Now I understand Bitcoin?

[timosman]

bump

 

[dannno]

Bitcoin is a store of value? Relative to the dollar, it has lost over three quarters of its value in the last year.

Bitcoin was $275 when this post was written, it has gone up around 4,000% compared to today's value.

If bitcoin were to make another 4,000% gain from today's value, it would be at $450k

 

[timosman]

Bitcoin was $275 when this post was written, it has gone up around 4,000% compared to today's value.

If bitcoin were to make another 4,000% gain from today's value, it would be at $450k

You'd finally be able to afford your favorite senior pads.

 

[dannno]

You'd finally be able to afford your favorite senior pads.

If by "senior pads" you mean a mansion in Puerto Rico, you would be correct.

 

[timosman]

If by "senior pads" you mean a mansion in Puerto Rico, you would be correct.

I need a place to crash in PR.

 

[dannno]

I need a place to crash in PR.

Noted.

You wanna go down there and do some investing? They have 0% capital gains tax.

 

[Zippyjuan]

Bitcoin was $275 when this post was written, it has gone up around 4,000% compared to today's value.

If bitcoin were to make another 4,000% gain from today's value, it would be at $450k

It was also as high as $20,000 and wend to $3200- a loss of 84%. If it follows that trend, it could be worth a nickel. Its value is not constant but constantly changing. That is not a "store of value".

 

[Zippyjuan]

Noted.

You wanna go down there and do some investing? They have 0% capital gains tax.

On the plus side, it only took a year to get electricity back for everybody following that hurricane. Housing and other infrastructure still not all rebuilt.

 

[dannno]

It was also as high as $20,000 and wend to $3200- a loss of 84%. If it follows that trend, it could be worth a nickel. Its value is not constant but constantly changing. That is not a "store of value".

No, if it follows the trend, it will go up 4,000%, then go back down 84%, then the next run up will be to $4 million. Then it will settle back down to $1-2 million.

 

[Zippyjuan]

No, if it follows the trend, it will go up 4,000%, then go back down 84%, then the next run up will be to $4 million. Then it will settle back down to $1-2 million.

How many people would be able to buy a bitcoin if the price of one was $4 million? Or even $1- 2 million a pop?

 

[kpitcher]

How many people would be able to buy a bitcoin if the price of one was $4 million? Or even $1- 2 million a pop?

Bitcoin currently has 8 decimal places allowed. Even at 4 million each a satoshi (The smallest unit, or 0.00000001 BTC) would only be worth 4 cents. So plenty of people would be able to afford bitcoin

 

[Zippyjuan]

Bitcoin currently has 8 decimal places allowed. Even at 4 million each a satoshi (The smallest unit, or 0.00000001 BTC) would only be worth 4 cents. So plenty of people would be able to afford bitcoin

Do the exchanges deal with only full coins or can you by one satoshi on them? You can't buy say half a share of Google on a stock exchange for example.

 

[oyarde]

Bit coin is easy to understand . You , the avg individual , long on faith and not overly bright work hard all week for your 500 FRN take home . Then you take your worthless , unbacked paper dollars and get you some pretend crypto bits instead .

 

[dannno]

Do the exchanges deal with only full coins or can you by one satoshi on them? You can't buy say half a share of Google on a stock exchange for example.

Wow you are ignorant.. yes everything is in Satoshis. That is the whole point.

 

[kpitcher]

Do the exchanges deal with only full coins or can you by one satoshi on them? You can't buy say half a share of Google on a stock exchange for example.

Yup, most people do buy partial shares. The 8 decimal places seemed silly years ago, but as with many things Satoshi he was ahead of his time. Exchanges do have a minimum purchase which is usually equivalent to a few dollars.

 

[Zippyjuan]

Yup, most people do buy partial shares. The 8 decimal places seemed silly years ago, but as with many things Satoshi he was ahead of his time. Exchanges do have a minimum purchase which is usually equivalent to a few dollars.

Thanks for the info. I tried to research it and saw one exchange had a minimum purchase of 0.001 bitcoins.

 

[Mordan]

Thanks for the info. I tried to research it and saw one exchange had a minimum purchase of 0.001 bitcoins.

do me a favor. buy early so you don't become the contrarian indicator of a blown off top

 

[JessicaStone]

Well, I do not think that a lot of problems connected to the Bitcoing trading can be resolved with the help of forum communication. But after using https://3commas.io/ this process became more clear for me. And I will happuly use another points for this purpose, as well.