Beware- many if not most credit card issuing banks started charging exorbitant fees on their end for crypto purchases a few months ago.

yes, i believe crypto purchases are now treated like cash advances

There's currently a JPMorgan lawsuit regarding that I believe.

Bitcoiner: Let me buy this currency with my credit card

Bank: Ok, well since it's currency, then you'll have to pay the cash advance fee

Bitcoiner: J/k it's an asset

Bitcoiner: I call the taxman as my first witness.

1k run up today. Nothin?

We must have some room to go since no one is spiking the football in this thread yet and the bears have turned into crickets.

They're busy waiting for the 30% dip after it does its 5x to brag.

Ironically enough, bitcoin is up 30% from its 4x drop and you are bragging

Seems like people were getting excited binace was going to add usd pairs to bitcoin and what not. But that looks to be fake for now.

I don't think they ll open a fiat gateway overnight. The deal in Malta will take months

chort

There is a Bullish engulfing on the 2w for BTC, last time this happened we reached ATH in months. Note this here to come back and see if it plays out.

Oh no, somebody looked at a chart again and came up with nonsense.

Plz let him be right though.

I forget who it was but some big wig BTC guy said something along the lines of "by the time of the next halving(or when it occurs maybe) we will know if BTC has value or not"(i believe in about two years?)

basically either moon or doom by then. I really have no point, guess if someone could build on that though I would appreciate it. This is one of those btc turnoffs for me: halving, hashrate, fork, etc.

I have even read bits and pieces of the aforementioned stuff but those words and events simply irk me, it makes btc seem difficult. just let me buy some btc and watch it moon

"halving" refers to the next time when the mining rewards are cut in half.

this means that after that moment, the amount of revenue bitcoin miners bring in is cut by 50% across the board.

i don't know whether his statement is true or not but i think his point is that the ecosystem will collapse if the large mining operations cease to be profitable and stop mining. so, the price of BTC must increase enough by then so that miners continue to mine.

yawn...

If the miners stop then the difficulty level readjusts and becomes easier until it is profitable to mine again. The more miners, the more difficult. The less miners, the easier. This creates an equilibrium where there will be just enough incentive to be worth mining for someone out there.

There'll always be an equillibrium. However the difficulty adjust every 2016 blocks, so it would suck if the halving happens at the beginning of these 2016 blocks, and a bunch of miners just drop out. When that happens it can take quite a long time for the difficulty to adjust.

It is possible some miners will still keep on mining even though they are at a slight loss, just to keep the network healthy and running, this has happened in the past.

Anybody reading The Bitcoin Standard? I'm about a third of the way through and really enjoying it.

Will the mining value vs electricity needed to mine become a loss for miners after the halving? Also, I was unaware less miners could make the blockchain easier to mine. I thought it always gets harder to mine regardless of number of miners.

it's been popping up on my Twitter feed a lot

For some it probably will, but it depends on what the price does in the months leading up to it. If there is a sudden increase in price prior to the event, then everybody will still be profitable, like right now. But everybody doesn't have the same profit margins, so if rewards are lower, then the least profitable miners will shut down their rigs. That will make block generation slower for a while, until the next one or two difficulty adjustments.

It doesn't, it adapts every 2016 blocks. Because the general price trend has been pointing upwards, and there is a lag between the decision to invest in mining infrastructure and actually contributing hashes to the network, the adjustment is almost always to make it more difficult.

Also once you have invested in the equipment you keep it running until electricity costs exceed the reward for it. Halving stops new investments for a while but doesn't necessarily stop existing miners from continuing.

A few other "btc turnoffs" should probably be that it's a valueless ponzi scheme that doesn't improve on anything and only survives as long as you can find a greater fool