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It finally happened, BITCOIN broke past $100K!
- Thread starter Houdini
- Start date
I think you are really stupid and you should spend some time learning rather than being a smug retard.
Inflation can be understood by this example:
There were for eg 4T dollars in circulation, you had 100$ in your bank account. Now government decided to print 4T more dollars. The goods and services remained the same but the money supply to purchase them doubled so the price of those goods would also double causing inflation for you since your 100$ is still 100 but is now worth 50$ in terms of purchasing power.
In case of BTC no one can print more than 21 Million coins. Things get cheaper with time if you have hard money. Your 1 BTC is going to remain 1 BTC no one can make it more than 1 BTC. The smaller unit of BTC you might be referring to is called Satoshi just like there is cents for USD.
Satoshi is needed cause things would get so so cheap that would have to spend a fraction of a fraction of a whole BTC to buy something.
1 BTC = 100000000 Satoshi just like 1 USD = 100 Cents. This is coded mathematically and can't be changed.
Its like saying water has inflated cause we are using 1000 mL instead of 1 L
It is possible that even 1 SAT might become so valuable that we might need make a smaller unit like microSATs or something. But still you would have the same number of BTC but each BTC would be so valuable that you only need a fraction of it.
Just like in past you didn't use Gold Bars to buy a cattle you used Gold coins. Does that mean Gold inflated cause we are using a fraction of the gold bar? No dummy, its just that each Gold bar is so valuable we need to divide it to purchase something cheaper. The amount of Gold you had remains same and its purchasing power remains the same.
According to your logic here you can feed the whole world by dividing your pizza into ad-infinite slices. Congrats to solving world hunger.
Anyone who thinks BTC can't be inflated, don't understand the technical failings of BTC, and even worse, grossly underestimate the big state's determination to destroy a financial option that might let you escape their system. Take this for example:
Now the BTC can be divided up ad infinitum and inflated because BTC, like fiat, is backed up by nothing. The solution would be to either back a crypto up with gold, or program it to be indivisible on the way down. At the moment, BTC is only protected from being multiplied on the way up. It needs to be protected both ways. And in the case of tether, protected
And to reiterate, the BTC is fully traceable, the state will take your BTC one way or another because the sheep complied with KYC demands with very little resistance. Monero is what BTC should have been. Private, anonymous, untraceable, and most importantly, a CURRENCY, not a speculative investment for lazy hopefuls to get rich with.
If you want to protect your money, use Monero and cash for currency, and use metals for savings. If you want to speculate for profit, buy oil stocks or something.
Now the BTC can be divided up ad infinitum and inflated because BTC, like fiat, is backed up by nothing. The solution would be to either back a crypto up with gold, or program it to be indivisible on the way down. At the moment, BTC is only protected from being multiplied on the way up. It needs to be protected both ways. And in the case of tether, protected
And to reiterate, the BTC is fully traceable, the state will take your BTC one way or another because the sheep complied with KYC demands with very little resistance. Monero is what BTC should have been. Private, anonymous, untraceable, and most importantly, a CURRENCY, not a speculative investment for lazy hopefuls to get rich with.
If you want to protect your money, use Monero and cash for currency, and use metals for savings. If you want to speculate for profit, buy oil stocks or something.
Tether gets a lot of interest on the dollar backings . So these usdt minted are not out of thin air , so you are essentially just criticizing the fiat system .
You can also own 0.00001 grams of gold I can't understand your reasoning .
I think you are just envious of people who made good money with bitcoin .
The worth of bitcoin is just basic demand and supply . Bitcoin’s supply is determined by its protocol, which sets a fixed cap of 21 million coins. New supply is introduced through block rewards given to miners. These rewards decrease over time in a process called halving, approx. every four years.
It's no ecb or fed determining the supply . It's just code . Code that every person can see !
I like your FUDding btc in favor of xmr. Even if what you say about btc is nonsensical, supporting xmr is good
And yes, tether is a scam, a honeypot backed by DoJ. It might be the next major earthquake in crypto.
Bitcoin was supposed be decentralised, a step away from the central banks, a freedom from authorities.
What turned out is the exact opposite:
1.94% of total addresses hold 92.73% of BTC. Think about when a certain few individuals, corporations and governments decide to dump it.
Of course, this is only possible because BTC is so traceable and became a speculative investment. Monero can't be traced and its underlying philosophy is not speculation, but private currency transaction.
Even if you cash out your BTC today, you'll be taxed on it like crazy and remain on a watchlist because you all used it wrong.
What turned out is the exact opposite:
1.94% of total addresses hold 92.73% of BTC. Think about when a certain few individuals, corporations and governments decide to dump it.
Of course, this is only possible because BTC is so traceable and became a speculative investment. Monero can't be traced and its underlying philosophy is not speculation, but private currency transaction.
Well I am certainly annoyed with them, but not envious of their (unrealized) profits. I'm annoyed because BTC is no longer a private decentralised currency. Their greed turned BTC into a speculation and they let the governments control it in the name of "mainstream acceptance", putting profit above utility. Don't underestimate the governmental authorities, BTC will end in disaster because the authorities control it now. I advise the sheep cash out today and put it in gold, then start again with Monero as a decentralised and anonymous form of currency, using it with the right attitude this time.
Even if you cash out your BTC today, you'll be taxed on it like crazy and remain on a watchlist because you all used it wrong.
It was never private to begin with. BTC had a public ledger from day 1.
It is still decentralized. No entity can issue more coins or prevent its distribution. There is zero reliance on any institution to store, send, and receive coins. No government has control over the network itself which is the most important part.
Which 'authorities' are you talking about? Besides El Salvador, basically no government are putting BTC on their balance sheet.
Some corporations hold significant amounts (blackrock, microstrategy) but even they don't 'control' bitcoin. They just have a lot of it. In the case of Blackrock they are holding it on behalf of customers who are too lazy to do self-custody. Blackrock can't just dump it for their own gain as it would be illegal
I understand you have a big Monero boner, I like Monero too. It serves a difference purpose than Bitcoin and they will co-exist, as they have for 10+ years already.
I know. I mean no longer private in that it's much easier for governments to identify ownership and transactions to you at the individual level, due to KYC and the sheep cooperating with it. They could have voted with their feet and not used exchanges that asked for KYC (meaning Coinbase etc. go out of business and we acquire BTC the old way). The current price might be lower today but it would be more private.
It is not decentralised in a way BTC was intended. Governments now know how much BTC you have, where you can spend it, IF you can spend it, and whether to confiscate it from you. This is no longer decentralised.
All governments, central banks, global organisations like the WEF, etc. The control I refer to is the aforementioned.
Something is only illegal until it's not. The institutions in control will decide this, because thanks to the sheep, they can now.
I have a no-government intrusion boner, whether that's Monero or anything else that comes along. BTC and XMR could have coexisted for the past 10 years as decentralized currencies. Instead, they co-exist as a highly tracked speculative investment in the case of BTC, along with a mass de-listed escape route in the case of XMR, all because lazy sheep wanted to get rich and cooperate with KYC demands, instead of break free from government shackles. Now BTC can crash at any time, depending on what the governing bodies do.
naaah, you're still trying to keep your image for some reason and pretend you don't own any bitcoin since your famous bitcoin exit at 13k? no hard feelings but I'm not buying this
Nah I don't actually own any BTC....how dare you
. Why you have to bring up how much I lost out on. Even girlfriend looks at me with disgust over that 
well, that's the difference between us I guess
- I don't see your move as a loss/failure whatsoever and respect your deliberate decision at given momentwhat I question is the decision not to buy again as it's clear to me you will have to do so one day - guy like you must see it despite your affection for traditional finance
No I do see it. I am not Philistine...lol. If you compare my views from 2019 till today they have evolved to the modern reality. From its acceptance by financial institution to ETF's and even till Powell latest comment it seems it is being taken more and more seriously even at top levels. As someone who is an advocate of alternative financial systems I am hoping now it and other cryptos continue to succeed.
This is by far the best explanation on inflation and BTC I have ever read.
Just build a token around your prepaid whore idea. It will overtake BTC all together.
remember to take profits guys, dont be normies
not sure who is normie in this situation but.... please teach me how to take profits and not make it a loss actuallyremember to take profits guys, dont be normies
You were right man, I didn't take profits, not I came back to see that I should have done so. All coins down by up to 20%remember to take profits guys, dont be normies
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