There are many legitimate criticisms of Bitcoin, but this is not one of them. That's not how this works at all.

Only valid point is that we don't know how many are lost or unaccessible and therefore should be written off (for market caps etc.)

But BTC supply is finite and predetermined
And it's super normal - this hype cycle repeated itself many times in the short history of bitcoin, people get way too hyped or depressed about it.


Imo doug should still post to "maintain" his channel with regular posts so he's relevant into the next hype cycle, when all of a sudden all the haters start to get quiet again and btc experts popup left right and centre

Well the fact it’s not regulated, the person who came up with the idea is annoymous, it has no real value, it would serve the exact same purpose at 1$ per coin, we have no idea how many coins are in existence and probably no one does, because it’s nkt regulated....

I understand they say they are 21mill coins that can be mined but is there any way to prove how many there are in existence and left to be mined ? How can we be sure ?


As someone who used to be a successful day trader for years I take offense when ppl who got lucky with this bitcoin, now think they are masters of the stock market and how it works,

An example would be when Darvin moon luckboxed 2nd in the main event then was disillusioned that he was a good poker player.

Haha wow.

Again, there are people that a do a much better job condemning Bitcoin by actually understanding how it works. You should really just leave it to them.

There is even a thread for it. Go there.

Ok, I didn’t write this but this seems obvious

Commodity

Bitcoin has no intrinsic value and the surge in its price in December 2017 was largely driven by speculation. This is also associated with the argument that it is a bubble – which is when an asset trades at a price that strongly exceeds the intrinsic value. Very little needs to happen before that bubble might burst, such as the introduction of more regulation or another hack of a major cryptocurrency exchange.

That one is reasonable, though you're the millionth person to make this observation.

If you're very confident that it will burst, you should consider shorting it.

I just have a question before leave the thread as you seem to know, u can pm me, I’m just curious how to know that 4.3mill coins exist from the 21mill coins,

Who keeps track, where is it logged, etc, I can’t seem to find online and I don’t understand since it’s not regulated how we know for sure

Appreciate if you know ty

It's all on a giant public ledger called a blockchain. Every coin is accounted for, and nothing can be moved or changed without everyone agreeing. This consensus is enforced by cryptography, which would require enormous (impossibly large) resources to cheat.

So true. That's pretty much Doug Polk, Vanessa Selbst and many other self-proclaimed 'crypto specialists'. A.k.a "oh **** this crypto's value is rising let's buy it!!!"

Vanessa, is bright, has a good education, I have no reason to believe she isn’t successful trading, especially at a big company with other intelligent people

Okay, maybe not her. But definitely most poker players with their 'crypto portfolios' (LOL!)

I just love how certain people talk **** when they don't even know the basics of it. That's the thing these days, people who shout the loudest know the least. I blame social media.

Ah, I see you have read the crypto thread over in BFI.

I think he's been on vacation for the last ~month, and his poker channel has been dead too. I think there's a good chance we see more crypto vids before the next upswing

OK, if that is the case, and we know exactly how many bitcoins are in existence, can you give me the precise figure of those yet to be mined?

Investing in something whose origins and supply are shrouded in mystery is insanity.

The supply is currently 17,097,625. Yet to be mined is 3,902,375 BTC.

I'm assuming mined means gonna be put into circulation? Is that right?


Are they just held in reserve or something? Weird having something held in reserve that kinda has no value at this point but does on the open market (me rambling).

Sure. Or end up in a landfill. It's often called "circulating supply" but that's kind of a misnomer. Some percentage of bitcoin is effectively destroyed because it can't be recovered when private keys are lost.

RE this edit:

My understanding is that they don't exist yet. They are created as a reward to miners who do all the computational work to confirm everything on the ledger. It doesn't come from anywhere, it just exists because everyone agrees that it does based on the rules set forth.

I'm by no means an expert, so I'm surely oversimplifying a lot.

Iirc, I read an article that some researchers concluded that there's likely 11-12 million btc actually in circulation, after accounting for loss of private keys (most of which occurred before btc even reached $100)

his obsession with daniel is so weak.

Was Darvin Moon disillusioned that he was a good poker player? Throughout the whole event he struck me as incredibly humble and well aware of the fact that he was just an amateur on the run of his life.

Well he continued to play high stakes after, I’m not sure for how long but probably stopped when he lost a good portion of his winnings

I remember watching a tournament after the main, he checked back the nuts after last action and received a penalty lol

More like it's low hanging fruit that BEGS TO BE PLUCKED. If the poker world was populated by comedians we'd see more of this with other players as well. It's not and is filled with half autist or anxiety types so you don't see a ton of this type of content.


It's probably a good thing cuz the dick measuring contest that was 2+2 back in the day was kinda pathetic as people rode easy winrates into internet fame and fortune as well as big egos.

Bitcoin is rat poison squared. Its a bubble, even though unlike Bitcoin, nearly every bubble in history was caused by the ability of the banking system to create credit out of thin air. No one knows who invented it because it was actually a bunch of very smart computer programmers working together. Its a black hole but the entire code is always available for anyone to see. It has no intrinsic value, just like every other bit of computer code ever written. The worst thing about Bitcoin is no one is in control and Government is not regulating it, which means its utility can never be destroyed or blocked. The market cap for Bitcoin is currently greater than the worldwide annual market for Rat poison, which by my calculation makes it worth more than rat poison, but not squared yet.