The Bitcoin (BTC) thread

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Banned
I suspect we will see a big increase in cooperate investment, including banks, in btc this cycle. Then pension funds next cycle.

Big question... what do you think are the most likely scenario's of what will happen to zatoshi's bitcoin?
I put my predictions in descending order of probability
1. Will never move
2. Be dumped to destroy btc
3. Some how be distributed to every one for free
4. Slowly sold of over time
 

JayJuanGee

Crow
Gold Member
I suspect we will see a big increase in cooperate investment, including banks, in btc this cycle. Then pension funds next cycle.

Big question... what do you think are the most likely scenario's of what will happen to zatoshi's bitcoin?
I put my predictions in descending order of probability
1. Will never move

Yes. This is the most likely outcome.. partly because that has already been what has had happened... so we do not have any evidence at all that Satoshi's coins are ever going to move... so not really sure how we could speculate otherwise.


2. Be dumped to destroy btc

You are jumping from Satoshi's coins moving to them being dumped. That is a pretty BIG ass leap.. to include all of that in your next likely scenario... so that is NOT making a lot of sense to leap so much so quickly.

But, I will play along a wee bit. I speculate that even if Satoshi were to move his coins, the BTC market would absorb those coins... sure the price would likely take a bit of a hit, but I am fairly confident that the longer that bitcoin is around, the more present ar a number of bitcoin users or wannabes who would be ready, willing and able to absorb the coins and bitcoin would NOT die because of such new influx of available coins.

3. Some how be distributed to every one for free

Are you talking about bitcoin? or some made up coin?

Seems strange that some kind of resolution would be reached (or even satoshi would decide to do something like that), which would be logistically difficult to distribute coins to everyone, and if he did, then each person in the world would receive something like 13,158 satoshis... hahahahaha.. seems like an interesting pie in the sky kind of concept more than anything.

Edit: I should show my work for the 13,158 satoshis number, above. I presumed 1 million coins that may be in the possession of satoshi, and I divided that into a population of about 7.6 billion people.

4. Slowly sold of over time

Huh? When is this going to start?

Presumably it has not started, yet.. right?

Seems like another pie in the sky speculation and more likely better to presume that Satoshi is dead.. until we actually see some evidence to the contrary.. otherwise we are merely speculating about baseless facts (i.e. facts that do not exist).
 

Knight.of.Logos

Woodpecker
Orthodox
I understand that sometimes, based on cashflow issues, it can take a decent amount of time to accumulate enough BTC to feel comfortable.

It actually took me about a year to reach my initial accumulation target, during most of 2014, and even after I had mostly reached my target, I still felt a bit uncomfortable in terms of whether I had enough BTC, so largely I continued to accumulate for about a year and a half to two years thereafter.

Over the years, I have also learned about the BTC accumulation situations of quite a few people in the space, and there are quite a few that are ongoingly engaged in accumulation for years and years and years, and sometimes it could take two to three four year cycles for them to accumulate a comfortable position based on their own cashflow situation.

One of the lucky things for my own personal situation was that I was able to engage in some front loading of my position because I had already established a decent sized portfolio in which I could reallocate from one part of my portfolio to another part (towards bitcoin). Sure one of the problems with that is that I am older, too... so being older has disadvantages.... and I would just suggest to do what you can do, and most of the time, building strong portfolio takes time - and attempting to short-cut with get rich quick attempts might NOT be as prudent of a strategy... so pacing the accumulation of wealth and the building of a portfolio matter might be amongst the best of options in front of you.
I have a good feeling that things will work out in the end, but sometimes I feel a bit foolish for some of the investment decisions I have made in the past, whether with Bitcoin or other cryptocurrencies. I am not too upset about it, because overall I have seen my investments grow; however, I am also aware that if I made even just one or two better decisions at certain points, my overall portfolio would be a lot better.
 

Knight.of.Logos

Woodpecker
Orthodox
I suspect we will see a big increase in cooperate investment, including banks, in btc this cycle. Then pension funds next cycle.

Big question... what do you think are the most likely scenario's of what will happen to zatoshi's bitcoin?
I put my predictions in descending order of probability
1. Will never move
2. Be dumped to destroy btc
3. Some how be distributed to every one for free
4. Slowly sold of over time
1 is the most probable and 4 seems the only other possibility, but unlikely. Why would the founder of something want to destroy it? And how is 3 even possible?
 

JayJuanGee

Crow
Gold Member
I have a good feeling that things will work out in the end, but sometimes I feel a bit foolish for some of the investment decisions I have made in the past, whether with Bitcoin or other cryptocurrencies. I am not too upset about it, because overall I have seen my investments grow; however, I am also aware that if I made even just one or two better decisions at certain points, my overall portfolio would be a lot better.

Of course, you can only do what you can do based on the knowledge that you have at the time that you make various decisions or take certain chances in terms of how much to allocate and where to allocate.

In the end, most of us likely have incidents in which we can see that our decisions could have been better, and sure with the passage of time we do end up losing some of the possible compounding effect of the passage of time - and even though it remains quite difficult to believe, it is still early days for bitcoin.

Yes, so many people have learned about bitcoin, looked at past price performance, and concluded that they are too late - but each time, so far, they have been proven wrong, and sure at some point, they are going to be too late, but still seems quite apparent that there is less than 1% of world adoption. Sure, some of the early adopters have accumulated disproportionate shares of the coins, but at the same time, there are still BIG players who are just learning about BTC and investing BIGily into it.
 

Deepdiver

Crow
Gold Member
This may be a useful tool if truly forward looking as Ivan claims...

Trading view BTC onchain BSI indicator by IoT academy...


Anyone know how to get the source code on this indicator... PM me the code and I will analyze to see if truly forward looking or if another MACD RSI bollinger band copy.
 

Deepdiver

Crow
Gold Member
This may be a useful tool if truly forward looking as Ivan claims...

Trading view BTC onchain BSI indicator by IoT academy...


Anyone know how to get the source code on this indicator...

PM me the code and I will analyze to see if truly forward looking or if another MACD RSI Bollinger band backward looking copy.

YT Video discusses BSI indicator


The Most Advanced Tradingview Indicator for Crypto
Get access to Ivan on Tech's BSI tradingview indicator. BSI combines an advanced trend indicator with Bitcoin on-chain data to give you insigts into the crypto markets, before they play out on the chart.

Most people just look at technical analysis, but they end up acting on old information. All technical indicators are lagging.

That's why I developed BSI. By combining technical analysis with onchain analysis from the Bitcoin Blockchain, you can get actionable data before it plays out in the chart.

BSI uniquely combines:
  • Short to medium term trend
  • Long term trend
  • Onchain data
 
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redbeard

Hummingbird
Catholic
Gold Member
Just noticed I cant make transactions on shakepay while outside of canada. Is there a proxy for adroid phones that can bypass this?
You can probably VPN back in to Canada and send the transaction.
When you're done, I recommend sending your stack to Samourai so you can mix, store, and transact 24/7:
 

The Resilient

Ostrich
Orthodox
You can probably VPN back in to Canada and send the transaction.
When you're done, I recommend sending your stack to Samourai so you can mix, store, and transact 24/7:


Express VPN has an app that will allow you to do this, but it's a monthly payment though
 

Arado

Pelican
Gold Member
Surprised this isn't getting more airtime. Cross posting on Iran thread. Zerohedge Link.

Bitcoin Miners In Iran Have A New Buyer: The Central Bank

Iran has established new regulations to funnel Bitcoin mined by Iranians into state coffers so it can use them to pay for imports.
...
Shortly after the US pulled out of a multilateral nuclear agreement in 2018, it reintroduced sanctions on Iran that prohibited groups doing business with the Islamic Republic from also doing business with the US. Secretary of State Michael Pompeo announced fresh sanctions against 18 Iranian banks on October 8.

As a result, Iran has limited ability to use any dollars it holds in reserve. According to rumors that have percolated up into mainstream publications, Iran’s central bank has all but officially switched its primary reserve currency from the US dollar to the Chinese yuan and is contemplating creating its own digital currency. Taken together, the embrace of the yuan and a state-sanctioned digital currency could help Iran sell more of its oil on the global market.
...
Iran officially legalized cryptocurrency mining in August 2019, though it simultaneously prohibited trading. The regulations were designed to extract taxes from miners who might otherwise take advantage of Iran’s heavily subsidized electricity. Thanks to Iran’s immense oil and natural gas reserves, it has some of the cheapest energy prices in the world.

But it can’t sell that energy.
Its economy, heavily dependent on oil sales to countries wary of violating US sanctions, was already in a deep recession to start the year; the coronavirus pandemic didn’t help. Between March and July, Iran cut oil production from 3.1 million barrels per day to 1.9 million, its lowest rate since 1981. Much of the oil Iran was producing was sitting in storage barges.

Over time, however, the Islamic Republic realized that—even if energy exports were being choked off by sanctions and decreased demand—it could keep its natural resources instead and use them to not just permit crypto mining but promote it. (After all, in proof-of-work mining, lower electricity costs equal higher profits, as deploying mining hardware is resource-intensive.) Earlier this year, Iran gave its blessing to industrial Bitcoin mining hubs housed within the country’s power plants.
 

Arado

Pelican
Gold Member
What do you all think of this? I'm on the bitcoin train, but a relative total novice... Do you think other countries will follow suit?

Start at 09:00 Simon Dixon talks about how small central banks may look at Bitcoin as an asymmetric bet to acquire a reserve asset to get a 'seat at the table' at the next Bretton Woods type negotiation over the next monetary system once patience with the dollar runs out. I doubt he had isolated states like Iran in mind, but in 2020 anything is possible.

 

Arado

Pelican
Gold Member
I don't know if these are being hyped up more vs. a few months ago or if there is a genuine change afoot and financial institutions are really starting to take this seriously.


The Swiss arm of one of Russia’s largest banks yesterday announced that it would offer crypto custodian and Bitcoin exchange services to the businesses and institutions it counts as customers.

The Swiss subsidiary of Gazprombank, Russia’s third-largest bank, has received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to offer “the safe custody of cryptocurrencies as well as trading between crypto and fiat currencies to its corporate and institutional clients.”

It’s effective immediately, but only for “a limited number of selected clients,” chosen through “a stringent evaluation process.” And just Bitcoin for now.

Mongolia's largest bank will soon begin offering crypto services including custody, remittance, deposits, loans, and crypto-asset management.
...
An unnamed official from Delio told DDaily that through this partnership, “We are in full swing to enter the global virtual asset financial market,” with the most resources possible. However, a launch date has not been officially se for offering such crypto services to Mongolians.

Back in 2019, Ulaanbaatar City’s administration agreed to partner with a South Korean blockchain company, dubbed Terra, in order to eventually replace the payment methods for utility bills and government subsidies with the Terra stablecoin.

Mongolia has been taking steps in the crypto sphere since 2018. In that year, Cointelegraph reported that the country’s largest mobile telecoms operator had become Mongolia’s first licensed entity to issue its own digital currency.
 
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