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r/Bitcoin

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r/Bitcoin

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The latest Messages 137

2021-05-16 06:37:44 those lovely days when ordinary people could mine bitcoin on their own computers, back before it got taken over by big business mining cartels.

And you know what? During those times, there was barely a single price post here (we’d send people to r/bitcoinmarkets for that kind of chat) and there was never any posts of twitter talking heads or news posts about billionaires saying this or that, leading us all like little lambs into their Wall St. divide and conquer market manipulation games.

As far as we were concerned if billionaires were that good at managing the world and technology, there never would have been a need for bitcoin in the first place, right? So we really didn’t pay much attention to what they had to say about an internet technology they had no qualifications to be commenting about it.

What about all those alts?

Those of us who have been around building things on the internet and involved in bitcoin since the beginning were never against alts. That’s the entire point of building an open source protocol - to allow the ecosystem to go create a bunch more versions and try things in a different way, enabling the wider crypto movement to gain in strength and diversity from the many moving parts. Imagine if there’d only been one flavour of Linux allowed to compete… no doubt it would have turned out to be as broken and lacking in innovation as Windows…

It was bitcoiners that funded Vitalik (via the world’s first ICO) to go make his Turing complete smart contract ‘world computer’ a reality. Vitalik had been a major part of bitcoin and bitcoinmagazine. And those of us who enjoy seeing others succeed, wished him the absolute best with his new project. A bunch of us did pretty well out of that ICO too, thanks to all the hard work Vitalik and friends put into it.

We were happy to see the Doggy people funding things like Jamaican bobsleds and bringing us all much needed light relief with their silly “much wow!” stuff. Real bitcoiners who remember the “Why?” of all this are over the moon to see a resurgence in their gentle little community of late, and people doing well from it all. It is we, after all, that made it all possible.

Things only started going downhill when big business Wall St. billionaire investors - who have never built anything of importance on the internet - swooped in and started calling the shots, coupled with a bunch of cyberhornet maximalists who forgot that bigger picture open source “Why?” and decided all this had to be a zero sum game. Exactly what Wall St. wanted to happen of course, divide and conquer being the perfect strategy to separate an otherwise perfectly harmonious crypto community that could and should get along perfectly well given we all have far more in common with each other than we differences.

Truth is those investors and hardcore maximalists (themselves now multi-millionaires) don’t give a damn about things like the open source “information wants to be free” ethic the web (and bitcoin) was founded upon, and many have now forgotten our very humble beginnings.

Proof once again that power and money corrupts and how much we - as a community - have diverged from our original roots, divided by twitter talking heads and big business bullshit as we share celebratory articles from economics magazines about how banks are going to be adopting bitcoin.

This is the gentrification of bitcoin; the inevitability of mainstream success. We are now seen as “Boomer Coin” by younger generations. And that’s okay, because that old world needed to get its foot in the door and stop fighting all this. And truth is, bitcoin is very old now. A strong and stable, reliable workhorse being run by billionaires.

But a happy, vibrant community of strong willed philanthropic individuals that will fly out to Greece without a moments hesitation to go help locals in trouble, we are no more.

If we were, this reddit right now would be full of posts of people helping out in the Covid crisis in India and Brazil. Instead it’s full of billionaire tweets and price movements. As if the chart is the only thing
24 views03:37
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2021-05-16 06:37:41 Remembering Bitcoin's Roots

Once upon a time we were all alone in the world of crypto currencies. There were no alts to get caught up on and no big businesses involved in the space, and definitely no Twitter or YouTube talking heads to distract anyone from the mission.

It was a super fun and exciting time where there was a real sense of its “us against the world”. It was full of creative out of the box thinkers and techies in love with this idea of digital money.

We’d get excited by people building bitcoin matrix screensavers and sites like sounds of bitcoin. There were no apps to download, no flashy charts, no coindesk and barely any exchanges… All we had was bitcoinity.org. No-one cared much about the price. Rather, threads in here and on bitcointalk were abuzz with ideas about all the cool stuff we could actually build with programmable money (we did the first NFTs on bitcoin, for instance, wayyy back in 2014 btw).

We didn’t have to go cap in hand to VCs to get an idea off the ground. We went to each other and we just made it happen.

Of course we yearned for the technology to one day become mainstream - many of us felt it was capable of saving the planet, after all. Although we were wise enough to understand it was most certainly not going to be a panacea for all the world's ills. But that maybe, just maybe, it could help make the world a better place.

Our most powerful traits as a community were our altruism and kindness, our willingness to share ideas, and our desire to see others doing well in the world… we would be constantly rallying together to help people during the many crises happening in the outside world as a result of the financial shockwaves that followed the 2008 crisis. We were NICE people.

There were no cyber hornets causing mayhem (well, maybe a little :p). All in all we were rather humble and gentle sweet little community of misfits and weirdos deeply troubled by the things going on in the world and united behind a technology we had decided ought be able to help tip the balance in favour of the underdogs, if only for a short while.

And we very funny at times. We’d put up stupid billboard ads with honey badgers and this reddit was dominated by little mom and pop businesses all over the globe posting pictures of their “bitcoin accepted” signs.

The world back then wasn’t dominated by bitcoin billboard ads that had come out of a marketing PR agency, sponsored by the latest exchange.

We also used to make really good art and memes in this reddit that truly inspired people around the world. Zhou Tonged made that stunning “Cyprus Anthem” during the Cyprus Bail-in which really hammered home the “Why?” of bitcoin.

Later, during the Greek riots when capital controls were put in place, I remember developing our Plan B Greece meme in a thread on here. An idea that just grew organically, and we figured out as a community how to perfect.

I checked reddit the next evening to see a CEO of a bitcoin company in the U.S. had flown all the way over to Athens, had the meme printed out on thousands of flyers, and was stood on the parliament steps there handing it out to ordinary people affected by the crisis.

That evening bitcoiners organised a meet for 100s of people in the town hall, where they were introduced to the tech and given free bitcoins, and we all bought pizza for the locals - paid for by tips sent through the reddit tip bot. There was a real sense that "wow! we're really bringing people together and spreading hope" and doing so in a totally decentralised way. And there wasn't a single tech giant CEO in sight calling the shots.

One of the many moments that bought tears to my eyes was that trailer of ‘the rise and rise of bitcoin’ where the little kid says “I”m going to college because my Dad mined bitcoin!”. Ahhhh,
25 views03:37
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2021-05-16 05:37:25 Mark Cuban Hits Back at Elon Musk, Says Mavs Will Still Accept Bitcoin
https://www.entrepreneur.com/article/371869

https://redd.it/nddg5x
@r_bitcoin
25 views02:37
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2021-05-16 04:37:35 Good riddance to all the paper hands

New retail investors with paper hands are being washed away hard these days. We'll be better off once they exit a market they weren't prepared for. The price will recover, like it always does. The sad part is that all those people will get wrecked hard with their shitcoins and meme coins, but I guess that's fair game.

https://redd.it/ndcxjb
@r_bitcoin
23 views01:37
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2021-05-16 03:37:39 Why the energy FUD might not be so bad after all

I’m going to preface this by saying that the energy FUD seems too extreme to me. I started digging into energy usage globally and was pretty shocked to find that something like 30-60% of energy is wasted due to grid inefficiencies, poor building insulation, using energy when offices are empty, using inefficient bulbs etc.

When you compare that to the 0.1-0.15% of energy used globally for Bitcoin, which sustains the network of the number 1 cryptocurrency in the world, the energy FUD seems overblown.

However, whilst reflecting earlier today I started to think about how this might pan out. Here’s what I came up with:

Bitcoin mining is like any business and ultimately it’s about generating maximum profits.

Bitcoin mining only remains profitable and/or becomes more profitable as long as Bitcoin’s price stays high or increases.

We live in a world now where whether we like it or not, being climate conscious is important to businesses, governments and individuals. ESG is an evolving part of business and investments and will only become more important.

As much as it pains me to admit it, Bitcoin’s market cap will be somewhat limited by how green it is. Only so many individuals, businesses, wealth funds etc. will store it and transact in it whilst a question mark remains over its green credentials.

Based on all the above and seeing how market trends have played out in ESG, leads me to believe that miners will continually strive to be greener in their operations. As a miner, not only will you will be able to more easily seek capital/investment to begin/expand operations if you can demonstrate a willingness to be green, but you also contribute towards a greener mining network, which in aggregate serves to boost the price of Bitcoin and hence potential for future profits.

It’s true that there will always be some non-green players, and this can’t be stopped per say in a decentralised system with a fungible coin, but I believe the incentives will be heavily weighted as such that those who are more climate conscious, are able to outnumber and even ‘make up’ for those miners that don’t use renewable energy, by for example carbon offsetting.

I feel like the energy FUD is an open invite for Bitcoin miners to become greener and in doing so, further boost their future rewards. It almost felt like (on reflection, I was annoyed at first) a certain billionaire’s comments were a way of throwing down the gauntlet, and I think the Bitcoin network will embrace the challenge.

https://redd.it/nd96yh
@r_bitcoin
32 views00:37
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2021-05-16 01:37:30 Inflation and The Bitcoin Takeover - Max Keiser




https://redd.it/nd5sjr
@r_bitcoin
16 views22:37
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2021-05-16 00:37:35 Why do we believe in a currency that can easily be manipulated by single tweet?

The whole point of crypto was no centralized system, and cutting the middle man, not dependent on government, so no inflation and such. list goes on.

However it is such a redflag to see a currency literally gains or loses 15-20% of its value within minutes based on someone's tweet. This was just Elon, now imagine CEO of square, or Coin, or Cathie Wood from ARK, can just make outlandish comment one day to create large swings and profit off of that.

What do you all think?

https://redd.it/nd6i96
@r_bitcoin
17 views21:37
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2021-05-15 23:37:36 Mid May 2020 and Mid May 2021 for Bitcoin

I remember mid May 2020 like yesterday. The price of Bitcoin went from $9,900 down to $8,600 in a few days. A lot of people I told to invest in Bitcoin right after COVID-19 started got angry with me - many pulled their money out of it and walked away.

Price of Bitcoin on May 8, 2020 = $9,936

Price of Bitcoin on May 12, 2020 = $8,610

Here we are again, a year later. Same story - people telling me I should not be holding Bitcoin and to sell now.

Remember the long term goals people. As far as Tesla/Elon Musk - they are a blip on the radar at best for their comments this past week. They are supremely irrelevant tbh. Keep holding - for the (very) long term.

https://redd.it/nd6lna
@r_bitcoin
20 views20:37
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2021-05-15 21:37:40 Stay Calm and HODL

Let's remember the fundamental truths:

1. Fed is not thinking of thinking about tapering (their own words)
2. M2 Money supply at record high and growing
3. Traditional asset classes at record valuations
1. Stocks are almost as expensive as before the dotcom bust
2. Real estate rental income does not match real estate prices
3. Bonds prices are artificially propped up
4. Crypto is a unique asset class and Bitcoin is the one with the biggest brand and institutional acceptance

Traditional and non-traditional asset classes will fluctuate over time. Stay diversified. Invest only money you don't need. Keep some dry powder so you can take advantage of any pullbacks.

https://redd.it/nd3402
@r_bitcoin
18 views18:37
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2021-05-15 20:37:33 Bitcoin can be 100% renewable, we will simply harness the steaming hate for Elon Musk emanating from this subreddit.

Ironically, Bitcoin’s high energy demand is exactly what incentivises it to powered by renewables. Is that Irony? Probably not.

https://redd.it/ncw4ct
@r_bitcoin
24 views17:37
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