There is a 0% chance Bitcoin will be legal tender in the US anytime soon, if ever. Legal tender laws mean there is no tax on the asset and make it legally "money" requiring all businesses to accept it.
Also Trump cannot make Bitcoin legal tender, it would require congress to do it. Not going to happen.
because they are not Bitcoiners. Remember this is the organization who's mining pool was censoring transactions until enough pressure from the public caused them to change their policy.
They are not a good company, they are not Bitcoiners, they are just an extension of central bank fiat currency mentality.
actually... El Salvador forces people to use bitcoin, in that their legal tender laws require all major businesses to accept it.
Of course not. Bitcoin is money for everyone. Your friends, your adversaries, and your enemies. Why would we be upset that people are using it?
Your supposition that a maximalist should have the opinion that "other people should not use bitcoin so it's cheaper for me to buy it" is to completely miss what Bitcoin maximalism means.
well... realize that "the US" is made up of many different people from many different factions each with their own interests and agendas. It's easy to oversimplify this into imagining the country or it's government is some kind of entity with thoughts of it's own. But it's not.
However the game theory says that in time everyone will adopt bitcoin because those who do first have an advantage over those who do later, creating a race condition.
The reality of bitcoin is that it rewards net producers and punishes net consumers. The central banking cartel is certainly the world's largest consumer, performing rent-seeking at the highest levels and indebting governments to it. Net consumers who live off a corrupt debased money will oppose bitcoin at all costs because bitcoin will punish them, impoverish them, and ultimately destroy them. Those who produce for a living, bringing something of value to society will be rewarded by bitcoin. In time as they come to understand this, they will support it.
I suspect that there will be a major peak in 2025 and a subsequent bear market. I also suspect the ETFs and increasing institutional adoption will make it the most shallow bear market so far, but still extremely severe.
Yes. Well he probably did some mining in the early days as himself, especially after he stopped being Satoshi. Plus consider that he would certainly be highly employable, having a deep understanding of advance cryptography, which is some of the most complex subject matter in all of computer science.
It's also very likely that he destroyed the keys to those early coins. And if the speculation about Satoshi being who we think he was, he publicly said that he destroyed them.
"I am the world's formost expert in losing your [bitcoin] keys, and I did it by hand" ~Peter Todd.
We cannot both be right and we cannot both be wrong since we are on opposite sides of a binary opinion. You think you're going to make money trading in and out of bitcoin and I think you're going to lose it.
The fact that you are trying to trade using spot is a massive red flag that you are completely inexperienced. Professional traders use futures and options to build and manage positions. There are many reasons for this including the tax implications.
Are you from the US? If so then assuming you can actually make money you will be 30% tax on everything because it's short term gains. But if you were trading a regulated futures product you would be a 60/40 split long term / short term gains. This applies to options as well.
I have seen people try to do what you're doing many times before and the story is always the same. You will lose money over time, that is 100% guaranteed. Even the professional traders I know, including myself, took years of study and practice until the point where we were profitable over time. You simply won't get it out of the gate.
You would be MUCH better off spending the time you spend trading and posting about it working another job or working more hours and then buying bitcoin with your earnings.
The path you are taking will result in less bitcoin over time. That is a certainty.
you're going to learn the hard way Nina... back in the ring with the professionals.
To be clear, I suspect Bitcoin would survive such an attack, but it would likely take many years to recover. Imagine what happens if we go DAYS without finding a new block. Price would tank 90%, probably more. It would make the covid crash look like a shallow dip. Be prepared for Bitcoin's price on exchanges to be $1000, perhaps less. Perhaps zero.
Of course people will say "i'd buy all the bitcoin at that price" except that because the network is deadlocked you cannot withdraw that bitcoin and it's just stuck on the exchange.
The fees would be absolutely outrageous for the blocks that did get discovered so you would have no chance of getting into one.
Remember that difficulty adjusts every 2016 blocks. If you're getting 1 block every 12 hours it's going to take over 3 years until difficulty can correct itself. During that time all hell would break loose in the community.
It would not be pretty.
price doesn't follow hashrate actually, if you look at a correlation coefficient you'll see nothing. That's just some BS Max Keiser likes to say.
What's concerning to me is that the hashrate has gone parabolic. And that is unsustainable. All parabolas blow off, it's like a law of physics.
I would not at all be surprised to see a coordinated nation-state attack in 2025 that attempts to deadlock the network by cutting the hashrate to the point where not enough blocks are found for difficulty to adjust. This type of attack has been theorized since the early days and we may be on the cusp of seeing it now.
The central banking cartel rules the world. Bitcoin is an existential threat to their power. They will do everything, and I mean everything, that they can to stop Bitcoin.
Hopefully there are enough countries with hashpower that will oppose such a coordinated attempt to deadlock the network, but based on the fact that basically every government on Earth participated in the Covid crackdown on liberty I wouldn't be so sure.
Because printing money debases every dollar equally but taxes can target specific groups of people.
Oh, that thing we can't stop you from using, yeah, you go ahead and use it, you have our permission.
What a joke.
I never trade Bitcoin P2P, too many people have gone to prison for that. I would use a regulated US based exchange if I actually needed to liquidate some Bitcoin.
Where I live is Bitcoin agnostic. But it doesn't really matter to me. I just HODL.
No I don't go to conferences. I don't want anyone to know I have bitcoin, and I'm not going to learn anything at a conference I can't learn at home.
That's another reason I don't use lightning and I never pay for anything in Bitcoin. The less people that know I'm holding the better.
it sounds like your buddy has his priorities well established. As I said in the beginning of this conversation, very little about my life would change if bitcoin does a 100x tonight. That's a good sign I think that I am already focused on what's important in my life.
You're already living in what you consider to be the best country in the world, so that's a good start. Just gotta keep stacking until you don't have to stack anymore.
Yes I paid him back the 1 bitcoin. Then I mortgaged my house and bought as much Bitcoin as I could afford.
75 bitcoin? Oh hell no. I would need far less than that. Unless you have some kind of incredibly high standard of living you can live on far less. Bitcoin's appreciation is still very high, so if you spend less than it's appreciation your purchasing power goes up even though your stack goes down.
How much really depends on how you want to live.