There are 8 billion people on this planet. We aren't running out of new adopters anytime soon. We have barely scratched the surface when it comes to adoption or demand.bmks270 said:
Bitcoin miners own 13% of all Bitcoin in circulation.
Miners own 1.8 million
19.3 million minted to date.
6 million lost
Leaves 13.3 million in circulation and miners own 1.8 of it.
Miners can't sell too many too fast because it would crash the price. They need the price to stay inflated.
The Bitcoin miners already hold more Bitcoin than is left to be minted.
Wouldn't this imply that the halvening won't really impact the circulating supply much when miners have already hoarded 13% of it.
The rate that miners sell will determine the supply and that will be highly correlated to their operating cost which will mostly come down to their cost of electricity and cost of Bitcoin.
It seems a declining cost of Bitcoin could force miners to sell more, increasing supply, dropping price further, forcing more Bitcoin sales by miners, leading to a positive feedback loop of declining Bitcoin price.
The only way this doesn't happen is if demand to own Bitcoin drives prices higher at a faster rate than the miners are forced to sell to cover their operating costs.
When the globe runs out of new adopters, Bitcoin price is going to crater.
Bitcoin on the path to irrelevance?
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Last: 3 days ago by Yukon Cornelius
Ponzi ran out of adopters.
Diet Cokehead said:There are 8 billion people on this planet. We aren't running out of new adopters anytime soon. We have barely scratched the surface when it comes to adoption or demand.bmks270 said:
Bitcoin miners own 13% of all Bitcoin in circulation.
Miners own 1.8 million
19.3 million minted to date.
6 million lost
Leaves 13.3 million in circulation and miners own 1.8 of it.
Miners can't sell too many too fast because it would crash the price. They need the price to stay inflated.
The Bitcoin miners already hold more Bitcoin than is left to be minted.
Wouldn't this imply that the halvening won't really impact the circulating supply much when miners have already hoarded 13% of it.
The rate that miners sell will determine the supply and that will be highly correlated to their operating cost which will mostly come down to their cost of electricity and cost of Bitcoin.
It seems a declining cost of Bitcoin could force miners to sell more, increasing supply, dropping price further, forcing more Bitcoin sales by miners, leading to a positive feedback loop of declining Bitcoin price.
The only way this doesn't happen is if demand to own Bitcoin drives prices higher at a faster rate than the miners are forced to sell to cover their operating costs.
When the globe runs out of new adopters, Bitcoin price is going to crater.
Sounds like an MLM pitch.
You look more and more foolish every day.TexasRebel said:
Gotta sell it somehow.
You will own bitcoin. And it will be at the price you deserve.
Interesting debate. I am going to check back in when the price is $120k or $20k, whichever comes first.
Better yet, why don't y'all each make price predictions for June 1, Sept 1 and Dec 1?
Better yet, why don't y'all each make price predictions for June 1, Sept 1 and Dec 1?
The question is where will bitcoin be vs the dollar on those dates. Over the long term, the dollar is going to zero. Bitcoin is not.
This is the hat sadly so few realize is happening. The money printing is increasing because they know it's over. So they print as much as fast to use to buy up all the assets. Then when they're done accumulating they'll pull the plug and introduce a new currency.
Vanguard CEO seems as dumb as some on here.
It takes a special kind of stupid to unsee this. https://t.co/BO3uqR5TC5 pic.twitter.com/gdzlpO9Iy0
— Preston Pysh (@PrestonPysh) March 15, 2024
Monywolf said:
The question is where will bitcoin be vs the dollar on those dates. Over the long term, the dollar is going to zero. Bitcoin is not.
Bitcoin is already zero there's nowhere to go. If you think the dollar value of bitcoin (nothing) is going up, it's a divide by zero problem in practice. When the dollar reaches zero $/btc -> 0/0
The Dollar works because the US wants it back. It's a symbol of debt that the population of the US owes the bearer. This "they" people speak of are you & me. You back the Dollar by living here and being productive.
Let me know when you spend the time to understand bitcoin. Until you do, your are clueless.
Okay teach me.Monywolf said:
Let me know when you spend the time to understand bitcoin. Until you do, your are clueless.
What makes bitcoin valuable? Why does someone want bitcoin?
Why does someone want a bar of gold?
It's rare, AND it has industrial value.
Now do bitcoin.
Now do bitcoin.
How many gold bars are converted to industrial use?
All of them can be.
The more gold that gets used for a purpose, the more valuable the remaining supply becomes. Right now, the bars are simply storing that future value.
The more gold that gets used for a purpose, the more valuable the remaining supply becomes. Right now, the bars are simply storing that future value.
8% of gold is used for industrial purpose. The value placed on gold bars is not because of some potential demand that would have to 10x from current use to make your gold bar competitive and sought after. And that's considering zero increase in gold mining.
I really really hope for your families sake you're doing a bit and don't actually believe the entire value of gold is as you described it.
I really really hope for your families sake you're doing a bit and don't actually believe the entire value of gold is as you described it.
If tomorrow we found that bitcoin somehow cures cancer, would the 21,000,000 cap be removed?
Bitcoin is rare AND it has industrial value.TexasRebel said:
It's rare, AND it has industrial value.
Now do bitcoin.
People think I'm an idiot or something, because all I do is cut lawns for a living.
What is the industrial value of bitcoin?
Also see my previous question about scarcity.
Also see my previous question about scarcity.
You said rare.
When you can show a clear understanding of blockchain technology, you will understand that bitcoin has industrial value. You have consistently displayed ignorance on the subject, which, according to the OP, was bitcoin's path to irrelevance. At this point you're just shouting at clouds.
When you can show a clear understanding of blockchain technology, you will understand that bitcoin has industrial value. You have consistently displayed ignorance on the subject, which, according to the OP, was bitcoin's path to irrelevance. At this point you're just shouting at clouds.
People think I'm an idiot or something, because all I do is cut lawns for a living.
Blockchains have industrial value, yes.
Not so much for bitcoin.
Not so much for bitcoin.
TexasRebel said:
Blockchains have industrial value, yes.
Not so much for bitcoin.
Haha now that's hilarious
Have you never heard of produce traceability?
I haven't. Google search of "produce traceability" yielded little of interest. I'm now at the point of really enjoying watching you throughout this cycle. I'm going to check in periodically to see how you handle the bull run. Thanks for providing this entertainment.
Explain why he's wrong. The volatility is off the charts. That is enough to avoid it as a "store of value".
Gold and silver have nowhere near that kind of volatility.
Gold and silver have nowhere near that kind of volatility.
Logos Stick said:
Explain why he's wrong. The volatility is off the charts. That is enough to avoid it as a "store of value".
Gold and silver have nowhere near that kind of volatility.
That's bc it's not a store of value
It's a nothing value whale game....
But if it pays for a bathroom remodel who am I to complain
Haven't understood why those who have their 1/10th or 1/8th of a bitcoin are so adamant about telling people about it, condemn those who do not own any, and thump their chest about it. It doesn't seem to happen with the ownership of any other thing. EV owners are similar but are nowhere near the level of the crypto folks. Not even the UFO true-believers rise to the same level.
one safe place said:
Haven't understood why those who have their 1/10th or 1/8th of a bitcoin are so adamant about telling people about it, condemn those who do not own any, and thump their chest about it. It doesn't seem to happen with the ownership of any other thing. EV owners are similar but are nowhere near the level of the crypto folks. Not even the UFO true-believers rise to the same level.
Only thing that comes close to the bitcoin bots on the annoyance scale are vegans & atheists
When you find the best asset of the last twenty years…and possibly for the next 200 years, you want other people to experience it, too.
Kraft Punk said:one safe place said:
Haven't understood why those who have their 1/10th or 1/8th of a bitcoin are so adamant about telling people about it, condemn those who do not own any, and thump their chest about it. It doesn't seem to happen with the ownership of any other thing. EV owners are similar but are nowhere near the level of the crypto folks. Not even the UFO true-believers rise to the same level.
Only thing that comes close to the bitcoin bots on the annoyance scale are vegans & atheists
I have spoken to about 3-4 true atheists in my lifetime and none of them were nearly as annoying as some of the members of my church.
This post is for Cretaceous Level Subscribers only.
If you are referring to bitcoin, how is it an asset.
Why does someone want it?
Why does someone want it?
p-townag said:
When you find the best asset of the last twenty years…and possibly for the next 200 years, you want other people to experience it, too.
You cannot be truly converted until you walk with BTC and accept BTC into your heart. If you don't convert you will live an eternal life of unhappiness.
But seriously, from an investment standpoint you generally dont want others in on your trade because dumb money lowers your returns.
Not doing that with you again.
You haven't yet.
I know the returns will be there regardless of what anyone else I speak to does. I truly want them to get the gains us Bitcoiners are getting. And the incentive structure of Bitcoin benefits everyone. It's ethical and makes the world a better place.