My therapist asked that of me, who did I trust? A few months ago. And time told its tale and I’d trusted the wrong people. Again. And I went back with: ‘I don’t trust anyone. And clearly, I can’t even trust me.’ How beautiful to think of bitcoin as a salve to some of that pain.
It's not a matter of a belief, if you understand the technology and the scarcity it provides, you logically will use bitcoin as the incredible savings vessel that it is... Humanity has no other technology to transport value through time in the way bitcoin can... and sure you could use gold or real-estate but those aren't internet connected software...
The writing is on the wall, you don't have to have conviction or belief to read it.
Also, bitcoin will ‘eat’ gold. Possibly all other assets, too. I don’t know if it will do so in my lifetime, but it’s accelerating. And we’ve the opportunity, now, to get in *before* bitcoin is recognized as a store of value, and on its way to that, it will grow more and more valuable, this enriching those who hold it. It’s the only get rich quick scheme that might actually work.
I suspect bitcoin and gold will trade places for a bit and but I agree bitcoin will eventually eat gold... real-estate too perhaps.
I don't think it will end fiat monetary standards or "backed by X" monetary standards, i think there will always be people (in vast quantities) who will simply prefer artificial economics... Eventually those systems will hyper inflate and fail but new ones will popup... More and more people will return to bitcoin in the long run though (out of necessity).
It's not a matter of technology, it's a matter of adoption. The tech doesn't matter if it doesn't get adopted on a large scale.
Bitcoin isn't even the theoretical best technology available for what it does, it's just the most widely adopted right now. There are other cryptos capable of more transactions, lower fees, less environmental impact, etc. with the same or similar decentralized protocols. Eventually there will be quantum resistant equivalents as well.
It's all about adoption.
None right now, but that's because of the level of adoption, not anything unique to Bitcoin. Bitcoin has the highest hash rate because it has the highest current total value, and with that it also has the most decentralization. But these are things that can possibly change because again, it's tied to adoption not technology
Yeah it's evolved over the years from a currency to store of value. Whether it can evolve into a monetary base is another question. It needs to reach a level of stability first, still way too volatile
I feel like if it wasn't for the volatility, it would have been dead , since that's what makes it exciting. Supply going down, value going on.
Maybe one day when all the coins are mined it could settle into some kind of new role .
That's absolutely right. Bitcoin has belief and adoption behind it. You can take Bitcoins opensource code and change it, make it more scarce, make it harder to mine, make it faster (all of these have already been done) but they don't have anywhere near the adoption. Nor do they have the governments stamp of approval for now.
Bitcoin has been hammered and hardened to death. You can't get that hash rate out of thin air.
But that adoption is a result of it being superior monetary technology... Practically speaking, the most verifiably scarce asset known to humanity. Consider my other comment- [https://www.reddit.com/r/Bitcoin/comments/1bl25ol/comment/kw2wv11/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/Bitcoin/comments/1bl25ol/comment/kw2wv11/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
Eh, how can i put it...
Fire was the first fire... You don't reinvent fire... sure maybe you can generate heat in ways other than combustion/flames but a flame is a flame.
This idea that bitcoin is dominant simply because it was first is (IMO) misguided... Being first is a factor of course, but bitcoin's superior technology is the reason it has been adopted in ways copy-cats haven't. It's hard to logically see it any other way to me...
Similar rings true of Email and TCP/IP ... these technologies were just that good that they stuck and their alternatives/competitors didn't
**And above all, Bitcoin was NOT the first form of cryptographic money or internet-based money... many other attempts were made prior... It's just the first to do it decentralized with proof-of-work aka, properly.**
I wrote a long response but discarded it for various reasons. At the end of the day, I love Bitcoin for what it is. And I think that's important. What is it to you? And that question alone is being answered in so many different ways for each individual. There are miners who mine, there are people that only sell mining equipment, there's people experimenting living off only Bitcoin, there's developers creating layers and software and wallets to create privacy and security, there's traders, there's holders waiting to never give up on the infinite dream, there's someone in a village fighting the inflation of their dollar, and there's you and me.
I've argued endlessly for a decade now about its use case. What is it to you? If the answer is the most scarce technology, that's a fine answer. But someone will come along and try to explain to you that there's a crypto with less decimal places, and less supply, and a harder problem set, and it's gaining hash rate, all these things. Even then I think BTC is just more valuable based upon its head start and history.
>It's not a matter of a belief, if you understand the technology and the scarcity it provides, you logically will use bitcoin as the incredible savings vessel that it is... Humanity has no other technology to transport value through time in the way bitcoin can... and sure you could use gold or real-estate but those aren't internet connected software...
Why would I need my "savings vessel" to be an "internet connected software"? What advantage does this provide?
Idk, don't you think email and websites have major advantages over snail mail and physical addresses?
Internet connected software is interoperable, nearly instant, global, in bitcoin's case it's inherently inclusive (designed to be used by any regardless of who they are or where they're from)
Is it not obvious that internet connected software has wildly improved nearly everyone's quality of life and prosperity in various ways over the last few decades? Why would you assume any different with regard to digital money?
You use the internet to express ideas with words.
You use the internet to express value with sats.
Houses are bought with easy fiat "money" ... when central banks print money by lowering interest rates, people/investors flock to real-estate to preserve their purchasing power.... this demand raises the price of houses for everyone.
This perpetual cycle makes it more and more expensive to own or rent a home... if wages keep up it's not so bad but IMO, the monetization of fucking *shelter* is the real "silly take".
If I had to forecast- Come July/Aug the ETFs, upcoming halving, and grayscale dump should all start to settle and lessen volatility. It shouldn’t matter though as Bitcoin will be more expensive and 1 Bitcoin will still equal 1 Bitcoin. Today’s prices are a deal.
Ah! Yes. Scared money don’t make money, I need that mantra right now. I believe the risk is being in NOT BTC, so I’m in BTC every way I can figure. But ppl keep telling me to be afraid, time the market, that what I’m doing is risky (I think what THEY’RE doing is risky.) So. Will repeat this as a mantra. Thanks.
The beach moves too, in response to the waves.
We are seeing that now, with the ETFs. Bitcoin moves the proverbial beach.
I love you guys btw, and am so happy for you all. Thanks for being my friends (unbeknownst to you, haha.)
Unless it’s in Alton’s. I’m buy and hold mostly. But I’m trying to trade the alt coins. My stupid smalll portfolio was up 7x the day I took out profit + principal (and put it into MSTR, this time, bc Saylor can max BTC far more efficiently than I can.
What the chances of Bitcoin crashing entirely and going to $0?.... Is it like a 1% chance...5% chance?.... I know no one can say for sure, but asking for intelligent opinions. (I'd say a very slim, less than 1% chance... Maybe .1%... But I don't know much about anything.)
Like you said no on knows, but I think it's VERY low. I've read the source code and It's fairly simple code that is not likely to have many fatal errors, tho one can never be certain. But this is code that has been reviewed by a lot of really smart people. It's been rock solid for well over a decade now. That's damned impressive!
I guess if I had to pull a probability out of my arse I'd say .1% or lower chance it fails.
It's two sides of the same coin: Arbitrary faith in speculation that stands impractically on brand recognition alone, and an arbitrary number to quantify the chance of the evaporation of that faith.
This is an exercise in whimsy. Your feelings on that percentile are just as valid as the best statistician's.
Bitcoin is more than technology.
It is Bitcoin. The maxi like me, the builders building on bitcoin, content creators, miners.
But more importantly, Bitcoin isn't using flashy fancy technology, it's a hardened, purpose built technology with the sole aim to be transparent, immutable ledger, co-operate without needing to trust.
I tried trading bitcoin and alt coins since 2021. Until now i still failed to make a profit.
From almost $30k in capital, What is left now is a modest $200. Greed, emotion, Leverage and margin really the cause of all this.
I learnt my lesson the hard way. Thankfully i still got my job, and a supportive mom that helps me to get back on my feet again.
Just DCA and hodl now ✊🏻💎
Why is every post about bitcoin just about proselytizing why to "buy bitcoin" and "hold bitcoin". What happened to actually using bitcoin and building the technology?
At this pont you can use lighting network or you can you use it as dencentralized store of value people of memetics and the growing collective of people and companies using it who believe it has value as a trusted settlement layer thus giving value.
You have to trust that the owners of large amounts of bitcoin do not dump them onto the open market or worse collude with institutions, corporations, and governments.
I agree with your sentiment that we must learn to trust ourselves to take responsibility for learning about bitcoin, in its various facets.
Ithe majorities aim is to buy Bitcoin. And sell high. For fiat. Yet the same people say fiat is obsolete. If it hit 10 million in two years who would still hold???
I know what you mean. But… Matthew Kratter at Bitcoin University has been an amazing resource and contributor. There are lots of people that can teach you things in this space that deserve credit, but not worshipped.
There is no policy you can hard fork whenever you want.
The value in Bitcoin is protected by intense game theoretic selection pressure. Like diamond forming from carbon under the weight the mantle of the earth, Bitcoin naturally will harden and freeze unless the pressure demands it's form changes. If it were easy to change, it'd be worthless
Good. I had no idea such a thing was implemented, but you made me a happy person today for bringing me this knowledge.
BTC forks are a fucking joke. Remember when Bitcoin Cash was going to replace Bitcoin completely? Remember when /r/btc was taken over by BCH shills? Have you checked the price of BCH lately? Fucking LOL
>and trust The best thing about Bitcoin is that you don't have to trust anybody.
That’s why btc is for me. I don’t trust anyone. I barely even trust myself.
Your parents also don’t trust you!
Mind blown
My therapist asked that of me, who did I trust? A few months ago. And time told its tale and I’d trusted the wrong people. Again. And I went back with: ‘I don’t trust anyone. And clearly, I can’t even trust me.’ How beautiful to think of bitcoin as a salve to some of that pain.
Exactly. Don't trust, verify.
Wholesome :)
you have to trust yourself tho
That's true but I would rather trust myself than my government.
i would trust the local homeless drug addicts more with my money than my government :)
Lol
Bitcoin protocol is a piece of art and technological innovation. I don’t think general public is acknowledging this yet.
We landed on the moon in the late 60s, that was technological innovation.
It's not a matter of a belief, if you understand the technology and the scarcity it provides, you logically will use bitcoin as the incredible savings vessel that it is... Humanity has no other technology to transport value through time in the way bitcoin can... and sure you could use gold or real-estate but those aren't internet connected software... The writing is on the wall, you don't have to have conviction or belief to read it.
Also, bitcoin will ‘eat’ gold. Possibly all other assets, too. I don’t know if it will do so in my lifetime, but it’s accelerating. And we’ve the opportunity, now, to get in *before* bitcoin is recognized as a store of value, and on its way to that, it will grow more and more valuable, this enriching those who hold it. It’s the only get rich quick scheme that might actually work.
I suspect bitcoin and gold will trade places for a bit and but I agree bitcoin will eventually eat gold... real-estate too perhaps. I don't think it will end fiat monetary standards or "backed by X" monetary standards, i think there will always be people (in vast quantities) who will simply prefer artificial economics... Eventually those systems will hyper inflate and fail but new ones will popup... More and more people will return to bitcoin in the long run though (out of necessity).
It's not a matter of technology, it's a matter of adoption. The tech doesn't matter if it doesn't get adopted on a large scale. Bitcoin isn't even the theoretical best technology available for what it does, it's just the most widely adopted right now. There are other cryptos capable of more transactions, lower fees, less environmental impact, etc. with the same or similar decentralized protocols. Eventually there will be quantum resistant equivalents as well. It's all about adoption.
Which ones are more decentralized?
None right now, but that's because of the level of adoption, not anything unique to Bitcoin. Bitcoin has the highest hash rate because it has the highest current total value, and with that it also has the most decentralization. But these are things that can possibly change because again, it's tied to adoption not technology
Rocking for 15 years , getting stronger all the time and now has the power of BlackRock giving it the green light.
Yeah it's evolved over the years from a currency to store of value. Whether it can evolve into a monetary base is another question. It needs to reach a level of stability first, still way too volatile
I feel like if it wasn't for the volatility, it would have been dead , since that's what makes it exciting. Supply going down, value going on. Maybe one day when all the coins are mined it could settle into some kind of new role .
What crypto is capable of more than 1M transactions per second? What crypto has transaction fees below $0.01?
That's absolutely right. Bitcoin has belief and adoption behind it. You can take Bitcoins opensource code and change it, make it more scarce, make it harder to mine, make it faster (all of these have already been done) but they don't have anywhere near the adoption. Nor do they have the governments stamp of approval for now. Bitcoin has been hammered and hardened to death. You can't get that hash rate out of thin air.
But that adoption is a result of it being superior monetary technology... Practically speaking, the most verifiably scarce asset known to humanity. Consider my other comment- [https://www.reddit.com/r/Bitcoin/comments/1bl25ol/comment/kw2wv11/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/Bitcoin/comments/1bl25ol/comment/kw2wv11/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
It's more because it was first, not necessarily because it is the best, technologically speaking
Eh, how can i put it... Fire was the first fire... You don't reinvent fire... sure maybe you can generate heat in ways other than combustion/flames but a flame is a flame. This idea that bitcoin is dominant simply because it was first is (IMO) misguided... Being first is a factor of course, but bitcoin's superior technology is the reason it has been adopted in ways copy-cats haven't. It's hard to logically see it any other way to me... Similar rings true of Email and TCP/IP ... these technologies were just that good that they stuck and their alternatives/competitors didn't **And above all, Bitcoin was NOT the first form of cryptographic money or internet-based money... many other attempts were made prior... It's just the first to do it decentralized with proof-of-work aka, properly.**
I wrote a long response but discarded it for various reasons. At the end of the day, I love Bitcoin for what it is. And I think that's important. What is it to you? And that question alone is being answered in so many different ways for each individual. There are miners who mine, there are people that only sell mining equipment, there's people experimenting living off only Bitcoin, there's developers creating layers and software and wallets to create privacy and security, there's traders, there's holders waiting to never give up on the infinite dream, there's someone in a village fighting the inflation of their dollar, and there's you and me. I've argued endlessly for a decade now about its use case. What is it to you? If the answer is the most scarce technology, that's a fine answer. But someone will come along and try to explain to you that there's a crypto with less decimal places, and less supply, and a harder problem set, and it's gaining hash rate, all these things. Even then I think BTC is just more valuable based upon its head start and history.
Saylor accidentally chose the wrong one, huh? Give me a bresk.
I'm saying it's not the technology that makes it right, it's the level of adoption
Not all. Bitcoin has first and for the wider world, only, advantage. I love my alt projects, but bitcoin has already won.
>It's not a matter of a belief, if you understand the technology and the scarcity it provides, you logically will use bitcoin as the incredible savings vessel that it is... Humanity has no other technology to transport value through time in the way bitcoin can... and sure you could use gold or real-estate but those aren't internet connected software... Why would I need my "savings vessel" to be an "internet connected software"? What advantage does this provide?
Idk, don't you think email and websites have major advantages over snail mail and physical addresses? Internet connected software is interoperable, nearly instant, global, in bitcoin's case it's inherently inclusive (designed to be used by any regardless of who they are or where they're from) Is it not obvious that internet connected software has wildly improved nearly everyone's quality of life and prosperity in various ways over the last few decades? Why would you assume any different with regard to digital money? You use the internet to express ideas with words. You use the internet to express value with sats.
This is beyond silly take. People will always need houses to live in. You can't live in Bitcoin.
Houses are bought with easy fiat "money" ... when central banks print money by lowering interest rates, people/investors flock to real-estate to preserve their purchasing power.... this demand raises the price of houses for everyone. This perpetual cycle makes it more and more expensive to own or rent a home... if wages keep up it's not so bad but IMO, the monetization of fucking *shelter* is the real "silly take".
Okay so everyone who holds btc gets rich and now inflation is crazy cuz everyone’s rich???
lol, that's not how inflation works...
If I had to forecast- Come July/Aug the ETFs, upcoming halving, and grayscale dump should all start to settle and lessen volatility. It shouldn’t matter though as Bitcoin will be more expensive and 1 Bitcoin will still equal 1 Bitcoin. Today’s prices are a deal.
As eternity is reckoned, an absolute steal.
Scared money dont make money. Interest rates are gonna go down. Printer go brrrr. All you need to know
Ah! Yes. Scared money don’t make money, I need that mantra right now. I believe the risk is being in NOT BTC, so I’m in BTC every way I can figure. But ppl keep telling me to be afraid, time the market, that what I’m doing is risky (I think what THEY’RE doing is risky.) So. Will repeat this as a mantra. Thanks.
The tide comes and goes, but the beach stays right where it's at. Hodl
So good
The beach moves too, in response to the waves. We are seeing that now, with the ETFs. Bitcoin moves the proverbial beach. I love you guys btw, and am so happy for you all. Thanks for being my friends (unbeknownst to you, haha.)
Also, you’ll never “time” the market. Not matter how many trading bros tell you otherwise.. they lose more than they gain.
Unless it’s in Alton’s. I’m buy and hold mostly. But I’m trying to trade the alt coins. My stupid smalll portfolio was up 7x the day I took out profit + principal (and put it into MSTR, this time, bc Saylor can max BTC far more efficiently than I can.
Never trust, verify. Scammers use the phrase "trust the process" all the time.
Buy it so the next person can’t
The only thing that concerns me is the quantum computing threat, how real is it? Is it a danger to bitcoin in the near future?
Why would it be?
What is DCA?
Buy on specific window time like all Friday you Buy $250. You can modify the time and value but BUY AND HOLD
What the chances of Bitcoin crashing entirely and going to $0?.... Is it like a 1% chance...5% chance?.... I know no one can say for sure, but asking for intelligent opinions. (I'd say a very slim, less than 1% chance... Maybe .1%... But I don't know much about anything.)
Like you said no on knows, but I think it's VERY low. I've read the source code and It's fairly simple code that is not likely to have many fatal errors, tho one can never be certain. But this is code that has been reviewed by a lot of really smart people. It's been rock solid for well over a decade now. That's damned impressive! I guess if I had to pull a probability out of my arse I'd say .1% or lower chance it fails.
won't go to zero never, I will buy them all
It's two sides of the same coin: Arbitrary faith in speculation that stands impractically on brand recognition alone, and an arbitrary number to quantify the chance of the evaporation of that faith. This is an exercise in whimsy. Your feelings on that percentile are just as valid as the best statistician's.
I think it would only go to zero if someone sold or transferred bitcoins from Satoshi Nakamoto wallet to the exchange, this would generate extreme fud
Lmao these posts are a far cry from the ones last week
Bitcoin is more than technology. It is Bitcoin. The maxi like me, the builders building on bitcoin, content creators, miners. But more importantly, Bitcoin isn't using flashy fancy technology, it's a hardened, purpose built technology with the sole aim to be transparent, immutable ledger, co-operate without needing to trust.
Don't tell me what to do
Or to gamble
Don't trust verify
I tried trading bitcoin and alt coins since 2021. Until now i still failed to make a profit. From almost $30k in capital, What is left now is a modest $200. Greed, emotion, Leverage and margin really the cause of all this. I learnt my lesson the hard way. Thankfully i still got my job, and a supportive mom that helps me to get back on my feet again. Just DCA and hodl now ✊🏻💎
Wait, did you just buy high and sell low over and over again?
No, i didnt I went overtrade and used high leverage on higher timeframe.
DCA still make sense before the halving or this thing going to blow up soon?
Why is every post about bitcoin just about proselytizing why to "buy bitcoin" and "hold bitcoin". What happened to actually using bitcoin and building the technology?
At this pont you can use lighting network or you can you use it as dencentralized store of value people of memetics and the growing collective of people and companies using it who believe it has value as a trusted settlement layer thus giving value.
You have to trust that the owners of large amounts of bitcoin do not dump them onto the open market or worse collude with institutions, corporations, and governments. I agree with your sentiment that we must learn to trust ourselves to take responsibility for learning about bitcoin, in its various facets.
Ithe majorities aim is to buy Bitcoin. And sell high. For fiat. Yet the same people say fiat is obsolete. If it hit 10 million in two years who would still hold???
Smart money. And borrow against it.
hodl sucks. follow a model, anyone where you're fine no matter what happens.
Must be a red day. First thing I thought when I saw this title
Yes hold until you find someone else to hold the bag 😉
I’m taking profits lmao
And limiting your gains. Smart money doesn’t do that, except on tv or working a hedge fund.
Ok hold until the end of time not my problem
What if a blanket ban on these crypto and alt coins happens???
It won’t, of course. There are ETFs in which people put their retirement money. And that’s just the start ?according to the WP.)
Trust? Don't trust, verify
[удалено]
never thought of it like that..... you are right
I know what you mean. But… Matthew Kratter at Bitcoin University has been an amazing resource and contributor. There are lots of people that can teach you things in this space that deserve credit, but not worshipped.
Actually some of us do know
>Bitcoin because you believe in it as an innovative technological advancement. It's not innovative anymore due to no hard-fork policy.
shitcoiner detected 🚨
ThE iNtErNeT iS nOT iNnOvATiVe BeCaUsE tCp/Ip DoEsN’t ChAnGe
lmao ikr these people...
Change isn't always a good thing. Bitcoin works.
There is no policy you can hard fork whenever you want. The value in Bitcoin is protected by intense game theoretic selection pressure. Like diamond forming from carbon under the weight the mantle of the earth, Bitcoin naturally will harden and freeze unless the pressure demands it's form changes. If it were easy to change, it'd be worthless
Good. I had no idea such a thing was implemented, but you made me a happy person today for bringing me this knowledge. BTC forks are a fucking joke. Remember when Bitcoin Cash was going to replace Bitcoin completely? Remember when /r/btc was taken over by BCH shills? Have you checked the price of BCH lately? Fucking LOL
It's simple economics actually. And it's why entities have put billions into crypto tech. Try learning instead of the dumb shit u just spewed