Bitcoin

280Ackley said:
So say you guys had $10K sitting savings doing nothing what would be your play?
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At the very least that money should be in a money market account earning a higher rate than most savings accounts. Ideally I’d personally be buying 3 month T bills and keep rolling them over.

IF you have the desire to learn about Bitcoin AND have a long term time horizon for that money then read “The Bitcoin Standard” and see if it’s something you understand and have conviction in. Otherwise you will never fully realize the potential of your investment.
 


william schmaltz said:
XRP stable coin went live this morning. Massive signal for traditional finance and institutional players. Stable coins are becoming a cornerstone of global finance, and now institutions have a mechanism for cross-border payments facilitation, international trade, and even lending.
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Note that this new stablecoin RLUSD is built on Ethereum blockchain -just emphasizing the utility of Ethereum. I've definitely been buying XRP the last few weeks as its seeming increasingly clear that it will have a future in transactions.
 
Burnsie said:
So - Have all 21 million bitcoins been mined yet? Is there still profits to be made mining bitcoin?
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No all 21m have not been mined. Do you have free or extremely cheap electricity? If not you'll be better off investing in the asset. Commercial publicly traded miners are HUGE and buy electricity for much much cheaper than you can and most of them are not profitable.
 
Poser said:
Note that this new stablecoin RLUSD is built on Ethereum blockchain -just emphasizing the utility of Ethereum. I've definitely been buying XRP the last few weeks as its seeming increasingly clear that it will have a future in transactions.
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The fact that XRP has to issue a stable coin on another blockchain indicates to me that it’s increasingly clear neither will have a future in transactions…
 
Craig Van Arsdale said:
The fact that XRP has to issue a stable coin on another blockchain indicates to me that it’s increasingly clear neither will have a future in transactions…
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XRP has a lot of potential for global transitions with cheap transactional fees, minimal energy use, eliminates intermediary and pre funding fees. Seems to have a lot going on and a lot going for it in that realm.

The stable coin aspect enters an already highly competitive market with Tether currently the king of that domain. I'd consider that aspect a "wait and see" scenario.
 
fmyth said:
No all 21m have not been mined. Do you have free or extremely cheap electricity? If not you'll be better off investing in the asset. Commercial publicly traded miners are HUGE and buy electricity for much much cheaper than you can and most of them are not profitable.
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So who controls/determines the figure of 21 million?
 
Idaboy said:
So who controls/determines the figure of 21 million?
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It’s programmed into it. No one controls it, no nation. No more than 21 million will ever exist. It will be much lower than that even with people loosing their btc over time.

Read the Bitcoin Standard, Bitcoin: Everything divided by 21 million, Bitcoin: Hard Money you can’t F with, The price of tomorrow, When money dies, The Creature from Jekyll Island, Soft Wars (if you can find it).


Sent from my iPhone using Tapatalk
 
There is certainly a lot to think about here. One thing I hear from some folks is that bitcoin will replace the dollar. ok, but then how is the value assessed? In other words, bitcoin value is relative to the dollar, what is the new reference point when the dollar fails? If the dollar inflates itself out of play, how do we know what a bitcoin will buy?

as far as the 21 million…saying “no one controls the number” and “it’s programmed into it” are contradictory.

What is the safest/easiest method to buy into bitcoin? An app?
 
MountainTracker said:
It’s programmed into it. No one controls it, no nation. No more than 21 million will ever exist. It will be much lower than that even with people loosing their btc over time.

Read the Bitcoin Standard, Bitcoin: Everything divided by 21 million, Bitcoin: Hard Money you can’t F with, The price of tomorrow, When money dies, The Creature from Jekyll Island, Soft Wars (if you can find it).


Sent from my iPhone using Tapatalk
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I've read a little, but will read more...it just seems that the code could be changed if the 21 million is code dependent...thanks for the info/references
 
ODB said:
There is certainly a lot to think about here. One thing I hear from some folks is that bitcoin will replace the dollar. ok, but then how is the value assessed? In other words, bitcoin value is relative to the dollar, what is the new reference point when the dollar fails? If the dollar inflates itself out of play, how do we know what a bitcoin will buy?
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A bitcoin is worth whatever someone else is willing to give you for it…that could be dollars, euros, yen, yuan, gold, silver, cars, pizza. Dollars are typically used as the reference point for comparison simply because dollars are currently the most commonly used medium of exchange. But Bitcoin’s value is not dependent on the existence of the dollar, and it will continue to be valuable if/when the dollar fails.

ODB said:
as far as the 21 million…saying “no one controls the number” and “it’s programmed into it” are contradictory.
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The original author of the Bitcoin protocol (who went by the pseudonym Satoshi Nakamoto but whose real identity is unknown) programmed a hard limit of 21 million into the protocol. That supply limit could theoretically be changed if a majority of the Bitcoin community decided to “fork” Bitcoin by adopting a change to the limit and beginning to run a revised protocol. Bitcoin has survived significant forks in the past (e.g., Bitcoin Cash circa 2017). IMO changing the 21 million limit would not get enough support from the Bitcoin community to cause a significant fork.

ODB said:
What is the safest/easiest method to buy into bitcoin? An app?
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If you want to truly “own” bitcoin (i.e., have sole control and custody), open an account with a reputable online exchange (e.g., Coinbase, Gemini, Kraken), buy some, then transfer it to your private wallet. If you just want to invest in Bitcoin (i.e, get financial exposure but not necessarily own it in full), you could do as I described, or buy through an exchange and leave it in the custody of the exchange, or buy shares of an ETF, or buy shares of a mining company.
 
Mighty Mouse said:
A bitcoin is worth whatever someone else is willing to give you for it…that could be dollars, euros, yen, yuan, gold, silver, cars, pizza. Dollars are typically used as the reference point for comparison simply because dollars are currently the most commonly used medium of exchange. But Bitcoin’s value is not dependent on the existence of the dollar, and it will continue to be valuable if/when the dollar fails.


The original author of the Bitcoin protocol (who went by the pseudonym Satoshi Nakamoto but whose real identity is unknown) programmed a hard limit of 21 million into the protocol. That supply limit could theoretically be changed if a majority of the Bitcoin community decided to “fork” Bitcoin by adopting a change to the limit and beginning to run a revised protocol. Bitcoin has survived significant forks in the past (e.g., Bitcoin Cash circa 2017). IMO changing the 21 million limit would not get enough support from the Bitcoin community to cause a significant fork.


If you want to truly “own” bitcoin (i.e., have sole control and custody), open an account with a reputable online exchange (e.g., Coinbase, Gemini, Kraken), buy some, then transfer it to your private wallet. If you just want to invest in Bitcoin (i.e, get financial exposure but not necessarily own it in full), you could do as I described, or buy through an exchange and leave it in the custody of the exchange, or buy shares of an ETF, or buy shares of a mining company.
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To point 1. I get bitcoin may outlast the dollar. The question is how is a new reference point derived? The dollar as a reference makes sense because it’s universal, and people can visualize the value of it via their day to day purchases. The value is inherently agreed upon. When that dissapears, what reference point will people use to value bitcoin? That’s a complicated thing to introduce a new monetary unit and also replace its reference in the real world.

Thanks for the info.
 
ODB said:
To point 1. I get bitcoin may outlast the dollar. The question is how is a new reference point derived? The dollar as a reference makes sense because it’s universal, and people can visualize the value of it via their day to day purchases. The value is inherently agreed upon. When that dissapears, what reference point will people use to value bitcoin? That’s a complicated thing to introduce a new monetary unit and also replace its reference in the real world.

Thanks for the info.
Click to expand...
Currencies have come and gone many times throughout history. The dominance of the US dollar is relatively new in the grand scheme. The British pound once dominated world commerce, and before that the Spanish dollar did so. The rise and fall of currencies take place gradually, which gives people time to adjust.

The value of a dollar is not inherent nor universally agreed upon. Simple example: when I was in high school, I would buy a 20 oz Dr Pepper from the vending machine outside school almost every day for $1. That same 20 oz Dr Pepper out of the same vending machine now costs much more. I don’t drink soda anymore and don’t pay attention, but I’m guessing the price is now around $1.50-$2.00. A dollar isn’t/wasn’t ever inherently equivalent in value to one 20 oz soda (if it was then, it still would be now). It was subjectively worth that much to me at that time. The value of a dollar is fluid and subjective and fluctuates continuously. I agree that the dollar is widely used and recognized in much of the world, but it’s not an immutable constant.

If the dollar were to disappear, we could use any number of other currencies or commodities as a reference point to evaluate the relative value of bitcoin. Right now 1 bitcoin = $100,000 = 96,550 euro = 728,640 yuan = 38.4 ounces of gold = 3,560 ounces of silver...

If the dollar disappeared, would your house become valueless because you could no longer price it in dollars? The dollar is not the only monetary unit in existence. If the dollar fails, something else will rise to fill its role…perhaps that something else will be bitcoin itself.
 
ODB said:
To point 1. I get bitcoin may outlast the dollar. The question is how is a new reference point derived? The dollar as a reference makes sense because it’s universal, and people can visualize the value of it via their day to day purchases. The value is inherently agreed upon. When that dissapears, what reference point will people use to value bitcoin? That’s a complicated thing to introduce a new monetary unit and also replace its reference in the real world.

Thanks for the info.
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Bitcoin is global. You are looking at it in USD but every other country is looking at it in their currency. Thats how it escapes any one countries issues. First “Global” currency if you will. It’s actually quite amazing in that regard.
 
ozyclint said:
That's funny. It's not hard, it's not money and it can be F'd with.
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Bitcoin is money. Your dollar bill is a currency. Bitcoin is hard. Hardest asset in the history of man. And it absolutely can't be f'd with. Ban bitcoin you only hurt yourself. Any attack on bitcoin only makes it more powerful. Better study bitcoin or your progeny will know you were silly goose
 
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