There's one thing that troubles me with Bitcoin. Can you

This is the secret you're not being told.

Enjoy the run while it lasts, but it will end.

bump for truth

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>>2406026
>10%
Where'd you come up with that Einstein?

Nobody fucking needs to know where a lot of these coins are. Supply and demand. Also, no matter how limited the supply becomes, you can still buy fractions of coins. It's not like 99% of the coin is going to be forgotten, especially with advancing techniques in storage etc. Only fags lose their coins, the rest of us keep track of our shit.

>>2406026
Because 1 bitcoin is divisible to tiny amounts, it literally doesnt matter. Even if all that was left was half a bitcoin, it literally would not matter because we can deal in satoshis and the value will scale according to demand/supply

>>2406026
>Inflationary
>should be

Just because you grew up in an era where we fucked up gov currencies hard, doesn't mean that's the best way we can do it

You make a fairly good point. Bitcoin is like if there were a fixed amount of paper money (ie, no more printing money and only paper money allowed). Over time, people lose dollar bills or misplace their wallets of cash, etc. So theoretically given enough time, all the bitcoin eventually gets lost due to mistakes.

However, the silver lining here is that this makes bitcoin inherently deflationary. The value of your buttcoin will go up as money is accidentally removed permanently from the market. On the other hand, I think the ease of losing your wallet is a significant barrier to entry for normies. Sure, it's no problem for tech-savvy people, but think of your boomer parents who can barely operate a microwave. Do you really think a ton of these people aren't going to fuck up and lose everything because they lost their keys or forgot to backup their harddrive or a hacker got into their computer and they didn't secure their shit?

>>2406992
I think as time goes on and bitcooin becomes more established throughout the world, we'll start seeing more institutions that solve the problems of risk by actually being able to store your money like a bank without just getting to say "lol sry it's gone now!" Think of it like a parallel to physical money. Back in the day, banks didn't have any customer protection either. Look at how everyone lost their shit in 1929.

The issue, however, is that the banks will try implementing some form of fractional lending. They can't do it directly, as with fiat money, but they could take bitcoin and give people "tokens" exchangeable for bitcoin, and then lend out 10 tokens for every bitcoin they receive. And then we'd have a lot of the same problems as today. Best analogy I can think of is paper gold, where the market is all fucked up because people have paper bullshit they think is equivalent to and backed by gold, when in reality, the exchanges don't actually have enough gold for all the paper they're printing out.

>>2407022
Satoshi is the smallest amount, so if there was half a bitcoin left at current market cap that would mean that 1BTC = 90 billion dollars and 1 satoshi = 900 dollars

so... no, it wouldn't work out well

>>2407141

>the ease of losing your wallet is a significant barrier to entry for normies. Sure, it's no problem for tech-savvy people, but think of your boomer parents who can barely operate a microwave

This.
The only reason BTC is still under $100k per coin is because only 1% of the population has the know-how to even own BTC.
And this is how it's going to remain until government or some corporation makes cryptocurrency so accessible that it pretty much destroys the whole concept and we have banks and Paypals again, getting rich with our bitcoin.

>>2407259
The division of one bitcoin into 100.000.000 satoshis is just an arbitrary chosen number, though. If all that was left was really only half a bitcoin, the network could agree to a new code in which that half bitcoin could be divided into 10^x parts, with x being any number you like.

I've never tried to buy bitcoins. I need some advice. Where do you guys buy them.

>>2408095

Buying them is tricky and shady, I have to admit.

You have to register to cryptocurrency markets, basically private companies.
In order to buy anything you need to submit your driver's licence, phone number, address, even a damn electricity bill.
I tried to register to Kraken 3 weeks ago and my information is still being processed.

I can't believe the public will accept this kind of hassle just to get virtual money.
But luckily there could be a physical bitcoin atm near you, even though these machines sell you bitcoin at a higher price.

>>2408384
Drivers licence, phone number address AND electricity bill to by fucking buy bitcoins? Why.

Damn did expect that to be that complicated.

>>2409005
*didn't

>>2409005

Yeah, exactly. Apparently the companies are required by law to monitor currency transactions. I still think it's BS and I wonder why BTC isn't cheaper because of this.

>>2406026
>FBI, for example, has confiscated bitcoins from criminals in amounts I can't even imagine
have they thrown any away? i thought they auctioned them

>>2409331
So basically BTC transactions are pretty observed by the government? Like artificial DNA? Easy to back trace.

Coinbase is down again and I can't even buy BTC lol.

>>2408095
coinbase lets you buy btc. didnt ask me for any license, just credit card info to buy them

>>2411751

Yeah but coinbase is unreliable and shit if you ask me.

I've used it 3 times and only one time happened without error messages.

>>2411751
never ever just post your CC info in internet ..


On a side note, how big is the chance of you going to a scrap yard and take all the hard drives you can find and try to acces them and look for a wallet ?
is this doable ? or are there passwords you cant open ?

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>>2411881
Pretty sure this happens in parts of Africa, i remember last week some anon was saying how he through away like 20BTC he bought years ago stored on a old pc when they were worth like a dollar a coin.

>>2412059
lucky me i live in the netherlands and scrapyards dont look like that haha !
Is it easy to recover a hard drive ? can i just take it out of an computer and attach it to mine at home ?

really wondering if this is worth the effort

>>2412152
i think all you need is a sata and IDE cable, also the hard drives may be password protected but apart from that i suppose you can, though i have no idea on how to recover the coins.

>>2412403
also wouldn't most of it be corroded after sitting in the rain for so long?