The Bitcoin (BTC) thread

Bird

Pelican
Catholic
There is no term intelligence

Bildschirmfoto-zu-2021-12-20-19-52-25.png
 

chance vought

Woodpecker
Protestant
What happens when the block subsidy goes to zero?

“Due to the difficulty adjustment algorithm, the cost of making a bitcoin block is always going to hover around the value of the total reward offered by the block (including the block reward and transaction fees). Given that the average block today is around 1 MB of data and has a total reward of around $200,000, the going rate for a single byte of data on the bitcoin blockchain is around $0.2, making it the most expensive byte of data in the world. By comparison, a byte on a commercially available hard drive costs less than a trillionth of that.”

The Fiat Standard, by Saifedean Ammous
 

JayR

Kingfisher
Atheist
What happens when the block subsidy goes to zero?

“Due to the difficulty adjustment algorithm, the cost of making a bitcoin block is always going to hover around the value of the total reward offered by the block (including the block reward and transaction fees). Given that the average block today is around 1 MB of data and has a total reward of around $200,000, the going rate for a single byte of data on the bitcoin blockchain is around $0.2, making it the most expensive byte of data in the world. By comparison, a byte on a commercially available hard drive costs less than a trillionth of that.”

The Fiat Standard, by Saifedean Ammous
Not sure I understand the question, but if you're asking what happens when there are no more Bitcoin to be mined, I thought the miners would either exit the game or turn their resources toward maintaining the network, facilitating transactions, etc.

Also, thanks for the heads up on the publication of a new book by S. Ammous. My wife keeps asking me what I want for Christmas -- now I have an answer!
 

chance vought

Woodpecker
Protestant
Not sure I understand the question, but if you're asking what happens when there are no more Bitcoin to be mined, I thought the miners would either exit the game or turn their resources toward maintaining the network, facilitating transactions, etc.

Also, thanks for the heads up on the publication of a new book by S. Ammous. My wife keeps asking me what I want for Christmas -- now I have an answer!
Just a common question that comes up, the answer is that as long as users value Bitcoin, fees alone will secure the network, even after the block subsidy is gone.
 

BURNΞR

Ostrich
Agnostic
Today I woke up to radio advertisement about crypto investment. I then went to the supermarket and overheard male staff stocking the shelves joking about "aping into NFTs to double their money". I go to my dad's house and he is talking to a new tenant. In a friendly chit chat I make conversation about her making a living off her artwork and NFTs pop into the conversation. This is probably just a coincidence but it feels like crypto has permeated the mainstream, at least in Canada, yet I don't feel like I'm seeing retail participation in the market like I remember in 2017. Inflation talk is everywhere I go but BTC is somehow hovering around 46-47k and I can't make sense of it. My gut tells me the price will retest previous ATHs again in the next 3 months and break through. There will be a event that acts as a catalyst and I'm thinking it could be the hype from ETH2.0 and some other world shaking event I can't quite put my finger on. I'm surprised to see that 2021 has blown by and the price is still nowhere near 100k. I don't know what to think.
 

chance vought

Woodpecker
Protestant
Today I woke up to radio advertisement about crypto investment. I then went to the supermarket and overheard male staff stocking the shelves joking about "aping into NFTs to double their money". I go to my dad's house and he is talking to a new tenant. In a friendly chit chat I make conversation about her making a living off her artwork and NFTs pop into the conversation. This is probably just a coincidence but it feels like crypto has permeated the mainstream, at least in Canada, yet I don't feel like I'm seeing retail participation in the market like I remember in 2017. Inflation talk is everywhere I go but BTC is somehow hovering around 46-47k and I can't make sense of it. My gut tells me the price will retest previous ATHs again in the next 3 months and break through. There will be a event that acts as a catalyst and I'm thinking it could be the hype from ETH2.0 and some other world shaking event I can't quite put my finger on. I'm surprised to see that 2021 has blown by and the price is still nowhere near 100k. I don't know what to think.
I think it’s healthy, we will see…nothing has changed the value prop of BTC…supply shock is looming according to Willy Woo. As long as we have the status quo, Bitcoin will increase in market cap…it needs to get close to gold market cap to be unbeatable. That may be in 4 years. For now, gold is still the more widely accepted hard money.
bitcoin is still too hard to use safely for most people.

Biggest danger to BTC is a catastrophic monetary collapse, or return to a gold standard. Biggest spur for adoption is mild government censorship of money and Keynesian policies continued.
 
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cosine

Woodpecker
I'm surprised to see that 2021 has blown by and the price is still nowhere near 100k. I don't know what to think.
Any idea if Chinese miners are still forced into dumping during their move out? Supposedly many are moving to Russia.

I wonder the same thing though. I constantly meet and hear of people who own BTC. Some own $5k worth, some own 3-10 btc. "Institutional adoption is coming" is either simply taking quite a while and we need to be patient, or I am missing something.
 
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JayR

Kingfisher
Atheist
Today I woke up to radio advertisement about crypto investment. I then went to the supermarket and overheard male staff stocking the shelves joking about "aping into NFTs to double their money". I go to my dad's house and he is talking to a new tenant. In a friendly chit chat I make conversation about her making a living off her artwork and NFTs pop into the conversation. This is probably just a coincidence but it feels like crypto has permeated the mainstream, at least in Canada, yet I don't feel like I'm seeing retail participation in the market like I remember in 2017. Inflation talk is everywhere I go but BTC is somehow hovering around 46-47k and I can't make sense of it. My gut tells me the price will retest previous ATHs again in the next 3 months and break through. There will be a event that acts as a catalyst and I'm thinking it could be the hype from ETH2.0 and some other world shaking event I can't quite put my finger on. I'm surprised to see that 2021 has blown by and the price is still nowhere near 100k. I don't know what to think.
Agree -- there seem to be a lot of factors suggesting a BTC pop at any time. I frequent a boutique market in a New Orleans suburb for groceries (it is the only market in walking distance to my house). Last week, I noticed they inserted a Bitcoin ATM next to the regular ATM next to the big ice cooler at the front of the store. I didn't use it, but I made a mental note -- "If they put a BTC ATM in Frou-Frou Market, the normies are wise....this thing has got to be ready to break out..."

Dollar-cost-averaging keeps me sane -- when the price drops, I think about getting more Satoshis on the cheap next time I buy. When the price pops, I think about my net worth popping too.

Investing is fun!
 

chance vought

Woodpecker
Protestant
Agree -- there seem to be a lot of factors suggesting a BTC pop at any time. I frequent a boutique market in a New Orleans suburb for groceries (it is the only market in walking distance to my house). Last week, I noticed they inserted a Bitcoin ATM next to the regular ATM next to the big ice cooler at the front of the store. I didn't use it, but I made a mental note -- "If they put a BTC ATM in Frou-Frou Market, the normies are wise....this thing has got to be ready to break out..."

Dollar-cost-averaging keeps me sane -- when the price drops, I think about getting more Satoshis on the cheap next time I buy. When the price pops, I think about my net worth popping too.

Investing is fun!
I think we are close to surpassing all time hash rate.
The other thing that makes me bullish…the world is hungry for exactly what this offers: a way to save, without theft of inflation, or gambling in overpriced bonds and equities.
My in laws are stressing out in their retirement years, checking the DJIA every day, hoping they are going to scrape by with their “savings” that must be put at risk in the stock market, just to have a chance of beating inflation. This is just ludicrous and sad. Real money used to give people comfort and security, now that we have the fiat paper flood it is stressful and insecurity.
 
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