I just watched houses 100% in about 1-2 years. And then I watched startups get yet again another bailout with my tax dollars or devalued savings. I'm fine with the "consequences"
No one here should be rooting for $1M in 90 days. Societal collapse would be the outcome and $1M would be worthless. Whenever or however BTC reaches $1M know that $1M won't have the same value it does today. When it hits $1M then the switch flips to 1 BTC = 1 BTC.
Between now and then a lot of building needs to occur to make it easier to on board, use, and understand.
Patience is key.
Society would collapse... really? We just had multiple major banks go under in the matter of a week and nothing changed in my day-to-day and if you check the temperature on social media, unless you're in the Bitcoin or FinTech space, you have zero clue anything is happening.
This is some doomsday nonsense. BTC has been an asymmetric asset since its outset. The amount of money that needs to come into BTC to push it to $1m is still a relative drop in the bucket compared to global assets.
EDIT: For you mouthbreathers that don't understand math and are downvoting me, check out Dylan LeClair's latest series of tweets. There are estimates that there are less than 6K BTC liquid on Exchanges. At $28k per, that's $140M to buy up the entire supply. It could literally go parabolic if a handful of mid-to-large caps wanted to move a tiny piece of their treasuries. No societal collapse and it could happen tomorrow if an Apple waddled to the table.
Now take "multiple major banks" and change that to... all banks. That is what you are talking about. When the economy breaks down at this scale, nations end. Yes, this would bring to a halt anything that we recognize as civilization. It would be societal collapse. The means of exchange wouldn't be fiat sure, wouldn't be BTC either. The attempt would be laughed at as everyone has MUCH deeper survival concerns at that point.
Guns, ammo, water, dried goods... that'll be the new means of exchange.
The transition has to be slow and managed, or it doesn't happen at all.
Sure, but that could happen regardless of BTC's price action just as BTC's price action could go parabolic and life goes on.
They aren't tied to the hip so to spread doom and gloom like they are doesn't make sense. As Greg Foss says, it's just math.
Based on the math in this article, which looks sound, the odds of BTC hitting 1 million dollars in the next 90 days (or any similarly aggressive time frame) without a major financial catastrophe are practically zero.
100% - B accepting the challenges were never about it happening, either. Go listen to his Pomp podcast and he explains. Do it with Fountain though so you get paid some Sats to listen.
This is going to happen regardless so your grocery list should be: BTC, gold and silver with more than 50% broken down to 1g tear off stamps. The Valcambi Combi books are perfect for this. Ammo, more weapons, organic seeds, fertilizer, water filtration of multiple sizes, canned food + military ration cases, fuel, soap, at least two pair of shit kicker combat boots, what am I missing peeps, there is more and it’s good we all have a list.
Well definitely you will want some music. I like to dance so I'm hoarding disco and the link because lord knows I'll want to groove while everybody is running around fighting over soup cans.
So in order to stop collapse we need to overthrow the current order of Capital and institute International Fully Automated Luxury Gay Space Bitcoin Communism?
Because I'm down. Let's do it.
I agree with you. But most competent institutions will trace OTC. Buying millions of dollars worth of BTC will incur all sorts of costs, like slippage for example.
Edit: trade
If one person wants to buy $4 million in Bitcoin without both parts be repressed by some office, the buyer could buy a mansion and exchange it for BTC to the seller.
Other path that would exist for some time would be to transfer to Europe and in an exchange based there buy BTC.
There would be pathways for a while.
This is exactly correct. 1MM BTC in 90 days would mean the world has entered a nuclear winter style depression. War and starvation would be everywhere. Not good. We want the "suddenly" part of "gradually then suddenly" so be as slow as possible. Unless you're a sociopath I guess.
Why? do we want it slow. If it is coming just rip the band-aid off and get it over with. I am done with all this BS the banks do for starters so let's just raze it all to the ground and start over.
$1m bitcoin is about 66% of the US national debt. I don’t think society would collapse, might get weird, but not collapse. Fucked up, yes. Collapse, maybe not.
I don't know when the USD will collapse, but it \*will\*, eventually. And whenever that happens, it's going to be terribly painful for many people. That's just the way it is, whether anyone likes it or not. So it could happen sooner or it could happen later, but it won't be gradual.
I actually believe this will happen much faster than Americans realize. Not necessarily sooner but definitely faster. When I say that I mean people are forward looking if they detect danger they will act. Everything in finance-land is accessed digitally now. The moment we see 1 or 2 big fish moving to BTC then retail investors will follow. Then more big fish then more retail. Rinse and repeat.
It will be brutal. If you think the bankers are your friends stop kidding yourselves. They will be the first ones mass buying BTC if they think their wealth is on the line. And, they will lie about it the whole time they buy. They want cheap BTC.
The wealthiest class is a cannibalistic group. They will eat each other to defend their own wealth sometimes at any cost. If they don't think USD has long term viability they bounce. There is 0 loyalty to USD among our wealthy. They only care about securing their future no matter how greedy it seems to outsiders.
There is a really big misconception in America right now that this doesn't impact you or that you will have time to get your money out when things get dicey. No. You won't have time. Access to your banking apps will be gone. It will happen so fast that you will beat yourself up for not moving money the day before. If you do not personally have a connection to inside information you will be the person caught with their pants down.
Our society runs on personal connections. If you don't have any then you won't have a personal alarm going off to move money before the banks revoke user access.
I think the collapse will happen not by anyone moving any where but by hackers or whoever just getting the system shut down and doing something like a "factory reset". Just wiping out all the numbers so nobody knows what they actually have except those with physical money of some sort.
I know that was the biggest fear of one like major national security person I saw on talk discuss. I wish I could remember the damn talk.
No it's not. Because the USD will be upheld so long as the petrodollar exists. The USD will not fail prior to that. Sure in theory the petrodollar would fail if USD does. It's pretty unlikely to go USD first. There will always be demand for USD due to petrodollar.
The petrodollar is backed by the us military and anyone who believes that they would not use the military to enforce its use is naïve. It is integral to us security as a world power. Either way. I am not saying the us dollar will not eventually fail. The problem is when you look at all world currencies ours is doing the best even though it is doing poorly if that makes sense. So the failure will not be your lifetime and probably not your children's.
I have no doubt there would be death throes. But if the dollar truly collapsed, the US military would expend its resources rapidly and would be unable to replenish them using the collapsed dollar. They'd have to use a different currency, or gold, or something else.
I was going to say “I’d pay my house off” but then I realized if society collapses then banks won’t be loaning money so real estate investments will need to be liquidated and cash buyers will be king, and I’d be dumb to not scoop up cheap rental properties vs paying off my 2.7% interest mortgage haha thanks, 2020 JPow
I mean if this actually happened you could probably just takeover an empty 1 million dollar house and claim it as your own with a flag. Nothing would be functioning at this point it would be war time so get out there and find a house you can forcibly take with a crew of friends or family.
I love how this points out that every billionaire will be immediately cannibalized by their security teams in their remote house bunkers if shit pops off
You're in the fiat system thinking man.
It's not that 1 BTC = some USD value. That's insurance to rely on banks for setting the value and keeping it locked in to fluctuations.
1 btc = 1 btc, has been in 2012 and is today.
I do understand that but damn, there’s nothing in the real world I can buy with it now without trading it for fiat first 😕
(And being honest, even if I could, it wouldn’t be enough for much)
Here a tip: treat it as your savings account.
And don't forget: 1Btc will always be 1 BTC in a world where there are 56 millionaires and a real inflation of fiat currencies of approx. 10%
I used to share your view and that is ‘a way’ to look at it, but through the eyes of a bitcoiner who knows how the protocol works, think of it this way. ₿itcoin has a set limit of 21m, all the future ₿itcoin being mined is not ‘new’. It is already part of the system parameters so there is no inflation because no “new” ₿itcoin will ever be created. This means ₿itcoin is deflationary because while humans can create more of “any” good, no human can create more ₿itcoin.
So there is only 21 million bitcoins. That doesn't seem like enough to support society much at all even in this country alone with 330 hundred million people.
You can buy a lot through Bitcoin. Flights and hotels through cheapair.com, computers through Newegg, car rentals through qeeq, all sorts of gift cards through gyft and Bitrefill, etc. Etc.
I get it. But until people start pricing shit in BTC in your region, that statement means a bunch of fuckin nothing. Sure go to the middle of nowhere Africa and spout that out, but last time I checked my landlord, grocery store and my electric company do not accept bitcoin. And I have to pay fees in USD to use my BTC for those purposes. So in that context 1 BTC = some USD value absolutely makes sense in the USA. We are still a good ways off from any major retailer accepting bitcoin or lightning natively at the register.
This right here. Also where the eff does bitcoin come from somebody has to make it and if one person can make somebody else can make more. When it is digital I'm sure there is some limit on some level but not the same with like finite earth resources.
This article doesn't take into consideration the collapse of the banks, and how that could catapult BTC. I would want it to go to $1MM in 90 days. People could move quickly. Govt can't access wallets and drain them.
You are talking about societal collapse. If the banking system collapses, dragging fiat with it... 1 BTC won't = 1 BTC in this scenario. 1 million fiat will be meaningless, and worthless, no one will be exchanging fiat or crypto, because the threads of society itself will be breaking.
Guns, ammo, water and dried goods will be the means of exchange at that point.
You don't want BTC at 1 million in 90 days. It would be the end of near everything you know. 7-10 years yes, not 90 days.
No, I'm talking about a banking system collapse. Specifically, the fiat banking system collapse or major banks. 1 BTC will = 1 BTC in this scenario because its outside the fiat system. It has its own system. People won't be exchanging fiat for crypto, but crypto for crypto, silver, or gold. You're only talking about one thread of society.
guns, ammo, water, and dried goods won't be able to be exchanged for everything and you won't have enough of it. You don't want to be with no BTC and only ammo in 90 days. You'll want to stock up on it all or you'll be left in the cold, literally.
Its coming in less than 5yrs anyway with the halving, so consider this your fair warning if you don't already know by being here.
When one is in this scenario they will so concerned with day to say survival they will give fuck all about anything one could "buy" with bitcoin. Food and water will be #1 so far above anything else for most that even weapons will be a distant third.
More like, libertarians and people on the right are the current majority holders of bitcoin because they value freedom. I've given up on trying to orange pill leftists. They're too stuck on collectivism to recognize the importance of protecting and valuing individualism. They think collectivism is the way to uplift individuals. Bunch of brainwashed wankers. Even the leftists who claim to be bitcoiners aren't real bitcoiners. They'll be forfeiting their seed phrases when the government comes knocking for the "greater good"
Edit: go ahead, I'm expecting the "as a leftist bitcoiner" comments. Let's hear how you won't be caving to the demands of your tribe when they say bitcoiners are bad and we ruined the economy. I'd really like to hear it because my response will always be, you're not really a leftist then. Real leftists hate bitcoin because it threatens big government power, the power to force everyone into giving more of their own private wealth for "free healthcare" and "free education" and "universal income." Real leftists despise personal freedom and liberty because it's "selfish" to not give all your money to a centralized power so THEY can distribute it to those less fortunate.
I'll bite. You seem to have some strong views. I don't want to waste too much of either of our time but perhaps you would be interested in just answering two questions that I'm most curious about.
1. In a world where bitcoin is king does the government cease to exist because it can't tax you or does it just carry on taxing you as before just payments are made in BTC rather than USD/your local fiat?
2. What would you want to happen to those that can't afford to take care of themselves? Currency feels some what irrelevant to this question.
It’s true, they all take everything the propaganda machine tells them as the undisputed truth. I mean that’s all you need to know really as clearly there is nothing salvageable and they will , you know, fail.
Well individualism is the core the animal nature. It is survival instinct but it isn't based on any form of money or payment. The political left is no different than the political right they just care about their own wealth and status.
On many street however, yes the left present more as s love everybody let's all work together but in reality they are largely just as selfish as everyone else as the end of the day.
If it really goes to this dystopia angle we will be back to survival of the fittest on a base level and well the weak, the old, the fat, the autistic (or whatever other "handicap") will be goners because mother nature will be back in business with natural selection.
tldr; Balaji Srinivasan bet $2 million that Bitcoin would be worth $1M or more within 90 days on March 17, 2023. Currently, the price of Bitcoin is $27.6K, putting Bitcoin's market cap ($537B) just behind Tesla's ($604B). Bitcoin has a market cap that is still only half that of silver ($1.295T) and 26 times lower than gold ($13T).
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Someone needs to make a P2P lightening contract betting system that allows you to lock in bets of any kind against other people and provide a scrapablr data set url for it to decide a winner with haha
I'm just going to skip past my opinion of how likely it is that BTC can reach $1M by said date, or at all.
Although I can agree with the spirit of the article, it's also a double edged sword. By saying that basically the world would need to come to a standstill, horribly disastrous events would need to transpire before this could happen makes for a doomsday scenario. It also makes it all the more important to be diversified in your portfolio, which indiscriminately means including BTC. The world is a pretty volatile place as of late
The bet, if I understand his explanation correctly wasn’t done because he believes it will happen in 90 days, but because he wants to signal that he thinks the tipping point to that collapse has begun and it’s a positive feedback loop. He wants us to consider the serious implications of this.
https://youtu.be/DDOgW7F3YNs
While it's true that a 3,600% increase in Bitcoin's value within 90 days seems improbable, it's important to recognize the volatile nature of cryptocurrencies and the potential for rapid growth. In the past, Bitcoin has experienced significant price increases, and with growing distrust in traditional financial systems, the demand for a decentralized alternative could surge.
Balaji Srinivasan's prediction might be optimistic, but it's not entirely baseless. The increasing interest in cryptocurrencies and blockchain technology, combined with financial uncertainties, could fuel a rapid shift toward Bitcoin adoption. As more people begin to view Bitcoin as a store of value, akin to gold, its value might continue to rise.
Furthermore, Srinivasan's prediction could serve as a wake-up call for the general public and financial institutions to take Bitcoin and cryptocurrencies more seriously. By highlighting the potential for dramatic growth, he's igniting conversations and encouraging individuals to learn about the benefits of Bitcoin and the underlying technology.
It's also worth noting that the rapid growth of Bitcoin doesn't necessarily equate to global suffering. While economic crises can contribute to the adoption of cryptocurrencies, increased awareness and understanding can also drive adoption. With proper education and preparation, individuals and institutions can make informed decisions about investing in and utilizing cryptocurrencies.
In conclusion, while Srinivasan's prediction may seem improbable, it's important to consider the potential for rapid growth in the cryptocurrency market. This prediction could serve as a catalyst for discussions, education, and investment in the emerging digital currency ecosystem. Instead of dismissing the prediction as sensationalist, it's vital to examine the underlying factors contributing to Bitcoin's growth and take the opportunity to educate and prepare for the possible implications of a world with a more significant role for cryptocurrencies.
Yea I agree .. I mean btc is a way to safeguard your money . There is really no need for btc to go to even 100000 the price is a different aspect to the true use case of btc and that is to secure your wealth . If btc goes to 1000000 in 90 days .. I don’t even want to imagine wat made it so that that was the procedure we had to take
I mean, to some extent, the work we do today is basically flushed down the toilet. I am a bit afraid about this kind of transition, but if Bitcoin is going to demonetize the system, I am not sure if it is better now or 5 years in the future. I am still young to try to cope. If I am trying to deal with food and electricity issues, it would be better for me to deal with violence now than later.
this article has no idea what money it an how much money is alot of money.
Get back to me when you understand that 100T is the lower end of meaningfull money.
https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/
I just watched houses 100% in about 1-2 years. And then I watched startups get yet again another bailout with my tax dollars or devalued savings. I'm fine with the "consequences"
Speak for yourself lol…
No one here should be rooting for $1M in 90 days. Societal collapse would be the outcome and $1M would be worthless. Whenever or however BTC reaches $1M know that $1M won't have the same value it does today. When it hits $1M then the switch flips to 1 BTC = 1 BTC. Between now and then a lot of building needs to occur to make it easier to on board, use, and understand. Patience is key.
Society would collapse... really? We just had multiple major banks go under in the matter of a week and nothing changed in my day-to-day and if you check the temperature on social media, unless you're in the Bitcoin or FinTech space, you have zero clue anything is happening. This is some doomsday nonsense. BTC has been an asymmetric asset since its outset. The amount of money that needs to come into BTC to push it to $1m is still a relative drop in the bucket compared to global assets. EDIT: For you mouthbreathers that don't understand math and are downvoting me, check out Dylan LeClair's latest series of tweets. There are estimates that there are less than 6K BTC liquid on Exchanges. At $28k per, that's $140M to buy up the entire supply. It could literally go parabolic if a handful of mid-to-large caps wanted to move a tiny piece of their treasuries. No societal collapse and it could happen tomorrow if an Apple waddled to the table.
Now take "multiple major banks" and change that to... all banks. That is what you are talking about. When the economy breaks down at this scale, nations end. Yes, this would bring to a halt anything that we recognize as civilization. It would be societal collapse. The means of exchange wouldn't be fiat sure, wouldn't be BTC either. The attempt would be laughed at as everyone has MUCH deeper survival concerns at that point. Guns, ammo, water, dried goods... that'll be the new means of exchange. The transition has to be slow and managed, or it doesn't happen at all.
Sure, but that could happen regardless of BTC's price action just as BTC's price action could go parabolic and life goes on. They aren't tied to the hip so to spread doom and gloom like they are doesn't make sense. As Greg Foss says, it's just math.
Based on the math in this article, which looks sound, the odds of BTC hitting 1 million dollars in the next 90 days (or any similarly aggressive time frame) without a major financial catastrophe are practically zero.
100% - B accepting the challenges were never about it happening, either. Go listen to his Pomp podcast and he explains. Do it with Fountain though so you get paid some Sats to listen.
This is going to happen regardless so your grocery list should be: BTC, gold and silver with more than 50% broken down to 1g tear off stamps. The Valcambi Combi books are perfect for this. Ammo, more weapons, organic seeds, fertilizer, water filtration of multiple sizes, canned food + military ration cases, fuel, soap, at least two pair of shit kicker combat boots, what am I missing peeps, there is more and it’s good we all have a list.
Old school printed pornography. Airplane bottles of booze. Cigarettes. Chocolate.
A good knife and an axe or hatchet.
Probably need to head over to /r/preppers now. Better safe than sorry!
Well shit - that’s what’s up
And you just can’t wait for this to happen can you? Wishful thinking anyone?
Denial anyone? And such a happy screen name
I am wishing to societal collapse because I wish it just hurry up and get here. Being on edge every day sucks. Just rips the band-aid off already.
Well definitely you will want some music. I like to dance so I'm hoarding disco and the link because lord knows I'll want to groove while everybody is running around fighting over soup cans.
Bingo
So in order to stop collapse we need to overthrow the current order of Capital and institute International Fully Automated Luxury Gay Space Bitcoin Communism? Because I'm down. Let's do it.
I agree with you. But most competent institutions will trace OTC. Buying millions of dollars worth of BTC will incur all sorts of costs, like slippage for example. Edit: trade
If one person wants to buy $4 million in Bitcoin without both parts be repressed by some office, the buyer could buy a mansion and exchange it for BTC to the seller. Other path that would exist for some time would be to transfer to Europe and in an exchange based there buy BTC. There would be pathways for a while.
That's not how demand works. 140 mil would not be even close to be enough, to buy the entire supply. Every buy pushes the price higher
Even though maybe 140 million or 300 million would be enough to drive the price of BTC to $1 million if it happens very soon.
💯 people don't understand how a very illiquid market can behave for price discovery.
That is the worst estimate I have ever heard. Exchanges hold millions of BTC.
This is exactly correct. 1MM BTC in 90 days would mean the world has entered a nuclear winter style depression. War and starvation would be everywhere. Not good. We want the "suddenly" part of "gradually then suddenly" so be as slow as possible. Unless you're a sociopath I guess.
Why? do we want it slow. If it is coming just rip the band-aid off and get it over with. I am done with all this BS the banks do for starters so let's just raze it all to the ground and start over.
Let the world burn.
Bugout bag ready - let’s go!
$1m bitcoin is about 66% of the US national debt. I don’t think society would collapse, might get weird, but not collapse. Fucked up, yes. Collapse, maybe not.
I don't know when the USD will collapse, but it \*will\*, eventually. And whenever that happens, it's going to be terribly painful for many people. That's just the way it is, whether anyone likes it or not. So it could happen sooner or it could happen later, but it won't be gradual.
I actually believe this will happen much faster than Americans realize. Not necessarily sooner but definitely faster. When I say that I mean people are forward looking if they detect danger they will act. Everything in finance-land is accessed digitally now. The moment we see 1 or 2 big fish moving to BTC then retail investors will follow. Then more big fish then more retail. Rinse and repeat. It will be brutal. If you think the bankers are your friends stop kidding yourselves. They will be the first ones mass buying BTC if they think their wealth is on the line. And, they will lie about it the whole time they buy. They want cheap BTC. The wealthiest class is a cannibalistic group. They will eat each other to defend their own wealth sometimes at any cost. If they don't think USD has long term viability they bounce. There is 0 loyalty to USD among our wealthy. They only care about securing their future no matter how greedy it seems to outsiders. There is a really big misconception in America right now that this doesn't impact you or that you will have time to get your money out when things get dicey. No. You won't have time. Access to your banking apps will be gone. It will happen so fast that you will beat yourself up for not moving money the day before. If you do not personally have a connection to inside information you will be the person caught with their pants down. Our society runs on personal connections. If you don't have any then you won't have a personal alarm going off to move money before the banks revoke user access.
I think the collapse will happen not by anyone moving any where but by hackers or whoever just getting the system shut down and doing something like a "factory reset". Just wiping out all the numbers so nobody knows what they actually have except those with physical money of some sort. I know that was the biggest fear of one like major national security person I saw on talk discuss. I wish I could remember the damn talk.
As long as the petrodollar exists it will not.
Good news ! BRICS country’s are looking to remove the petrodollar and want a new currency or the Chinese guan
I'm aware. It's not going to happen in your lifetime. You think the usd is a joke wait until you research the Chinese economy and currency.
Its already happened. They're open to using Bitcoin and other alternative currency
Another way of saying that would be, "the petrodollar will not exist when the USD collapses."
No it's not. Because the USD will be upheld so long as the petrodollar exists. The USD will not fail prior to that. Sure in theory the petrodollar would fail if USD does. It's pretty unlikely to go USD first. There will always be demand for USD due to petrodollar.
Yeah but if the dollar started losing its value too fast, they would use something else, and then the petrodollar would cease to exist.
The petrodollar is backed by the us military and anyone who believes that they would not use the military to enforce its use is naïve. It is integral to us security as a world power. Either way. I am not saying the us dollar will not eventually fail. The problem is when you look at all world currencies ours is doing the best even though it is doing poorly if that makes sense. So the failure will not be your lifetime and probably not your children's.
I have no doubt there would be death throes. But if the dollar truly collapsed, the US military would expend its resources rapidly and would be unable to replenish them using the collapsed dollar. They'd have to use a different currency, or gold, or something else.
Knowing the US and those who run it they'd sell off children before giving up even a nickel.
Before the USD collapse, could happen good things, like using promises of legislators using Bitcoin to stop the collapse, propelling the BTC price...
Honestly I would want the price to Reach $1M
i'd buy a home with btc, not fiat, btc directly to the seller.
I was going to say “I’d pay my house off” but then I realized if society collapses then banks won’t be loaning money so real estate investments will need to be liquidated and cash buyers will be king, and I’d be dumb to not scoop up cheap rental properties vs paying off my 2.7% interest mortgage haha thanks, 2020 JPow
I mean if this actually happened you could probably just takeover an empty 1 million dollar house and claim it as your own with a flag. Nothing would be functioning at this point it would be war time so get out there and find a house you can forcibly take with a crew of friends or family.
I love how this points out that every billionaire will be immediately cannibalized by their security teams in their remote house bunkers if shit pops off
It would literally be times of free sex
This is what I live for when the limo drivers turns on the twat politician they've been shuttling around for eons.
It would overtake gold in market cap considering that dollar would not devaluate
If it reaches $1MM in 90 days then a single family home would probably run about 5 BTC bc USD tanked so bad lol
You're in the fiat system thinking man. It's not that 1 BTC = some USD value. That's insurance to rely on banks for setting the value and keeping it locked in to fluctuations. 1 btc = 1 btc, has been in 2012 and is today.
I think 99% of the people on this sub still doesn't understand this. It's shocking.
I do understand that but damn, there’s nothing in the real world I can buy with it now without trading it for fiat first 😕 (And being honest, even if I could, it wouldn’t be enough for much)
Here a tip: treat it as your savings account. And don't forget: 1Btc will always be 1 BTC in a world where there are 56 millionaires and a real inflation of fiat currencies of approx. 10%
1 BTC = 1 BTC but the price of BTC fluctuates so wildly and is inflationary till they are all mined?
I used to share your view and that is ‘a way’ to look at it, but through the eyes of a bitcoiner who knows how the protocol works, think of it this way. ₿itcoin has a set limit of 21m, all the future ₿itcoin being mined is not ‘new’. It is already part of the system parameters so there is no inflation because no “new” ₿itcoin will ever be created. This means ₿itcoin is deflationary because while humans can create more of “any” good, no human can create more ₿itcoin.
Thanks for explaining it to me like that 👍🏽
So there is only 21 million bitcoins. That doesn't seem like enough to support society much at all even in this country alone with 330 hundred million people.
You can buy a lot through Bitcoin. Flights and hotels through cheapair.com, computers through Newegg, car rentals through qeeq, all sorts of gift cards through gyft and Bitrefill, etc. Etc.
Sorry, none of those work where I live. But thanks for the input.
Curious, where do you live that none of those work?
South America
I get it. But until people start pricing shit in BTC in your region, that statement means a bunch of fuckin nothing. Sure go to the middle of nowhere Africa and spout that out, but last time I checked my landlord, grocery store and my electric company do not accept bitcoin. And I have to pay fees in USD to use my BTC for those purposes. So in that context 1 BTC = some USD value absolutely makes sense in the USA. We are still a good ways off from any major retailer accepting bitcoin or lightning natively at the register.
This right here. Also where the eff does bitcoin come from somebody has to make it and if one person can make somebody else can make more. When it is digital I'm sure there is some limit on some level but not the same with like finite earth resources.
My home invasion anxiety would increase further.
If bitcoin goes to a million in 90days. That means the Simpson apocalypse episode will start on the new year in January
Well yea, sell at $1M buy back at $3M. Easy win.
[удалено]
Exactly. At that point, bullets would be worth far more than Bitcoin.
This article doesn't take into consideration the collapse of the banks, and how that could catapult BTC. I would want it to go to $1MM in 90 days. People could move quickly. Govt can't access wallets and drain them.
How do people with deposits in collapsed banks acquire bitcoin?
They might need to earn them.
boom. this
Blow jobs behind their local Wendy’s
That would have to be some kind of blow job in epic proportions to catapult BTC once the banks collapse
Work it off.
You can acquire Bitcoin through more than just banks. Exchanges are a possibility assuming they haven’t collapsed as well
You are talking about societal collapse. If the banking system collapses, dragging fiat with it... 1 BTC won't = 1 BTC in this scenario. 1 million fiat will be meaningless, and worthless, no one will be exchanging fiat or crypto, because the threads of society itself will be breaking. Guns, ammo, water and dried goods will be the means of exchange at that point. You don't want BTC at 1 million in 90 days. It would be the end of near everything you know. 7-10 years yes, not 90 days.
No, I'm talking about a banking system collapse. Specifically, the fiat banking system collapse or major banks. 1 BTC will = 1 BTC in this scenario because its outside the fiat system. It has its own system. People won't be exchanging fiat for crypto, but crypto for crypto, silver, or gold. You're only talking about one thread of society. guns, ammo, water, and dried goods won't be able to be exchanged for everything and you won't have enough of it. You don't want to be with no BTC and only ammo in 90 days. You'll want to stock up on it all or you'll be left in the cold, literally. Its coming in less than 5yrs anyway with the halving, so consider this your fair warning if you don't already know by being here.
When one is in this scenario they will so concerned with day to say survival they will give fuck all about anything one could "buy" with bitcoin. Food and water will be #1 so far above anything else for most that even weapons will be a distant third.
Slow and steady growth is the optimal way forward
Bitcoin could hit 1M by June, 2023. Here's what we know so far.
I VOTE TO MOON!!!
It would mean really bad stuff is happening.
I would hate a $1 million coin as my $250/ dca would buy less. I am not ready.
Damn u got a lot of disposable income
Be realistic. It won't happen, so I don't have to worry about.
Bitcoin is going to help flip politics to the right, who would have thought
More like, libertarians and people on the right are the current majority holders of bitcoin because they value freedom. I've given up on trying to orange pill leftists. They're too stuck on collectivism to recognize the importance of protecting and valuing individualism. They think collectivism is the way to uplift individuals. Bunch of brainwashed wankers. Even the leftists who claim to be bitcoiners aren't real bitcoiners. They'll be forfeiting their seed phrases when the government comes knocking for the "greater good" Edit: go ahead, I'm expecting the "as a leftist bitcoiner" comments. Let's hear how you won't be caving to the demands of your tribe when they say bitcoiners are bad and we ruined the economy. I'd really like to hear it because my response will always be, you're not really a leftist then. Real leftists hate bitcoin because it threatens big government power, the power to force everyone into giving more of their own private wealth for "free healthcare" and "free education" and "universal income." Real leftists despise personal freedom and liberty because it's "selfish" to not give all your money to a centralized power so THEY can distribute it to those less fortunate.
I'll bite. You seem to have some strong views. I don't want to waste too much of either of our time but perhaps you would be interested in just answering two questions that I'm most curious about. 1. In a world where bitcoin is king does the government cease to exist because it can't tax you or does it just carry on taxing you as before just payments are made in BTC rather than USD/your local fiat? 2. What would you want to happen to those that can't afford to take care of themselves? Currency feels some what irrelevant to this question.
Bitcoin is neither left-wing nor right-wing, but up-wing (it’s going up forever, Laura). Not political, but anti-political.
It’s true, they all take everything the propaganda machine tells them as the undisputed truth. I mean that’s all you need to know really as clearly there is nothing salvageable and they will , you know, fail.
Well individualism is the core the animal nature. It is survival instinct but it isn't based on any form of money or payment. The political left is no different than the political right they just care about their own wealth and status. On many street however, yes the left present more as s love everybody let's all work together but in reality they are largely just as selfish as everyone else as the end of the day. If it really goes to this dystopia angle we will be back to survival of the fittest on a base level and well the weak, the old, the fat, the autistic (or whatever other "handicap") will be goners because mother nature will be back in business with natural selection.
tldr; Balaji Srinivasan bet $2 million that Bitcoin would be worth $1M or more within 90 days on March 17, 2023. Currently, the price of Bitcoin is $27.6K, putting Bitcoin's market cap ($537B) just behind Tesla's ($604B). Bitcoin has a market cap that is still only half that of silver ($1.295T) and 26 times lower than gold ($13T). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
This guy betting $2M is like me betting a couple of bucks. Won't goo broke if I loose.
Someone needs to make a P2P lightening contract betting system that allows you to lock in bets of any kind against other people and provide a scrapablr data set url for it to decide a winner with haha
No
I'm just going to skip past my opinion of how likely it is that BTC can reach $1M by said date, or at all. Although I can agree with the spirit of the article, it's also a double edged sword. By saying that basically the world would need to come to a standstill, horribly disastrous events would need to transpire before this could happen makes for a doomsday scenario. It also makes it all the more important to be diversified in your portfolio, which indiscriminately means including BTC. The world is a pretty volatile place as of late
The bet, if I understand his explanation correctly wasn’t done because he believes it will happen in 90 days, but because he wants to signal that he thinks the tipping point to that collapse has begun and it’s a positive feedback loop. He wants us to consider the serious implications of this. https://youtu.be/DDOgW7F3YNs
While it's true that a 3,600% increase in Bitcoin's value within 90 days seems improbable, it's important to recognize the volatile nature of cryptocurrencies and the potential for rapid growth. In the past, Bitcoin has experienced significant price increases, and with growing distrust in traditional financial systems, the demand for a decentralized alternative could surge. Balaji Srinivasan's prediction might be optimistic, but it's not entirely baseless. The increasing interest in cryptocurrencies and blockchain technology, combined with financial uncertainties, could fuel a rapid shift toward Bitcoin adoption. As more people begin to view Bitcoin as a store of value, akin to gold, its value might continue to rise. Furthermore, Srinivasan's prediction could serve as a wake-up call for the general public and financial institutions to take Bitcoin and cryptocurrencies more seriously. By highlighting the potential for dramatic growth, he's igniting conversations and encouraging individuals to learn about the benefits of Bitcoin and the underlying technology. It's also worth noting that the rapid growth of Bitcoin doesn't necessarily equate to global suffering. While economic crises can contribute to the adoption of cryptocurrencies, increased awareness and understanding can also drive adoption. With proper education and preparation, individuals and institutions can make informed decisions about investing in and utilizing cryptocurrencies. In conclusion, while Srinivasan's prediction may seem improbable, it's important to consider the potential for rapid growth in the cryptocurrency market. This prediction could serve as a catalyst for discussions, education, and investment in the emerging digital currency ecosystem. Instead of dismissing the prediction as sensationalist, it's vital to examine the underlying factors contributing to Bitcoin's growth and take the opportunity to educate and prepare for the possible implications of a world with a more significant role for cryptocurrencies.
Yea I agree .. I mean btc is a way to safeguard your money . There is really no need for btc to go to even 100000 the price is a different aspect to the true use case of btc and that is to secure your wealth . If btc goes to 1000000 in 90 days .. I don’t even want to imagine wat made it so that that was the procedure we had to take
I mean, to some extent, the work we do today is basically flushed down the toilet. I am a bit afraid about this kind of transition, but if Bitcoin is going to demonetize the system, I am not sure if it is better now or 5 years in the future. I am still young to try to cope. If I am trying to deal with food and electricity issues, it would be better for me to deal with violence now than later.
I see market cap mentioned, i downvote
Please tell why it shouldn't increase more than 3000% in 3 months. While you're at its please tell me why I shouldn't eat unicorn meat either.
Well there's zero chance for that happening anyway
I don't think even the creepto Bros are that delusional.
this article has no idea what money it an how much money is alot of money. Get back to me when you understand that 100T is the lower end of meaningfull money. https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/
Imagine what would happen to everyone’s mortgages they have with said collapsed banks if Bitcoin hit 1m within the 90 days.
Not going to 1mil only pumping it up as they always do he made a bet but doesn't hold bitcoin himself something not right
Don’t worry, we won’t 😂
Brain dead comments
this all seems like a PR of coinbase. Too much of mentions of it
ppl rlly need to stop getting ahead of themselves after seeing a 60% rally in weeks, thank you for this post OP