Bitcoin Daily Discussion, December 03, 2021 |
- Daily Discussion, December 03, 2021
- Dear everyone, Bitcoin and "crypto" are not the same. Please stop using them synonymously. Thx.
- Today I got a letter from my bank with a link to a survey about crypto where they are saying that they're thinking about offering to buy and trade crypto directly through them.
- "Bitcoin is no longer decentralized because banks and hedge funds are involved"
- Nearly 90% of all Bitcoin will have been mined in approximately one week.
- Don’t make the same mistake my dad made by panic selling, and or ignoring the ₿lue chip of the crypto space; ₿itcoin. It’s 1997 internet stock days, and corporations and banks want your Microsoft and Amazon stock of this space
- Elizabeth Warren Takes Aim at New York Bitcoin Mining Firm’s Environmental Record
- Why is BTC going down today ?
- Why “Fat Protocol Thesis” will be proven correct with Bitcoin and how we get over $1M soon
- These panic posts are annoying
- Indian cabinet (Govt) note got leaked and it states that All all the crypto assets will have to be moved to Indian Exchanges if you are an Indian citizen by the specific date provided by the govt.
- For those who are overwhelmed by the big price of Bitcoin right now and think it's too late to get into crypto, remember how overwhelmed you were when Bitcoin had its ATH at $20,000 in 2017. And now imagine how overwhelmed you'll be when it hits $200,000 in 2025.
- Maximalist family cares more about Bitcoin than their own daughter..
- BTC Hashrate: 196.57 EH/s
- Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments
- Fidelity set to launch physical spot bitcoin ETF
- Ooooooh! Guess who thought of anonymity and privacy. And Bitcoin is bad.
- Marathon Digital’s Bitcoin Production Fell in November as Maintenance Work Cut Capacity; Stock Sags
- The 'Black Bitcoin Billionaire' Tells Us About His Business
- Time traveling bitcoin redditors
- Bitcoin Miner TeraWulf Raises $200M in Debt and Equity
- Looking for average TXN cost per UTXO
- Mine Bitcoin with your Game Boy
- CNN Business: Why Inflation can actually be good for everyday Americans and bad for rich peopple.
- Has anyone taken a significant chunk from their 401(k) or IRA and put it into Bitcoin?
| Daily Discussion, December 03, 2021 Posted: 02 Dec 2021 09:09 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] | ||
| Dear everyone, Bitcoin and "crypto" are not the same. Please stop using them synonymously. Thx. Posted: 03 Dec 2021 06:05 AM PST
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| Posted: 03 Dec 2021 08:44 AM PST | ||
| "Bitcoin is no longer decentralized because banks and hedge funds are involved" Posted: 03 Dec 2021 12:17 AM PST I see this stupid argument even in /r/bitcoin Banks, hedge funds, and corps don't control the issuance or total supply. Rich people buying Bitcoin doesn't mean it's co-opted. The promise of Bitcoin was never that nobody else would have more money than you. It was created with a supply that can't be manipulated & devalued like what's been happening with every fiat currency. The goal is for everyone to use Bitcoin and that includes bankers and CEOs. If you own 1 BTC you own 1/21million of the total monetary supply and nobody can change that. Stop worrying about what other people have, and be glad that Bitcoin is the first asset that prevents anyone from taking what you have. [link] [comments] | ||
| Nearly 90% of all Bitcoin will have been mined in approximately one week. Posted: 02 Dec 2021 05:57 PM PST So I need help understanding something regarding Bitcoins limited supply. If 90% of the Bitcoin mined gets bought up by investors who are all HODLING, then how does the price go up? Hypothetically speaking, if no one is willing to sell, then how goes the value go up? Also, how exactly is the price determined on the exchanges? [link] [comments] | ||
| Posted: 03 Dec 2021 02:08 AM PST My father had $40k in Microsoft stock in the 90's, worth around $2.7 million by the time I was ready for college. Instead of me or my siblings being able to afford college, he sold it for $20 something thousand after taxes, because he sold it all after hearing about how Y2K would ruin the computer companies. We had canned food for ten years after the year 2000, but we couldn't afford college by the time it came for us to do that. The rich today own the mainstream media and social media companies. Don't trust the F.U.Ð on Bitcoin that you see anywhere today, don't let them scare you out of your Microsoft, Amazon, or Google(alphabet a&b) stock of the crypto space that they want. This is how we tip the scales to our corner. We generate the value, we can eventually channel that financial power to a majority financial control over the decentralized system that is Bitcoin, the HTML of the financial internet, where all others follow its growth and drops. As where in the stock market, executives issue themselves more stocks every year to buy their next mansion, yacht, or flight to space, all at the cost of the value of their overall shares, diluting every other shareholders value in the company. Don't let yourself sell your Amazon, Microsoft, and Netflix of the crypto space for the pets.com of this space thanks to billionaires trying to distract you from their real blue chip target to remove economic competition. Edit: thankfully, I started saving in Bitcoin multiple halving cycles ago, helping my family recoup the value my family lost with the Y2K internet stock fud. It's still early, you can do the same too. Don't let yourself be scared out of the next disruptionary tech to come out this decade. The internet of financial data [link] [comments] | ||
| Elizabeth Warren Takes Aim at New York Bitcoin Mining Firm’s Environmental Record Posted: 03 Dec 2021 06:42 AM PST
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| Posted: 03 Dec 2021 12:12 PM PST I understand why stocks are in RED Poor job report, China delisting, Omicron etc... [link] [comments] | ||
| Why “Fat Protocol Thesis” will be proven correct with Bitcoin and how we get over $1M soon Posted: 03 Dec 2021 10:15 AM PST Fat Protocol Thesis was disproven. Even its inventor abandoned it. And for those that don't know, Fat Protocol Thesis is best explained in reverse: Think of the internet. Now think of Google, Amazon, Facebook, etcetera. These are the internet's applications, and make up its application layer. Value flows from the protocol layer (the internet) to the application layer. Over time, these applications have absorbed so much value, that they're now the largest companies in the world, some worth well over $1T. But the internet itself (the protocol layer) has absorbed no value. With blockchains, this process is reversed, or so the theorem posits. Value flows from the application layer to the protocol layer, thus the term "fat protocol". The measure of this theory unsurprisingly was against Vitalik Bueterin's blockchain. It made perfect sense right? It's a smart contract platform with a ton of decentralized applications (Dapps). But in the end, we saw little evidence of the protocol layer absorbing the majority of the application layer's value as time went on. There's something hiding in plain sight though, something nobody seemed to consider: tokens, tokens, tokens, with no consensus on what money is. DeFi and what's dubiously called Web 3.0 is a tokenized dystopia on Buterin's blockchain. It's an orgy of swaps, wraps, burns, mints, and stakes. Dapps are DINO (decentralized in name only) and serve zero purpose other than optimizing interactions with ever more tokens to keep the orgy going. Too, there are so many different stablecoins mixed in with the cornucopia of tokens and NFT's, that it's impossible to tell what money tastes like. Money certainly isn't TPS, TX cost, or throughput. Those are all features of a blockchain. The entire virtual machine is suffering from an acute case of what economists call Gresham's Law. This is where bad money drives out good money. So it's impossible for Fat Protocol Thesis to have any directional velocity. It's caught in a tokenized crossfire of swaps, wraps, mints, burns, and stakes. But here's my question: What would happen if none of the Dapps had tokens? If their products and services were legitimate, and all priced in the same global and stateless money? I posit that the protocol layer would absolutely explode in value, because its monetary energy should naturally begin trying to peg itself to global GDP. Fat Protocol Thesis will be proven right, but only with Bitcoin. Think about the Lightning⚡️Network. The thing is going parabolic right now. I remember just a few months ago my node with .25 BTC on it made about 2000 SATS every thirty days in routing fees. Now it's over 15,000 SATS a month and I haven't changed anything. We have Lightning apps like STRIKE exploding in popularity. We have thousands of new nodes coming online each week. We have the Panamanian government holding meetings and considering a Lightning rollout like El Salvador early next year. Lightning is turning a corner and there's still only a paltry 2900 BTC amongst the 27,000 nodes. Imagine once that hits 1M nodes and 100,000 BTC. Why not? That's less than one-third of how much is wrapped on Vitalik Buterin's blockchain currently, and the LNRR (Lightning Node Reference Rate) will probably match the wrapped Bitcoin return average in terms of APY, with the crucial difference being one is custodial, expensive, and risky, while the other is the holy grail: non-custodial APY. What about 1M BTC amongst 10M nodes? Shit, I haven't even gotten into the BTC-denominated DeFi that will get built over ⚡️. This Lightning P2P scaling solution, at least to my ears, is sounding more and more like that one person that starts clapping, before suddenly the entire congregation takes the cue and joins in. I believe this vibrating critical mass globally detonates in the summer of 2023 and never looks back. Which company wouldn't want to use it as a practical matter? Think about it, settlement is instantaneous and tx fees a penny or less. How much do Visa, Mastercard, and American Express charge? About 2-3.5%, and settlement can take weeks, which is to say nothing of fraud, which is a going concern. Amazon could add 1% to their bottom line. The velocity of money would be insane, generating economic gains in the most unlikely of places. While all this is happening, BTC will become scarcer, whole coins tough to come by, which only miners will possess in sufficient quantity to auction off to governments and businesses, as CEX's won't have them consistently. CEX's will mostly die a miserable death, drowning in a bloody pool of red ink, having dumped too many resources into the wrong business: PoS nodes and shitcoin peddling. They'll try fighting down regulation with renewed claims of a coming technological revolution as Bitcoin's political revolution of separating money from State accelerates. DINO Shitcoins which VC enablers helped boast of TPS, cheap transactions, and throughput, will be abolished, their advantages gone, their truths lain bare, skeletons undressed by Bitcoin like she was a patient vulture. The crypto-asset space will watch in horror as the global billionaire mob hellbent on Bitcoin's success talk Satoshi Standard, a Standard they can no longer ignore, as it's already spread voluntarily amongst users, non-custodial wallets, and nodes. NFT avatars will vanish entirely like bootcut jeans, such cringe only getting brought out for a cruel and unfriendly laugh. A brief period of extraordinary and final volatility will arrive as wealthy families, nation states, and businesses late to bitcoin scramble and fight for the last big chunks of UTXO land on its blockchain. The price (already well over $1M) will rocket $1M and crash $1M in the same day. And how soon feet will thrash in regret above floors, notes on nightstands nearby telling of a time they ignored SATS at .00056 USD. The NYT described that year succinctly in their January 1st paper: "When the Winklevoss twin's net worth surpassed Zuckerberg's, the dollar peg broke, and somewhere Satoshi's laugh frightened children." [link] [comments] | ||
| These panic posts are annoying Posted: 03 Dec 2021 01:05 PM PST Just fucking hold your Bitcoin, it's not a get rich quick scheme. People I know are finally getting into it and there is so much misinformation being thrown around. I've been holding since 2015 and made many mistakes (such as selling early) and seriously regret it. If you don't have bills to pay, just hold your money and fucking stack. A 10 or 20% loss right now is nothing if you compare it to the potential price in 5-10 years. Bitcoin, in my humble opinion, should be used as a secondary savings account. All this Wallstreetbets "ape" shit has got to go man. [link] [comments] | ||
| Posted: 03 Dec 2021 11:01 AM PST A very reputable news channel in India (NDTV) got hold of a cabinet note ahead of the proposed crypto regulation bill. This is a huge concern for Indian citizens.
If BTC or any other crypto is held on Indian exchanges, how do we invest in NFT's or metaverse? Most of the Indians use exchanges based in foreign countries What are your thoughts on this? [link] [comments] | ||
| Posted: 02 Dec 2021 04:54 PM PST | ||
| Maximalist family cares more about Bitcoin than their own daughter.. Posted: 03 Dec 2021 12:16 PM PST
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| Posted: 03 Dec 2021 10:50 AM PST Bitcoin is like a coiled snake ready to strike upwards. [link] [comments] | ||
| Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments Posted: 02 Dec 2021 10:17 PM PST
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| Fidelity set to launch physical spot bitcoin ETF Posted: 02 Dec 2021 10:22 PM PST
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| Ooooooh! Guess who thought of anonymity and privacy. And Bitcoin is bad. Posted: 03 Dec 2021 06:10 AM PST
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| Marathon Digital’s Bitcoin Production Fell in November as Maintenance Work Cut Capacity; Stock Sags Posted: 03 Dec 2021 08:10 AM PST
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| The 'Black Bitcoin Billionaire' Tells Us About His Business Posted: 03 Dec 2021 08:42 AM PST
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| Time traveling bitcoin redditors Posted: 03 Dec 2021 12:47 PM PST I've noticed there are redditors claiming to be from the future that tells us how high the price of bitcoin gets eventually, could they be creating paradoxes in our time line that's disrupting the price movement of bitcoin? [link] [comments] | ||
| Bitcoin Miner TeraWulf Raises $200M in Debt and Equity Posted: 03 Dec 2021 08:57 AM PST
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| Looking for average TXN cost per UTXO Posted: 03 Dec 2021 08:56 AM PST Got into a flame war earlier today with someone complaining about TXN cost looking at BTC stats. I was explaining that the "average TXN cost" includes a lot of exchange traffic that are massive 50-in / 50-out TXNs. Then it occurred to me that a better stat would be TXN cost / UTXO. So a 50-in / 50-out would have 100 UTXOs (50 spent, 50 created). Using that logic, the "cost per UTXO" would be: I might dust off my python IDE and give it a shot, but was curious if anyone is already compiling this stat. Obviously I would ignore the coinbase TXN. [link] [comments] | ||
| Mine Bitcoin with your Game Boy Posted: 03 Dec 2021 07:56 AM PST
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| CNN Business: Why Inflation can actually be good for everyday Americans and bad for rich peopple. Posted: 02 Dec 2021 09:25 PM PST I'm curious whether people buy this shit. Inflation is good for the poor but bad for the rich, lmao. Who writes this nonsense. "You see, you broke already; it doesn't matter if you more broke now, it's a double negative and shit when you multiply two negatives it becomes positive. If you are rich, it's a positive, and since inflation is negative when you multiply, it becomes a negative. So you see, it's basic mathinomics, and if you question it, you prolly just stupid. Respectfully." Being in debt before the hit of inflation works to your advantage because technically, you now owe less money. Financially educated, wealthy people know how to use debt to their advantage. Broke people use debt to get into more debt. The rich can borrow against their own money and skip taxes; they can also pay back fast, so no need to pay the interest rates. Broke people pay the minimum, not realizing that their interest rate compounds against them. That's how you get those videos on YouTube of students crying because they have been paying their student loans for three years and end up owing more than what they started with, lol. [link] [comments] | ||
| Has anyone taken a significant chunk from their 401(k) or IRA and put it into Bitcoin? Posted: 03 Dec 2021 10:27 AM PST I'm 28 and have about $45k in retirement accounts, $5k in Bitcoin and $6k in checking/savings. I only started learning about Bitcoin 6 months ago but am pretty much all in. Is it crazy to want to take out some of my retirement account to put it into bitcoin, even with early withdrawal penalties and lost future compound interest (albeit in a devalued currency)? [link] [comments] |
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