I know this piece will come across as annoying to some, especially because I have only been bullish on bitcoin with some gusto for the last couple of months (though I first pointed it out to my readers in December 2022), but as a newfound member of the church of bitcoin community, I’d be remiss if I didn’t try out my voice a bit.
none or your pieces.....writings......are ever annoying......especially this Bitcoin one........and now that i have entered the Realm of Bitcoin with an ETF.......i am now a Bitcoin Watcher......and i am interested in every Truth Opinion
Many quotes come to my mind regarding bitcoin. When everyone and your shoeshine boy are buying it's time to get out, irrational exuberance, if you can't beat em, join em, etc. IMHO bitcoin is great for daytrading, not going to HODL. Buying it for the sake of defying the banking fiat currency system is like only investing in "green" companies. Not good for your bottom line? We will see.
Jesus, 2024 starts with AI chips, NVIDIA , melt up of SP 500 masquerading as the QQQ and now this? WTF is next? WTI to 200? GLD to 5000? My head can’t take it.
It will be whatever Elon eventually calls his centralized exchange token on X. The common man will never be able to buy beer or gas at a convenience store with Bitcoin (or any blockchain crypto) because of the transaction delay inherent in synchronizing the blockchain. Blockchains enable incorruptible archival access to public records, not instantaneous point-of-sale financial transactions.
Good post. I agree. In the past month I have onboarded a half-dozen people to River with a simple weekly DCA. Slow and steady wins the race. Loud and obnoxious turns people off.
The continually rising price is both hypnotic and seductive - but does nothing for spreading an understanding of why Bitcoin is so valuable a technology. For me personally, looking at the historical economic value of monopolistic networks made seeing the value easier.
Historically the price of bitcoin has gone up after each halving. Of course there have only been three previous halvings so not much history in that regard.
The "halving" basically means it will now take twice the time and energy to "mine" the same amount if BTC as it did prior to the halving.
So you only get half the benefit for the same amount of work. This is to maintain the illusion of scarcity. So in general it makes the price go up. So, yes, hurry up and buy some before you miss out on all those dollars.
And you're full of shit. It's about trillions of dollars sloshing around out there looking for a new gaming table in which to get moar dollars. Nobody wants the shitty BTC; they want the shitty dollars they can get from being first in the ponzi called BTC.
There are 19.6 QUADRILLION satoshis now in existence. There is no problem with supply. I can buy that shit every hour of every day. How in the hell do you imagine it is in short supply? Now I can buy several ETFs and drive up the price of shitcoin AND the ETF. Priced in what, smartboy? That's right, dollars
Actually, there is a huge shortage. About 70% of the existing Btc hasn’t changed wallets in over 3 years. That’s about 14m Btc owned by diamond hands. All the new money is chasing only the remaining tradeable 5.6m. When you consider there is 500m in fiat flowing daily into just the ETFs, and unlike most commodities supply cannot be ramped up …. all the ingredients are there for an explosive rally.
The second sentence is correct, not the first. The halving means the reward is cut in half.
PS 1 Bitcoin = 1 Bitcoin. Stop with the "dollars" BS. It's global and has already pushed through ATH in just about every other currency on the planet, including gold and silver. It's ok to be wrong. Just stop trying to infect others' thinking along the way.
Correct this, shit-for-brains,.......if I do the same amount of work and take the same amount of time, and get HALF of what I got previously, for the same amount of work and time, how in the hell is that not half the benefit.
And I live in a dollar world. I can't use shitcoin to pay my insurance, utility bills, buy gas at the pump........nor do I accept it as payment at my business. Do you think I gave a shit about the ATH of a beenie baby.........in any country's currency?........or gold and silver?
You want to be a bit-tard? Knock yourself out. But when you accuse me of spreading misinformation, then you better come with some facts..........and some fucking common sense.
Oh, really? Then why don't you enlighten us, Dick?
The man asked a question. I offered him an answer. You have stated I am completely wrong. Then why not bless us all with your wisdom........or is being a Dick your special calling?
It's pretty obvious to all in the thread that you're the dick here. You speak in absolutes like, "do the same amount of work and take the same amount of time..." and they aren't necessarily true. But you wouldn't know that bc you don't put the time into understanding. Some blocks are rewarded with less time, especially when/if the difficulty adjustment shifts lower.
And by the way, I have seen the financials on the top 4 BTC miners in the US, and they were losing money or breaking even over the last 3 years.
If BTC doesn't go up......significantly.......in DOLLARS......in this next halving, they will definitely be operating in the red and will go bankrupt if the government doesn't bail them out........like it does everyone who pushes its narrative and agenda.
I too, have seen some of the financials. I won't claim to have seen them all bc that isn't true. Breaking even when Bitcoin is undervalued isn't the worst thing tbh, especially if they're holding that Bitcoin on their balance sheet. With new FASB rules in place, some of those forced losses will take a different look in upcoming reporting as well. Your statement carries a huge "if" btw. BTC will go up SIGNIFICANTLY in any stated fiat currency, which is the basis for all of these business's existence.
"Aren't necessarily true"?.......but for the most part it is true?
You jumped into my conversation and indirectly called me ignorant and a liar......but I'm the dick? I would have been glad to debate the issue with you, but you had to be another sanctimonious, know-it-all bit-tard, right?
And after all that, you still didn't disprove the statement I made. What you proved is that you don't like it, but it is obviously correct. If you do the same work for half the pay, then it is no different from doing twice the work for the same pay.
So let's interject some third party data:
"Bitcoin mining is the process by which people use computers or mining hardware to participate in Bitcoin's blockchain network as a transaction processor and validator. Bitcoin uses a system called proof-of-work (PoW) to validate transaction information. It's called proof-of-work because solving the encrypted hash takes time and energy, which acts as proof that work was done."
Get that?........"takes time and energy".......
"A Bitcoin halving cuts the rate at which new bitcoins are released into circulation in half. The rewards system is expected to continue until the year 2140 when the proposed limit of 21 million bitcoin is theoretically reached.
In 2009, the reward for each block in the chain mined was 50 bitcoins. After the first halving, it was 25, and then 12.5, and then it became 6.25 bitcoins per block as of May 11, 2020.
Bitcoin halving has major implications for its network. For miners, the halving event may result in consolidation in their ranks as individual miners and small outfits drop out of the mining ecosystem or are taken over by larger players."
Get that? The halving INCREASES the amount of work and time to mine the same amount of BTC.......BEFORE.......the halving took place.
And it does result in a consolidation of SMALL MINERS to LARGER MINERS because the smaller guys can no longer make it on the longer time for less reward.
Now, I need you to explain to the "thread" why you are being a dick, embarrassing yourself, and continuing to argue about something in which you are clearly WRONG.
It appears someone took the better part of a day to figure out how to use Chat GPT 👏👏
If you can name the source of this 3rd party data, I'd be obliged to think otherwise. I can say at a minimum that my pushback on your BS has forced you to at least learn a little bit more about Bitcoin. A few other things for you to research on your journey to enlightenment:
1. It does take time and energy. This is part of the value. However, it won't always be the "same effort for half the reward." Energy prices change, difficulty of the algo changes. This is why I am not willing to speak in such absolutes. You have to be open to a nuanced answer. You tend to take a lot of shortcuts in your arguments.
2. "If you do the same work for half the pay, then it is no different from doing twice the work for the same pay." This statement is only true for the laborer. What about the work being done/accomplished? Just something to think about (or ask Chat GPT).
2. When Chat GPT says the halving event MAY result in consolidation of miners, I tend to agree. The scaled firms who have built a large war chest of Bitcoin will undoubtedly go farther. Regardless of who stays/goes, Bitcoin marches on.
Calling people dicks, bit-tards, shit-for-brains, etc. doesn't make you any more of a man. Try some humility sometime.
I have questions regarding bitcoin (and other cryptocurrencies actually):
1) As bitcoin, et al. are all valued in dollars, and very few companies use crypto as a basis of payment, how does crypto hold value if and when the SHTF?
2) What makes any crypto holders confident government will not simply “regulate” (already going that way with crypto’s being listed on exchanges) or shutdown cryptocurrencies if it threatens their fiscal sovereignty?
All you need to focus on is MOAR! Moar dollars.......so what could be wrong with it. Stop questioning the greatest "investment" the world has ever known. Just go buy some......or "stay poor all your life."
I don't need you to tell me jack shit about the currency system.
Since my point went over your head, allow me to be clearer........If it wasn't for the hope of getting moar dollars, shitcoin would be DOA tomorrow. They're not creating ETFs on BTC because it's cool.
1) outside the US or dollarized nations, they aren’t valued in dollars. It’s blasted through ATHs in almost every local political currency unit. Name another digital asset that can act as a better global bearer instrument (& be adopted by anyone) like bitcoin.
2) what does “fiscal sovereignty” mean? It doesn’t threaten any one. Trying to regulate it away is not going to make it go away, make it stop working, or prevent other nations from using it. More politicians running for office are supportive of bitcoin (or don’t say anything at all) because it’s becoming politically untenable to be anti-bitcoin, plus it solves a problem. Bitcoin is made up of people & its information (the money is the information); but the information can’t be corrupted or changed. Everyone has to play by the same rules.
If you think shitcoin is going to replace national, sovereign , fiat currency.......and you are going run your own slice of it.........then you need to shut the fuck up and quit embarrassing yourself
1) Yes, I realize it would be denominated in local currency, but that reinforces my point. You exchange it based on fiat currency.
2) Since the Federal Reserve controls dollars and dollars are, for the moment, the currency used for most worldwide exchanges, you don’t see how an uncontrolled bitcoin might be threatening to them? The Fed manipulates and controls the dollar as it sees fit. And politicians lie in order to get elected, so I wouldn’t take their word for anything.
Most relevant part of the post today: "but as a newfound member of the church of bitcoin community". You would think in a long post like this you could find one reason to own bitcoin other than "greater fool theory", but I guess all those other reasons are secrets only known by the true believers.
I've been studying history - and for a lot longer than 5 years. "Shit" has been piling up in front of the "fan" since 1913. Currently unknown "when" it's going to be turned on - but that it WILL BE turned on is what's a certainty.
I have a service I pay for by a man that is one hard working sob when it comes to due diligence and ferreting out the truth about what is going on.
Due to the renewed hype in shitcoin........all because it is worth more dollars, so indirectly it is really just more dollar hype.............he has done some in depth research into the miners. His forte is looking at things from a cost perspective and more specifically cost of energy.
He took the 4 biggest miners and demonstrated how they have been losing money big time for the past three years........due to energy cost and replacement miners........both of which have gone up significantly. They are selling what they mine as fast as they can just to stay afloat.
Now that BTC has jumped into the $60k range again, they are in the black, but barely. Energy cost and miner equipment cost are not going to get any cheaper from here. And now the halving will make it twice as hard to mine.
BTW, how many times can you "halve" something in the digital world? Food for thought.
There are only ever supposed to be 21 million BTC. 19.6 have been mined. The Goog says there are 219 million BTC owners world wide. Now digest that.
We know Microstrategy has 193,000 of them, the IRS confiscated 51,000 of them, ETFs have theoretically trillions chasing them, and there are other big players called "whales" that obviously own multiple units. So, of the 219 million "owners," how many have an actual whole BTC? Probably less than 5%.
If you owned a whole BTC, you'd be able to buy a pickup truck.......maybe. It takes 100 million satoshi to make a BTC. Good luck with that. I would suspect that 90% of the current BTC is in the hands of those that are already wealthy, and will end up staying there. Not going to be the "get rich" ticket for the masses, though many will ride the coattails by playing in the crypto world.
BTC will have to be worth $100,000,000 each for a satoshi to be worth $1. When that happens, there will be a lot more things to be concerned about. Just like, when gold is $10,000 an oz, you can bet your ass your are going to have a lot more concerns than what return you are getting on your "investment."
Oh boy -it's the guy who doesn't fully grasp it, yet staunchly rails against Bitcoin. I've heard a lot about the miners and their profitability in this run up. Guess what? Bitcoin doesn't need 'em. I can mine Bitcoin in my attic. Many people do. These businesses are simply trying to squeeze that margin however best and there are benefits. BUT... Bitcoin will continue with or without them. The halving doesn't make it more difficult; it cuts the reward. As you've stated, 19.6 have already been mined and are in circulation. This is part of the genius of the protocol. Another attribute is the difficulty adjustment. If large miners fail and hashrate dips, difficulty goes down and smaller miners (even regular joes/plebs like you and I) get higher rates of success. At the end of the day, I will again suggest you do some homework and stop trolling these forums. It's embarrassing.
Less "reward" ........for same amount of work........yeah, I'll just continue embarrassing myself by saying 2+2=4. Do elaborate on how I am wrong about that. You smart asses sit around and smugly tell people they are wrong, but never prove it. I'm not scared, are you?
And just to be frank, I really don't give a shit about the techno-tard bullshit about "proof of work." I know what work is........I know what it is to produce something in reality. I take pride in being ignorant of your fucking Ready-Player-One world. If/when the lights ever go out, it'll be men like me that turn them back on while you sit in the corner holding your screen and sucking your thumb.
I know this piece will come across as annoying to some, especially because I have only been bullish on bitcoin with some gusto for the last couple of months (though I first pointed it out to my readers in December 2022), but as a newfound member of the church of bitcoin community, I’d be remiss if I didn’t try out my voice a bit.
none or your pieces.....writings......are ever annoying......especially this Bitcoin one........and now that i have entered the Realm of Bitcoin with an ETF.......i am now a Bitcoin Watcher......and i am interested in every Truth Opinion
thank you
All that’s left is The Pump.
So I should stay humble, and stack Sats. Got it!
Many quotes come to my mind regarding bitcoin. When everyone and your shoeshine boy are buying it's time to get out, irrational exuberance, if you can't beat em, join em, etc. IMHO bitcoin is great for daytrading, not going to HODL. Buying it for the sake of defying the banking fiat currency system is like only investing in "green" companies. Not good for your bottom line? We will see.
It is early spring in the Northern Hemisphere and the tulips are not yet in bloom. Just a little more time…..
stack sats, not sloots.
Great piece.
Lol now that you’ve capitulated… the bubble is about to pop!
Jesus, 2024 starts with AI chips, NVIDIA , melt up of SP 500 masquerading as the QQQ and now this? WTF is next? WTI to 200? GLD to 5000? My head can’t take it.
It will be bitcoin
It will be whatever Elon eventually calls his centralized exchange token on X. The common man will never be able to buy beer or gas at a convenience store with Bitcoin (or any blockchain crypto) because of the transaction delay inherent in synchronizing the blockchain. Blockchains enable incorruptible archival access to public records, not instantaneous point-of-sale financial transactions.
Good post. I agree. In the past month I have onboarded a half-dozen people to River with a simple weekly DCA. Slow and steady wins the race. Loud and obnoxious turns people off.
The continually rising price is both hypnotic and seductive - but does nothing for spreading an understanding of why Bitcoin is so valuable a technology. For me personally, looking at the historical economic value of monopolistic networks made seeing the value easier.
https://bagholder.substack.com/p/monopoly
Good article
So I have a question which is a very newbie question in my eyes and I know the answer is probably more complex then I realise.
When the Bitcoin halving takes place next month does that mean the valuation will go down or do we not know?
Historically the price of bitcoin has gone up after each halving. Of course there have only been three previous halvings so not much history in that regard.
The "halving" basically means it will now take twice the time and energy to "mine" the same amount if BTC as it did prior to the halving.
So you only get half the benefit for the same amount of work. This is to maintain the illusion of scarcity. So in general it makes the price go up. So, yes, hurry up and buy some before you miss out on all those dollars.
Why would it make the price go up? Even the Bitcoin Miners? Is the halving already priced in?
Due to the principle of "scarcity."
Harder to get.......cost more to mine.......not as many left to get.
No…it’s simply supply & demand
And you're full of shit. It's about trillions of dollars sloshing around out there looking for a new gaming table in which to get moar dollars. Nobody wants the shitty BTC; they want the shitty dollars they can get from being first in the ponzi called BTC.
There are 19.6 QUADRILLION satoshis now in existence. There is no problem with supply. I can buy that shit every hour of every day. How in the hell do you imagine it is in short supply? Now I can buy several ETFs and drive up the price of shitcoin AND the ETF. Priced in what, smartboy? That's right, dollars
Actually, there is a huge shortage. About 70% of the existing Btc hasn’t changed wallets in over 3 years. That’s about 14m Btc owned by diamond hands. All the new money is chasing only the remaining tradeable 5.6m. When you consider there is 500m in fiat flowing daily into just the ETFs, and unlike most commodities supply cannot be ramped up …. all the ingredients are there for an explosive rally.
The second sentence is correct, not the first. The halving means the reward is cut in half.
PS 1 Bitcoin = 1 Bitcoin. Stop with the "dollars" BS. It's global and has already pushed through ATH in just about every other currency on the planet, including gold and silver. It's ok to be wrong. Just stop trying to infect others' thinking along the way.
Correct this, shit-for-brains,.......if I do the same amount of work and take the same amount of time, and get HALF of what I got previously, for the same amount of work and time, how in the hell is that not half the benefit.
And I live in a dollar world. I can't use shitcoin to pay my insurance, utility bills, buy gas at the pump........nor do I accept it as payment at my business. Do you think I gave a shit about the ATH of a beenie baby.........in any country's currency?........or gold and silver?
You want to be a bit-tard? Knock yourself out. But when you accuse me of spreading misinformation, then you better come with some facts..........and some fucking common sense.
My goodness you're triggered, friend. Again - embarrassing.
Awesome thank you!!
That’s not at all what the halving is.
Oh, really? Then why don't you enlighten us, Dick?
The man asked a question. I offered him an answer. You have stated I am completely wrong. Then why not bless us all with your wisdom........or is being a Dick your special calling?
It's pretty obvious to all in the thread that you're the dick here. You speak in absolutes like, "do the same amount of work and take the same amount of time..." and they aren't necessarily true. But you wouldn't know that bc you don't put the time into understanding. Some blocks are rewarded with less time, especially when/if the difficulty adjustment shifts lower.
And by the way, I have seen the financials on the top 4 BTC miners in the US, and they were losing money or breaking even over the last 3 years.
If BTC doesn't go up......significantly.......in DOLLARS......in this next halving, they will definitely be operating in the red and will go bankrupt if the government doesn't bail them out........like it does everyone who pushes its narrative and agenda.
I too, have seen some of the financials. I won't claim to have seen them all bc that isn't true. Breaking even when Bitcoin is undervalued isn't the worst thing tbh, especially if they're holding that Bitcoin on their balance sheet. With new FASB rules in place, some of those forced losses will take a different look in upcoming reporting as well. Your statement carries a huge "if" btw. BTC will go up SIGNIFICANTLY in any stated fiat currency, which is the basis for all of these business's existence.
Blah, blah, blah........
"Aren't necessarily true"?.......but for the most part it is true?
You jumped into my conversation and indirectly called me ignorant and a liar......but I'm the dick? I would have been glad to debate the issue with you, but you had to be another sanctimonious, know-it-all bit-tard, right?
And after all that, you still didn't disprove the statement I made. What you proved is that you don't like it, but it is obviously correct. If you do the same work for half the pay, then it is no different from doing twice the work for the same pay.
So let's interject some third party data:
"Bitcoin mining is the process by which people use computers or mining hardware to participate in Bitcoin's blockchain network as a transaction processor and validator. Bitcoin uses a system called proof-of-work (PoW) to validate transaction information. It's called proof-of-work because solving the encrypted hash takes time and energy, which acts as proof that work was done."
Get that?........"takes time and energy".......
"A Bitcoin halving cuts the rate at which new bitcoins are released into circulation in half. The rewards system is expected to continue until the year 2140 when the proposed limit of 21 million bitcoin is theoretically reached.
In 2009, the reward for each block in the chain mined was 50 bitcoins. After the first halving, it was 25, and then 12.5, and then it became 6.25 bitcoins per block as of May 11, 2020.
Bitcoin halving has major implications for its network. For miners, the halving event may result in consolidation in their ranks as individual miners and small outfits drop out of the mining ecosystem or are taken over by larger players."
Get that? The halving INCREASES the amount of work and time to mine the same amount of BTC.......BEFORE.......the halving took place.
And it does result in a consolidation of SMALL MINERS to LARGER MINERS because the smaller guys can no longer make it on the longer time for less reward.
Now, I need you to explain to the "thread" why you are being a dick, embarrassing yourself, and continuing to argue about something in which you are clearly WRONG.
It appears someone took the better part of a day to figure out how to use Chat GPT 👏👏
If you can name the source of this 3rd party data, I'd be obliged to think otherwise. I can say at a minimum that my pushback on your BS has forced you to at least learn a little bit more about Bitcoin. A few other things for you to research on your journey to enlightenment:
1. It does take time and energy. This is part of the value. However, it won't always be the "same effort for half the reward." Energy prices change, difficulty of the algo changes. This is why I am not willing to speak in such absolutes. You have to be open to a nuanced answer. You tend to take a lot of shortcuts in your arguments.
2. "If you do the same work for half the pay, then it is no different from doing twice the work for the same pay." This statement is only true for the laborer. What about the work being done/accomplished? Just something to think about (or ask Chat GPT).
2. When Chat GPT says the halving event MAY result in consolidation of miners, I tend to agree. The scaled firms who have built a large war chest of Bitcoin will undoubtedly go farther. Regardless of who stays/goes, Bitcoin marches on.
Calling people dicks, bit-tards, shit-for-brains, etc. doesn't make you any more of a man. Try some humility sometime.
I have questions regarding bitcoin (and other cryptocurrencies actually):
1) As bitcoin, et al. are all valued in dollars, and very few companies use crypto as a basis of payment, how does crypto hold value if and when the SHTF?
2) What makes any crypto holders confident government will not simply “regulate” (already going that way with crypto’s being listed on exchanges) or shutdown cryptocurrencies if it threatens their fiscal sovereignty?
Dude, enough with the hard questions already.
All you need to focus on is MOAR! Moar dollars.......so what could be wrong with it. Stop questioning the greatest "investment" the world has ever known. Just go buy some......or "stay poor all your life."
More dollars are a guarantee cause dollars are just 200 trillion+ in compounded debt notes
I don't need you to tell me jack shit about the currency system.
Since my point went over your head, allow me to be clearer........If it wasn't for the hope of getting moar dollars, shitcoin would be DOA tomorrow. They're not creating ETFs on BTC because it's cool.
1) outside the US or dollarized nations, they aren’t valued in dollars. It’s blasted through ATHs in almost every local political currency unit. Name another digital asset that can act as a better global bearer instrument (& be adopted by anyone) like bitcoin.
2) what does “fiscal sovereignty” mean? It doesn’t threaten any one. Trying to regulate it away is not going to make it go away, make it stop working, or prevent other nations from using it. More politicians running for office are supportive of bitcoin (or don’t say anything at all) because it’s becoming politically untenable to be anti-bitcoin, plus it solves a problem. Bitcoin is made up of people & its information (the money is the information); but the information can’t be corrupted or changed. Everyone has to play by the same rules.
If you think shitcoin is going to replace national, sovereign , fiat currency.......and you are going run your own slice of it.........then you need to shut the fuck up and quit embarrassing yourself
1) Yes, I realize it would be denominated in local currency, but that reinforces my point. You exchange it based on fiat currency.
2) Since the Federal Reserve controls dollars and dollars are, for the moment, the currency used for most worldwide exchanges, you don’t see how an uncontrolled bitcoin might be threatening to them? The Fed manipulates and controls the dollar as it sees fit. And politicians lie in order to get elected, so I wouldn’t take their word for anything.
Most relevant part of the post today: "but as a newfound member of the church of bitcoin community". You would think in a long post like this you could find one reason to own bitcoin other than "greater fool theory", but I guess all those other reasons are secrets only known by the true believers.
The greater fool theory is the only legitimate reason to own shitcoin........the true believers call it FOMO for short.
I've been studying history - and for a lot longer than 5 years. "Shit" has been piling up in front of the "fan" since 1913. Currently unknown "when" it's going to be turned on - but that it WILL BE turned on is what's a certainty.
Even Noriel Roubini is now stacking "Shitacoina"
Another round of S&F...
I have a service I pay for by a man that is one hard working sob when it comes to due diligence and ferreting out the truth about what is going on.
Due to the renewed hype in shitcoin........all because it is worth more dollars, so indirectly it is really just more dollar hype.............he has done some in depth research into the miners. His forte is looking at things from a cost perspective and more specifically cost of energy.
He took the 4 biggest miners and demonstrated how they have been losing money big time for the past three years........due to energy cost and replacement miners........both of which have gone up significantly. They are selling what they mine as fast as they can just to stay afloat.
Now that BTC has jumped into the $60k range again, they are in the black, but barely. Energy cost and miner equipment cost are not going to get any cheaper from here. And now the halving will make it twice as hard to mine.
BTW, how many times can you "halve" something in the digital world? Food for thought.
There are only ever supposed to be 21 million BTC. 19.6 have been mined. The Goog says there are 219 million BTC owners world wide. Now digest that.
We know Microstrategy has 193,000 of them, the IRS confiscated 51,000 of them, ETFs have theoretically trillions chasing them, and there are other big players called "whales" that obviously own multiple units. So, of the 219 million "owners," how many have an actual whole BTC? Probably less than 5%.
If you owned a whole BTC, you'd be able to buy a pickup truck.......maybe. It takes 100 million satoshi to make a BTC. Good luck with that. I would suspect that 90% of the current BTC is in the hands of those that are already wealthy, and will end up staying there. Not going to be the "get rich" ticket for the masses, though many will ride the coattails by playing in the crypto world.
BTC will have to be worth $100,000,000 each for a satoshi to be worth $1. When that happens, there will be a lot more things to be concerned about. Just like, when gold is $10,000 an oz, you can bet your ass your are going to have a lot more concerns than what return you are getting on your "investment."
HODL on!
Oh boy -it's the guy who doesn't fully grasp it, yet staunchly rails against Bitcoin. I've heard a lot about the miners and their profitability in this run up. Guess what? Bitcoin doesn't need 'em. I can mine Bitcoin in my attic. Many people do. These businesses are simply trying to squeeze that margin however best and there are benefits. BUT... Bitcoin will continue with or without them. The halving doesn't make it more difficult; it cuts the reward. As you've stated, 19.6 have already been mined and are in circulation. This is part of the genius of the protocol. Another attribute is the difficulty adjustment. If large miners fail and hashrate dips, difficulty goes down and smaller miners (even regular joes/plebs like you and I) get higher rates of success. At the end of the day, I will again suggest you do some homework and stop trolling these forums. It's embarrassing.
You need to understand what difficulty adjusted proof of work actually does before you continue embarresing yourself
I'll reply to you and answer both.
Less "reward" ........for same amount of work........yeah, I'll just continue embarrassing myself by saying 2+2=4. Do elaborate on how I am wrong about that. You smart asses sit around and smugly tell people they are wrong, but never prove it. I'm not scared, are you?
And just to be frank, I really don't give a shit about the techno-tard bullshit about "proof of work." I know what work is........I know what it is to produce something in reality. I take pride in being ignorant of your fucking Ready-Player-One world. If/when the lights ever go out, it'll be men like me that turn them back on while you sit in the corner holding your screen and sucking your thumb.