Search content
Sort by

Showing 19 of 19 results by simons_js
Post
Topic
Board Bitcoin Discussion
Re: Satoshi forces the price of bitcoin to continue to rise over time
by
simons_js
on 12/04/2024, 11:33:52 UTC
Halving is a way for satoshis to force the price of bitcoin to continue to rise over time. The fewer rewards given to miners will make bitcoins harder to obtain and rarer as time goes by. This is a smart strategy that Satoshi had and I just realized it.

The weakness of this strategy is that when Bitcoin fails to reach a high price after the halving until the next halving occurs, this can damage public trust and also harm miners. However, this weakness no longer applies because Bitcoin always has a new ATH at every halving phase that occurs. So, I believe the price of bitcoin will continue to skyrocket in the future.

What do you think?
It is wrong to use the word force for it and I somehow disagree with you on this. The right way to put it is that Bitcoin was designed in a way that the supply will continue to decrease even in the face of increasing demand thereby creating a kind of imbalance that will spur an increase in price. This is not the same as forcing people to buy Bitcoin but a simple economics.

Whether you agree or not, this design was planned by Satoshi. The results would be different if the rewards for miners were not cut using the halving method.

Yes, bitcoin is not about a simple economic concept but a complex and planned concept. If bitcoin does not have a good algorithm system and development plan then I am sure bitcoin will not be trusted by the community. Halving is one of satoshi's great ideas, a method that indirectly forces the price of bitcoin to continue to rise over time.

This is a smart strategy that Satoshi had and I just realized it.


Is it?

Because halving was implemented so that bitcoin can fight against inflation. By maintaining a fixed supply of bitcoin, the currency has lower chances of losing its value. I don’t personally think that this was what Satoshi had in mind but because of the reducing supply, the price of bitcoin gets higher and higher.

I think this will continue at least until the next halving.

The conditions would be different if Bitcoin did not use the halving method. You can imagine if the reward remains 50 btc/block like early stage bitcoin. I suspect that even if the number of bitcoins remained the same, the price would not be as high as it is now. That's the great thing about the halving strategy designed by Satoshi

Halving is a way for satoshis to force the price of bitcoin to continue to rise over time. The fewer rewards given to miners will make bitcoins harder to obtain and rarer as time goes by. This is a smart strategy that Satoshi had and I just realized it.

The weakness of this strategy is that when Bitcoin fails to reach a high price after the halving until the next halving occurs, this can damage public trust and also harm miners. However, this weakness no longer applies because Bitcoin always has a new ATH at every halving phase that occurs. So, I believe the price of bitcoin will continue to skyrocket in the future.

What do you think?

I don't think that Satoshi was obsessed with the Bitcoin price back in 2009-2010, when one BTC was worth less than a dollar.
The whole idea was to create a deflationary currency, instead of an inflationary currency.
The demand is what determines the price of an asset or product. The price of Bitcoin would be zero, if the demand for BTC was zero.
The fixed supply doesn't change this. You could create an altcoin with fixed supply, but the price of this altcoin will be zero(or close to zero) because of the extremely low(or non-existent) demand for that particular altcoin on the crypto markets.

Sorry, I don't understand the direction of your writing
Post
Topic
Board Bitcoin Discussion
Topic OP
Satoshi forces the price of bitcoin to continue to rise over time
by
simons_js
on 12/04/2024, 10:00:57 UTC
Halving is a way for satoshis to force the price of bitcoin to continue to rise over time. The fewer rewards given to miners will make bitcoins harder to obtain and rarer as time goes by. This is a smart strategy that Satoshi had and I just realized it.

The weakness of this strategy is that when Bitcoin fails to reach a high price after the halving until the next halving occurs, this can damage public trust and also harm miners. However, this weakness no longer applies because Bitcoin always has a new ATH at every halving phase that occurs. So, I believe the price of bitcoin will continue to skyrocket in the future.

What do you think?
Post
Topic
Board Beginners & Help
Re: What is the dark side of the currency circle that you must understand?
by
simons_js
on 12/04/2024, 09:40:39 UTC
Dear bosses, please give me some advice so that I can avoid taking some detours. Smiley

Everything has a dark side, what you need to do is know the way you choose, study it and analyze it. If we make a mistake on the way we choose, then we must ensure that we will not do the same thing in the future. That way, you will find your own way
Post
Topic
Board Economics
Re: Neo-liberalism and the crisis of Capitalism
by
simons_js
on 12/04/2024, 06:48:37 UTC
So what keeps poor countries poor is developed countries and they don't want poor countries to get better because it doesn't benefit them.

basically it boils down to the western controls of FOREX

Yes, because the currency is not backed by gold reserves, the value of the currency is dominated by the power of western countries. That is a very detrimental thing. Apart from that, debt is also a problem. When poor countries' exchange rates weaken, their foreign debt will get higher over time.

One of the best solutions is to use fiat currency for local transactions only and use bitcoin and gold which have global prices for cross-border trade. Then the local currency may not be affected by forex. What is your opinion? Do you have a solution for this condition?

imagine this as a way we could counter the wallstreet manoeuvres of forex(much like the activism of gamestop did on wallstreet)

imagine we stopped measuring bitcoin vs USD which then assumes other fiat currencies:BTC via forex... to instead measure bitcoin vs "minimum wage hour units MWHU"
whereby as an example bitcoin was lets say 4660 MWHU

whereby for instance if USD min wage was $15. an american wanting to buy bitcoin would need to pay $~70k
whereby for instance if UK min wage was ~£11.44 a brit wanting to buy bitcoin would need to pay ~£53k
whereby for instance if nigeria min wage was ~N373 a nigerian wanting to buy bitcoin would need to pay ~N1.73m

people would soon work out. they could sell bitcoin for USD.. convert USD to naira buy bitcoin using Naira, repeat and then see how the balance between Naira and USD changes

1btc = $70k = 88,000,000N = 50btc
50btc = $3.8m = 44000000000N = 2500btc

it wouldnt take much for wallstreet to then react to then change the 1:50 peg of $ to N(allow the circuit breaks to not trigger to allow the prices to move more inline)

Your explanation seems good, but the reality will never happen. No company wants to pay its employees with bitcoin, even if there is, the amount is small.

Apart from that, bitcoin is like other forex instruments, most people see bitcoin in USD. Bitcoin is seen because there is USD value in it, if that thinking can be reversed and consider bitcoin to be more valuable than USD then it will be a new era.
Post
Topic
Board Bitcoin Technical Support
Re: Why can't I retrieve the private key for my bitcoincore wallet address?
by
simons_js
on 05/04/2024, 14:30:16 UTC
But I also started to think twice about using Bitcoin Core because the synchronization process takes a lot of time.
Luckily, you only have to do that once. After that, is "only" downloads 11 GB per month at current rate.

Quote
It might be easier to use electrum.
Definitely!

Quote
Does using multiple USBs also require having bitcoincore data on each USB?
You only need to backup your wallet, not the blockchain. Worst case, you'll just download it again.

Actually electrum is very simple. One of the reasons why I want to use bitcoincore is because bitcoincore is a wallet created by satoshi.

Do you think both are equally safe? and can you explain a little about the advantages of electrum and bitcoincore?
Post
Topic
Board Bitcoin Technical Support
Re: Why can't I retrieve the private key for my bitcoincore wallet address?
by
simons_js
on 05/04/2024, 13:05:20 UTC
the most important thing is that it's safe.
If you're using Bitcoin Core as a hot wallet, there's always the risk of online attacks. My advice: keep only amounts you're willing to risk in hot wallets (for daily use), and keep the rest in cold storage.
Also, make a few backups. I prefer different brand USB sticks. And once in a while make a new backup to include newer transaction labels.

Yes, thanks for your suggestion. I'm also planning to buy a hardware wallet in the next few months. Because I'm still in the bitcoin saving stage and currently don't have much bitcoin.

But I also started to think twice about using Bitcoin Core because the synchronization process takes a lot of time. It might be easier to use electrum. Does using multiple USBs also require having bitcoincore data on each USB?
Post
Topic
Board Bitcoin Discussion
Re: Would you advise a friend in the same way?
by
simons_js
on 05/04/2024, 09:21:06 UTC
This depends on how much money the company has. Is it company money or inherited money from his father?

I think your friend needs to divide the company's money in the bank into several priorities, such as: capital reserves, emergency reserves. If the company has remaining money from mandatory reserves, it can be used for investment. He also needs to divide investments into at least two things, such as low-risk investments and high-risk investments.

I know bitcoin has a high rate of return on investment, but bitcoin falls into the high-risk investment category. This is not a good choice for small company investments unless the company already has strong financial reserves.
Post
Topic
Board Bitcoin Discussion
Re: Feds transferred BTC from seized Silk road wallet to Coinbase
by
simons_js
on 04/04/2024, 22:47:58 UTC
This is great news and hopefully the price of bitcoin drops below $50k, then it will be a good time to buy bitcoin.

Sometimes the decline in the price of bitcoin is something to wait for, like waiting for the price to rise. Because the most boring thing is when the price is stuck and doesn't move  Cheesy
Post
Topic
Board Altcoin Discussion
Re: The most unique coin.
by
simons_js
on 04/04/2024, 22:38:56 UTC
It seems that before bitcoin there were other coins, but the concept was not as good as bitcoin so they failed. The most unique coin is just bitcoin, the rest are just imitations of bitcoin. Concept and uniqueness are only important to increase public trust so that coins can sell on the market. So the most important thing is people's trust in coins

I think so, and maybe my opinion is wrong
Post
Topic
Board Bitcoin Discussion
Re: $100,000 and $1,000,000 Bitcoin
by
simons_js
on 04/04/2024, 22:22:13 UTC
$100k is a logical price for now. But for $1 million? I have nothing to say. It will probably take at least another 15 years and we can talk about 1 btc = $1M
Post
Topic
Board Economics
Re: Neo-liberalism and the crisis of Capitalism
by
simons_js
on 04/04/2024, 22:13:10 UTC
So what keeps poor countries poor is developed countries and they don't want poor countries to get better because it doesn't benefit them.

basically it boils down to the western controls of FOREX

Yes, because the currency is not backed by gold reserves, the value of the currency is dominated by the power of western countries. That is a very detrimental thing. Apart from that, debt is also a problem. When poor countries' exchange rates weaken, their foreign debt will get higher over time.

One of the best solutions is to use fiat currency for local transactions only and use bitcoin and gold which have global prices for cross-border trade. Then the local currency may not be affected by forex. What is your opinion? Do you have a solution for this condition?
Post
Topic
Board Bitcoin Technical Support
Re: Why can't I retrieve the private key for my bitcoincore wallet address?
by
simons_js
on 04/04/2024, 22:07:05 UTC
is the only backup I have just the data in wallet.dat? is this safe?
I do not advise you to extract the private key, a.k.a master private key, as wallet.dat allows you to encrypt your private key with a password, and the stronger and unique it is, the more difficult to hack your wallet.

bitcoincore wallet is not a good option for beginners so why not use any SPV wallet like https://electrum.org or https://sparrowwallet.com where you get your 12 words wallet seed which can be easily stored offline.

Yes, for now I have used electrum because it is easier. But because Bitcoin Core is also one of the popular Bitcoin wallets, I also want to have it.

I'm also not interested in making modifications or other things, I prefer to use a wallet with standard functions and the most important thing is that it's safe. Thank you for the advice you gave
Post
Topic
Board Development & Technical Discussion
Re: Bitcoin Testnet and it's Functionality
by
simons_js
on 03/04/2024, 15:36:43 UTC
Do you think it is important to know Bitcoin Core features in depth? In the past, I had time to learn about Bitcoin Core but failed because I studied it autodidactically and didn't know this forum. I thought as long as I could keep my keys then everything would be fine. But do you think I need to study it more deeply? What benefits will I get or can I just keep the key and everything will be fine?
Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
simons_js
on 03/04/2024, 15:26:38 UTC
Buying bitcoins little by little and withdrawing them to a personal wallet is the most effective way. I've been doing it for a few months and now I think I'm pretty successful even though I only have a few bitcoins at the moment. But I hesitate to buy again when the price of bitcoin becomes too expensive. Do you have an opinion? Unfortunately I just found out about this forum, if I knew about it a long time ago maybe I would have more bitcoins. Even though I've known about bitcoin for a long time, I was hesitant to start buying bitcoin for a long time before finally deciding to start buying it on binance
I'm quite inquisitive to know how much bitcoin you've bought that makes you hesitant to continue buying now because you think the price has increased too much.

I know that feeling that comes when you've probably invested above your normal range and you kind of think you've arrived and don't need to accumulate more bitcon or the feeling might come  that you should necessarily slow down on your accumulation because you can't buy much with the little amount you've kept out for your DCAing. It's normal to feel that way but if you can continue more further it will go a long way in boosting your portfolio. Making few months of stacking is for me too short termed and I wouldn't advice you to relax on your buying. It's true if you had started buying earlier this year, the value you used at the time isn't worth what's currently obtainable at the moment but understand that this is not the last stop to how bullish the market will get to. The halving is just by the corner and the truth is that you've not stayed even up to a single circle and as a single person it's practically hard to believe that you've accumulated enough Bitcoin that might have put you in the fvk you status or give you the leverage of waiting for moment when it DIPs so you can take advantage of it and stack up more.

Maybe you you're looking for an answer to what's probably bothering your mind and let me come out plain. Should you still buy Bitcoin now that it's $66k? Absolutely yes. If you're still on your DCA routine it's never a bad idea to buy at the time you've set out so you don't risk procrastinating and waiting over and over again and then the market continues getting bullish and all you're left with is regrets and hope that Bitcoin does comes down in the future so you can buy. Make it a necessity never to miss out on your DCA plan so it becomes easier to get to your accumulation goal without emotions coming along your way as a major hindrance.


I don't have much bitcoin at the moment, I only started buying around the middle of last year. Since the price was above $50k I decided to stop buying and now the price is even higher. I'm still unsure whether to continue purchasing or not, I'm waiting for the price to return to $50k or at least below $60k. Although I am pretty sure bitcoin will reach $100k but buying bitcoin for $66k is still too expensive for me. I'm still waiting for the price to go down and will buy again.

Even so, I am also afraid that the price will get more expensive and miss this moment, but I am still confused and don't really understand bitcoin price analysis. I'm still waiting for the price development and keeping my money in cash, once I'm sure maybe I'll start buying bitcoin again. I will monitor bitcoin price movements this month before deciding to buy again
Post
Topic
Board Development & Technical Discussion
Re: Why can't I retrieve the private key for my bitcoincore wallet address?
by
simons_js
on 03/04/2024, 15:18:01 UTC
Thank you for the explanation, I don't understand it yet but I will try reading from the link you provided
Post
Topic
Board Development & Technical Discussion
Topic OP
Why can't I retrieve the private key for my bitcoincore wallet address?
by
simons_js
on 03/04/2024, 13:53:13 UTC
I used to have a bitcoincore wallet and kept my private key, but now I lost my private key and my wallet has no balance so it doesn't matter. But when I download the bitcoincore app and create a new wallet, why can't I retrieve the private key? is the only backup I have just the data in wallet.dat? is this safe?
Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
simons_js
on 03/04/2024, 13:43:33 UTC
Buying bitcoins little by little and withdrawing them to a personal wallet is the most effective way. I've been doing it for a few months and now I think I'm pretty successful even though I only have a few bitcoins at the moment. But I hesitate to buy again when the price of bitcoin becomes too expensive. Do you have an opinion? Unfortunately I just found out about this forum, if I knew about it a long time ago maybe I would have more bitcoins. Even though I've known about bitcoin for a long time, I was hesitant to start buying bitcoin for a long time before finally deciding to start buying it on binance
Post
Topic
Board Economics
Re: Neo-liberalism and the crisis of Capitalism
by
simons_js
on 03/04/2024, 13:30:56 UTC

Agree with you. Their suffering occurs because international capitalism is carried out by developed countries and poor countries become fields that are always exploited by developed countries.

So what keeps poor countries poor is developed countries and they don't want poor countries to get better because it doesn't benefit them.

This is not capitalism. This is colonialism you are talking about. Colonialism and capitalism were closely connected in the last few centuries, but  I don't believe that colonialism and capitalism are the same thing. You seem like one of the guys, who blame capitalism for everything.
Why don't the African countries build a bunch of communist egalitarian societies with a government owned command driven economy?
Completely removing capitalism out of the equation will solve the problem. Right? Grin What could possibly go wrong?
Do you really believe that African countries will become developed if the western countries suddenly disappear?

Colonialism no longer exists, colonialism has been abolished since 1945. Capitalism is a good economic concept but greedy and often miserable. The economic system of communism is utopian, no country has ever arrived at the ideal concept of communism.

If developed countries do not control natural resources such as oil, coal, etc. then that is good, although it cannot be a guarantee that the country will develop after being abandoned by developed countries.

No, I don't blame capitalism, and my dream is to become a capitalist because they often become rich people
Post
Topic
Board Economics
Re: Neo-liberalism and the crisis of Capitalism
by
simons_js
on 03/04/2024, 10:09:30 UTC
it is because of capitalism.. its your leaders that chose to favour international capitalism. (they get rich from the international community taking over domestic property, services, land) rather than domestic capitalism where they get rich from their own citizens growth

Agree with you. Their suffering occurs because international capitalism is carried out by developed countries and poor countries become fields that are always exploited by developed countries.

So what keeps poor countries poor is developed countries and they don't want poor countries to get better because it doesn't benefit them.