NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 (edited) Please google bitcoin halving it will help explain a lot behind the mechanics of bitcoin and why no one is late to the party Edited May 23, 2023 by NottsRam77 Link to comment Share on other sites More sharing options...
Day Posted May 23, 2023 Share Posted May 23, 2023 13 minutes ago, 86 Hair Islands said: Eat the dip and HODL mate . You know the craic. Don't concern yourself with what others think. The concept of DYOR is a big thing in crypto, as you know, and trying to explain to those who are unwilling or incapable is a thankless task that puts nothing in your pocket. Without those willing to educate, how do you propose a widespread take up and switch to Bitcoin? I mean everyone started with zero knowledge, those who have gained knowledge write articles, articles which @NottsRam77 will have read and now trying to pass on to others. Whilst it won't put money in his pocket, if every holder could sway 5 people into buying Bitcoin, that would help us on the way to buying a chippy tea with our Bitcoin right? I can't say my position has changed as yet, however I'm not close minded to it all, hence why I'm here in this topic putting forward my opinions as to what I see the risks are. It's certainly more interesting to discuss than transfer rumours from the bedroom ITK merchants. Stive Pesley and Bob The Badger 1 1 Link to comment Share on other sites More sharing options...
GboroRam Posted May 23, 2023 Share Posted May 23, 2023 Just now, NottsRam77 said: Oh man really …. The last one is due to be mined in 2140? Still think your too late to the party? There's a finite number of coins. Unfortunately there's an infinite number of crypto currencies, so it kinda cancels out. And dotcom businesses didn't stop being created, we just overvalued them in the 90s. Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 23 minutes ago, Stive Pesley said: What I meant was - to move onto the "adoption" stage where people are using it to pay for things, then it also follows logically that means people would get paid in it. Difficult to see how such a volatile currency could work in that respect. If I got paid my monthly salary on 1st of the month, by the end of the month it would have a totally different value. Pricing would be a nightmare. As would salary negotiation! Oh i see, my guess would be there will become a point in time where the price will settle. More people holding it, the more stable it would become you can from its first few years the price now is less (hard to beleive) volatile than it was. There are suggestions its halving cycles (read up on it please, not u, anyone reading this) are getting less pronounced The more people that want to hold it long term the more stable the price. but thats what i mean by saying we’re v early on the rollercoaster … stability i guess would follow from adoption Stive Pesley 1 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 16 minutes ago, David said: Without those willing to educate, how do you propose a widespread take up and switch to Bitcoin? I mean everyone started with zero knowledge, those who have gained knowledge write articles, articles which @NottsRam77 will have read and now trying to pass on to others. Whilst it won't put money in his pocket, if every holder could sway 5 people into buying Bitcoin, that would help us on the way to buying a chippy tea with our Bitcoin right? I can't say my position has changed as yet, however I'm not close minded to it all, hence why I'm here in this topic putting forward my opinions as to what I see the risks are. It's certainly more interesting to discuss than transfer rumours from the bedroom ITK merchants. Which is a very good thing to do dave and ur right .. back in 2019 i knew bugger all about it, me and my mate aped in and bought a couple of ks worth .. just so happens that we bought at the very top and what was current all time high. (19k) iv stayed in the space, reading and educating myself on the good, the bad and the ugly. Theres so much thats wrong with it. It attracts the very worst of people, scammers , hackers and fraudsters and u have to be wary of that but at the same time there is and can be a lot of good that can come out of it too and i wont lie… hopefully money im no expert at all, far far far from it.. im still learning but more than happy to have a chat with anyone about it and answer any questions i like talking about it and find the whole space facinating Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 (edited) Wrong one hold on Edited May 23, 2023 by NottsRam77 Link to comment Share on other sites More sharing options...
Comrade 86 Posted May 23, 2023 Share Posted May 23, 2023 5 minutes ago, David said: Without those willing to educate, how do you propose a widespread take up and switch to Bitcoin? Honestly David, most who post in this thread are not looking for an education and trying to provide one is a thankless task. FWIW, most BTC will be the property of whales and institutional investors anyway. If folk really want to understand the broader subject, then some in-depth reading on blockchain tech is where they should focus their efforts. BTC is just one offering after all and is also something of an anomaly. Stive Pesley 1 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 47 minutes ago, GboroRam said: There's a finite number of coins. Unfortunately there's an infinite number of crypto currencies, so it kinda cancels out. And dotcom businesses didn't stop being created, we just overvalued them in the 90s. Please stop lol with the greatest of respect None of them are bitcoin. none not one they are no less centrally controlled than ur high street bank. they all have a person, a group of people or an organisation who can swipe ur money, freeze it or shut down the network they run on bitcoin is not controlled by anyone, it is not owned by any one individual or group or government please be v clear bitcoin and crypto currenices (altcoins) are not the same thing Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 (edited) A basic guide to crypto not specifically btc please be v aware bitcoin is not the same as these altcoins altcoins are all potential scams in the making Edited May 23, 2023 by NottsRam77 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 The halving beautifully and simply explained. @David and anyone else who wants to learn a little Day 1 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 This The halving beautifully and simply explained. @David and anyone else who wants to learn a little Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 (edited) This is the one i wanted to find as she shows the price points for each previous cycle which explains why from a price action point of view why the halving is so significant and why any price movement inbetween, up, down, left or right is irrelevant in the regards to the bigger picture imo 8.51 mins in Edited May 23, 2023 by NottsRam77 Link to comment Share on other sites More sharing options...
Rev Posted May 23, 2023 Share Posted May 23, 2023 Well, I'm convinced. Do you throw in some steak knifes, or a fountain pen with every purchase, @NottsRam77? GboroRam, i-Ram and Day 3 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 21 minutes ago, Rev said: Well, I'm convinced. Do you throw in some steak knifes, or a fountain pen with every purchase, @NottsRam77? 😂 no but i have created this epic new coin ramcoin. Its the next big thing. 😉🐏🐏🔥 Stive Pesley 1 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 23 minutes ago, Rev said: Well, I'm convinced. Do you throw in some steak knifes, or a fountain pen with every purchase, @NottsRam77? Im not trying to convince anyone. Those vids are just to explain what the halving is about and why it matters to bitcoin. Rev 1 Link to comment Share on other sites More sharing options...
Rev Posted May 23, 2023 Share Posted May 23, 2023 (edited) 48 minutes ago, NottsRam77 said: Im not trying to convince anyone. Those vids are just to explain what the halving is about and why it matters to bitcoin. I'm watching the video you've posted, is it OK if I ask a question? If the supply is limited to 21m, and we've already mined 19.3m, why will it take 117 years to mine the 21st million coin? Added extra. Having watched it to the end, it seems she's pushing a heater/purifier that also mines bitcoin. For that reason, and the fact she's filming the video in a sparsely decorated spare room, rather than sat on the balcony of her Santa Monica beachfront home, means I'm out! Edited May 23, 2023 by Rev Added extra. Tamworthram, GboroRam and NottsRam77 1 2 Link to comment Share on other sites More sharing options...
NottsRam77 Posted May 23, 2023 Author Share Posted May 23, 2023 3 hours ago, Rev said: I'm watching the video you've posted, is it OK if I ask a question? If the supply is limited to 21m, and we've already mined 19.3m, why will it take 117 years to mine the 21st million coin? Added extra. Having watched it to the end, it seems she's pushing a heater/purifier that also mines bitcoin. For that reason, and the fact she's filming the video in a sparsely decorated spare room, rather than sat on the balcony of her Santa Monica beachfront home, means I'm out! Well rev, you failed your btc exam lol she tells u why it will take so long to mine the last bitcoins miners are paid their rewards in btc, the amount they are getting paid gets halved at the halving, which is every 4 years approx Yes that heater thing would be great if u live in a country that pays buttons for its electricity or u have solar pannels strapped to ur house .. but i guess she has to make money out of her channel, they all plug things on youtube regardless of subject material. Link to comment Share on other sites More sharing options...
Stive Pesley Posted May 24, 2023 Share Posted May 24, 2023 Appreciate all the links @NottsRam77 it's a really fascinating topic I was wondering why it was capped arbitrarily at 21 million BTC and from what I can find the only explanations are that it was to control price fluctuations by throttling the supply. Which seems odd - given the obvious price fluctuations that BTC is known for. Plus it also talks about when all 21million are mined that the price should then stabilise - which seems counter-intuitive to why the celing was set at 21 million I think we discussed earlier in the thread my concerns about the mining mechanism being so power intensive, which is another issue in the current climate crisis. It would be kind of ironic if by 2140 the last BTC was mined by the last human left on earth! As an IT guy it just seems like a very cleverly designed system, but one that no one really thought through. I guess in 2008 we still had our heads in the sand a little but about power being an infinite and cheap resource. Still not really got my head around why mining the coins has to be a thing at all Tamworthram 1 Link to comment Share on other sites More sharing options...
Eddie Posted May 24, 2023 Share Posted May 24, 2023 18 hours ago, NottsRam77 said: bitcoin and crypto currenices (altcoins) are not the same thing One man's pyramid is another man's ponzi. Link to comment Share on other sites More sharing options...
Stive Pesley Posted May 24, 2023 Share Posted May 24, 2023 30 minutes ago, Eddie said: One man's pyramid is another man's ponzi. I get Notts argument that Bitcoin is not the same as other crypto-currencies (which are total ponzi schemes) but even so - it would be interesting to see how many people actually buy BTC with the intent to use it as a currency (ie earn and spend) as opposed to how many buy it as a speculative punt like you would stocks and shares Link to comment Share on other sites More sharing options...
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