For people that invest in crypto, ......

[Mark Jones]

Here's two of my favorite reddit posts lately. This will help those here who are learning understand a little more about the "why" behind BTC/Crypto.

From A Guy Who Bought At $50

I've been here for years, reading your posts, even though my friends are hardly around any more. I bought at $50 in 2011 on a long gone exchange, and immediately Bitcoin fell to $12. I felt stupid. So in defiance, I promised myself I wouldn't sell until it reached an impossibly high number. 1000x. But $50k came and I couldn't bear to sell. I love this journey too much. And I see now that my crazy goal was way too low. My vision for Bitcoin was too small. Now I need a 10000x return. When that day comes, I want this post here so I can rub it in the faces of the zero-coiners who were here in 2022 and who, even when offered Bitcoin at a huge discount, refused to buy in. You'll never buy. You don't have the vision or stamina to not only acquire Bitcoin, but to keep your Bitcoin. Go the f*&k away. You make r/bitcoin suck. But please come back the day Bitcoin kisses $500k. I'll have a message for you on that day.

I think I finally understand bitcoin.


It's a silent project that operates in the background. There's no face to it. The founders created it and walked away. It's like an elegant clock set into motion that continues to tick. There's no promise of some complex protocol to come 3, 5, or 10 years down the road. It does what it's supposed to now without self promotion from the founders. Since it doesn't need self promotion to thrive, it doesn't fall victim to the vices of marketing from greedy, charismatic leaders, with overly complex projects. Sure, there's Saylor and Novogratz that sometimes fall into that role. But bitcoin doesn't need them to survive and won't need them when they die. The project works now. It does what it's supposed to and it'll continue to do what it's supposed to. It's the money of the future of our science fiction novels.
There's no Krypto Kris marketing shitty debit cards. There's no charismatic Do Kwon doing a Forbes, Steve Jobs photo shoot with a black t-shirt and a white background. There's no J Powell magically expanding the money supply with a cobol fueled wand, creating a 9 trillion USD balance sheet out of thin air.
BTC takes out the corruption of humans, because the humans that created it stepped away. Sure, people will build corrupt systems around it, but BTC itself is a simple, pure, and elegant vehicle silently ticking away in the background until the ticking becomes so loud that no one can ignore it.

[acesover]

So of I put 150 bucks into crypto, and it goes up, say 10%, how do i get my actual money back?

[Mark Jones]

So of I put 150 bucks into crypto, and it goes up, say 10%, how do i get my actual money back?

On an exchange back to fiat of your choice.

[250bassFL]

https://www-nbcnews-com.cdn.ampproje...www.google.com

[MCPO]

Bitcoin takes money to mine and gold takes money to extract. There is a finite amount of gold and theoretically a finite amount of Bitcoin. Gold has some industrial uses so that is one difference. But both derive their value based on what another is willing to pay for it. They have no earnings, own no real estate or other hard assets and don’t pay dividends. There may be a small place in someone’s portfolio for either one but I don’t really see the appeal of holding either one as a large allocation.

There IS a finite number of bitcoins to be found, but they can be broken into (theoretically) an infinite number of pieces. In about 15 years (if I remember right) all Bitcoins will have been mined. Each time a bitcoin is found, it becomes more difficult to find the next, and on and on. That's why it now takes so much computer power to mine them. Of course, this is all based on the math involved in crypto.

[MCPO]

Here's two of my favorite reddit posts lately. This will help those here who are learning understand a little more about the "why" behind BTC/Crypto.

From A Guy Who Bought At $50

I've been here for years, reading your posts, even though my friends are hardly around any more. I bought at $50 in 2011 on a long gone exchange, and immediately Bitcoin fell to $12. I felt stupid. So in defiance, I promised myself I wouldn't sell until it reached an impossibly high number. 1000x. But $50k came and I couldn't bear to sell. I love this journey too much. And I see now that my crazy goal was way too low. My vision for Bitcoin was too small. Now I need a 10000x return. When that day comes, I want this post here so I can rub it in the faces of the zero-coiners who were here in 2022 and who, even when offered Bitcoin at a huge discount, refused to buy in. You'll never buy. You don't have the vision or stamina to not only acquire Bitcoin, but to keep your Bitcoin. Go the f*&k away. You make r/bitcoin suck. But please come back the day Bitcoin kisses $500k. I'll have a message for you on that day.

I think I finally understand bitcoin.


It's a silent project that operates in the background. There's no face to it. The founders created it and walked away. It's like an elegant clock set into motion that continues to tick. There's no promise of some complex protocol to come 3, 5, or 10 years down the road. It does what it's supposed to now without self promotion from the founders. Since it doesn't need self promotion to thrive, it doesn't fall victim to the vices of marketing from greedy, charismatic leaders, with overly complex projects. Sure, there's Saylor and Novogratz that sometimes fall into that role. But bitcoin doesn't need them to survive and won't need them when they die. The project works now. It does what it's supposed to and it'll continue to do what it's supposed to. It's the money of the future of our science fiction novels.
There's no Krypto Kris marketing shitty debit cards. There's no charismatic Do Kwon doing a Forbes, Steve Jobs photo shoot with a black t-shirt and a white background. There's no J Powell magically expanding the money supply with a cobol fueled wand, creating a 9 trillion USD balance sheet out of thin air.
BTC takes out the corruption of humans, because the humans that created it stepped away. Sure, people will build corrupt systems around it, but BTC itself is a simple, pure, and elegant vehicle silently ticking away in the background until the ticking becomes so loud that no one can ignore it.

Nice!

[NitroZ7]

There IS a finite number of bitcoins to be found, but they can be broken into (theoretically) an infinite number of pieces. In about 15 years (if I remember right) all Bitcoins will have been mined. Each time a bitcoin is found, it becomes more difficult to find the next, and on and on. That's why it now takes so much computer power to mine them. Of course, this is all based on the math involved in crypto.

So either they change the algorithm to allow more mining or if for some reason energy prices plummet there is a point at which solving a problem will require all the energy in the world so it becomes impossible to further mine?

[boneil]

I have heard the real threat to bitcoin is quantum computing. Sounds like you could hack the blockchain or make fake bitcoins and sell on the market.

[GregA]

Long as any smuck can make digital coins in their garage, I'm out.

[Spot-a-saurus]

I have heard the real threat to bitcoin is quantum computing. Sounds like you could hack the blockchain or make fake bitcoins and sell on the market.

Quantum computers are absolutely mind blowing to me. Completely beyond my comprehension how these systems can not only store the amount of data they do but how fast they can operate.

[Spot-a-saurus]

https://www.sciencealert.com/we-may-...-computers/amp

we are quickly approaching “Terminator” status

[kry29]

I really hope people don't think crypto or bitcoin is above corruption or independent money. It may have been at one time but it's far from that now. Now, crypto is on the way to being a way to completely control the money supply by the gov. Really, if people followed how the big money was pushing weight in the crypto world it would prove that's its no different than the other markets. Look at what one tweet will do to a joke coin. It's cool that just a normal Joe can get in it and do really good.

[Brooksward]

Not trying to start an argument here but Bitcoin is not fiat currency. Fiat is centralized legal tender backed by a government. BTC is decentralized crypto, so most definitely not fiat.

I stand corrected!

[Cajun Skeeter]

There IS a finite number of bitcoins to be found, but they can be broken into (theoretically) an infinite number of pieces. In about 15 years (if I remember right) all Bitcoins will have been mined. Each time a bitcoin is found, it becomes more difficult to find the next, and on and on. That's why it now takes so much computer power to mine them. Of course, this is all based on the math involved in crypto.

Chuck Norris wiped his butt yesterday and found 3 dozen .....

[DaRez]

I have heard the real threat to bitcoin is quantum computing. Sounds like you could hack the blockchain or make fake bitcoins and sell on the market.

Well right now, bitcoin is based on the SHA-256 algorithm. Which, in theory, could maybe one day be solved by a quantum computer really fast. But we’re a long ways off.

Anyways, it would be as simple as changing the crypto algorithm from SHA-256 to something like a Partial Differential Equation based algorithm and then even quantum would take forever to solve just like a CPU/GPU does.

[Woody60]

You have to use real money to buy fake money....sounds logical to me.

[boneil]

Well right now, bitcoin is based on the SHA-256 algorithm. Which, in theory, could maybe one day be solved by a quantum computer really fast. But we’re a long ways off.

Anyways, it would be as simple as changing the crypto algorithm from SHA-256 to something like a Partial Differential Equation based algorithm and then even quantum would take forever to solve just like a CPU/GPU does.

But if you did that, wouldn't that affect the miners also? And if the miners take longer to mine, wouldn't that mean the cost of transacting in bitcoin would go higher. Or would the miners even be able to mine unless they had quantum computers. If thats the case, what happens to bitcoin when nobody mines it.

[Meadows]

So of I put 150 bucks into crypto, and it goes up, say 10%, how do i get my actual money back?

Umm, you sell and transfer the returns plus your original investment back to your bank account?????????

[DaRez]

But if you did that, wouldn't that affect the miners also? And if the miners take longer to mine, wouldn't that mean the cost of transacting in bitcoin would go higher. Or would the miners even be able to mine unless they had quantum computers. If thats the case, what happens to bitcoin when nobody mines it.

Well all of these mining algorithms are bound by what’s known as the P vs NP problem in computer science.

So basically, even though the particular solution to the problem is not known, it is pretty well known the amount of work it’s going to take to get the solution. So they can just keep tweaking the algorithm to where the cost/value curve remains where they want.

[ManxFishing]

Looked at it, read about and get the overall concept
Talked to my invester, He said it not's a bad thing if it's 3-5% of the investments and I like it

For me, Hell no
I'll buy gold and silver on dips with the 3-5% or keep cash in the safe.