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1  Bitcoin / Bitcoin Discussion / Re: Why hoard Bitcoin? on: August 14, 2021, 10:01:07 AM
What we know is that the supply of Bitcoin is at least fixed at right below 21 million and rather deflationary because of lost keys.

I think you have that back-to-front ...

With less bitcoin available, their price has to rise (remember, the old adage of supply and demand: the less there is of something, the more people want it)

Less bitcoin (in your example above lost keys) = More value overall.

That is a very simplified view of reality. If that was the case, why is any coin with less supply than Bitcoin not more valuable than Bitcoin? Because demand is a more complex term that what people sometimes make out of it. Anyway, assuming that Bitcoin has to rise simply in assumption based on the premise that demand will at least not drop. But who knows whether that is the case? What if Bitcoin fails at some point for whatever reason? Hack, founder turns out to be North Korean dictator and owns millions of BTC, whatever. That is why I said it can increase in value if.... It is often stated here as if there is no way around Bitcoin going to the moon. If that was the case and a guarantee so to say, we wouldn't be at $50k anymore. That expectation, or guarantee as it is often put, would have been priced in already, sending Bitcoin to the moon and beyond.
2  Bitcoin / Bitcoin Discussion / Re: Increasing acceptance level - Cryptocurrency on: August 12, 2021, 08:34:00 PM
No, that is not what they observe these days mostly. Imagine you find out about Bitcoin today and there is a restaurant accepting Bitcoin, have fun trying to pay for your 10 USD pepperoni pizza with Bitcoin... Cheesy 20 USD in fees, 10 USD the Pizza, 2 USD the tip, seems to me like a pretty expensive pizza that you also had to wait for 30 minutes because the one block confirmation took a little bit longer.
The idea is; Bitcoin won't always have expensive fees to pay for small transactions. Technology like Lightening, and Segwit try to tackle this problem, and there will likely be more, and more improvements in the future. Currently, I would probably agree that Bitcoin isn't suited for micro transactions, such as every day transactions, however that doesn't mean it'll always be the case. I also imagine that restaurants won't require block confirmations, because the likelihood of a double spend is relatively low, and there's probably just as much risk as someone paying with a fake bill (sometimes even without knowing themselves).

That's absolutely right what you are saying and I am sure once the technology is in place that real micro transactions can happen, I think Bitcoin might go to the moon once again. Way beyond where we are at now. Think about all those people from poorer countries who then might have a real solution to their micro transactions problems. All these people are not essentially excluded from using Bitcoin because it just doesn't make sense for them. This will need some time but once the tech gets rolled out we'll see a lot of enthusiasm arise from other places of the world as well.
3  Bitcoin / Bitcoin Discussion / Re: Reasons for newbies loss in bitcoin on: August 12, 2021, 08:31:22 PM
Very true. More newbies in Bitcoin are so disparate to invest without knowing what they are doing and the possible risks. They are thinking to become one day rich or quick rich mindset. But no. Yes sir, you are correct. Knowledge is important to stop crying if whales control the market or if the market dump.

Such mindsets broke many newcomers to this market, the volatile nature of bitcoin lead those uneducated investors to lose

there hard earned money, knowledge is very important for those with no idea of the business that they are working with, the chance

of being scam or being moved by whales is very possible to happen.

So you think that education is the holy grail against losses in the most volatile market of the entire world? I doubt that a lot and it is not only newbies who are losing money. There are also pros as you would probably call them. Bitcoin can't be treated like other investments as it is unregulated. There could be a hurricane of regulation tomorrow, when you wake up. It might have been dumped to oblivion while you are sleeping. It is not that simple as you put it. I would consider myself experienced and yet I made bad trades as well. In my opinion that is quite normal in such a volatile market, volatile in terms of price and in terms of news.
4  Bitcoin / Bitcoin Discussion / Re: Do you still have thoughts of picking Gold over Bitcoin, read this. on: August 12, 2021, 08:19:00 PM
I don't see a problem in picking up gold though. You need to understand one things first. Gold is not an investment! It is being used since ages for capital protection. Gold has other uses as well but let's just talk about its main use and that is capital protection. Also gold is extremely liquid which you can sell it at any point of time if you are in need of money. So there no way traditional people will choose bitcoin over gold. Because they prefer peace of mind.

In the other hand, bitcoin is for the aggressive investors who are willing to take risk in the market and also have a good amount of time in hand. That's why mostly millenials use bitcoin for investment. They can take risk and have longer period for investment.

So you see, not all investments are made for profit only! There are different goals for different types of investment. Let's just stop comparing cryptos with gold. It doesn't make sense!

But in terms of liquidation speed, availability, divisibility and mobility gold has zero chance to compete with Bitcoin. If you hold physical gold in your basement, you are by far inferiorly situated in terms of the aforementioned characteristics compared to holding Bitcoin. Now you could argue that nobody holds physical gold, but that is where the analogy of not your keys not your Bitcoin comes into play, and that would be not your physical gold not your gold.

The only comparison now between Gold and Bitcoin is how they are at different ends
of a spectrum. One is old school and has its decorative, technology and medical uses
and is antiquated in terms of investment, the other is a game changer in finance,
investment and technology.

In terms of individual personal aquisition they dont compare well, anyone can
own and hold Bitcoin, where do I buy $45,000 of Gold, How do I store it and where
can I spend it?


Not sure you understood me or just rephrased what I said, but what you said is just what I said! Wink

That's the problem, you can only purchase certificates or any other derivative, but holding physical gold, especially in larger amounts, is totally impractical. The only advantage gold has over Bitcoin is its use cases apart from being a store of value. But even there you could argue that Bitcoin has use cases that go way beyond what Gold could ever achieve. There are still hardcore Gold maximalists there days though who now feel afraid that an algorithmic currency is going to destroy their dream to become rich with precious metals.
5  Bitcoin / Bitcoin Discussion / Re: Do you still have thoughts of picking Gold over Bitcoin, read this. on: August 11, 2021, 12:22:50 PM
I don't see a problem in picking up gold though. You need to understand one things first. Gold is not an investment! It is being used since ages for capital protection. Gold has other uses as well but let's just talk about its main use and that is capital protection. Also gold is extremely liquid which you can sell it at any point of time if you are in need of money. So there no way traditional people will choose bitcoin over gold. Because they prefer peace of mind.

In the other hand, bitcoin is for the aggressive investors who are willing to take risk in the market and also have a good amount of time in hand. That's why mostly millenials use bitcoin for investment. They can take risk and have longer period for investment.

So you see, not all investments are made for profit only! There are different goals for different types of investment. Let's just stop comparing cryptos with gold. It doesn't make sense!

But in terms of liquidation speed, availability, divisibility and mobility gold has zero chance to compete with Bitcoin. If you hold physical gold in your basement, you are by far inferiorly situated in terms of the aforementioned characteristics compared to holding Bitcoin. Now you could argue that nobody holds physical gold, but that is where the analogy of not your keys not your Bitcoin comes into play, and that would be not your physical gold not your gold.
6  Bitcoin / Bitcoin Discussion / Re: Buy Low, Sell High on: August 11, 2021, 12:16:47 PM
It's already a proven thing that buying when the price is low is always much more profitable than buying at a high price. And this can't change in under any circumstances as long as the investor becomes patient and doesn't sell until the price goal is reached. For now, the dip was $29k and people who bought at that level must be quite happy now.

they are indeed happy and some who really aiming for long term investment still holds knowing that the price can move more and bring more profits.

Buying high and selling low that's how those lazy investors experienced, thinking that it's easy  to invest from this market
looking for quick profits, but instead they lose money due to panic and fear after seeing that the market crashes.

If you want to deal with this strategy, you need to have a strong will to follow your original set up. Keep in mind that you
invest because you wanted to earn, you need to wait till that thing happened to you.

So what if you have an original setup but out of a sudden all governments around the world start cracking down on Bitcoin? Everyone talks about a strategy and sticking to the strategy, but that is not how it works. What if you had a strategy to buy oil and hold it right before the pandemic? Maybe you should adjust your strategy because of the lockdown? The market is so uncertain and full of surprises that having a hard strategy isn't always the right way to go about it. You need to keep yourself informed and also reconsider decisions if necessary.
7  Bitcoin / Bitcoin Discussion / Re: Increasing acceptance level - Cryptocurrency on: August 11, 2021, 12:12:57 PM
I basically replied some other topic regarding the increase in acceptance level of cryptocurrency. It seems like many people are not understanding the fact that everyday, people get to know what Bitcoin is and understand that it functions beyond being a speculative asset; that it can serve as a payment method too. This is really an inspiring post. Not just to Bitcoin but to every crypto that strives to be used as a payment method.

No, that is not what they observe these days mostly. Imagine you find out about Bitcoin today and there is a restaurant accepting Bitcoin, have fun trying to pay for your 10 USD pepperoni pizza with Bitcoin... Cheesy 20 USD in fees, 10 USD the Pizza, 2 USD the tip, seems to me like a pretty expensive pizza that you also had to wait for 30 minutes because the one block confirmation took a little bit longer.
8  Bitcoin / Bitcoin Discussion / Re: Does the epidemic have a big impact on Bitcoin? on: August 11, 2021, 12:11:07 PM
I think the effects of the pandemic have had a major impact on the various business worlds, not only the crypto world, which had such an impact on the pandemic, such as several other businesses and even many large companies that also went bankrupt from the impact of the corona virus. ends and life will return to normal and run properly as it used to be

It has been proven that the pandemic has had a big impact because many companies have officially declared bankruptcy due to the pandemic, but this has brought a positive side to crypto because the crypto marketcap has increased dramatically since the pandemic, I'm sure investors are increasingly optimistic about the future of the pandemic.

Didn't everything increase in price world wide? I hardly know of any market that didn't increase except for gastronomy and those who are dependent on a frequent audience. Apart from that precious metals and many other assets have performed very well, including Bitcoin. It is not like Bitcoin was the only asset that got a boost during the pandemic. Not at all by the way, but rather a lot of money was invested all over the place.
9  Bitcoin / Bitcoin Discussion / Re: some people uneducate about Bitcoins on: August 11, 2021, 11:17:35 AM
Yes that's true, not even 5 years ago, around 3 years ago when bitcoin is really hype or starting to become well known in the society, many people are skeptical already with bitcoin. Most people are really uneducated with it, but it's not surprising because the concept of bitcoin is still new and not many people familiar with it. Even for my lectures, with their master degree said that bitcoin is a scam, we shouldn't get involved in bitcoin and such. Not to mention that i took major in finance field, so they should be aware of bitcoin, or at least try to do some research with it since it's related to their study field first before saying shit about bitcoin. I don't say all finance people are like that, but if some of them are like that, we can't blame ordinary people to be so uneducated with bitcoin. Moreover, bitcoin had quite a bad name already before, which is only a false perception of people, so it'll be even harder to educate and change their perception regarding bitcoin.

Seriously, think about all the people who have trouble to put a desktop computer together or use outlook properly. There are still a lot of those people, most of them being maybe 40 years and older or perhaps around 50 and older. If you confront them with Bitcoin and Sha256 and private and public key, they are just lost and even afraid to get into it. That's just how it goes and maybe one day we are in a position where we can't understand the newest big thing that is happening around us while we are still stuck in the Bitcoin stone age! Tongue
10  Bitcoin / Bitcoin Discussion / Re: Why hoard Bitcoin? on: August 11, 2021, 11:15:12 AM
The price of Bitcoin can increase. I know we on this forum here are sure that the price will increase, but if everyone thought that way Bitcoin wouldn't be at $45k today, but somewhere else, perhaps near a million or so. What we know is that the supply of Bitcoin is at least fixed at right below 21 million and rather deflationary because of lost keys. That is guaranteed. Fiat doesn't have that guarantee and hence hoarding fiat is an almost automatic gradual loss to your wealth.
11  Bitcoin / Bitcoin Discussion / Re: Why hoard Bitcoin? on: August 10, 2021, 01:44:24 PM
I think right now it makes more sense to store bitcoin and or other types of cryptocurrency for a number of reasons.  Right now bitcoin has become a hedge asset, something that most people realize is a breakthrough technology and are storing it but not using it as currency.  I think part of that reason is that using it as a currency right now is not as efficient as many other ways.  Now it does have some features that are great and better than traditional money, but other features are still a major work in progress.

Using Bitcoin also triggers more problems in many countries of the world. First and foremost taxes. Apart from that, anything that is deflationary and tends to gain in value is preferred to be hoarded by people, that is not surprising at all. Even if it was easier to use as a medium of exchange or currency, people would still tend to hoard it. That is the same for fiat currencies. When interest rates are high, overall investments go down as people prefer to put their money to stay idle in exchange for a guaranteed interest rate for a specified period of time. If we had very high interest rates, less money would probably go into Bitcoin. With low interest rates people really start to analyze markets for opportunities. Bitcoin is a real one.
12  Bitcoin / Bitcoin Discussion / Re: some people uneducate about Bitcoins on: August 10, 2021, 01:41:48 PM
In the past Bitcoin was known and used for illegal payments, because the transactions were anonymous so most people had negative beliefs about Crypto. Not only that, Blockchain is also a new technology that most people don't know about and they call it a scam. This is natural, because knowledge about bitcoin is uneven. Bitcoin is now famous for its price skyrocketing in the last 5 years and those who enter the Bitcoin market just want to get rich quick without any basis.

The word blockchain only made it into the limelight in global media and on the internet because Bitcoin's opponents were looking for a way to talk about the technology that they first denied to be innovative without having to mention the word Bitcoin. That also contributed to tons of misinformation to the public. They constantly emphasized all the negative use cases that Bitcoin could facilitate, but blockchain is the real deal. Huh??
13  Bitcoin / Bitcoin Discussion / Re: Does the epidemic have a big impact on Bitcoin? on: August 10, 2021, 01:38:43 PM
You are only telling half of the story. When all markets crashed around the world at the beginning of the pandemic, Bitcoin also crashed if I recall that correctly. Then against all expectations all markets around the world made record breaking profits on a daily basis up to the point where they broke ATHs despite the pandemic spreading further at full pace. That is when Bitcoin also went up again.
it's not how i think things happened, as i remember when things started going well for bitcoin and crypto in general during the pandemic, and other markets were going down maybe because investors were afraid that banks can get negatively affected by some political decisions which led them to a decentralized market which is crypto to invest in.

When the pandemic officially was called out and actually broke out, meaning infection numbers went through the roof, Bitcoin went from $9,000 to below $5,000. That to me is a real crash. All other markets did the same. Afterwards things started to slowly recover when helicopter money was promised and paid and much more. Along with all other markets, Bitcoin also increased. Bitcoin wasn't particularly different from any other markets and if you ask me that is typical for any asset unless it is stock in pharmaceutical companies. During a crisis like a pandemic you have other stuff to resolve than pushing up the BTC price.
14  Bitcoin / Bitcoin Discussion / Re: Increasing acceptance level - Cryptocurrency on: August 08, 2021, 11:31:09 PM
Below is a pic that's been taken on a ride. Everyone might be familiar with the Autorickshaw of India. In some part people term them as Autowala.The auto rickshaw is called with different names on different countries including auto, auto rickshaw, baby taxi tuk-tuk, 3wheel, bao-bao, tukxi. The operators are very common people who have their living out of the earning through this rental rides. They've started accepting cryptocurrency is something big and shows the increasing level of cryptocurrency acceptance.


India’s demand for cryptocurrencies is because of the need to reduce remittance fees, and high transaction costs have forced Indians to find other ways.Since the beginning of the coronavirus pandemic, the price of the Indian rupee has fallen by about 7%. Indians need a more stable currency to store value。As the advantages of cryptocurrency in payment and stability become more and more obvious, more countries will definitely adopt cryptocurrency for payment.

But isn't the current position of the Indian government towards cryptocurrencies very critical? Didn't the consider a full prohibition and intense penalties for those who violate the law and regulatory requirements? The last info I gathered about India rather sounded like a serious crackdown.
15  Bitcoin / Bitcoin Discussion / Re: Buy Low, Sell High on: August 08, 2021, 11:24:09 PM
Can't blame ourselves for not taking the opportunity, no one expected Bitcoin would go from $3800 to $16500 in just a few months anyway, just pure regret on not realizing that this would be coming, and now, the price is at $43000, that's quite insane, those who made the huge profit are the real winners here, also, it's just a matter of luck with the numbers and probably a close observation on the price, if I were even trying to make huge profits, I'd still think that the $3800 price would even go lower and try to buy some bitcoins lowe than that, but now all we can do now is pure regret, it is what it is, I guess.

That is because people look at the chart and also see that Bitcoin can go from $1500 to $100 in no time, just as an example. That is why it is true as you say it, nobody can predict it. Bitcoin has had many turn arounds in both directions with full force where sometimes people thought now the time has come it is going to die, or now the time has come it is going to a million. Tongue
16  Bitcoin / Bitcoin Discussion / Re: Does the epidemic have a big impact on Bitcoin? on: August 08, 2021, 11:22:13 PM
One thing I am sighting here with the pandemic is the cashless payment alternative of money, so people had the options to convert their fiat to digital currency. From the start of the lockdown most local fiat exchange didn't have a usual business activities, that's why we experienced huge impact when bitcoin abruptly increasing in demand.
Also with the trading, buy and sell activities increased so fast that's why we reached at an ATH of $60k this year.

It is indeed true that cashless transactions dramatically increased, also because all those grocery stores explicitly asked their customers to use their credit or debit cards for payments in order to avoid Covid 19 infections. However, it is of course not like cryptocurrencies received a boost in usage because of that. Most of the stores that demand credit and debit card transactions don't have the proper infrastructure anyway to receive digital currencies.
the main point is that during this pandemic people tend to use digital systems for payments, so that this virus does not spread easily. in this case it is related to health, but unfortunately crypto has not been able to participate in it, regarding legalization. and when this pandemic occurred, we actually saw phenomenal crypto developments, unfortunately crypto can only be traded not for payment instruments according to its first function

You are only telling half of the story. When all markets crashed around the world at the beginning of the pandemic, Bitcoin also crashed if I recall that correctly. Then against all expectations all markets around the world made record breaking profits on a daily basis up to the point where they broke ATHs despite the pandemic spreading further at full pace. That is when Bitcoin also went up again. Digital payments increased manyfold, but Bitcoin would never have played a statistically significant role in that as it is just too difficult to use on a daily basis for most of the people, mostly the elder ones who switched from cash to digital with their cards.
17  Bitcoin / Bitcoin Discussion / Re: Bitcoin is still the favorite choice on: August 08, 2021, 11:19:31 PM
Bitcoin is still first and favorite choice because its first currency and people interest is in bitcoin. Altcoin can give you more and high reward but bitcoin is still secure blockchain. Whenever we talk about cryptocurrency to accept as a payment fir daily use first currency is Btc.
Bitcoin is in great demand because of its limited number, many supporting investors, unique and also it is a very innovative alternative side by side with fiat currencies. We know that both fiat and cryptocurrency have their advantages.
Bitcoins are like gems in the world of fintech, bought for collection and storage. This is due to the ineffectiveness of Bitcoin being used for daily transactions.

The scarcity is the big pro that Bitcoin has compared to coins with endless emissions like Dogecoin or even Ethereum. If you look at it from that angle many coins don't have a limited number as they argue for economic reasons. That's fine though and in my humble opinion both camps can be true. Bitcoin is scarce and a store of value while other coins make more sense in for other use cases and therefore need continuous emission.
18  Bitcoin / Bitcoin Discussion / Re: Amazon Puts Down Bitcoin Use Rumor on: July 31, 2021, 01:45:17 PM
Definitely not about the Amazon stuff, stupid mainstream media for picking up on that.

It's still going up after they denied telling they'd be accepting BTC like it's going to hurt their business.

Probably binance limiting futures and withdrawal limit I guess are making users who aren't verified yet sending out their BTC before the date of implementation. Prices go up for the limited circulating supply, this is my assumption though. Still, there is no clear information for the reason for price to spike.

Yes, but as I said nothing to do with the Amazon news. This is totally something different and is an evidence for Bitcoin that the market has always changed direction when the time has come,,, not because of some big news. The news helps the direction but it does not determine it.

The underlying factor like circulating supply, usage factors,,, all of these are doing their time slowly.

It could be possible that the alleged Amazon news sparked some excitement, but the interesting fact is that even when Amazon denied the rumors to be true, Bitcoin kept its gains and even went up further. I think that is again a sign of strength and resilience. But what would happen if Amazon now confirmed Bitcoin as a means of payment, will it have an impact?
19  Bitcoin / Bitcoin Discussion / Re: Amazon Puts Down Bitcoin Use Rumor on: July 29, 2021, 11:59:29 PM
Don't you think that Amazon possesses a huge bag of Bitcoin already? Jeff Bezos could have easily said to his accountants even years ago to put a billion USD into Bitcoin. It wouldn't even have hurt them at all. I can't imagine that they literally own zero Bitcoin at this point. They could have bought 100,000 BTC like three years ago with what is pocket change for them.

If Amazon already had bitcoin, we'd already know by now. Since Amazon is a public company(and a company with A LOT of investors), they're required to be fully transparent on what they're doing with the company's finances.

Although I am aware of the fact that they have to fulfill reporting requirements, aren't there any conceivable ways around this? What if they found an SPOV or anything like that for the specific purpose of buying cryptocurrencies. Would there be no way for them to somehow disguise cryptocurrency related activities accounting-wise? If they invest in R&D, they also don't have to explicitly name what they are doing of course or otherwise they might have to give away important strategic details. From that angle, could there be a way to hget crypto without the public noticing?
20  Bitcoin / Bitcoin Discussion / Re: Bitcoin is still the favorite choice on: July 29, 2021, 11:56:53 PM
Of course mate mate Bitcoin always the favourite choice for classes of people, some countries governments already declared Bitcoin as their legal currency, a few days ago Amazon declared Bitcoin as their payment system. But unfortunately my country never support Bitcoin.

No you aren't real very well up to date. Wink The Amazon rumors turned out to be a fake and Amazon explicitly explained in public that there are no plans to accept Bitcoin on their platform in 2021, as was stated in the article. We should also keep in mind that the countries that declared Bitcoin legal tender are really really small countries. It is good to see that happening, but it is not that much of a deal yet. Though better than nothing definitely!
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