Bitcoin Thread

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this may be a contrarian view, but Bitcoin will never EVER could go to zero!
i mean ya, TCP/IP goes bust, global power grid gets fried by a solar storm, maybe
bar that, never ever.

worst case i can imagine:
there is a UN security counsel resolution against bitcoin _the blackrock asset_ , all fiat onramps are banned; owning crypto is outlawed and you get jailtime as if it's heroin. people own heroin NOW!

/
you can fit ONE BILLION DOLLARS ONTO this piece of paper
how do you uninvent this?!??!

Seed_phrase.jpg
 
CryptosEra said:
this may be a contrarian view, but Bitcoin will never EVER could go to zero!
i mean ya, TCP/IP goes bust, global power grid gets fried by a solar storm, maybe
bar that, never ever.

worst case i can imagine:
there is a UN security counsel resolution against bitcoin _the blackrock asset_ , all fiat onramps are banned; owning crypto is outlawed and you get jailtime as if it's heroin. people own heroin NOW!

/
you can fit ONE BILLION DOLLARS ONTO this piece of paper
how do you uninvent this?!??!

View attachment 1681495
Click to expand...
Quantum computers.
 
saor said:
...and an open window & a breeze can lose access to those billions.
Click to expand...

that's a user error, rather than a technical flaw, no?
if anything that's an advantage.
If someone fails at self-custody and lose their password
a) the remaining coins become scarcer (reduced supply)
b) motivates rest of holder to be better at key management

/
what if blackrock loses their keys, and everyone loses their bitcoin.
actually this is provisioned in the ETF filings. there will be a fork and they will decide which chain to support.

we watched this movie before: see BTC/BCH chart
 
NikeXT said:
Quantum computers.
Click to expand...
this is so overblown.
many decades before a decent QC comes along
during this time upgrades will be forked into the network to mitigate the risks of a QC

/ what if a rogue entity developed a QC in secret.
the encryption that secures bitcoin, also secures Pentagon, NASA, US homeland security
if you could break SHA256, would you hack bitcoin or NSA?

/
no, no... govs have unknown secret encoding tech!
well, that's not a tin foil hat, that's a kevlar helmet!
 
my point is simple:
Bitcoin started as an experiment, it was risky, it *could* go to zero.
now it has matured into a global asset class. NEW PARADIGM.
How can central banks and global asset managers add it into their balance sheet if it can just go to zero?!
This is not Satoshi's coin anymore
Larry fink is the big daddy now!

see FBTC vs IBIT* daily inflows.

fbtc = Fidelity etf
ibit = blackrock etf
 
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CryptosEra said:
this is so overblown.
many decades before a decent QC comes along
during this time upgrades will be forked into the network to mitigate the risks of a QC
Click to expand...
Best current estimate is less than 1 decade, not many decades. Not talking about fully 'reversing' SHA256 hashes. More about guessing private keys from known public keys.

CryptosEra said:
/ what if a rogue entity developed a QC in secret.
the encryption that secures bitcoin, also secures Pentagon, NASA, US homeland security
if you could break SHA256, would you hack bitcoin or NSA?
Click to expand...
Why not both. Computer doesn't self destruct after performing 1 task. It can perform another.

CryptosEra said:
no, no... govs have unknown secret encoding tech!
well, that's not a tin foil hat, that's a kevlar helmet!
Click to expand...
Only since the dawn of time.
 
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notayoba said:
Best current estimate is less than 1 decade, not many decades. Not talking about fully 'reversing' SHA256 hashes. More about guessing private keys from known public keys.
Click to expand...
see protocol changes in the last 10 years
QC will not pop out of nowhere, there will be ways to mitigate the risks in the meantime

notayoba said:
Why not both. Computer doesn't self destruct after performing 1 task. It can perform another.
Click to expand...
my point is if that happens we will have bigger problems than bitcoin crashing
 
Sensorei said:
That's it! If this dip is similar to what happened right before the last few BTC cycle's halvings, then timing this opportunity right will be the most important trade entry on leverage that we could get in the next few years.

I had about 2 hours sleep both of the last 2 nights in anticipation of a big dump to $59K. There's no way I can sleep and just trust my buy orders and stop loss.

I ended up going half in at $61,700 at 5x leverage. The monthly open price bounced nicely so made sense. Got some alts at the same time. $SOL, $AR, $NEAR, $FTM, #SEI.

What alt coins is everyone loading up on?
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If for argument sake, are hodling SOL, do you stake it? (5.26%).
 
Great. Something else I can lose money on while not bring able to sleep. If you so inclined, would you mind writing up a quick fools guide to not sleeping when you got a mo and what platform?
 
FlashSA said:
I bought my monthly amount this morning.

Expect a massive price drop later :ROFL:
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Thanks , will hang on a bit!:ROFL:
jks aside, this was me a few years ago.
Learned then, Deposit the cash, set a buy limit order and wait.
99,9% of the time the buy limit hits and I get the Crypto at a lower price than it was trading at when the funds were available.
Try it on your next months buy. even if it's a small % lower than the current rate.
 
The biggest thing with crypto or any investment is determine what you want.

me -> profit.

I have been in this game for yonks I dont care about the tech etc I care about profit.

So I take my profit with a smile and as things move dont really care. up long down short.

So figure out what you want.
 
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Bunta said:
Thanks , will hang on a bit!:ROFL:
jks aside, this was me a few years ago.
Learned then, Deposit the cash, set a buy limit order and wait.
99,9% of the time the buy limit hits and I get the Crypto at a lower price than it was trading at when the funds were available.
Try it on your next months buy. even if it's a small % lower than the current rate.
Click to expand...
This morning was my first exchange instant buy - enjoyed the lower fee's compared to buying directly from Luno.

Next month I'll try the buy limit order.

I want to try everything, but in a sensible, controlled manner. I am only putting in money that I save from my monthly day to day budget - basically money I would normally spend at shops or restaurants, so it is money I won't lose any sleep over.
 
FlashSA said:
This morning was my first exchange instant buy - enjoyed the lower fee's compared to buying directly from Luno.

Next month I'll try the buy limit order.

I want to try everything, but in a sensible, controlled manner. I am only putting in money that I save from my monthly day to day budget - basically money I would normally spend at shops or restaurants, so it is money I won't lose any sleep over.
Click to expand...
instant buy is the worst way and also most expensive way learn how to place orders
 
FlashSA said:
This morning was my first exchange instant buy - enjoyed the lower fee's compared to buying directly from Luno.

Next month I'll try the buy limit order.

I want to try everything, but in a sensible, controlled manner. I am only putting in money that I save from my monthly day to day budget - basically money I would normally spend at shops or restaurants, so it is money I won't lose any sleep over.
Click to expand...

Best Yoda Voice: " Thee Way, This is." :thumbsup:
 
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