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    Bitcoin Daily Discussion, October 10, 2021

    October 10, 2021

    Bitcoin Daily Discussion, October 10, 2021

    Daily Discussion, October 10, 2021

    Posted: 09 Oct 2021 10:00 PM 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.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    You'd be up 20X if you listened to this guy on July 12th, 2017.

    Posted: 09 Oct 2021 02:54 PM PDT

    Let’s tweet at Wikipedia to add Bitcoin lightning as a mode of donation

    Posted: 09 Oct 2021 11:25 PM PDT

    This is what BTC did to me, my journey from 17k to 198k

    Posted: 10 Oct 2021 01:24 AM PDT

    The average millionaire today can have at most 0.375 BTC, and this number gets lower by the day

    Posted: 09 Oct 2021 03:07 PM PDT

    Credit Suisse Research Institute puts the number of millionaires worldwide at 56 million total, of which 40% are in the United States. (Source: https://www.economist.com/graphic-detail/2019/10/22/millions-of-millionaires)

    There are many, many things that all millionaires can have and buy. A full bitcoin is not one of them. This number is likely even lower due to several additional factors:

    • Institutions and individuals buying it, holding, and not selling anytime soon
    • Satoshi's stash plus lost coins
    • Coins in the hands of non-millionaires

    among others. This 0.375 BTC number however gets lower and lower over time because:

    • More fiat is issued, creating more fiat millionaires
    • BTC is lost
    • BTC is bought and held by everyone else

    If you have this amount, there are only two possibilities for you in the next 10 or so years: I. BTC fails. II. BTC wins (I actually believe like many that it has already won), and you will be a fiat millionaire (in today's purchasing power, let alone future years purchasing power). In this case, you should celebrate not because you have one million dollars, which might as well be less useful than toilet paper in ten years, but because you can buy and have whatever it buys today.

    An important point mentioned in this research is that " The total net worth of all millionaires stood at US$158,261 trillion. " That's the lower bound for BTC's total addressable market (TAM). No other shitcoin has that, because they are trying to be something else than money: bitcoin is the soundest money, and there is no close competitor (like Michael Saylor would say "this story about 60% dominance is bs. It's like 95 or 96 percent dominance"). Hence it's pointless to compare whatever market cap they have with bitcoin. The important conclusion from that is that bitcoin has the highest risk-adjusted upside potential: we are talking about a 150x from here at least. Whatever shitcoin you can think of that has surpassed, let's say, 20 billion market cap, is competing with some 10 others on a single digits trillion dollar addressable market (other than money) at best. Money printing helps us more than it helps them (i.e. our TAM increases at least as much as theirs). So there is really no point in holding any other coin other than bitcoin if you believe that either bitcoin alone or "crypto" is the future: either bitcoin alone succeeds, and it offers you the best return, or bitcoin and others succeed, and bitcoin offers you the best return. The only reason to hold other coins is if you wanna gamble. In that case, your fate is a nice -99.99% either in fiat terms or in bitcoin terms sooner or later.

    Now an also important fact on billionaires:

    This has been said repeatedly and I believe it is worth repeating once again: we are seeing the biggest wealth transfer in the history of the world. If you read the mainstream media you might have read multiple times that "billionaires have never been richer", "billionaires wealth are growing faster during the pandemic", etc. These are half-truths (or lies). Their wealth is shrinking and it is shrinking fast in BTC terms. I'd be surprised if there was one single billionaire whose wealth decreased by less than 95% in the last five years.

    For those willing to do the math, here's the historical billionaires list:

    https://stats.areppim.com/stats/links_billionairexlists.htm

    I invite those knowledgeable in how to put this through to come up with something similar to https://www.pricedinbitcoin21.com/landing but for the world's richest people over time. Will be nice to see how the money game looks when you are counting points with the soundest money on earth instead of monopoly money.

    submitted by /u/cidadefalcao
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    Not if, when

    Posted: 09 Oct 2021 06:32 AM PDT

    El Salvador to use bitcoin gains to fund veterinary hospital, president says

    Posted: 09 Oct 2021 09:26 PM PDT

    I saw this in Salem, Massachusetts

    Posted: 09 Oct 2021 04:01 PM PDT

    New BTC ATM's at my local gas station and vape shop. Adoption is rampant, y'all.

    Posted: 09 Oct 2021 05:15 PM PDT

    Vitalik hitting out against Bitcoin because of El Salvador's adoption and spreading FUD like buttcoiners shows he is just a hypocrite

    Posted: 09 Oct 2021 10:45 AM PDT

    Vitalik has posted a high and mightly criticism of Bitcoin's adoption as legal tender in El Salvador, labelling it "against crypto's principles"

    But where where crypto principles when he pre-mined 72m ETH out of thin air to give it away to VCs and insiders?

    The shitcoin culture he created started the ponzi token boom on the blockchain, and now his chain the home of countless pyramid schemes and scams, literally full of grifters and garbage NFT peddlers trying to sell their crap to the next guy who is willing to buy it off them, all for a negative sum ecosystem where an average user cant even transact because of prohibitive gas fees.

    Somehow this person has a problem with a country adopting bitcoin.

    He says El Salvador's "unplanned rollout" risks a large number of innocent people getting hacked or scammed

    Lol, he created the network where the most number of crypto scams are happening, on a daily basis. Not even considering absolutely sum zero games like Pfp scams that are being sold for ludicrous sums, and other garbage that are purely just greedy grifting. People are losing all their savings just because of gas bugs thanks to incompatible wallets after eip1559.

    If he really cared about people getting hacked or scammed, wouldnt it have been better if he hadnt even created Ethereum in the first place? How many scams could he have prevented?

    He is literally the father of Shitcoins, trying to put down Satoshi's vision of financial freedom for everyone, just because his shitcoin didnt make the cut. Shameful.

    submitted by /u/Set1Less
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    Would you say Bitcoin a better investment than real estate?

    Posted: 09 Oct 2021 05:13 AM PDT

    Think about it.

    Real estate takes so much work: you have to maintain the house, find a tenant, there are unexpected costs and taxes,...

    ​

    Isn't Bitcoin a more hassle-free and better form of investment? You just have to buy and HODL and you get better appreciation than with a house.

    submitted by /u/usernametakengetit
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    What’s the catch?

    Posted: 09 Oct 2021 09:31 AM PDT

    Us: "Bitcoin is perfect money - it's immutable, undilutable, global, permissionless, instant, cheap. You can self-custody it, you can store it in your head. It's more salable across time than dollars or bonds, it's more salable across space than gold, it's more fungible than real estate, and it's appreciating faster right now than any stock."

    Boomer: "Wow, that does sound perfect. But what's the catch?"

    Us: "You have to keep track of your password."

    Boomer: "It will never work."

    submitted by /u/jankis2020
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    Most significant thing about El Salvador making BTC legal tender

    Posted: 10 Oct 2021 02:24 AM PDT

    Making BTC a legal tender means that in theory, BTC will never have to be converted into another currency, that is, they will never have to be sold. Over time, many thousands of BTC may be circulating in the country without ever being put on an exchange.

    When the vet hospital being built with profits was mentioned, someone said, no, they should just hold. But it may be possible that they intend to pay the builders, etc. in BTC in which case the coins never need to be sold. If other countries, say Argentina, produce medicines that vets use, then BTC can perhaps be used to pay for those and again, no need to liquidate.

    This sort of thing has never happened on a large scale. The economy of El Salvador is not huge, but it could tie up a lot of BTC and as more countries are added who use BTC as a legal tender, I think you get the picture.

    submitted by /u/TombStoneFaro
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    US senator Cynthia Lummis reveals purchase of $100,000 in Bitcoins

    Posted: 09 Oct 2021 04:00 PM PDT

    Bitcoin is now accepted by small businesses everywhere in El Salvador

    Posted: 09 Oct 2021 04:43 PM PDT

    What A Sore Loser Looks Like (Vitalik bashing Bitcoin adoption in El Salvador)

    Posted: 09 Oct 2021 09:03 PM PDT

    Bitcoin’s upside from here is 10x over 10 years

    Posted: 09 Oct 2021 10:06 AM PDT

    I believe that by the end of the decade, Bitcoin would

    • Be part of central banks and sovereign wealthfunds' assets
    • Reach market value equal to gold, roughly $10Tn

    From now until then, Hodl and stop looking at its price.

    Roast me :)

    submitted by /u/Unbelievable_OG
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    JPMorgan and Soros are now into BTC, beware.

    Posted: 09 Oct 2021 05:09 AM PDT

    Western way is more subtle than far eastern, BTC will be allowed but controlled. With the new ETF and futures market they will aim to produce enough leveraged paper BTC to effectively suppress and manipulate its price. Most of population have no idea about blockchain and will be attracted by whatever media will try to sell. You crypto enthusiast will be banging head in wall ( just like existing silver and gold stackers) trying to explain difference between the real thing and paper. A tiny percent of the audience will listen and understand.

    Welcome in the precious metals club folks.

    submitted by /u/Harkonnen_Baron
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    Is this the last time we'll ever see a $50000 Bitcoin?

    Posted: 09 Oct 2021 04:42 AM PDT

    Bitcoin has passed $55k, and the pullback didn't do much.

    Is this the end of an era?

    Are the days of Bitcoin as less than a $1 Trillion asset over forever?

    submitted by /u/TheFutureofMoney
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    NFTs are launching on Bitcoin sidechain Stacks, which settles its transactions to the Bitcoin blockchain.

    Posted: 09 Oct 2021 04:11 PM PDT

    The first mention of Bitcoin in 2600: The Hacker Quarterly.

    Posted: 09 Oct 2021 02:16 PM PDT

    The Bitcoinmeister // 90 x 102 cm Aerosol and Markers on Canvas

    Posted: 10 Oct 2021 01:50 AM PDT

    Bitcoin is “gold 2.0” with possible $20 trillion market cap, Immutable Holding CEO says

    Posted: 09 Oct 2021 07:52 PM PDT

    The best Bitcoin financial planning for any 30-35 year old.

    Posted: 10 Oct 2021 02:35 AM PDT

    The plan is simple, and one would only need to stick to it to become financial independent (or even rich) in 5-10 years time.

    Cut down on two nights out per month, instead Buy $500 worth of bitcoin every month, aiming for one bitcoin. By 2031 the price would be $1m per coin, deposit 0.1 coin with 10 different institutions to get 5% APY, live on that $50,000 per year zero risk zero stress.

    A true happy ending, but they have got to start right now.

    submitted by /u/kadudu888
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    How To Trust Yourself You Make the Right Decision When Buying Bitcoin. The secret lies in your vision of the goals of Bitcoin.

    Posted: 10 Oct 2021 01:18 AM PDT

    CoinCurrently - Custom Price Alerts

    Posted: 10 Oct 2021 01:17 AM PDT
    Read more
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