Whatever happens, history about to occur again. Less than 9 blocks for the halving.
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Bitcoin halving happening in 90 minutes
- Thread starter Deleted member 9932
- Start date
Nope, probably a sell off because people thinking it will magically double in price.
OP
OP
Market makers love these moments to play a bit. Its impacts are long-term, yes.
Speaking from a position of absolute ignorance on this subject, will this have an effect on the markets markets? as in Wall Street?
OP
OP
The miners certainly do.
Probably not. While there are big custodian services investing in bitcoin, it's probably not enough to have a big effect (long term, not thinking about today).
Long term supply is fixed. Short term, yes, the miners will get less. If it will inflate, better to wait and see. Historically it happened.
Ah yes - this looks very heatlhy.
The value of mined currency to me is so abstracted from real value generation/"work" that it just seems arbitrary like a way for people to make money without actually doing anything.
Oh it makes a lot of sense in how it functions as a market commodity of sorts, but it does not make it make sense from the perspective of traditional "work" - or even traditional investment really.
I was trying to buy an obscure HDMI adapter the other day and came across "null " hdmi terminators- I couldn't imagine why a person wouldn't just leave an hdmi port empty or stick a plastic cap on it but then I realized it's a way to get incrementally better performance from racks of working video cards by eliminating basic hdmi activity on the card for that port.
yes. It's not easy and not a lot of folks accept it but absolutely. It's not very flexible as a currency though. And most of its current utility is as an investment product versus a liquid currency. If it sticks around then eventually it'll be easier and more ubiquitous in commerce and retail.
I saw a mini documentary on VICE the other day about these scammers who have millions of dollars stashed away as bitcoins, and they were talking about how when they get released from prison in a few years they will live like kings and nobody can do anything. It was some fucked up and crazy shit.
i must say, i have nothing to add besides wanting to chime in that the scaling on this graph is just utterly amazing. Its pretty close to the meme PS3/Xbox graph
I know right... this may have unintentionally triggered a ton of folks including myself.
Does your local currency requires any work of some sort to be created besides pushing the printer button?
Gold requires huge machines to dig up the ground. Bitcoin requires huge machines do find hashes. Same thing, different era. Also Bitcoin is the only asset on Earth and in History that has a supply that can't be controlled by Humans. Supply is predictable and won't ever change.
You doubt bitcoin will reach over 100k in 2021? I mean, look at the chart, it can't not happen. #HODLGANG #HODLGANG #HODLGANG. /s
People used to buy it because they thought it would change the world, now it's either speculation, or some use it as a store of value like gold or silver. There is a finite amount of it.
But like all things even though there is no intrinsic value, it's the people that give value to it.
Which is a horrible thing to base your currency on, not being able to control the money flow is dumb as hell.
This is the first halving happening since BTC is really mainstream.
Expecting a drop, personally. I had a few funds in btc and cashed them out, but they were like 500€ so i'm not going to be mad either way.
Expecting a drop, personally. I had a few funds in btc and cashed them out, but they were like 500€ so i'm not going to be mad either way.
it's bog standard log scale?
I understand all that. I mean specifically the process of mining, the leger, block chains, etc. It all sounds like some stupid ass assassin's creed bullshit or something.
Bitcoin is a long term grift. It's a currency focused on a libertarian philosophy that it's incorruptible without government interference, but we all know how that turned out (Dread Pirate Roberts).
Yeah sure the FED printing trillions like it's nothing, bailing out big corporations while homeless are starving, that's great and not dumb. And it worked great in Venezuela, Argentina or Zimbabwe, go check how they're doing.
Reminder that even if Bitcoin is kinda goofy and unstable as an actual currency, the technology underpinning it is cool and valuable.
OP
OP
you know whats a merkle tree? That's the bitcoin network. And each block of the tree (in this case, a chain) is mined by a group of people who compete with each other to mine it. How? Through a consensus protocol, proof of work. They grab a bunch of transactions on the network (fixed), they grab the hash of the previous block (fixed) and a nonce (variable) and they will put that data through a cryptographic hash function until it finds an hash with a bunch of zeros (let's say 40) in the start. The first one to find it, gets to mine the block and gets a reward....bitcoin!
That's not an example of it being used as currency, it is used as currency for dark web drug purchases.
Having a useful tool doesn't mean it can't be abused, running out of money isn't a useful tool.
OP
OP
lol. Read about merkle trees for real. Think of bitcoin as the reward for people who guarantee the safety, auditing and monitoring of the network. I think that's an easy concept.
When I see those words I just picture Angela Merkel's face on the Deku Tree.
is it? I was trying to see if there was consistency in it and i couldn't find it. I didn't measure the gaps everywhere, but the random x3 jumps in their numbers when the others were roughly 2.5ish made it stand out
When bitcoin crashed a lot of businesses that accepted bitcoin stopped doing it. It's just too volatile to use as a workable currency in retail and it took a major step back in 2018. Perhaps eventually it will be more accepted as currency but I don't see that happening anytime soon. Bitcoin works as an investment option and that's all it should be considered as. Don't hold your breath waiting for it to be more widely accepted as currency.
As long as a group of old men is in charge, it will be abused. Give the man the ability to print money, and he will.
Are you talking about the US Dollar?
Only for speculation. I know people back when it was first created would buy a sandwich or something for like 10k bitcoins, but Bitcoin was worthless back then. Now I think people just treat it as a speculative investment.
Based on my limited knowledge of Bitcoin, it seems now would be a good time to buy and hold onto it for at least until the end of 2020... would you agree?
Lmao! Yeah that, basically computers are running 24h solving difficult mathematical shit and the reward are fresh bitcoin.
Assassins Creed lol, you got a point man
Literally none knows. It might, it might not. Don't invest what you are not ready to lose.