World of crypto

[NottsRam77]

56 minutes ago, Tamworthram said:

Who sets the puzzles to be solved by the miners and how much time and energy does that take? At a time when climate change is one the biggest threats to humanity in general, who on earth thought it would be a good idea to issue something of value for solving a puzzle (not even creating anything) that uses such vast amounts of energy (until/unless they only use renewable sources)? 

Its creating a fair and transparent monetary system thats accessible to anyone on the planet. 

Agree though it needs to become more environmentally friendly .. which it is .. v slowly  

but u liked the cartoon right? Lol 

can anyone remember the gold standard… seemed a more logical way of doing things until those in power got greedy and started properly f****** us over 

[NottsRam77]

Does this seem fair ?

 

 

Edited April 8 by NottsRam77

[NottsRam77]

1 hour ago, Tamworthram said:

Who sets the puzzles to be solved by the miners and how much time and energy does that take? At a time when climate change is one the biggest threats to humanity in general, who on earth thought it would be a good idea to issue something of value for solving a puzzle (not even creating anything) that uses such vast amounts of energy (until/unless they only use renewable sources)? 

Sorry to answer ur original question.. the bitcoin protocol/ program sets the puzzles/equations 

[Stive Pesley]

12 minutes ago, NottsRam77 said:

Does this seem fair ?

 

 

Absolutely not, but the reasons for that are nothing to do with bitcoin are they?

Nor would Bitcoin solve the problem. What would the above clipping look like if the example date was 2014 and he paid for his house in Bitcoin?

[NottsRam77]

14 hours ago, Stive Pesley said:

Absolutely not, but the reasons for that are nothing to do with bitcoin are they?

Nor would Bitcoin solve the problem. What would the above clipping look like if the example date was 2014 and he paid for his house in Bitcoin?

The answer to this is a deep conversation that i dont think any of us have the energy for 😂😂

Shorthand version

inflation, moving off the gold standard, greedy governments, reckless spending and borrowing, limited supply, deflationary etc etc etc lol

Edited April 9 by NottsRam77

[NottsRam77]

ok…. So watch this … the 2nd half when saylor talks about strong assets going up against weak assets. 
 

now think about this … as another take a step back and realise whats happening to our very own gbp.

last time bitcoin was at its all time high was 69k in november 2021 i believe.

Our pound was at 1.37 against the dollar…. Today bitcoin sits back at its all time high 3 years later and the pound is down to 1.27 against the dollar.

so by just holding bitcoin you would have protected and actually grown your wealth by 8% when measured against the currency we use purely cos its losing its lost value (wtf🤯)

anyone old enough to remember when the pound was 2 to 1 against the dollar circa late 90s early 2000s ?

this is an example of a weaker  currency going down against a strongest currency on the planet 
 

now if only there was an asset u could put your money into that has out performed the strongest currency on the planet 🤔🧐🤪

just thank your lucky stars your not in argentina 

 

Edited April 9 by NottsRam77

[Comrade 86]

29 minutes ago, NottsRam77 said:

anyone old enough to remember when the pound was 2 to 1 against the dollar circa late 90s early 2000s ?

Anyone over the age of 17 you mean?

And Bitcoin is not at an all time high. It's not even at a 7 day high. 

And the much-vaunted (by you at least) halving actually resulted in a dip in price.

Apart from that, you've absolutely nailed it 👽

[NottsRam77]

2 hours ago, Comrade 86 said:

Anyone over the age of 17 you mean?

And Bitcoin is not at an all time high. It's not even at a 7 day high. 

And the much-vaunted (by you at least) halving actually resulted in a dip in price.

Apart from that, you've absolutely nailed it 👽

oh jesus,,Whos taken the jam out of your doughnut… lol

Yes anyone over the age of 17 … does that invalidate my point? No .. not in the slightest.. we should all be able to remember it then and start to think actually the pound is losing its value when measured against the dollar

jesus… Ok 🤦 for the pedantic amongst us… reletively speaking we are back at ath levels…. having broken previous high of 69k by reaching 73k we are now channeling between 64/5 and 72k which many expect us to do up u til the event and up to 6 months after the halving … happy? 

At no point have i ever said the halving provides an immediate price spike… its common knoweldge to anyone who has taken any time in this space that the subsequent bull run historically follows some 6 months after the halving event

but being the clever dick u are im sure u know why that is and why possibly things might be slightly different this time round😜😉

Edited April 9 by NottsRam77

[Stive Pesley]

Out of interest (genuine question) - what happens to someone's BTC when they die? Assuming that they kept their private key...um private

[cstand]

1 hour ago, NottsRam77 said:

oh jesus,,Whos taken the jam out of your doughnut… lol

Yes anyone over the age of 17 … does that invalidate my point? No .. not in the slightest.. we should all be able to remember it then and start to think actually the pound is losing its value when measured against the dollar

jesus… Ok 🤦 for the pedantic amongst us… reletively speaking we are back at ath levels…. having broken previous high of 69k by reaching 73k we are now channeling between 64/5 and 72k which many expect us to do up u til the event and up to 6 months after the halving … happy? 

At no point have i ever said the halving provides an immediate price spike… its common knoweldge to anyone who has taken any time in this space that the subsequent bull run historically follows some 6 months after the halving event

but being the clever dick u are im sure u know why that is and why possibly things might be slightly different this time round😜😉

So when do you plan to take profit from Bitcoin?

[NottsRam77]

23 minutes ago, Stive Pesley said:

Out of interest (genuine question) - what happens to someone's BTC when they die? Assuming that they kept their private key...um private

If they keep it to themselves … well its gone.

if they share it then obviously whoever is privy takes control.

Interestingly though there is something called multi sig storage that is designed for such an event. It involves a little bit of pre planning, but no more so than a will.

my mate has just done exactly that as while he holds some for his semi immediate future he also holds some that is intended for his kids. The process is v clever have to say. 

 

[NottsRam77]

39 minutes ago, cstand said:

So when do you plan to take profit from Bitcoin?

Genuinely … not 100% sure as i keep changing my mind based on personal circumstances and my btc mindset lol. 

i have a young family, me and partner both work long hours and i want to change this. If btc hits a price this cycle … im guessing based on previous that the high will be back end of 2025, if that high hits a figure that allows me to take a serious chunk of our mortgage off, which would allow us to reduce hours in exchange for time with the kids then im selling.

if it doesnt i might sell a small portion or just none at all and ride it through to the next bull run.

Bascially come mid to end of next year i think im going to have some big decisions to make.

bull runs are hard, u want to get out and make profit, but its knowing when and at what point ur prepared to let the btc go as u may never be able to buy it back at that price… it certainly can play on ur mind

bear markets are much easier lol , the asset u firmly believe in and know will go up keeps getting cheaper and cheaper lol .. much less stressful  

going back to my prev post and joking aside 👍

this cycle could be different, obviously we have the nft inflows and institutional adoption… which is massive

never before has btc surpassed its previous ath pre halving.

this does raise a lot of questions.. some good some maybe bad.. has the much talked about retail investment and hype already arrived via the etfs, can the etfs control the market (no) but its a thought.

what it might mean is the rises are bigger but so to are the draw downs as people cash out 🤷

but then.. your only going to have half as much available to buy on a daily basis 🤷

its going to be an interesting cycle conclusion, my gut feeling is post halving when otc desks start drying up (already at record lows) things could go crackers.

but im merely speculating and know no more about what the future holds than anyone else

either way.. its going to be interesting 

Edited April 9 by NottsRam77

[Comrade 86]

26 minutes ago, Stive Pesley said:

Out of interest (genuine question) - what happens to someone's BTC when they die? Assuming that they kept their private key...um private

Simply bequeath the mobile wallet (containing both crypto and seed phrase) along with any log in / access data required to access them. 

[Stive Pesley]

13 hours ago, Comrade 86 said:

Simply bequeath the mobile wallet (containing both crypto and seed phrase) along with any log in / access data required to access them. 

Yeah - I meant if people *don't* manage to do that. Given that there are a large amount of young people in the BTC market, I'm guessing there will be a fair chunk of them who won't have given this a second thought. And it's not like probate laws can decrypt wallets

So as NottsRam said - in this instance it's gone. I'm sure I read somewhere that an estimated 20% of BTC are already lost due to death/lost keys

Kind of makes it an unusual "store of wealth" in that respect. At least gold exists and can be inherited. 

 

[Comrade 86]

10 minutes ago, Stive Pesley said:

Yeah - I meant if people *don't* manage to do that. Given that there are a large amount of young people in the BTC market, I'm guessing there will be a fair chunk of them who won't have given this a second thought. And it's not like probate laws can decrypt wallets

So as NottsRam said - in this instance it's gone. I'm sure I read somewhere that an estimated 20% of BTC are already lost due to death/lost keys

Kind of makes it an unusual "store of wealth" in that respect. At least gold exists and can be inherited. 

 

How is that different to those 'discreet' accounts in Switzerland or Lichtenstein though? No account number, no access, just the same as with crypto. Also, portable wallets are physical items, just fancy pen drives really. Presumably they might be found in the deceased's belongings, as might their stored seed phrases and even encrypted drives can be cracked. I agree the risk is higher with younger folk, but do many younger folk have wills anyway? I also think the 1 in 5 estimate is probably a significant overestimate too.

The difference here, as you point out, is that BTC has made more young people wealthy, so I suppose your point is valid in that regard, given I doubt too many 20 year olds have accrued vast reserves of gold or precious stones, but thousands and thousands of young kids are BTC millionaires. How many other more traditional stores of worth go unclaimed though, despite probate? Plenty I'd wager, if reports of huge amounts lying in dormant accounts hold any truth.

[Stive Pesley]

24 minutes ago, Comrade 86 said:

How is that different to those 'discreet' accounts in Switzerland or Lichtenstein though? No account number, no access, just the same as with crypto.

Key difference is that those accounts are deliberately secret and the owners never mention them. As opposed to BTC where the HODLers never shut up about how much they are into their crypto 😂

26 minutes ago, Comrade 86 said:

How many other more traditional stores of worth go unclaimed though, despite probate? Plenty I'd wager, if reports of huge amounts lying in dormant accounts hold any truth.

Oh definitely - which is why there is a whole industry of "estate hunters" trying to track down obscure 5th cousins for a percentage of the pot in all these unclaimed estates. Because probate law applies and if you can prove you are the next closest living relative, the bank will release the funds. Crypto is just a dead duck though. You'll be dead before you brute force a SHA-256 hash

[Comrade 86]

6 minutes ago, Stive Pesley said:

Key difference is that those accounts are deliberately secret and the owners never mention them. As opposed to BTC where the HODLers never shut up about how much they are into their crypto 😂

Plenty of ill-gotten gains tied up in Crypto Stive! The anonymity used to be a prime draw and not every investor is a spotty yoof! Sadly that includes yours truly! 😂 

[GboroRam]

18 hours ago, NottsRam77 said:

oh jesus,,Whos taken the jam out of your doughnut… lol

Yes anyone over the age of 17 … does that invalidate my point? No .. not in the slightest.. we should all be able to remember it then and start to think actually the pound is losing its value when measured against the dollar

jesus… Ok 🤦 for the pedantic amongst us… reletively speaking we are back at ath levels…. having broken previous high of 69k by reaching 73k we are now channeling between 64/5 and 72k which many expect us to do up u til the event and up to 6 months after the halving … happy? 

At no point have i ever said the halving provides an immediate price spike… its common knoweldge to anyone who has taken any time in this space that the subsequent bull run historically follows some 6 months after the halving event

but being the clever dick u are im sure u know why that is and why possibly things might be slightly different this time round😜😉

I'm trying to get my head around this at a macro level and I'm struggling tbh. It's a complicated subject and I'm not an economist. 

I can see that inflation happens as a result of the capitalism ponzi scheme. Governments issue debt to banks at an interest rate, which creates money. More money creates inflation. Governments use this method of kicking the can down the road to let future generations pay for today's spending. 

So if you stop the money creation, you stop the inflation - but you stop governments from spending money outside of what bitcoin mining allows for the creation of. Currently governments metaphorically click their fingers and money is created. 

The population is growing, but if money creation is slower than the population increase, effectively your money value goes down. Unheard of with bitcoin, because it's value only goes up - because you swap it out for Fiat currency that is in plentiful supply. 

I'd say if you want to make money out of bitcoin, the last thing you want is to swap it out for Fiat as the basis of your country's economy. 

[NottsRam77]

1 hour ago, GboroRam said:

I'm trying to get my head around this at a macro level and I'm struggling tbh. It's a complicated subject and I'm not an economist. 

I can see that inflation happens as a result of the capitalism ponzi scheme. Governments issue debt to banks at an interest rate, which creates money. More money creates inflation. Governments use this method of kicking the can down the road to let future generations pay for today's spending. 

So if you stop the money creation, you stop the inflation - but you stop governments from spending money outside of what bitcoin mining allows for the creation of. Currently governments metaphorically click their fingers and money is created. 

The population is growing, but if money creation is slower than the population increase, effectively your money value goes down. Unheard of with bitcoin, because it's value only goes up - because you swap it out for Fiat currency that is in plentiful supply. 

I'd say if you want to make money out of bitcoin, the last thing you want is to swap it out for Fiat as the basis of your country's economy. 

Your right … the problem is we live in a fiat world, so for now i have to service my debts in fiat hence why i would sell.. to improve my day to day life

but i save in bitcoin.

to protect myself from all u mentioned above 👍

[NottsRam77]

4 hours ago, Stive Pesley said:

Yeah - I meant if people *don't* manage to do that. Given that there are a large amount of young people in the BTC market, I'm guessing there will be a fair chunk of them who won't have given this a second thought. And it's not like probate laws can decrypt wallets

So as NottsRam said - in this instance it's gone. I'm sure I read somewhere that an estimated 20% of BTC are already lost due to death/lost keys

Kind of makes it an unusual "store of wealth" in that respect. At least gold exists and can be inherited. 

 

Multi sig wallets.

as i mentioned, it takes some planning but no more than a will does

but lets be honest when ur young ur not thinking about planning ahead and when ur gone