Contrary to conventional wisdom, Bitcoin already has its killer application: store of value
Bitcoin's censorship resistance offers up a usually overlooked advantage to all other currencies in existence: additional units cannot be arbitrarily created. 99% of everyone out there overlooks this benefit. Early in Bitcoin's history (first decade), its use case is not:
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Rather, it's simple: it cannot be arbitrarily debased. Yes, it's volatile, but over the long term, it's volatile in the same direction--up. That's not to say that those other use cases won't exist. They will, sooner or later. But the first thing that needs to happen is a massive base of liquidity on the order of $100 billion to $1 trillion minimum. Only then can it become broad enough that transmitting $1 million of it from one place to another will barely move the price. I can't wait till the price is over $10,000/BTC and the pundits scream in puzzlement at how it's all a bubble since it lacks a killer app and "you can't eat Bitcoin".
@cz_binance: RT @michael_saylor: #Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.
Warren Togami (Blockstream) on Twitter: “Some people need to better understand that LN requires private keys controlling those balances to be online 24/7. That is the opposite of conventional wisdom when we suggest people to keep their Bitcoin wallet keys offline.”
Using the Wisdom Bitcoin difficulty calculator, I put in the specs of 1 s9, and assumed the us average of .10 cents per kilowatt hour, and 2% slushpool fee. On even optimistic assumptions, it shows that by Feb. 2018, you are already will be loosing money. I've attached screenshots here, if you don't want to do the math yourself. https://imgur.com/a/80GID On the second screenshot, we see that assuming even zero electricity cost, and zero startup cost, that by Jan or Feb 2018, your S9 will only be making 80$ a month or less. Lets assume you buy 1 s9 and set it up for 1300$ (0.24BTC) (extremely optimistic), and then run it somewhere with free electricity. IT WILL NEVER MAKE YOU BACK YOUR ROI. You can see from the chart it maxes out at 0.203, that is all you will ever make. Even if bitcoin price rises and you covered your ROI, you would have made twice as much just holding 1300$ in BTC to begin with. Because of this, I dont understand how all batches of s9's are sold out at bitmains website. I know people who just bought 5 of them in the last order. What is their reasoning? How do you think this is viable? I would love to be proved wrong.
We support the Twitter account @Bitcoin and open, censorship-free discussion of related topics. @Jack @Vijaya @Timcast @Rogerkver “Without freedom of thought, there can be no such thing as wisdom & no such thing as public liberty without freedom of speech.” #WeAreAllBitcoin
Bitcoin is distinct from all the centrally controlled securities (ETH, ICO's and many other alts). Satoshi's wisdom was not only in its creation but also in stepping back. Lack of central authority is why Bitcoin endures. Nobody to pay for marketing campaigns is a feature.
Satoshi: I see that you have become a sacred blockchain of heavenly wisdom.. Bitcoin: Oh! is that what I have become? I thought I was just a regular blockchain.. Satoshi: I understand, You fluctuate in price when you are upset.. Bitcoin: Upset? Im not upset.. what makes you think I'm upset? Satoshi: Hmmm... So why are you upset? Bitcoin: uhhhh... I probably suck more today in the history of payments, in the history of China(PBoC), in the history of blockchain! Satoshi: Probably... Bitcoin: two.. I see they totally hate me(Ver & Bitmain) Satoshi: Totally... Bitcoin: How would the core turn me into a payment and store of value network? I mean.. I'm not like the VISA or PAYPAL.. Ive go not physical existence, no gold no silver card.. Even MASTERCARD has some attractive cashback offers.. Maybe I should just quit n go back to once what I was(serving deepweb only). Satoshi: Quit.. dont quit.. Silkroad, dont silkroad... You are too concerned of what was and what will be.. There's a saying.. Yesterday is history, tomorrow is a mystery but today is a gift, that is why it is called present. HODLLLLLL!
Would you believe that Bitcoin has surpassed sex in the number of members? When did you have sex last time and more importantly did you buy some btc after that? Edit: Thanks to the kind stranger serhatkotan who awarded this post with Ternion All-Powerful Award! It will inspire me to continue spreading great wisdom, understanding, insights, perceptions and even some common sense of mine about various relevant things in this very humble way which is clearly making me the greatest. They told me I am crazy, but I didn't believe them and now look at me... I got the biggest reddit award! As for the btc and sex: first stop Ternion All-Powerful Award, next stop the Moon!
I just want to thank Ryan X Charles for his amazing contribution to Bitcoin. Your efforts, knowledge and wisdom are greatly appreciated. Creating practical application and educating us, non technical people. THANK YOU. I believe many of this large blocks are thanks to his contributions.
What r/fatFIRE can learn from the book, Psychology of Money
My favorite author, Morgan Housel, released his new book, The Psychology of Money, last week. In the book, Housel discussed many interesting psychological phenomenon, through the lens of finance. As I flipped through the pages, I started to realize so much of what's happening in fatFIRE are examples of what's discussed in the book. No One's Crazy The book begins with how your personal experiences with money make up maybe 0.000000001% of what's happened in the world, but maybe 80% of how you think the world works. For example, if you were born in 1970, the S&P 500 increased almost 10-fold, adjusted for inflation, during your teens and 20s. That's an amazing return. If you were born in 1950, the market went literally nowhere in your teens and 20s adjusted for inflation. Two groups of people, separated by chance of their birth year, go through life with a completely different view on how the stock market works. Takeaways forfatFIRE: When you read other posts and comments about what stocks to buy, what startups to join, what's the economy going to be like, what's the best asset allocation, etc., remember that is just a single person's point of view. That person may be from a different generation, earns different incomes, upholds different values, keeps different jobs, and has different degrees of luck. And remember, don't be mean to others. A view about money that one group of people thinks is outrageous can make perfect sense to another. Luck & Risk The next chapter discusses the big role luck and risk plays in someone's life. Luck and risk are two sides of the same coin. Examples from the book: Countless fortunes (and mistakes) owe their outcomes to leverage. The best (and worst) managers drive their employees as hard as they can. "The customers are always right" and "customers don't know what they want" are both accepted business wisdom. The line between "inspiringly bold" and "foolishly reckless" can be a millimeter thick and only visible with hindsight. Risk and luck are doppelgängers. Takeaways forfatFIRE: Be careful who you praise and admire. That commenter who joined a unicorn at Series A may look like a genius on the outside, but they may just be lucky and cannot repeat it again. Be careful who you look down upon and wish to avoid becoming. That poster who joined WeWork may look like a fool, but they made the best decision based on the information they had at a time. They took a risk and got unlucky. Therefore, focus less on specific individuals and case studies and more on broad patterns. Furthermore, when things are going extremely well, realize it's not as good as you think -- like the stock market right now. On the other hand, we should forgive ourselves and leave room for understanding when judging failures -- like the stock market in March. Never Enough The hardest financial skill is getting the goalpost to stop moving. It gets dangerous when the taste of having more -- more money, more power, more prestige -- increases ambition faster than satisfaction. Social comparison is the problem here. A rookie baseball players who earns $500k a year envies Mike Trout who has a 12-year, $430 million contract envies a hedge fund manager who makes $340 million a year envies Warren Buffett who had a $3.5 billion increase in fortune in 2018. There are many things never worth risking, no matter the potential gain. Reputation is invaluable. Freedom and independence are invaluable. Friends and family are invaluable. Being loved by those who you want to love you is invaluable. Happiness is invaluable. And your best shot at keeping these things is knowing when it's time to stop taking risks that might harm them. Knowing when you have enough. Takeaways forfatFIRE: When you make a big gain, it's totally okay to take profit, as long as you keep your ambition down and acknowledge the possibility that it may go higher. If that happens, no need to play the would've should've could've game, because it very well might've gone the other way. When you see someone who got 20x return on Shopify or bet big into Ethereum in 2016, remember they may envy the pre-IPO employees at Shopify or the genius who held Bitcoin since 2010. At the end of the day, do not risk more than what's comfortable in your life for the sake of making huge amount of money, because even if you do make it, you may not find it worth it. Tails, You Win Skipping a few chapters to talk about the prominence of tail events. At the Berkshire Hathaway shareholder meeting in 2013 Warren Buffet said he's owned 400 to 500 stocks during his life and made most of his money on 10 of them. Charlie Munger followed up: "If you remove just a few of Berkshire's top investments, its long-term track record is pretty average." In 2018, Amazon drove 6% of the S&P 500's returns. And Amazon's growth is almost entirely due to Prime and Amazon Web Services, which itself are tail events in a company that has experimented with hundreds of products, from the Fire Phone to travel agencies. Apple was responsible for almost 7% of the index's returns in 2018. And it is driven overwhelmingly by the iPhone, which in the world of tech products is as tail--y as tails get. And who's working at these companies? Google's hiring acceptance rate if 0.2%. Facebook's is 0.1%. Apple's is about 2%. So the people working on these tail projects that drive tail returns have tail careers. Takeaways forfatFIRE: When we pay special attention to a role model's successes we overlook that their gains came from a small percent of their actions. That makes our own failures, losses, and setbacks feel like we're doing something wrong. When you accept that tails drive everything is business, investing and finance you will realize that it's normal for lots of things to go wrong, break, fail and fall. If you are a good stock picker you'll be right maybe half the time. If you're a good business leader maybe half of your product and strategy ideas will work. If you're a good investor most years will be just OK, and plenty will be bad. If you're a good worker you'll find the right company in the right field after several attempts and trials. And that's if you're good. Freedom The highest form of wealth is the ability to wake up every morning and say "I can do whatever I want today." The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays. Research has shown having a strong sense of controlling one's life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered. People like to feel like they're in control -- in the drivers' seat. When we try to get them to do something, they feel disempowered. Rather than feeling like they made the choice, they feel like we made it for them. So they say no or do something else, even when they might have originally been happy to go along. Takeaways forfatFIRE: Most of you probably are working thought-based and decision job, your tool is your head, which never leaves you. You might be thinking about your project during your commute, as you're making dinner, while you put your kids to sleep, and when you wake up stressed at three in the morning. You might be on the clock for fewer hours than you would in 1050. But it feels like you're working 24/7. If this feels like you, and you do not like it, it is totally fine to switch to a job that pays less but gives you more freedom and independence, because freedom and independence are what FatFire is all about. --- I'm only half way into the book, but I can tell this will be one of the best finance book of 2020. If you guys find this useful, happy to come back next week with more insights once I've gotten to the end. I like talking about these things on Twitter too. Edit: here's part 2 and here's a Twitter thread of the best snippets
BitSpark dropped Bitcoin for Remittances: "For most of this year the prevailing wisdom for high fees has been “Just pay more fees” which is not reasonable when there is no predictability or when your margins per payments on a $200 transaction can be wiped out on a $3 fee."
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https://www.coinbase.com/join/hcrawford This is just one of the Bitcoin wallet links that you can open an account and link your bank account . The link below... If you had been invited to the launch of mobile phones, the internet or Facebook before anyone understood how these would change the world, knowing what you know now, would you have taken it ... Bitcoin Wisdom Depth Chart - Play in slow motion to understand how the numbers change. bitcoin wisdom Phone tutorials. Skip navigation Sign in