Invested Your Stimulus Check in Bitcoin? Here's Its Value ...
Invested Your Stimulus Check in Bitcoin? Here's Its Value ...
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I stored bitcoins online ... aaaand they're gone.
/SorryForYourLoss is a place to showcase the top minds of bitcoin (and cryptocurrencies) failing to secure their precious internet money properly. It's a memorial for the countless incidents of thefts, scams, hacks, goxxes, .. etc.
05-22 21:44 - 'Today the price floor for bitcoin is $4300 dollars, you are looking at a possible 47% fall in value on your investment if you are buying right now. I have started a discussion on my Fundamental Analysis here: / [[link]]...' by /u/Cocoadreamboy removed from /r/Bitcoin within 55-65min
''' Today the price floor for bitcoin is $4300 dollars, you are looking at a possible 47% fall in value on your investment if you are buying right now. I have started a discussion on my Fundamental Analysis here: [[link]2 It is the best way to identify pump and dump times. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Cocoadreamboy 1: ***.*edd*t.c*m**it*oi**com*ent*/brtn46/f*ndamen*al_price_floor_analys**_fo**bitcoin/?ut*_*ou*ce*share&a**;utm_m*diu*=w**** 2: *w*.r**di**com/*/*****in**omments/brtn46/*unda*ental\_pri**\_f*o*r*_a*a*y*is\_f*r\_*itcoin**utm\*source=share&*tm\_*e**um=web2x]^*1 Unknown links are censored to prevent spreading illicit content.
12-30 09:12 - 'Bitcoin fall in value only makes it perfect for a new investment. Im still making so much bitcoins through crypto trading using my unique strategy. Invest with me today. Contact whatsapp at +15186286937' by /u/michael11195 removed from /r/Bitcoin within 11-21min
04-13 06:12 - 'Throughout history, attempts at using fiat currency, even today, has failed. When the government prints fiat money that isn’t backed by any value, disaster inevitably ensues.' (goldtelegraph.com) by /u/Crevative removed from /r/Bitcoin within 251-261min
12-07 02:42 - 'As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.' (steamcommunity.com) by /u/___Edward___ removed from /r/news within 2-12min
12-16 12:02 - 'Gold has been used as store of value for 6000+ years, Bitcoin less than ten. A currency lives and dies based on its transactional utility. Bitcoin Cash is usable today as a transactional currency.' by /u/bitcoincoreclowns removed from /r/Bitcoin within 5-15min
09-21 10:02 - 'I don't disagree, but it's not easy. Not everyone can run a full node today either, there is always a cut off. Where exactly that cut off is fairly arbitrary. Some, like Rick, think the cutoff can be higher without a loss of value...' by /u/wummm removed from /r/Bitcoin within 1-11min
''' I don't disagree, but it's not easy. Not everyone can run a full node today either, there is always a cut off. Where exactly that cut off is fairly arbitrary. Some, like Rick, think the cutoff can be higher without a loss of value. A model where you have only corporate entities running nodes could also work if you can switch easily from one to another if one starts to censoabuse you. Not saying I'd like it, but it's a reasonable position to take, especially seeing that the vast majority of btc users are on Coinbase and similar centralized solutions. ''' Context Link Go1dfish undelete link unreddit undelete link Author: wummm
01-10 01:17 - 'The yuan losses value today, all chinese buyers are investing in bitcoin again. The price will raise by 50dollar after 5 hours.' (self.Bitcoin) by /u/akatoos removed from /r/Bitcoin within 0-4min
I just had a transaction with an individual from purse.io worth $92.00. When i looked on the purse.io escrow they're only required to send me 0.21551724 BTC. Which is only $56.10. Could someone please explain the discrepancy here? I also noticed on the website. Different orders. Have different bitcoin values. Today bitcoin is $260.29 / BTC. However on the purse its $394.40 / BTC
For those here for the long haul, what are your future plans as the value of Ether continues to rise towards parity with BTC and beyond?
First off, I wanted to say that this post is not directed specifically towards the currency traders/hodlers but rather the members of the Ethereum community as a whole. What does a rising Ether value mean to you? As early adopters, those of us holding even relatively minor quantities of Ether stand to gain significantly, even if we only achieve market cap parity with Bitcoin. If Ethereum successfully replicates the same kind of exponential value increase as Bitcoin experienced, where do you see yourself both personally and professionally as the value of Ether continues to rise through:
10x - I would say we are approaching this already if you compare the pre-sale price with current market interest eg: Ethercoin
100x - Comparison to the Bitcoin value through early 2013
1000x - Comparison to Bitcoin value today
10000x - Comparison with the Bitcoin value after the next hoped-for wave of adoption.
100000 - Comparison with the longer-term Bitcoin adoption hopes
While this may seem fanciful bear in mind that the early adopters of Bitcoin probably thought in much the same way - and look where they are all now. The rising price of Ether isn't just about enriching the early players. It validates the effort put into it and demonstrates wider public confidence in the technology. This will also translate into employment opportunities that don't exist today. Yes, it is still early days right now but Ethereum is as much an innovation and game changer as Bitcoin itself was in it's time.
Putting $400M of Bitcoin on your company balance sheet
Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots. A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC). Today we'll discuss in excrutiating detail why this is not a good idea. When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust. However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:
Is Bitcoin money?
No. Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves: 1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own. As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get. You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there? 2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile. If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point: 3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away. For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast. On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC While the dollar loses value at a predictible rate, BTC is all over the place, which is bad. One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy. If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due. Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.
BTC has a fixed supply, so these problems are built in
Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense. Having control over supply of your currency is a good thing, as long as it's well run. See here Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well. Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money. Let's look at a classic poorly drawn econ101 graph The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand. Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control. It's also a national security risk... The story of the guy who crashed gold prices in North Africa In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca. He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade. This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.
Currencies are based on trust
Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged? The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president. People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all. It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board. For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government." The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.
BTC is not gold
Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value. How do we know that? Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan. Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well. Some people are puzzled at this: we don't even use gold for much! But it has great properties: First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment. Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials. Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans. It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods. To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that. On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Means of Exchange: if people seriously start using BTC to buy pizzas, then this creates a real demand for the currency to accomplish the short-term exchanges. As we saw previously, I'm not personally sold on this one and it's currently a negligible fraction of overall demand.
Criminal uses: Probably the largest inbuilt advantage of BTC is that it's anonymous, and so a great way to launder money. Hacker gangs use BTC to demand ransom on cryptolocker type attacks because it's a shared way for an honest company to pay and for the criminals to receive money without going to jail.
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.
BTC is really risky
One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds. But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:
A critical software vulnerability is found in the BTC codebase, leading to a possible exploitation.
Xi Jinping decides he's had enough of rich people in China hiding their assets from him and bans BTC.
Some form of bank run takes hold for whatever reason. Because BTC wallets are uninsured, unlike regular banks, this compounds into a Black Tuesday style crash.
Blockchain solutions are fundamentally inefficient
Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science. That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale. The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
BTC was estimated to use as much electricity as Belgium in 2019. It's hard to trace where the BTC mining comes from, but we can assume it has a huge carbon footprint.
A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.
There is a large necessary tax on the transaction, since those checking the transaction extract a few BTC from it to be incentivized to do the work of checking it.
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
Carney highlighted the dollar’s use in international securities issuance, its use as the primary settlement currency for international trades and the fact that companies use dollars as examples of its dominance. However, “developments in the U.S. economy, by affecting the dollar exchange rate, can have large spillover effects to the rest of the world.”
In an article published by ID2020 in 2018, vaccines are the perfect way to introduce digital identity to the world – especially infants. This identity would also be used to grant access to basic rights and services.
Your new digital ID will then be matched with your new digital currency issued by your central bank. They will have the absolute, uncontested right to decide whether you can have access to basic rights and services, or not. It will only take a click on the mouse to deny your access to basic rights and services. And you won't know the reason. It could be for wrong thinking, it could be to pursue another political agenda to eliminate whichever community they decided they need to eliminate. We have seen plenty of evidence this year about the strong political bias that big social media platforms have. Now, with the constant monitoring and analyzing of our data, they can easily tell what are our political opinions. And therefore have your access to basic rights and services denied with a click, if you have the 'wrong' political opinions. And I don't see why they would not do that. In a very close future, you could end up in a situation where you have to choose between being allowed to eat, or vote for the candidate you don't like, but that the system endorses. It's literally the end of democracy, and freedom, and there is no going back once we have switched to this new system. All the above is not even a conspiracy. It's merely about connecting the dots, and understanding the implications. edit: here is a video of Accenture, one of the founding partners of id2020, explaining about the digital dollar I think covid was a catalyst to bring all these changes. Who else than the international financial system has the ability to have all countries on the planet to comply with such severe restriction rules that send their respective economies and societies down the toilet ?
Meanwhile, a US Congressional candidate David Gokhshtein has called Bitcoin a store of value. ‘Bitcoin is pretty much a SOV’ A Republican Congressional candidate who is running in the election on November 3 this year, David Gokhshtein, has again taken to Twitter to comment on the flagship cryptocurrency – Bitcoin. Now, he seems to be a pro-crypto candidate for the US Congress as he has ... Bitcoin Price (BTC). Price chart, trade volume, market cap, and more. Discover new cryptocurrencies to add to your portfolio. Skip to content. Prices. Products. Company. Earn crypto. Get $171+ Sign in. Get started. Price charts Bitcoin price. Bitcoin price (BTC) Add to Watchlist $ 13,070.01 +0.56%. 1h. 24h. 1w. 1m. 1y. all. $0.0000 January 1 12:00 AM. 10:56 AM 3:06 PM 7:17 PM 11:27 PM 3:38 AM ... Just to the top right of this article you can see the value of bitcoin today according to bitcoinaverage.com, which averages the price of bitcoin from all major bitcoin exchanges worldwide. If you would like to speculate on the future price, you can buy or sell bitcoin locally at localbitcoins. See our review of local … 1 Live Bitcoin Price Today; 2 Bitcoin Buying Guides; 3 Bitcoin Price Chart BTC / USD; 4 Bitcoin Price Candlesticks; 5 Bitcoin Price Converter; 6 24 Hour Bitcoin Value; 7 About Bitcoin; 8 Latest Bitcoin News & Price Updates; 9 Bitcoin Price Speculation; 10 Wall Street Macro Trader Novogratz Sees $40k BTC; 11 Max Keiser Projects $15k Soon, $100,000 On The Horizon; 12 Adam Back Agrees: $100k ... About Bitcoin Vault. Bitcoin Vault price today is $87.03 USD with a 24-hour trading volume of $20,397,964 USD. Bitcoin Vault is up 6.21% in the last 24 hours. The current CoinMarketCap ranking is #3609, with a market cap of not available. The circulating supply is not available and the max. supply is not available. You can find the top exchanges to trade Bitcoin Vault listed on our crypto ...
OMG!!! BITCOIN BREAKING ABOVE $10,000 RIGHT NOW!!! Will It Hold Though? Altcoins
Ethereum Price TodayBitcoin Price TodayLitecoin Price Updates Bitcoin Ethereum Litecoin Ripple Price today Updates About this video This video i explain to... In this video I do an analysis and prediction of Bitcoins future price and forecast. I also do a price analysis of ChainLink (LINK BTC) today. Looking for Alts? Well, your best bet is still ... Bitcoin Technical Analysis & Bitcoin News Today: Bitcoin is breaking above $10,000. Also, the altcoins are popping in this altcoin season. I'll use technical analysis on the Bitcoin price to make ... 🔵 $211,000 Bitcoin price - Jan 2021 - Duration: 17:06. Colin Talks Crypto 19,404 views. 17:06. Language: English Location: United States Restricted Mode: Off History Help About ... Join Our FREE Daily Newsletter!: https://goo.gl/5ZquqV Sign Up For Our Insider Market Analysis & Premium Courses: https://goo.gl/gqTi26 Twitter: https://goo....