Bitcoin / Cryptocurrency Discussion (And Predictions)

[Antifragile]

To me it's one of the main things that I think makes it valuable useful.

I think it would have been quite useless otherwise.

 

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[Mathuin]

not gonna lie, wasn't till 5 years ago I thought when everyone was talking about how terrible fiat currency was, I didn't know they were talking about government backed dollars...

Why did the Libertarian quit his job at the car factory?

Because he hated Fiat

 

[nitrousflame]

Any thoughts on the following argument: "Bitcoin is not scarce since it can be divided into infinite peaces."

Pizza companies hate this one simple trick.

When you order pizza, it typically comes pre-sliced into 8 slices. Simply cut each slice in half and instantly you now have 16 slices -- two for the price of one! This trick works regardless of how many slices the pizza comes in too! And if you're extra careful, you might be able to double it again. That's 4x the pizza for the same price!

 

[Kevin88660]

Have you not had math in primary school?

Edit: I feel like bitcoin is so disruptive people can't grasp it, and it makes them actually going retarded in trying to discredit it in order to save their own ego

I have to admit that i don’t fully get the part on consensus algorithm, nodes and validators.. despite having followers for a crypto channel.

Crypto Knowledge is too wide to be fully understood.

You need computing science, Economics, finance, history, legal knowledge to be an “expert”.

Without the CS background I just have to take it for what it is. I know that BTC is most secure because it has the largest hash rate with the most computing power distributed across the world doing proof of work. I take it for what it is. Because they said so and I believe. Because I don’t have the underlying knowledge to question whatever assumption that is popular.

For that reason I focus more on the financial side for my own channel.

It always feel weird because it is quite hard to fully understand.

Imagine people who never dabbled in crypto.

 

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[doster.zach]

I have to admit that i don’t fully get the part on consensus algorithm, nodes and validators.. despite having followers for a crypto channel.

Crypto Knowledge is too wide to be fully understood.

You need computing science, Economics, finance, history, legal knowledge to be an “expert”.

Without the CS background I just have to take it for what it is. I know that BTC is most secure because it has the largest hash rate with the most computing power distributed across the world doing proof of work. I take it for what it is. Because they said so and I believe. Because I don’t have the underlying knowledge to question whatever assumption that is popular.

For that reason I focus more on the financial side for my own channel.

It always feel weird because it is quite hard to fully understand.

Imagine people who never dabbled in crypto.

No if you're a crypto influencer, you have to know everything and NEVER admit you don't!

 

[Matt Sun]

Have you not had math in primary school?

Edit: I feel like bitcoin is so disruptive people can't grasp it, and it makes them actually going retarded in trying to discredit it in order to save their own ego

Yes I had math. You need me to explain you what division means?


Also, I only considered the argument because of reading bowtiedbull on twitter who gives somewhat good analisis on stuff, and they sort of endorsed this argument, to my surprise.

So yeah, don't be triggered and attack me just for a simple question.

 

[MitchC]

Yes I had math. You need me yo explain you what division means?


Also, I only considered the argument because of reading bowtiedbull on twitter who gives somewhat good analisis on stuff, and they sort of endorsed this argument, to my surprise.

So yeah, don't be triggered and attack me just for a simple question.

Could you explain what you mean better because it does sound pretty stupid, maybe I’m missing something

 

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[Matt Sun]

Could you explain what you mean better because it does sound pretty stupid, maybe I’m missing something

For example, I heard a long time ago from Andreas Antonopoulous that even a satoshi can be divided into more parts.

Maybe it's just a bad argument and we can dismiss it right here and be done with it.

 

[MitchC]

For example, I heard a long time ago from Andreas Antonopoulous that even a satoshi can be divided into more parts.

Maybe it's just a bad argument and we can dismiss it right here and be done with it.

I didn’t know that but now I like Bitcoin even more.

Yeah it makes no sense to me.

Gold and houses etc aren’t as divisible which almost means the market size is capped to people with enough money to invest in them.

If gold goes to 1m an ounce, and you only have $100, you can’t really invest in gold because you’d get such a tiny amount it wouldn’t be possible to weigh it.

But if Bitcoin goes to 1m it’s still going to be easy and possible for anyone to invest $100 in it, they’d just get a tiny amount of a coin.

 

[nitrousflame]

For example, I heard a long time ago from Andreas Antonopoulous that even a satoshi can be divided into more parts.

Maybe it's just a bad argument and we can dismiss it right here and be done with it.

Sir, think of 1 bitcoin like 1 pizza. If you divide it in two, you have two halves, but still one pizza. (1/2 + 1/2 = 1) If you cut it in 8 slices, you have 8 slices each representing 1/8 of a pizza. Again, adding up all the newly created slices, we get 1/8 + 1/8 + 1/8 + 1/8 + 1/8 + 1/8 + 1/8 + 1/8 = 1 pizza.

If you "divide" 1 bitcoin into 100,000,000 (also known as 1 satoshi), and you add them up, you still have 1 bitcoin.

No pizzas or bitcoins were harmed in this experiment.

 

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[Speculatooor]

Yes I had math. You need me to explain you what division means?


Also, I only considered the argument because of reading bowtiedbull on twitter who gives somewhat good analisis on stuff, and they sort of endorsed this argument, to my surprise.

So yeah, don't be triggered and attack me just for a simple question.

Maybe I was too harsh, but please never stop thinking for yourself.

It frustrates me that people who want to discredit bitcoin with such arguments get any traction at all, by making people like you doubt basic math.

On a positive note; if these are the arguments left against it, that's a good sign.

 

[Ing]

What about ETH?
Energy consumption seems to be the main reason for 2.0. POS over POW.
I m afraid, that the POW ETH network is the main asset of ETH. It works good.
So if ETH POS is installed and has bugs, ETH may be no more as good as it was and the price goes down.

will they wait with release until it works 100%.

What do you think?

 

[GPM]

What about ETH?
Energy consumption seems to be the main reason for 2.0. POS over POW.
I m afraid, that the POW ETH network is the main asset of ETH. It works good.
So if ETH POS is installed and has bugs, ETH may be no more as good as it was and the price goes down.

will they wait with release until it works 100%.

What do you think?

Yup, if eth tries to move over to PoS too soon and it doesn't work... So long faith in ethereum!!

Ps. I always try to have my popcorn ready before I enter this thread.

 

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[Antifragile]

Yup, if eth tries to move over to PoS too soon and it doesn't work... So long faith in ethereum!!

Ps. I always try to have my popcorn ready before I enter this thread.

ETH survived a hard fork, I never thought it was survivable … I guess no one knows anything. The space is just so new.

 

[doster.zach]

https://twitter.com/i/web/status/1543239858138791936

View: https://twitter.com/ZssBecker/status/1543239858138791936

 

[Ing]

https://twitter.com/i/web/status/1543239858138791936

View: https://twitter.com/ZssBecker/status/1543239858138791936

Imo BTC could dump to about 11,5 k, based on the ratios of the past.
When now the stop losses of some whales are at 12 k, I expect it even lower.
Only my opinion! Not financial advice!

 

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[doster.zach]

Imo BTC could dump to about 11,5 k, based on the ratios of the past.
When now the stop losses of some whales are at 12 k, I expect it even lower.
Only my opinion!

Thanks for the financial advice!

 

[Ing]

Thanks for the financial advice!

No financial advice! Though you made a joke of me.

 

[doster.zach]

https://twitter.com/i/web/status/1544908293142941697

View: https://twitter.com/0xfoobar/status/1544908293142941697

 

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[Leo Hendrix]

Sell the house, assets, cars, pets, wife, kids, savings, everything and go ALL IN on crypto, buy the dip and tread where others are fearful to. Ignore the market and charts and diamond hands all the way. WAGMI.

Yeah...if you're right or the market adoption is in a project or money...boom. You'd be sitting pretty for a while. Or starving and looking for a job if it doesn't work out. But what's life without some risk?

 

[Leo Hendrix]

Avalanche vs. Solana

What do you think guys - which ecosystem is better and why?

I researched a lot of information about both projects and each of them has many individual advantages, so it's hard to say which project is better. I'd like to know your thoughts.

Solana has had serious problems with the operation of the network in the past. The AVAX network has never gone down.
So far Solana has much larger capitalization than Avalanche, but everything may change.

And one more point - when ETH 2.0 will come out, what will happen with AVAX and SOL? Their capitalization and demand will drop as people will be using an updated ETH? What's your opinion?

I know no one knows. I know that I know nothing. And of course no one knows the future.
But it's worth discussing and getting to know different points of view on different things.

Alternative Layer 1s or Blockchains have a lot of weakness's and problems. Eth has been the safest and most resilient chain for alts to live on.

Take a look at Qluster research & On-chain Wizard for for in-depth reasons why.

(Good read on scaling with Rollups -Intro to Rollups)

Avalanche was nice - cheap and fast then transactions took a long time when the network was congested. I never used Solana as it was like Wall Street 2.0 (my opinion) & it was very centralized.

Kanj from Qluster highlights the fundamentals we should keep in mind when assessing crypto - Decentralization, Security & Scalability - The Trilemma (Distributed Computing/Systems/Comp-Sci Problem.)

Andreas Antonopolous is always a good go-to guy (to keep in mind the advantages of open blockchains & protocols.)

Here's another good one - Cross-chain communication protocols

 

[Antifragile]

1 BTC = 1 BTC is a bold claim that works for literally any currency or quantifiable noun.

1 USD = 1 USD
1 banana = 1 banana
1 ruble = 1 ruble


Why is this a thing? What am I missing here?

 

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[GPM]

1 BTC = 1 BTC is a bold claim that works for literally any currency or quantifiable noun.

1 USD = 1 USD
1 banana = 1 banana
1 ruble = 1 ruble


Why is this a thing? What am I missing here?

1oz of gold = 1oz of gold.

Hope that clarifies that for ya!

 

[MTF]

1 BTC = 1 BTC is a bold claim that works for literally any currency or quantifiable noun.

1 USD = 1 USD
1 banana = 1 banana
1 ruble = 1 ruble


Why is this a thing? What am I missing here?

Via BowTied Bull:

1 BTC = 1 BTC Explained
​

The entire point of having crypto is for two reasons: 1) you believe fiat will continue to increase money supply. Read that sentence 20 times if you have to. Interest rates don’t matter. The only thing that matters if you have to believe global supply of fiat will continue to go up. Not demand. Not interest rates. Just supply. This leads us to point; 2) if you are not holding the keys to your coins you have absolutely zero crypto assets. You’re already seeing crypto.com reverse transactions related to LUNA and if you have any third party provider holding your coins you have ZERO coins. This means: Fidelity, GBTC, Coinbase, Kraken, Crypto.com, Binance, Voyager, Celsisus… the list goes on forever.

If both of those points do not make sense we suggest reading the Bitcoin White paper and you should *not* be reading this blog if you don’t understand those two fundamental points.

1 BTC = 1 BTC Conclusion: This part still is a struggle for people. They look at the price in US Token terms and get upset when it’s up or down. This is another sentence you have to read many times. If you think “I shoulda bought more” when it was down at the bottom in March of 2020 it means you’re a trader. If you think “I shoulda sold” at any top be it $69K or $20K back in 2017 or $1K back in the middle 2000s, you are also a trader.

Traders do not understand what Bitcoin and crypto is. What you are waiting for is *other* countries and large institutions to adopt the asset. All of this stuff is either adopted or a zero. There is no “40% return and sell” there is no “oh no i am down 50%”. These have come and gone at least 100 times in the last 5 years alone.

In short, you should ONLY buy an amount you’re willing to NEVER sell for at least 10 years at minimum. Not short time horizons. Over the last 14 years this has been a better asset than the S&P 500 by a large margin since the S&P only mirrors debt increases and money supply at a 1:1 ratio.

I agree with that adoption part as well and it's why I don't plan to sell for at least 10 years at minimum, either.

 

[c4n]

Oh, I imagined 1 BTC = 1 BTC meant that you shouldn't display the price of BTC in USD or any other fiat (like 1 BTC = X USD), but it's a concept that stands on its own and will make the fiat system obsolete (hence no need/point in comparing to fiat values).

If all you do is say "1 BTC = 1 BTC and you should hold at a minimum for 10 years" you are expressing the value of BTC in fiat and you are still in the "greater fool" game, hoping someone down the line will buy it with fiat money for more than what you've paid for it.

 

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[MTF]

If all you do is say "1 BTC = 1 BTC and you should hold at a minimum for 10 years" you are expressing the value of BTC in fiat and you are still in the "greater fool" game, hoping someone down the line will buy it with fiat money for more than what you've paid for it.

If it's adopted by other countries and large institutions, there's no more "greater fool" game. Same with precious metals. Once it's proven, it's proven. Yeah, the price will fluctuate but IMO the greater fool game applies to stuff that has no intrinsic value (like most NFTs and most of modern art).

Though I don't agree with BTB that it's either adopted by big players or goes to zero. It already provides way too much utility for the little guys (particularly in economically-troubled countries) to go to zero. Imagine BTC getting adopted by farmers or agricultural cooperatives. Once that's possible and you can spend and earn in BTC, it just becomes another fully-functioning currency. The fiat system doesn't have to die for BTC to flourish.

I personally hold a very small percentage of my net worth in crypto. Either way this isn't going to affect me much and that's why I can afford to hold it. But if it were to say, shoot 100x and I could sell it and buy for it something that I consider more stable and cashflowing (say, a piece of a well-managed business or rare real estate) then I'd reconsider selling earlier. It's all bullshit man-made numbers anyway, whether it's fiat or computer coins.

 

[doster.zach]

https://twitter.com/i/web/status/1548051764871516161

View: https://twitter.com/BITech/status/1548051764871516161

 

[doster.zach]

Where do people here store their crypto?

 

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[MTF]

Where do people here store their crypto?

There is only one correct answer.

Cold wallet.

 

[Speculatooor]

1 BTC = 1 BTC is a bold claim that works for literally any currency or quantifiable noun.

1 USD = 1 USD
1 banana = 1 banana
1 ruble = 1 ruble


Why is this a thing? What am I missing here?

Fixed supply cap

Works only with bitcoin because supply can’t be increased more than 21m.

Bananas and rubles have an infinite supply potential, theoretically.

It basically means, your share of the supply won’t be diluted, so 1 BTC will always be 1 BTC.

Scarcest asset in human history.