I have loved your posts for a couple of years now, but it seems to me that except for a very few alts, the alt market is dead --- totally destroying those posters who claim infinite supply and that it is pretty much BTC from here on out.
Bitcoin Is Better Than Gold For One Simple Reason
- Thread starter johnarb
- Start date
I have loved your posts for a couple of years now, but it seems to me that except for a very few alts, the alt market is dead --- totally destroying those posters who claim infinite supply and that it is pretty much BTC from here on out.
Thank you for kind words. Bitcoin is a risky speculative asset to invest in, and investing in altcoin is probably several times more risky (subjectively speaking) due to the fact bitcoin already has the first mover, network effect, market adoption, billions of $ of infrastructure built, regulatory approvals to trade in the biggest markets worldwide, and on and on.
If I only stayed in bitcoin from the very beginning, I would have made less in profits. I'm practically in one altcoin nowadays and has been for a while. I can always switch it back to bitcoin (btc), but since I follow the development on it, I continue to believe it's the correct one to invest in. I would not recommend it to friends and family, unless they have a background in crypto investing and interested in altcoin, so I usually only recommend bitcoin.
I accept the compliment! Thanks
Yeah, I did. That's because there was never other better option. Now this option exists. And it doesn't necessarily happen overnight(I wrote above that I probably won't live to see the substitution of government-backed currencies, but I might be wrong).
And one of the things that will help this process is the "stable and powerful" government's incompetence. They've been fucking up the currency and this will only fuel people's drive to use an alternative that isn't subject to political manipulation, whims of idiots that don't have a clue about what they're doing and most of the time doing more harm than good with the manipulation of the currency.
Nope. There isn't a necessity of a central identity with a lot of power to back it up. On the contrary, this is exactly the problem with government-backed currencies and what will eventually make cryptos be recognized as the better option. I realize that for someone with an avatar like yours, this too much to get your head around. But between Mario Draghi and Milton Friedman. I'll take Milton Friedman every time. One way or the other, only time will tell...
I forgot to give you additional info. There's no monetary reward for running a full bitcoin-node, unless you're running a mining operation or a lightning node, but there is a security and privacy risk.
If you're going to run a full node, consider using a VPN or using an anonymous socks proxy. Tor is supported by bitcoin but not effective against a nation-state since it's always connected and broadcasting and can be deanonymized.
There was a discussion on reddit many years back (ca 2013) on the security risks of running a full bitcoin node and if the government wanted to crack down on bitcoin, getting a list of bitcoin nodes' IP addresses would be a very good start, so it was a back and forth discussion as the network needs full nodes for resiliency, and would be hypocritical to not run one to support it. Of course all of these were when the biggest use-case for bitcoin were still illegal drugs and such, before CME futures, before, Bakkt/ICE futures, before everyone and their mother knew what bitcoin was, but anything can still happen, and things can still turn around as far as the US government attitude towards bitcoin/cryptos. Also the hackers would know your public IP address if you don't run a VPN.
Anyway, my opinion is that no bitcoin-whale is running a full-node nowadays. If the network ever needed full nodes, they'll probably get a bunch of anonymous VPS nodes globally (payable in cryptos of course, so no names attached) and run the nodes in the cloud. fwiw. Stay safe.
My avatar is irrelevant, I liked the expression and that's about it. Computer game characters instead suggest you're quite young.
There are currently 47 million millionaires in the world.
There are currently 18 million BTC.
In about 100 years all 21 million of the total supply mined.
In a couple of years it's s2f will surpass gold.
What happens when the millionaire club wakes up one day and wants exposure to BTC and there aren’t enough for members to have even 1 BTC?
I suspect in addition to the seven network effects BTC enjoys that the other crypto offerings do not is that of a Vebien good.
At a hashrate of 50 TH/s, it is after all, the most secure computer network to be invented.
There are currently 18 million BTC.
In about 100 years all 21 million of the total supply mined.
In a couple of years it's s2f will surpass gold.
What happens when the millionaire club wakes up one day and wants exposure to BTC and there aren’t enough for members to have even 1 BTC?
I suspect in addition to the seven network effects BTC enjoys that the other crypto offerings do not is that of a Vebien good.
At a hashrate of 50 TH/s, it is after all, the most secure computer network to be invented.
Well, I could simply say the same thing to you: My avatar is irrelevant too. As is my age. The minute people try to change the subject from the topic to the counterpart of the discussion, this shows lack of argument. You actually showed a lack of arguments even sooner, because I crushed all your points and you simply ignored all my replies. And some of your points are actually very naive, like implying that the current price of a certain coin would be more important than the currency's acceptance for someone looking to buy it ("No-one will pay double in Bitcoin because it's so trendy and cool if they can save 50% by paying with with Buttcoin"). Given this, I could imply that you are very young, because it's actually quite a weak argument. But there are several other possible factors for your lack of knowledge of the most basic concepts of financial markets and since I can't know which is the reason for your very rudimentary knowledge in these matters, I'll refrain from making irrelevant assumptions about yourself personally.
My Avatar could simply be because my son told me the story about a videogame he bought to his kids, because he knows my ideas about freedom and small governments. You would never know if this is the case or not, but one thing is for certain: I'm just a freedom loving guy.
On the other hand, your avatar shows a very probable admiration for powerful centralized institutions (the ECB, in this case). And in a conversation about cryptos, your insistence about the idea that there has to be such an institution backing a currency is very relevant, because it shows a very high probability that you wouldn't even consider the possibility that Mario Draghi and every other central banker in the world are the very problems that cryptos will eventually solve one day.
But, since you already showed that your arguing skills are reduced to ad Hominems (quite common thing unfortunately), you have a very good life.
Well, I could simply say the same thing to you: My avatar is irrelevant too. As is my age. The minute people try to change the subject from the topic to the counterpart of the discussion, this shows lack of argument. You actually showed a lack of arguments even sooner, because I crushed all your points and you simply ignored all my replies. And some of your points are actually very naive, like implying that the current price of a certain coin would be more important than the currency's acceptance for someone looking to buy it ("No-one will pay double in Bitcoin because it's so trendy and cool if they can save 50% by paying with with Buttcoin"). Given this, I could imply that you are very young, because it's actually quite a weak argument. But there are several other possible factors for your lack of knowledge of the most basic concepts of financial markets and since I can't know which is the reason for your very rudimentary knowledge in these matters, I'll refrain from making irrelevant assumptions about yourself personally.
My Avatar could simply be because my son told me the story about a videogame he bought to his kids, because he knows my ideas about freedom and small governments. You would never know if this is the case or not, but one thing is for certain: I'm just a freedom loving guy.
On the other hand, your avatar shows a very probable admiration for powerful centralized institutions (the ECB, in this case). And in a conversation about cryptos, your insistence about the idea that there has to be such an institution backing a currency is very relevant, because it shows a very high probability that you wouldn't even consider the possibility that Mario Draghi and every other central banker in the world are the very problems that cryptos will eventually solve one day.
But, since you already showed that your arguing skills are reduced to ad Hominems (quite common thing unfortunately), you have a very good life.
FFS. You are the person who started commenting on irrelevant garbage that has nothing to do with anything here (avatars) and then reply with a diatribe as if you've been wronged? Good going. You sound like a sovereign citizen.