The current news is that it's the exchange OKX which has been making thousands of transactions today to consolidate their utxo's. Obviously someone is going wrong since there is no reason for them to be doing this with such high fees, they are blowing hundreds of thousands of dollars worth of bitcoin doing it this way.

I don't know if it has been confirmed that they are consolidating utxo's, but given the absurd fees it seems suspicious. Makes me think someone hacked OKX and are bleeding them dry, as in that case it would make sense for the attacker to just be trying to do this as quickly as possible regardless of fees, but that's just me guessing at what would make the absurd fees make sense.

You must be new to Bitcoin. No, this is the base of the bull run, which is generally expected to take place over the next 12 months or so. It's the start, not the end.

Impossible to say. Best just to avoid altcoins in general. Not sure why you only have alts and no bitcoin. Guessing you jumped into the market without really knowing what you were doing.

There's no way to know when your specific altcoins will go up or down. They could peak well before bitcoin peaks, Altcoins are fads so there is no way to know if the specific altcoins you have will be the "in" fad at the time when bitcoin is peaking, or if they'll peak well before that, or even not peak until after the bear market starts.

Only best advice anyone can give you is to get out of alts and get into Bitcoin and hold Bitcoin long term. It's entirely up to you to decide when you get out of that cr*p and move into Bitcoin.

Also know way to know where Bitcoin bottoms next bear market. I think it'll probably bottom in the $60,000s, but maybe it'll go all the way down to $40,000s or $50,000s, maybe it won't drop below $80k. Nobody can tell you.

If people are telling you to convert right now to Bitcoin, they are simply advising the safest thing, because the sooner you are out of alts and into Bitcoin the safer your money is. If you don't sell until late in the bull market then yeah it will probably turn out better for you to wait for a crash after the bull market ends, but nobody can tell you when or at what price to buy back. Nobody can tell you when the best time to sell your alts or to buy back into bitcoin is. But when talking about moving from risky short term fads to the best currency humanity has ever had (which also happens to be the most successful public investment in human history), the sooner the better is a decent strategy.

The bull run hasn't even started.

Price still sitting right around previous cycle ATH. The early pump past the old ATH was entirely from the ETFs buying and hype surrounding that. You'll know the bull run has started once the price starts flying up higher from this range, making current prices seems very low. And yes people will turn into sellers eventually if price gets out of control like it always does during bull markets. It is generally expected the bull run will peak middle-to-late next year and then we'll have another bear market.

Nope of course it isn't turning away. But using it to buy things only happens when the network is huge, because merchants need enough people to have it and want to buy things with it to bother adopting it for payments. And the thing that Satoshi coded in to make people want to have it is, in addition to its fundamentals as digital currency, its scarcity. Investment is the first use case, then as growth slows down it just becomes the best way to save money, no longer really an "investment", just a savings account. Only at that point, once lots of people own it, does it make sense for merchants to adopt it. Paying for stuff is the final stage of its growth.

Remember this is something that is organically growing from one person to global usage. The only way for it to grow is gradually phase to phase with transactional currency being the final stage. Once it seems like it is meeting its purpose, that means it has already achieved mass adoption.

lol OP why would you care that he sold stock. He sold stock. Not bitcoin. Stock. Not bitcoin. Say it again lol. Him selling stock has nothing to do with him selling bitcoin. He could have sold bitcoin. But he didn't. He sold stock, not bitcoin. He has never said anything about not selling any of his stock. So what exactly are you complaining about? He has these two different assets, one he said he won't sell, and he didn't. The other one he sold.

Nobody cares what he is gonna use that money for. It's his money. And since he got it from selling stocks, not bitcoin, it has nothing whatsoever to do with his statements about not selling bitcoin. Whether he wants to use it to buy a yacht or buy bitcoin or buy nasdaq or buy an island or spend it all on hookers and blow, it's his money and he'll use it however he wants.

I think the main two technological reasons to not increase block size are storage space, as you mentioned, and propagation time through the network.

If it were only storage space of nodes alone, the blocksize could gradually increase over time as storage gets cheaper, still keeping nodes super cheap to set up.

But I believe the main reason is propagation time, and someone correct me if I'm wrong. The more data in blocks the longer it takes to send data over the internet and propagate across the bitcoin network, including the time it takes nodes to process the blocks to make sure they are valid. This congestion would cause a lot more orphaned blocks and slow down the network. Also a theoretical entity trying to do a 51% attack could mine a bunch of blocks by itself without sending it out over the network, using the network's long propagation times and often-orphaned blocks to have a better chance to get ahead of the chain and then send out their mined blocks to actually do a 51% attack.

Scalability issues:

Lightning Network (and possible other future L2 solutions)



Price volatility:

Not a disadvantage, simply part of the process of price discovery of an asset in its adoption phase.



Environmental concerns:

These concerns are from people who don't understand how mining works. The end result of mining is strengthening society's electrical production and specifically helping renewable energy by operating with excess energy at power plants or stranded renewables. Sure some energy use will continue to come from fossil fuels for as long as society uses fossil fuels, but that's no different than literally anything else in the world that uses electricity.

More like normal person vs corrupt lying traitorous convinced felon

OP, so you are solo mining with essentially no hope of ever getting any bitcoin out of it. Yeah I'm not surprised your partner is questioning why you are doing this. You spent money on a machine and spend money on electricity for essentially no reason. That money would have been infinitely better spent just buying bitcoin. I can't fathom why you are wasting your money on this. Your partner is right.

There would be no reason to back US dollars with Bitcoin because Bitcoin is already a digital currency. So people would just use Bitcoin instead of bitcoin-backed dollars. The reason Gold backed paper money is because Gold is extremely inefficient to use and paper money is much easier to use. But Bitcoin is already digital so there is no efficiency gain from using some other currency backed by Bitcoin, you'd just use Bitcoin. So you get no benefit with bitcoin-backed dollars over just using bitcoin itself, but you get the downside of what if the govt isn't truthful about the dollars actually being backed 100% by bitcoin.

So basically no this would never happen. The question should be, will Bitcoin ever actually REPLACE fiat (ie USD). And the answer to that is likely only if nations actually collapse and new nations are formed with Bitcoin from the start. Because I don't see any govt that controls their own currency abandoning that power to completely switch to Bitcoin. The only exception is probably countries that don't have their own currency or small countries whose own currency isn't used at all outside their nation and so it would make more sense to adopt a global currency (Bitcoin) that would kind of connect them with a larger part of the world.

I already read it again, and then pointed out it was bizarre.

Your title is about bitcoin being backed by the dollar. And you said you think about that twice a week. And then you ignored the title and switched entirely to making up a bunch of stuff about Satoshi like he's a math genius and he made bitcoin for geniuses to be rich lol. You mention him solving equations thought to be impossible lol. You start mentioning IQs lol. So, just a bunch of stuff you made up about him.

So, again, I say:

Your actual post had nothing to do with your title, and your post was just a bunch of made up nonsense about Satoshi. A mod should delete this thread.

If you buy bitcoin and hold for 4+ years, and you hold your bitcoin yourself in a safe way, there's basically no way to "fail". All of the fail stories about Bitcoin are from people keeping their bitcoin on exchanges when the exchange gets hacked, or lending their bitcoin through some third party, or only holding for a short amount of time and panic selling, or falling for some scam, or just the early days when it wasn't worth anything so people threw away or lost the keys. If you hold for 4+ years and store it properly in your own cold wallets (safe, secure, encrypted, with redundancy), it would be extremely extremely unlikely to "fail" with bitcoin.

America collapsing would not be good for bitcoin or the world.

Yes America has obviously been starting its fall the past couple decades. America was quickly hemorrhaging under Trump's four years, Biden coming in restored political credibility and stability for America, but he can't do anything to stop the monetary/debt problems and he can't do anything to stop the culture problems driven by republicans/conservatives.

Trump on the other hand greatly speeds up the fall. In Trump's four disastrous years as president I'd say America probably moved a generation closer to the fall. A second term would likely be even more disastrous for America than the first term was. The moment Trump won the 2016 election it became crystal clear there would be no turnaround for America, and by the time he left office in disgrace America's path on this fall had advanced significantly. Since Biden came in we've been back to a stable decline, rather than the rapid descent we got form 2017 through 2020.

A rapid catastrophic demise is unlikely....unless we give another four years to someone like Trump. He happily bankrupts the nation in every way imaginable if he thinks it will enrich himself. I'm not saying the nation would completely collapse during another Trump term, but it would again bring us A LOT closer to collapse. It's like putting a s**tcoiner in total control of bitcoin. Trump wants to hard fork America into a third world despotic country, and all his cult members are eager for that too.

As you said, a slowwww decline will allow the world to decouple from the US. But Trump ensures the decline will not be slow. It was a slow decline until Trump spent four years drastically speeding it up. Even without him being president the negative cultural impact of turning millions of Americans into cult members whose only goal is to make sure one political party has zero accountability for anything and specifically rejoices in corruption, while they want the other party to be destroyed so America turns into a single party state like Russia or North Korea, where political oppression is the norm, this lasting cultural impact by itself, even with a stable Democrat-led govt, continues to speed up America's decline.

Your actual post had nothing to do with your title, and your post was just a bunch of made up nonsense about Satoshi. A mod should delete this thread.

It was actually during Trump's failed presidency when US citizens could no longer access any exchange they wanted. 2017 to 2019 was when we started getting barred from most exchanges. And we might actually see crypto friendly regulations pass before the election under Biden. House already passed the bill with bipartisan support. If Biden gets that passed that pretty much cuts off anything Trump claims he was gonna do.

And god I hope people are not dumb enough to vote for a president based on crypto related promises lol. A lot more important interests out there. People should want a president who protects the country, upholds American values, isn't a convicted criminal, isn't corrupt, etc. And Trump is definitely not the one. I really wish Biden wasn't running again, Democrats could have such better options, but god he better win for the sake of this nation. I'd much rather have four years of possibly slower political progress on Bitcoin, but a functioning nation, than maaaaaybe have a little bit more political progress on Bitcoin but a fully corrupt govt and a nation on fire spiraling downwards again.

I think the anarchist bitcoiners are hoping Trump becomes president because in their opinion if America falls that means Bitcoin will rise as the replacement for the US dollar. And Trump is the best chance to topple America since the Cold War, and Trump is probably 100x more likely to topple America than the Soviets ever had a shot at.

So in their mind you bring in Trump, he ends America's role as the dominant country in the world, the dollar loses its special place in the world as America collapses, and then Bitcoin ascends. Of course they don't realize that it is way too early in Bitcoin's adoption for that to work, so if America crumbles under another Trump presidency all it would do is crash the price of Bitcoin as the American economy fails.

Exactly. Convicted felon Trump, who will no doubt be found guilty of many other crimes if he doesn't win the election and use his power to corruptly put a halt to those trials, doesn't care one bit about Bitcoin. He probably knows as much about Bitcoin as he does about running the country, which we spent four years seeing is absolutely nothing.

Also to base a vote for president on something as small as crypto is beyond silly. The Biden admin is already getting more friendly with the industry in response to Trump getting friendly with the industry because both sides realize there is no political upside to being against it, and at least a small political upside to being pro-Bitcoin/crypto. There are a thousand far worse things Trump will do to this nation and to the world than Biden has ever done to crypto.

Anyone voting for a pathalogical lair, convicted felon, failed one-term twice impeached corrupt president, who has multiple other criminal trials coming up, and who has proven time and time again he has zero interest in anything other than increasing his own power and wealth, and attacked our democracy, tried to steal an election, incited an insurrection against the government and stopped the peaceful transfer of power for the first time in the nation's history, and who acts like a spoiled like 5 year old idiot every single time he says or does anything....anyone voting for that criminal loser because he said he'll support crypto, well, to be nice let's just say they are not a smart person.

lol you meant 2003, not 2023. National debt tripled over the past 20 years, not in one year lol

But that graphic is pretty amazing. Simple graphics like that are probably the best education to make people start getting interested in learning about Bitcoin and stop thinking its some sort of scam.

It's not just in the future. At least here in the US the rules for paying taxes on cryptocurrency trades/sells has been clear for like 7 years. Anyone who hasn't been doing this is a tax cheat criminal and is at risk of having the IRS F up their life.


to answer your question: anyone who sells or spends cryptocurrency that is in profit must pay taxes on that profit.