One million dollars per minute, 24 hrs per day, 365.25 days per year, for 6.5 years…

The Federal Reserve created $ 3.5 Trillion USD, backed by nothing, over six and a half years. This is theft.

The number of Bitcoins that will ever be created is fixed, and limited to 21 million. Bankers and governments cannot steal your wealth via inflation if you have (at least some of) your wealth parked in Bitcoin.

submitted by /u/DelfinGuy
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Bitcoin – The Currency of the Internet

120 Million Dollars Per Day Flowing Into Bitcoin , 250 Million for all Crypto

Local Bitcoins volume has quadrupled since this time last year. It is presently at about 400 million per month worldwide or about 12-13 million per day. LocalBitcoins purchases should be looked at as especially bullish for the price of Bitcoin because of the premium that buyers are willing to pay to be able to get ahold of BTC. It means that they are almost exclusively hodler's or users of Bitcoin and that type of capital has the lowest turnover. Low turnover matters because every single day about 90 percent of the money coming from local bitcoins is new money that is adding to the demand for coin and is unlikely to sell for a long time. That eventually eats away at supply slowly but surely.

Coinbase is the retail level of bitcoin purchasing. During December of last year Coinbase had 400 million dollars in trading revenue. So if you put their average fee at about 2 percent of a trade, means about 20 billion dollars in btc. was traded in that one month alone. Since December Coinbase has increased the number of support people by 500 people. The number of new users to the site is approaching 30 million. Which is about 66 percent higher than in December. The ratio of buyers to sellers on Coinbase is 80/20 and the average purchase of a buyer is $ 428 dollars. What matters to the bull case of bitcoin are people that are buying Bitcoin as an investment and who aren't instantly trading it when the price moves up. If GDAX does 300 million in volume per day and that includes Coinbase volume in that number, than it's fair to say that about 50 million per day is being added to long term positions per day.

The exchanges have a lot of new customers around the world. Combined they are doing about 5 billion per day in volume on btc. in total. What percentage of that are new buyers that aren't trading? If that number is 1 percent which I think it's reasonable that's another 50 million per day of investment level longs that are happening.

Bitcoin ATMS are confirmed at 3 million dollars per day new money with 90 percent one way invested. Over 3k ATMS now.

The Square cash app just added Bitcoin trading last quarter and that number adds up to about 300k per day and it's only available so far in 5-6 states.

Robinhood had a waiting list with over 1 million people on it to be able to trade crypto. They have 4 million registered users.

There was recently an article that said that OTC demand was coming in at about 100 million dollars per day for large traders. If all OTC demand is taken into consideration it's probably closer to 200 million. I'm including trades between friends, family, and other trusted people. I think that at least 5 percent of that trading would be net long. So that's at least another 10 million per day. wallets are growing at about 15k new wallets per day and about 26 million overall.

Circle says that it's doing about 2 billion a month in crypto volume.

In a growing market the law of large numbers starts to work in bulls favor. Because if it's true for instance that 5 percent buy with intention to hold for x number of years regardless of price the total number of those types of trades increases as the size of the addressable market grows. So traders have to trade above a floor that keeps moving up.

Bears lose when the price decreases because even though new user interest is lower during price lulls the total growth doesn't go away and the amount of coin that buyers can get for every dollar of fiat increases. In a increasing market FOMO kicks in and user registrations sky rocket because of all of the media attention that the price increase generates.

Bears, sellers, and short-sellers are making the new money the "smart money" by giving them a deal that is almost certain.

Think about it differently. Let's say all of a sudden by magic there were 1 billion owners or potential owners of bitcoin. It doesn't matter if they are all about to sell it. What matters is that they are involved in the market. Involvement means that they all want to own the most bitcoin that they can for the best possible price. How much effort they are willing to put into that goal influences the short term price. But the overall amount of involvement in the market is something that they cannot control. They might have very strict conditions about when they are willing to buy bitcoin. But because a certain percentage of people in the market will purchase bitcoin as a store of value for their fiat currency regardless of price, those people in total can cause the overall price to outpace what a picky trader would be willing to pay. When there is limited supply and an increasing number of participants those traders will eventually be forced to accept the conditions or stop trading at all. This dynamic is similar to forex markets. The liquidity of the underlying currency is so high that the value becomes extremely predictable. Even major news cannot harm liquidity if it exists. The liquidity determines the price not the event.

If 16-17 million bitcoins had to be divided among a group of 1 billion people because they had made involvement with crypto an economic decision in their life, consumer behavior would be the first layer that would determine the overall value. The first factor would be how much can each of them really own at this exact same price, to determine if the price will be higher when the market reaches 1 billion users. About 160 dollars worth each. But that number doesn't jibe if you have people like the Winklevosses that own 1 percent of all bitcoin. It also doesn't work if the average first purchase of a bitcoin buyer is over 400 dollars. And that's just the first purchase.

Before the market cap can reflect the instrinic value of Bitcoin the market growth has to stop. New money has to stop being added to the market. It may be true that based on transaction volume alone that bitcoin "should" be worth 10k or whatever number. But there is way more to the use case for Bitcoin than just that one purpose.

Gold has pretty limited uses as well but it's worth 7 trillion dollars because of the size of the market and not necessarily its usefulness.

Bitcoin will reach that same "irrational" result as long as new people keep pouring money into the system. Bitcoin at 5-10 trillion is not just likely it's mathematically inevitable at this rate of growth.

submitted by /u/olesentv
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Bitcoin – The Currency of the Internet

How to HODL : Just lost a million dollars in bitcoin, didn’t blink an eye

This is a throwaway account for obvious reasons.

I've recently seen some posts about people getting mortgages on their house to buy bitcoin, then losing a bunch of money in a recent price correction, and get rekt.

I don't know if these stories are true or not, but I think we can all agree such behavior is pretty irresponsible.

However, it got me thinking. During the most recent market correction in bitcoin I saw my net worth plunge by a million dollars in a matter of days.

And I didn't even worry for a moment.

Which got me thinking, maybe not everyone has this insight because they don't have a million dollars worth of bitcoin to even lose; on paper or not.

The main point I wanted to make is this.

If you invested say $ 10,000 in bitcoin. And that's all of your extra money in the world. And it was really hard to come by. And if you experience a major market correction, and see your investment drop to say $ 5,000, it can freak you the heck out.

It can cause you emotional pain and distress, anxiety and worry.

What all of that is telling you is that you violated rule #1 of bitcoin. Don't invest more than you are willing to lose.

If you can throw $ 10,000 at bitcoin, wait five years, and make a singular bet on a binary outcome, then that is perfectly reasonable behavior.

However, if you throw $ 10,000 of your hard earned money, that if you lose will devastate you, then you are doing it wrong. I won't even talk about how stupid it is to borrow money to invest.

Personally, I invested in bitcoin over the course of many years, and over those years and on multiple occasions, I pulled some profit out.

Today, whatever bitcoin I have remaining, has a cost basis of effectively zero. If I woke up tomorrow and bitcoin went to zero, I could fairly and honestly say, "I made a lot of money off of bitcoin" and be good with the outcome.

I'm playing with 'house money' at this point. It's like I went into the casino, won a few big hands, pocketed my original wager with some profit, and then just kept playing. Maybe I win big, maybe I go home empty handed, but no matter what happens I came out ahead.

So, just a couple of weeks ago when bitcoin began to approach the $ 20,000 mark, I owned over $ 2.8 million dollars worth of bitcoin on paper; on paper.

After the recent flash crash of a few days ago, it was under $ 1.8. I 'lost' a million dollars in literally a couple of weeks.

And, at no point, did I feel anxiety or concern.

For a number of reasons, but the main one is that I'm not risking more than I'm willing to lose. If bitcoin goes to zero, I will live with that. I have taken enough money 'off the table' by now that I am already financially independent, so the remaining amount I have in bitcoin is just 'gravy'.

I know that these 'crashes' are really just traders trying to prey on the fears of newbies to shake out weak hands.

I've seen it all before and I will see it again. Literally nothing changed with bitcoin fundamentals. It was just traders trying to manipulate people with emotion.

I won't gauge the success/failure of my remaining bitcoin investment based on what Roger Ver tweets or based on some trader dumping his coins on the market.

Wake me up in five years. I will either by very happy with my investment or, most likely, it will have gone to effectively zero. And, as I said, I'm good with either outcome.

So…why post this? I mean, this doesn't really help newbies. They don't have millions invested. They have probably still invested money that they are afraid to lose. They probably aren't financially independent or playing with house money.

Here is why I think it is important.

I'm not the only one.

Anyone who managed to accumulate and hold 100 bitcoin or more over the past five years is a pretty grizzled veteran.

We can remember when someone dumping 10,000+ bitcoin on the market was a 'whale'.

Today a whale is, what, 100 bitcoin?

Soon it will be, what, 10 bitcoin?

The point is that these tricks of trying to use scare tactics to get people to dump out of fear diminish in power over time.

Sure, you will always be able to scare the newbie but, then again, the newbies don't actually hold that much bitcoin either.

The veteran holders who are in this thing to the bitter end are not going to be so easily manipulated. Not by traders and not by attacks by the likes of Roger Ver.

We aren't going anywhere. If we wanted to sell some our our stash, chances are we already have. The rest we are going to let ride.

Telling me that fees are going to rise. Or that bitcoin cash is the 'real bitcoin' or that <insert your alt-coin here> is the real thing, none of that matters to us. If we were going to cheat on our bitcoin wife for some sleazy alt-coin, we would have done it a long time ago.

We believe in the bitcoin network and the current roadmap we are on. If you don't, chances are you have long since left and gone elsewhere.

Prying our bitcoin out of our hands through scare tactics, DDOS attacks, social media attacks, fee attacks, none of that is going to work. We are here to stay for the long haul.

submitted by /u/bitcoinholder123
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Bitcoin – The Currency of the Internet

My wife knows that I’ve been wanting to invest in bitcoin again, but we’ve been quite poor for the past couple years. So she’s been investing a few dollars out of her paycheck everytime she got paid so she could surprise me. It’s not a lot, but it’s ours and I love her

My wife knows that I've been wanting to invest in bitcoin again, but we've been quite poor for the past couple years. So she's been investing a few dollars out of her paycheck everytime she got paid so she could surprise me. It's not a lot, but it's ours and I love her submitted by /u/tri_the_monk
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Bitcoin – The Currency of the Internet

Bitcoin mining marketplace NiceHash loses tens of millions of dollars following hack

Bitcoin is flying sky high after crossing the $ 14,000 mark for the first time, but one projected aimed at helping mine coins is short of at least $ 60 million after it was hacked. NiceHash, a marketplace that matches those with spare computing to power to miners wanting to create new coins, has confirmed …
Google Alert – bitcoin