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/BlockChain is has gone private due to an extreme influx of ICO scams, snake-oil shills and plagiarized crypto-news blog spam. There is no application process and new members are not being added. Contacting the mod team will not result in an invitation.
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I stored bitcoins online ... aaaand they're gone.

/SorryForYourLoss is a place to showcase the top minds of bitcoin (and cryptocurrencies) failing to secure their precious internet money properly. It's a memorial for the countless incidents of thefts, scams, hacks, goxxes, .. etc.
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Bitcoin Discussion

A place for cultivating high-quality, open and serious discussions about Bitcoin. Your best source for ideas, discussions, and debate regarding technical, economic, business and political developments about the world's first and best cryptocurrency - Bitcoin. Welcome!
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bitcoin cash fee of 1 sat/byte is that the lowest fee possible or what happens if bitcoin cash value increases 1000 times?

submitted by awless to btc [link] [comments]

Possible Discussion on /r/Buttcoin in post "I heard this is the Anti-Cryptocurrency gang. Well, i agree with you on 99.9% of all projects. But what do you think about Bitcoin, given 1) it can scale, and 2) its adopted as money somewhere? Here's a list of reasons i think it has value."

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EDIT: As of Sat Aug 10 22:32:14 EDT 2019, the post is at [0pts|2c]

About Post:

--- --- Notes
Submission I heard this is the Anti-Cryptocurrency gang. Well, i agree with you on 99.9% of all projects. But what do you think about Bitcoin, given 1) it can scale, and 2) its adopted as money somewhere? Here's a list of reasons i think it has value.
Comments I heard this is the Anti-Cryptocurrency gang. Well, i agree with you on 99.9% of all projects. But what do you think about Bitcoin, given 1) it can scale, and 2) its adopted as money somewhere? Here's a list of reasons i think it has value.
Author cryptacritic17
Subreddit /Buttcoin
Posted On Thu Aug 08 15:42:43 EDT 2019
Score 0 as of Sat Aug 10 22:32:14 EDT 2019
Total Comments 73

Post Body:

n/a - not a self post

Related Comments (2):

--- --- Notes
Author cryptacritic17
Posted On Thu Aug 08 21:04:11 EDT 2019
Score -5 as of Sat Aug 10 22:32:14 EDT 2019
Conversation Size 10
Body link
What makes me like a jehovas witness?
--- --- Notes
Author XRPBallzD33p
Posted On Thu Aug 08 16:07:39 EDT 2019
Score 23 as of Sat Aug 10 22:32:14 EDT 2019
Conversation Size 13
Body link
You guys are like jehovah's witnesses. I don't care if you mind your own business believing some crazy nonsense but why embarrass yourselves going around trying to preach like this?
submitted by jw_mentions to jw_mentions [link] [comments]

What the impact if Bitcoin is valued in 1 million dollars? What would be the benefits for society in general? Tons of new millionaires or even billionaires would permit a fairest distribution of goods and money and create more opportunities to innovations?

submitted by mx-gms to Bitcoin [link] [comments]

If I bought 10 bitcoins on Jan 1, 2015 and then gave them as a gift on Jan 1, 2018 what is the value of that gift? Is it the amount on purchase or value at time of giving the gift?

submitted by TomJonesSecond to CryptoTax [link] [comments]

bitcoin cash fee of 1 sat/byte is that the lowest fee possible or what happens if bitcoin cash value increases 1000 times? /r/btc

bitcoin cash fee of 1 sat/byte is that the lowest fee possible or what happens if bitcoin cash value increases 1000 times? /btc submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

If I own 1 Bitcoin, what is the current value of all the hard fork coins that have occurred? /r/Bitcoin

If I own 1 Bitcoin, what is the current value of all the hard fork coins that have occurred? /Bitcoin submitted by SimilarAdvantage to BitcoinAll [link] [comments]

Early Bitcoin adopters worked tirelessly to get people to accept Bitcoin as a medium of exchange, THATS WHAT GAVE BITCOIN VALUE! The miracle is not to go from $100 to $100,000c the miracle is to make Bitcoin go from nothing to $1!

Early Bitcoin adopters worked tirelessly to get people to accept Bitcoin as a medium of exchange, THATS WHAT GAVE BITCOIN VALUE! The miracle is not to go from $100 to $100,000c the miracle is to make Bitcoin go from nothing to $1! submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Can anyone explain to me why is the value of both lite coin and bitcoin is reduced? and what do you think is the future of such currencies (1 year time)?

Recently the prices went down in a fast rate and I'm concerned about the future value of such currencies... can anyone share his opinion on this please
submitted by Short_Teeth to litecoin [link] [comments]

Bitcoin & Cryptocurrency

Mere pass shares hai, sona chandi hai, tumhare pass kya hai? Mere pass bitcoin hai. Hain, woh to mere pass bhi hai. Aapke pass hai kya ye Bitcoin? Coming back to the blog, our topic for today is ‘Cryptocurrency.’ So, Bitcoin is nothing but a cryptocurrency. A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It a decentralized currency that uses cryptography for security and verification purposes during transactions.
Let us first understand the meaning of currency. Currency is nothing but a medium of exchange for goods and services used in a particular country. Being in India, our currency is Rupees. Consider, you are having an Rs. 2000 rupee note, so what is the value of that Rs. 2000 note? You’ll say, the value is Rs. 2000. Who determines it? Again, you’ll answer, it is determined by the Government of India and it is also duly signed by the Governor. So, the value of that note is Rs. 2000 only.
Now, consider you are having a Bitcoin with you. What is the value of that bitcoin? Oh oh wait, you are describing that value of bitcoin in rupees. That means in order to describe the value of a bitcoin, you need another currency to do so. Also, the value you are describing of a single bitcoin is varying i.e. yesterday the value of a bitcoin was something else, today it is something different and tomorrow again it will change. But, when I was talking about the value of an Rs. 2000 note, its value remained constant i.e. Rs. 2000. It didn’t happen that that value of that Rs. 2000 note was something different yesterday, it is something else today. But that isn’t the case with bitcoin. You need the help of another currency to draw the value of a bitcoin. Then how can you call that a currency?
On the other hand, the value of an Rs. 2000 note is Rs. 2000 and it is authorized by the Government itself and has the sign of the governor on it as well. Every country has a specific authority that authorizes the specific currency and draws a specific value of that currency of their particular country.
But, when it comes to bitcoin, I have a question to ask. What is the value of that bitcoin? Who authorizes that bitcoin? There’s nobody. Toh jao pehle uss insan ka sign leke aao jisne bitcoin ko value di hai. Thus, it means that bitcoin has no value as such. In order to derive its value, bitcoin needs the support of another currency.
Talking about gold, if I ask the value of 1 gm of gold, you require another currency to derive the value of gold as well. Now, the availability of gold is scarce. The same is said for bitcoin as well. Gold is extracted from mines. Similarly, bitcoin too is extracted from mines. Now, some people will start thinking bitcoin is similar to gold. Not true at all. Gold is formed by nature and God, we cannot replicate it. Whereas, bitcoin is found and made by the man himself. We can make as many cryptocurrencies as we want, but we cannot make another gold.
Thus, it means that cryptocurrency as such doesn’t carry any value of its own. But, the block-chain technology that is used here in the future of the world. Let us understand what blockchain technology is all about. If 1000 people are a part of the chain and a transaction between 2 people takes place there, then there will be an entry in the books of the rest 998 people as well to serve as a purpose of record. In this manner, even without the involvement of a third party, successful record-keeping is maintained. This is a great innovation.
Still, what is more, important to note is that cryptocurrency in itself has no such value of its own. Most of you’ll think that if bitcoin has no value, then why were behind going crazy behind it? The answer to this is, just because its price was rising high, people were getting behind it. People had the misconception that the ones having more bitcoins will be the richest person alive. And the ones not having the bitcoin felt as if they are poor just because of the fact that they didn’t own the bitcoin.
So just to be socially fit meaning that out of the fear that others own bitcoin while I don’t, hence people bought those bitcoins. Thus, a bubble of bitcoin was created and which eventually busted and the price of bitcoin started falling. Due to this, too many people suffered losses.
It is important to note that in India, dealing or trading in any form of cryptocurrency is illegal. Only the price of the bitcoin was going up but there was no such value to it. The famous poet ‘Oscar Wilde’ has quoted right, “People know the price of everything but the value of nothing.”
Talking about Cryptocurrency, even Warren Buffet refused has to find any value to it. If we go to the share market, we can find shares that are associated with their respective companies, hence, it is possible to gauge its value. So, whenever you plan to invest in something always make sure to analyze the pros and cons of it.
Until our next blog…

Aryaamoney online share market

Happy Trading, Happy Investing!!!

submitted by zohriq to u/zohriq [link] [comments]

/r/bitcoin thread 1zh4gr ("What will the price of Bitcoin be on January 1st, 2015?") prediction threshold reached for post cftllr8. The predicted value of 1 BTC "some thing like $3200-$6400 by July" falls wildly short of estimate. This is good news for Bitcoin.

/bitcoin thread 1zh4gr ( submitted by Jackpot777 to Buttcoin [link] [comments]

What the impact if Bitcoin is valued in 1 million dollars? What would be the benefits for society in general? Tons of new millionaires or even billionaires would permit a fairest distribution of goods and money and create more opportunities to innovations? /r/Bitcoin

What the impact if Bitcoin is valued in 1 million dollars? What would be the benefits for society in general? Tons of new millionaires or even billionaires would permit a fairest distribution of goods and money and create more opportunities to innovations? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

"Mr. Bitcoin! Have you changed?" What is the core value of bitcoin in the future? 【Huobi-USD BitYes rewards 0.1 BTC for the best answer】

Hello everyone, I am "Hobbit" from BitYes, Huobi's BTC-USD exchange. On 4/7, 4/14, 4/22, 4/28 , BitYes will raise a bitcoin related fun topic and award 0.1BTC for the best answer (or answers) we pick! Please speak out your fun or useful ideas.
Today's topic is "Mr. Bitcoin! Have you changed?" We still remember that on November 19, 2013 was the all-time high price of bitcoin on Huobi – 8,000 CNY, which is more than 1,200 USD. That was almost ten times higher than the price when Huobi opened. Today, the bitcoin price has declined to less than 240 USD and we still don't know if the price will reverse soon or not. But it is a good time to think about the true value of bitcoin. When the price reached 1,200 USD, the speculation value was more than the technology value. Now, the practical application of bitcoin has got more attention. So what is the core value of bitcoin in the future? Let's know your fun and valuable ideas! We will pick the best answer (or answers) by 13th of April.
【Bityes is giving away 0.03 BTC for registering. Invite friends, get 0.03BTC as well】 Learn more : https://www.bityes.com/topic/btc_awards_register_invite?utm_source=Reddit&utm_medium=Forum&utm_term=FunTopic&utm_content=MrBitcoinChanged&utm_campaign=0.03BTCGiv
submitted by Huobi-USD to Bitcoin [link] [comments]

How is the value of 1 Bitcoin determined? What units is that value measured in? /r/Bitcoin

How is the value of 1 Bitcoin determined? What units is that value measured in? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

"Mr. Bitcoin! Have you changed?" What is the core value of bitcoin in the future? 【Huobi-USD BitYes rewards 0.1 BTC for the best answer】

Hello everyone, I am "Hobbit" from BitYes, Huobi's BTC-USD exchange. On 4/7, 4/14, 4/22, 4/28 , BitYes will raise a bitcoin related fun topic and award 0.1BTC for the best answer (or answers) we pick! Please speak out your fun or useful ideas.
Please leave your comment in the post below to win the 0.1BTC reward! http://www.reddit.com/Bitcoin/comments/33glni/mr_bitcoin_have_you_changed_what_is_the_core/
submitted by Huobi-USD to FreeBits [link] [comments]

What is the bitcoin bank that maintains the dollar value of stored bitcoin for 1% fee?

It was posted on reddit a while back and I cant find it on reddit or google.
How it works is they automatically increase and decrease the amount of bitcoin you have such that the dollar value of the bitcoin you have stays exactly the same.
Every time reddit commenters think websites and stores having prices updating real time wont make up for bitcoins volatility and the volatility will cause bitcoin to fail, this is the website to reply with. If they complain about the 1% fee remind them its less than the 2-3% the dollar loses value by yearly. Would help a lot to actually have the URL to this website.
submitted by imkharn to Bitcoin [link] [comments]

How much should a bitcoin be worth

2013 is the real price of bitcoin soared year by November 29, 2013, bitcoin day on an exchange price is $1242, while at the same time, the price of gold is $1241.98 / ounce, that is to say, the price of bitcoin for the first time more than the price of gold. AEX bitcoin trading exchange to support a variety of digital asset spot transactions We all know the story later. The price of bitcoin is rising in concussion, even though there is an occasional callback, but it still breaks through $twenty thousand. After the recent almost halved after the fall, once again climbed to $12 thousand.
What is the value of the bitcoin?
The price source of bitcoin can be understood from two aspects. On the one hand, speculators bet on bitcoin that it will become a legal currency. But from the current attitude of countries, the hopes of bitcoin to become a legal currency are rather slim. Many countries, such as Indonesia, are more willing to study their own digital currency than to legalize bitcoins.
On the other hand, the value of bitcoin is derived from the technology behind it - block chain. The essence of bitcoin is to give value to information, which is deeply rooted in the gene of block chain technology. We can also see from the naming of bitcoin that bitcoin's English can be disassembled into "Bit" and "Coin". Bit, the smallest unit of information, is a binary. It is a bit, that is, "0" or "1" in binary, while "Coin" is the coin. Therefore, Bitcoin is the value of information. AEX bitcoin trading exchange to support a variety of digital asset spot transactions
submitted by ablisa to Bitcoin [link] [comments]

05-31 22:52 - 'While Ethereum is highly creative and growing by leaps and bounds, what is the value of the Bitcoin blockchain over others. Does he see Bitcoin as digital gold, grounding the other blockchain? Or is there truly a very real p...' by /u/Playful12 removed from /r/Bitcoin within 90-100min

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While Ethereum is highly creative and growing by leaps and bounds, what is the value of the Bitcoin blockchain over others. Does he see Bitcoin as digital gold, grounding the other blockchain? Or is there truly a very real possibility Ethereum blockchain can supersede and prevail over Bitcoin ?
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Author: Playful12
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Has any math been done how much Bitcoin would be worth as a global currency?

Take this wild scenario - Bitcoin becomes the de facto World currency. What is the value of 1 Bitcoin... As in to cover the current value in dollars of everything in the World?
The reason I ask is because I feel as a unit BTC is just TOO high... And way smaller denominations would have to become the actual currency people should use to buy things.
Any thoughts?
submitted by hpshout to Bitcoin [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Covid has little to do with a bad virus, and everything to do with restructuring the financial system

The IMF is running its annual meetings in Andorra at the moment.
The director of the IMF said on Thursday last week :
> Today we face a new Bretton Woods “moment.”
Now, what were the Bretton Woods agreements about ?. These were about setting up a new system under which gold was the basis for the U.S. dollar and other currencies were pegged to the U.S. dollar’s value. The Bretton Woods Agreement also created two important organizations—the International Monetary Fund (IMF) and the World Bank.
What could a new Bretton Woods moment mean in this context ? It means they are restructuring the current monetary system. Under the new system, the USD is replaced by a digital currency.
A central bank-supported digital currency could replace the dollar as the global hedge currency, said Bank of England governor Mark Carney
Carney highlighted the dollar’s use in international securities issuance, its use as the primary settlement currency for international trades and the fact that companies use dollars as examples of its dominance. However, “developments in the U.S. economy, by affecting the dollar exchange rate, can have large spillover effects to the rest of the world.”
Fed Chair Jerome Powell noted he did not believe private sector involvement in the production of U.S. dollars would be trusted by the citizens. “I do think this is something that the central banks have to design,” Powell said. “The private sector is not involved in creating the money supply, that’s something the central bank does.”
As if it was not obvious, central banks don't want a bitcoin/dogecoin/monero/pokemoncoin, etc... currency. They want to fully control the new digital currency, like they control current fiat currencies.
Back to the IMF director's speech, she states 3 imperatives moving forward : the first 2 are about economic policies, and the 3rd one is about climate change.
Just as the pandemic has shown that we can no longer ignore health precautions, we can no longer afford to ignore climate change—my third imperative.
That 3rd one is surprising. What does climate change has to do with the IMF and the definition of a new monetary system ?
Here is a very interesting article about how this all relates to bill gates' mass vaccination agenda.
In an article published by ID2020 in 2018, vaccines are the perfect way to introduce digital identity to the world – especially infants. This identity would also be used to grant access to basic rights and services.
Your new digital ID will then be matched with your new digital currency issued by your central bank. They will have the absolute, uncontested right to decide whether you can have access to basic rights and services, or not. It will only take a click on the mouse to deny your access to basic rights and services. And you won't know the reason. It could be for wrong thinking, it could be to pursue another political agenda to eliminate whichever community they decided they need to eliminate. We have seen plenty of evidence this year about the strong political bias that big social media platforms have. Now, with the constant monitoring and analyzing of our data, they can easily tell what are our political opinions. And therefore have your access to basic rights and services denied with a click, if you have the 'wrong' political opinions. And I don't see why they would not do that. In a very close future, you could end up in a situation where you have to choose between being allowed to eat, or vote for the candidate you don't like, but that the system endorses. It's literally the end of democracy, and freedom, and there is no going back once we have switched to this new system.
All the above is not even a conspiracy. It's merely about connecting the dots, and understanding the implications.
edit: here is a video of Accenture, one of the founding partners of id2020, explaining about the digital dollar
I think covid was a catalyst to bring all these changes. Who else than the international financial system has the ability to have all countries on the planet to comply with such severe restriction rules that send their respective economies and societies down the toilet ?
submitted by TechnicalBody to conspiracy [link] [comments]

A Detailed Summary of Every Single Reason Why I am Bullish on Ethereum

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself on the DeFi Pulse website.

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA player Spencer Dinwiddie tokenized his own NBA contract.)

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (Jitsi for the zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

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I’m not hodling

Well, I know that hodling is the smartest move about Bitcoin. Specially if you still into fiat money, what explains your patience to see it worth ten thousand times the value you purchased just to sell for money again.
I think differently. Of course I hodl a bit of it, but my major usage of Bitcoin is making the system work. I turn it into an ecosystem to a point that in some time we won’t be needing fiat anymore.
Currently I buy beer and pizza with Bitcoin, the only two things in my town that accept it. I want to make the ecosystem pulse. There’s a restaurant being opened here that will accept it as well. I’ll start being a regular. I want too see a Bitworld!
submitted by dawnsic to Bitcoin [link] [comments]

Factors that Determine the Price of Bitcoin? Value of Bitcoin - YouTube What Is Cryptocurrency?  The Value Of Bitcoin vs The ... What is the Bitcoin price and value? Value of Bitcoin - YouTube

Bitcoin price today is $13,073.32 USD with a 24-hour trading volume of $23,603,626,066 USD. Bitcoin is up 0.48% in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $242,210,721,011 USD. It has a circulating supply of 18,527,100 BTC coins and a max. supply of 21,000,000 BTC coins. You can find the top exchanges to trade Bitcoin listed on our Final Bitcoin value = (average individual economic productivity) × (number of productive people) ÷ (21 million). A GROSS simplification, but the answers is in the tens of billions $ per coin. — John McAfee (@officialmcafee) November 30, 2017. That’s certainly the most aggressive price prediction anyone’s made for BTC yet. But if that insane price materializes, McAfee will end up ... Today's Bitcoin market attracts a range of different types of investor. Many are undoubtedly newcomers looking to make a quick return on sudden value hikes, while others see the longer term value ... Bitcoin is currently worth $ as of the time you loaded this page. How Much was 1 Bitcoin Worth in 2009? Bitcoin was not traded on any exchanges in 2009. Its first recorded price was in 2010. Technically, Bitcoin was worth $0 in 2009 during its very first year of existence! How Much was 1 Bitcoin Worth in 2010? Bitcoin's price never topped $1 in ... Bitcoin is a decentralized peer-to-peer network that enables easy transfer and storage of money in its ’blockchain. It is an open source meaning anyone can make use of its’ platform, and it is also decentralized, meaning that, any central authority does not regulate it. It was created by anonymous cryptographer called Satoshi Nakamoto in 2009. More. THE TEAM. Bitcoin was created by an ...

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Factors that Determine the Price of Bitcoin?

We all know Bitcoin is a roller coaster of price changes, but have you ever wondered what determines the value of Bitcoin? Today Maria walk you through how the value of bitcoin constantly changes! Enabling a dialogue about Bitcoin The VoB is a dialogue event that brings together skeptics, advocates, entrepreneurs and inquisitive decision makers. It is ... You may be wondering about the value of bitcoin. Where it comes from, and why something that you can’t even see or touch is worth over 3000$. In this video w... Highlights from The Value of Bitcoin Conference on June 3rd, 2019. After more than 10 years, Bitcoin is still around and the signals that indicate Bitcoin is here to stay are only getting stronger. What is the Bitcoin price and value... we all want to know what the latest Bitcoin price is. Watch this video and see the Bitcoin price progress over the years since the inception of Bitcoin.

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