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I sold all my bitcoin last week
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2024-06-10 at 8:38 PM UTCWhen it was 71k and change.
I bought it at 50k about 3yrs ago or so, I don't remember exactly when.
A handsome return on my investment I think you'll agree. -
2024-06-10 at 8:51 PM UTCDid you feel like a pleb when it hit 16k?
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2024-06-10 at 9:29 PM UTCI still have all mine about $2k worth
i'm hoping it goes to $100k soon but i'm ready to sell it ASAP i need more cocaine -
2024-06-10 at 10:20 PM UTCI was waiting for 100k but I decided it's not going to hit that anytime soon so dumped it...and got the going while the going was good.
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2024-06-10 at 10:24 PM UTCI mean when my $2k becomes worth $100k, which I think will happen in my lifetime. I would like to hold onto it but I also don't want to wait until i'm 60 years old to cash this out
I do earnestly believe it will become worth so much that my current paltry sum will eventually be worth a small fortune
I hope the price crashes so I can buy more -
2024-06-10 at 10:26 PM UTCIf a global economic collapse happens I predict 1 BTC being worth several million USD
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2024-06-10 at 10:45 PM UTCI am sitting on over 200 million bitcoins.
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2024-06-11 at 1:27 AM UTC
https://www.binance.com/en/blog/all/there-will-never-be-21-million-bitcoins-421499824684900554
You’ve probably heard that the total number of Bitcoins that will ever exist is 21 million.
You’ve been misinformed.
As the result of a rounding discrepancy (stemming from the fact that a Bitcoin is only divisible into eight decimals), we are unable to endlessly half the block reward, leaving us with 20,999,999.9796 BTC as the maximum number of Bitcoins that will—or can ever—actually exist.
Why “21 million” in the first place?
21 in itself is a triangular number. Triangular numbers count objects arranged in an equilateral triangle and, as such, make computation easier and more efficient. On top of that, the mathematical explanation for “21 million” has been credited to Bitcoin’s deflationary “block halving” protocol that occurs every four years as calculated by a user on StackExchange as below:
Calculate the number of blocks per four-year cycle:
6 blocks per hour
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + 1.5625 = 100
Multiply the two:
210,000 * 100 = 21 million.
Finally, signing off with: “Economically, because the currency is effectively infinitely divisible, then the precise amount doesn't matter, as long as the limit remains fixed.”
While ‘21 million’ was an “educated guess” for Nakamoto, it was not one that was easily made. “It was a difficult choice because once the network is going it’s locked in and we’re stuck with it,” Nakamoto wrote in an email exchange with early Bitcoin developer Mike Hearn.
Nakamoto’s goal was to choose something akin to that of fiat currencies, but without a crystal ball, it was nearly impossible to do so with any certainty. As such, Nakamoto ended up going for something closer to the middle ground.
Nakamoto imagined both sides of the *ahem* coin, also writing, “If Bitcoin remains a small niche, it’ll be worth less per unit than existing currencies. If you imagine it being used for some fraction of world commerce, then there’s only going to be 21 million coins for the whole world, so it would be worth much more per unit.” Today, Bitcoin is well on its way to achieving the latter.
What is the Bitcoin block halving?
With the next of Bitcoin’s fabled block halvings less than 12 days out, it’s time to start paying attention to what’s about to happen.
While the “halving” sounds like some kind of brutal medieval punishment, it is, in fact, nothing of the sort. The halving refers to Bitcoin’s deflationary protocol and at an elementary level, goes a little something like this:
Bitcoin miners compete to “mine” blocks
Every block mined contains a reward of Bitcoins
The reward from each block (starting at 50 BTC per block) will halve every 210,000 blocks or roughly four years.
This ensures a constant, but ever slowing release of bitcoins into circulation until the “block reward” drops to below 1 satoshi (the lowest denomination of a bitcoin).
You can find the details of the previous and the next three block halvings in the table below:
*The last block reward ever to be mined will bear ‘6,929,999’ on its digital gravestone and is expected to occur around the year 2140 with the block reward dropping below 1 satoshi (the smallest denomination of BTC).
Why does the ‘Bitcoin block halving’ matter?
Scarcity? The laws of supply and demand? You can burn, lose (it is estimated that around 20% or 4 million of all bitcoins are lost forever), but there will never be a single satoshi more than Bitcoin’s supply cap of 20,999,999.9796 BTC. Meanwhile, fiat currencies have infinite minting potential with constant inflation leading to a massive depreciation in purchasing power over time.
The block halving protocol ensures inflation can never occur, and its purchasing power can never diminish. Fewer bitcoins being catapulted into circulation over time, coupled with increasing demand, doesn’t sound like such a bad thing.
In the slightly reinterpreted words of “tincan2” on Bitcointalk.org:
“21 Million Bitcoin
7.5 Billion people
You do the math.”
Before we sign off, it is also noted in Nakamoto’s email with Hearn that Satoshi envisioned a world where 0.001 BTC was equal to that of 1 euro, writing “For example, if 0.001 is worth 1 euro, then it might be easier to change where the decimal point is displayed, so if you had 1 bitcoin it’s now displayed as 1000, and 0.001 is displayed as 1.”
As of today, 0.001 BTC will set you back somewhere closer to 8 euros.
We’re not sure what the future HODLs, but we’re excited to find out. -
2024-06-17 at 3:43 PM UTC
Originally posted by the man who put it in my hood If a global economic collapse happens I predict 1 BTC being worth several million USD
It'll be worthless like paper money.
If we go back to medieval life there isn't going to be any computers to trade your bitcoin on...I'll bet you 3 goats and 2 young black slaves your bitcoin will be worthless.The following users say it would be alright if the author of this post didn't die in a fire! -
2024-06-17 at 3:48 PM UTCEconomic collapse =/= back to medieval life
.The following users say it would be alright if the author of this post didn't die in a fire! -
2024-06-17 at 3:50 PM UTC
Originally posted by Jiggaboo_Johnson It'll be worthless like paper money.
If we go back to medieval life there isn't going to be any computers to trade your bitcoin on…I'll bet you 3 goats and 2 young black slaves your bitcoin will be worthless.
So will all banks but i've already proved how bitcoin doesn't need electricity to exist and can stay dormant and unused for hundreds of years until the network is turned on again.
The next "grid" will be on the blockchain, or our current one will switch over eventually. The better technology always wins in the end
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2024-06-17 at 3:50 PM UTC
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2024-06-17 at 3:51 PM UTC1 BTC will always be worth 1 BTCThe following users say it would be alright if the author of this post didn't die in a fire!
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2024-06-17 at 3:51 PM UTC
Originally posted by the man who put it in my hood So will all banks but i've already proved how bitcoin doesn't need electricity to exist and can stay dormant and unused for hundreds of years until the network is turned on again.
Laughable...100s of years
HAVE YOU NOT BEEN PAYING ATTENTION TO OBBE'S WARNINGS??? -
2024-06-17 at 4:02 PM UTCPoW crypto will outlast the heat death of the universe. This is alien future technology, when aliens visit us they will instantly understand what this technology does and they will also have a similar system of "money" which will make trade with aliens possible. We are currently living in the future and it's by sheer luck that we have this technology now, and of course society squanders it and misses the forest for the trees
https://bitcoinmagazine.com/technical/bitcoin-is-physical-bits-and-bytes-have-to-live-somewhereThe blockchain is physical
To explain the ways in which Bitcoin is physical, we need to delve into technical territory, starting with how flash memory works.
Flash memory, a type of non-volatile storage medium for data, is the most common way that the Bitcoin ledger is recorded in each Bitcoin node. Flash memory is “non-volatile,” which means that the data stored inside it will remain intact, even without a supply of electricity.
At the microscopic level, flash memory is made up of an array of memory cells, each constructed from a MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistor). These transistors are tiny switches that have a floating gate that traps or releases electrons. The presence or absence of electrons on this floating gate translates into binary code, which in turn represents data.
When you hold Bitcoin, your ownership record is literally a configuration of physical gates in a MOSFET inside a flash memory chip. Every Bitcoin transaction that ever happened is recorded in the physical states of transistors inside Bitcoin nodes scattered around the globe.
Now, flash memory might not weigh as much as a gold bar, but it is undeniably physical. -
2024-06-17 at 5:16 PM UTCTrading anything for cash is prolly a bad investment. Things are only going to go up.
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2024-06-17 at 7:59 PM UTC
Originally posted by Jiggaboo_Johnson I'm thinking of economic collapse resulting from WW3 etc. THINK BIG!
The survivors are still going to have the same knowledge they had before the war which is way advanced on anything from medieval times. Also there will be many books people can refer to for rebuilding. Most likely whoever takes power will start minting coins to take control of the economy, just like they do now.
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2024-06-17 at 8:05 PM UTC
Originally posted by the man who put it in my hood PoW crypto will outlast the heat death of the universe. This is alien future technology, when aliens visit us they will instantly understand what this technology does and they will also have a similar system of "money" which will make trade with aliens possible. We are currently living in the future and it's by sheer luck that we have this technology now, and of course society squanders it and misses the forest for the trees
https://bitcoinmagazine.com/technical/bitcoin-is-physical-bits-and-bytes-have-to-live-somewhere
Its not realistically workable without a wide network that everyone can easily access from anywhere tho.
Not very convenient if you're in Oxford and want to buy some food off somebody, only you both have to travel all the way to London just so you can transfer the btc to his wallet.
America would be even worse considering the vastness of the place.
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2024-06-17 at 8:36 PM UTC
Originally posted by Narc The survivors are still going to have the same knowledge they had before the war which is way advanced on anything from medieval times.
Could you make a microchip if you were a survivor?
The VAST majority of people might know about the tech but they have zero clue how to make it. -
2024-06-17 at 8:39 PM UTCThat movie 28yrs later comes out soon doesn't it?
We'll see if they've rebuilt Apple computers or are still picking apples from trees...LET HOLLYWOOD BE THE MEASURING STICK!
