Bitcoin

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Where in the hell do you even buy bitcoin? Theres so many scams out there I wouldnt trust anyone selling it. Is it protected?
 
Friend of mine bought one bitcoin in 2016 for like $500.

He still has that one bitcoin. I regret not doing the same.

I did put $1,000 in Bitcoin in 2021 and it got me .021 Bitcoins. I still have that at least.
 
farce© said:
I struggle with it because there is no underlying value like stocks. It seems more to me like the tulip bulb bubble in the 1630’s, but at least a tulip bulb was tangible.
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In fairness, currency has no underlying value either although has the power of the state to protect its value.

That said, for technical reasons bitcoin isn't suitable as a currency. It takes too long to confirm transactions, etc. I think the bitcoin community has given up on the idea that it is a currency in lieu of a storage of value. That makes it more tulip like.
 
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To be honest, I do wish I bought 10 bitcoins roughly 10 years ago. If I did, I think I would pull out all my money right now (which would be roughly $1 million as of today) and invest the money by more traditional means.
 
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EhringhausSouth said:
Friend of mine bought one bitcoin in 2016 for like $500.

He still has that one bitcoin. I regret not doing the same.

I did put $1,000 in Bitcoin in 2021 and it got me .021 Bitcoins. I still have that at least.
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It is crazy to think how we could all be billionaires if we had just put a little bit of money in it 2009/2010. Think of how many college athletes we could buy.

The thing is, had I done that I would have dumped it when BTC hit $500.
 
Icky Mettle said:
To be honest, I do wish i bought 10 bitcoins roughly 10 years ago. If I did, I think I would pull out all my money right now (which would be roughly $1 million as of today) and invest the money by more traditional means.
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Let's be real, if your instinct is to cash out, you would have done it long ago. To say you would have waited until this moment is using hindsight.
 
ChapelHillSooner said:
It is crazy to think how we could all be billionaires if we had just put a little bit of money in it 2009/2010. Think of how many college athletes we could buy.

The thing is, had I done that I would have dumped it when BTC hit $500.
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Yeah, I probably would have dumped at least half and ran too.
 
I was reading an argument someone made that basically said if bitcoin doesn't make changes they are in for a huge security problem in the future.

I'll try to repeat the argument as best as I can.

1. The amount of reward for mining a block is halved every so often.
2. To make mining economically feasible, the price of bitcoin has to continue to go up.
3. At some point the price of bitcoin can't continue to rise as it will approach the world's GDP. (Bitcoin is currently at $2 trillion and world GDP is about $105 trillion so there is a ways to go but of course it couldn't go that high.)
4. Once mining becomes no longer economically feasible, miners will drop out. The protocol will adjust to the proof-of-work requirement accordingly so that mining could still be feasible.
5. This opens up the potential of a 51% attack on bitcoin.

Transaction fees will increase to offset the reduction in mining reward.
 
I wonder how quantum computing will affect crypto. I was listening to NPR a week or so ago and I'll mess up the numbers, but Google said something like their quantum computer solved a math problem in minutes that would take traditional computers longer than the universe has existed.
 
Enigma94 said:
I wonder how quantum computing will affect crypto. I was listening to NPR a week or so ago and I'll mess up the numbers, but Google said something like their quantum computer solved a math problem in minutes that would take traditional computers longer than the universe has existed.
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Yes - although once quantum computing is actually addressing real problems rather than theoretical ones, it will not be accessible in any mass way and unlikely to be pointed at Bitcoin mining by the very few people that control it. This isn’t like AI where there is almost immediately mass adoption.

Although in our new world of no-integrity-everything-is-corruptible maybe Trump will order it nationalized so it can do nothing but mine Bitcoin.
 
p5mmr9 said:
There are plenty of people who have earned a fortune trading crypto, but it is largely a vehicle to lose money. If you really want to invest in crypto - wait for the next big drop and then buy and hold. It's being juiced right now by MAGA and it will drop once reality sets in regarding the (lack of) possibility of a USD digital currency.
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Another poster who pretends to understand Bitcoin but clearly does not. If you dont know what the halving cycle is and how it contributes to why the price rises every 4-5 years then you have no clue. Every 4 years the mining reward halves, and every cycle there is usually a price spike around 8-14 months post-halving, just look at the chart for yourself. It literally makes no difference who would have won the presidential election, Bitcoin is indifferent to MAGA, indifferent to politics, all of it. Its a monetary system governed by math not by people. Its designed to be deflationary, and moves opposite to the inflationary design of modern central banking practices.
 
StrangePackage said:
There are always greater fools, until there aren't.
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Does greater fool theory apply to institutions who are at the top of the food chain in global finance? Honestly I dont care if you do buy or dont buy, not my business, but I find it funny people who think everyone else is a fool and they're the real geniuses for sitting on the sidelines as Bitcoin outperforms other major asset classes over and over again.
 
Also Bitcoin isn't a currency, it can be but this isn't how its being applied to the real world. It's basically a new form of collateral, and its application is to re-collaterialize the financial system, mainly the broken offshore dollar market.
 
Icky Mettle said:
To be honest, I do wish I bought 10 bitcoins roughly 10 years ago. If I did, I think I would pull out all my money right now (which would be roughly $1 million as of today) and invest the money by more traditional means.
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Except, you’d be a bit-bro and you’d be convinced your “success” means you are smarter than all others and you’d be able to time the market and turn that million into $5 million.
 
Enigma94 said:
I wonder how quantum computing will affect crypto. I was listening to NPR a week or so ago and I'll mess up the numbers, but Google said something like their quantum computer solved a math problem in minutes that would take traditional computers longer than the universe has existed.
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There are quantum computing safe encryption algorithms that they will have to switch to.

That is true throughout our systems.
 
AlbionAmerican said:
Also Bitcoin isn't a currency, it can be but this isn't how its being applied to the real world. It's basically a new form of collateral, and its application is to re-collaterialize the financial system, mainly the broken offshore dollar market.
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The thing it’s closest to is a speculative commodity. Please explain how it’s “re-collateralizing the broken offshore dollar market.”
 
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