The Bitcoin Standard: The Decentralized Alternative to Central Banking Hardcover – April 24, 2018

Last Updated On Friday February 21st, 2020
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The Price has Dropped! But is it Cheap?

- The best price we've seen on Amazon in the past 9 months was on September 18, 2019. The current price is considered high. It is 67% higher than the cost at its lowest.


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currently high price

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Updated February 21, 2020

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DatePrice ActionChange %Price Level
17 Jan, 2020Price Drop-2.77%high
14 Nov, 2019Price Drop-0.40%high
8 Nov, 2019Price Increase0.18%high
7 Nov, 2019Price Increase0.22%high
14 Oct, 2019Price Drop-15.47%high
Update on 21 Feb, 2020

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The Bitcoin Standard: The Decentralized Alternative to Central Banking Hardcover – April 24, 2018

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Discussion and Reviews on Reddit

I finally own 1 bitcoin! [R]

3 weeks, 1 day agoRaverrevolution posted submission on Bitcoin.
Jan. 29, 2020

Please help, You’re knowledge is needed [R]

1 month agocaferr14 posted submission on Bitcoin.
Jan. 19, 2020

Hey guys,

I’m new to Reddit and I’m new to Bitcoin/ Crypto.

Sorry if I posted in the wrong place, (I’m only 1 day old) and wasn’t allowed to join any chat/groups yet.

I have 0 knowledge with Bitcoin/Crypto and would love some help on where to start. My first starting point was google to gain some understanding and to be honest, found it all a little overwhelming and didn’t really trust the resources I found. I read about a few scams after re-Googling for “reviews, but read about some success stories also. who do you trust? Where do you begin? How does it all work? What do I need to get started? Thats Why I’m here.

I’m looking for a “ Beginners guide” or a “How to guide” (for dummies) to build some knowledge, if that even exists. Sorry for my ignorance. I understand the risks involved, I’m not looking to be a millionaire trading and buying crypto(although it’d be nice). I only want to start small to begin with. start with a few bucks to see how it all goes and really get the fundamentals down for trading/buying crypto.

Anyway, a reply with any information (if this doesn’t get deleted ) would be much appreciated.

Also, I live in Australia if that makes a difference.

Thanks guys - Brad_1991

1 month agocaferr14 posted comment on Bitcoin.
Jan. 20, 2020

Read “the bitcoin standard” by safideen ammous

Will educate you not only on bitcoin but the history of money in general and how we got to the point where the world needs bitcoin. One of the best books on the subject.

https://www.amazon.com/dp/1119473861/ref=cm_sw_r_cp_api_i_IpAjEb7B6W1X7

Ethereum will be more scarce than Bitcoin soon, while also being more sustainable. This is one of many reasons people are bullish on ETH in anticipation of Ethereum 2.0 [R]

1 month, 1 week agogizram84 posted submission on ethtrader.
Jan. 15, 2020
1 month, 1 week agogizram84 posted comment on ethtrader.
Jan. 15, 2020

Anyone could theoretically actually create a bitcoin clone and set the stock-to-flow to whatever they want.

Agreed. Which is why that isn't the only factor. As far as I'm aware, Saifedean Ammous is the guy who came up with this model. He wrote a book called The Bitcoin Standard. He explains why there are other factors involved, and goes over this exact scenario about how Bitcoin clones could theoretically create any S2F they wanted, and why it would be meaningless.

My Mum made her first REAL bitcoin transaction and bought this cup of tea online [R]

1 month, 2 weeks agoBitcoinFan7 posted submission on Bitcoin.
Jan. 2, 2020
1 month, 2 weeks agoBitcoinFan7 posted comment on Bitcoin.
Jan. 2, 2020

You guys crack me up with this nonsense. You don’t understand there’s a process to this. A growth phase. Where early adopters and merchant enthusiasts spend and replenish, awkwardly, to grow the ecosystem.

Bitcoin could have exactly zero merchant adoption and still be incredibly useful as a wealth preservation medium.

Widespread usage as a medium of exchange is a nice stretch goal but it not a requirement for bitcoin to be a success. An inflation hedge is sufficient enough and it is succeeding wildly on that front.

We were getting there in 2017 before everything was crippled. There were merchants all over Japan accepting it as a payment option.

Play me the worlds tiniest violin. Btw nothing was crippled, bitcoin is still functioning just fine, producing blocks every 10 minutes on average as always.

And if you kill merchant adoption, and kill usage as a currency, it becomes a useless store of value that does absolutely nothing.

No one is killing merchant adoption. Lightning is rolling out with transaction fees of fractions of a penny which crushes the existing 2-3% that standard payment processors charge. Merchant adoption will come over time due to cost savings.

And guess what happens then? Nobody buys it anymore because it has no purpose.

You're just totally glossing over this store of value thing eh?

You guys don’t seem to grasp that a store of value that does absolutely nothing, is never going to onboard users in the first place.

Store of value alone is plenty of incentive to onboard users. They will use it to store their value as a hedge against inflation and that is just fine.

BTC is a permissionless, censorship-resistant P2P currency, or it dies. Period.

Yawn. You are just plain wrong and this has all been covered ad nauseum. Read these and come back to me with a rational argument to show that you have actually put in the effort to educate yourself on the value proposition of bitcoin or I'm not wasting any more of my time responding to your tired arguments.

1) The Bitcoin Standard

2) The Bullish Case for Bitcoin

3) Modeling Bitcoin’s Value with Scarcity

My Mum made her first REAL bitcoin transaction and bought this cup of tea online [R]

1 month, 2 weeks agoBitcoinFan7 posted submission on Bitcoin.
Jan. 2, 2020
1 month, 2 weeks agoBitcoinFan7 posted comment on Bitcoin.
Jan. 2, 2020

I love crypto but let's be honest about it. A store of value doesn't become a store of value by magic.

That's right, there are very specific reasons why hard money has evolved they way it has as a wealth preservation medium. Particularly stock to flow ratio. I suggest you read The Bitcoin Standard.

As well as these articles,

Modeling Bitcoin’s Value with Scarcity

and

The Bullish Case for Bitcoin

They will help you understand how bitcoin has achieve its store of value status for very specific reasons, none of which having anything to do with "magic".

What is Halving and how does it affect prices? [R]

1 month, 3 weeks agoBitcoinFan7 posted submission on Bitcoin.
Jan. 1, 2020

I know it has to do with bitcoin mining and it will happen around May 2020 but what exactly is halving?

1 month, 2 weeks agoBitcoinFan7 posted comment on Bitcoin.
Jan. 1, 2020

It's explained pretty well here.

“Modeling Bitcoin’s Value with Scarcity” by PlanB https://link.medium.com/OO0y0dbyU2

I would also highly recommend this article.

“The Bullish Case for Bitcoin” by Vijay Boyapati https://link.medium.com/vjCOP1eyU2

And the Bitcoin standard

https://www.amazon.com/dp/1119473861/ref=cm_sw_r_em_apa_i_ySwdEb9KFC93P

Newbie, book suggestions? [R]

1 month, 3 weeks agoart_of_bug posted submission on Bitcoin.
Dec. 30, 2019

Newbie wanting to get into the world of cryptocurrency. I know only the bare minimum for buying btc and was wondering if there are any good books or material out there that will benefit me prior to purchasing. Looking to buy small amounts here and there and hold

1 month, 3 weeks agoart_of_bug posted comment on Bitcoin.
Dec. 31, 2019

If you are technical - Mastering Bitcoin

If you want economic perspective - The Bitcoin Standard

If you don't have much time and want something quick - The Little Bitcoin Book

Me with the glow of the computer screen displaying my wallets. Buy Bitcoin. [R]

2 months, 1 week agobenthecarman posted submission on Bitcoin.
Dec. 15, 2019
2 months, 1 week agobenthecarman posted comment on Bitcoin.
Dec. 15, 2019

how and when do we get to this imaginary world?

How: people slowly transition over to bitcoin and leave the legacy system, adoption rates will spike in areas with political unrest

When: No one knows, I think it will be in 10-15 years.

99.9999999999% of the world have absolutely no use for bitcoin

This is just false. I highly recommend you read up on some economics and monetary history.

These are good books to start if you want to learn:

My take on bitcoin [R]

3 months, 1 week agoBitcoinFan7 posted submission on Bitcoin.
Nov. 13, 2019

I was late to get into bitcoin, first time i bought was earlier this year but in a very short amount of time my whole view on what bitcoin is to me has radically changed.

Bitcoin has got me interested in Finance, history, politics, news (i try and stay away from mainstream) but what is becoming very clear to me is that the world is changing RIGHT NOW. And what is to say that my country in a few years wont be in the same situation as Hong Kong, venezuela, chile, argentina.. Probably not, but we cant know for sure.

I dont want to be stuck in a cashless society with extremely limited possibilities of free trade. In my personal view this is one of the biggest reasons that i hold bitcoin right now. I want to have the oppertunity in the future to not be stuck to the laws of a government wich is no better than me and sure as hell has no say over what i do with my money as long as my actions dont do anyone no harm.

I follow the daily price of bitcoin of course but it dont affect me too much , becuse i see this as our human right to be free in this digital mass surveilance society we are gradually becoming (and already are)

There hopefully will come a day when more and more people realize what central bank digital currencies will do . I fear we can become totally stuck within the constraints of government. When you can control all your citizens money, i dont even dare to think what insanity that will happen after around the world.

3 months, 1 week agoBitcoinFan7 posted comment on Bitcoin.
Nov. 14, 2019

My take on bitcoin [R]

3 months, 1 week agoBitcoinFan7 posted submission on Bitcoin.
Nov. 13, 2019

I was late to get into bitcoin, first time i bought was earlier this year but in a very short amount of time my whole view on what bitcoin is to me has radically changed.

Bitcoin has got me interested in Finance, history, politics, news (i try and stay away from mainstream) but what is becoming very clear to me is that the world is changing RIGHT NOW. And what is to say that my country in a few years wont be in the same situation as Hong Kong, venezuela, chile, argentina.. Probably not, but we cant know for sure.

I dont want to be stuck in a cashless society with extremely limited possibilities of free trade. In my personal view this is one of the biggest reasons that i hold bitcoin right now. I want to have the oppertunity in the future to not be stuck to the laws of a government wich is no better than me and sure as hell has no say over what i do with my money as long as my actions dont do anyone no harm.

I follow the daily price of bitcoin of course but it dont affect me too much , becuse i see this as our human right to be free in this digital mass surveilance society we are gradually becoming (and already are)

There hopefully will come a day when more and more people realize what central bank digital currencies will do . I fear we can become totally stuck within the constraints of government. When you can control all your citizens money, i dont even dare to think what insanity that will happen after around the world.

When a Macroecon textbook talks about Bitcoin... [R]

3 months, 1 week agoBitcoinFan7 posted submission on Bitcoin.
Nov. 11, 2019
3 months, 1 week agoBitcoinFan7 posted comment on Bitcoin.
Nov. 12, 2019

There will be no successor to bitcoin. Intrinsic value is a detriment to the function of a currency. These points have been debated to death so I'm not going to get into the weeds here. I will pass on some reading materials though that may help you.

https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1

https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

https://digitalik.net/btc/sf_model#

https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861

The real Bitcoin works. BTC doesn't. [R]

7 months, 2 weeks agodon2468 posted submission on btc.
July 6, 2019
4 months agodon2468 posted comment on btc.
Oct. 22, 2019

if LN or any second layer solution is the preferred scaling method it would take ~8 years for 1Billion users to open just one LN channel, no other commerce happening on chain just opening LN channels

In order to make it a fair apples-to-apples comparison, please think about what will happen if these 1Billion users decide to buy their morning coffee using BCH on the same day?

I'll tell you. Only these coffee purchases alone will instantly create at least a 220GB backlog in the BCH mempool. Which will take around 48 days (!) to clear with full 32MB blocks. Of course assuming that no other commerce is happening on chain.

  • If BTC can only scale on second layers ---> custodial solutions, see - Why is BTC Hard Money and all forks are Shitcoins BTC White Paper 2.0

Now what most Core maximalists fail to grasp: I and many others are not against 2nd layers see - the need for 2nd layers Emin Gün Sirer - Scaling Bitcoin x100000: The Next Few Orders of Magnitudewe favour letting the system (blocksize) grow as it had been up to 2016 & see where it can get us

the fundamental difference

  • BTC: 1 Billion entities to be soverign over their own money on 1MB BTC it would take about 8 years for each to get 1 channel open which is clearly unrealistic and so leads to custodial solutions - Hal Finney Bitcoin Backed Banks.

  • BCH: Now with only 50MB blocks those same Billion people could put their discretionary spends into a 2nd layer solution once a Month (your math) and perform as many tx's as they like during that month, while still being soverign over their own money.

Though we are actully aiming for 1GB blocks, see - jtoomim:My performance target with Blocktorrent is to be able to propagate a 1 GB block in about 5-10 seconds to all nodes in the network that have 100 Mbps connectivity and quad core CPUs. bringing channel opening for 1 Billion people to once per day plus 30% left over for all other "Big Commerce" your $200 Million transfers.

The BTC future clearly is a custodial one for most people. BCH - jurys still out, I am not even against custodial solutions, I assume a hard money standard would still be a better system than what we currently have.

I personally am not 100% convinced either way, Unforkable Ultrahard Money BTC or a money that can at this early stage still incorporate the best ideas of the space CTOR etc eventually forking less and less until it too is unforkable. The latter being the better long term option imo, is the BTC protocol currently optimal? I am hedged either way are you?

You Can Now Pay with Bitcoin, Ethereum, or Litecoin on Amazon [R]

4 months agojaumenuez posted submission on Bitcoin.
Oct. 21, 2019
4 months agojaumenuez posted comment on Bitcoin.
Oct. 22, 2019

price based pyramid scheme

Here you have another link, of course you "don't need to read" it now, but maybe when you become older and feel like you don't know everything and want to learn more about it. https://www.amazon.com/dp/1119473861

Have a nice day

The Countdown for Lightning Network... [R]

4 months agodon2468 posted submission on btc.
Oct. 21, 2019
4 months agodon2468 posted comment on btc.
Oct. 21, 2019

How does the LN affect your ability to use BTC as p2p permissionless cash? You can simply choose not to use it.

if LN or any second layer solution is the preferred scaling method it would take ~8 years for 1Billion users to open just one LN channel, no other commerce happening on chain just opening LN channels (lets hope none of them need to close their channel in a hurry) onchain fees will sky rocket (considerably less than 100 million people using Bitcoin in Dec 2017 led to $50 fees) that's how LN affects people who can't afford $50 fees to move a few hundred dollars around.

They wont' be able to choose to simply not use it when the fee is a significant percentage of the value they want to move.

or do you align with Samson Mow that Bitcoin is not for the poor.

the alternative is CUSTODIAL 2nd layer / or Bitcoin "Backed" Credit Cards that's what all you maxi's have been railing against but is in fact what the likes of the the author of BTC Maxi White Paper 2.0 Saifedean Ammous espouses we can have Bitcoin backed credit cardswhich by their very nature will be custodial

The Countdown for Lightning Network... [R]

4 months agodon2468 posted submission on btc.
Oct. 21, 2019
4 months agodon2468 posted comment on btc.
Oct. 21, 2019

How does the LN affect your ability to use BTC as p2p permissionless cash? You can simply choose not to use it.

if LN or any second layer solution is the preferred scaling method it would take ~8 years for 1Billion users to open just one LN channel no other commerce happening on chain just opening LN channels (lets hope none of them need to close their channel in a hurry) onchain fees will sky rocket (considerably less than 100 million people using Bitcoin in Dec 2017 led to $50 fees) that's how LN affects people who can't afford $50 fees to move a few hundred dollars around.

They wont' be able to choose to simply not use it when the fee is a significant percentage of the value they want to move.

or do you align with Samson Mow that Bitcoin is not for the poor.

the alternative is CUSTODIAL 2nd layer / or Bitcoin "Backed" Credit Cards that's what all you maxi's have been railing against but is in fact what the likes of the the author of BTC Maxi White Paper 2.0 Saifedean Ammous espouses we can have Bitcoin backed credit cards

Mentor Monday, October 14, 2019: Ask all your bitcoin questions! [R]

4 months, 1 week agodiydude2 posted submission on Bitcoin.
Oct. 14, 2019

Ask (and answer!) away! Here are the general rules:

  • If you'd like to learn something, ask.
  • If you'd like to share knowledge, answer.
  • Any question about Bitcoin is fair game.

And don't forget to check out /r/BitcoinBeginners

You can sort by new to see the latest questions that may not be answered yet.

4 months, 1 week agodiydude2 posted comment on Bitcoin.
Oct. 14, 2019

The Bitcoin Standard is a good place to start.

How is the value of bitcoin not dependent on the US dollar? [R]

4 months, 3 weeks agomyquidproquo posted submission on Bitcoin.
Sept. 28, 2019

Super noob question, queue the guy telling me to google it. I’ve heard bitcoin and it’s network have intrinsic value, admittedly I don’t really understand it, and I don’t think most people do. For most people, it’s traded like a stock. Buy low and sell high... that’s the goal, right? To the common joe, the USD has value because it represents property and the government backs our property rights via law, which is backed by military might, more or less. The government backing of property and the USD is why our stocks (companies) have value. How do we, as common people of this earth, determine the value of a bitcoin? Why is it anything more than equivalent to a stock and is there not a case for bitcoin actually strengthening the US dollar as the world reserve currency?

4 months, 3 weeks agomyquidproquo posted comment on Bitcoin.
Sept. 28, 2019

It's hard to go back and try to find what really clicked about Bitcoin. I had kind of a background on network security and cryptography (although not at the level to be a Bitcoin developer myself, unfortunately...).

I first heard about Bitcoin on the Security Now podcast probably in 2013 and completely ignored it. I didn't know anything about investing, money or the economy so I just didn't care.

Later in 2015/2016 I started to hear about it again. I was starting to get interested in economy, finance, valuation and all that stuff. So I've tried to read the wikipedia article about Bitcoin and didn't understand any of it. Public ledger and all that stuff...

Then finally I've stumbled on the original Bitcoin whitepaper. Read it. Loved it.

I was lucky enough to have just enough background in cryptography to understand it. It's very well written, very easy to read. You should read it if you haven't done it already. I believe you only need to have an idea of what a hash function is and what public key cryptography is to understand it pretty well.

Then I've started to dive into the question of "What is money?". Everyone will have a different opinion on it. In my opinion money is just a technology to help people make transactions and if possible to store some value that can be used in the future...

I've read The Bitcoin Standard which is kind of interesting and the famous post Shelling Out: The Origins of Money by Nick Szabo which some people believe might be the real Satoshi Nakamoto.

I really don't care if some economists believe that money needs "intrinsic value" or it needs to be "backed" by something. If you are trading it for goods and services and you can store it it is some sort of money.

And then there are some properties that makes some money more desirable than another.

Some of the properties of Bitcoin are very similar to the properties that make gold a good store of value. It is kind of neutral, nobody controls it, there's a limit amount of it. But it adds a lot of stuff that can make it better than gold:

  • It's digital.
  • Easier to transact.
  • Easier to transport.
  • Easier to conceal.
  • You can travel with millions in Bitcoin without being noticed, without putting yourself or your family at risk (just imagine if you're running from war in your country)
  • Easier to prove you own it.
  • Easier to prove it's real and not a counterfeit.
  • When demand goes higher you can't create more supply of it. (You can produce more physical gold by using more miners and machines when demand goes higher. But you can't create more Bitcoins/time)
  • You are not dependent on monetary policies that change over time and might be subject to political and social influence. The monetary policy was defined on its creation. No one can change it.
  • Bitcoins stock-to-flow will be greater than gold on the next halving. And will keep doubling every 4 years.

I can certainly remember some more properties that make it more interesting than gold. But of course it doesn't have the track record. It just didn't exist 1000 year ago... It is not a good electrical conductor and it is not shinny and beautiful. ¯_(ツ)_/¯

Bitcoin might not work out but it looks like a good asymmetrical bet to take. Gold current market cap is around $7 Trillion. Bitcoin's market cap is around $150 Billion...

A great read, but I still feel like I’m 7 years late to this party...however, I have so few friends and family that understand this stuff/own any. Like I feel both ahead and behind simultaneously. [R]

5 months agoTheGreatMuffin posted submission on Bitcoin.
Sept. 21, 2019
5 months agoTheGreatMuffin posted comment on Bitcoin.
Sept. 21, 2019

If I may - I humbly recommend to read a proper book on bitcoin, not some fluff piece.. Just assuming from the way that you chose your post title that you might be interested in a more substantial bitcoin reading :) Please ignore if that's not the case, don't wanna ruin your reading pleasure or anything.

Economic perspective: The Bitcoin Standard - The Decentralized Alternative to Central Banking

Not technical at all, very beginner friendly, but also not a lot of practical information: The Internet Of Money

Gently technical, beginner friendly: Inventing Bitcoin: The Technology Behind the First Truly Scarce and Decentralized Money Explained

Technical deep dives:

Bitcoin: only good for selling to a bigger fool later? [R]

5 months, 1 week agoBitcoinFan7 posted submission on Bitcoin.
Sept. 13, 2019

I keep seeing these talking heads saying, "bitcoin is a hyper-speculative investment that doesn't produce anything, and people only buy it hoping to sell it to a bigger fool later for a higher price". (Both Bill Gates and Warren Buffet have said this).

If you take a step back for a minute, you realize they're criticizing people for literally just wanting to store their wealth in an asset class that can't be debased.

So there you have it, if you think saving for a rainy day is a good thing, you're actually just a speculative fool according to these people.

Is it too late to buy Bitcoin? [R]

5 months, 1 week agoBitcoinFan7 posted submission on Bitcoin.
Sept. 13, 2019

I'm only 21 and would only be able to invest a little bit with each paycheck. Do you think it's worth the risk or should I put that money into a high yield savings or index funds?

5 months, 1 week agoBitcoinFan7 posted comment on Bitcoin.
Sept. 13, 2019

Read these

(1) https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

(2) https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1

(3) The Bitcoin Standard

(4) Study this https://digitalik.net/btc/#

The answer is no, it is still very early. Bitcoin is just a better way of saving because your money grows over time, there is no such thing as "too late".

Don't get poor slowly [R]

5 months, 1 week agomossyskeleton posted submission on CryptoCurrency.
Sept. 11, 2019
5 months, 1 week agomossyskeleton posted comment on CryptoCurrency.
Sept. 12, 2019

Is Saifedean Ammous, author of The Bitcoin Standard, the body double of Hollywood actor Kirk Acevedo? [R]

5 months, 2 weeks agobitusher posted submission on Bitcoin.
Sept. 8, 2019
7 months agogizram84 posted submission on Bitcoin.
July 22, 2019

I want to understand how the associated risks can be combated by introducing a regulatory framework or alternatively, what existing legislation can this area fall under, hence, having legal remedies available in unfortunate circumstances.

Best book to give someone who doesn't know too much about cryptocurrency [R]

7 months agodalebewan posted submission on Bitcoin.
July 22, 2019

I am talking something that would convince them that they should gain exposure to this asset class, and that it will grow in the future.

So far i have come across

  1. Internet of Money Vol 2
  2. Digital Gold

Any other suggestions would be welcome (: i am trying to get my extended circle interested in getting involved.

7 months agodalebewan posted comment on Bitcoin.
July 22, 2019

For kids: Bitcoin Money.

For adults: The Bitcoin Standard.

Bitcoin originators 'just decided one day' to create a digital store of value and eveybody (not yet) said 'Yes' , Explain this concept. [R]

7 months, 1 week agodalebewan posted submission on Bitcoin.
July 13, 2019

How did that work? And can it really expand into mass adoption?

Please leave price out of it. Volume is relevant. Transactions per year increasing is relevant. But bitcoin is still pretty niche, fractional amounts of people even know about it beyond a headline, how many people would buy into this 'hey I created money' digital asset?

Also. I'll add the rising volume is almost 99% speculative. Meaning, they don't buy the concept of 'digital store of value/currency' but rather just making money off it converting to fiat.

Step back from the moon rocket and explain how the population is going to jump aboard a newly created store of value 100% digital...in a world were hacks and internet outages is pretty common.

I guess my question is philosophical. Why would the world accept some newly created currency en mass ? You're betting on zero other options should a massive collapse happen? Government adoption? What is going to move the world into this brand new completely not time tested store of value?

7 months, 1 week agodalebewan posted comment on Bitcoin.
July 14, 2019

Anybody in the bitcoin sphere delve deep into what economies actually look like and function using bitcoin as default world currency/reserve?

No. We're all just a bunch of "lambo moon boys" and none of us have any formal study or experience in the world of economics. /s

You do realise that this is a multi-billion dollar industry? A lot of very smart people have spent a lot of time and effort examining this from many angles.

If you want a good introduction to what a world based on Bitcoin might look like, I'd recommend starting off with forgetting about Bitcoin specifically and first reading some of the basic works from the Austrian economists such as Ludwig von Mises and Friedrich Hayek. Once those concepts are in your head (whether you agree with them or not), then move on to "The Bitcoin Standard" by Saifedean Ammous (which also spends over half the book not talking about Bitcoin before it finally does; for good reason).

The reason I suggest to start off with the Austrian economists is that you need to first realise that you've got a lot of assumptions that might not necessarily be grounded in reality. One of the most common that I see for example is people saying, "deflation is bad!" as a general rule without further context. I agree that under our current economic model, deflation causes significant issues, but things that are true under our current model are not necessarily true under every model.

Any experts that talk about the reality of Bitcoin adoption?

As above, Dr Ammous is an economist with multiple degrees in relevant fields. I think he qualifies as at least one kind of expert.

There's also myself, but since you don't know who I am and I have no intention of linking my pseudonym to my real name, any credentials I say that I hold are something you'd just have to trust me on, and I fully understand you have no reason to.

And also, what will psychological make people trust a newly created digital asset class? It's untested.

Everything new is untested and untrusted at some point and over time this changes. I've seen enough "new tech" in my lifetime to know that this really isn't such an issue.

And whether true or not people will assume it's 'so-called' security will eventually be compromised as just about every technology becomes obsolete and has breaches. I'm talking public opinion.

This is a combination of education and experience. Everybody knows that theoretically banks can get hacked, but they still trust their money to the bank. Even if they wrongly assume that Bitcoin is somehow able to completely compromised (and this definitely is wrong, because it's based on a false assumption of how the network operates), they only need to trust it to a similar or greater level than their bank in order to be willing to use it. And for that trust to be built, it only takes enough time of the system not being compromised.

This sure did age well [R]

7 months, 2 weeks agoBitcoinFan7 posted submission on Bitcoin.
July 9, 2019
7 months, 2 weeks agoBitcoinFan7 posted comment on Bitcoin.
July 10, 2019

Read The Bitcoin Standard and watch Andreas Antonopoulos YouTube channel. Educate yourself before investing.

C'mon Bitcoin...? [R]

7 months, 2 weeks agoBitcoinFan7 posted submission on Bitcoin.
July 7, 2019
7 months, 2 weeks agoBitcoinFan7 posted comment on Bitcoin.
July 8, 2019

I don't know why you're getting downvoted, you don't appear to be trolling. I would say if you are serious, read The Bitcoin Standard and watch Andreas Antonopoulos YouTube channel. Educate yourself before investing.

What would be the best article for someone who has never heard anything about crypto currency, blockchain and Bitcoin before? [R]

7 months, 3 weeks agoRocketLeagueTrader83 posted submission on CryptoCurrency.
July 4, 2019

I recently had a conversation about Bitcoin with a friend. He has heard of the word "bitcoin" but that is about it. What entry level article would u give him to read that introduces him to the fundamentals of Bitcoin, blockchain and co. and how it is going to impact our future lives.

#Bitcoin halving chart update: 10 months to go! [R]

7 months, 3 weeks agoBitcoinFan7 posted submission on Bitcoin.
July 1, 2019
7 months, 3 weeks agoBitcoinFan7 posted comment on Bitcoin.
July 2, 2019

The Bitcoin Standard covers it in detail

What makes bitcoin in specific so special? [R]

7 months, 3 weeks agolinuzri1976 posted submission on Bitcoin.
July 1, 2019

I understand Bitcoin is King and is what currently dictates most coins value but I hear people say btc in itself is dated and I do see some places starting to incorporate bitcoin but it’s very minimal if non existent. To a bitcoin holder what is your thought process making you believe so much in bitcoin? I also believe digital currencies are the future but people are so scared by the fact it’s not really insured and if digital currencies are the future wouldn’t governments make their own insured coin? I really like bitcoin but I feel like their are many gaps I can’t wrap my head over. Thank you for reading and please call me out on ignorance portrayed.

7 months, 3 weeks agolinuzri1976 posted comment on Bitcoin.
July 1, 2019

Read these two books to understand why Bitcoin matters :

  1. The Bitcoin Standard by Saifedean Ammous

  2. Mastering Bitcoin by Andreas Antonopolous

Daily Discussion - June 26, 2019 (GMT+0) [R]

8 months agofreshandsticky posted submission on CryptoCurrency.
June 25, 2019

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

Disclaimer:

Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Rules:

  • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
  • Discussion topics must be related to cryptocurrency.
  • Comments will be sorted by newest first.
8 months agofreshandsticky posted comment on CryptoCurrency.
June 26, 2019

I often see questions about why bitcoin, isn't it outdated? It took me a while but after around 6 years in this game it finally clicked. These are the advantages of bitcoin over other cryptos. (I hold 90% btc, 10% bch and I've worked for various crypto companies. Bought btc at $130)

Immutability & Security

These two are very closely related, a immutable transaction is only immutable if the security is also top notch. At the moment there is no stronger network than the strongest proof of work chain, it can't be taken down by even governments if they wanted to. Proof of stake isn't solved yet, delegated proof of stake is centralised.

Fair distribution

Bitcoin had the most fair distribution of any project out there. Everyone had a fair shot of increasing their bitcoin stack for years. Satoshi still has 1 million coins but after 10 years it's fair to say he will not use them, even if he did it's less than 5% of the supply.

Deflationary asset & scarcity

These two terms also pair together. This asset will decrease in inflation if time increases, after a few halvings most of the coins will have been mined. If you wanted to mine more right now, you can't. Mining difficulty is maybe the greatest invention of satoshi. If people wanted more gold, you can get more gold if you invested more resources. Deflationary assets also make for a great savings account, as none can be printed. (further reading by on scarcity https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861)

Decentralisation

Bitcoin is the most decentralised of any project, there is no leader. People can claim blockstream is leading, but there less than a handful of devs from blockstream developing for bitcoin. That means it's politically decentralised.

Bitcoin is architectural and logically decentralised, if 90% of the nodes die it will still work. The blocksize debate is often mentioned if you talk about decentralisation, the ability for anyone to join to mine right now and in the future is important. (further reading from vitalik https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274)

Daily Discussion - June 26, 2019 (GMT+0) [R]

8 months agofreshandsticky posted submission on CryptoCurrency.
June 25, 2019

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

Disclaimer:

Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Rules:

  • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
  • Discussion topics must be related to cryptocurrency.
  • Comments will be sorted by newest first.
8 months agofreshandsticky posted comment on CryptoCurrency.
June 26, 2019

I often see questions about why bitcoin, isn't it outdated? It took me a while but after around 6 years in this game it finally clicked. These are the advantages of bitcoin over other cryptos. (I hold 90% btc, 10% bch and I've worked for various crypto companies. Bought btc at $130)

Immutability & Security

These two are very closely related, a immutable transaction is only immutable if the security is also top notch. At the moment there is no stronger network than the strongest proof of work chain, it can't be taken down by even governments if they wanted to. Proof of stake isn't solved yet, delegated proof of stake is centralised.

Fair distribution

Bitcoin had the most fair distribution of any project out there. Everyone had a fair shot of increasing their bitcoin stack for years. Satoshi still has 1 million coins but after 10 years it's fair to say he will not use them, even if he did it's less than 5% of the supply.

Deflationary asset & scarcity

These two terms also pair together. This asset will decrease in inflation if time increases, after a few halvings most of the coins will have been mined. If you wanted to mine more right now, you can't. Mining difficulty is maybe the greatest invention of satoshi. If people wanted more gold, you can get more gold if you invested more resources. Deflationary assets also make for a great savings account, as none can be printed. (further reading by on scarcity https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861)

Decentralisation

Bitcoin is the most decentralised of any project, there is no leader. People can claim blockstream is leading, but there less than a handful of devs from blockstream developing for bitcoin. That means it's politically decentralised.

Bitcoin is architectural and logically decentralised, if 90% of the nodes die it will still work. The blocksize debate is often mentioned if you talk about decentralisation, the ability for anyone to join to mine right now and in the future is important. (further reading from vitalik https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274)

Daily Discussion - June 25, 2019 (GMT+0) [R]

8 months agofreshandsticky posted submission on CryptoCurrency.
June 24, 2019

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

Disclaimer:

Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Rules:

  • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
  • Discussion topics must be related to cryptocurrency.
  • Comments will be sorted by newest first.
8 months agofreshandsticky posted comment on CryptoCurrency.
June 25, 2019

I often see questions about why bitcoin, isn't it outdated? It took me a while but after around 6 years in this game it finally clicked. These are the advantages of bitcoin over other cryptos. (I hold 90% btc, 10% bch and I've worked for various crypto companies. Bought btc at $130)

Immutability & Security

These two are very closely related, a immutable transaction is only immutable if the security is also top notch. At the moment there is no stronger network than the strongest proof of work chain, it can't be taken down by even governments if they wanted to. Proof of stake isn't solved yet, delegated proof of stake is centralised.

Fair distribution

Bitcoin had the most fair distribution of any project out there. Everyone had a fair shot of increasing their bitcoin stack for years. Satoshi still has 1 million coins but after 10 years it's fair to say he will not use them, even if he did it's less than 5% of the supply.

Deflationary asset & scarcity

These two terms also pair together. This asset will decrease in inflation if time increases, after a few halvings most of the coins will have been mined. If you wanted to mine more right now, you can't. Mining difficulty is maybe the greatest invention of satoshi. If people wanted more gold, you can get more gold if you invested more resources. Deflationary assets also make for a great savings account, as none can be printed. (further reading by on scarcity https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861)

Decentralisation

Bitcoin is the most decentralised of any project, there is no leader. People can claim blockstream is leading, but there less than a handful of devs from blockstream developing for bitcoin. That means it's politically decentralised.

Bitcoin is architectural and logically decentralised, if 90% of the nodes die it will still work. The blocksize debate is often mentioned if you talk about decentralisation, the ability for anyone to join to mine right now and in the future is important. (further reading from vitalik https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274)

REMEMBER: There will NEVER be enough BTC for all of today's existing millionaires to own just ONE. [R]

8 months, 1 week agoBitcoinFan7 posted submission on Bitcoin.
June 16, 2019

There will only ever be a maximum of 21 million bitcoins. Ever.

Total number of millionaires (in USD value) worldwide is around 33 million (source).

The math is simple: there simply is not enough Bitcoin in the world for every one of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches 10bn (source).

If you are able to acquire even one BTC today: Enjoy the feeling.

You are an early adopter. And one of a limited few.

Edit: And nevermind the haters that will say something asinine like "my pubic hairs are limited in number too..." The point is that your pubic hairs have zero utility whereas every day Bitcoin proves its utility in as gold 2.0. That is all.

8 months, 1 week agoBitcoinFan7 posted comment on Bitcoin.
June 17, 2019

If you want to understand you can educate yourself. Do you know what the fundamental properties of money are and why bitcoin is by far the best form of money that has ever existed? If not, read The Bitcoin Standard, and then we can continue this conversation. Take care.

What books that are a must read for a new btc enthusiast? [R]

8 months, 3 weeks agozo_o posted submission on Bitcoin.
May 30, 2019

Hello, I’ve read the white papers, read different blogs, and pop in here off and on. What are the books that help with the aspects of purchasing ? What are exchanges ? The difference between wallets ? How to use keys to make purchases ? How to purchase ? The break down of block chain ? And so on . . . . . . . I want a clear and knowledgeable understanding of bitcoin. Any recommendations or 100% read are hugely appreciated!!!

Best way to buy Bitcoin to learn about it? [R]

8 months, 4 weeks agoslepyhed posted submission on Bitcoin.
May 27, 2019

I would like to purchase a very small amount of Bitcoin as an educational process with my children. Is there a relatively simple and best practices way for us to do that?

8 months, 4 weeks agoslepyhed posted comment on Bitcoin.
May 27, 2019

CashApp is a great way to quickly and easily buy Bitcoin. Once you have some and understand basic concepts, I highly recommend the Bisq decentralized exchange.

This is a great book for kids (and adults) to understand the "why" of Bitcoin:

https://thebitcoinrabbi.com/bitcoin-money-book/

The Bitcoin Standard (https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861) is a much deeper dive into the "why" of bitcoin, and a very non-technical overview of the "how".

I have a copy, but have not yet read more than a few pages of, Grokking Bitcoin https://www.manning.com/books/grokking-bitcoin It looks promising, I'm thinking it will be a great technical explanation of the "how" for technically curious non-programmers.

Please tell me why BSV is not good (besides Wright being a full of poop). I'm still trying to understand the big blocks vs small blocks thing. On first glance the BSV folks make some compelling arguments about why big blocks are great. Thanks for the education I appreciate it. [R]

9 months agogizram84 posted submission on Bitcoin.
May 21, 2019
9 months agogizram84 posted comment on Bitcoin.
May 21, 2019

The short answer is that bitcoin derives it's value from being immutable. If a small group was able to change a critical consensus rule on a whim, then that coin is not immutable. Anything can be changed by a central team. You have no guarantee of future rules or behavior. So it's just like fiat money, worthless.

Also, once the block subsidy diminishes, you need fees to pay the miners for security. The shitcoin forks can only survive now because of inflation, and they have no long term plan to pay for security. The next halving will exemplify this, as they lose a large percentage of their miners.

The long answer is read this book:

https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861

Bitcoin atm is a business sketchy? [R]

9 months, 1 week agobeowulfpt posted submission on Bitcoin.
May 19, 2019

Sorry if this is the wrong place to ask as I’m not too knowledgeable on bitcoin. I work at a vape shop with a bitcoin atm, and there are a few regulars who come daily to use it. My boss knows even less about cryptocurrency than I do so she’s worried they’re doing something sketchy. I told her I doubt they are but if they were doing something sketchy what could it be? And could our business be held liable? Sorry if this is a dumb question.

9 months, 1 week agobeowulfpt posted comment on Bitcoin.
May 19, 2019

Bitcoin is the internet of money. The future. Your boss should be excited and even proud to be at the forefront of it, not worried. Buy this book and gift it to your boss after you read it.

Why I downvote your "alternative" investment advice [R]

9 months, 1 week agobeowulfpt posted submission on financialindependence.
May 16, 2019

Lately I've noticed a bit of a trend around here of people who are particularly bitter that index fund investing seems to be the standard, go-to investment advice, and their personal favorite type of investment doesn't get the attention they want it to.

Often times these comments get phrased in sort of a self fulfilling way like

The VTSAX cult around here will just bury any investment advice that doesn't toe the party line.

Which makes them difficult to respond to in a constructive way in the moment. So I thought I'd write up some thoughts on the matter outside of that framing.

Here's a list of all the "alternative" investment advice I see around here with an explanation for why I pretty much downvote them on site every time:

  1. Crypto - Crypto is a speculative commodity, not a value generating asset. The fact that you, or someone you know, got lucky and made a bunch of money off of it doesn't change that. [edit] The fact that the underlying technology has potential value generating applications outside of cryptocurrencies doesn't change that. You're not investing. You're gambling. Crypto has no place in a serious long term portfolio beyond some trivially small amount you keep on the side to play around with for fun (the same goes for any other speculative commodity as well).

  2. Individual stocks - Yes, Warren Buffet can pick stocks. You can't. This isn't even an argument. The research on the topic is overwhelming. The average return for individual investors who pick their own stocks is something like 1-2%. The fact that you managed to outperform the market for a year or two isn't evidence to the contrary, it's survivorship bias.

  3. Managed funds - This one gets more complicated. Yes, there are good fund managers out there who can outperform the market. But for you, the individual investor, the challenge is not in knowing that these people exist. The challenge is in being able to identify them from a) bad fund managers who match or underperform the market (the easy one), b) bad fund managers who outperform the market just due to luck, and c) good fund managers who outperform the market, but charge so much in fees that it doesn't matter. This is not necessarily an impossible task. But anyone who's done enough of their research to be able to successfully do that, is someone who knows enough that they don't need investment advice from random anonymous strangers on the internet. So it's still bad investment advice to go around doling out to random anonymous strangers on the internet.

  4. Entrepreneurship - This seems to be the topic du jour for some reason. And though I've already mentioned it, I have to once again stress the topic of survivorship bias. 80% of small businesses fail within the first year. The fact that you were successful does not mean someone else will be. Not only that, but your success is not repeatable. Someone can go out and do exactly the same thing you did and lose everything they had. Entrepreneurship is at the very upper end of the risk/reward scale. Furthermore, running a business is most definitely not for everyone. It takes a very specific kind of person working in exactly the right field for them. Running around telling people, who've given no hint of any inclination to start a business, that the really ought to consider doing so just because it will lead to riches beyond their dreams is just bad advice.

  5. Rental properties - I hesitate to include this one, because compared to the rest of this list, it's actually not a bad investment strategy. However, there is a specific, and very common, type of person who likes to pump rental properties that I will pretty much always downvote. And that's the type of person who likes to claim how much better their rental returns are relative to market returns while simultaneously glossing over things like the fact that they're: comparing leveraged returns to non-leveraged returns, not counting expenses like property taxes or maintenance, not counting risk factors like vacancy months, not counting the amount of sweat equity they put into their properties, or any combination of the above. Even taking all that into account, you like still have some small ROR premium, but it's often offset by the fact that your investment isn't liquid and isn't very diversified. Again, not a bad investment choice for a lot of people. But if you're one of the people who go around talking about how it's so much clearly better than equities and anyone who puts money into the market instead of rentals is an idiot, you're gonna get a downvote.

Edit: Just to clarify, I don't think the last two in particular are bad investments for a specific group of people. I do think they're often bad investment advice though. Particularly if you go around pumping them to people who've shown no interest whatsoever in those areas or random people you know next to nothing about. If you're responding to someone who's specifically showing interest in starting their own business or buying rentals, and if you're being honest about both the pros and cons of that investment, I have no problem.

9 months, 1 week agobeowulfpt posted comment on financialindependence.
May 16, 2019

Blockchain is just a snake oil term. There's Bitcoin and there's money wasted.

Too many people are being fooled with this "Blockchain, not Bitcoin" crap. Learn the difference, it's worth it.

https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861

Why I downvote your "alternative" investment advice [R]

9 months, 1 week agobeowulfpt posted submission on financialindependence.
May 16, 2019

Lately I've noticed a bit of a trend around here of people who are particularly bitter that index fund investing seems to be the standard, go-to investment advice, and their personal favorite type of investment doesn't get the attention they want it to.

Often times these comments get phrased in sort of a self fulfilling way like

The VTSAX cult around here will just bury any investment advice that doesn't toe the party line.

Which makes them difficult to respond to in a constructive way in the moment. So I thought I'd write up some thoughts on the matter outside of that framing.

Here's a list of all the "alternative" investment advice I see around here with an explanation for why I pretty much downvote them on site every time:

  1. Crypto - Crypto is a speculative commodity, not a value generating asset. The fact that you, or someone you know, got lucky and made a bunch of money off of it doesn't change that. [edit] The fact that the underlying technology has potential value generating applications outside of cryptocurrencies doesn't change that. You're not investing. You're gambling. Crypto has no place in a serious long term portfolio beyond some trivially small amount you keep on the side to play around with for fun (the same goes for any other speculative commodity as well).

  2. Individual stocks - Yes, Warren Buffet can pick stocks. You can't. This isn't even an argument. The research on the topic is overwhelming. The average return for individual investors who pick their own stocks is something like 1-2%. The fact that you managed to outperform the market for a year or two isn't evidence to the contrary, it's survivorship bias.

  3. Managed funds - This one gets more complicated. Yes, there are good fund managers out there who can outperform the market. But for you, the individual investor, the challenge is not in knowing that these people exist. The challenge is in being able to identify them from a) bad fund managers who match or underperform the market (the easy one), b) bad fund managers who outperform the market just due to luck, and c) good fund managers who outperform the market, but charge so much in fees that it doesn't matter. This is not necessarily an impossible task. But anyone who's done enough of their research to be able to successfully do that, is someone who knows enough that they don't need investment advice from random anonymous strangers on the internet. So it's still bad investment advice to go around doling out to random anonymous strangers on the internet.

  4. Entrepreneurship - This seems to be the topic du jour for some reason. And though I've already mentioned it, I have to once again stress the topic of survivorship bias. 80% of small businesses fail within the first year. The fact that you were successful does not mean someone else will be. Not only that, but your success is not repeatable. Someone can go out and do exactly the same thing you did and lose everything they had. Entrepreneurship is at the very upper end of the risk/reward scale. Furthermore, running a business is most definitely not for everyone. It takes a very specific kind of person working in exactly the right field for them. Running around telling people, who've given no hint of any inclination to start a business, that the really ought to consider doing so just because it will lead to riches beyond their dreams is just bad advice.

  5. Rental properties - I hesitate to include this one, because compared to the rest of this list, it's actually not a bad investment strategy. However, there is a specific, and very common, type of person who likes to pump rental properties that I will pretty much always downvote. And that's the type of person who likes to claim how much better their rental returns are relative to market returns while simultaneously glossing over things like the fact that they're: comparing leveraged returns to non-leveraged returns, not counting expenses like property taxes or maintenance, not counting risk factors like vacancy months, not counting the amount of sweat equity they put into their properties, or any combination of the above. Even taking all that into account, you like still have some small ROR premium, but it's often offset by the fact that your investment isn't liquid and isn't very diversified. Again, not a bad investment choice for a lot of people. But if you're one of the people who go around talking about how it's so much clearly better than equities and anyone who puts money into the market instead of rentals is an idiot, you're gonna get a downvote.

Edit: Just to clarify, I don't think the last two in particular are bad investments for a specific group of people. I do think they're often bad investment advice though. Particularly if you go around pumping them to people who've shown no interest whatsoever in those areas or random people you know next to nothing about. If you're responding to someone who's specifically showing interest in starting their own business or buying rentals, and if you're being honest about both the pros and cons of that investment, I have no problem.

9 months, 1 week agobeowulfpt posted comment on financialindependence.
May 16, 2019

That is wildly incorrect. That are no crypto currencies that "are far, far superior". Unless you're looking at what their scammer founders tell you.

People don't flock to Bitcoin because it was the first, they flock to it because it is the most secure network and protocol by a HUGE margin. This is technical data, not an opinion.

But in the same way, many others avoid it because they feel they missed the gains and it became tacky. Totally unaware they're still very early. There is no "superior crypto". Do your own research.

What's the sentiment here regarding Gold? [R]

9 months, 2 weeks agobeowulfpt posted submission on investing.
May 7, 2019

Dalio advocates for having 5% of Gold in a portfolio. Taleb mentioned he owns Gold but still doesn't know really why. What's the crowd wisdom on adding a bit of Gold is one's portfolio?

9 months, 2 weeks agobeowulfpt posted comment on investing.
May 9, 2019

I disagree given the data from the past 10 years and many authors disagree too and have written pretty interesting content on the topic. But if you don't believe in it you can avoid it until it becomes mainstream and inevitable, which will probably take many years.

Those examples of people investing at the wrong time and leveraging foolishly are sad and did happen, but it happens in many areas of life. The USD isn't worse just because some fools use it poorly and lose it.

Bye Gold, Buy Bitcoin !! [R]

9 months, 3 weeks agoBitcoinFan7 posted submission on Bitcoin.
May 2, 2019
9 months, 3 weeks agoBitcoinFan7 posted comment on Bitcoin.
May 2, 2019

The gold industry/gold miners can decide to mine more gold or mine less gold influencing the supply unrestricted

Please read The Bitcoin Standard, particularly pertaining to Stock-to-Flow ratio.

[OC] EU Countries by Government Debt (2006-2017) [R]

10 months agobeowulfpt posted submission on dataisbeautiful.
April 24, 2019
10 months agobeowulfpt posted comment on dataisbeautiful.
April 24, 2019

Bitcoin (BTC) will shift that balance in the coming decade. Fiat being printed like Monopoly money won't end well. Even the Netherlands (a strong EU country) is having 3% inflation.

Too many bank bailouts and shenanigans. People are getting tired and finding alternatives in hard money not made up by central banks.

Update on BTC scarcity compared to gold. [R]

10 months agobitusher posted submission on Bitcoin.
April 23, 2019

Current world gold stock is estimated to be 185,000 US tons, the equivalent of 167829177 kilograms.

Dividing that with the number of BTC currently mined (17,660,987.5) brings us a ratio of 9.5028195337. This means that owning one BTC is as scarce as owning 9 and a half kilograms of gold.

Keeping this in mind we can look at the current price of gold (€36447 per kilogram) and get a "fair price of btc based on its scarcity" of €346,349

The stock-to-flow ratio of BTC will be rather close to gold after the upcoming halving (reference @100trillionUSD on twitter and the Stephan Livera podcast episode 67) so this price prediction seems like a good estimate for the next peak/bubble.

10 months agobitusher posted comment on Bitcoin.
April 23, 2019

Ignorance of value doesn't mean it isn't valuable.

Yes , you are agreeing with me that Indians and Chinese style have a predilection for PM's ... the market determines its true value thus the price is exactly what it is worth.

They have been shorting silver since 2011 and stacking at the same time,

You need to read this book to find out why using 2 PM's as reserve assets did not work out and why silver had to be dumped--

https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861

Governments and banks can and do play speculation attacks on each other and if one is using a much less rare PM they will lose such a speculation attack and destroy their economy

Shadow banking is now a $52 trillion industry, posing a big risk to the financial system [R]

10 months, 2 weeks agobluethunder1985 posted submission on collapse.
April 11, 2019
10 months, 2 weeks agobluethunder1985 posted comment on collapse.
April 12, 2019

thankfully we have bitcoin as an escape chute.

Bears of Reddit. What is your reasoning to believe in an upcoming bear market? [R]

10 months, 2 weeks agobeowulfpt posted submission on investing.
April 7, 2019

I’m trying to stay open minded and I am certainly not trying to time the market. I am trying to comprehend the market better. I see reasons why this market can keep proceeding upwards but I can’t find logical reasons for it to go downwards.

10 months, 2 weeks agobeowulfpt posted comment on investing.
April 8, 2019

Getting a % of the market currently in Gold or other long term store-of-value choices. Proven itself for over a decade of political, economical and technical attacks. I think we're far from having it as a Standard, but expect BTC to be part of many portfolios in the next 5-10 years. IMO a lot of people are excessively optimistic about how long it will take, but others are unwise by totally dismissing it, given the 10 years of data.

Will Bitcoin Replace Gold As Currency Standard? The Knowingly-Unknown Race [R]

10 months, 2 weeks agocastorfromtheva posted submission on Bitcoin.
April 8, 2019
10 months, 2 weeks agocastorfromtheva posted comment on Bitcoin.
April 8, 2019

'Replace' gold as currency standard? Afaik Gold and USD were decoupled under Nixon since 1971. But a reintroduction this time using bitcoin... that'd be great. That's also what Saifedean Ammous is talking about in his "The Bitcoin Standard". It's a great piece of work! Everybody interested in bitcoin should have a look into it!

Alternatives to fiat currency? [R]

10 months, 3 weeks agotzoneshard posted submission on Libertarian.
April 1, 2019

What are some alternatives to fiat currency? I’ve heard the gold standard, but with gold becoming easier and easier to create, I don’t think that would work? What are some other alternatives? Or is fiat currency the best form of currency for the world today?