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AlexGR
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... next we wait to see what happens now that bitcoin's monetary inflation rate is less than gold ... and every other money on the planet. I think we just reached parity levels with gold inflation. Next halving would be half of gold. Gold is around 3.5k tons per year / 199k supply (197.5 end of year 2019) = 1.76%. Btc is 328.5k per year / 18.37mn supply = 1.78% Total above ground gold holdings is not a well-known figure. Some of the Central Bank gold is bogus paper backed by "Deep Storage Gold" receipts, which could be as tenuous as forward sales from miners of gold reserves still in the ground. Private gold stashes are routinely under-reported (or simple lies) to avoid taxes and other unwanted criminal attention. Huge stashes have been lost (and found), 'disappeared' and 'reappeared' in wars, pirate raids etc over the centuries. The agreed upon figure in economics, markets, monetary studies literature going back decades is gold's inflation rate over long terms is very stable around 2.25-2.5% Yeah I know how it goes. I just used "official" estimates from https://www.gold.org/goldhub/data/above-ground-stocksHowever there is a huge red warning sign in the bold part: Total above-ground stocks (end-2019): 197,576 tonnes Jewellery: 92,947 tonnes, 47.0% Private investment: 42,619 tonnes, 21.6% Official Holdings: 33,919 tonnes, 17.2% Other: 28,090 tonnes, 14.2% Below ground reserves: 54,000 tonnesYet to be mined gold is in the millions of tonnes not just 54k (or ~15 years)... and it will become easier to mine it once AI programmed robotics are sent to mine it in places that humans can not operate efficiently. Whether it's underwater, deep in the earth, near volcanoes, or in freezing and hot places. And that's only the mechanics of extracting it. AI will also assist heavily in detecting patterns of where gold actually is. These two reasons can lead to a very large supply boom in like 10-20 years.
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bkbirge
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May 12, 2020, 04:05:45 AM |
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had occasion to re-set up a node, first time I have looked at bitcoin-qt in a while
it is just soooo bad, laggy, doesn't tell you what it is doing, still no option to go in and change your data directory if you lapse and click through that ONE chance at first run
I really can't believe it is still like this. It really does not inspire confidence. It is horrible.
We aren't getting any mass adoption if we can't even write a decent GUI for it...ffs...
Not sure the average person would ever have a need to set up a node. I mean I don't need to know detailed intra-bank lending regulations to have a consumer checking account. But I hear ya, the user facing tools generally suck balls, some devs are going to make bank in turning the space more user friendly.
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JayJuanGee
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Activity: 3822
Merit: 10788
Self-Custody is a right. Say no to"Non-custodial"
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May 12, 2020, 04:23:01 AM |
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I dunno guys I'm losing faith
had occasion to re-set up a node, first time I have looked at bitcoin-qt in a while
it is just soooo bad, laggy, doesn't tell you what it is doing, still no option to go in and change your data directory if you lapse and click through that ONE chance at first run
I really can't believe it is still like this. It really does not inspire confidence. It is horrible.
We aren't getting any mass adoption if we can't even write a decent GUI for it...ffs...
Oh my. Are you in a bad mood today? We have had such a great and largely uneventful halvening day. You are not going to start shilling shitcoins, next. Are you?
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bitebits
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Flippin' burgers since 1163.
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May 12, 2020, 04:33:10 AM Last edit: May 12, 2020, 06:23:55 PM by bitebits Merited by JayJuanGee (1), AlcoHoDL (1), 600watt (1) |
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... next we wait to see what happens now that bitcoin's monetary inflation rate is less than gold ... and every other money on the planet. I think we just reached parity levels with gold inflation. Next halving would be half of gold. Gold is around 3.5k tons per year / 199k supply (197.5 end of year 2019) = 1.76%. Btc is 328.5k per year / 18.37mn supply = 1.78% Total above ground gold holdings is not a well-known figure. Some of the Central Bank gold is bogus paper backed by "Deep Storage Gold" receipts, which could be as tenuous as forward sales from miners of gold reserves still in the ground. Private gold stashes are routinely under-reported (or simple lies) to avoid taxes and other unwanted criminal attention. Huge stashes have been lost (and found), 'disappeared' and 'reappeared' in wars, pirate raids etc over the centuries. The agreed upon figure in economics, markets, monetary studies literature going back decades is gold's inflation rate over long terms is very stable around 2.25-2.5% There are currently about 18,375 million bitcoins in circulation. Think I read about four million bitcoins are considered lost, including the estimated one million bitcoins owned by Satoshi that never moved. That means that there is a real stock of 14,375 million bitcoins. And with a block reward of now 6.25 bitcoins, there are 328,500 new bitcoins mined per year. This puts the inflation of Bitcoin for the next 365 days at around 2.28%. It took gold thousands of years to get to its current inflation rate, it took Bitcoin only 11 years to match. That is just an incredible fact, and we all know with mathematical certainty what happens in the next four years / 210,000 blocks.
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Icygreen
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May 12, 2020, 04:44:09 AM |
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I dunno guys I'm losing faith
We aren't getting any mass adoption if we can't even write a decent GUI for it...ffs...
Patience, the market is working hard to figure it out. Making Bitcoin Easy For The Masses with FIO & EDGE | BnkToTheFuture https://www.youtube.com/watch?v=xK0oXT3mBdk
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jojo69
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diamond-handed zealot
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May 12, 2020, 04:47:02 AM |
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it's been, like, 8 years like this, same goddamned clunky-ass opaque interface
Armory is pretty fucking secure, slow ass release cycle, they at least manage to give you a configuration tab where you can...oh I dunno...CHOOSE A NON DEFAULT LOCATION FOR THE FUCKING 280GB YOU HAVE TO STORE?!?!?
I'm over it
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LUCKMCFLY
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Leading Crypto Sports Betting & Casino Platform
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May 12, 2020, 04:48:42 AM Merited by JayJuanGee (1) |
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jojo69
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diamond-handed zealot
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May 12, 2020, 04:54:21 AM |
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yeah sorry
I am in a mood
fucking computers man, I'm not sure I trust them with money
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gwaur
Member
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May 12, 2020, 05:01:31 AM |
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it's been, like, 8 years like this, same goddamned clunky-ass opaque interface
Armory is pretty fucking secure, slow ass release cycle, they at least manage to give you a configuration tab where you can...oh I dunno...CHOOSE A NON DEFAULT LOCATION FOR THE FUCKING 280GB YOU HAVE TO STORE?!?!?
I'm over it
i don't think core is aimed at your average retail user. everybody else can just use -datadir as an argument or in a config file.
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jojo69
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diamond-handed zealot
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May 12, 2020, 05:06:08 AM |
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everybody else can just use -datadir as an argument or in a config file.
yeah, that would be great, except at least in this Debian build I got here attempting to open the config file results in the console that qt is running under shitting all over itself ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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marcus_of_augustus
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Merit: 2349
Eadem mutata resurgo
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May 12, 2020, 05:13:35 AM |
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everybody else can just use -datadir as an argument or in a config file.
yeah, that would be great, except at least in this Debian build I got here attempting to open the config file results in the console that qt is running under shitting all over itself ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) I wrote a shell script that builds bitcoin, and all it's dependencies, from source ... PM me if you want a copy, should work fine on Debian or most linuxes.
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jojo69
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diamond-handed zealot
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May 12, 2020, 05:19:02 AM |
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Thanks for the offer, but I'm pretty confident that it's really a PEBKAC situation.
I'm sure I could fuck THAT up beyond all recognition.
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serveria.com
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Activity: 2352
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Privacy Servers. Since 2009.
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Damn guys I only left you for a couple of hours and came back to see you whining about complicated BTC software, $26k ATH in 2024 and discussing gold? WTF? Any bulls left here? ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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serveria.com
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Activity: 2352
Merit: 1189
Privacy Servers. Since 2009.
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 12, 2020, 05:46:44 AM |
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Is this the post-halving depression? ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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LoyceV
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Activity: 3416
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Thick-Skinned Gang Leader and Golden Feather 2021
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May 12, 2020, 05:47:39 AM |
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41 minutes later...630001 goes through.
Fees up, (some) miners giving up until hashrate drops or the price goes up? I'm very curious to see how many miners continue. Wow, yeah 102 sats/byte Good Start for miners ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) If you slow down mining, the supply side crunch is dramatically accelerated, driving up the price... With 13 blocks in the past hour, it doesn't look like many miners pulled the plug.
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Toxic2040
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Activity: 1792
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May 12, 2020, 05:54:12 AM |
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Damn guys I only left you for a couple of hours and came back to see you whining about complicated BTC software, $26k ATH in 2024 and discussing gold? WTF? Any bulls left here? ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FeGA3DiY.gif&t=665&c=dptbRp046uuCjw)
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machasm
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May 12, 2020, 06:00:07 AM |
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41 minutes later...630001 goes through.
Fees up, (some) miners giving up until hashrate drops or the price goes up? I'm very curious to see how many miners continue. Wow, yeah 102 sats/byte Good Start for miners ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) If you slow down mining, the supply side crunch is dramatically accelerated, driving up the price... With 13 blocks in the past hour, it doesn't look like many miners pulled the plug. Was thinking the same. Blocks still look to be mined at a similar rate then before the halving. I was watching one of the live streams hosted by Tone Vays last night and he had a guest on who runs genesis mining and he was saying that miners of large mining groups plan for many scenarios including the halving way in advance. So I was never really worried about the so-called "death spiral". As long as interest in Bitcoin stays high I can't see it failing.
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Paashaas
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May 12, 2020, 06:43:32 AM Merited by JayJuanGee (1) |
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The 2024 halving is not priced in.
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AlcoHoDL
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Addicted to HoDLing!
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May 12, 2020, 06:49:09 AM Merited by JayJuanGee (1) |
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yeah sorry
I am in a mood
fucking computers man, I'm not sure I trust them with money
But...you do, and you should. Otherwise, you wouldn't be here!
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