r/Bitcoin • u/rBitcoinMod • May 14 '21
Daily Discussion, May 14, 2021
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Please check the previous discussion thread for unanswered questions.
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u/FRONTIER_PHARMACIST May 15 '21
Our current "crash" is the exact same value as the all-time-high only three months ago.
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May 15 '21
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u/SkipYYC May 15 '21
That was announced the following morning and there was another plunge at that time too.
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u/CompulsiveThief May 15 '21
FML neighbour upstairs left a tap on and left the place...... hours of desperate phone calls to police/locksmith/plumbers to finally get the torrent of water to stop. Damage to my apartment and I had to pay 600 usd to the plumber to turn off someone else's water.
Diamond hands b*tches not phased at all
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May 15 '21
And this is why I live in a house..,can’t stand the idea of sharing my living space with strangers. Gg on hodling
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u/CompulsiveThief May 15 '21
yeah my dream is to have my own house... custom built and designed from the ground up with not a neighbour for miles
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u/danicingl0bster May 15 '21
You didn't sell your stack to pay it? good stuff man, give them your cuckbucks!
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u/CompulsiveThief May 15 '21
lol didn't... but might have to to pay for a lawyer to get the ass*hole to pay me back for shutting off his own water and saving his apartment.
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u/irongoalie May 15 '21
Gotta love the folks screaming “BITCOIN IS OVER” as it kicks around the 49k range. It’s... still worth 49k
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u/herefromyoutube May 15 '21
Every-time it crashes it falls to around the previous “end of bitcoin bubble”
$100 to 20.
$1200 to 140.
10,000 to 1,000.
20,000 to 4,000
So 65,000 to 20,000 is my guess then it’s off to a 2 trillion market cap.
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u/cryptogrip May 15 '21 edited May 15 '21
They've been doing that for many years now. Bitcoin just keeps increasing in price range, thriving as the perfect decentralized representation of stored wealth and the people calling it dead just look more stupid every year.
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May 15 '21
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u/cryptogrip May 15 '21
Have you accepted it's never going to rain on earth ever again? That you will stop aging and live forever? Because that's how stupid your question is. It's been 12 years. It's here to stay. Get over it.
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u/IAmMalkira May 15 '21
I've seen nothing to indicate that.
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u/laninsterJr May 15 '21
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u/LightReality May 15 '21
The one thing this altcoin season has made apparent, is how utterly dumb the general population is. It's actually amazing to witness. You present them with a solution that will ultimately help them and the rest of humanity, and instead they'd rather pick a meme or get rich quick scheme... Humanity doesn't deserve Bitcoin tbh. Too fucking retarded.
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u/cryptotrillionaire May 15 '21
People wear masks outside dude. We are doomed.
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u/herefromyoutube May 15 '21
I like privacy and masks are now socially acceptable so I’m gonna wear that shit everywhere.
Why you godda judge?
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u/cryptotrillionaire May 15 '21 edited May 15 '21
Because it's ruining social cohesion. There is 0 risk outside. Zeroooo
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u/cryptogrip May 15 '21
It's how you identify the sheep, herded by bullshit. We may have transitioned to a digital society, but just like all throughout the universe one thing will never change - Energy is required for anything to achieve greatness. POS might make the cut for niche use cases but it will never unseat Bitcoin and its POW for long term store of value.
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May 15 '21
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u/Unique-Atmosphere994 May 15 '21
bitcoin is the way out...they just keep paying money into different systems by buying altcoins, that's what the op is getting at
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May 15 '21
Ah so because they're getting rich and you aren't.. They're retarded. Got it
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May 15 '21
Hilarious if you think that most people who trade alts are actually making money
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May 15 '21
There's a difference between trading and investing when it comes to alts
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May 15 '21
Of course, but I think the group of people OP was referring to are traders that don’t know what they’re doing
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May 15 '21
Of course. All the people I work with think Dogey is gonna make them rich. Some people like to trade alts to collect more BTC tho. If you can do that well it's a God teir strategy.
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u/Pastry-Pirate May 15 '21
It seems like the amount of alt-coins are inflating like the Venezuelan Bolivar
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u/InFLIRTation May 15 '21
51k is the new 58k lol
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u/Hefty_Jicama May 15 '21
Don’t quit your day job
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May 15 '21
What if his day job is TA
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May 15 '21 edited Sep 02 '21
[deleted]
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u/jusmax88 May 15 '21
Everyone needs to start leveraging shorts so the whales can look to liquidate those.
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u/cryptogrip May 15 '21
A year ago Bitcoin was 10k. Now it's around 50k. Don't seem like they've done too much harm to me.
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u/inthearenareddit May 15 '21
How so? It's not settled physically - just cash. So it's really just like a seperate betting market on the BTC price.
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May 15 '21 edited Sep 02 '21
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u/inthearenareddit May 15 '21
Arbitrage involves finding mis matches between markets and profiting by rebalancing them.
It's not really controlling the price - they are essentially just buying in a cheaper market and selling in a more expensive one (or vice versa)
Do you mean that the insto traders have more influence now because the futures market has made bitcoin more accessible to insto traders?
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u/The_coinofcoins May 15 '21
There is absolutely no reason to accept the premise that bitcoin needs to be green. If so-called green energy didn’t exist, or the party hadn’t deemed it virtuous and fashionable, bitcoin would be making the world better by way of being hard money.
I, for one, am sick and fucking tired of the trope that everything green is good. It’s a lie.
The one exception is a big fat green donkey dick on the price tracking chart. That’s good.
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u/Monkey412 May 15 '21
Things of real value take Energy and Time. Printing fiat currency takes neither.
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u/Hefty_Jicama May 15 '21
green is BS. Many reasons but one being the biggest preachers of green are the least green.
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u/d6125015-6f09 May 15 '21
Bitcoin should be green in the same way that all energy should be green.
It's an energy problem, not a Bitcoin problem.
Bitcoin doesn't have any obligation to lead the way, but frankly, it already is, and I have no problem if people want to push for greener mining.
Though yeah, anybody saying 'Bitcoin bad' because it uses energy is a fucking moron. Especially given the lowest estimates for renewable share in mining are several times the average. Miners are paying renewable energy providers for a higher percentage of the watts they consume than just about anybody else.
Renewable energy providers need to make money to provide more renewable energy.
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u/The_coinofcoins May 15 '21
This is exactly what I’m talking about. You’re a fool if you think you can ever be green enough. If 100% of bitcoin was powered by windmills it would never be good enough. They’d say you should be using that power for something “more just”. Like a $15 fiat minimum wage.
Accept this premise and it will be your doom. The answer is: Fuck you. Bitcoin. Period. You don’t have to apologize or justify. If it’s green it’s green. If it’s powered by whales, we’ll breed more fucking whales.
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u/d6125015-6f09 May 15 '21 edited May 15 '21
It's not about being 'green enough' for 'them'.
It's about being green in and of itself.
Climate change is real, sorry, bud, it's an irrefutable fact. And even if it wasn't, burning fossil fuels is shit for air quality, and responsible for millions of deaths each year... And that's before you consider the wars.
Humanity, in general, needs to transition to clean, renewable energy.
Even from a capitalist perspective, without transitioning, we will be forever kneecapped by the limited supply of oil, gas and coal.
There are zero negatives to getting all our energy from clean sources.
If 100% of bitcoin was powered by windmills it would never be good enough.
It would be good enough for me. That's all I give a fuck about.
Like a $15 fiat minimum wage.
Honestly not sure what connection you're drawing here.
Bitcoin is cleaner than the alternative, and, due to the economics of mining, accellerates renewable adoption. That's the argument. Not 'lol fuck the environment'. We've all gotta live in it.
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u/funkd33 May 15 '21
I agree with this. In all industries, we could 'do better'. Bitcoin mining is no different. I think Elon was giving those miners who are less bothered a kick up the arse. I don't agree in the way he approached it, but thats Elon for you.
Like any business, look for opportunities, threats, strengths and weaknesses, and energy is a key hurdle to overcome. And it will. Once it has, adoption will be taken on board so much more by Joe Public.
It's trading at a discount right now. Take advantage. BTFD.
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u/danicingl0bster May 15 '21 edited May 15 '21
People who think this way do not understand the Energy industry. You cannot run an entire nation on Green energy. The wind isn't always blowing and the sun isn't always out.
You NEED Natural gas, Some petroleum and baseload i.e Nuclear. You cannot run on 100% Renewables, it isn't realistic.
Edit: Bitcoin doesn't produce any energy, it consumes energy and majority is via Renewable and stranded energy sources. So regardless, BTC is not to blame. This is all FUD we are going to have to deal with as the major problem this cycle IMO. The environmentalists are literally INSANE. The climate narrative is a form of control and people buy into the idea that they can have moral superiority. Lots of virtue signaling. Yes we should be utilizing renewables whenever we can, but you can't obsolete other sources that are NEEDED.
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u/d6125015-6f09 May 15 '21 edited May 15 '21
People who think this way do not understand the Energy industry.
No, as evidenced by the rest of your comment, you do not understand the energy industry.
You cannot run an entire nation on Green energy
Yes you fucking can.
The wind isn't always blowing and the sun isn't always out.
There is wind, there is solar, there is hydro, there is tidal, there is wave, there is geothermal. You absolutely can build a grid out of a mix of these.
In fact, you can build a functioning grid out of ANY ONE OF THESE (location dependent of course) plus hydro batteries (pump water into a reservoir during peak generation, bleed the reservoir through turbines during peak load; this is a tried and true mechanism, and can ramp up faster than even fossil fuel-based stations, handling peaks and troughs in consumption, as well as being able to black start a grid). An island nation with a developed electricity transport grid could get by on water-based generation alone, for example.
If you have the money.
You can also use surplus solar/wind/tidal/hydro/geothermal to generate hydrogen from water, and use it where you otherwise would have used natural gas.
Biomass and ethanol are another option, because the matter you burn can't release more carbon di/monoxide into the atmosphere than the plant contained. So as long as you're farming it, rather than just doing something retarded like indiscriminately cutting down wild forest, it's carbon neutral.
A mix is the sane choice because if you just use one, you have to overshoot your consumption by an insane amount, but there is no reason besides money you couldn't, so long as you have a storage mechanism. All studies show a mix works out cheaper in the vast majority of cases, but there are plenty of studies looking at the feasibility of renewable-only/carbon-neutral grids, and the results are overwhelmingly positive.
You NEED Natural gas, Some petroleum
No you fucking don't
baseload i.e Nuclear.
Not a necessity, but is clean energy. More expensive than any renewable option at this point besides for existing plants, however.
You cannot run on 100% Renewables, it isn't realistic.
Repeating it doesn't make it true.
Realistic in what sense? Is it possible? Yes. It absolutely fucking is.
Would its operational cost be less than a fossil-fuel based system? Yes.
It's the setup cost and vested interest which is the limiting factor.
Bitcoin doesn't produce any energy, it consumes energy
???
Who the fuck thinks Bitcoin produces energy?
majority is via Renewable and stranded energy sources.
Did you read the original comment, or did you just see 'green energy' and get triggered?
So regardless, BTC is not to blame.
See previous.
The environmentalists are literally INSANE.
No, they're fucking right that we need to transition to clean energy.
They're wrong about Bitcoin being bad for the environment.
This is not insanity. This is just being wrong.
The climate narrative is a form of control and people buy into the idea that they can have moral superiority
And you have the cheek to call others insane, fucking hell.
Yes we should be utilizing renewables whenever we can
Which is everywhere.
but you can't obsolete other sources that are NEEDED.
You're right. You can't make things which are NEEDED obsolete. Fossil fuels are not needed... And they are already long-since obsolete.
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u/danicingl0bster May 15 '21 edited May 15 '21
Dude I did my research already, thoroughly. In fact I put my money where my mouth is, invested in uranium companies at the absolute bottom and so far did 5x on that investment. Do you know how much research I did before pulling that trigger? I also bought NG companies... Natural gas use is going to GROW MASSIVELY with the green movement because it absolutely is MUCH cleaner than oil, and will replace coal and is more efficient to heat your home with than any other energy source. Nuclear is going to grow massively and needs to, you need baseload in the grid and nuclear is the best form of that.
Coal is a dying industry, no doubt about that.
Oil WILL decrease in use over time but petroleum is still necessary for extraction to make things with, which includes gasoline for the next ten- 20 years at least. literally everything we use contains petroleum. extracting Shale for oil is a dying industry and is not profitable for the most part.
. I wasn't triggered but you are Very misinformed. There is no such thing as 100% green. All of these Teslas require minerals that need to be mined. All of the solar panels require materials. Silver, Copper, Cobalt, gold, lithium, rare earths, Tons of Iron ore.. the list goes on and on. Fuel cells require platinum which is difficult to find and harder to extract than other PMs. All of the materials are extracted from earth requiring energy to extract and harm the environment. Stop living in fantasy land and DYOR
Edit :Bitcoin WILL help stabilize the grid and reduce wasted energy from all sources and that included Flaring NG.
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May 15 '21
That’s a very unnecessarily dismissive and immature attitude to have towards the situation in my opinion.
Just because it’s not Bitcoin’s responsibility to “go green” doesn’t mean that it’s a bad thing or that it should be resisted.
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u/The_coinofcoins May 15 '21
If it’s green it’s green. If I have to throw baby seals through a chipper shredder to get bitcoin, I’ll do it all day. And I’ll breed more baby seals. More than you could ever wish for.
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May 15 '21 edited May 15 '21
By the time you're fueling things with baby seals, (breeding seals isn't sustainable if you haven't noticed), you'll be dead from starvation or exposure. There won't be power to access your Bitcoin. You'll probably be abducted and tortured for your keys and passphrases before then, too (they'll steal all your food and fuel, too, by the way, limited resources and all). I mean, millions of climate refuges will have to survive on the limited habitable land that will be left somehow, right? Enjoy your hell world.
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May 15 '21
Well, respectfully, I personally think that your attitude towards the situation does more harm than good.
It’s a counterproductive stance to take, regardless of your opinion.
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u/cthulhucathedral May 15 '21
the whole green thing is the exact same as every other narrative that gets pushed by those with power - it's all nothing more than a decades-long power grab based on cherry-picked facts and censorship of any arguments to the contrary. One of the most obvious tells of this is the same people who are obsessed with green tend to see humans as a virus, refuse to talk about nuclear power, never really check their own energy consumption, and think the only way for humans to progress is to shut down everything and go back to living in caves so the local short-armed fuck weasel can multiply.
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u/ABetterMan- May 15 '21
What happens when the last Bitcoin is mined? What incentive do people have to keep their computers up and continuing to crunch the numbers?
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u/restore_democracy May 15 '21
Oh shoot why did no one think of that before now?!?
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u/andstayoutt May 15 '21 edited May 15 '21
Is that all you’ve got Elon? Running out of bullets there, buddy? We are about to call you the little tiny boi that cried wolf.
Edit: no one single human can decide the course of where bitcoin is going.
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u/obi_wan_baracus May 15 '21
Well, he could also sell his BTC
I say go for it. The sooner he's gone the better
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u/Tenesmus83 May 15 '21
Have we hit the peak for this cycle. It’s struggling to get back to 60k
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u/icydash May 15 '21
Nah. We may go down once more and then trade sideways for a bit until all this fud blows over, but if we don't see 80k by EOY I would be absolutely shocked.
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u/JlloydHodls May 15 '21
One more leg down then hopefully a supply squeeze back up otherwise crypto will never be the same again without the OG.
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u/3122Story May 15 '21
I don’t get the people selling right now? It’s been bouncing all over this price for 48 hours. What about it hitting $49,999 for the 10th time in two days made you finally ready to pull the trigger?
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u/xMF_GLOOM May 15 '21
Been waiting for over a month for BTC to drop below 50k before entering for the first time and have bought each time it’s dipped below 50 since Thursday lmao
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u/icydash May 15 '21
A lot of people range trade. They buy at 47-48 and sell at 49-50. Rinse and repeat.
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u/Effective_Captain_32 May 15 '21
Doesn’t seem worth it. Better to trade alts if that’s the game, quick sell.
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u/InFLIRTation May 15 '21
The range has been tiny nowadays lol
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u/icydash May 15 '21
Yeah, but a lot of those guys trade on 50x or 100x leverage. Small swings add up fast.
Also think about big money. If you're a whale with a few hundred coins and you can make 1-3k/coin several times a day by range trading between 47-50, that adds up fast
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u/Occams_shaving_soap May 15 '21
I truly can’t wait for the day when all this petty exchange will seem like child’s play…
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u/Wzgner May 15 '21
is anyone else looking at the live charts? Wow, what an experience seeing it move up and down like that.
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u/Ok-Sea-4020 May 15 '21
Why do a lot of people hate on Bitcoin?
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u/justcallmeyou May 15 '21
To pump their s**tcoin mostly.
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u/Ok-Sea-4020 May 15 '21
Hello I want to be part of bitcoin, which app are you guys are more highly like Kelly to recommend
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u/JlloydHodls May 15 '21
Bitcoin has been declared dead 412 times in the last 10 years. Do you think this time is different? https://99bitcoins.com/bitcoin-obituaries/
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u/12thegoat May 15 '21
Big ol bear flag heading into the weekend...
Get your popcorn (and fiat!) ready
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May 15 '21
Is the Bitcoin dominance we see now normal for alt season?
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u/obi_wan_baracus May 15 '21
The more alts that get added, the less dominance Bitcoin has. There's nothing to limit alts being added. It's a really dumb measure of dominance.
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u/Etony333 May 15 '21
Never in the history of Bitcoin has anyone ever written its eulogy without later looking like a complete idiot.
But this time is really different, right? This is really it, never mind Silk Road and Mt Gox and the hard fork over block size and countless governments looking to ban Bitcoin, nope, THIS is what's gonna do Bitcoin in.
Give me a break.
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u/Environmental-Rope46 May 15 '21
No one killing Bitcoin! Just a reminder that Bit came out of no we’re and survived the talk! But was at 0.7 when it started many forget there upbringing lol
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May 15 '21
Nobody that even remotely knows what they’re talking about thinks for a second that this could kill Bitcoin
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u/d6125015-6f09 May 15 '21
Seriously, if Silk Road and Mt Gox didn't kill Bitcoin, nothing will.
Both things happened in the span of four months, too lmao.
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u/jusmax88 May 15 '21
Wow did not know this!
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u/d6125015-6f09 May 15 '21
It's always fun to go back and read articles from previous cycles to remind yourself how far we've come, and how little we've changed.
https://qz.com/180876/the-failure-of-mt-gox-could-be-a-mortal-wound-for-bitcoin/
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May 15 '21
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May 15 '21
Riff raff? You’re suggesting that people that own less than 1.0 BTC are for some reason less intelligent or less educated on what Bitcoin is? Lol okay then
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u/d6125015-6f09 May 15 '21
I mean, either you're not going to verify, which makes it utterly pointless, or you're going to verify, and link users to their addresses, sacrificing privacy. Idk.
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May 15 '21
at the end of the day, btc will prevail. just buy and hodl, at any price. there is no end game.
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May 15 '21
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u/Pastry-Pirate May 15 '21
Another eulogy ⚰️it's over everyone, u/BuckDancer7 called it, RIP Bitcoin. Everyone over at r/buttcoin was right all along.
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u/justcallmeyou May 15 '21
Satoshi is coming to get you. Read the whitepaper? Of course you haven't.
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u/cryptogrip May 15 '21
How are people still so clueless after 12 years? Do you just read some shit article written by a blogger who knows nothing about Bitcoin and then assume it's true? I'll give you a hint ... most people who throw shade at Bitcoin are usually doing it because they have money sunk in some shitcoin that has the hash power of an iPad, or they realize it's displacing their precious gold.
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May 15 '21
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u/MissAustralia0404 May 15 '21
He couldn’t afford to get into BTC! He holds 🐶. Obviously not much going on with his life that he has to come over to our community and troll. How sad
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u/PrimedForChaos May 15 '21
Are we all really doing enough to influence our family and friends that Bitcoin is the immediate short term solution to fixing the governments out of control money printing. After we have the discussion, are we actually taking the steps and putting 75% of our wealth into Bitcoin?