom for fiat money." Posted: 05 Mar 2021 02:44 AM PST
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| Apparently a massive gold deposit has been found. Anyone have info and how it could benefit BTC? Posted: 04 Mar 2021 09:01 PM PST
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| Why did Bitcoin fall from it's peak at 58k? And how to relax... Posted: 04 Mar 2021 10:11 AM PST I have read posts here from people who feel that they made a mistake buying Bitcoin as it neared it's top at 58k. I do not have a crystal ball, but I can tell you that after Tesla made it's announcement, there was a very large influx of long positions, based on margin trading. You can see that in data,\; this is not me gazing at my navel. In fact, the influx was strong and continuous, and Bitcoin reflected it. Then, an unbelievable 2.5 billion BTC liquidation occurred on the night of the 22nd, I believe. That is an incredible dump. It is hard to get your head around it. Why would that happen? It didn't. It was a fuckup. Willy Woo, probably my favorite Bitcoin analyst, says he talked to the CTO at Glassnode, and basically it was a wallet labelling error. But, the consequences, as you can imagine, were huge. Overnight, we saw BILLIONS in those long positions on margin liquidate. It was like the typical cascade effect as everyone on margin starts racing for the exit, and every time they liquidate a position, it builds on the race. Additionally, all Bitcoin miners in Mongolia are shutting down. They have been given the boot, and will shut down operations by April. The Chinese authorities in their district have been told to reduce electrical usage. Consequently, there is a steady drip drip drip of Bitcoins, partially because they floated a lot of infrastructure on the back of Bitcoins. This will not last. But... here is the thing. This is a blip in the road, a speedbump you didn't see, and is meaningless in the inevitable progression of Bitcoin to over $100k. If you bought in on the race to the top (I bought some on the way up), as long as you don't sell, you have no loss. Stop looking at the tape, stop wondering if you made the right decision. Go sit out on the porch with a beer, or pretend you are on the beach wiggling your toes in the sand, because one day that is right where you will be. "This is the way." [link] [comments]  | ||
| Its time to buy more bitcoins! Posted: 04 Mar 2021 08:25 PM PST
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| Posted: 05 Mar 2021 03:07 AM PST I started buying Bitcoin this year every week, and holy shit, it is a good way to save money. thats the post [link] [comments]  | ||
| Posted: 04 Mar 2021 04:37 PM PST Stacking sats is I tell ya. I buy my weekly dca amount then spend the next 6 days watching the chart and saying to myself "I'll put an extra $100 in if it dips below xxx". If that doesn't happen, I'm still excited next week to buy more. Every financial decision now is laced with "well if I did it this way instead, I could use the rest to buy more bitcoin". Hodl. [link] [comments]  | ||
| Goldman Sachs Crypto Survey Shows 22% of Investors expect $100,000+ Bitcoin Price IN THE NEXT YEAR Posted: 04 Mar 2021 09:29 PM PST
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| I just found my old wallet account! I’m rich! Posted: 04 Mar 2021 10:58 PM PST Well okay maybe not that rich... only $4.33 worth, but that's pretty good considering I started with $0.039! [link] [comments]  | ||
| Posted: 04 Mar 2021 12:27 PM PST | ||
| Just Sold To Help With Our House Deposit Posted: 04 Mar 2021 11:02 PM PST Always wanted to HODL but needed the money to help with our house deposit. Decided to sell this morning, getting way too stressful watching the prices of Bitcoin when I knew I needed the money. All in all though, I invested back in March last year when it was super low, just wish I'd invested more! [link] [comments]  | ||
| Just want to say THANK YOU everyone!�� �� Posted: 04 Mar 2021 10:48 PM PST I really appreciate the support and everything I've learned here. Thank you all for letting me join you on this bumpy crypto ride. 🎢🎢🎢 I got into crypto only about two month ago, invested probably a bit more than I can afford to lose, made couple of small mistakes, but overall I had a great experience so far mainly thanks to this community. I've never used Reddit or any other online community much before but being here definitely saved me from staying up all night checking my portfolio and panic selling whenever it 'dips'. Last Monday (22/2), I earned around $1200 for a freelance job so I immediately used it all to buy BTC and ETH and in a couple of hours I watched my portfolio slowly shrink as the market went down. I came here right away and got over my anxiety in no time ❤️ Most of the people I know don't care about crypto currency and would only think I'm a bit crazy and reckless doing such investment. On the other hand, I'm extremely enthusiastic about it but don't want to recommend doing the same thing to my friends as I know I will be the one to take the blame if they lose their money. How do you actually talk about it with your family or friends? Anyway, I wish this space continues to grow and other newcomers can experience the same form of support as I did. You prepared me to HODL for years to come even if any real big correction will happen soon. I also try to check my portfolio less often but that will still need a lot effort since it's so addictive. Stay safe everyone! [link] [comments]  | ||
| Posted: 04 Mar 2021 07:20 AM PST That's all I can afford rn. Better than nothing, right? nervous laughter [link] [comments]  |
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