That would make Bitcoin price in cents or double digits just like in XRP. It would make a lot of difference if the supply is changeable to Billion, investors think that Bitcoin is scarce same as Gold that's why companies, institutional and retail investors hold it, thinking it could be a hedge against massive quantitative easing to safeguard their wealth from inflation. Alhough Gold has an unknown supply it could be more or unlimited.
The supply of gold is neither pegged nor unfixed because new gold deposit could be found somewhere in the future. What if the gold deposit is so huge that it multiplies the supply of gold by a factor of 10, the price of gold will start to decline. But, with btc the supply is capped at 21m, that means it can't increase nor decrease. This make btc better than gold. |
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Then how much you think the price of 1 btc be today? Is it just doing some simple math to work out the price or is it more to it?
If 1/8th of the world population had 1 btc each then what you guys think the price will be?
There's a 1000 million in 1 billion.
From economics, one of the core philosophy of money is that it is relatively scarce. When the volume of money in circulation is very high, it'll reduce the value and on the other hand when the volume of money in circulation is low it'll increase its value. Hence, increasing the MS of btc will reduce its value... |
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Yes, it does have an influence on the price.... because people follow the celebrities comments like sheep! How many people will buy the same clothing, even if it is very over priced.. when they see their favorite celebrity or Sport star wearing that clothing? The same thing happens when they say something on Social media and the impact depends on how many followers they have. Elon Musk was a pioneer in the "Payment system" scene ..back in the day before PayPal, so he should know what he is talking about. (Anyone else without the previous experience of payment systems, should not have such a big influence... but unfortunately they do)  I feel his powerful influence is also based on the recent stock performance of Tesla that had ranked him to become the world richest. So, I can say he weild more power, possibly more than the Wales can do.
Yes, it does have an influence on the price.... because people follow the celebrities comments like sheep!
To me, such behavior is personally very strange because I don’t care what EM thinks about anything, regardless of being at least publicly the richest person in the world. Those people who follow him aren’t just sheep, they’re very naive sheep who don’t realize that EM is actually making fun of them all the time. If anyone thinks this is not the case let them visit his Twitter profile, and they will see how EM communicates with his followers. Some are obviously amused by this, but EM is just another multi-billionaire who wants to become immortal by doing something that no one else has done before. Who knows, maybe he'll be one of the first to go to Mars  Yes, Elon Musk could be using his social media handle or Twitter handle to make jokes. Because, I know him to be a first Principle Thinker, which made him to be able to build SpaceX rockets. Deductively, Elon is smarter than the content of most of his tweets
Simply Elon knows the future of BTC and his people tends to believe on what he was saying because he already prove a lot by building his Tesla and SpaceX company which is very futuristic. He is also the current richest person in the world so his words is very powerful even though sometimes he is just trolling.
There is an insight to be drawn from your comment. You mean the root cause of his power is because he is an authority, who has succeeded in may fronts. That could be one of the reason, people respect authority.
I think Elon Musk is a perfect example of what all of us are capable of achieving if we only managed our time better. As a kid he watched tutorials on the internet and made a video game. Sold it. Watched more tutorials. Made an internet travel website. Sold it. Started another business. Eventually he was involved with paypal. Sold his stake in paypal. Used the capital to fund tesla and space x. Remember $500 flamethrowers Elon Musk sold to raise money. He got that idea from spaceballs the movie. The scene where Yogurt is discussing merchandising at the end. https://www.youtube.com/watch?v=vjB8XXw9y700:37 (Where Elon Musk got the idea for his flamethrowers  ) The internet offers many opportunities and learning experiences. Elon Musk is the 1 guy in 5 billion who actually uses them. While most of us trend towards taking them for granted. Overtime Elon Musk is one of the few people that reason using the First Principle Approach. When he want to start space exploration, he discovered that the cost of rocket was huge. He left Moscow and decided to build his rocket to be very affordable and at a price with a reduction by factor 10. He was able to achieve that because he ask some basic about rocket manufacturing, then he made an innovation from the answer. [moderator's note: consecutive posts merged] |
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Learning to trade bitcoin has become a valuable skill set for Africans looking to boost their income.For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal. He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together. When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years. “My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.” This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran. “The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said. The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run. 27% unemploymentAluko knows plenty of other traders who found themselves in a similar position. “It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.” He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%. “Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said. Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange. “From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk. Bitcoin trading vs. speculationThen there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor. “Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had. “There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added. KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.” Risk of bitcoin and crypto scamsThe rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however. There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams. Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money. KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1. “Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said. Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful. https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria .... Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects. ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities. Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.  One of the problems of exchange rate in Africa is their fluctuating or depreciating currency. So, people look for places or platforms that will help to retain the stability of their money, and that is the innovation that trading platform had made possible to Africans to save their without fear of depletion of value. To add to it, there is a feature in most exchange called P2P which allow crypto trading activities to be made via a country local currency. This a contrbutory factor to the rise of opportunity in the crypto space in that part of the world. |
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Not only wealth creation, but also wealth destruction,  once he tweeted Tesla stocks were way too high in price and that led to plummet in prices of the stock well, popularity and fame can definitely influence people, that's why people love to have fame, because they have then this power over other people's mind and can manipulate it for good or bad Wow, it can be likened to money whose purpose is amoral, it could either be good or bad, it could only be determined by the holders. what do you think would happen if he harness and explore the power towards a positive usage? I feel, that he could possible amass an unimaginable wealth in a short time. |
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Personally i do not believe that Satoshi Nakamoto could be known. But, on a second thought what does the meaning of "I am moving on to other things" really means? To me that should mean that he is still alive and could actively be involved in one economic activity or the other, who knows f he might have changed his name. |
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Most other cryptos now have an official twitter account -- (for example @ethereum is the official twitter account of the ethereum foundation, and so forth for most coins). What is the twitter account that best represents Bitcoin?
I feel that bitcoin having an official account would create other problems and would affect one of its foundational philosophy, which is decentralization. So, bitcoin twitter handle would make bitcoin to be traceable to a person, the government may require such people to reveal who is Nakamoto Satoshi. I feel bitcoin should be seen as a community and all the account relating to it are support from community members. |
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Back in the early 1980's My part of the country was in a huge recession. Peoples selling their houses for 1$ and walking away .
A free buy and sell paper had ads offering people to sign up and trade services for services, or goods etc.
I traded a transmission out of an old car for an overhead garage heater.
I then traded the electrical system to run a grow op to a licensed plumber for his services to install it.
For the special chimney required I traded a electric sewing machine.
There was no crypto back then.
Well this trading started catching on ,there were lots of ads in that free ad's paper from people looking to trade for all kinds of things .
9 months went by, then the local government started having the media slam the traders for being tax evaders, unpatriotic ,and all the usual BS .
The next thing I knew the free ads paper ran a banner saying no more trade ads allowed.
That was the end of our public barter system .
Government crack down . I wonder what this year will be like for BTC with so much bad media ( government )
publicity .
The problem with the barter system are actually manner. it will be highlighted below; 1. problem of getting the person who needs what you want to exchange, and has what you need. 2. Problem of ending government revenue through such system. The first problem was solved via the invention of money, with money you could buy anything without having to exchange another thing for it. The second, the government needs funds to continue its operation and providing public services. so, banning such batter system would be a good option or looking for a way to tax such transition would be a better option.
At this point, I don't think the government will do anything drastically about Bitcoin. Not when institutions are rallying to buy it and billionaires are supporting it. You see... politicans do not rule the world. They are merely puppets. The billionaire Chamath Palihapitiya said it: "there are about 150 people who run the world – [they’re not politicians] anybody who wants to go into politics, they’re all f**king puppets.There are 150, and they’re all men, who run the world. They control most of the important assets and the money flows – they are not the tech entrepreneurs."
Yes, that is a fact. I believe that the government cannot ban or unfairly regulate what it is generating revenue from. But, i feel that a government would do anything to tackle a system that makes it impossible to generate funds, such as the barter trading. In fact, the problem with the batter system is higher than this... [moderator's note: consecutive posts merged] |
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I discovered that there are people whose comment or tweet could increase or decrease the price of Stock; one of them is Elon Musk. In two occasions, his tweets affected the price of some assets and entities. 1. During the early days of bitcoin bullrun, Elon Musk tweet about bitcoin, and the CEO of Micro Strategy responded. This contributed to the further rise of bitcoin. This also happened to Dodge coin. 2. During the WatsApp data piracy issue. Elon Said “use signal” . What happened was that the userbase of Signal increased exponentially. The question I want to ask and I would like us to discuss is this: Does popularity or fame has a positive correlation with wealth creation? Here are some of his tweets. https://twitter.com/elonmusk/status/1347165127036977153?s=20https://twitter.com/elonmusk/status/1340573003579617280?s=20What so you think? |
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Even as the price has dipped to $30k, i am still convinced that btc price will rise to a new ATH. the reason is because that institutional investors who have adopted btc as a financial asset will buy more of the undervalued btc. I read a thread and a news that Microstrategy bought millions of btc today. Don't you think other investors will follow?
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Yo, hyperinflation is imminent if the US kept on printing money and not paying debts, so bitcoin may not be affected, but countries who are dependent to America will be. And with this the world economy will be in shambles as USD is a major anchor of most currencies in the market. So you still would have tp worry.
I see printing of currency or fiat currency to be a very wrong strategy for an economy, being USD or any other currency. It will cause inflation, as the current inflation rate of US economy is very low, that makes the economy stable but with continous printing the value of $ will deplete and so will other countries economy be affected as the USD is their reserve currency. I feel the reserve bank board may need to reconsider this monetary intervention policy. |
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Back in 2018, every well known financial institutions were giving negative feedbacks about bitcoin as a longterm assets. Now, everything is changed as those institutions are accepting bitcoin, even making a price prediction a price of six digits . Just look into two of these news. How it was started: https://www.bloomberg.com/news/articles/2018-07-16/blackrock-s-fink-says-clients-have-zero-interest-in-cryptoNow, it's condition: https://www.coindesk.com/blackrock-give-two-funds-go-ahead-to-invest-in-bitcoin-futuresBut it isn't main thing. I wonder for all of those who are already more bearish as they expecting more correction into bitcoin's price. Even lastly bitcoin dumped and everyone be like, lets fall back to 25k or 20k zone. On the other hand, just look into microstrategy who already buy 314 bitcoins worth of $10.0 million at an average price of $31,808. So, correction is needed and i'm wondering that it's just the starting of fueling bitcoin to hit those price of six digits in reality for the long run or reversal is going to happen! let me know, what do you thing?
Earlier this week, i was interacting with a friend over the bearish run and the current correction caused by two factors which are one, the rumor of double spend flaw and two, the Bidden ascension to power. I was predicting that the only thing that could cause a bull run soon, is that institutional investors start buying btc, else bull run will happen in the next halving. Seeing Microstrategy investment might means that btc price will start increasing soon, as investors follow the trend.
Actually, IMO, I think new ATH is coming for bitcoin. It's been really holding great above $30,000 recently. Bitcoin's price history, as I understand it, tells that the current price range of bitcoin will go higher soon. Maybe $43,000?
Just my opinion.
If the last ATH was around $42,000, it showed that the next bull run will be higher than that, i think it would probably be $50,000 plus. i see Microstrategy founder will be one of the investors that will maximize the return, and i think the strategy of Microstrategy is to hold for the long run and not to cash out in the short run. [moderator's note: consecutive posts merged] |
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Wow, I see this casino or game to be very sophisticated, as it works like solving complex Mathematical problem of the btc mining process.
What I want to know is, what's the chance of one winning in this kind of complex game.?
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Now peoples in this crypto world are using these as real money because many are able to spend them for their daily uses and we have too many other wasy as well even its just happening in very few countries due to policies and many other factors but good thing adoption is going on with very good rate which mean in near future we will able to handle more communities and things for our use and this crypto could be in better shape for more use in near future.
~~~ so that the rich in this area slowly begin to come out of the shadows  There are actually people that are rich Wirth bitcoin, and probably other altcoins due to their earlier investment into them but they are scared to declare such assets. But, the narrative is gradually changing as Forbes recently published billionaires in crypto, that's already a sign of good things. |
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But this year who has gained more ? Is it average users or else institutions and traders who made most of it? I think it's trader's who bought at cheap and sold at high because institutions are yet to cashoutm what do you all think?
I have an opposing view that trader profit more from the btc bull run . here is my reason; traders are speculators, as such they speculate for price movement , once they see an opportunity to buy, and once they see an opportunity to sell, they sell in a very short time. I think that the group that should make the highest profit are those who have held btc for many years, they are the early adopters and early investors. |
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There are lot notions around the number one digital currency investment. Potential investors from Wall Street think that it might not be the best for them to invest in Bitcoin. Some people skepticism arise a result of record exchange hacks and also lot of scammers in various social media platform.
Financial expert advisor have different opinions about the bitcoin future despite the huge profit risk takers made during this year rally. What is your legit suggestion in investing into bitcoin base on the level of your exposure to the blockchain industry?
I have two points or suggestions, about the advice that investors should heed before investing in crypto. 1. Do it yourself. that means you should arm yourself with proper knowledge of the bitcoin or the project you want to invest in. one of the ways is to study the whitepaper. 2. Know the TIMING, it will help you to know when to get into the market and when to cash out. This applies to investment and trading, timing is key to success in this volatile industry. |
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Thanks for the podcast, t is a medium for everyone to learn, especially about mining. But, here is the point, the podcast is not just for those from Russia, knowledge of crypto is always useful to everyone. But, i wish we have other podcast from other countries that discuss crypto themes.
One of my favorite podcast is Business Wars, it is about how companies compete using innovation and marketing as tools.
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Yesterday, while surfing the social media that aggregate trends, Twitter, I ran into what was like a very exciting poll, the best I have seen this year.
The poll was created by International Monetary Fund (IMF) to monitor the two types of virtual currencies which are; the cryptocurrencies and the central bank digital currency.
The poll went thus;
1. Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2. Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?
Voting results show people like crypto better than fiat and I think it's because of the high potential growth of crypto. Use case of crypto as money is not properly visible right now. I see crypto in two ways; they are money and asset. 1.Crypto is Money in the sense that it is used for exchange, that is one of the features of money. 2. Crypto is an asset in the sense that it is a store of value; that means people buy bitcoin in order to increase in value, the same way you buy land for the purpose of appreciation.
Interesting. Won't be surprised if lots of those who voted for Crypto consider crypto real money because of its deflationary nature or how it increases in price Yes, you know that many people have actually made money and cash out from the bull run of bitcoin in recent times. so, people are voting for crypto more than CBDC due to the current trend probably but not as a result of knowledge of the mechanism of crypto to be superior to other forms of currencies.
The polls result in shows that people around the world seem not to trust the government and their centralization and since they are unable to manage fiat currency properly nothing guarantees that they will manage the Central Bank Digital Currency. Besides, the institutions shuffling into Bitcoin as their reserve fund have open the mind and eyes of a lot individual that didn't trust Bitcoin before.
This is one of the reasons, nakamoto Satoshi invented the bitcoin, to take the trust we gave to the state from it. The adoption of bitcoin and crypto by institutional investors is not just an indication, it is also a believe in blockchain and other technologies supporting cryptocurrencies. [moderator's note: consecutive posts merged] |
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1. Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
AFAIK, no country has 'offially' started using CBDC as of yet (correct me if I'm wrong), so you can't really state categorically how it's going to be used, mind you also that CBDC's will vary based on the country, so how each country decides to use their own might vary as well. But one thing is for sure, it's going to be centralized and controlled by the government, is it money? I think so, more of a digital fiat money. 2. Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
Yes of course, Bitcoin is definitely money cause quite a lot of people give it out in exchange for goods and services, though it can serve some other purposes like investment for instance; but that doesn't take away the fact that it's money, a currency without a third party manipulation, it's a form of money that comes with control and freedom for it's users, it's definitely money, but different from the generally accepted and manipulated fiat currencies. I think the first response is to show how people's reaction to digital currencies and their acceptance of crypto instead. However, the time is not ripe to make a definite claim on its acceptability level.
Do you mind sharing the link?
Did they also input the number of voters?
Because we can't just rely on that.
Most of the crypto users are using social media so this really doesn't answer for the whole population.
It might have a positive impact but not everyone is following the same trend.
Here is one of the link I could find on IMF handle. https://twitter.com/IMFNews/status/1350851537749348353?s=20 You can also go through the thread created by IMF to see other related polls. [moderator's note: consecutive posts merged] |
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I don't make this announcement lightly after the long consideration im sure myself but you have your own opinions! Here is the scenario wich will i think will come: the central banks will occupy (means regulating) the stable coins. The bitcoin role : digital gold the bitcoin is going to back the stable coins. After that there will be Bretton Wood system based on bitcoin as digital gold. Then again the bitcoin will be removed as the stable coins backer and then i guess.... The defi Defi is just alternative and better way for the current federal and central banks debt system That system will be existing for some time until there will again even better system. So If im really fool to think like that but this how i think The more experts then i am plz correct me If im wrong Thnx I recently read that the US is in no rush to create a CBDC (digital dollar) because it fears that it will harm the US dollar's status as the world's reserve currency. However, China is already testing the digital yuan. The process of transformation of the world monetary system has been launched. Ripple or Libra could be the United States equivalent of CBDC. However, their development slowed down. Only bitcoin or gold remains. Bitcoin has every chance of becoming the world's reserve currency. There are simply no other alternatives now. Here are what i have come to believe. The coroavirus has caused a very drastic shift to digitization of every system. here are what has been haapening. 1. Digitization of working 2. Digitization of learning 3. Digitization of dating and many more... So, i see that the world currencies would all be digitized in the nearest future, and bitcoin will be made the digital gold standard. |
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