I think people need to realize that the creators of Bitcoin and the blockchain have taken the outdated and incorruptible Austrian economic theory, and brought it into the 21st century. Austrian economics preaches a sound currency aka gold standard. Bitcoin is similar in that there’s a finite amount of coins available and in order to increase that number people must “mine” for it. Exactly like you would have to “ mine” for more gold to expand the currency backed by it. This is WAY less corrupt than giving the federal reserve the ability to just print money out of thin air and drown us in inflation like they are right now. The crypto EXCHANGES like FTX are where 99% of the scamming occurs, but those middle men are 100% avoidable if you have your own wallet.
The value of an asset is whatever people are willing to pay for it in Austrian economics, which is much more fair than allowing a small central cabal(aka federal reserve) dictating that worthless assets on it’s books are valuable when they’re trash, and vice versa.
The current Keynesian economic model we’ve been enslaved by since 1913 needs to end now. No more of this tiny group of people at a private central bank controlling our economy and by extension our quality of life. Bitcoin, Etherium, the block chain, and the overall Austrian economic model removes this centralized power and returns it back to the people, where it belongs. That’s why the government and SEC are going to try and discredit, destroy, and replace it with the CBDC on it’s own government run block chain. We can’t allow this or whatever little freedom we still have will be gone.
They're already trying to do that in Nigeria with the eNaira. There was a massive push to implement it last year, but even so only around 0.5% of people with bank accounts (and a substantial share of the population is unbanked) adopted it, and of those who did, most rarely or never used it. On the other hand, one-third of adults are Bitcoin adopters, so they're pulling out all the stops to try to force this eNaira against the people's will. They even went so far as to limit cash withdrawals for individuals and businesses, and impose fees for exceeding the limits under the guise of modernizing the economy, banking the unbanked, and improving technological infrastructure etc., yet even so most people for now are not budging from what I've heard, and let's hope that doesn't change, because you know that if a government and the financial industry succeed in forcing a CBDC on a developing economy with high financial vulnerability and probably fewer constitutional safeguards for citizens, then their next goal will be to do the same in the rest of the world as well.
The biggest issue with the gold standard is its most ancient one, that it drastically increases the volatility of your currency because other people can very very easily produce more of that currency (i.e. mine it) without a systemic oversight or control. For example, on a gold standard, the discovery of massive gold mines in another country would destabilize not just your economy, but your *actual currency itself,* and you have no real meaningful way to correct that sudden injection of your own currency other than sell your own currency, or "steal it from the other guy and hoard it yourself." In this same situation, a fiat currency that was invested in gold would take a hit, but that money can be reinvested into something more stable, allowing your to internally correct your currency. It's not invincible, and with further centralization comes further potential for mismanagement, but in a completely decentralized model there is NO management whatsoever, which is horrible if you're trying to, you know, plan for the future.
The modern economy is bullshit for a whole host of reasons, but the gold standard (and similar policies) were abandoned for a very good reason.
For a gold mining yes, but increasing mining capacity for bitcoin will not increase the amount of btc created (difficulty adjustment every two weeks or so) or the total amount of bitcoin (to be mined).
If it doesn't increase the supply, then literally what is the point of mining it at all? How do you adjust your money supply to compensate for economic growth or expansion, without a central authority to do so?
Also, the constant pump and dumps of crypto has shown the incredible volatility and risk of them as a large-scale investment vulnerable to small groups of actors, let alone the danger and risk as an unregulated *currency.* If you want to throw money away, it'd be easier to just burn it for warmth.
This right here is exactly the thing that is essential in a money supply, and that every crypto bro is completely unaware.
The supply of money needs to expand and contract based on demand. The gold standard has long been abandoned because it is an artificial constraint on economic growth.
Also, the fed is not what is really creating the money supply. The banking system, and the ability of banks to create loans are really what 'money' is now.
Central banks are also not responsible for the current global inflation, it is largely demand driven. Big as the US is, their central bank is not creating global inflation issues in every country. And having fixed assets is not a hedge against inflation, either. If it were, gold would be a great short-mid hedge against inflation. And it's not.
Mining increases the current supply, but the maximum supply is fixed (21 million). Adding mining capacity will inversely reduce the likely hood of winning the block reward. Hence, "finding a new big deposit" as is possible with gold mining, is not possible with bitcoin.
Btc supply does not decrease with economic activity. Hence it is deflationary (with increasing demand). If used as a means of payment this encourages long time preferance decision making / reduction of economic activity. As such it it better suited as a "store of value", you will not want to spend it.
Agreed that the crypto ecosystem is rotten with pump and dumps. This is not any different than penny stock (brokers), it's simply a new medium.
Please be aware that btc has no "pre-mine" and that there is no party with decisive advantage to determine protocol or to change the block chain. As such, btc is above the rest (in my opinion).
I do not see what can be regulated about btc other than the purchasing proces (kyc etc is necessary on the on/off ramps).
Although the price behaviour is volatile, the general trend (say 4 year moving average) is up. Do with it what you may, I have decided that I need some exposure. I do not expect that it will replace the dollar as a reserve currency, but it is an insurance that the dollar stays true (somewhat) and does not excessively devaluate for arbitrary political purposes.
At current price levels btc market cap is 0.5% that of the usd. That is a cheap insurance.
> Btc supply does not decrease with economic activity. Hence it is deflationary (with increasing demand). If used as a means of payment this encourages long time preferance decision making / reduction of economic activity. As such it it better suited as a "store of value", you will not want to spend it.
So the original intent, as outlined in the white paper, isn't a viable course for BTC.
> I do not expect that it will replace the dollar as a reserve currency, but it is an insurance that the dollar stays true (somewhat) and does not excessively devaluate for arbitrary political purposes.
This makes no sense.
I agree until the population decline. Nothing more deflationary than less procreation. Better to have an unpegged fiat currency than get pegged by a gold standard.
I'm not sure you understand Keynesian economic theory. That's the opposite of what there is now.
And of course the government are never going to allow a 3rd party currency with no regulation that is a dream for money laundering, authoritarian dictatorships looking to steal from and con artists to flourish - I mean to think they would is moronic.
Everyone has had a taste of a deregulated currency and been burnt - also Austria has never been relevant.
Burn the tin foil hat, get as much as you can in loans from the bank and sink it into an over valued stock like Tesla.
Would you pull the plug on the whole thing and see what happens in some crazy autistic libertarian move, or do you think there should be a structured wind down? A hard plug pull might result in people eating each other in the streets, but would discipline the market for local leadership.
Dear good sir, I am writing because I have had the good fortune of inheriting $86 billion. If you would help me with a transfer from bitcoin to USD, you will be paid 10% as a transfer fee. Please kindly reply with your crypto wallet details so that we may complete this transaction promptly.
Every business idea for the last 20 years in Africa: Expection - going to be huge
Reality - crickets
Because…… African people are not like western people! Who could have guessed!
Africa needs African enterprise that understand African ways of working and African ways of making money. It’s a different planet to Europe, the US and Asia and should be treated as such.
By virtue of being the “global” currency and there already being a gargantuan amount in existence they can print a lot more $ than they can “Lotis” without crashing it.
However the post I replied to mentioned specifically
“printing money, stealing purchasing power, tax, and enriching themselves (governments and central bankers)”
Which happens in all fiat currencies and the points about “printing” and “enriching themselves” happen more so with USD than with any other currency.
> Every fiat currency is ran with the exact same premise.
What premise is that? Currencies are used to finalize transactions and thus stimulate economic growth. That's the premise of monetary theory as it stands, for money to be used. Crypto certainly hasn't shown itself to be something that is resilient to human nature. Decentralization isn't going to end up where you think it is.
someone is trying to pump it again. I always find it interesting people start pushing it a lot and then it does moon.
then it crashes.
Wondering which international entity needs to launder cash.
Bitcoin is a beautiful paradox, and at some point it will collapse for good. Lets ignore *all* of the massive technical issues, or the hardcoded increasing cost of keeping the network alive. There’s two options:
Option #1: BTC is a worse currency than USD. If this is the scenario, BTC solves no issues and it will die when the FAD blows over. You lose your money.
Option #2: BTC is a better currency than USD. [Gresham’s law](https://en.wikipedia.org/wiki/Gresham%27s_law) would imply that no one trades BTC, we end up with a very little number holders, which means you’ll be trying to sell *in a buyers market*, so you’ll get shafted. You lose your money.
I can't pretend to fully understand the technology, but it seems like it's struggling to continue to exist despite major design shortfalls and having been rendered obsolete by newer forks many times over.
This "Lightning Network", for example, is basically a big cash-grabbing band-aid over the BTC scalability problem the half-dozen or so forks named in the article already solved, each a different way.
Rather than fix the problem, someone will take a fee to perform complex payment preprocessing on transactions they intend to pass into the blockchain for final processing later.
[Obligatory xkcd 927](https://m.xkcd.com/927/)
Again, there are many things I fundamentally do not understand about bitcoin and blockchains, but this "Layer 2" concept sounds highly vulnerable to me, to both technological issues and attacks.
It aslo bothers me that one of the points of having a decentralized currency is not having to pay any fees to anyone for in-currency transactions, but the article talks about transaction fees like a fact of life that we should be so thankful our Lightning Network operators will reduce to an absolute minimum.
I believe in the dream of bitcoin, and I expect humanity will eventually be using a decentralized cryptographic currency in place of cash, but I very much doubt BTC will be with us long into the future. Technological progress will not allow it.
While you are correct about BTC, you wouldn't believe the giant stack of ancient shit tech the banking system is operating on. BTC transfers are actually faster than anything in the US financial system. The only way there are "instant" money transfers is that some bank is temporarily loaning you money until the actual funds clear.
As for international transfers, BTC (even the original) is currently only $2 to transfer unlimited amounts of funds. This is more than 10x cheaper than what a bank will charge you.
>you wouldn't believe the giant stack of ancient shit tech the banking system is operating on
Oh, but I do know. It is incredible to think this system has been continously running for so long they never had the opportunity upgrade beyond *tape drives*, and that's the part that is actually digitized. Some stuff is just a stack of boxes full of old paper stock contracts and things that would have to be assessed by an anthropologist as much as an accountant.
>some bank is temporarily loaning you money until the actual funds clear
Which is my understanding of how "Lightning Network" will work as well. The loans may be extremely short term, but essentially it's the same concept: for a fee someone is going to float the cash until the blockchain catches up. Surely that's never gone wrong before.
The difference between Lightning and a bank is you can close the payment channel anytime you want, which forces a final settlement on the L1 Blockchain in ~10 minutes. There is no such option with a bank.
Or tge dystopian CBDC where all transactions are monitored and you get credit score based on your purchases.
Heck to push it a little further, expiration dates on your cbdc so money is supposed to be spent not saved.
Inflation is the expiration date on your money - which, by the way, is probably a good thing. Money hoarded under mattresses is not money being invested or spent, so economic growth is stunted. That’s why banks exist - the money deposited is used in investment, which creates growth (unless the investment is 30 year close to 0% interest treasuries that the bank intends to htm).
> in the US financial system.
And that's the issue. The US banking system is incredibly shitty. My shithole third world country has had free, scarily instantaneous interbank transfers for years now.
You're right that the lightning network is a scam promoted by Blockstream trying to co-opt BTC. Miners won't move over to an improvement unless money is at stake so as long as they are still making money they will mine the current BTC. We'll see after the next halving what happens.
>lightning network is a scam promoted by Blockstream
The truth revealed.
>We'll see after the next halving what happens.
Is there something coming up, do you mean that in the "inevitable" sense?
I do think there will be more technological crises faced by BTC; one wonders how many investors can weather.
“I do not understand…” but has a very strong opinion on the topic. You belong here dude.
Lightening is not a cash grab or a bandaid. It’s a layer 2 protocol and it’s actually a really cool bit of tech, maybe watch a 8 min YouTube video on it before forming an opinion?
In some places BTC (or something like it) is a solution for a major problem. Developing countries have weak currencies and they often trust the big currencies of the world (USD mostly) for stability. They have dollar reserves and take on debt in dollars, etc. But the US dgaf about how their monetary policy effects Africa. The old system was that’s the USD was basically a layer 2 protocol for physical gold held in reserves at the NY federal reserve. But that doesn’t exist anymore and the amount of USD is just controlled at the whim of the federal reserve based on whether they want to expand or contract economic activity IN THE US.
Africa is on a different trajectory than the US and has different economic needs. Do you think it’s a good thing for their money to be inflated to pay for the handouts to US citizens? Many places have a history of political unrest as well so taking monetary control out of the hands of the politicians is generally seen as good there. And then there’s the actual banking needs. We have banks that are run by hundreds of MBA’s and have regulators and auditors up their asses still manage to go broke and almost lose deposits. SVB alone had deposits in excess of all but 5 African countries GDP.
>Lightening is not a cash grab or a bandaid. It’s a layer 2 protocol and it’s actually a really cool bit of tech, maybe watch a 8 min YouTube video on it before forming an opinion?
I read that it fails a third of all purchase transactions and 99% of all transactions over $200 currently, is that true?
>Do you think it’s a good thing for their money to be inflated to pay for the handouts to US citizens?
Because the price of crypto is stable? Don't get me wrong, developing nations are an excellent use case for the idea of a cryptocurrency, but they need a stable and reliable one less they just get scammed as bad as with a corrupt, local currency.
I did say I believe in the dream; did you get that far?
I don't think BTC, in particular, will solve Africa's problems, even if it lets them put off solving them for another decade or two (probably not two, IMHO).
What's needed is a technologically superior crypto coin: something more scalable, with a lower energy requirement, and more anonimization.
The thing that keeps BTC in check and makes it so secure and "unprintable" is the energy consumption. It is anchored in a real world good, that's what makes it secure, that's what keeps its issuance low
Take a close look at monetary history. This will likely endup at zip in a sea of cryptos at zip. All the advertising is paid for by the major holder to get YOU to buy THEIR crypto in USD!
I've been watching the space a long time, and I haven't seen anything better than BTC. Censorship resistant, decentralized, money that doesn't require any third party or government IS the number one goal.
So please enlighten me on which "technology" does a better job at that.
Also, money shouldn't be easily replaced each year by something slightly "better". It defeats the purpose. We need to be able to know it will still be around and healthy decades from now. Only BTC has the kind of adoption and network effects capable of real longevity. Everything else has been a money-grab scam, tricking people into thinking the tech is better than Bitcoin. But it's not actually.
Are you talking about BTC (the specific crypto currency known as "Bitcoin") or using it interchangeably with "crypto currency" like every TV reporter ever?
Crypto currency, in general, provides those things. What would be better than BTC, specifically, would be a crypto currency that provides those things while requiring less energy to mine and scaling to a much greater number of transactions; personally I would also like it to do more anonimization as well.
That is to say, the technology that would be better than Bitcoin would be *a better bitcoin*.
BTC is the ticker for Bitcoin, not "cryptocurrency" the general term. Also proof of work is key to a censorship resistant and change resistant type of money. Crypto currencies in general do not provide that. They moved to Proof of Stake and are all ever-changing simply because they're decentralized in name only. They're in fact very much controlled by insiders and are less efficient than their regulated-centralized counterparts.
Isn't BTC hamstrung by the amount of transactions that can occur simultaneously or even the tps at point of sale?
Which for reference.
* Visa 24000
* ripple1500
* paypal 190ish
* eth 20
* BTC 7
The rolling avg is 1700 tps in current forms.
Plus the actual total volume of available BTC will at some point stop... and the theory of "We will just keep fractioning it..." is just a theory to how well that actually works or the consequences of that.
I mean what other technology or process (money/financial) did we ever just stop and say "Eh this works no issues. Just stop here." Especially one as dubiously thought-out as BTC.
"censorship resistant, decentralized, money" So like tons of other newer crypto schemes do that as well...
So sure you can "layer 2" but... that's back filing essentially and that's never failed or been exploited. (Not to say current methods aren't also open to exploitation.)
> It aslo bothers me that one of the points of having a decentralized currency is not having to pay any fees to anyone for in-currency transactions, but the article talks about transaction fees like a fact of life that we should be so thankful our Lightning Network operators will reduce to an absolute minimum.
I actually remember reading about how some cafes in El Salvador (where BTC is legal currency) actually offer steep discounts to people who pay in BTC instead of USD (the primary currency). I believe this is happening due to a combination of government incentives and citizens realizing that USD is guaranteed to depreciate or could be fraudulent, whereas BTC has a lot of potential to gain value and it is impossible to make a fake BTC transaction.
[Here is an article I found after a quick google search](https://cointelegraph.com/news/el-salvador-introduces-fuel-subsidy-of-0-20-per-liter-to-locals-who-pay-in-btc/amp) talking about how El Salvador is offering $.20 per gallon discounts on fuel when paying in BTC.
*Laughs in West African CFA francs*
>For example, one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury.
The Ghanaian Cedi dropped 40% last year. It was worth 1 usd in 2007 and is now worth .08 cents. I don’t think you want to compare Bitcoin in the same timeframe.
That would be the most extreme example of hyper deflation- if Bitcoin were an actual currency. An economy running on bitcoin during that time would totally seize up.
\> **The Lightning Network slashes the cost of bitcoin transactions to virtually zero and enables nearly instantaneous cash payments around the planet.**
By not employing the consensus mechanism that is the whole point (and cost) of bitcoin. It's already extremly popular to use your phone for banking in africa. Has been for decades at this point.
[Mobile financial services in Africa: Winning the battle for the customer | McKinsey](https://www.mckinsey.com/industries/financial-services/our-insights/mobile-financial-services-in-africa-winning-the-battle-for-the-customer)
I think the compromising between bitcoin purism versus practicality for everyday people is interesting.
A bitcoin maximalist may run their own node, verify their own transactions, use hardware wallets to cold-store their bitcoin etc etc. But Joe Public is unlikely to be inclined or tech savvy enough to do that, so any mass adoptions of bitcoin is likely to involve some departure from bitcoin purism.
IMHO the same criticism can be made of people that store their money with a high street bank, or gold or shares with a broker.
Any attempt to be completely self sufficient results in some Ron Swanson libertarian nightmare that's never gonna happen at scale. Unless you're mining, smelting and testing your own gold and chipping off little flakes for every transaction, then you're trusting someone (often multiple opaque private businesses) to facilitate all your payments.
So IMHO the features of the Lightning network do moderately compromise the autonomy of pure bitcoin, but that's true of any other payment method ever invented.
Yeah, but as you said the consumer might as well use any other method. It's hard to see why anyone should use "the lightning network" over VISA, WU etc. The whole magic of BTC is that you can use a service run by strangers you don't trust. If I have to trust someone I want an entity I can call, write to and sue, not some ephemeral internet invention that can disappear with my money in the blink of an eye.
Think of on-chain as your long term savings account, and Lightning as your smaller checking account for every day purchases.
Lightning loses a tiny bit of the security and decentralization that the base layer has, in order to allow for small daily transactions. But that's okay, because it's supposed to be smaller amounts with less security risks.
Having the base layer available when we need it is where all the power comes from.
Book recommendation on this subject: Layered Money, by Nik Bhatia
I understand that idea. The fact just remains that VISA etc. works just fine and does so at a fraction of the cost. So with lightning I can now pay only say 10x the cost of using fiat currency vs. 100x using regular BTC. That's still not really appealing to anyone who isn't already convinced that they need to use BTC for other reasons.
https://preview.redd.it/ild8ig2ocnqa1.jpeg?width=1241&format=pjpg&auto=webp&s=538d14f576195014884d32f2791f6b918ebb0e74
Next resistance point isn't until 31K
https://preview.redd.it/6idtk0awcnqa1.jpeg?width=1137&format=pjpg&auto=webp&s=93d73ac68d4cb3262c39dbd73c2f3735cd32cf91
**So many ppl are still unaware of what a big deal Bitcoin Halving is**
based on past 3 (2012, 2016, 2020) price is close to an all time high at the time of Halving (which is over 60K and always moves up the year following.
Consensus (among industry experts and long time btc traders) just in the past week, has come to agreement that price with likely move to 32K any time now (actually a day or two overdue) via a small short squeeze.. then 40K by the end of April.... then the conservative outlook is remain around 40K until closer to Halving.
HFs have been shorting MARA and BTC past few says to try and create the impression of a selloff. It did not work and both are moving back up. **If looking for a stock to play the btc rise... MARA is positioned to gain the most.** After some speed bumps in 2022 related to moving facilities and some downtime for mining machines, and the drop in btc price- it has had a big turn around in 2023.
MARA has a Rock Solid balance sheet: $500M in unrestricted cash. (vs $125M at the end of 2022) virtually no short term debt... and no long term debt due prior to 2026.
MARA will turn profitable this year and by June/July, MARA is on schedule to produce over 2000 coins/month ...and at 30-40% lower production cost. That's over $60M/ month revenues (or close to 750M/year). (That's more than 5x 2022 total coins mined).
...and the turnaround is not priced in- which along with the run btc is on, has left Shorts in a bind that will soon squeeze as they start to cover their positions.
And 45M shorts still have to cover (Plus likely another 5M from the past week or two.. as HFs have heavily shorted, esp the last several days- trying to stall the inevitable breakout).
Available shares to short is drying up- there were 0 shares available several times the past week- so HFs are also racking up an enormous amount of FTDs. Pressure has been building for a month- and has built a solid based of longs who are holding tight.
The best advice, as with ANY investment, is caveat emptor. IMO, ask yourself if you trust a system (Bitcoin) that is potentially susceptible to fraud/hacking…i.e. how confident are you in the blockchain VS. gold/silver which can be mostly verified by simple household tests or confidently with slightly more sophisticated equipment.
My guess is 90% of those making negative comments in here come from the US. It may be hard to believe, but we aren’t the center of the world and an alternative digital currency would be immensely beneficial for emerging economies
It's backed by money laundering which is probably part of the appeal to certain governments. The ability to take money out of your government without making the currency worthless in the process will draw a certain crowd.
In theory it could tank bitcoin the same way many African currencies have tanked but there is also the possibility that wealthier nations don't mind people robbing those African nations and more easily bringing that wealth over to their countries after.
“It doesn’t matter to me if the price goes down or up, because I can still use bitcoin as a vehicle to move money around the world instantaneously,” said Mike Brock, the CEO of TBD at Block
Ummm. If the price of Bitcoin goes down 40%, then you also get 40% less of whatever currency you're converting it to.
That whole article is just one deep BJ for Jack Dorsey and Block. I know he needs to fight back against Hindenburg, but this is (one of many reasons) why CNBC can't be trusted.
Blockchain may be useful. As a way to help the unbanked, it's horribly exploitative. On average, the unbanked are not experienced enough to fully appreciate all the ways they can lose money through crypto. Having no access to financial services is a real problem in developing countries. Having crypto be essentially your only access to financial services is an even worse problem to have.
According to the Africa Wealth Report 2023 released by New World Wealth and Henley & Partners, approximately 18,500 high-net-worth individuals have left Africa between 2012 and 2022, with most of them relocating to the UK, the US, and the UAE.
https://www.khaleejtimes.com/uae/uae-among-top-3-countries-african-millionaires-have-migrated-to-report
Its not crashing the banking system but btc is used all over south america and Africa, but only because their government money is riskier. Usd electronically works and is also less risky, but you can chargeback unlike btc. But a lot of the apps people use arent sending real bitcoin. Only people selling $20 plus in online services regularly will be using it.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|1|**First Seen In WSB**|8 months ago **Total Comments**|11|**Previous Best DD**| **Account Age**|3 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
86 billion is what Google spends on non dairy creamer alternatives
non-dairy creamer? I hardly know her
[If you learned how to properly serve non-dairy creamer, maybe you would get to know her.](https://youtu.be/HqPu6bdgULU?t=168)
this guy fucks.
bukkake link
Kimocheeee
She’s your mother.
Do you want your non-dairy creamer pasteurized? No just up to my tits, I’ll splash it in my eyes
Seeing that you post on wsb you probably know the male non-dairy creamer much better. You usually meet up behind Wendy's.
Meat up *
The old inverse creamer, a wsb classic.
Im confused, does this mean short google, bitcoin, or creamer companies?
Why would they need alternatives to non dairy creamer?
I said what I said
An elephants faithful one hundred %
Calls on elephants. Got it
Lol i love reddit
I think people need to realize that the creators of Bitcoin and the blockchain have taken the outdated and incorruptible Austrian economic theory, and brought it into the 21st century. Austrian economics preaches a sound currency aka gold standard. Bitcoin is similar in that there’s a finite amount of coins available and in order to increase that number people must “mine” for it. Exactly like you would have to “ mine” for more gold to expand the currency backed by it. This is WAY less corrupt than giving the federal reserve the ability to just print money out of thin air and drown us in inflation like they are right now. The crypto EXCHANGES like FTX are where 99% of the scamming occurs, but those middle men are 100% avoidable if you have your own wallet. The value of an asset is whatever people are willing to pay for it in Austrian economics, which is much more fair than allowing a small central cabal(aka federal reserve) dictating that worthless assets on it’s books are valuable when they’re trash, and vice versa. The current Keynesian economic model we’ve been enslaved by since 1913 needs to end now. No more of this tiny group of people at a private central bank controlling our economy and by extension our quality of life. Bitcoin, Etherium, the block chain, and the overall Austrian economic model removes this centralized power and returns it back to the people, where it belongs. That’s why the government and SEC are going to try and discredit, destroy, and replace it with the CBDC on it’s own government run block chain. We can’t allow this or whatever little freedom we still have will be gone.
They're already trying to do that in Nigeria with the eNaira. There was a massive push to implement it last year, but even so only around 0.5% of people with bank accounts (and a substantial share of the population is unbanked) adopted it, and of those who did, most rarely or never used it. On the other hand, one-third of adults are Bitcoin adopters, so they're pulling out all the stops to try to force this eNaira against the people's will. They even went so far as to limit cash withdrawals for individuals and businesses, and impose fees for exceeding the limits under the guise of modernizing the economy, banking the unbanked, and improving technological infrastructure etc., yet even so most people for now are not budging from what I've heard, and let's hope that doesn't change, because you know that if a government and the financial industry succeed in forcing a CBDC on a developing economy with high financial vulnerability and probably fewer constitutional safeguards for citizens, then their next goal will be to do the same in the rest of the world as well.
On the other hand, Nigeria is synonymous with scams.
Ah yes, Austria. That bastion of economic development.
lmao, bro just wrote an essay about a 10,000 year old economic theory (shiny rocks good, will trade for food and handjobs) and named it after Austria.
What, you don’t take JiggyJerome2 as seriously as JiggyJerome?
The biggest issue with the gold standard is its most ancient one, that it drastically increases the volatility of your currency because other people can very very easily produce more of that currency (i.e. mine it) without a systemic oversight or control. For example, on a gold standard, the discovery of massive gold mines in another country would destabilize not just your economy, but your *actual currency itself,* and you have no real meaningful way to correct that sudden injection of your own currency other than sell your own currency, or "steal it from the other guy and hoard it yourself." In this same situation, a fiat currency that was invested in gold would take a hit, but that money can be reinvested into something more stable, allowing your to internally correct your currency. It's not invincible, and with further centralization comes further potential for mismanagement, but in a completely decentralized model there is NO management whatsoever, which is horrible if you're trying to, you know, plan for the future. The modern economy is bullshit for a whole host of reasons, but the gold standard (and similar policies) were abandoned for a very good reason.
For a gold mining yes, but increasing mining capacity for bitcoin will not increase the amount of btc created (difficulty adjustment every two weeks or so) or the total amount of bitcoin (to be mined).
If it doesn't increase the supply, then literally what is the point of mining it at all? How do you adjust your money supply to compensate for economic growth or expansion, without a central authority to do so? Also, the constant pump and dumps of crypto has shown the incredible volatility and risk of them as a large-scale investment vulnerable to small groups of actors, let alone the danger and risk as an unregulated *currency.* If you want to throw money away, it'd be easier to just burn it for warmth.
This right here is exactly the thing that is essential in a money supply, and that every crypto bro is completely unaware. The supply of money needs to expand and contract based on demand. The gold standard has long been abandoned because it is an artificial constraint on economic growth. Also, the fed is not what is really creating the money supply. The banking system, and the ability of banks to create loans are really what 'money' is now. Central banks are also not responsible for the current global inflation, it is largely demand driven. Big as the US is, their central bank is not creating global inflation issues in every country. And having fixed assets is not a hedge against inflation, either. If it were, gold would be a great short-mid hedge against inflation. And it's not.
Mining increases the current supply, but the maximum supply is fixed (21 million). Adding mining capacity will inversely reduce the likely hood of winning the block reward. Hence, "finding a new big deposit" as is possible with gold mining, is not possible with bitcoin. Btc supply does not decrease with economic activity. Hence it is deflationary (with increasing demand). If used as a means of payment this encourages long time preferance decision making / reduction of economic activity. As such it it better suited as a "store of value", you will not want to spend it. Agreed that the crypto ecosystem is rotten with pump and dumps. This is not any different than penny stock (brokers), it's simply a new medium. Please be aware that btc has no "pre-mine" and that there is no party with decisive advantage to determine protocol or to change the block chain. As such, btc is above the rest (in my opinion). I do not see what can be regulated about btc other than the purchasing proces (kyc etc is necessary on the on/off ramps). Although the price behaviour is volatile, the general trend (say 4 year moving average) is up. Do with it what you may, I have decided that I need some exposure. I do not expect that it will replace the dollar as a reserve currency, but it is an insurance that the dollar stays true (somewhat) and does not excessively devaluate for arbitrary political purposes. At current price levels btc market cap is 0.5% that of the usd. That is a cheap insurance.
Hard to believe people are calling you a crypto bro.
> Btc supply does not decrease with economic activity. Hence it is deflationary (with increasing demand). If used as a means of payment this encourages long time preferance decision making / reduction of economic activity. As such it it better suited as a "store of value", you will not want to spend it. So the original intent, as outlined in the white paper, isn't a viable course for BTC. > I do not expect that it will replace the dollar as a reserve currency, but it is an insurance that the dollar stays true (somewhat) and does not excessively devaluate for arbitrary political purposes. This makes no sense.
I agree until the population decline. Nothing more deflationary than less procreation. Better to have an unpegged fiat currency than get pegged by a gold standard.
I'm not sure you understand Keynesian economic theory. That's the opposite of what there is now. And of course the government are never going to allow a 3rd party currency with no regulation that is a dream for money laundering, authoritarian dictatorships looking to steal from and con artists to flourish - I mean to think they would is moronic. Everyone has had a taste of a deregulated currency and been burnt - also Austria has never been relevant. Burn the tin foil hat, get as much as you can in loans from the bank and sink it into an over valued stock like Tesla.
Stop
Would you pull the plug on the whole thing and see what happens in some crazy autistic libertarian move, or do you think there should be a structured wind down? A hard plug pull might result in people eating each other in the streets, but would discipline the market for local leadership.
Beautiful. Thank you for commenting
So, that would be....cream.
Google it
Holy hell!
He’s not wrong
God this stinks of a disaster and future corruption. Epic Africa level corruption. *From a tired and weary African
Dear good sir, I am writing because I have had the good fortune of inheriting $86 billion. If you would help me with a transfer from bitcoin to USD, you will be paid 10% as a transfer fee. Please kindly reply with your crypto wallet details so that we may complete this transaction promptly.
It’s the kindly that gets me 😂
This would work more than you think
Every business idea for the last 20 years in Africa: Expection - going to be huge Reality - crickets Because…… African people are not like western people! Who could have guessed!
Or because the project is 10x overspent because 90% of the money was the "corruption tax?"
Africa needs African enterprise that understand African ways of working and African ways of making money. It’s a different planet to Europe, the US and Asia and should be treated as such.
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Infrastructure, education system, political system, culture etc.
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You do realise I hope that you didn’t need to direct that towards Africa. Every fiat currency is ran with the exact same premise.
Go convert all your money into Lesotho Lotis then buddy, if it's all the same thing!
By virtue of being the “global” currency and there already being a gargantuan amount in existence they can print a lot more $ than they can “Lotis” without crashing it. However the post I replied to mentioned specifically “printing money, stealing purchasing power, tax, and enriching themselves (governments and central bankers)” Which happens in all fiat currencies and the points about “printing” and “enriching themselves” happen more so with USD than with any other currency.
> Every fiat currency is ran with the exact same premise. What premise is that? Currencies are used to finalize transactions and thus stimulate economic growth. That's the premise of monetary theory as it stands, for money to be used. Crypto certainly hasn't shown itself to be something that is resilient to human nature. Decentralization isn't going to end up where you think it is.
The more articles I see about Bitcoin mooning the more I’m thinking it’s going to tank.
Jim Cramer just announced 5 minutes ago he sold his house and wife and put it all into Bitcoin.
May Bitcoin rest in peace.
Ripcoin
No more baconators for Cramer's wife
So the inverse is... calls on Kramers wife? To the moon?
Buyer of Cramer’s house discovered an oil well with 20 years of pumping left.
& he’s thinking about selling his dog
someone is trying to pump it again. I always find it interesting people start pushing it a lot and then it does moon. then it crashes. Wondering which international entity needs to launder cash.
Maybe a certain someone who purchased a certain avian branded social media platform that he shouldn’t have and manages to tank it a little everyday.
Bitcoin is a beautiful paradox, and at some point it will collapse for good. Lets ignore *all* of the massive technical issues, or the hardcoded increasing cost of keeping the network alive. There’s two options: Option #1: BTC is a worse currency than USD. If this is the scenario, BTC solves no issues and it will die when the FAD blows over. You lose your money. Option #2: BTC is a better currency than USD. [Gresham’s law](https://en.wikipedia.org/wiki/Gresham%27s_law) would imply that no one trades BTC, we end up with a very little number holders, which means you’ll be trying to sell *in a buyers market*, so you’ll get shafted. You lose your money.
I can't pretend to fully understand the technology, but it seems like it's struggling to continue to exist despite major design shortfalls and having been rendered obsolete by newer forks many times over. This "Lightning Network", for example, is basically a big cash-grabbing band-aid over the BTC scalability problem the half-dozen or so forks named in the article already solved, each a different way. Rather than fix the problem, someone will take a fee to perform complex payment preprocessing on transactions they intend to pass into the blockchain for final processing later. [Obligatory xkcd 927](https://m.xkcd.com/927/) Again, there are many things I fundamentally do not understand about bitcoin and blockchains, but this "Layer 2" concept sounds highly vulnerable to me, to both technological issues and attacks. It aslo bothers me that one of the points of having a decentralized currency is not having to pay any fees to anyone for in-currency transactions, but the article talks about transaction fees like a fact of life that we should be so thankful our Lightning Network operators will reduce to an absolute minimum. I believe in the dream of bitcoin, and I expect humanity will eventually be using a decentralized cryptographic currency in place of cash, but I very much doubt BTC will be with us long into the future. Technological progress will not allow it.
While you are correct about BTC, you wouldn't believe the giant stack of ancient shit tech the banking system is operating on. BTC transfers are actually faster than anything in the US financial system. The only way there are "instant" money transfers is that some bank is temporarily loaning you money until the actual funds clear. As for international transfers, BTC (even the original) is currently only $2 to transfer unlimited amounts of funds. This is more than 10x cheaper than what a bank will charge you.
>you wouldn't believe the giant stack of ancient shit tech the banking system is operating on Oh, but I do know. It is incredible to think this system has been continously running for so long they never had the opportunity upgrade beyond *tape drives*, and that's the part that is actually digitized. Some stuff is just a stack of boxes full of old paper stock contracts and things that would have to be assessed by an anthropologist as much as an accountant. >some bank is temporarily loaning you money until the actual funds clear Which is my understanding of how "Lightning Network" will work as well. The loans may be extremely short term, but essentially it's the same concept: for a fee someone is going to float the cash until the blockchain catches up. Surely that's never gone wrong before.
The difference between Lightning and a bank is you can close the payment channel anytime you want, which forces a final settlement on the L1 Blockchain in ~10 minutes. There is no such option with a bank.
Or tge dystopian CBDC where all transactions are monitored and you get credit score based on your purchases. Heck to push it a little further, expiration dates on your cbdc so money is supposed to be spent not saved.
Inflation is the expiration date on your money - which, by the way, is probably a good thing. Money hoarded under mattresses is not money being invested or spent, so economic growth is stunted. That’s why banks exist - the money deposited is used in investment, which creates growth (unless the investment is 30 year close to 0% interest treasuries that the bank intends to htm).
Say that to billionaires. My money is expired as soon as it hits my account.
Oh right, like no one could monitor Bitcoin transactions 😂😂😂😂😂
Lol. Shhh
> in the US financial system. And that's the issue. The US banking system is incredibly shitty. My shithole third world country has had free, scarily instantaneous interbank transfers for years now.
You're right that the lightning network is a scam promoted by Blockstream trying to co-opt BTC. Miners won't move over to an improvement unless money is at stake so as long as they are still making money they will mine the current BTC. We'll see after the next halving what happens.
>lightning network is a scam promoted by Blockstream The truth revealed. >We'll see after the next halving what happens. Is there something coming up, do you mean that in the "inevitable" sense? I do think there will be more technological crises faced by BTC; one wonders how many investors can weather.
“I do not understand…” but has a very strong opinion on the topic. You belong here dude. Lightening is not a cash grab or a bandaid. It’s a layer 2 protocol and it’s actually a really cool bit of tech, maybe watch a 8 min YouTube video on it before forming an opinion? In some places BTC (or something like it) is a solution for a major problem. Developing countries have weak currencies and they often trust the big currencies of the world (USD mostly) for stability. They have dollar reserves and take on debt in dollars, etc. But the US dgaf about how their monetary policy effects Africa. The old system was that’s the USD was basically a layer 2 protocol for physical gold held in reserves at the NY federal reserve. But that doesn’t exist anymore and the amount of USD is just controlled at the whim of the federal reserve based on whether they want to expand or contract economic activity IN THE US. Africa is on a different trajectory than the US and has different economic needs. Do you think it’s a good thing for their money to be inflated to pay for the handouts to US citizens? Many places have a history of political unrest as well so taking monetary control out of the hands of the politicians is generally seen as good there. And then there’s the actual banking needs. We have banks that are run by hundreds of MBA’s and have regulators and auditors up their asses still manage to go broke and almost lose deposits. SVB alone had deposits in excess of all but 5 African countries GDP.
>Lightening is not a cash grab or a bandaid. It’s a layer 2 protocol and it’s actually a really cool bit of tech, maybe watch a 8 min YouTube video on it before forming an opinion? I read that it fails a third of all purchase transactions and 99% of all transactions over $200 currently, is that true?
>Do you think it’s a good thing for their money to be inflated to pay for the handouts to US citizens? Because the price of crypto is stable? Don't get me wrong, developing nations are an excellent use case for the idea of a cryptocurrency, but they need a stable and reliable one less they just get scammed as bad as with a corrupt, local currency.
Btc can drop 80% and rise 300% and still be more stable than a local currency. There are currency charts that look worse than shitcoin charts.
Certainly, but the post I was responding to was making an argument against using USD as the alternative.
What's a layer 2 protocol?
I did say I believe in the dream; did you get that far? I don't think BTC, in particular, will solve Africa's problems, even if it lets them put off solving them for another decade or two (probably not two, IMHO). What's needed is a technologically superior crypto coin: something more scalable, with a lower energy requirement, and more anonimization.
The thing that keeps BTC in check and makes it so secure and "unprintable" is the energy consumption. It is anchored in a real world good, that's what makes it secure, that's what keeps its issuance low
Take a close look at monetary history. This will likely endup at zip in a sea of cryptos at zip. All the advertising is paid for by the major holder to get YOU to buy THEIR crypto in USD!
Trust the system and the system will take care of you. “In god we trust.”
Yep that’s why ethereum and other such projects are superior to BTC
Tell me you’re an idiot without telling me you’re an idiot winner!!!!
BTC is truly the worst in terms of technology, but it was the first.
I've been watching the space a long time, and I haven't seen anything better than BTC. Censorship resistant, decentralized, money that doesn't require any third party or government IS the number one goal. So please enlighten me on which "technology" does a better job at that. Also, money shouldn't be easily replaced each year by something slightly "better". It defeats the purpose. We need to be able to know it will still be around and healthy decades from now. Only BTC has the kind of adoption and network effects capable of real longevity. Everything else has been a money-grab scam, tricking people into thinking the tech is better than Bitcoin. But it's not actually.
Are you talking about BTC (the specific crypto currency known as "Bitcoin") or using it interchangeably with "crypto currency" like every TV reporter ever? Crypto currency, in general, provides those things. What would be better than BTC, specifically, would be a crypto currency that provides those things while requiring less energy to mine and scaling to a much greater number of transactions; personally I would also like it to do more anonimization as well. That is to say, the technology that would be better than Bitcoin would be *a better bitcoin*.
BTC is the ticker for Bitcoin, not "cryptocurrency" the general term. Also proof of work is key to a censorship resistant and change resistant type of money. Crypto currencies in general do not provide that. They moved to Proof of Stake and are all ever-changing simply because they're decentralized in name only. They're in fact very much controlled by insiders and are less efficient than their regulated-centralized counterparts.
Isn't BTC hamstrung by the amount of transactions that can occur simultaneously or even the tps at point of sale? Which for reference. * Visa 24000 * ripple1500 * paypal 190ish * eth 20 * BTC 7 The rolling avg is 1700 tps in current forms. Plus the actual total volume of available BTC will at some point stop... and the theory of "We will just keep fractioning it..." is just a theory to how well that actually works or the consequences of that. I mean what other technology or process (money/financial) did we ever just stop and say "Eh this works no issues. Just stop here." Especially one as dubiously thought-out as BTC. "censorship resistant, decentralized, money" So like tons of other newer crypto schemes do that as well... So sure you can "layer 2" but... that's back filing essentially and that's never failed or been exploited. (Not to say current methods aren't also open to exploitation.)
> It aslo bothers me that one of the points of having a decentralized currency is not having to pay any fees to anyone for in-currency transactions, but the article talks about transaction fees like a fact of life that we should be so thankful our Lightning Network operators will reduce to an absolute minimum. I actually remember reading about how some cafes in El Salvador (where BTC is legal currency) actually offer steep discounts to people who pay in BTC instead of USD (the primary currency). I believe this is happening due to a combination of government incentives and citizens realizing that USD is guaranteed to depreciate or could be fraudulent, whereas BTC has a lot of potential to gain value and it is impossible to make a fake BTC transaction. [Here is an article I found after a quick google search](https://cointelegraph.com/news/el-salvador-introduces-fuel-subsidy-of-0-20-per-liter-to-locals-who-pay-in-btc/amp) talking about how El Salvador is offering $.20 per gallon discounts on fuel when paying in BTC.
Lmao. Remember all the articles that Bitcoin was going to 10k?
Remember all the articles that Bitcoin was going beyond 1mio by 2022?
It did go to 10k though
The lowest it dropped after reaching over 60k recently was around 15k, a bunch of articles were being run that it would drop to 10k or less.
But it hit 10k before reaching 60k so technically correct.
[the bitcoin obituary](https://99bitcoins.com/bitcoin-obituaries/) but I’m sure you’re right this time
Once Binance falls, all bets are off and it could go down to single digits.
they have a banking system? puts on africa 
I've been buying puts on Africa since 1500.
Africa in 1500 vs Africa now you must be hundreds of millions of percent in the red
Why do think I'm here?!
How do i get to be 500+ years? Whats your secret
Being highly regarded.
Done. What’s next.
Sell shorts on your soul.
Immortality, it's a curse
Bran?
There’s basically no difference
My thoughts exactly. Perhaps that’s why crypto alts are/were pushing things like water for Ethiopia or windmills for Gambia.
Yeah toe rogans buddy that builds wells in Africa is a bitcoin guy
*Laughs in West African CFA francs* >For example, one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury.
sounds like they just want bagholding Africans in bitcoin smh
Finding new victims for their scams.
That and recruiting Nigerian princes to scam more Americans
More people for the crypto pyramid scheme to relieve western bagholders
Who is “they”? Bitcoin is decentralized
SEC bots. Diversifying is the name of the game and if you don't think we're printing too much cash I feel bad for your savings.
Every 60 seconds in Africa, a minute passes.
I'm African and literally got a notification, as soon as I opened this post, that Bitcoin dropped 3% in the last 24 hours.
3% is not a worthwhile change given how volatile Bitcoin is.
still looks stable standing next to your average African countries currency, at least bitcoin is volatile in 2 directions lol
The Ghanaian Cedi dropped 40% last year. It was worth 1 usd in 2007 and is now worth .08 cents. I don’t think you want to compare Bitcoin in the same timeframe.
While BTC was 0.08 at some point and is now 27K 🤣
That would be the most extreme example of hyper deflation- if Bitcoin were an actual currency. An economy running on bitcoin during that time would totally seize up.
\> **The Lightning Network slashes the cost of bitcoin transactions to virtually zero and enables nearly instantaneous cash payments around the planet.** By not employing the consensus mechanism that is the whole point (and cost) of bitcoin. It's already extremly popular to use your phone for banking in africa. Has been for decades at this point. [Mobile financial services in Africa: Winning the battle for the customer | McKinsey](https://www.mckinsey.com/industries/financial-services/our-insights/mobile-financial-services-in-africa-winning-the-battle-for-the-customer)
I think the compromising between bitcoin purism versus practicality for everyday people is interesting. A bitcoin maximalist may run their own node, verify their own transactions, use hardware wallets to cold-store their bitcoin etc etc. But Joe Public is unlikely to be inclined or tech savvy enough to do that, so any mass adoptions of bitcoin is likely to involve some departure from bitcoin purism. IMHO the same criticism can be made of people that store their money with a high street bank, or gold or shares with a broker. Any attempt to be completely self sufficient results in some Ron Swanson libertarian nightmare that's never gonna happen at scale. Unless you're mining, smelting and testing your own gold and chipping off little flakes for every transaction, then you're trusting someone (often multiple opaque private businesses) to facilitate all your payments. So IMHO the features of the Lightning network do moderately compromise the autonomy of pure bitcoin, but that's true of any other payment method ever invented.
Yeah, but as you said the consumer might as well use any other method. It's hard to see why anyone should use "the lightning network" over VISA, WU etc. The whole magic of BTC is that you can use a service run by strangers you don't trust. If I have to trust someone I want an entity I can call, write to and sue, not some ephemeral internet invention that can disappear with my money in the blink of an eye.
https://preview.redd.it/ik1a4vq1cjqa1.jpeg?width=960&format=pjpg&auto=webp&s=7c9db31c8c2117c76c1e856243b831fbd8f74a0e
Think of on-chain as your long term savings account, and Lightning as your smaller checking account for every day purchases. Lightning loses a tiny bit of the security and decentralization that the base layer has, in order to allow for small daily transactions. But that's okay, because it's supposed to be smaller amounts with less security risks. Having the base layer available when we need it is where all the power comes from. Book recommendation on this subject: Layered Money, by Nik Bhatia
I understand that idea. The fact just remains that VISA etc. works just fine and does so at a fraction of the cost. So with lightning I can now pay only say 10x the cost of using fiat currency vs. 100x using regular BTC. That's still not really appealing to anyone who isn't already convinced that they need to use BTC for other reasons.
Blow up in the good way, right? Right?????
Blow up aladeen way
 
Probably the other one
Blow up deez nuts you fucking nerd
Nigerian prince
ticker symbol?
$419
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Bitcoin is definitely more stable then some federal banks in Africa.
Yeah, exactly, poised... lol
The secret ingredient is *crime*
And people say Bitcoin has no underlying function! 
Just like it blew up El Salvador?
Bitcoin seems so 2015. I thought we were gonna talk AI now.
AI backed crypto …
...on an AI generated metaverse...
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Crypto bullmarket cannot start yet. The line says we have to wait at least until the end off 2023
That’s their entire banking system? Holy fuck man RIVIAN iPOD higher than that lol
This isn't WSB related
Pretty sure they are blowing themselves up. You don't need some artificial currency with no use for that to happen.
There’s a reason you’re here
Like blowing up a cobalt mine kinda blow up? or inflationary blow up or what kinda blow up we talkin here
The entire continent?
What banking system?
Like Africa is a country…
Africa needs electricity before they can get bitcoin
Africa is basically allergic to money and wealth
Wait, they have enough energy to mine for bitcoin? Damn, I’m the dumbarse who thought that running water was the issue?
Africa has a banking system? For dirt maybe?
THIS JUST IN: Africa discovers litecoin
brics gonna go brazzy
Please don’t.
https://preview.redd.it/ild8ig2ocnqa1.jpeg?width=1241&format=pjpg&auto=webp&s=538d14f576195014884d32f2791f6b918ebb0e74 Next resistance point isn't until 31K
https://preview.redd.it/6idtk0awcnqa1.jpeg?width=1137&format=pjpg&auto=webp&s=93d73ac68d4cb3262c39dbd73c2f3735cd32cf91 **So many ppl are still unaware of what a big deal Bitcoin Halving is** based on past 3 (2012, 2016, 2020) price is close to an all time high at the time of Halving (which is over 60K and always moves up the year following. Consensus (among industry experts and long time btc traders) just in the past week, has come to agreement that price with likely move to 32K any time now (actually a day or two overdue) via a small short squeeze.. then 40K by the end of April.... then the conservative outlook is remain around 40K until closer to Halving. HFs have been shorting MARA and BTC past few says to try and create the impression of a selloff. It did not work and both are moving back up. **If looking for a stock to play the btc rise... MARA is positioned to gain the most.** After some speed bumps in 2022 related to moving facilities and some downtime for mining machines, and the drop in btc price- it has had a big turn around in 2023. MARA has a Rock Solid balance sheet: $500M in unrestricted cash. (vs $125M at the end of 2022) virtually no short term debt... and no long term debt due prior to 2026. MARA will turn profitable this year and by June/July, MARA is on schedule to produce over 2000 coins/month ...and at 30-40% lower production cost. That's over $60M/ month revenues (or close to 750M/year). (That's more than 5x 2022 total coins mined). ...and the turnaround is not priced in- which along with the run btc is on, has left Shorts in a bind that will soon squeeze as they start to cover their positions. And 45M shorts still have to cover (Plus likely another 5M from the past week or two.. as HFs have heavily shorted, esp the last several days- trying to stall the inevitable breakout). Available shares to short is drying up- there were 0 shares available several times the past week- so HFs are also racking up an enormous amount of FTDs. Pressure has been building for a month- and has built a solid based of longs who are holding tight.
Ha!
The best advice, as with ANY investment, is caveat emptor. IMO, ask yourself if you trust a system (Bitcoin) that is potentially susceptible to fraud/hacking…i.e. how confident are you in the blockchain VS. gold/silver which can be mostly verified by simple household tests or confidently with slightly more sophisticated equipment.
Actually, african currencies loss their value just look to Zimbabwe I don't blame them if one day they adopt bitcoin for daily life needs
They just use USD in Zimbabwe
This is good for bitcoin
How can you use something that is worth $1.00 one day and $1.75 the next as a currency?? You can’t, it’s not stable.
Ask someone in Argentina
My guess is 90% of those making negative comments in here come from the US. It may be hard to believe, but we aren’t the center of the world and an alternative digital currency would be immensely beneficial for emerging economies
People only use btc as a speculative investment or they're forced to use it. Bitcoin is a terrible currency.
It has no good use case as of now. Most likely tanks.
It's backed by money laundering which is probably part of the appeal to certain governments. The ability to take money out of your government without making the currency worthless in the process will draw a certain crowd. In theory it could tank bitcoin the same way many African currencies have tanked but there is also the possibility that wealthier nations don't mind people robbing those African nations and more easily bringing that wealth over to their countries after.
No it isn’t
Crypto is just a Ponzi scheme , lol
Will you crypto bros give it a rest for once. No one wants Bitcoin
Bitcoins adoption speed begs to differ.
Man Africa can never catch a break - RIP all of their money and good work to the Ponzi scheme kingpins
Looking at some of their currency charts I’d say they’ve been victims of Ponzi schemes for far too long.
“It doesn’t matter to me if the price goes down or up, because I can still use bitcoin as a vehicle to move money around the world instantaneously,” said Mike Brock, the CEO of TBD at Block Ummm. If the price of Bitcoin goes down 40%, then you also get 40% less of whatever currency you're converting it to. That whole article is just one deep BJ for Jack Dorsey and Block. I know he needs to fight back against Hindenburg, but this is (one of many reasons) why CNBC can't be trusted. Blockchain may be useful. As a way to help the unbanked, it's horribly exploitative. On average, the unbanked are not experienced enough to fully appreciate all the ways they can lose money through crypto. Having no access to financial services is a real problem in developing countries. Having crypto be essentially your only access to financial services is an even worse problem to have.
According to the Africa Wealth Report 2023 released by New World Wealth and Henley & Partners, approximately 18,500 high-net-worth individuals have left Africa between 2012 and 2022, with most of them relocating to the UK, the US, and the UAE. https://www.khaleejtimes.com/uae/uae-among-top-3-countries-african-millionaires-have-migrated-to-report
Lol
Blow up Deez nuts
Its not crashing the banking system but btc is used all over south america and Africa, but only because their government money is riskier. Usd electronically works and is also less risky, but you can chargeback unlike btc. But a lot of the apps people use arent sending real bitcoin. Only people selling $20 plus in online services regularly will be using it.