Chomping At the Bit! (Any Thoughts on Bitcoin?)

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seoulsearch

seoulsearch

OutWrite Trouble
#63
May 23, 2009
16,666
5,581
113
#63
jacko said:
Each coin is $4000 now.. I bought at $7, sold at $52.. brilliant right? I made 500% plus... That's life...hahha
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I can definitely sympathize.

I think everyone who invests has had plenty of incidences like this.
 
J

jacko

Well-known member
#64
Sep 2, 2024
1,111
609
113
#64
seoulsearch said:
I can definitely sympathize.

I think everyone who invests has had plenty of incidences like this.
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Nvidia had 3 founders. One guy cashed out all his shares at $30 million. The second guy cashout all his shares around $300 million.
Jensen Huang the CEO held onto the bulk of his shares. Now he's worth $120 billion. Some call it luck, but as a Christian I don't know what to call it.
 
seoulsearch

seoulsearch

OutWrite Trouble
#65
May 23, 2009
16,666
5,581
113
#65
jacko said:
  • Decentralized System
    Bitcoin eliminates the need for trusted third parties (e.g., banks) by enabling direct peer-to-peer transactions. It achieves this through a decentralized network powered by nodes. However in 2024, most Bitcoin have been onboarded to exchanges and not self custody as required by KYC laws in the USA (think Coinbase). Originally, it was all peer to peer, but as it matured this isnt so much the case. It's been institutionalized.
  • Blockchain Technology
    Transactions are recorded in a public, immutable ledger called the blockchain. Each block contains a group of verified transactions linked cryptographically to the previous block. This will never change, they tried... with Bitcoin cash to make it faster... it failed.

    Proof of Work (PoW)
    The network uses a consensus mechanism called Proof of Work, where miners solve computational puzzles to validate transactions and add them to the blockchain. This ensures security and prevents double-spending. This cost a lot of energy (hundreds of billions in sunk costs in the mining netowrks).It use Joe Smith at home with a graphics card, now its run by billion dollar corporations and even nation states.
  • Limited Supply
    Bitcoin’s supply is capped at 21 million coins, making it deflationary by design. New bitcoins are released through mining rewards, which decrease over time through halving events. This is what makes it valuable as the fixed amount (denominator) will ever change while Global Debt is increasing astronomically. 21,000 BTC from now to eternity..

  • Privacy and Security
    Transactions are pseudonymous; users are identified by public keys, not personal information. The cryptographic structure ensures security and reduces the risk of fraud.



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If it really is truly decentralized, how much can the government actually help in cases such as with Sam Bankman-Fried/FTX stealing customer funds?

I found it intriguing that one of the biggest selling points about Bitcoin is that it's supposed to be "decentralized" -- not tied to any government.

But yet when FTX went kaput, the first thing those affected did was cry out that the government should have protected them.
 
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