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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
Btc supply is limited to 21 million and it will never surpass that. Of course you or me can fork bitcoin (it is open source) and create any new currency with any supply we want, but that new coin will not be btc.
Hydrogen gas supply is not limited
It is, but a long way out. I meant to say helium. Overly emotional post resulting from walking away from another conversation from a bitcoin bull that doesn't understand bitcoin or monetary theory. I am getting really tired of those conversations. If more of the bitcoin bulls understood the rational bull thesis I would like bitcoin a lot more.
High fees is not what I was hoping for when I invested. But I guess it’s a sign of success. “Nobody goes there anymore, it’s too crowded”.
But anyway, I think Ethereum has some proposal(EIP) for fixing it temporarily that should come out in March. Bitcoin not so much. Gavin Andresen tried to fix Bitcoin, but was kicked out in a coup d’etat. Since then I have given up on Bitcoin(which I partly regret today lol). Ethereum 2.0 should solve this permanently and allow for million tps. So my bets are on Ethereum winning the technological race. As for winning the memes or being the most trusted I think Dogecoin and Bitcoin still has a role to play.
It should be noted that the future winner might not be either cryptocurrency but a token on a crypto blockchain. So just because everyone is using the ethereum network for everything, the market cap of ethereum might not have be huge.
How does that compare to Cardano?
I can see BTC being efficiently encapsulated by a higher level more fully featured Crypto, BTC retains it's value, transactions can just be done more efficiently on the new platform.
Ultimately if a Blockchain solution can provide banking and transaction services better than traditional banking, Visa and Mastercard, that is a value proposition I fully understand.
By better I mean faster, more scalable, more secure, more flexible in terms of being able to use a mixture of Crypto and traditional currency, and interface to all legacy systems.
An app on a phone is a viable way of paying for things that can replace traditional plastic credit cards etc,, what is needed is an interface where merchants can accept those payments. Online sales are way easier, and a viable initial application..
Xepa777
Member
Yah the Ethereum, Cardano, and Polkadot race to be the programmable crypto rails in the future is fascinating for sure. Ethereum has the OVERWHELMING amount of devs (and we know as Tesla investors that you go where the smartest talent wants to go) but some major crypto institutions such as Celsius are going to be adopting Cardano. Will be interesting to follow.
My understanding is that while there continues to be mining, at some point the quantity of Bitcoin will reach a maximum and then begin falling. It will fall because people lose them, die tragically, forget they own them etc. Inevitably, one day circulation will begin to fall along with usage and utility.
Bitcoin violates the important principle that “Everything goes to $hit”. There is no perfect store of value.
The flaw in Bitcoin is that it is too brittle, too limited, too precise, too lacking in flexibility. Flexibility, all of which has been replaced with the coldness of mathematical hubris.
The convenient consensus of value will simply go somewhere else as it always has leaving Bitcoin on the ash heap of mathematical history IMO.
Dan Moorhead on CNN (Smerconish) defending Bitcoin by using Tesla’s success as the same reason that Bitcoin will succeed. Not good for Tesla to become wrapped up in the fate of Bitcoin IMO.
Opposing viewpoint commented that Tesla needs to hope their CFO does not lose the password. The debate goes on.
Adding, Smirconish later said he rode to the studio with his Tesla doing the driving.
Opposing viewpoint commented that Tesla needs to hope their CFO does not lose the password. The debate goes on.
Adding, Smirconish later said he rode to the studio with his Tesla doing the driving.
so. yesterday elons twitter profil pic
and today
so people wanna place bets on if hes doing his own crypto?
and today
so people wanna place bets on if hes doing his own crypto?
first attempt at cross thread referencing, this might not work
Bitcoin as an investment is choice but to say its uncorrelated is not accurate, the bicoin crash of 2020 was totally in match with the s and p 500 and was subsequently very correlated to the s and p 500
View attachment 638398
View attachment 638400
Interesting that you chose the word velocity there, because in modern monetary theory inflation is correlated to supply AND velocity of money. Increasing the velocity of bitcoin by allowing transactions for goods and services would in this theory rapidly reduce that value of bitcoin. The price is going up people people are just holding bitcoin and not spending it.
Inflation and Velocity of Money
Bitcoin as an investment is choice but to say its uncorrelated is not accurate, the bicoin crash of 2020 was totally in match with the s and p 500 and was subsequently very correlated to the s and p 500
View attachment 638398
View attachment 638400
Interesting that you chose the word velocity there, because in modern monetary theory inflation is correlated to supply AND velocity of money. Increasing the velocity of bitcoin by allowing transactions for goods and services would in this theory rapidly reduce that value of bitcoin. The price is going up people people are just holding bitcoin and not spending it.
Inflation and Velocity of Money
willow_hiller
Well-Known Member
He also updated his bio to "metaphork" and tweeted "Heard a rumor some crypto coin was pegging the dollar ... Or did they say pegged to the dollar? Something like that ..." https://twitter.com/elonmusk/status/1363230177002622976?s=19
He's going to create ElonCoin so that way Mars will have a currency ready to go in 10-15 years?
Elon has read enough science fiction to know that if Mars isn't founded with an independent government (which implies it's own currency), there will eventually be an independence war between Earth and Mars and so it's better to start Mars off day 1 without the rule of an Earth government.
Elon has read enough science fiction to know that if Mars isn't founded with an independent government (which implies it's own currency), there will eventually be an independence war between Earth and Mars and so it's better to start Mars off day 1 without the rule of an Earth government.
Interestingly as my understanding of crypto currency and distributed ledgers go, a MarsCoin would have to be limited to circulation on one planet. Otherwise every transation would be limited to the time it takes for light to travel between earth and mars. At least I would think that to be the case. Since it would take like 10 minutes on average to send 1 message back and then send another back to confirm. So Marscoin would in theory NEED to exist independantly of any EarthCoin.
This is actually something it seems like would be easier to solve with Fiat than crypto I would think
Artful Dodger
"Neko no me"
Today, Elon switched his twitter profile picture to the hero image from this blog post:
In this 2017 blog post, the author predicts that Bitcoin will go to $3,000 UNLESS there is a hard fork in the bitcoin codebase (resulting in an 'altcoin').
To me, this argues that Elon is suggesting that we should NOT fork bitcoin (since it would reduce the value of the cryptocurency).
I could be wrong, I have no strongly held opinion on this subject. Other opinions?
Cheers!
In this 2017 blog post, the author predicts that Bitcoin will go to $3,000 UNLESS there is a hard fork in the bitcoin codebase (resulting in an 'altcoin').
To me, this argues that Elon is suggesting that we should NOT fork bitcoin (since it would reduce the value of the cryptocurency).
I could be wrong, I have no strongly held opinion on this subject. Other opinions?
Cheers!
Yeesh...what a waste of resources. From electricity to buying all that equipment which will be replaced and end up in a landfill. I wouldn’t mind if cryptocurrency went away completely.
WOAH, China already controls 75% of this? The Chinese government may ban its use domestically but they will fund those operations to maintain network share I bet. That's a lot of control they have
I'm not really a Gary fan. He's too self-promoting and like a broken clock is wrong more often than right. But here he's making the same argument that I made a few pages back... that Bitcoin will fall more than equities during a market crash and therefore is not a hedge.
Sincerely interested in understanding the rebuttal to this. What am I missing?
I appreciate someone actually asking these questions! I’m not an economist, just an accountant, but have read quite a bit on economic theories, paper money collapses, and monetary elasticity recently. A lot of that reading is what keeps driving me towards BTC being a significant disruptor to central monetary policy.
On the topic of correlation, I agree that the pandemic induced price drops, on the surface, seem to suggest correlation of BTC to equity markets. However, that’s just one data point. If you go back a decade and actually measure correlation, you get a starkly different conclusion.
On velocity, the important element in that theory is that supply and velocity act as counterbalancing forces. Increase in supply with increase in velocity results in mitigated inflation. An imbalance in either tips the balance towards inflation or deflation. I actually see those two as the supply and demand of money.
BTC on the other hand puts supply on its head, given its finite nature. So an increase in velocity (demand for BTC, given that consumers looking to transact in BTC must first source the BTC prior to transacting) would drive prices higher. There would be some point of equilibrium, where consumers and producers control sufficient BTC supply that velocity is no longer an imbalance, but I would contend that day only happens with BTC being the primary currency of the globe. Until then, you have a potential constant demand force.
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