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07-17-2021 , 10:03 AM

#46051

despacito

old hand

Join Date: Nov 2018 Posts: 1,369

Quote:

Originally Posted by invictus-1

no one in el salvador is buying bananas at the local store with bitcoin lmao

Note the bananas on sale.

Quote:

Originally Posted by “Straits Times”

A banner that reads "We accept Bitcoin, free, fast and without contagion" at a cafe on Punta Roca Beach in El Salvador.

https://www.straitstimes.com/busines...s-legal-tender

Sent from my iPhone using Tapatalk

Quote

07-17-2021 , 02:48 PM

#46052

johnnyBuz

Carpal \'Tunnel

Join Date: Sep 2013 Posts: 7,586

Quote:

Originally Posted by invictus-1

imagine unironically thinking that a bunch of crypto native bitcoin shills posting videos of themselves using obscure software to buy from merchants they likely paid in some way to pretend to sell things for btc is proof of people buying bananas with bitcoin at the local store in el salvador.

Bitcoin Beach has been a proof of concept since 2019 and was directly responsible for Bukele proposing the recent Bitcoin legislation. Just take the L and move on.

Quote:

Originally Posted by ProffesionalMalaka

So today I buy a car with 1 btc(since it’s accepted everywhere). Years from now 1 btc = $1m (magic number we all agree it will hit because why not), am I a genius for early adopting btc or a paper handed ***** buying a $1m Camry?

So today I buy a car with 200 AAPL shares (since it's easy to liquidate to cash). Years from now 1 AAPL = $5000 (magic number we all agree it will hit because why not), am I a genius for early adopting AAPL or a paper handed pussy buying a $1m Camry?

This is consumption vs. saving/investment 101.

Quote

07-17-2021 , 04:04 PM

#46053

ProffesionalMalaka

adept

Join Date: Aug 2015 Posts: 755

What? Who has ever claimed that AAPL or any other stock can be used as a currency?

Quote

07-17-2021 , 04:06 PM

#46054

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

What's your point? If you sell Bitcoin to buy something else you have less Bitcoin. This can be a costly mistake. What else do you need to know?

Quote

07-17-2021 , 04:22 PM

#46055

ProffesionalMalaka

adept

Join Date: Aug 2015 Posts: 755

Why is it called a currency if you regret spending it?

Quote

07-17-2021 , 04:28 PM

#46056

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Because you can send it to anyone in the world with very low friction, it's just data. Bitcoin can serve many purposes. But spending it while monetization is still in full progress can be a costly mistake. The closer we get to full monetization, the more likely I'll personally be to spend it.

Quote

07-17-2021 , 06:01 PM

#46057

Bluegrassplayer

Carpal \'Tunnel

Join Date: Sep 2007 Posts: 39,240

Do most people in El Salvador own a smartphone?

Quote

07-17-2021 , 07:24 PM

#46058

NC82

journeyman

Join Date: Dec 2009 Posts: 329

Quote:

Originally Posted by Bluegrassplayer

Do most people in El Salvador own a smartphone?

huh?

population of ~6.5M people, ~9.5M mobile cellular subscriptions for el salvador. Unless there is something weird is going on I would say that at least a few people in El Salvador have device that would allow bitcoin or lightning transactions.

Quote

07-17-2021 , 08:43 PM

#46059

Bluegrassplayer

Carpal \'Tunnel

Join Date: Sep 2007 Posts: 39,240

Thanks for the info. Unfortunately doesn't quite answer my question.

Best I could find was that in 2017 37% of mobile users owned a smartphone.

Quote

07-18-2021 , 06:15 AM

#46060

kurti

journeyman

Join Date: Jan 2006 Posts: 266

I wonder if the following statement is correct:
mining energy consumption will always be proportional to the price of bitcoin in the medium term (assuming constant energy prices and not considering the effects of halving).
Comments?

Quote

07-18-2021 , 08:47 AM

#46061

Dutch101

veteran

Join Date: Jun 2010 Posts: 2,002

Sort of true. Energy consumption will be close to the sum of mining rewards and transaction fees. If it is less than that then it is profitable to add miners.

Quote

07-18-2021 , 08:52 AM

#46062

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Yeah this should theoretically be correct. Doesn't work like this in the real world right now though.

Quote

07-19-2021 , 03:46 PM

#46063

revots33

Carpal \'Tunnel

Join Date: Aug 2004 Posts: 13,471

I'm kind of impressed that BTC is hanging above the $30k line for this long, especially given the stock market dump today. Think we eventually see <10k though, retail volume drying up.

Quote

07-19-2021 , 04:35 PM

#46064

johnnyBuz

Carpal \'Tunnel

Join Date: Sep 2013 Posts: 7,586

Quote:

Originally Posted by revots33

I'm kind of impressed that BTC is hanging above the $30k line for this long, especially given the stock market dump today. Think we eventually see <10k though, retail volume drying up.

Volume always dries up when volatility declines. I’ve been smashing buy at 31-32k. The rubberband always snaps back with a vengeance eventually.

Quote

07-19-2021 , 09:50 PM

#46065

AllInNTheDark

veteran

Join Date: Jun 2011 Posts: 3,256

Quote:

Originally Posted by johnnyBuz

Volume always dries up when volatility declines. I’ve been smashing buy at 31-32k. The rubberband always snaps back with a vengeance eventually.

60% of the time, it works every time.

Quote

07-19-2021 , 09:53 PM

#46066

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 50,083

Quote:

Originally Posted by johnnyBuz

Volume always dries up when volatility declines. I’ve been smashing buy at 31-32k. The rubberband always snaps back with a vengeance eventually.

It's going to snap in one direction soon. Hopefully up and to the right

Quote

07-20-2021 , 02:15 AM

#46067

AllInNTheDark

veteran

Join Date: Jun 2011 Posts: 3,256

Quote:

Originally Posted by housenuts

It's going to snap in one direction soon. Hopefully up and to the right

[ ] up
[x] down

Quote

07-20-2021 , 03:53 AM

#46068

chytry

Pooh-Bah

Join Date: Feb 2010 Posts: 4,338

Quote:

Originally Posted by housenuts

It's going to snap in one direction soon. Hopefully up and to the right

why hopefully up?
Do you not believe in BTC anymore?
If you do, you want a dip to buy more cheaper.

Quote

07-20-2021 , 04:58 AM

#46069

povis7

enthusiast

Join Date: Jun 2016 Posts: 70

Daily 10k swings is actually better for bitcoin some people love to gamble.

Quote

07-20-2021 , 06:30 AM

#46070

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 50,083

Quote:

Originally Posted by chytry

why hopefully up?

Do you not believe in BTC anymore?

If you do, you want a dip to buy more cheaper.

What? So I should always want it to go down to buy more cheaper? That makes no sense.

Quote

07-20-2021 , 07:34 AM

#46071

chytry

Pooh-Bah

Join Date: Feb 2010 Posts: 4,338

Quote:

Originally Posted by housenuts

What? So I should always want it to go down to buy more cheaper? That makes no sense.

I thought this was a long-term hold so who cares about 2021 value?

Quote

07-20-2021 , 09:57 AM

#46072

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 50,083

Quote:

Originally Posted by chytry

I thought this was a long-term hold so who cares about 2021 value?

because if you're holding something for a long time you'd rather it be worth more than less.

Quote

07-20-2021 , 10:13 AM

#46073

ProffesionalMalaka

adept

Join Date: Aug 2015 Posts: 755

So it does matter if it’s worth $50k or $30k of useless filthy fiat. Interesting, we’re on to something.

Quote

07-20-2021 , 11:20 AM

#46074

Mat Cauthon

adept

Join Date: Mar 2006 Posts: 1,147

The geniuses have entered the thread..

Quote

07-20-2021 , 11:31 AM

#46075

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Obv snaps down every time into futures expiration. Still have a good week until the bloodbath is over. Making money on the way down is so much more fun.

Quote

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