$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

[guidmaker]

My favorite cope is the buttcoin thread on GBS when they were planning to send a delegate to the United Nations to alert them on the energy consumption of bitcoin.

GBS: OMG bitcoin will kill the planet we need to stop it!
UN: So how does its energy consumption compare to the current financial system?
GBS: ...uh...um...it can't be really be measured like with bitcoin so the earth doesn't care I guess?

 

[MilkSports_2018]

I turned all my longs to shorts today at around 107.200$
May exit around the 100k support, could go under, i think inevitably it could peak up to 120-130k,
the next two years will be bear years because of how insane this year was.

I just feel like bitcoin has completely lost its long term retail holder tradition and has just become highly speculative cryptographic gold, that latin american country uses it as reserve, trump promised something similar to that.
There is a good chance it just coasts by steadily increasing in value every year and then randomly having massive dips kinda like gold.

 

[Stalker]

I turned all my longs to shorts today at around 107.200$
May exit around the 100k support, could go under, i think inevitably it could peak up to 120-130k,
the next two years will be bear years because of how insane this year was.

I just feel like bitcoin has completely lost its long term retail holder tradition and has just become highly speculative cryptographic gold, that latin american country uses it as reserve, trump promised something similar to that.
There is a good chance it just coasts by steadily increasing in value every year and then randomly having massive dips kinda like gold.

Yeah, probably not a terrible time to take some profits. I disagree about this year being "insane". We've reclaimed the previous ATH then rallied ~60%. Looking back to previous cycles, a 60% move beyond the previous ATH is quite conservative. Take last cycle for instance. In 2020, the ATH of US $20,000 that was set in 2017 was overtaken. From that point, the ATH in 2021 reached over US $60,000 (approximately a 240% increase over the previous ATH of US $20,000 I mentioned earlier). Not only are we still early with respect to percentage gain between all time highs, but we are also early with respect to time. Historically speaking, the most amount of upside is enjoyed in the post-halving year.

 

[MilkSports_2018]

Yeah, probably not a terrible time to take some profits. I disagree about this year being "insane". We've reclaimed the previous ATH then rallied ~60%. Looking back to previous cycles, a 60% move beyond the previous ATH is quite conservative. Take last cycle for instance. In 2020, the ATH of US $20,000 that was set in 2017 was overtaken. From that point, the ATH in 2021 reached over US $60,000 (approximately a 240% increase over the previous ATH of US $20,000 I mentioned earlier). Not only are we still early with respect to percentage gain between all time highs, but we are also early with respect to time. Historically speaking, the most amount of upside is enjoyed in the post-halving year.

I don't know man, i just let fellow zoomtards on telegram convince me that btc was indeed cringe and that I might as well play stocks instead because of how stale it was.

 

[The Punished Mitch]

My favorite cope is the buttcoin thread on GBS when they were planning to send a delegate to the United Nations to alert them on the energy consumption of bitcoin.

GBS: OMG bitcoin will kill the planet we need to stop it!
UN: So how does its energy consumption compare to the current financial system?
GBS: ...uh...um...it can't be really be measured like with bitcoin so the earth doesn't care I guess?

Wallstreetbets has a few very dedicated bots/Bitcoin haters, they appear at the slightest 0.01% decline to spam about the definitive end of the BTC ponzi only to vanish within seconds as the uptrend resumes and the green dildo savages them - with diameter.

 

[zzzten]

bitcoin is no different than any other shitcoin. All it's privacy claims are bunk. There is no privacy, in fact it seems specifically designed to track every transaction you've ever made.
In total, there are 21 million bitcoins to be mined. This is the supply, there will never be more bitcoin than this. In the span of 15 years, approximately 3.7 million bitcoins are considered "lost", or irretrievable. This is 20% of the entire TOTAL supply. Given the rate of inflation, I doubt the remaining 17 million will last 100 years.

 

[Stalker]

In the span of 15 years, approximately 3.7 million bitcoins are considered "lost", or irretrievable. This is 20% of the entire TOTAL supply. Given the rate of inflation, I doubt the remaining 17 million will last 100 years.

The entire network could theoretically operate with just a single bitcoin. Each bitcoin is subdivided into 100 million units on-chain. It is also possible to permit further subdivisions from there with changes to the network. As long as the supply is limited, there is no concern. This is one of many advantages bitcoin has as a digital asset.

bitcoin is no different than any other shitcoin. All it's privacy claims are bunk. There is no privacy, in fact it seems specifically designed to track every transaction you've ever made.

Indeed, this is how the consensus mechanism operates. The entire network audits itself every 10 minutes, and publicizes the findings for every human on Earth to individually verify if they so choose. There are many well-known measures you can take to further anonymize your transactions, as Bitcoin is pseudonymous by design. The assertion that bitcoin is indistinguishable from the other cryptocurrencies is erroneous. Bitcoin is the only digital commodity. Every other token is a digital security (by the Howey Test).

 

[zzzten]

What happens to bitcoin when these parasitic entities (coinbase for example) that act like traditional banking institutions, and charge a transaction fees, control the lion share of bitcoins? What happens to decentralized currency, when you have to go through an official institution to have your payments processed by a business?

It all just reeks of bullshit. like financial institutions wanted to kick the can down the road so they had the government concoct this scheme. So now, not only do you not have physical access to money, they can also track every transaction you make, and if you do something they don't like, they'll just ban your address from their exchange.

The entire network could theoretically operate with just a single bitcoin. Each bitcoin is subdivided into 100 million units on-chain. It is also possible to permit further subdivisions from there with changes to the network. As long as the supply is limited, there is no concern. This is one of many advantages bitcoin has as a digital asset.

This is why I talked about the TOTAL supply. It doesn't matter if you have 21 million, or 21 quadrillion. The rate of loss is the same if it's a percentage of the total supply. and an infinitely divisible currency would be the same thing as printing money. Inflation is the dilution of the value of money because there is too much in supply. Dividing a satoshi would achieve the same thing, except it wouldn't be invisible to the public, they would just be working with less bitcoin.

Indeed, this is how the consensus mechanism operates. The entire network audits itself every 10 minutes, and publicizes the findings for every human on Earth to individually verify if they so choose. There are many well-known measures you can take to further anonymize your transactions, as Bitcoin is pseudonymous by design. The assertion that bitcoin is indistinguishable from the other cryptocurrencies is erroneous. Bitcoin is the only digital commodity. Every other token is a digital security (by the Howey Test).

If they are willing to bullshit you about privacy, and decentralized currency (I'm looking at the numerous bitcoin insitutions that have already popped up and that are able to BAN you from trading on their exchange.) Then this is just like every shitcoin.

It's people trying to convince you the ape they drew is worth millions.

 

[Stalker]

What happens to bitcoin when these parasitic entities (coinbase for example) that act like traditional banking institutions, and charge a transaction fees, control the lion share of bitcoins?

It all just reeks of bullshit. like financial institutions wanted to kick the can down the road so they had the government concoct this scheme. So now, not only do you not have physical access to money, they can also track every transaction you make, and if you do something they don't like, they'll just ban your address from their exchange.

This is why Bitcoiners always advise holders to control their private keys. Not your keys, not your coins. By holding bitcoin in cold storage, where you control the private keys, your transactions become uncensorable. Essentially, you become your own bank.

What happens to decentralized currency, when you have to go through an official institution to have your payments processed by a business?

You either accept their terms, or transact with somebody else. Bitcoin is an opt-in system, take it or leave it. I'm not exactly sure what you are even asking here. Exchanges are convenient, but not necessary for the network to operate.

and an infinitely divisible currency would be the same thing as printing money. Inflation is the dilution of the value of money because there is too much in supply. Dividing a satoshi would achieve the same thing, except it wouldn't be invisible to the public, they would just be working with less bitcoin.

What are you even spewing? There will always be a maximum of 21m bitcoin. If you allow for subdivisions of satoshis, calling them micro-satoshis, the summation of every micro-satoshi in existence would equate to 21m bitcoin. There is no dilution occurring here. I'm struggling to understand your logic. Inflation, and by extention dilution, would occur if for example the supply cap of bitcoin increased from 21m to 22m. In that case, holders would experience a dilution, since their holdings account for a smaller percentage of the overall supply. All lost bitcoin is a pro-rata distribution of wealth from the careless holders, to the careful holders. In that regard, Bitcoin is deflationary, since ones holdings account for an increasing percentage of the overall supply as coins are lost for one reason or another.

If they are willing to bullshit you about privacy, and decentralized currency (I'm looking at the numerous bitcoin insitutions that have already popped up and that are able to BAN you from trading on their exchange.) Then this is just like every shitcoin.

Indeed, a private company is allowed to refuse service to anyone they please. As I mentioned earlier, exchanges are convenient, but not necessary. However, the Bitcoin blockchain itself does not "BAN" any particular wallet address from moving bitcoin to any other wallet address. This achieves the goal of Bitcoin existing as a "peer-to-peer electronic cash system".

It's people trying to convince you the ape they drew is worth millions.

I'm not sure what NFTs have to do with Bitcoin.

 

[MilkSports_2018]

I turned all my longs to shorts today at around 107.200$
May exit around the 100k support, could go under, i think inevitably it could peak up to 120-130k,
the next two years will be bear years because of how insane this year was.

I just feel like bitcoin has completely lost its long term retail holder tradition and has just become highly speculative cryptographic gold, that latin american country uses it as reserve, trump promised something similar to that.
There is a good chance it just coasts by steadily increasing in value every year and then randomly having massive dips kinda like gold.

I hit that trade, exited just now as it reached 100.900, made a cool change.

I honestly don't think btc is all that consolidated above the 100k mark, I feel like the "you lost the chance to buy btc under 100k" types are about to eat their words.
If that level of support is broken, the next is at about 95k and then there is a chasm all the way down to good ol' 50-60k

I'm not opening new positions until things are more clear tho.

 

[zzzten]

What are you even spewing? There will always be a maximum of 21m bitcoin. If you allow for subdivisions of satoshis, calling them micro-satoshis, the summation of every micro-satoshi in existence would equate to 21m bitcoin. There is no dilution occurring here. I'm struggling to understand your logic. Inflation, and by extention dilution, would occur if for example the supply cap of bitcoin increased from 21m to 22m. In that case, holders would experience a dilution, since their holdings account for a smaller percentage of the overall supply. All lost bitcoin is a pro-rata distribution of wealth from the careless holders, to the careful holders. In that regard, Bitcoin is deflationary, since ones holdings account for an increasing percentage of the overall supply as coins are lost for one reason or another.

let me try to explain this then. let's say there are two system. both systems have 10 dollars. In system A, you cannot divide the currency below 1 dollar, but you are allowed to print more. In system B, you cannot print more, but you are allowed to divide the currency to numbers below 1.

Now let's say in both systems, a bank/business/entity enters the market and hoards most of the dollars available in circulations. Let's say 9 out of 10 dollars with only 1 available in the market.

In system A, the currency cannot be divided, so the only measure they have is to print more currency.

In System B, they cannot create more currency, so the only measure they have is to divide the remaining currency into smaller amounts.

In system A, this inflation is hidden because even though the value of a dollar has gone down, a dollar is still represented by a dollar.

In system B, this number, the 1 dollar, can get below 1 and keeps dividing itself smaller and smaller, and the difference will be apparent to anyone that uses the money without seeing the bigger picture.

Neither of these systems actually solve the problem of money hoarding, they just use different means to extend the life of the currency but ultimately fail at solving the same problem. You know what doesn't suffer from this problem? Actual commodities. Things with intrinsic value that cannot be stored indefinitely because they have an actual use.

My problem with bitcoin is that their privacy claims are bullshit, their decentralized claims are bullshit, and their "limited supply" is bullshit if what you say about dividing satoshi is true. If a project can blatantly lie about the core of their mission statement, why the fuck should anyone ever trust them?

can you tell me how to get to epstein island? you kinda seem like a bot, the way you respond to rhetorical statements.

 

[Stalker]

In system B, this number, the 1 dollar, can get below 1 and keeps dividing itself smaller and smaller, and the difference will be apparent to anyone that uses the money without seeing the bigger picture.

Neither of these systems actually solve the problem of money hoarding, they just use different means to extend the life of the currency but ultimately fail at solving the same problem. You know what doesn't suffer from this problem? Actual commodities. Things with intrinsic value that cannot be stored indefinitely because they have an actual use.

You're shifting the goalposts here. Initially you stated that the subdivisions dilute holders. I addressed that point, now you're making a completely different argument about "money hoarding". If someone provides enough value to the world such that they accumulate 90% of the total value of the economy fairly, what exactly is the issue? It isn't as if one entity accumulates 90% of a fixed-supply currency, then hoards every bit of it. This entity would feasibly have expenses to pay, injecting that value back into the broader economy. Furthermore, you are providing a hypothetical situation that isn't exactly realistic. I am aware that a large majority of bitcoin is held by very few wallets, but there is no evidence to support the hypothesis that the overwhelming majority of bitcoin is held by one unified party or group.

Neither of these systems actually solve the problem of money hoarding, they just use different means to extend the life of the currency but ultimately fail at solving the same problem. You know what doesn't suffer from this problem? Actual commodities. Things with intrinsic value that cannot be stored indefinitely because they have an actual use.

So you are saying that the United States government doesn't hold 147.3 million ounces of gold within Fort Knox? It appears to me that gold is being stored indefinitely in that example. I could also purchase a barrel of oil and hold it indefinitely in my backyard. There is nothing wrong with storing your limited time and energy inside an asset that is also limited in supply. Exactly like there is nothing wrong with holding water inside a cup without holes.

My problem with bitcoin is that their privacy claims are bullshit, their decentralized claims are bullshit, and their "limited supply" is bullshit if what you say about dividing satoshi is true. If a project can blatantly lie about the core of their mission statement, why the fuck should anyone ever trust them?

You make a reference to "their privacy claims". Who are "they"? Nobody speaks for Bitcoin, just like nobody speaks for the Internet Protocol. Bitcoin is a protocol, not a company with stakeholders. If you do not believe the pseudonymous nature of Bitcoin is adequate, you are free to choose another technology. Nobody is forcing you to engage with Bitcoin. Once again, allowing the finite supply to be subdivided into infinitesimally small units does not make the supply infinite. I feel like I am trying to explain the concept of per-capita to a black person. Finally, you don't have to trust Bitcoin. You are free to pull the code down and verify every line, if you so choose.

 

[zzzten]

You're shifting the goalposts here. Initially you stated that the subdivisions dilute holders. I addressed that point, now you're making a completely different argument about "money hoarding". If someone provides enough value to the world such that they accumulate 90% of the total value of the economy fairly, what exactly is the issue? It isn't as if one entity accumulates 90% of a fixed-supply currency, then hoards every bit of it. This entity would feasibly have expenses to pay, injecting that value back into the broader economy. Furthermore, you are providing a hypothetical situation that isn't exactly realistic. I am aware that a large majority of bitcoin is held by very few wallets, but there is no evidence to support the hypothesis that the overwhelming majority of bitcoin is held by one unified party or group.

no, i'm not moving the goalpost. I'm trying to explain in simple terms, a concept you seem to have difficulty understanding, which is: whether the number of dollars goes up, or becomes infinitesimally small like bitcoin, the objects of value being accounted for does not change. In otherwords, money is a means of accounting and doesn't provide actual value.

The situation I provided is very realistic considering the concentration of wealth in today's economy. It's also sad that you believe in fairy tales like "the more value you provide, the more money you make." Consider the current situation with the United healthcare CEO, or that most of the money made today is by weapons/arms and munitions manufacturers. you say you can't see my "hypothetical" and label is unrealistic, then admit that "I am aware that a large majority of bitcoin is held by very few wallets"

So you are saying that the United States government doesn't hold 147.3 million ounces of gold within Fort Knox? It appears to me that gold is being stored indefinitely in that example. I could also purchase a barrel of oil and hold it indefinitely in my backyard. There is nothing wrong with storing your limited time and energy inside an asset that is also limited in supply. Exactly like there is nothing wrong with holding water inside a cup without holes.

Anyone can store a barrel of oil, the problem is that there exists individual people that have hoarded more "imaginary" wealth than entire countries of people. This is a testament to the insanity of fiat, and things like bitcoin that try to disguise their fiat nature by appealing to mathematics. As if random calculation hold any instrinsic value.

You make a reference to "their privacy claims". Who are "they"? Nobody speaks for Bitcoin, just like nobody speaks for the Internet Protocol. Bitcoin is a protocol, not a company with stakeholders. If you do not believe the pseudonymous nature of Bitcoin is adequate, you are free to choose another technology. Nobody is forcing you to engage with Bitcoin. Once again, allowing the finite supply to be subdivided into infinitesimally small units does not make the supply infinite. I feel like I am trying to explain the concept of per-capita to a black person. Finally, you don't have to trust Bitcoin. You are free to pull the code down and verify every line, if you so choose.

"They" refers to disingenuous liars that shill this bubble so they can scam people and, according to you, contribute more value to the world. The creation is attributed to satoshi nakamoto, but no one knows who that is. This entire thing could be a way for governments to finally clamp down on their populations. At this point, we're just catching up to china's level of authoritarianism, where every transaction is tracked, and people are penalized for buying the wrong things. The difference that I see is that america needs it to be "freedom" branded. So by saying it's decentralized and out of the reach of government, they'll be able to dupe enough people into adopting this dystopian system.

Also I can't seem to click the reply button to your posts? what happened?

 

[Fascist Kirk (Yoja)]

I just put life savings into my first BTC at 100k wtf is going on?

 

[The Punished Mitch]

I just put life savings into my first BTC at 100k wtf is going on?

You'd better learn to suck dick real good so you can double down at 80k about 24 hours from now.

 

[MilkSports_2018]

I hit that trade, exited just now as it reached 100.900, made a cool change.

I honestly don't think btc is all that consolidated above the 100k mark, I feel like the "you lost the chance to buy btc under 100k" types are about to eat their words.
If that level of support is broken, the next is at about 95k and then there is a chasm all the way down to good ol' 50-60k

I'm not opening new positions until things are more clear tho.

btc currently recovering from 92k up to 97k, feels like a bulltrap to me tbh, im channeling my inner bossman and will throw the bitty i made from the last trade )into a short, stop loss at 101k, profit target 93k, may close at ~90k if im feeling greedy,

I am no expert, this leverage abusing speculation, and please don't take any advice from this,

 

[PointOfNoReturnPoint]

Alright, fuckers- you finally win with me.

I've written off this 8-bit monopoly money as "Tulip Mania on Bath Salts" at best and the Mark of The Beast at worst for well over a decade now and have faithfully stuck to my shiny grey and yellow rocks- but now that I see all the shit going on with the incoming administration talking about everything from a strategic bitcoin reserve to other people speculating about how it's possible Bitcoin becomes the digital-dollar equivalent of the North American Euro (a digital dollar common currency between multiple different countries like El Salvador and the US) I've decided I'll sit down at the checker board to a limited capacity.

If half the shit people are saying with Bitcoin actually gets turned into passed legislation then I predict it'll eventually get to $1,000,000 a bitcoin sometime within the next 4 years. Granted- the inner Kalifornia-Koin-Merchant within me predicts that when it does hit that amount it'll drop to $0.07 a bitcoin the immediate year afterwards, but I'm still hoping to get a slice of this Christmas turkey before it's all carved up and thrown in the compost heap.

I was originally looking into a Ledger Nano-S for hard-storage but apparently they had some kind of major controversy in recent years? The only other time I've dabbled in Crypto was when I alchemically transmogrified $100 into $1000 with QTUM back in the day when Ghost from TCR was shilling it before the pump got dumped, and that's what I used way back when in the Precambrian era. Does anyone have any recommendations for alternate hard storage devices?

What was it other than tulip mania that you didn't believe in btc for?

 

[Joshua Connor Tomar]

somebody ping me when its time to buy again. k thx

 

[AnOminous]

I just put life savings into my first BTC at 100k wtf is going on?

Why right before Christmas when it almost always spikes and crashes near the holidays?

If I had to guess it'll go down even more post-New Year's.

 

[Fascist Kirk (Yoja)]

Why right before Christmas when it almost always spikes and crashes near the holidays?

If I had to guess it'll go down even more post-New Year's.

I just sold it for 97,000 and that covers my taxes for 2024 3k in losses. I am done playing with magic internet money!