Can you further explain this point?

fwiw, silver market cap around 1.3 trillions, bitcoin 1.1 T.

mass adoption is great but if the majority of people in the world do not bother to invest ?
Silver been adopted for a very long time.

I'm not sure of the relevance of Silver's market cap. I mentioned Gold's because as a store of value, it's just one metic for gauging how high BTC could rise. I mentioned retirement investment funds because at $300+ Trillion (I think that is what I read), even a 1% allocation to BTC, would increase BTC's cap by several fold.

https://ycharts.com/indicators/bitco...evenue_per_day

144 blocks are mined every day which comes out to 900 btc. They need to sell newly mined btc to cover their operating expenses + profit. Bitcoins revenue in almost 13 years of existence is exactly $0 and that will never change. Only money coming in is from new investors. That means you need 900btc x market price(today that’s ~$58m) just to keep the price the same.

Also, too 5 mining pools control majority of hash so fairy tales about decentralization are also inaccurate. They can, technically, not approve your transaction if they want. So much for trustless. And so much for permissionless.

“ According to data from BTC.com, it would currently only take collusion from four mining pools to successfully pull off some sort of mining-related attack such as transaction censorship or a blockchain reorganization. To make matters worse, two of those pools are owned and operated by the same company, Bitmain.”

https://www.google.com/amp/s/www.for...the-works/amp/


You also have to trust Satoshi never to sell his 1 million coins and tank the price. He never moved them so far but you cannot claim with absolute certainty he never will.

I just can't see BTC being used as retirement fund anytime soon....

Yeah sorry somebody in the company lost your private keys so you got no retirement money, go back to work til you're 105

Ahh the classic.

I used to own crypto but now I don't and am extremely against it. The smart to dumb transition is rare but not unheard of.

Cool story bra. I'd be salty too

Yea except these firms have insurance and often very secure custody. But sure your scenario is a non zero chance just like hyper inflation.

I didn't say I'm against it... I just don't see it happening anytime soon until we have blockchains connected to identity solutions or something like that...

What is incorrect about what I said? You have Tom fing Brady shilling crypto, how are we still early? I’m not extremely against it, I said numerous times I want numbers to go up because it benefits me. I just don’t want the downsides of 80% crashes. And I don’t think I was smart for holding crypto, just dumb luck. Held it for almost 4 years and it did absolutely nothing. Staking ADA on testnet then moving it to mainnet. Wow life changing technology. I must be new Linus.

because of what inflation ?
Maybe you forgot the bonds market was in a 40 years bull run ?
yes today we might be at the end of it...
but its a new thing....
it is not 1 or 2 year that should change much for them.

I think this is spot on. The worst kind of no-coiner is the "Bittercoiner"; one who either used to be a Bitcoiner, or who missed out despite having the opportunity to buy BTC when it was far cheaper. The obsession and desperation for BTC to fail is all-consuming because the alternative is unthinkable. No doubt the fact that many of the Bitcoiners are extremely annoying and smug only exacerbates this.

Currencies such as the USD are inflating supply at a rate far exceeding the inflation rate of bitcoin. You think this is an argument against buying bitcoin? Most hodlers just consider the fully diluted market cap.

$58m oh that’s a scary number! Wait, no it isn’t, it’s peanuts when you consider the global reach.

https://www.coindesk.com/business/20...ther-purchase/

Even if you disagree , many considered silver as a store of wealth too , like gold but at a lesser extent .

But the point is , even tho bitcoin might be better than gold for a store of wealth , I do not think the lack of investing in gold for a very long time was the lack of efficient of gold being as store of wealth .

To me I think it’s more of a function of people not caring about store of wealth , for W.e reasons .
Now would bitcoin enhance people to understand better how economic works and the value of storing wealth better?
Maybe .

But i think seeing how people invest previously, I think there is still a long road ahead about people filling bitcoin with massive wealth in it to store it .

Yes, and I'm not disagreeing. And to clarify the ambiguity of what I wrote, I'm not saying there *is* no relevance of Silver's market cap- I was just saying that *I* am unsure of the relevance.

Peanuts? Can you multiply, like 58mx365? That’s more than what Amazon or Samsung profit is. TIL Amazon and Samsung are peanuts.

Freeroll - quote me when I said I want BTC to fail, I’ll send you one whole BTC.

Wait til Malaka learns how much new USD is entering the system every day

@ProffesionalMalaka: At what poker site are you playing?

If it’s so much then why is Amazon not making more than peanuts? If it’s not much why don’t you own a business that makes $58m a day?

I don’t play on poker sites, it requires too much brain power and you all witnessed how stupid I am. You all keep trying to explain to me in a civilized manner, by calling me a moron, why I should be infatuated with inefficient spreadsheet cells and I still don’t get it.
I prefer games where you can play on auto pilot while drinking and watching TV.

To be fair your anti-bitcoin crusade isn't any more convincing.

lol Makala seems mad.

u mad bro?

You post incessantly about your detest for Bitcoin. You are bitterly obsessed and want BTC to fail; you are a mini-Peter Schiff. However, you purposely make a point of stating that you want BTC to do well: You try to convince yourself and others that you're effectively playing a freeroll; that you'll reap the rewards from a bull market and win extra from poker if the price goes up, yet will lose nothing if it crashes. In reality, BTC mooning may possibly make you a little more- but a negligible amount compared to actually holding BTC. In addition, as a hedge against being wrong in your assessment of Bitcoin- in the case of it's price exploding- you feel that caveat of yours gives you a Get Out of Jail Free Card and enables you to say stuff like "quote me when I said I want BTC to fail."

At least Toothsayer and RedOak had the balls and conviction to state their position. You want to slag off Bitcoin but still leave wiggle room so that you can escape the reality of having your viewpoint shown to be false.

Makala is throwing rocks reincarnate but without the PM's

MeleaB nailed it with that assessment.

Well of course it isn’t in this thread. You have kekeke who plans to tie up 80% of his net worth in BTC. He’d be called a lot worse than moron in literally any other investing, finance or just general topic thread.
You all quoting me out of context and calling me a moron is not really helping the conversation.

How come nobody quotes when I say Bitfinex owns Tether?

How come nobody quoted this:

“ According to data from BTC.com, it would currently only take collusion from four mining pools to successfully pull off some sort of mining-related attack such as transaction censorship or a blockchain reorganization. To make matters worse, two of those pools are owned and operated by the same company, Bitmain.”

Bitcoin is literally the most centralized monetary system there is, it’s in hands of 5 companies that control everything

https://www.reddit.com/r/econmonitor...tm_name=iossmf

So the idea is to take the power away from filthy governments and give it to btc mining companies? Why?

I will not lose nothing if it crashes, my NW will not be affected but my future winnings will be. And it will not make me a little more, games are insane rn, literall poker boom 2.0. It makes me a lot more.

This is an all time bad take similar to what ToothSayer would argue. Unsurprisingly, you are wrong because adoption grows in two ways:

(1) the numerator as a % of the global population with Bitcoin exposure has been consistently increasing over time and is currently around 2.5% or 200,000,000 people worldwide.

(2) the numerator as a % of an individual's (or corporation's, pension's, or country's) assets will also increase as education, UX and security improve which is also consistently increasing over time.

Jeepers! Where is the world going to come up with the ungodly sum of $58MM per day? Oh that's right, global central banks just added $11 trillion to their balance sheets over the last 17 months which is an unfathomably large number equivalent to 189,655 days or 520 years of mining revenue at today's $58,000,000 per day number.

In reality, far less than $58,000,000 in daily buying power is required because mining operations are sufficiently large and sophisticated enough to have access to the capital markets and are mostly funding operations through debt or equity issuance. This is clear as day in the data which shows miners have been net accumulators for the last two years and are holding BTC on their balance sheets, likely waiting for the euphoric FOMO stage before taking profits on their sizable BTC holdings and building up an even bigger cash balance to fund operations and accumulate even more BTC during the coming lean bear market years.