|
No one has derived any method for that, and no one has ever tried to seriously do it, at least to my knowledge. There are some very naive models, like thinking that Bitcoin's marketcap should be equal to the sum of all wealth, or all fiat currencies, but it's obviously useless.
It's just impossible to put a price tag on the properties that Bitcoin provides - being your own bank, censorship resistance, etc.
And currently Bitcoin is still in speculation phase where a lot of users just buy it to sell later, and this is the main drive behind supply and demand rather than Bitcoin's fundamentals.
|
|
|
|
I also saw Elon in a tweet saying or calling fiat a Ponzi scheme. People suffer to get fiat and lose it on high food prices and products. In a Ponzi, everyone end up losing money, same with fiat. A good number of people around me complain of not being able to purchase product with a fair sum of money they feel is big.
Elon Musk brainfarts a lot of stupid things. Fiat currency system has no characteristics of a Ponzi scheme. Early holders of fiat don't benefit from being early, in fact they lost the most. Someone who decided to put $1M into cash 50 years ago is a lot more today than if they put it into real estate or gold or nearly any other asset. The previous generations didn't benefit from fiat, they benefited from technological progress, post-WW2 rebuilding, urbanization and other things. Nowadays the living space is becoming more saturated, maybe even hitting its limits, and the previous economic growth rates of the boom period can't be repeated. |
|
|
|
All we need to do is answer the following question: can Bitcoin be used for a concrete, practical purpose besides being traded? And here the answer is resolutely - no.
First, yes - Bitcoin sometimes is used for payments. Not often, but still far from never. Second - gold is no longer used for payments, but it's still money - it's something that has value, has liquidity, retains its value, and is actually used as a store of value. Bitcoin shares these properties with gold. Bitcoin could be overpriced because too many investors only buy it to sell later for a profit, but it's still very far from worthless - if Bitcoin's price was constant, it would still be owned by a lot of people who need its properties. |
|
|
|
I would have not expected Steam to stop supporting the Argentina Peso, to be honest.
Argentina is obviously one of the most important markets in Latinmerica for steam, obviously, people from that country will try to find new methods to continue to buy there through the use of USA dollars, like we do here in Venezuela, our currency is not supported either.
Also, perhaps not many of you know this, but many people from around the continent take advantage of the prices in Argentina to buy games cheaper both in the Steam shop and also in the Nintendo shop. Companies are aware of the economical crisis in Argentina, so they other their games way cheaper, so what people do is to try to change their accounts settings so the company believe the user is from Argentina allowing them to buy 60$ games for 30$.
That situation is detrimental to both developers and the store, equally.
Well it's not like Steam is leaving the region - the players will have to pay with USD, or their local currency will get automatically converted to USD with their banks fees, and the prices will still have regional pricing but in USD. But the costs will definitely rise for the players, unfortunately, partially because there will no be inflation effect, and partially because the store will raise the prices. |
|
|
|
This has already been discussed. It's not easy to takeover Bitcoin, because Bitcoin is not only the network and miners but the users too. Without having the majority of everyone onboard - miners, exchanges, businesses, developers, community, holders and so on - this would be nothing but a costly and failed attempt of takeover. Something like what happened with SegWit2x. And I don't think that Blackrock put that clause with intention of artificially fulfilling it, it's just a contingency for an edge case.
|
|
|
|
PC Gamer: Valve is dropping local currency support for Turkey and Argentina amid 'exchange rate volatility,' moving to 'regionalized USD pricing' for 25 countries"Exchange rate volatility in Argentina and Turkey in recent years has made it hard for game developers to choose appropriate prices for their games and keep them current," Valve explained. "We have heard this loud and clear in our developer meet ups and round table chats. In addition, we have had a hard time keeping Steam payment methods up and running in these countries/territories due to the constant foreign exchange fluctuations, fees, taxes, and logistical issues.
"Pricing games in USD for Steam customers in Argentina and Turkey will help us provide greater stability and consistency for players and partners, while also enabling us to continue to offer a variety of payment methods to Steam users in those countries/territories."
"Volatility" in this case appears to be a polite way of saying that the currencies in question have all but collapsed.
The switch to US currency in Argentina and Turkey will see them included in a new "regionalized USD pricing" bloc that includes 25 countries across two regions, Latin America and Middle East/North Africa. The other countries included in the new pricing regions did not previously have local currency support.
In the past Steam dropped the option of paying with BTC via BitPay because of customer complaints over high fees, delayed transactions and problems with the processor, and Steam never had intention of accepting Bitcoin directly. Now we see that fiat currencies are not immune from getting dumped by global corportations either. Perhaps when Bitcoin will become stable and LN will be ready for mainstream use, Bitcoin will take its place among the strongest global currencies. But for now the similar argument of price volatility can be used to reject Bitcoin from being adopted by a lot of merchants.
|
|
|
|
Third, merchants believe that not adopting bitcoin or crypto, will affect a business growth in future. Since the younger generation dominates the market in huge numbers. Looking at the evolution, the younger generations would become older generations. Then their offspring will also have to use bitcoin, because their parents does. It will skyrocket the adoption of bitcoin amongst users, thereby affecting business that failed to learn or integrate bitcoin in their businesses.
Adopting Bitcoin today and suffering the costs while it's unprofitable to do so just for the hope that the future generation in 10-15 years will pickup Bitcoin is not worth it. If it indeed will happen, why not adopt it then? It's not like adopting Bitcoin payments today is cheap but will get expensive in the future. It's actually more likely to be the opposite. |
|
|
|
|
In 2020 the lowest low of a bear market happened just months before the halvening, which was highly unusual, because the price should be expected to grow at that point. This happened because of the panic from governments announcing lockdowns due to covid, and the crash was very short-lived and Bitcoin quickly returned to its expected trajectory.
So, if there won't be any black swan events, there will be no reason for Bitcoin price to go down too much, because we're supposed to be leaving the bear market at this stage.
|
|
|
|
However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".
Bitcoin itself has serious problems - lack of scalability, huge price volatility, complexity of "being your own bank". Banks have problems, but most people are satisfied with them, because those problems arise rarely and often just get solved. This explains why people aren't abandoning banks for Bitcoin like bitcoiners had hoped since the early days; |
|
|
|
|
I too think there's no reason to be too disappointed if the ETF gets rejected, it's not like bullish cycles are tied to ETF - they are tied to the halvenings and the SEC has no rule over them. Maybe successful ETF application could boost the bullish sentiment and result in a more explosive bull run with higher highs, but even without it the price is projected to grow.
|
|
|
|
This is far from the first time, influential people have praised Bitcoin in the past, often when they were somehow related to dealing with it, like if they company started offering Bitcoin operations or something. I personally think that Bitcoin is a store of value but not a safe haven. You can't really call it safe if it can drop by 10-20% in price within a few hours. A safe haven is something that nearly guarantees preservation of value, that the value at least won't go down. |
|
|
|
|
If an attacker gets all the words, it will be trivial for them to write a script that will translate them all to each of the possible languages and brute force the original seed. So this all is just an illusion of safety, and it only raises the complexity of managing the backup. You might even lock yourself out of your coins and then have to contact someone who can write a code for deciphering your backups.
|
|
|
|
|
People are right to refuse to invest in something that they don't understand, if they didn't they would indeed get robbed by all sorts of scammers. So it's natural that they don't invest in Bitcoin, because Bitcoin is so difficult to understand and it's normal to have doubts. And it's not like not buying Bitcoin is an objectively stupid decision - don't forget that it's still a highly risky investment.
|
|
|
|
This sounds crazy.
What is so crazy about it? It's a very low bar to exceed, a global decentralized currency system should be worth more than an electric car manufacturer, because there will be many electric car companies, but only one cryptocurrency can dominate the market. Plus Bitcoin already had marketcap over 1 trillion during the previous bull market, so we're not even seeing any record-breaking here. |
|
|
|
as for SBF the trial against him is still in the middle(nearing end) no judgement can be made until the end and no sentencing hearing can be made until judgement. its a case of being patient and letting the trial play out
He'll most likely get a slap on the wrist compared to what he deserves. At worst for him he'll serve a few years in prison. Or maybe there won't be any jail time at all. Every adult person should know that the law does not apply in its full force to the rich and the influential. It's the poor who can be imprisoned for years for stealing $100, but the rich always deserve a second chance and deserve pity because of their circumstances lol. |
|
|
|
Many are still bearish and think it will go back but let me tell you, it's not going to stop anytime soon. I hope this HODL journey will be awesome for all of us.
There's always pullback after these long vertical candles, but the bearish trend is most likely over. Maybe the market will still be going sideways until the halvening, but I certainly don't see any way it can go on a long downtrend again. I wouldn't even be surprised if it would turn quite bullish now, because everyone has high hopes for the halvening and its better to invest early for max profit. |
|
|
|
Next year will hopefully be the start of the bull run and it will be first for me so just wondering if anyone has any advice/tips on how avoid the temptation and not sell too early?
What is "too early"? It's unrealistic to expect that you'll be able to sell exactly at the top, because the top exists only for a few hours and it could be that you'll miss this opportunity because you're unable to trade at that moment, or because the price crashed while you were deciding. It's reasonable to expect that the price will break past the previous ATH, and after that the bull market will last for some time. The longer you delay selling, the bigger price you'll get, but keep in mind that the bull market ends with a very fast crash. In the past market, you could sell for $50k while it was going up, or for $50k while it was going down. But selling for $69k was quite unrealistic. |
|
|
|
The laws that bitcoin represents so marvelously, thus the design that is the fundament of its existence, transcends the conditions of time, so that any events related to it now depend on bitcoin and not the other way around.
Bitcoin hasn't been around long enough to prove that it can withstand any pressure, that it won't collapse due to deep flaws in design, etc. Maybe when it will be 50 or 100 years old, we can begin admiring its properties, but for now it's still quite young and experimental software. |
|
|
|
If you are using Bitcoin the way the cypherpunks envisioned decentralized money, then Bitcoin fulfills its goal of being decentralized money. Well yes, but that is missing the point. This bill will not affected me directly since I have never and will never use any KYC platform. But it will absolutely force more service providers down the KYC route, it will massively increase the barriers for new small businesses and service providers to start accepting bitcoin, it will turn many people off of bitcoin altogether, and it will create a two tiered system between "government approved bitcoin" and "free bitcoin". All of this is terrible for bitcoin on the whole. Bitcoin was clearly created with the assumption that the government will try to do something like that. Bitcoin community got too relaxed, too reliant on the centralized ecosystem. So yes, it will greatly shake the current ecosystem and community, it will be ugly, but ultimately Bitcoin will survive, and hopefully the ecosystem will become more decentralized and resilient to such moves by the government. |
|
|
|
it would make me richer in FIAT terms, but I will be in the exact same position BTC-wise.
1 Bitcoin = 1 Bitcoin
I used to get 0.005 BTC from a faucet, but for some reason today's faucets today only give a few sats. Maybe that's because 0.005 BTC is not 0.005 BTC? Or with that logic, $1 USD = $1 USD and the inflation doesn't really matter. It's foolish to deny that Bitcoin changes its value with time. |
|
|
|
|
Show Posts
