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Link Posted: 11/24/2020 9:55:08 PM EST
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Originally Posted By SBR_Slut:
Which exchange(s) would you guys recommend for Snow Mexicans?
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I just found this discussion of Canadian exchanges on /biz/: https://boards.4channel.org/biz/thread/24240491

@SBR_Slut
Link Posted: 11/24/2020 10:53:43 PM EST
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Originally Posted By Regency:

The difference is I can use land to create wealth. It could be something simple like farming on it, renting it out, or building on it.

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Transacting money securely and nearly instantly without government interference also creates value.
Link Posted: 11/25/2020 5:18:41 PM EST
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Originally Posted By woodsie:


Binance is a Chinese company based in Malta.  Getting out of there and getting into Coinbase is a good call as they are a U.S. based company.

I'm a strong believer in having a throat that I can physically go choke in the event of shenanigans.  I'm sure plenty of former Mt. Gox users would agree.


View Quote


They just flee to China.

I lost a little on the Florida based Cryptsy fraud
Link Posted: 11/27/2020 12:40:36 PM EST
Black Friday deal:

Ledger 40% off their hardware wallets with code "BLACKFRIDAY20"

Remember, if you don't hold your coins, they're not your coins.
Link Posted: 11/27/2020 1:15:38 PM EST
I really enjoyed that video. I have always been a huge fan of Max and Stacy. I heard about bitcoin for the first time on their show back in 2011.

Can't say I disagreed with a lot of what Sean Lennon said either.
Link Posted: 11/29/2020 2:03:51 PM EST
LOL.  Just some food for thought.

Link Posted: 11/29/2020 3:00:41 PM EST
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Originally Posted By jaqufrost:
There are some real limits as you start approaching the combined wealth of the world.  Thinking bitcoin will continue massive exponential growth beyond that is stupid.
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Its like saying Ford will sell 10 billion F150s.
Link Posted: 11/29/2020 3:14:05 PM EST
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Originally Posted By Notcalifornialegal:


Its like saying Ford will sell 10 billion F150s.
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Originally Posted By Notcalifornialegal:
Originally Posted By jaqufrost:
There are some real limits as you start approaching the combined wealth of the world.  Thinking bitcoin will continue massive exponential growth beyond that is stupid.


Its like saying Ford will sell 10 billion F150s.


I think the bigger point is that no good analogy quite exists.

Ford is constrained by the total market for light trucks and their ability to produce them. That's the theoretical limit for F150s with a pretty fair degree of certainty.

Everybody is guessing at what the theoretical limit of what Bitcoin market cap should be constrained to.  There are so many new and novel concepts in Bitcoin that its difficult to pin down.  

Even the calculated current market cap is probably exaggerated.  There are certainly tens of thousands if not hundreds of bitcoins that are lost forever and unrecoverable and more will be lost overtime whereas that 21,000,000 cap is a hard limit.

It's not possible to count all of the lost bitcoins but if you could, they shouldn't be included in the market cap because they are not marketable.
Link Posted: 11/29/2020 3:17:04 PM EST
I really wish I knew where Bitcoin was going. I have done well and would like to cash out but will be sick if it goes to $50-100K.
Link Posted: 11/29/2020 4:00:25 PM EST
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Originally Posted By FlyNavy75:
I really wish I knew where Bitcoin was going. I have done well and would like to cash out but will be sick if it goes to $50-100K.
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As long as your timeline is long enough, I think it will cross both those numbers.
Link Posted: 11/29/2020 4:10:30 PM EST
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.
Link Posted: 11/29/2020 4:29:16 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By GuyfromMN:
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.
View Quote

It's an allocation on a ledger that can be used to buy/sell goods or other currencies.  Rather than being quantity controlled by the government, it follows a release algorithm and maxes out at 21 million bitcoins on the ledger.

To convert to USD I tell my exchange to sell my btc for USD, then transfer the USD to my regular bank account.

Currently a bitcoin is divisible to 8 decimal places, so extremely small amounts of bitcoin can be bought sold.
Link Posted: 11/29/2020 5:43:58 PM EST
A scarce resource won’t stand the test of time and BTC is no different.

A currency subjected to volatile swings in value because of supply and demand isn’t a currency at all. Economies aren’t sustainable with volatile currencies.

When any resource becomes scarce, the value increases commensurate with the scarcity. Pretty soon the price exceeds what’s attainable for the average Joe and economies look elsewhere to fill the needed balance in the market.
Link Posted: 11/29/2020 5:48:37 PM EST
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Originally Posted By jaqufrost:

It's an allocation on a ledger that can be used to buy/sell goods or other currencies.  Rather than being quantity controlled by the government, it follows a release algorithm and maxes out at 21 million bitcoins on the ledger.

To convert to USD I tell my exchange to sell my btc for USD, then transfer the USD to my regular bank account.

Currently a bitcoin is divisible to 8 decimal places, so extremely small amounts of bitcoin can be bought sold.
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Originally Posted By jaqufrost:
Originally Posted By GuyfromMN:
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.

It's an allocation on a ledger that can be used to buy/sell goods or other currencies.  Rather than being quantity controlled by the government, it follows a release algorithm and maxes out at 21 million bitcoins on the ledger.

To convert to USD I tell my exchange to sell my btc for USD, then transfer the USD to my regular bank account.

Currently a bitcoin is divisible to 8 decimal places, so extremely small amounts of bitcoin can be bought sold.


Great answer. And for completeness:

21 million BTC will not be achieved until the year 2140
The miner "reward" halves every so many years; currently the block reward is 6.25 BTC, which is "mined" approximately every 10 minutes. This is approx US$113,293 at current market price
1 / 100,000,000 of a bitcoin is called a Satoshi.

References
https://www.bitcoinblockhalf.com/
https://en.bitcoin.it/wiki/Help:FAQ
Link Posted: 11/29/2020 5:55:22 PM EST
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Originally Posted By Jacon:
A scarce resource won't stand the test of time and BTC is no different.

A currency subjected to volatile swings in value because of supply and demand isn't a currency at all. Economies aren't sustainable with volatile currencies.

When any resource becomes scarce, the value increases commensurate with the scarcity. Pretty soon the price exceeds what's attainable for the average Joe and economies look elsewhere to fill the needed balance in the market.
View Quote
Bitcoin is a bit different from other items in that it's highly divisible.

I think some of the price swings will stabilize out a bit more with increased value of the bitcoin.
Link Posted: 11/30/2020 10:27:51 AM EST
New all time high this morning.
Link Posted: 11/30/2020 10:54:38 AM EST
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Originally Posted By FlyNavy75:
I really wish I knew where Bitcoin was going. I have done well and would like to cash out but will be sick if it goes to $50-100K.
View Quote


Bitcoin's long term trend is fairly well represented by a logarithmic regression.  This guy probably does some of the most level headed analysis on the TREND.  I emphasize the term TREND because not all trends continue but if this one does, he does a good job of breaking down where it is headed:

Failed To Load Title


He has other videos which further update on this concept as time passes but the one I posted one that walks it through in pretty plain language.

For what it's worth, I screenshot a similar analysis way back in 2013 and I'll be damned if it hasn't turned out to be fairly accurate even 7 years later despite working with much less data than is available today:

Attachment Attached File


The one thing you have to really appreciate in all of this is that the range that Bitcoin can swing and still follow this trend is absolutely massive.  Bitcoin can still go below $10,000 in the next few months without breaking the long term trend just as easily as it could go to $100,000 in the next few months.  You have to be to be willing to sit on your hands for potentially years AND be willing to watch your money ride a roller coaster for the duration.

The last thing I'll add is that I think the fact that logarithmic regression represents Bitcoin pricing so well is because Bitcoin pricing itself is a result of very reliable human behavior more so than any other factor.  The fact that the current trend has been sustained despite 3 prior bubbles and bursts is really saying something.  Bitcoin is often compared to tulips, but the speculative market for tulips didn't even survive it's first bubble.

Link Posted: 11/30/2020 10:56:16 AM EST
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Originally Posted By GuyfromMN:
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.
View Quote


Just watch a YouTube video.  It's honestly the best way at this point.

As far as turning it into money, you just sell it on an exchange.  Not really much different than selling shares of stock on E-Trade.

Link Posted: 11/30/2020 11:00:51 AM EST
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Originally Posted By Jacon:
A scarce resource won’t stand the test of time and BTC is no different.

A currency subjected to volatile swings in value because of supply and demand isn’t a currency at all. Economies aren’t sustainable with volatile currencies.

When any resource becomes scarce, the value increases commensurate with the scarcity. Pretty soon the price exceeds what’s attainable for the average Joe and economies look elsewhere to fill the needed balance in the market.
View Quote


@Jacon

And therein lies the genius of the design of Bitcoin.  Bitcoin is divisible down to 0.00000001 also known as "1 Satoshi".  

The cost of a single Satoshi isn't even worth a penny right now or even 1/10th of a penny.  Bitcoin would have to be worth $1,000,000 per each before a Satoshi was worth 1 cent so your particular argument won't be relevant for a very long time if ever.

Link Posted: 11/30/2020 11:04:35 AM EST
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Originally Posted By dog-meat:
New all time high this morning.
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Damn, you are right.  If it manages to get back there and stick for any period of time, that's my personal signal for the start of Bubble 4.0®.

Earlier than I expected, but not impossibly earlier.  I guess we will see if it sticks or not.



Link Posted: 11/30/2020 11:08:20 AM EST
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Originally Posted By dog-meat:
New all time high this morning.
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Depends on what exchange you look at. CoinMarketCap has the ATH just over 20k and today’s high about 19.7k. Other exchanges show the ATH in the 19s so you have to compare apples to apples.
Link Posted: 11/30/2020 11:08:30 AM EST
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Originally Posted By dog-meat:
New all time high this morning.
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Only on some exchanges.  Yahoo's data shows 20,089 as the ATH (12/17/2017), which we still haven't reached.  Although admittedly the peak so far today was only about 1% below that.


Date        Open          High          Low           Close         Volume
2017-12-15  16601.300781  18154.099609  16601.300781  17706.900391  14309999616
2017-12-16  17760.300781  19716.699219  17515.300781  19497.400391  12740599808
2017-12-17  19475.800781  20089.000000  18974.099609  19140.800781  13314599936
2017-12-18  19106.400391  19371.000000  18355.900391  19114.199219  14839499776
2017-12-19  19118.300781  19177.800781  17275.400391  17776.699219  16894499840


Still, right now there are only very small portions of two days when anyone might have paid more for BTC than it's worth right now, and that ain't bad.
Link Posted: 11/30/2020 11:09:41 AM EST
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Originally Posted By GuyfromMN:
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.
View Quote


Bitcoin is like buying colonial scrip living in England in 1689. Either you choose to remain in England and speculate on the future of these crazy colonies. Or you choose to move to the colonies.

The biggest mistake people make is equating Bitcoin to a currency. It is not a currency, or store of value, or any of that nonsense.  Its a stake in an alternative political/economic systems. Bitcoin works because there are people that believe in that system. Whether its around in 6 months, 5 years, 100 years who knows.  The ability of this system to compete right now, is because it is independent and self organizing, and very hard to suppress or censor.  It can only function in the modern digital world.

If you have faith in the current systems, or their future, then I wouldn't really worry about Bitcoin, anymore that people living in England in 1689 worried to much about those nutjobs who sent their families on diseased ships to a remote location, because they couldn't hack it in the British Empire with all the opportunities it offered.

Link Posted: 11/30/2020 11:19:21 AM EST
[Last Edit: 11/30/2020 11:21:43 AM EST by Jacon]
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Originally Posted By woodsie:


@Jacon

And therein lies the genius of the design of Bitcoin.  Bitcoin is divisible down to 0.00000001 also known as "1 Satoshi".  

The cost of a single Satoshi isn't even worth a penny right now or even 1/10th of a penny.  Bitcoin would have to be worth $1,000,000 per each before a Satoshi was worth 1 cent so your particular argument won't be relevant for a very long time if ever.

View Quote


@woodsie

This makes sense; thanks for the education.  What you're describing is the exact inverse of how modern currencies are devised, therefore making BTC a deflationary hedge against the USD, for example. [start with a finite amount and divide down at a controlled rate to create deflation against the USD, if needed]
Link Posted: 11/30/2020 11:36:45 AM EST
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Originally Posted By Jacon:


@woodsie

This makes sense; thanks for the education.  What you're describing is the exact inverse of how modern currencies are devised, therefore making BTC a deflationary hedge against the USD, for example. [start with a finite amount and divide down at a controlled rate to create deflation against the USD, if needed]
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Originally Posted By Jacon:
Originally Posted By woodsie:


@Jacon

And therein lies the genius of the design of Bitcoin.  Bitcoin is divisible down to 0.00000001 also known as "1 Satoshi".  

The cost of a single Satoshi isn't even worth a penny right now or even 1/10th of a penny.  Bitcoin would have to be worth $1,000,000 per each before a Satoshi was worth 1 cent so your particular argument won't be relevant for a very long time if ever.



@woodsie

This makes sense; thanks for the education.  What you're describing is the exact inverse of how modern currencies are devised, therefore making BTC a deflationary hedge against the USD, for example. [start with a finite amount and divide down at a controlled rate to create deflation against the USD, if needed]


Bingo, that is exactly it.

This is one of the reasons why I believe that logarithmic regression analysis is appropriate for Bitcoin and why I think that it has better chances than not of that trend holding true for a long time.

Never a sure thing but boy if it isn't one of the best speculative bets out there.






Link Posted: 11/30/2020 11:43:03 AM EST
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Originally Posted By GuyfromMN:
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.
View Quote
This is a very good book that explains Bitcoin. Easy to understand.

If you're truly curious it's worth buying.

The Bitcoin Standard
Link Posted: 12/1/2020 3:17:33 AM EST
Here's an infographic on the system.  It may be hard to read when hosted, search on the net for the original full size.
Attachment Attached File



Random others in my file:
Attachment Attached File


Attachment Attached File


Attachment Attached File


Attachment Attached File


Attachment Attached File
Link Posted: 12/16/2020 8:53:05 AM EST
20k
Link Posted: 12/16/2020 9:30:25 AM EST
20.6k
Link Posted: 12/16/2020 9:40:57 AM EST
New all time high. It will be interesting to see the next major run.
Link Posted: 12/16/2020 10:00:12 AM EST
Link Posted: 12/16/2020 11:00:14 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By GuyfromMN:
WHAT EXACTLY, is a bitcoin?  

How do you turn it into money if you need to?

No one I've asked had been able to explain it to me.  

Thanks.
View Quote

You will find this helpful
Link Posted: 12/16/2020 6:00:18 PM EST
21.4k
Link Posted: 12/16/2020 6:09:41 PM EST
[Last Edit: 12/16/2020 6:10:23 PM EST by Jagrmaister]
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Originally Posted By jaqufrost:
New all time high. It will be interesting to see the next major run.
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Bitcoin in terms of market cap has already crushed old highs earlier in the year even though unit price was below highest value due to higher coin circulation vs 2017. We were waiting on unit price ATHs that broke today. 2020 was good for BTC in any event.
Link Posted: 12/16/2020 7:54:21 PM EST
Next stop 100k.

Link Posted: 12/16/2020 8:54:10 PM EST
Link Posted: 12/16/2020 9:08:03 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dog-meat:
Next stop 100k.

View Quote


My body is ready!
Link Posted: 12/16/2020 9:44:07 PM EST
22k
Link Posted: 12/16/2020 9:46:56 PM EST
3-4k again plllllleeeeeaassee!!
Link Posted: 12/16/2020 9:55:23 PM EST
Still pushing new highs, about to break 22k.
Link Posted: 12/16/2020 10:41:17 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FlyNavy75:
I really wish I knew where Bitcoin was going. I have done well and would like to cash out but will be sick if it goes to $50-100K.
View Quote


Guggenheim today suggested they think 400k is achievable and I expect that put pressure on other traditional firms which explains why it just went cray today and passed $22k
Link Posted: 12/17/2020 12:39:26 AM EST
[Last Edit: 12/17/2020 12:40:19 AM EST by Kampster]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Mr_Psmith:


Guggenheim today suggested they think 400k is achievable and I expect that put pressure on other traditional firms which explains why it just went cray today and passed $22k
View Quote View All Quotes
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Originally Posted By Mr_Psmith:
Originally Posted By FlyNavy75:
I really wish I knew where Bitcoin was going. I have done well and would like to cash out but will be sick if it goes to $50-100K.


Guggenheim today suggested they think 400k is achievable and I expect that put pressure on other traditional firms which explains why it just went cray today and passed $22k


400k puts BTC at the market cap of gold, which is exactly where it's heading. It's no coincidence they called out that price target.
Link Posted: 12/17/2020 2:58:58 AM EST
$22,450!
Link Posted: 12/17/2020 3:06:38 AM EST
Hodl on to your asses boys, I’ll see ya on the moon!
Link Posted: 12/17/2020 7:28:43 AM EST
Wish i would have bought chainlink and held it.
$0.20 up to$14 would have been a nice return.
Link Posted: 12/17/2020 10:59:39 AM EST
23.3k
Link Posted: 12/17/2020 11:02:16 AM EST
[Last Edit: 12/17/2020 11:08:39 AM EST by Layer60]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Jacon:
A scarce resource won’t stand the test of time and BTC is no different.

A currency subjected to volatile swings in value because of supply and demand isn’t a currency at all. Economies aren’t sustainable with volatile currencies.

When any resource becomes scarce, the value increases commensurate with the scarcity. Pretty soon the price exceeds what’s attainable for the average Joe and economies look elsewhere to fill the needed balance in the market.
View Quote


This is a perfect example of someone who doesn't understand what money actually is, or how to define it. Don't feel bad; it's not uncommon. A non-scarce money (fiat) is the worst possible type of currency, and the one guaranteed to not stand the test of time.

The beauty of blockchain coins is that they are infinitely fractional. Therefore the price of the whole coin is non-prohibitive to the person who wants to use them as currency.

Satoshi Nakamoto is a genius.
Link Posted: 12/17/2020 11:03:17 AM EST
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Originally Posted By Default-Gateway:
23.3k
View Quote
Feels good.


Also, I looked this morning and Lambos are actually very reasonably priced.  I had it in my head that they would be a lot more expensive.  I wonder if they deliver to the moon?

https://www.caranddriver.com/lamborghini
Link Posted: 12/17/2020 11:03:30 AM EST
I bought Ethereum and Litecoin and have doubled that value in 60 days. Just saying...
Link Posted: 12/17/2020 11:06:06 AM EST
Easy money
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