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Meanwhile in NFT land...    

My bitcoin has been going nutssssssss! Up 70% in the last month and almost 1000% this year! Gimme the loot baby!    Edit: when bitcoin was first developed I started mining it and had al

The first rule of crossfit/Crypto: always talk about crossfit/crypto

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8 hours ago, abenjami said:

Bitcoin is not a finite supply though.  It is hypothetically true the number of bitcoins won't increase.  But all they need to do is keep adding decimal places and that increases the supply.

 

They don't need to add decimals to increase the supply. There is already enough supply. Each bitcoin is divisible by 100M. There are already enough satoshis in existence to cover the world's total asset value just under 4 times over and the world's total currency value just under 37 times over.

Edited by NashvilleNinja
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2 hours ago, NashvilleNinja said:

 

They don't need to add decimals to increase the supply. There is already enough supply. Each bitcoin is divisible by 100M. There are already enough satoshis in existence to cover the world's total asset value just under 4 times over and the world's total currency value just under 37 times over.

I wasn't saying they need to right now. Just pointing out it could happen down the road thus supply is not absolutely limited. 

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2 hours ago, abenjami said:

I wasn't saying they need to right now. Just pointing out it could happen down the road thus supply is not absolutely limited. 

 

How long is that road? How long did it take the world to accumulate the total amount of wealth that it has?

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1 hour ago, NashvilleNinja said:

How long is that road? How long did it take the world to accumulate the total amount of wealth that it has?

I have no idea.  I'm just saying the "scarcity of supply" sales pitch is a bit misguided.

 

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I just saw a 1990s towncar with gold rims, spokes and 18 inch curb feelers. The driver was wearing dark sunglasses, leaning back in the seat as if it were a sofa, driving really slow annoying traffic.  The license plate was a vanity plate that read "BITCOIN "

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9 minutes ago, 9 Nines said:

I just saw a 1990s towncar with gold rims, spokes and 18 inch curb feelers. The driver was wearing dark sunglasses, leaning back in the seat as if it were a sofa, driving really slow annoying traffic.  The license plate was a vanity plate that read "BITCOIN "

Had to be Isaiah Wilson!

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14 hours ago, abenjami said:

I have no idea.  I'm just saying the "scarcity of supply" sales pitch is a bit misguided.

 

Unless Bitcoin becomes 100M per bitcoin (unlikely), there will never be a need to add a decimal point. At that price a satoshi would be worth 1 US dollar. Maybe at that point it might be considered to add a decimal. 

 

At 100M per Bitcoin, the market cap of Bitcoin would be 5x the current total of Global Wealth (400T). 

 

At Bitcoin's core is the idea of scarcity, I doubt very seriously the node operators would ever agree to such a change. 

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Saw this article posted... Really fascinating. Talking about the psychology of who travels down the Bitcoin rabbit hole and how far and why some people outright dismiss it.  Some real cognitive dissonance shit for me personally. Pretty short read, and I really enjoyed it. 

 

https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin

 

Here's an interesting chart. And quote

 

Quote

The IQ framework seems to hold up decently with regard to the moon bois, but it doesn’t account for the Dans and all of the other brilliant yuppies that I know.  When I thought about what is the defining difference between the Bitcoin maximalists and my yuppie elite friends, the surface level distinctions that popped out were political (e.g., libertarianism, Trump support, second-amendment rights, Black Lives Matter).  But these stem from a deeper divide: the degree to which a person has trust in the system.  As a lifelong liberal recently cast into the netherworld of distrust of both parties that one necessarily acquires when journeying down the Bitcoin rabbit hole far enough, I feel reasonably qualified to speak to the liberal condition.  


At the heart of liberalism is a belief that the system can work, if it could just be architected well enough and administered competently and compassionately.  My personal journey to Bitcoin maximalism involved a painful dissociation from this fundamental worldview, specifically in the course of digging in to understand central banking monetary policy and the irresistible levers that come with it.  

 

image.png.b3f19554517a26180a06e44a35f8c23d.png

Edited by Supdawg
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3 hours ago, Supdawg said:

Saw this article posted... Really fascinating. Talking about the psychology of who travels down the Bitcoin rabbit hole and how far and why some people outright dismiss it.  Some real cognitive dissonance shit for me personally. Pretty short read, and I really enjoyed it. 

 

https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin

 

Here's an interesting chart. And quote

 

 

image.png.b3f19554517a26180a06e44a35f8c23d.png

 

The chart was interesting framework.  I thought the article could use more elaboration though, it seemed to breeze over everything else.

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