Bitcoin is now 1.2 cents usd per bit. Time to start pricing in bits.
Bits makes sense as they will grow up to be $1.00 (at the McCafee level) Sats will be equivalent to 1 cent usd at that time. So makes perfect CENTS to me! What do you guys think? Bitcoin BITS are cheap at 1.2 cents!
B ONE PAYMENT IEO is still live on Finexbox exchange at the price of 0.00002 BTC per 1 B1P. https://finexbox.com/market/pair/B1P-BTC.html #ieo #ico #crypto #cryptocurrency #blockchain #bitcoin #ethereum #btc #eth #altcoins #cryptonews
Bitcoin ROI Increases With 3,500% Compared To Traditional Assets Amid Bullish Lookout
The Return-On-Investment For Bitcoin Surpasses The Performance Of Traditional Assets 70 Times In Times When BTC Is Anticipated To Pass The $10,000 Line Blockchain analyst Justinas Baltrusaitis stated that Bitcoin’s investment returns from June 26, 2015, to June 26, 2020, have increased with over 3,500%, which outperforms the traditional market performance over seventy times. Baltrusaitis published his report on Buy Shares, citing that the biggest cryptocurrency to date managed to gain over 70 times the performance of major indices like Dow Jones, S&P 500, Nikkei, Nasdaq, and Financial Times Stock Exchange 100 (FTSE 100). “During the five-year span of the report, Bitcoin recorded a 3,456.98% return on investment. In June 2015, the price per Bitcoin sat at $257.06, while five years later it rose to $,143.58. On the other hand, major indices marked an average ROI value of 49.27%”, Baltrusaitis noted. Source: Buyshares For instance, FTSE 100 stayed in red, with a 6.96% ROI decline, while Nikkei rose with 11.94%, Dow Jones marked a 42.16% ROI increase, S&P 500 is slightly in front of Dow Jones with 46.23%. Nasdaq marked the highest five-year ROI, with 96.77%. Baltrusaitis clarified that ROI is calculated with a base price when crypto holders bought Bitcoin, compared to current prices. Any Bitcoin purchases before December 2017 should see massive ROI gains.” Baltrusaitis added. According to the crypto analyst, regulations and the recent coronavirus pandemic may have impacted the ROI scores. Also, Baltrusaitis emphasized on how users now perceive Bitcoin “as a store of value, rather than a speculative asset, especially amid the most recent stock market crash. “Over the past five years, Bitcoin faced increasing popularity, mostly due to its maiden cryptocurrency status in the eyes of crypto newcomers. These factors largely contributed to Bitcoin’s high return on investment. However, the ROI comes despite the widespread opinion Bitcoin and crypto holding involve a high degree of risk.” Baltrusaitis concluded. On the other hand, as CryptoBrowser reported, there is a substantial correlation between the prices of Bitcoin and traditional stock markets in the face of the S&P 500. Any price volatility in the traditional sector may cause Bitcoin’s price to peak or dip, just like in the March market wipeout. Source: CryptoBrowser Meanwhile, Bitcoin bulls still stay shy of pushing, as the price per BTC stays around $9,200, which is below its 20-day Moving Average. If bulls are to to flip the $9,200–$9,500 resistance zone this could clear the path for Bitcoin to reach $10,000. The current situation, however, implies that if Bitcoin can’t support a close of over $10,400, its price may tumble to the $8,800 support zone.
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I believe that there are several reasons why the Corona Virus was intentionally released, but one being that to tank the price of Bitcoin and other crypto currencies. The idea isn't to tank the price per Bitcoin so the elites can buy up cheap Bitcoin, the idea is to make mining Bitcoin unprofitable for miners so they sell their mining rigs or give up mining altogether. The reward for mining is going to become more problematic in the near future with the Bitcoin halving later this year anyways, plus add on dire financial times for many people in the coming weeks and months. Miners may opt to sell their rigs for cash to survive. Now what if you had a large, well funded entity that looked to seize on this opportunity and buy as many mining rigs as possible even if it meant it cost them billions of dollars? Why would some group want to do that and centralize a decentralize network? Because one of Bitcoin's flaws is that if someone had 51% mining capacity of the network they could perform a networking terrorist attack of said network and destroy it. Perhaps this same group would want to do it because they don't want competition with their own digital currency that they are about to roll out on a national level. Perhaps they want total control of the money flow and be able to censor and monitor their citizens transactions. One suspect that comes to mind immediately is China.
Bitcoin price has to increase $1,000+ PER DAY to meet the LEAST optimistic 2018 "Expert" Predictions
Bitcoin is now $3,880.31. The LEAST optimistic "expert" price predictions I have been able to find:
"Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018.
"At the beginning of 2019, Bitcoin is expected to hover right above $10,000 per coin", Sam Olmsted, Consultant for Pelicoin.
"On January 1st, 2019, I expect the price of Bitcoin to be about $10,000", Kyle Fournier, Crypto Analyst at CryptoManiaks.
"By Jan 1st  BTC at $10,500 and BCH at $1,500", Gavriel Shaw, CMO at Bitcoin.com.
Even if Bitcoin price increases by $1,000 per day, it will NOT meet any of these predictions. Yep, you just cannot make this shit up. Lots more comedy GODL to come, amirite Coiners ?? Tra La La La La ... La La La Laaaaaaaaaaa
Triple Increase On BTC Transaction Fees Just Before Bitcoin`s Third Halving
The Average Price Per Bitcoin Transaction Reached $3,19 On 8th May, After Increasing With 300% From $0,62 Per BTC Transaction, As Of 26th April The world of cryptocurrencies is franticly preparing for Bitcoin’s third halving event, which would cut down the reward that miners receive for validating transactions. Historically, prior to a halving event, transaction fees skyrocket. The last halving resulted in peak transaction fee of $0,62, with transactions costing a mere $0,10 just weeks before. Source: Bitinfocharts However, the halving event means something more than just transaction fees increase. Bitcoin suffered from increased volatility over the past weekend, with prices swinging from close to $9,700 on May 10, to shrink as low as $8,466 on May 11. Nevertheless, Bitcoin’s price is still 40% up year-to-date (YTD), which implies strong support from Bitcoin bulls. The price swing outperforms serious investment assets like gold (XAU) and U.S. dollars. Speculators expect the halving event to boost Bitcoin’s price, as the price inflation reduces when the reward for mining a Bitcoin block reduces in half. Тhe primary reason behind both Bitcoin’s price increase and inflation reduction is a term, called scarcity. Scarcity resembles how rare to obtain a given asset is. Meantime, Bitcoin’s user base is exponentially increasing. The current 1,800 BTC-per-day premium would be reduced to 900 BTC per day. Joe Llisteri, the co-founder of crypto derivatives exchange Interdax, stated that over time, the reduction of BTC supply would ultimately lead to a reduction in sell pressure. “The factors add up to an increase in upwards momentum for Bitcoin’s price.”, Llisteri added. Llisteri also noted that this time Bitcoin’s upwards momentum may see a slower effect, due to progressively longer life cycles for Bitcoin after a halving event. “Currently, we are looking at 18-24 months until a possible all-time high. Timewise, Bitcoin may reach an all-time high between October-November 2021 and May-June 2022.”, Llisteri concluded. However, small and medium-sized miners may take a serious hit, as the price reward cut may mitigate all possible earnings from small mining enthusiasts and mid-sized mining rigs. Even with the much-anticipated Bitcoin price boost, much of the miners may shut down operations prior to the price increase. Speaking of mining, Bitcoin’s hash rate continues to keep a steady growth, slightly declining from its yearly high of 123.2 terra hash-per-second (TH/s). There are two possible scenarios – either more miners are joining the Bitcoin network, or current miners are driving their existing rigs to a maximum.
IamA High School drop out that had a million dollar bet with his parents that if I made a million before I'm 18. I did not have to go to college! I won! AMA!
Hello Reddit! You may have seen me at the top of /technology the other day and I got a lot of messages telling me to do an IAMA about this article on CNBC so here I am! So I made a bet with my parents that if I turned 18 and was a millionaire, my parents wouldn't force me to go to college. I’m proud to say I won that bet! Thanks to some clever investments, making money from projects, and as is the case with everyone who has any kind of success (or even failure) a little bit of luck. Here’s the story of how it happened: When I was 12 years old in May 2011, my older brother showed me this technology that I fell in love with and found fascinating. The technology was called Bitcoin. At that stage in life I had a $1000 saved up, solely a gift from my Grandma to use for my scholarship fund. It did not go to my scholarship fund. I asked my brother to help me put it into Bitcoin at $12 because I knew it would be huge in someway. At that point I had about a 100 bitcoins. I continued to do ‘day trading’ buying low and selling high over the coming years as well and reinvesting the money. Fast forward to when I was 14 in high school I was not enjoying school. I was in a small town in Idaho living on a llama farm. So the quality of the school system, was let’s say, not the highest grade. I found the classes to be boring, valuable to some people, but at least for me boring and teaching me in a way that didn’t make sense to me. Lessons that did not seem applicable in my life. My teachers would constantly criticize people in the classroom. Especially me. One teacher told me to drop out and work at McDonald's because that was all I would amount to for the rest of my life. Another would force us to read other student’s grades out to the rest of the class to shame them for failing. Another roasted me (me in particular) for the full hour of class. No teaching. It was literally the “Roast of Erik Finman”. Which now seems kind of funny actually but still very bad to do. I went to a summer program to prepare me for the next year and found the best teacher ever in my life that changed my life who was from the UK. I got an A+ in advanced physics when I got a C- in basic physics the previous year. With that knowledge. Since I didn’t have access to good teachers in my small town in Idaho. I wanted to fix it. So I learned how to code and created an educational website that would allow you to connect with Tutors/Teachers/Mentors online over video chat to teach you any subject you wanted to learn. You could search for Spanish. And find someone to teach you from Ecuador. You could type in programming and you’d find a CS college student that is trying to pay tuition by doing this on the side. Or a retired expert who is a veteran in his field that just wants to impart his knowledge onto others. It became very popular in the local community! I told my teachers about it, but they did not like it because it felt like competition. Maybe they thought they might have to do better? At this point I was 15 and this got some initial traction and I was using it to teach myself. I asked my parents to let me drop out of High School to focus on this because I was miserable in school. They agreed and were supportive, but they made a bet with me that I can drop out of High School, but I have to go to college if I don’t make a million dollars by the age 18. I agreed and I dropped out of High School to work on this. A little bit after I dropped out of High School, and I had traction with my project. Bitcoin was shooting up! It was going big! $800! $900! $1000!!!! So I sold a lot of my Bitcoins which resulted in me gaining a $100,000. I used that money to put into my business so I could hire more professional programmers and I moved to Silicon Valley. I even caught the attention of Alexis Ohanian of Reddit because his book at the time Without Their Permission is what got me started. He helped me in many ways! Fast forward to early 2015. Eventually I found a buyer for the companies code & technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. I took the lower cash value bitcoin deal because I believed it was the next big thing and an official buyout would’ve been very difficult for someone under 18 and it was good tax planning to use Bitcoin. Also continuing to do day trading on a daily basis. I used some of that money in the coming years to travel the world. Going to London, Dubai, Australia, and more! I used that to start a VR company using crowdfunding and that did well. I shipped all those out. It was incredible! Now I’m doing a satellite as part of a NASA award which is launching in November out of New Zealand! I'll probably do another post about this soon because it's so cool. Elon Musk has always been hero of mine. He's such a talented guy changing the world with Tesla and SpaceX. I'm a great admirer of his and respect him immensely. He's the closest we have yet to a real life Iron Man. But who knows maybe I'll beat him one day haha ;-) After all we stand on the shoulders of giants right? haha that's a big goal though and I say it as such. It’s been a fantastic few years! I’ve used that money to learn how to do a business, invest, and learn about the world! I didn’t do investing all the time and I used that money to build things that I thought were important! I haven’t done everything perfectly, no one has! I’ve made some humbling mistakes, but had lots of exciting successes! I’ve really launched my career in exciting ways and have met mentors that help me and advise me along the whole way! Which I’m so thankful for! I’ve learned so much outside the education system and have been so much happier. Although I’m unique, I’ve met many many people that weren’t satisfied and unhappy — ranging from students with the lowest and highest GPAs. My GPA was a 2.1 in school! And I’m happy I’m not going to College! College wasn’t for me but it was the ‘life path’ you are supposed to go on and I did not want to go nor felt it would’ve helped me too much in life — especially the $250,000 in debt! Or $249,000 with my scholarship fund if I had not used it on Bitcoin and my projects ;-) I really believe the education system needs to be reformed and I think technology is the way to do that. I think it’s wonderful how society allows you to be a ‘student’ so that you can learn for many years and that’s your full time job. The infrastructure would just ideally be much better so you could do that without being in sometimes a bad environment and crippling debt. I can say today that I own 403 bitcoins which is currently valued at $1,092,678.08 with the price per Bitcoin being at $2,711.36 plus some other money invested in other things. Can’t have all your eggs in one basket! So I won the bet! If you have any questions let me know! And if you want any advice on cryptocurrency or your own educational route, or anything else let me know! Also on reddit! People have made Pepe memes of me! I feel like I've finally made it: http://imgur.com/gallery/06dWK If you want to keep updated with everything I’m doing! Follow me on twitter! Proof: Proof of the bet: http://www.cbsnews.com/news/erik-finman-botangle-after-100k-bitcoin-score-15-year-old-creates-startup/ Travel proof: http://imgur.com/a/kvlzR Proof: I went through rigorous proof verification and fact checking with CNBC as you can see with this article. I keep my Bitcoin is super secure places spread out across multiple wallets across multiple machines. I'm so paranoid after all this media attention someone is going to steal it all! haha Proof of growing up on the llama farm: http://imgur.com/gallery/6scF5 ---- ASK me about the time the llama came into my house! Proof of the 100k initially made: http://mashable.com/2014/06/10/botangle/ Proof it's really me: http://imgur.com/a/zc3eu Edit: Wow! Thanks for the gold guys! Edit: Was on for the first few hours of the AMA and had a meeting to go to and I just came back now to see all these great questions! Questions I all have answers to! I will respond to them tomorrow as it's midnight here now. Edit: That's it for me! A lot of great questions and a lot of great feedback.
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Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.54^2 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
Remember, regardless of "max blocksize", actual blocks are of course usually much smaller than the "max blocksize" - since actual blocks depend on actual transaction demand, and miners' calculations (to avoid "orphan" blocks).
For most of the past 8 years, Bitcoin has obeyed Metcalfe's Law, where price corresponds to the square of the number of transactions. So 32x bigger blocks (32x more transactions) would correspond to about 322 = 1000x higher price - or 1 BTC = 1 million USDollars.
We could grow gradually - reaching 32MB blocks and 1 BTC = 1 million USDollars after, say, 8 years.
An actual blocksize of 32MB 8 years from now would translate to an average of 321/8 or merely 54% bigger blocks per year (which is probably doable, since it would actually be less than the 70% increase in available bandwidth which occurred last year).
A Bitcoin price of 1 BTC = 1 million USD in 8 years would require an average 1.542 = 2.37x higher price per year, or 2.378 = 1000x higher price after 8 years. This might sound like a lot - but actually it's the same as the 1000x price rise from 1 USD to 1000 USD which already occurred over the previous 8 years.
Getting to 1 BTC = 1 million USD in 8 years with 32MB blocks might sound crazy - until "you do the math". Using Excel or a calculator you can verify that 1.548 = 32 (32MB blocks after 8 years), 1.542 = 2.37 (price goes up proportional to the square of the blocksize), and 2.378 = 1000 (1000x current price of 1000 USD give 1 BTC = 1 million USD).
Combine the above mathematics with the observed economics of the past 8 years (where Bitcoin has mostly obeyed Metcalfe's law, and the price has increased from under 1 USD to over 1000 USD, and existing debt-backed fiat currencies and centralized payment systems have continued to show fragility and failures) ... and a "million-dollar bitcoin" (with a reasonable 32MB blocksize) could suddenly seem like possibility about 8 years from now - only requiring a maximum of 32MB blocks at the end of those 8 years.
Simply reinstating Satoshi's original 32MB "max blocksize" could avoid the controversy, concerns and divisiveness about the various proposals for scaling Bitcoin (SegWit/Lightning, Unlimited, etc.).
This would maintain Bitcoin's decentralization by leveraging its economic incentives - fulfilling Bitcoin's promise of "p2p electronic cash" - while remaining 100% on-chain, with no changes or controversies - and also keeping fees low (so users are happy), and Bitcoin prices high (so miners are happy).
Details (1) The current observed rates of increase in available network bandwidth (which went up 70% last year) should easily be able to support actual blocksizes increasing at the modest, slightly lower rate of only 54% per year. Recent data shows that the "provisioned bandwidth" actually available on the Bitcoin network increased 70% in the past year. If this 70% yearly increase in available bandwidth continues for the next 8 years, then actual blocksizes could easily increase at the slightly lower rate of 54% per year. This would mean that in 8 years, actual blocksizes would be quite reasonable at about 1.548 = 32MB:
Hacking, Distributed/State of the Bitcoin Network: "In other words, the provisioned bandwidth of a typical full node is now 1.7X of what it was in 2016. The network overall is 70% faster compared to last year."
https://np.reddit.com/btc/comments/5u85im/hacking_distributedstate_of_the_bitcoin_network/ http://hackingdistributed.com/2017/02/15/state-of-the-bitcoin-network/ Reinstating Satoshi's original 32MB "max blocksize" for the next 8 years or so would effectively be similar to the 1MB "max blocksize" which Bitcoin used for the previous 8 years: simply a "ceiling" which doesn't really get in the way, while preventing any "unreasonably" large blocks from being produced. As we know, for most of the past 8 years, actual blocksizes have always been far below the "max blocksize" of 1MB. This is because miners have always set their own blocksize (below the official "max blocksize") - in order to maximize their profits, while avoiding "orphan" blocks. This setting of blocksizes on the part of miners would simply continue "as-is" if we reinstated Satoshi's original 32MB "max blocksize" - with actual blocksizes continuing to grow gradually (still far below the 32MB "max blocksize" ceilng), and without introducing any new (risky, untested) "game theory" or economics - avoiding lots of worries and controversies, and bringing the community together around "Bitcoin Original". So, simply reinstating Satoshi's original 32MB "max blocksize" would have many advantages:
It would keep fees low (so users would be happy);
It would support much higher prices (so miners would be happy) - as explained in section (2) below;
It would avoid the need for any any possibly controversial changes such as:
Bitcon Unlimited (the newly introduced parameters for Excessive Block "EB" / Acceptance Depth "AD").
(2) Bitcoin blocksize growth of 54% per year would correlate (under Metcalfe's Law) to Bitcoin price growth of around 1.542 = 2.37x per year - or 2.378 = 1000x higher price - ie 1 BTC = 1 million USDollars after 8 years. The observed, empirical data suggests that Bitcoin does indeed obey "Metcalfe's Law" - which states that the value of a network is roughly proportional to the square of the number of transactions. In other words, Bitcoin price has corresponded to the square of Bitcoin transactions (which is basically the same thing as the blocksize) for most of the past 8 years. Historical footnote: Bitcoin price started to dip slightly below Metcalfe's Law since late 2014 - when the privately held, central-banker-funded off-chain scaling company Blockstream was founded by (now) CEO Adam Back u/adam3us and CTO Greg Maxwell - two people who have historically demonstrated an extremely poor understanding of the economics of Bitcoin, leading to a very polarizing effect on the community. Since that time, Blockstream launched a massive propaganda campaign, funded by $76 million in fiat from central bankers who would go bankrupt if Bitcoin succeeded, and exploiting censorship on r\bitcoin, attacking the on-chain scaling which Satoshi originally planned for Bitcoin. Legend states that Einstein once said that the tragedy of humanity is that we don't understand exponential growth. A lot of people might think that it's crazy to claim that 1 bitcoin could actually be worth 1 million dollars in just 8 years. But a Bitcoin price of 1 million dollars would actually require "only" a 1000x increase in 8 years. Of course, that still might sound crazy to some people. But let's break it down by year. What we want to calculate is the "8th root" of 1000 - or 10001/8. That will give us the desired "annual growth rate" that we need, in order for the price to increase by 1000x after a total of 8 years. If "you do the math" - which you can easily perform with a calculator or with Excel - you'll see that:
54% annual actual blocksize growth for 8 years would give 1.548 = 1.54 * 1.54 * 1.54 * 1.54 * 1.54 * 1.54 * 1.54 * 1.54 = 32MB blocksize after 8 years
Metcalfe's Law (where Bitcoin price corresponds to the square of Bitcoin transactions or volume / blocksize) would give 1.542 = 2.37 - ie, 54% bigger blocks (higher volume or more transaction) each year could support about 2.37 higher price each year.
2.37x annual price growth for 8 years would be 2.378 = 2.37 * 2.37 * 2.37 * 2.37 * 2.37 * 2.37 * 2.37 * 2.37 = 1000 - giving a price of 1 BTC = 1 million USDollars if the price increases an average of 2.37x per year for 8 years, starting from 1 BTC = 1000 USD now.
So, even though initially it might seem crazy to think that we could get to 1 BTC = 1 million USDollars in 8 years, it's actually not that far-fetched at all - based on:
some simple math,
the observed available bandwidth (already increasing at 70% per year), and
the increasing fragility and failures of many "legacy" debt-backed national fiat currencies and payment systems.
Does Metcalfe's Law hold for Bitcoin? The past 8 years of data suggest that Metcalfe's Law really does hold for Bitcoin - you can check out some of the graphs here: https://imgur.com/jLnrOuK https://i.redd.it/kvjwzcuce3ay.png https://cdn-images-1.medium.com/max/800/1*22ix0l4oBDJ3agoLzVtUgQ.gif (3) Satoshi's original 32MB "max blocksize" would provide an ultra-simple, ultra-safe, non-controversial approach which perhaps everyone could agree on: Bitcoin's original promise of "p2p electronic cash", 100% on-chain, eventually worth 1 BTC = 1 million dollars. This could all be done using only the whitepaper - eg, no need for possibly "controversial" changes like SegWit/Lightning, Bitcoin Unlimited, etc. As we know, the Bitcoin community has been fighting a lot lately - mainly about various controversial scaling proposals. Some people are worried about SegWit, because:
It's actually not much of a scaling proposal - it would only give 1.7MB blocks, and only if everyone adopts it, and based on some fancy, questionable blocksize or new "block weight" accounting;
It would be implemented as an overly complicated and anti-democratic "soft" fork - depriving people of their right to vote via a much simpler and safer "hard" fork, and adding massive and unnecessary "technical debt" to Bitcoin's codebase (for example, dangerously making all UTXOs "anyone-can-spend", making future upgrades much more difficult - but giving long-term "job security" to Core/Blockstream devs);
It would require rewriting (and testing!) thousands of lines of code for existing wallets, exchanges and businesses;
It would introduce an arbitrary 1-to-4 "discount" favoring some kinds of transactions over others.
And some people are worried about Lightning, because:
Your funds "locked" in a Lightning channel could be stolen if you don't constantly monitor them;
Lighting would steal fees from miners, and make on-chain p2p transactions prohibitively expensive, basically destroying Satoshi's p2p network, and turning it into SWIFT.
And some people are worried about Bitcoin Unlimited, because:
Bitcoin Unlimited extends the notion of Nakamoto Consensus to the blocksize itself, introducing the new parameters EB (Excess Blocksize) and AD (Acceptance Depth);
Bitcoin Unlimited has a new, smaller dev team.
(Note: Out of all the current scaling proposals available, I support Bitcoin Unlimited - because its extension of Nakamoto Consensus to include the blocksize has been shown to work, and because Bitcoin Unlimited is actually already coded and running on about 25% of the network.) It is normal for reasonable people to have the above "concerns"! But what if we could get to 1 BTC = 1 million USDollars - without introducing any controversial new changes or discounts or consensus rules or game theory? What if we could get to 1 BTC = 1 million USDollars using just the whitepaper itself - by simply reinstating Satoshi's original 32MB "max blocksize"? (4) We can easily reach "million-dollar bitcoin" by gradually and safely growing blocks to 32MB - Satoshi's original "max blocksize" - without changing anything else in the system! If we simply reinstate "Bitcoin Original" (Satoshi's original 32MB blocksize), then we could avoid all the above "controversial" changes to Bitcoin - and the following 8-year scenario would be quite realistic:
Actual blocksizes growing modestly at 54% per year - well within the 70% increase in available "provisioned bandwidth" which we actually happened last year
This would give us a reasonable, totally feasible blocksize of 1.548 = 32MB ... after 8 years.
Bitcoin price growing at 2.37x per year, or a total increase of 2.378 = 1000x over the next 8 years - which is similar to what happened during the previous 8 years, when the price went from under 1 USDollars to over 1000 USDollars.
This would give us a possible Bitcoin price of 1 BTC = 1 million USDollars after 8 years.
There would still be plenty of decentralization - plenty of fully-validating nodes and mining nodes), because:
70% yearly increase in available bandwidth, combined with a mere 54% yearly increase in used bandwidth (plus new "block compression" technologies such as XThin and Compact Blocks) mean that nearly all existing nodes could easily handle 32MB blocks after 8 years; and
The "economic incentives" to run a node would be strong if the price were steadily rising to 1 BTC = 1 million USDollars
This would give a total market cap of 20 trillion USDollars after about 8 years - comparable to the total "money" in the world which some estimates put at around 82 trillion USDollars.
So maybe we should consider the idea of reinstating Satoshi's Original Bitcoin with its 32MB blocksize - using just the whitepaper and avoiding controversial changes - so we could re-unite the community to get to "million-dollar bitcoin" (and 20 trillion dollar market cap) in as little as 8 years.
BitМex Accused of Slashing Bitcoin Price To $3,700
The Crypto Sector Experienced Rough 24-Hours, With Massive Price Swings And Over $1,4 Billion Funds Liquidation On BitMex Alone Bitcoin has recorded one of its most significant downfalls since the 2017 crypto bubble burst, losing over 40% of its value in a matter of two days. Bitcoin's price made several severe price swings, with crypto enthusiasts like Jacob Canfield pointing out that the price per Bitcoin on Bitmex went down to $3,600 before swinging up to $4,400 and re-plummeting to $3,600. "15 minutes after the swings BitMEX shut down its login, which caused the massive swings and high selling pressure", crypto traded Salsatekila tweeted. "Spot traders were on the lookout for a massive buy-in amid the panic," Salsatekila added. The rumors about BitMEX foul playing, as Bitcoin's price fell as low as $3,700, were further intensified with the exchange reporting about "hardware issues." BitMEX went "off the grid" for 25 minutes, citing "hardware problems with the cloud services, resulting in delays and seized operations of the exchange." The events occurred between 02:16 and 02:40 UTC on March 13, amid long position liquidation and sell-off frenzy. https://preview.redd.it/dmyjzygregm41.jpg?width=1552&format=pjpg&auto=webp&s=40f049c3b6e1387f0037818382902883ecacfa00 While the crypto sector enters a rollercoaster price ride, some crypto enthusiasts even put the blame on BitMEX for Bitcoin's price turmoil. Crypto research CEO Sam Bankman-Fried accused BitMEX of having "no real hardware issue." Bankman-Fried continued with his accusations towards BitMEX, stating that the unwillingness of the exchange to address the current market situation promoted Bitcoin's price fall, which took the entire crypto sector with it. "When BitMEX was offline, Bitcoin's price made a quick recovery, which is a sign that BitMEX acted as a huge sell-off barrier due to Bitcoin's long position liquidation. Even further, higher Bitcoin prices would result in fewer position liquidations," Bankman-Fried concluded. BitMEX responded to Bankman-Fried's accusations by claiming his words to be nothing more than a conspiracy theory. However, the crypto sector still seeks the primary reason for the 40% drop of almost all cryptocurrencies. Some experts believe that traditional investment assets such as the S&P 500 and DOW indexes are putting pressure on the crypto sector, which lost ground and tumbled. Other experts are thinking the widespread panic for the new coronavirus pandemic is causing markets to shrink. Crypto traders, at least in the past 48 hours, are seeking liquidity for the crypto assets they hold, as the ratio between sellers and buyers has shifted strongly towards the sellers. As of press time, Bitcoin still acts like a risk-on asset, throwing out recent theories of providing a safe haven for investment in times of crisis. Nevertheless, traditional haven assets, like Gold, also suffered from the market crash, with AUX retracting 2% since the start of the Coronavirus outbrea
An Unconventional Truth: Gold prices since the fall of 2013 have tumbled from $1,900 per ounce to around $1,200. And Bitcoin was the world’s worst-performing currency in 2014, its value falling by almost 60%.
TL;DR For Bitcoin to become the world currency we only would have to build about two more earths. Get cracking!
There have been many discussions about the current energy consumption of Bitcoin, but after reading some insane article yesterday that promised Bitcoin will solve all of our financial woes if it would be world currency I wondered what the future energy consumption would look like if we were to live in Butterland where that turned out to be true.
To make a good estimate for that we need a few assumptions for mining-related costs, which I will shamelessly steal from the Digiconomist. Additionally I will assume that this scenario plays somewhat in the future and the block rewards have been halved again (from 12.5 BTC/block currently).
This leaves us with:
global mining revenues
Assuming 60% operational costs, and 1 kWh spent per 0.05$ operational costs we arrive at:
miner operational costs
39,420,000,000,000 kWh (= 39,420 TWh)
Ok, thats a large number but let's put it in context. According to the CIA World Factbook in 2015 we consumed 21,78 trillion kWh (= 21,780 TWh) of electricity worldwide.
So if the dreams of our glorious overlords would become true we would have to triple the electricity generation of the world and spend 2/3 of that just on running the miners.
But lets have a bit more fun with these numbers. The largest (currently operating) nuclear power station is the Bruce Nuclear Generating Station in Canada which produced 47.15 TWh of electricity in 2015. So if we wanted to feed the miners purely on nuclear energy we would need about 836 of these nuclear power plants which would come with a nice price tag of 6.5 trillion $ (not adjusted for inflation).
But that's old technology and as our favorite prophet biglambda revealed in his infinite wisdom we would power those miners with green energy. So let's do it with solar. Solar Star was the world's largest solar farm in 2015 and can annually produce 1.664 TWh of electricity. So to feed the miners we would only need about 23,690 of these installations, which would use up a measly 307.970 km² of land. That's only a bit more then the size of Texas. And the construction costs of 26 trillion $ wouldn't even triple the U.S. national debt so what do we worry about?
But as I am just a regret filled nocoiner I'm sure that there a several fast progressing free-energy projects from leading cryptocurrency investors out there which will end up saving the world. Anything else you hear is just baseless FUD.
Price per gold ounce $1134 in reachable distance. Probably just few weeks until 1 Btc worth more than 1 ounce of gold (just about $234 away). Media will go crazy about it! New bitcoin ATH and overtaking gold...yeah!
The United States Missed A $1,7 Billion Opportunity In A Hasty Sell-Off
In Contrast, The Bulgarian’s Government Holds Over $2 Billion Worth Of Bitcoin While central banks around the world are considering, or аrе in the process of issuing native digital currencies, large countries like the United States reportedly missed a golden opportunity to cash-out on seized Bitcoin (BTC). According to cryptocurrency enthusiast James Lopp, the U.S. government auctioned the total amount of Bitcoin for an average price of $818 per BTC. If the U.S. Marshals held the 185,230 BTC that they obtained through asset confiscation, their current value would have been $1,85 billion. The U.S. Marshal office even announced a closed bid auction for 4,041.58424932 Bitcoin, seized from 56 cases. The largest amount of seized BTC form the U.S. authorities is roughly 535 coins, currently evaluated at over $5,27 million. The entry fee for the auction is set for $200,000 with the total amount of BTC is going to be split into four blocks – 2,500 BTC, 1,000 BTC, 500, BTC, as well as the remaining 41.58424932 coins. The auction is scheduled for February 18th, the announcement from the U.S. Marshals reads. The United Kingdom is also taking steps for auctioning their crypto holdings. U.K.’s police auctioned Bitcoin, as well as Ethereum (ETH), Ripple (XRP), and Bitcoin S.V. (BSV) and raised close to $370,000 from 62 lots of cryptocurrencies in late September 2019. However, the British police made a better, over market sales price, as the bidding price for 1 BTC reached $8,365, while the market price per Bitcoin was $8,012 on September 27th, when the settlement happened. Most of the crypto stash belonged to self-proclaimed “full-time crypto trader” Elliot Gunton. He was found guilty of providing illicitly acquired personal data, as well as hacking services in exchange for cryptos. Gunton was also charged with a $491,000 fine for his activities. The hacker was behind the TalkTalk hacker attack, which led to the leakage of personal banking data for over 4,500 users. Also, U.S. authorities pressed charges against Gunton for the 2017 EtherDelta exchange hack. The hacker changed the DNS servers of the landing page of the crypto exchange, leading customers to a cloned website. In the meantime, Eastern European countries are looking further into the ways to hold and sell seized cryptocurrencies. Bulgaria, for example, is rumored to have at least 200,000 BTC in possession, which would estimate a little less than $2 billion. However, local investigation journal portal Bivol managed to shed light on the subject. It appears Bulgaria’s finance minister Vladislav Goranov sold the Bitcoin stash to countries in the Middle East and large-scale Asian investors. The deal was conducted at the end of 2017 - the peak of Bitcoin’s price rally, with Goranov reporting to Bulgaria’s prime minister Boyko Borisov that he sold the Bitcoins at a price point of €15,000.
Bitcoin's price is holding steady at $282; that means that investors are purchasing over $1,000,000 per day
($1,000,000 per day) / ((24 hours per day) * (6 rewards per hour) * (25 bitcoins per reward)) = ($277.77 per bitcoin) So, someone is buying over $1,000,000 worth of bitcoin every day! And that means that the market capitalization of bitcoin increases by $1 million per day.
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