Wow. Bitcoin is almost $1,500

[DrMrLordX]

The Liquid Bitcoin supply has been dropping for a year now. The most likely explanation is big long-term buyers stepping into the game.

Bitcoin is designed to be deflationary. The only way the price goes down over time is if people abandon it wholesale. Even sustained interest over time will drive up the price, albeit in fits and starts. It'll crash again sooner or later, and bottom out at a point higher than the last crash. Wash rinse repeat until eventually someone does something to wipe out the miners.

 

[Train]

Bitcoin is designed to be deflationary.

It was "designed" to have a slowly declining supply over time. Whether it is inflationary/deflationary is a function of ongoing supply and demand.

 

[ultimatebob]

It was "designed" to have a slowly declining supply over time. Whether it is inflationary/deflationary is a function of ongoing supply and demand.

Isn't it supposed to have a slowly expanding supply as new blocks are mined until 2140? I'm not sure if Satoshi predicted the stupidity of early wallet holders losing all their coins.

 

[ultimatebob]

Apparently Maker coin is the new hotness. I kept $3 worth of that from Coinbase Earn, and now it's worth $15.

 

[DrMrLordX]

It was "designed" to have a slowly declining supply over time. Whether it is inflationary/deflationary is a function of ongoing supply and demand.

A currency that can't expand its supply is deflationary by design.

 

[Train]

A currency that can't expand its supply is deflationary by design.

But bitcoin IS expanding its supply, new coins are mined approx every 10 minutes.

With no knowledge of how much sustained demand there would be, there was literally no way to design it to be anything.

 

[JEDI]

the total value of Bitcoin as of Feb 2 closing is $600B.
Would have figured more.

whats the theo limit to the max # of coins?

 

[ultimatebob]

the total value of Bitcoin as of Feb 2 closing is $600B.
Would have figured more.

whats the theo limit to the max # of coins?

21 million is the max as of right now.

 

[Train]

Isn't it supposed to have a slowly expanding supply as new blocks are mined until 2140? I'm not sure if Satoshi predicted the stupidity of early wallet holders losing all their coins.

Yes, but the amount of *new* coins created by mining will dwindle over time.

 

[DrMrLordX]

But bitcoin IS expanding its supply, new coins are mined approx every 10 minutes.

It's all planned. There's a known amount of BTC that will ever exist. Arguably that limit is already priced into the system (essentially, the lows it hits every time it crashes). You will notice a pattern among the lows.

 

[ultimatebob]

I just want to go on record saying that I'm disappointed in John McAfee. Bitcoin didn't hit a million dollars by the end of 2020 as he promised in 2017, and (as far as I know) he didn't make good on his promise to do what he said he was going to do if that didn't happen.

 

[ultimatebob]

OK, here's a serious question for the group:

I used to have a Bitcoin wallet on my old Windows 7 computer, using Bitcoin Core. I think that it had less than 0.02 Bitcoin in it, before the hard drive on the system crashed.

I took a Clonezilla back up of the system back before it failed in 2017, but never bothered to restore it because the old hard drive was 1 TB and the SSD that I replaced it with at the time was only 512 GB. 4 years later, Bitcoin is up to $40,000 and that 0.02 Bitcoin might actually be worth attempting to recover now.

Does anybody have advice to recover the Bitcoin from this old wallet? I believe that it should be as easy as extracting the private key from the old wallet.dat file and importing it into another wallet program. I'm just not sure which one to use. I certainly wouldn't want to continue to use Bitcoin Core, as it wants to download the entire blockchain history and that has to be something like 400 GB now. I'm also curious how I would go about recovering my Bitcoin Cash, as (in theory) I should have got some of that when that coin forked from Bitcoin.

 

[SunnyD]

Does anybody have advice to recover the Bitcoin from this old wallet? I believe that it should be as easy as extracting the private key from the old wallet.dat file and importing it into another wallet program. I'm just not sure which one to use. I certainly wouldn't want to continue to use Bitcoin Core, as it wants to download the entire blockchain history and that has to be something like 400 GB now. I'm also curious how I would go about recovering my Bitcoin Cash, as (in theory) I should have got some of that when that coin forked from Bitcoin.

Download latest Bitcoin core, copy wallet.dat over to new install. Wait a month for the wallet to sync.

 

[ultimatebob]

Download latest Bitcoin core, copy wallet.dat over to new install. Wait a month for the wallet to sync.

There has to be a better way. Can't I just import my private key into another Bitcoin wallet program that doesn't require the entire blockchain to be downloaded?

 

[SunnyD]

There has to be a better way. Can't I just import my private key into another Bitcoin wallet program that doesn't require the entire blockchain to be downloaded?

If you want to use core, this is the way. Otherwise you can possibly use a "lite" wallet, but I don't know if you can just import your existing wallet.dat into one of them or not.

 

[ponyo]

"In retrospect, it was inevitable." Elon Musk.

Tesla released their 10-K filing, and it revealed Tesla purchased $1.5 billion bitcoins in January 2022 and it could accept bitcoin as payment for Tesla cars in the future.

Bitcoin has won. It has made it. Now Tesla has done it, other big companies will follow. This is huge news today for Bitcoin. Bitcoin is up to $43,620 and Tesla stock is up to $872.

I knew this news was coming after Elon changed his profile pic to add "bitcoin" and tweeted, "In retrospect, it was inevitable." I wanted to beat Tesla to bitcoin and buy it before they did but it seems Tesla bought bitcoin soon after Elon Musk twitter post.

Game has changed. Everyone needs to own bitcoin going forward.

 

[SunnyD]

"In retrospect, it was inevitable." Elon Musk.

Tesla released their 10-K filing, and it revealed Tesla purchased $1.5 billion bitcoins in January 2021 and it could accept bitcoin as payment for Tesla cars in the future.

Bitcoin has won. It has made it. Now Tesla has done it, other big companies will follow. This is huge news today for Bitcoin. Bitcoin is up to $43,620 and Tesla stock is up to $872.

I knew this news was coming after Elon changed his profile pic to add "bitcoin" and tweeted, "In retrospect, it was inevitable." I wanted to beat Tesla to bitcoin and buy it before they did but it seems Tesla bought bitcoin soon after Elon Musk twitter post.

Game has changed. Everyone needs to own bitcoin going forward.

I just wish Litecoin gained better acceptance. I don't understand why as venerable and how "tied" to BTC it is that it really has fallen by the wayside compared to more recent upstarts like ETH. What makes ETH more desirable than LTC (other than the price obviously)?

 

[brianmanahan]

Game has changed. Everyone needs to own bitcoin going forward.

eh, i'm still not convinced

i own some BTC and ETH, but if BTC gets to 50$k i think i'll sell and take the chance of waiting for a dip

 

[njdevilsfan87]

I just wish Litecoin gained better acceptance. I don't understand why as venerable and how "tied" to BTC it is that it really has fallen by the wayside compared to more recent upstarts like ETH. What makes ETH more desirable than LTC (other than the price obviously)?

Litecoin will eventually have its day. It did the same thing in the 2013 and 2017: pumped much later than the rest of the market. The fact is Grayscale is buying Litecoin, so it's only a matter of time before Litecoin all of a sudden becomes "scarce" on the exchanges.

 

[SunnyD]

the total value of Bitcoin as of Feb 2 closing is $600B.
Would have figured more.

whats the theo limit to the max # of coins?

There is no limit on fractional (decimal places) of a bitcoin. A physical limit on coins is essentially meaningless.

The only real limitation bitcoin has right now is transaction fees. When mining becomes pointless transaction fees will skyrocket making the utility of bitcoin fall.

 

[ultimatebob]

Litecoin will eventually have its day. It did the same thing in the 2013 and 2017: pumped much later than the rest of the market. The fact is Grayscale is buying Litecoin, so it's only a matter of time before Litecoin all of a sudden becomes "scarce" on the exchanges.

I always liked Litecoin more than Bitcoin. Its transaction times were faster, and its transaction fees were lower. Ethereum took over as the #2 Cryptocurrency a long time ago, though, and the DeFi coins like Maker seem to be nipping at its heels for the #3 spot.

 

[ponyo]

Who'll be the next big company to announce it bought bitcoins and will accept bitcoin as payment? Apple? I don't know. Tim Cook is too conservative IMO and will probably wait even though it would be great for Apple.

It was Jack Dorsey's Square who started this movement and I see lot of tech companies following Tesla's lead to bitcoin. 2022 is supposedly the year 3 of the bitcoin super cycle. Today's Tesla news could very well be the catalyst that sparks the super cycle. Square will benefit from this movement. I should've kept my Square stock.

 

[ponyo]

Today's Tesla news is game changer for bitcoin. I can't stress this enough and how big today's announcement really is. It legitimizes bitcoin in the eyes of the Wall St. big names, and I promise you other big S&P 500 companies will follow Tesla's lead. Wall St and companies are followers.

 

[VirtualLarry]

Bitcoin is up to $43,620

In other, not-so-surprising news, Nicehash has been "down" (at least, their web-based control panel) all morning.

Always happens. New Bitcoin ATH, NH goes "down". Like clockwork.

 

[njdevilsfan87]

Today's Tesla news is game changer for bitcoin. I can't stress this enough and how big today's announcement really is. It legitimizes bitcoin in the eyes of the Wall St. big names, and I promise you other big S&P 500 companies will follow Tesla's lead. Wall St and companies are followers.

Waiting for my solar panels to start paying me in Dogecoin.

Seriously if Tesla offers that option: I will do it. My solar panels would be "mining the sun" for me.