Bitcoin Forum

Quote from: Kakmakr on July 27, 2023, 06:34:23 AM

Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

If he bought 3, the question would have been, "why not 2 or 4?".
It has to be a certain number an it just happens to be 2.

- Jay -

The current supply of Bitcoin is 19.44 million. I believe he simply calculated how much Bitcoin one would need to own to be in the top 0.1% if Bitcoin were to replace the global financial system. Yes, today it's a bet of 1.944, and he just rounded it up to 2.

So, the question is.... Why is it necessary for Robert Kennedy Jr. to advertise to the world that he bought bitcoins for his kids? We know it is election year and that might be the main reason why he is doing this.

Politicians use gimmicks like this to garner votes and "Bitcoin adoption" might be one of his "Pet products" to use in his election campaign. Seeing that Bitcoin is still perceived as a high risk investment... it might not be a good idea to do this before the election. ::)

The opposition is doing everything in their power to crush Crypto currency adoption... >:(

He could buy 0.1 or 1 BTC with same effect. Why he bought exactly 2 BTC for each kid?

This is actually a very important question, as it allows us to understand how wealthy individuals and politicians think and place their bets.

Quote from: un_rank on July 27, 2023, 06:47:33 AM

0.1BTC or 1 does not have the same effect as 2BTC in value and potential ROI. People buy based on how much they can comfortably afford at that time and how much they are willing to spend on a particular investment.

This is not an important question and does not allow you see how wealthy individuals think. You should be asking why he bought bitcoin in the first instance.

- Jay -

Quote from: KalOlak on July 27, 2023, 06:52:08 AM

But potential ROI from buying 3 or 4 BTC would be greater than from 2 BTC. So why exactly 2?

Quote from: un_rank on July 27, 2023, 06:47:33 AM

Quote from: Fivestar4everMVP on July 27, 2023, 07:54:30 AM

But potential ROI from buying 3 or 4 BTC would be greater than from 2 BTC. So why exactly 2?

To be honest with you mate, this argument is very uncalled for, its absolutely not necessary if you ask me, the man decided to buy 2 bitcoin each for each of his kids, what the big deal there? why trying to make an impression over something that absolutely mean nothing?.

I have seen and gone through you previous thread relating to this subject matter, and alot of users have already explained to you why all that you assumed on that thread is not possible and has zero chance of happening, but you are still here arguing..

I could as well ask you why the man did not buy exactly the 2.625 bitcoins as you proclaimed, for each of his kids, that maybe would have given your assumptions some positive tick mark and something to really ponder over.

I didn't ask why he bought. I asked why specifically 2 bitcoins for each of the children.

Quote from: Kakmakr on July 27, 2023, 06:34:23 AM

I'm not sure of the importance of your questions and I wouldnt class buying Bitcoin
as placing a bet.

Everybody has their own reasons for buying Bitcoin and everybody has their own reasons
to sell them again when the time comes.

Maybe he bought 2 for each of his children so that they could sell one at a later date
and still have 1? who knows exactly?

Who cares how much Bitcoin he bought. Any person can decide to buy Bitcoin as it pleases them as nobody owes anyone whatsoever. Possibly, he has been campaigning and one of his major campaign point is focused on Bitcoin adoption which has so far gianed attention so I believe doing such will mean him leading by example which will make him the topic of discussion but my thoughts are as follows, why choose now to do such, you claim you are a Bitcoin enthusiast why did you not do all these you have been doing earlier before now so that the electorate would know it's not strange and would acknowledge the fact that you have long been doing such why now buying Bitcoin and making it public so that people would start talking. I am beginning to see all these as a cheap political campaign point and not making any sense.

OP next time do well to attach your reference so as not to get your account in a plagiarism saga.

Why are we having this discussion? I mean who cares how many Bitcoin he bought for his kids? He had the money and he understand Bitcoin and it's potential, it's something that every one of us can do for our children, the only difference is he is rich and many of us here can't afford 1BTC.

I do like what Kennedy Jr is doing in crypto space lately and I also like that he is going for the presidential candidate but there is nothing proven here yet, are we supposed to be happy he bought Bitcoin? Or do you expect the market to start pumping because Kennedy Jr bought some Bitcoin?

If he likes, he should buy 100 more for his children, we aren't supposed to debate on that, it's why I believe your point is not valid.

The optimal bet would be to buy 2.625 bitcoins. However, a bet of 2 bitcoins is not bad either. Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

Because 1 bitcoin is small and 3 bitcoin is many (per child).

You have nothing to do if you bring such questions for discussion. Stop gossiping and do something useful. For example, start earning bitcon to give the same gift to your children. :)

P.S. Where is the link to the source of this news and that this is not your invention?

The optimal bet would be to buy 2.625 bitcoins. However, a bet of 2 bitcoins is not bad either. Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

It's good _act_ to provide a link to show the source of the question you asked on the topic because to reveal something that is not from your own idea there must be a source.

Robert Kennedy Jr. preferred even numbers over odd. Given his current status as a presidential candidate, perhaps because he wants to beat his rival candidate by an even number of counts.
The obvious reasons are only owned by him and I don't really believe in the words of politicians.

Anyone who has money and not only intends but decides to buy bitcoins should be at any amount depending on the individual. Buying a lot is better.
I don't think this is too important to discuss.
No offense.

Quote from: aoluain on July 27, 2023, 08:39:49 AM

He could buy 0.1 or 1 BTC with same effect. Why he bought exactly 2 BTC for each kid?

Lol, :D why do you insist on questioning the unimportant? We can only assume their opinion, if you want to get an accurate answer try tweeting at RFK's twitter.

Everybody has their own reasons for buying Bitcoin and everybody has their own reasons
to sell them again when the time comes.

Yes we have to understand that reason because not all reasons can be revealed, each individual can still keep a secret why buy 2BTC, why not more, then if he is rich why not buy millions of dollars of bitcoin, this is not important at all.

Quote from: aoluain on July 27, 2023, 08:39:49 AM

Maybe he bought 2 for each of his children so that they could sell one at a later date
and still have 1? who knows exactly?

It could be that they can sell it all at once when the price is high, or it could be that this is just for their political purposes later.

We are talking about investments in the range of a million dollars, it does not represent much, but it may be a good sign for everyone who has money that he does not need or is rich trying to put 1% of his net worth in bitcoin, the collapse of the price will not pose a threat to him and 2 bitcoins for his children may mean a beautiful house after 20 years or even shorter, depending on who wants to buy and the price of bitcoin.

Quote from: Kakmakr on July 27, 2023, 06:34:23 AM

The optimal bet would be to buy 2.625 bitcoins. However, a bet of 2 bitcoins is not bad either. Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

He said that he got a check after the Bitcoin conference, perhaps the value of the check was equal to that amount, or that he bought those coins at an average price of 25k, and therefore 2 bitcoins is 50k.

Imagine if all the world's population put 1% of their wealth into Bitcoin, here we would say that the game has changed.

Every single move that a politician makes is always geared to try to connect with a particular voter and win their preferences, and this move is not an exception, but why exactly buy 2 BTC for each of his kids? And I think the decision was politically motivated as well, if he bought too little then the perception that he is in favor of bitcoin and this market will not be too strong, however if he bought a lot of bitcoin then this may be perceived as bragging and he could lose voters with a low level of income, so it is likely his political advisors suggested to him this specific amount to show his support while offending as little voters as possible.

The optimal bet would be to buy 2.625 bitcoins. However, a bet of 2 bitcoins is not bad either. Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

Well, buying that amount of bitcoin is like buying a loaf of bread for him. I think the reason he didn't buy more was because he was just curious about Bitcoin - like if the price of Bitcoin goes up it's great, but if it goes down it doesn't matter because the amount he's buying is less.
And this is also related to politics, you know that in America there are quite a lot of people who are pro against crypto, and maybe by buying that amount of Bitcoin people will think that he is a pro for Bitcoin and that will attract the sympathy of people to vote for him.

Quote from: Nrcewker on July 27, 2023, 11:58:14 AM

The optimal bet would be to buy 2.625 bitcoins. However, a bet of 2 bitcoins is not bad either. Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

He wanted to be fair with both, that’s why he distributed 4 Bitcoins 2 for each. Why he bought 4 Bitcoins? Maybe he was only afford to buy 4 or just want to spend that much amount only. But this shows that he knows the potential of Bitcoin and as his inherited property he wanted to give his sons Bitcoins as a property. Regarding 2.625, I don’t know why you have stated this exact figure here. Maybe I missed some news outside. Hope you got some clear picture regarding the division of the coins.

I don't know why it's necessary to question why he bought 2 Bitcoin. Imagine if you buy 2 meal for yourself and asked you why did you buy 2 meals for yourself? Then you might answer many possible answers it can be because you are hungry or you bought extra for your launch. So it might be an invested to have an equal amount of Bitcoin which is 2 since it has a huge value already. Why would you hassle yourself to buy Bitcoin with decimals sht on it when you can just simply put "2 Bitcoin pls for my children". It's not about the resources but maybe for the practicality. I just don't understand why this topic should be discussed when everyone could buy whenever they want and how much Bitcoin they would buy.

Quote from: KalOlak on July 27, 2023, 08:02:03 AM

The optimal bet would be to buy 2.625 bitcoins. However, a bet of 2 bitcoins is not bad either. Why do you think Robert Kennedy Jr. bought each child exactly 2 bitcoins, not 1 or 3?

It is interesting to know in the sense that it helps understand how wealthy individuals and politicians think and what size of bets they might make in Bitcoin.

I didn't ask why he bought. I asked why specifically 2 bitcoins for each of the children.

we never really know the reason for doing it all. buy for any amount which I don't think is the point. but he is campaigning for a vote.
they are political and want to label themselves as Bitcoin professionals because I also own and use Bitcoin. perhaps like when a candidate comes to a large farm in the country and calls himself someone who was raised as a farmer. and they promised to protect their right to be prosperous farmers.

Quote from: KalOlak on July 27, 2023, 06:24:28 AM

OP, I think you are just overimagining everything. But why do you think that's Robert's reason? If you are right, then he probably should have bought 4 or 6 bitcoins for each of his kids, so they could be among the 0.2% or 0.3% top holders. In my OP, I think you are wrong; his idea of purchasing two bitcoins for each of his children is not what you are thinking, you are only guessing. In my opinion, I think he chooses to keep two Bitcoins each for his kids because he just wants them to have Bitcoin, and perhaps he also has other things in his will that his kids will benefit from apart from Bitcoin. His investment in Bitcoin for his kids is because he also wants them to take a share of the Bitcoin technology in the future. I am also assuming what I have said.

Quote from: KalOlak on July 27, 2023, 06:21:03 AM

I asked a simple question. Do you have any ideas why he bought exactly 2 BTC. But not 1 or 2?

Such a stupid question! I bought 0.10 BTC last month. Would you ask me why exactly 0.10 BTC but not 0.11 or 0.09? Don't you think this is a stupid question to ask? Well, no one can satisfy you since you are trying to find out some answers which you have in your mind lol. It's his choice to buy 1 Bitcoin or 1000 Bitcoin or 0.01 Bitcoin only. Finding a reason of why exactly this amount would be foolish.

Quote from: Little Mouse on July 27, 2023, 06:33:19 PM

Quote from: KalOlak on July 27, 2023, 06:21:03 AM

I asked a simple question. Do you have any ideas why he bought exactly 2 BTC. But not 1 or 2?

I was wondering as well what has the volume of bitcoin he bought got to do with us. Asking such questions means there is something OP is wanting to hear from us or possibly looking for what to say. What has the volume of bitcoin got to do here
Does everyone individual not have the right to purchase what ever they deem fit investing or owning. Looking at the question asked by op one can easily decipher that OP is likely wanting to attach meaning to the purchase of 2btc for his children which does not concerns anybody. Anybody can buy bitcoin of any volume at any time and anywhere as it pleases them.

Quote from: FatFork on July 27, 2023, 07:31:03 PM

It's kinda pointless question, we don't know why he chose 2 instead of 1 or 3. But he did the right thing, investing in his kids future, that's for sure.

Let's assume you are not limited in resources. How much would you buy for your children?

I would buy 2.625 bitcoins for each of them. How about you?

If we assume that you are not limited by resources, then why would you decide to buy only 2,625 bitcoins? Why not round up a number, like 3 BTC, or 5 BTC?

Why not 3.3333 bitcoins? It's a round-ish number.

It's kinda pointless question, we don't know why he chose 2 instead of 1 or 3. But he did the right thing, investing in his kids future, that's for sure.

Let's assume you are not limited in resources. How much would you buy for your children?

I would buy 2.625 bitcoins for each of them. How about you?

Most people like round numbers 2, 5, 10. 2 is too small bet, 3 or 5 is too big bet. Therefore, my mathematical model shows that the optimal bet in this game is 2.625 for each player. I also want to point out that Satoshi did not choose a round number either for the maximum supply of Bitcoin, opting for 21 million.

Quote from: coolcoinz on July 27, 2023, 07:48:38 PM

It's kinda pointless question, we don't know why he chose 2 instead of 1 or 3. But he did the right thing, investing in his kids future, that's for sure.

Let's assume you are not limited in resources. How much would you buy for your children?

I would buy 2.625 bitcoins for each of them. How about you?

Why 2.6? Is this number important to you somehow? If you aren't limited in resources, you should buy unlimited amount of bitcoin, right?

Bitcoin cannot be printed like fiat money and it doesn't succumb to inflation. If we take these two aspects into account, we come to a conclusion that bitcoin is superior to fiat when it comes to saving money and possessing inherent value. Having unlimited amount of fiat money means you can spend it all to buy a limited amount of bitcoin, but that limit is only in the amount of bitcoin available for sale.

Quote from: KalOlak on July 27, 2023, 07:38:38 PM

It's kinda pointless question, we don't know why he chose 2 instead of 1 or 3. But he did the right thing, investing in his kids future, that's for sure.

Let's assume you are not limited in resources. How much would you buy for your children?

I would buy 2.625 bitcoins for each of them. How about you?

Good question. Strictly speaking, Bitcoin can be "printed" by changing just one line of its source code. And if 51% of miners reach a consensus around this version of Bitcoin, we could indeed increase the maximum supply to 30 million or 50 million. So, why is the number 21 million significant? Is it your religion?

Thus, if my resources were unlimited, my optimal bet in this game would be 0 (zero) Bitcoin. I wouldn't buy any Satoshi. Instead, I would simply purchase 51%+ of the mining power and increase the supply of Bitcoins in circulation by changing source code. This way, I could make you sell all your bitcoins for penny, and then I could easily decrease the supply again to say 21 million. This is called a strategy.

Basic C++, kids

Code:

/** The amount of satoshis in one BTC. */
static constexpr CAmount COIN = 100000000;

/** No amount larger than this (in satoshi) is valid.
 *
 * Note that this constant is *not* the total money supply, which in Bitcoin
 * currently happens to be less than 30,000,000 BTC for various reasons, but
 * rather a sanity check. As this sanity check is used by consensus-critical
 * validation code, the exact value of the MAX_MONEY constant is consensus
 * critical; in unusual circumstances like a(nother) overflow bug that allowed
 * for the creation of coins out of thin air modification could lead to a fork.
 * */
static constexpr CAmount MAX_MONEY = 30000000 * COIN;

But since my resources are limited, my strategy is to hold 2.625 bitcoins and never sell them. Basic game theory, kids.

<cut>
I also want to point out that Satoshi did not choose a round number either for the maximum supply of Bitcoin, opting for 21 million.

No, that's incorrect. Satoshi never opted for the round number of 21 million, not for the reason you think, but from a purely mathematical model used for the distribution of new coins through block rewards.

The maximum number of coins in the Bitcoin network is determined by two factors: the occurrence of halving every 210,000 blocks and the initial mining reward set at 50 BTC per block. Approximately 120 years from now (after the 33rd halving), when the mining reward reaches 1 satoshi per block, the max coin supply will be 20,999,999.9769 BTC (I am not taking into account coins that are provably unspendable and therefore can never reach the max supply). As a result, the network will never actually reach the total supply of 21 million BTC.

Quote from: FatFork on July 27, 2023, 08:41:50 PM

Quote from: KalOlak on July 27, 2023, 07:38:38 PM

<cut>
I also want to point out that Satoshi did not choose a round number either for the maximum supply of Bitcoin, opting for 21 million.

Try. It's free.

https://github.com/bitcoin/bitcoin/blob/master/src/consensus/amount.h

Satoshi could have chosen any coefficients for this logistic function. But why did he choose precisely 21000000?

Roughly speaking, the essence of halvings lies in a very rough approximation of this function. The approximation could have been performed with a much smaller interval than 4 years while still achieving the same maximum supply. This leads to your second question. Why did Satoshi choose a halving interval of 4 years?

Code:

The generalised logistic function or Richards' curve (1959) was developed for growth modelling (extension of logistic). The model has been modified by Sugden (1981) and Satoshi (2008)

Wt[t]=W(1-(1-m)Exp[-k(t-T)/(m^(m/(1 - m)))])^(1/(1- m))

W=21000000
k=0.002625
m=0.3909
T=165.6

Quote from: Nrcewker on July 27, 2023, 11:58:14 AM