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Bitcoin will be mined heavily until the last bit is found. While it's expensive for people to mine, it's becoming cheap for countries to mine. Some countries use various forms of energy production and are getting very creative with it. El Salvado mines bitcoin using energy produced from volcanoes.

For all you BTC haters out there, it's not going anywhere. Sorry, couldn't keep my mouth shut any longer. :D Crypto has never disappointed me, while stock always have! Not to mention the controlled and heavily manipulated market that is the stock market. Crypto trading can never be halted globally while stock trading can and is regularly. Last week tons of banks had trading halted. Why? To protect their evil empire. What they don't realize is that they already lost and the collapse is imminent.

BTC has been beat up, kicked, stomped on and everything else since day one. Yet, it always comes back stronger than ever.

Sadly, without getting political, the dollar is becoming less and less valued every day. Taking it off gold was the worst decision ever. It can no longer be called the Petro Dollar either, that's a big deal. With inflation at radicicolous highs, the dollar is near worthless. Wait until the banks collapse, you ain't seen nothing yet! Everyone will be flocking to gold/silver and crypto. That is, if their bank account hasn't already been liquidated, at which point you'll need to rely on the good old US Gov't (the one from 1871) to cover funds of $250k or less. No problem, they'll just fire up those money printing machines. :) Diversify, don't think the USD is here to stay forever. Very sad times we're in...

We're in some biblical times right now. Things are about to get interesting. Hang on and enjoy the ride...

If you caught my hidden messages, you know... ;)
 
Rod said:
Bitcoin will be mined heavily until the last bit is found. While it's expensive for people to mine, it's becoming cheap for countries to mine. Some countries use various forms of energy production and are getting very creative with it. El Salvado mines bitcoin using energy produced from volcanoes.

For all you BTC haters out there, it's not going anywhere. Sorry, couldn't keep my mouth shut any longer. :D Crypto has never disappointed me, while stock always have! Not to mention the controlled and heavily manipulated market that is the stock market. Crypto trading can never be halted globally while stock trading can and is regularly. Last week tons of banks had trading halted. Why? To protect their evil empire. What they don't realize is that they already lost and the collapse is imminent.

BTC has been beat up, kicked, stomped on and everything else since day one. Yet, it always comes back stronger than ever.

Sadly, without getting political, the dollar is becoming less and less valued every day. Taking it off gold was the worst decision ever. It can no longer be called the Petro Dollar either, that's a big deal. With inflation at radicicolous highs, the dollar is near worthless. Wait until the banks collapse, you ain't seen nothing yet! Everyone will be flocking to gold/silver and crypto. That is, if their bank account hasn't already been liquidated, at which point you'll need to rely on the good old US Gov't (the one from 1871) to cover funds of $250k or less. No problem, they'll just fire up those money printing machines. :) Diversify, don't think the USD is here to stay forever. Very sad times we're in...

We're in some biblical times right now. Things are about to get interesting. Hang on and enjoy the ride...

If you caught my hidden messages, you know... ;)
Click to expand...
Rod, can you explain "mining" at a 50,000ft level?

This is the part that always seems to be smoke and mirrors.
 
CigarStone said:
Rod, can you explain "mining" at a 50,000ft level?

This is the part that always seems to be smoke and mirrors.
Click to expand...

In the simplest terms, a computer is solving a math problem. For each problem solved a fraction of a bitcoin is earned.
 
www.bbc.com

El Salvador Bitcoin city planned at base of Conchagua volcano

Funded by the cryptocurrency, it will use the volcano's energy to power mining, the president says.
www.bbc.com

By the way, I am in no ways trying to change anyone's mind on bitcoin Based upon my personal research, I see it not only staying, but growing substantially in value. If you oppose it, I certainly respect your opinion. Just one man's opinion...
 
Rod, thanks for your input. I for one did not know about El Salvador and the planned city. That in itself is a gutsy move, but who knows. I am old, so having faith in something that is not tangible is really left field. What was said about taking us off the gold standard is true as heck, but I think political forces were at work for reasons we will never know. That in itself would make for a dandy thread ( the gold standard ).

One of the best things to happen is right here on CP. we get to share, chat, express opinions to folks that are able to think freely and respond back to us and perhaps open another door. So many doors to open and "things" to discuss.

I really don't want to see the pot boil over, but I believe we are in dangerous territory. Nuf said, let's hope whatever these things are, they get under control.
 
jmcigars1 said:
W

The balance sheet i believe had some small holding of crypto but nothing to contribute to the collapse of the bank, I have heard it said that some banks have started to allocate very small portions of their. investment to crypto i believe they look at it as a heavily speculative asset
Click to expand...

While it was part of SVB, it's now becoming clear that the failure of Signature Bank was largely due to crypto holdings and divestment. They held over $10B worth of crypto during fiscal '21. And we all know what happened to crypto the following year.

The vast bulk of their balance sheet was wiped out. A couple Hail Mary's and "creative" accounting got them this far.
 
Bitcoin has a max supply of 21M bitcoins. That means no more than 21M can ever exist. Once the last bitcoin is mined, that's it, no more. Even gold doesn't have a finite supply, rather gold can keep being mined as there is no cap on gold. It's simply a precious metal.

Here's a video that explains how the BTC supply works:
 
BTW, again, I don't encourage anyone to buy bitcoin. You have to believe in it and truly understand it to appreciate it. I do encourage people to research it and get a good idea, then decide if it's right for you or not. It's definitely not for everyone.
 
xyz123 said:
While it was part of SVB, it's now becoming clear that the failure of Signature Bank was largely due to crypto holdings and divestment. They held over $10B worth of crypto during fiscal '21. And we all know what happened to crypto the following year.

The vast bulk of their balance sheet was wiped out. A couple Hail Mary's and "creative" accounting got them this far.
Click to expand...
I 100% agree with you in regards to divestment of assets too quickly caused the collapse but I personally think crypto alongside the current economic conditions is a contributing factor but not a primary factor but still you bring up a valid argument
 
Nate1977 said:
27,715.54 , right now
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So if that’s in USD, and the dollar tanks or becomes worthless then what does that make a bitcoin worth?

This is always the part that confuses me but admittedly I have not done much research. If bitcoin isn’t pegged to the dollar, how come it’s talked about in that same manner?

Let’s say dollars aren’t worth the paper they are printed on (which maybe is true already lol), then how would one value bitcoin? Would it just adhere to the value of the next “standard” currency to come up?
 
Rod said:
Bitcoin has a max supply of 21M bitcoins. That means no more than 21M can ever exist. Once the last bitcoin is mined, that's it, no more. Even gold doesn't have a finite supply, rather gold can keep being mined as there is no cap on gold. It's simply a precious metal.

Here's a video that explains how the BTC supply works:
Click to expand...
That honestly left me more confused than before I watched it. I'm not trying to be combative, I legitimately mean that. I thought I had a rudimentary handle on BTC, but apparently I do not.
 
{tpc} said:
So if that’s in USD, and the dollar tanks or becomes worthless then what does that make a bitcoin worth?

This is always the part that confuses me but admittedly I have not done much research. If bitcoin isn’t pegged to the dollar, how come it’s talked about in that same manner?

Let’s say dollars aren’t worth the paper they are printed on (which maybe is true already lol), then how would one value bitcoin? Would it just adhere to the value of the next “standard” currency to come up?
Click to expand...

The worth of BTC isn't based on dollars.
We use dollars as a measure of value, but it is the dollar that changes not the BTC.
 
Scap said:
The worth of BTC isn't based on dollars.
We use dollars as a measure of value, but it is the dollar that changes not the BTC.
Click to expand...
One thing I cannot wrap my noggin around, despite all of my reading across the web trying to get this information, is what specifically limits availability to 21m BTC, and what is backing the value of BTC? What makes a BTC or a Satoshi worth what it is?
 
Scap said:
The worth of BTC isn't based on dollars.
We use dollars as a measure of value, but it is the dollar that changes not the BTC.
Click to expand...
And again I am confused.

I spent an hour typing a post to ask questions and just erased the whole thing, because I can’t wrap my head around it.
 
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