Bitcoin

[2531usmc]

A government could decide to start mining a Bitcoin clone, but a government’s blessing alone doesn’t mean that clone will have any value. The government of Zimbabwe infamously printed $100 trillion bills in 2008, but neither printing words on paper nor mining an invented cryptocurrency and calling it legal tender are guaranteed to create a currency with actual value. The actions of buyers and sellers on the open market determine the value of Bitcoin (and its competitors). Real Bitcoin (version 1, as you phrased it) cannot be faked or mined beyond the 21 million limit. Many alternative cryptocurrencies have been introduced trying to mimic and/or improve upon Bitcoin, but none of these alternatives have been able to mimic Bitcoin’s free market value.

So what happens if the original bitcoin bubba (whoever that, or that company, is) decides to mine a bitcoinv2 or even a bitcoinv3?

The number 21 million is not written in stone. It’s just software.

Don’t get me wrong, I fully understand why the world is looking for both an alternative to fiat money and to keep their money away from grasping political systems. But as I said earlier betting big portions of your financial future on bitcoin is folly.

 

[Mighty Mouse]

So what happens if the original bitcoin bubba (whoever that, or that company, is) decides to mine a bitcoinv2 or even a bitcoinv3?

The number 21 million is not written in stone. It’s just software.

There is no single entity in charge of mining bitcoin. Mining is distributed amongst thousands of individual entities spread across the world. They’re all free to choose which cryptocurrencies to mine, and they often do shift their efforts based on market conditions. The closest thing to an “original bitcoin bubba” is the inventor of the Bitcoin protocol, who went by the pseudonym Satoshi Nakamoto and (wisely) chose to disappear a few years after launching Bitcoin. “Hard forks” have occurred multiple times and created what could be called version 2, 3, etc. of Bitcoin (e.g, Bitcoin XT, Bitcoin Cash, Bitcoin Classic). Despite the existence of competing alternate versions, original Bitcoin remains the world’s dominant cryptocurrency.

The 21 million supply limit is indeed a software feature that could in theory be changed. Implementing that change would require majority support from miners and node operators, which IMO is unlikely to occur. Increasing the supply limit would be highly controversial and would likely hurt bitcoin’s market value, which is contrary to the financial interests of those holding and mining it.

 

[Historybuff]

we're the bitcoin Bubba now

 

[Mish-pop]

Is there a part where bitcoin becomes a bad thing being it is so scarce and has a hard limit? If for instance all the little players involved in bitcoin sell their shares in order to cash out and all that own bitcoin are governments and rich players.

Is there any other commodity that has a finite limit like bitcoin? Gold and silver are scarce but there is always people mining more. Not just governments as there are illegal mines and small players that can find gold and silver. And everyone can have access to it.

Is there a point where its limited to where very few people can access it?

 

[MountainTracker]

Is there a part where bitcoin becomes a bad thing being it is so scarce and has a hard limit? If for instance all the little players involved in bitcoin sell their shares in order to cash out and all that own bitcoin are governments and rich players.

Is there any other commodity that has a finite limit like bitcoin? Gold and silver are scarce but there is always people mining more. Not just governments as there are illegal mines and small players that can find gold and silver. And everyone can have access to it.

Is there a point where its limited to where very few people can access it?

There will come a time when people of all levels of income will not be able to afford a full btc. There needs to be a perpetual bid to keep the price level or up. When people can’t not buy a full coin they will buy fractions or “satoshis, 1 btc = 100k sats)

The early adopters will benefit the most, we are still early.

Once you understand btc you realize you don’t have enough.

When corporations, national states, whales buy thousands of btc at once they are essentially blocking that many people from owning one btc. So when a company like MSTR goes to buy the next four years worth of mined btc that should cause you to pause and ask why. When states are passing bills to build btc reserves, ask why. When nation states are quietly buying btc ask why. When top banks around the world are buying btc ask why.

Once you come to a conclusion the next question is how do you benefit from being an early adopter.


Sent from my iPhone using Tapatalk

 

[Mish-pop]

There will come a time when people of all levels of income will not be able to afford a full btc. There needs to be a perpetual bid to keep the price level or up. When people can’t not buy a full coin they will buy fractions or “satoshis, 1 btc = 100k sats)

The early adopters will benefit the most, we are still early.

Once you understand btc you realize you don’t have enough.

When corporations, national states, whales buy thousands of btc at once they are essentially blocking that many people from owning one btc. So when a company like MSTR goes to buy the next four years worth of mined btc that should cause you to pause and ask why. When states are passing bills to build btc reserves, ask why. When nation states are quietly buying btc ask why. When top banks around the world are buying btc ask why.

Once you come to a conclusion the next question is how do you benefit from being an early adopter.


Sent from my iPhone using Tapatalk

Thank you for answering that. It's weird to think that with where the price is at that we are still early adopters but we don't know where it will eventually get to.

Do you or anyone else happen to know of another commodity that is finite like Bitcoin or is it a unicorn in that way?

 

[MountainTracker]

Thank you for answering that. It's weird to think that with where the price is at that we are still early adopters but we don't know where it will eventually get to.

Do you or anyone else happen to know of another commodity that is finite like Bitcoin or is it a unicorn in that way?

Land and art are really the only things that come to mind. The velocity exchange on those items are slow.

The difference between land/art and btc is a btc holder can go anywhere in the world and access their wealth stored there within secs. With the other not so much.


Sent from my iPhone using Tapatalk

 

[Danny Hoey]

Is there a part where bitcoin becomes a bad thing being it is so scarce and has a hard limit? If for instance all the little players involved in bitcoin sell their shares in order to cash out and all that own bitcoin are governments and rich players.

Is there any other commodity that has a finite limit like bitcoin? Gold and silver are scarce but there is always people mining more. Not just governments as there are illegal mines and small players that can find gold and silver. And everyone can have access to it.

Is there a point where its limited to where very few people can access it?

Once countries invest enough dollars into bitcoin, they will do everything they can to keep the value up, IMO. The United States wouldn't just buy every single bitcoin from everyone because if they eventually own all 21 million, there is really no value in it.

If all the rats aren't scrambling trying to get a little piece of cheese, they will be forced to move onto something else.

 

[fmyth]

Is there a part where bitcoin becomes a bad thing being it is so scarce and has a hard limit? If for instance all the little players involved in bitcoin sell their shares in order to cash out and all that own bitcoin are governments and rich players.

Is there any other commodity that has a finite limit like bitcoin? Gold and silver are scarce but there is always people mining more. Not just governments as there are illegal mines and small players that can find gold and silver. And everyone can have access to it.

Is there a point where its limited to where very few people can access it?

There are 100,000,000(100 million) satoshis (sats) in a bitcoin. Each satoshi represents 0.00000001 BTC, making it the smallest possible unit of bitcoin.

 

[adamm88]

xrp

For those that have been with bitcoin is it advisable to dump the bitcoin into xrp? I have some xrp i bought the last few weeks and hoping to ride it out long term.

 

[Poser]

For those that have been with bitcoin is it advisable to dump the bitcoin into xrp? I have some xrp i bought the last few weeks and hoping to ride it out long term.

I will not dump (and would not advise dumping) bitcoin for XRP. That being said, I've been aggressively DCAing into XRP for the last 4 months. Yeah yeah yeah, there is the bitcoin-only crowd who will invariably respond with the same response they have posted 5x before in this thread. Without naming XRP, even Michael Saylor recently admitted that there may in fact be utility in other cryptos besides Bitcoin specifically when it comes to global transactions (hint hint). Bitcoin is your safest investment in Crypto, but there are utility demands in the Crypto space which Bitcoin is not ideal for. Unlikely that anything will grow as big as Bitcoin, but if you're looking for something that is currently cheap that has the potential for a 10X return, possibly even a 70x return over the long haul, then XRP is certainly worth a look. There are some countries already trading a XRP etf with the expectation of Grayscale having one approved in the US this year.

 

[adamm88]

I will not dump (and would not advise dumping) bitcoin for XRP. That being said, I've been aggressively DCAing into XRP for the last 4 months. Yeah yeah yeah, there is the bitcoin-only crowd who will invariably respond with the same response they have posted 5x before in this thread. Without naming XRP, even Michael Saylor recently admitted that there may in fact be utility in other cryptos besides Bitcoin specifically when it comes to global transactions (hint hint). Bitcoin is your safest investment in Crypto, but there are utility demands in the Crypto space which Bitcoin is not ideal for. Unlikely that anything will grow as big as Bitcoin, but if you're looking for something that is currently cheap that has the potential for a 10X return, possibly even a 70x return over the long haul, then XRP is certainly worth a look. There are some countries already trading a XRP etf with the expectation of Grayscale having one approved in the US this year.

Thanks, Iv been following along this thread since november ish, I dont have much in bitcoin or really anything, Im still learning and figuring out how it works.

 

[Dr.Spaniel]

For those that have been with bitcoin is it advisable to dump the bitcoin into xrp? I have some xrp i bought the last few weeks and hoping to ride it out long term.

Absolutely wouldn’t dump my BTC into XRP! But I’d start buying up the xrp if it’s something you feel comfortable with.

 

[MountainTracker]

Sent from my iPhone using Tapatalk