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SatoshiNakamoto

Bitcoin Thread

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Sup bros? As you can tell by my username, I am a huge bitcoin fan. Once I understood the potential of it, I got sucked in and easily put 100+ hours of research into it. Any hodlers here at Team Beyond? I put my life savings into BTC, and continued to put every spare dollar that I made (including beer money!) into it while it was in the low $400's. I also day trade altcoins, mainly litecoin, but I don't have any faith in the long term success of altcoins, they are just a way for me to make extra profit. There is nothing that an altcoin can do that can't be programmed into the bitcoin protocol. Lets talk bitcoin!

 

Here is a great video for beginners, explains things very well.

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These two Joe Rogan podcasts also explain bitcoin very well for beginners. Andreas Antonopoulos is fucking awesome!

 

The discussion starts at 11:00

The discussion starts at 13:38

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Ill give you real coins if u kill joe rogan

I am not a fan of Joe either, but I appreciate the positive mainstream exposure he has given bitcoin by having Andreas Antonopoulos on the show.

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I loved Fear Factor and I'm a big UFC fan sooo....he's the man.

 

EDIT: Bitcoin sounds legit. I loved the presentation. Finally I understand it now.

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I'm stoked for this documentary to come out!! Premiered in Hollywood a little over a month ago with a lot of celebrities in attendance. I really hope that it has a good release and gets a lot of mainstream exposure.

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I loved Fear Factor and I'm a big UFC fan sooo....he's the man.

 

EDIT: Bitcoin sounds legit. I loved the presentation. Finally I understand it now.

Tight bro, glad you watched it! Thanks for having an open mind. If you have any questions hit me up.

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I just spent a lot of time writing this for you guys. I am not much of a writer so I appologize in advance if it sucks.

  

   A lot of you may be wondering why bitcoins are so expensive. As I type this, one bitcoin is worth $642 USD. What most beginners don't realize though is that, like gold and silver, there is only a finite supply of bitcoin. There is approx 12 million in existance right now, and there will only ever be 21 million. So now you ask yourself, if there is 7 billion people on the planet and only 21 million bitcoins how can the entire global population adopt it? Well the beauty of bitcoin is that it can be divided down into 8 decimal places VS the 2 decimal places of USD. When you purchase a bitcoin, you don't have to buy an entire bitcoin, you can buy $10 worth of BTC at a time. Most goods and services only cost fractions of a bitcoin. The limited supply vs an ever increasing demand is why bitcoin goes up in value over time.

    The common system of currency that we use today (USD, Euro, etc.) are inflationary currencies, over time goods and services cost more due to the Federal Reserve moving off the gold standard and constantly printing more money. Bitcoin is a deflationary currency, over time goods and services will cost less as they appreciate in value due to mass adoption. You may also think that bitcoin is to volatile to be a currency, true, it is volatile right now because it has a market cap of about 9 billion dollars at this current point in time. In the world of finance 9 billion is nothing, so it is still very easy for the price to swing wildly in both directions. Right now, you can think of it like a really fat dude getting into a bathtub that is filled to the top, his volume has a major impact. Over time, as it is adopted more, that bathtub will turn into a pool, then eventualy into an ocean and volatility will be a non issue. Theoretically (but not realistically), lets say the entire global economy adopts bitcoin, 75 trillion dollars or so (unsure of the exact numbers, but it doesn't matter for this example) would be funneled in to the 21 million bitcoins in existence. So divide 75 trillion by 21 million and you get some insane numbers for the price of a single bitcoin. Realistically that probably won't happen, at least not in our lifetime. However, realistically speaking (and you may think I am crazy), I have seen conservative estimates of 40k per bitcoin all the way to a million in our lifetime. The way the bitcoin protocol is designed, as long as it continues to be successful in the future, those predictions of 40k+ per coin are not a possibility but an absolute certainty.

   Bitcoin will also benefit the poor greatly. The fees that companies like Western Union charge to send money internationally are insane. An african worker in the US that wants to send money to his poor family back in Africa can expect to spend 12% in transfer fees. They are making the most money on the poorest people. Also, just think of all the unbanked Americans that have to spend high rates to have their checks cashed at check cashing businiesses. Simple international wire transfers from one bank to another can have outrageous fees and you often have to wait a few business days for the transaction to go through. With bitcoin, you can send money anywhere nearly instantly for the equivalent of 2 cents in bitcoin or less. That is a game changer. You know bitcoin is the real deal when Mastercard hires two lobbyists to lobby against bitcoin in Washington. Bitcoin is a major disruption to the current financial system we currently have and banks are starting to take notice.

   And that just barely scratches the surface. The bitcoin protocol is like the internet in the early 90's. There are things we will be able to do with it that we can't even imagine right now. We will be able to use the blockchain technology and apply it to elections to get decentralized voting! That would put an end to all of the voting contraversies we seem to experience after every major election. The possiblities are endless right now with this technology it is so much more than just being internet money, which is what most uninformed people think it is.

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On 6/11/2014 at 5:55 PM, SatoshiNakamoto said:

Tight bro, glad you watched it! Thanks for having an open mind. If you have any questions hit me up.

---------------------------------------------------------------

trading with  https://3commas.io/blog/cryptocurrency-arbitrage-trading-opportunities-guide

When I started to trade, I had so many questions that people didn't understand, why I was so excited and what was I looking for? But after all I found this great tool. And my life became easier! As well as earning money for life and entertainments. 

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