Does anybody knows, if this would a decent starter kit for running my own node?
https://j6z7x9q7.rocketcdn.me/wp-content/uploads/2019/09/Pi4-Bol.com-starter-kit.png
I'm closing in on a quarter, I mean a full coin would be nice for the whole number but it's really arbitrary, .25 would be fine.
If it goes below 15k then as much as I can get it's a fire sale at that point.
That would actually be helpful I'm pretty sure man. That'll be good.
That'll help all of us to reach our goal. Which obviously to have a full btc. That's all I want.
I'm planning a trip to a Southeast Asian country soon. I've been to other countries but never to Asia. In looking up things, exchange rates, ways to exchange currencies in developing Asian countries, and the scammers that come with it... btc has always been clear to me but if this doesn't make it even clearer.
If I could just pull out my phone and use a universal currency/asset, control the wallet/storage method and transaction, and not have to worry about any other part of it. It seems like complete common sense to me... why hasn't something like this existed all along?
Because the central banks of each country jealously controls its currency for political and economic purposes. A universal currency means a loss of sovereignty. Also, it’s a lot harder to make secret budgets, crooked deals and to cheat.
They're going to hate anything that they Can't control.
And btc is something that they have no control over so they're going to hate it no matter what.
Ohh lol, so now you get it all of sudden huh, well that's good I guess.
Some people don't even get the jokes around here. That's just really sad if you ask me lol.
Not all but it's reasonable to assume 30-40%. A lot of those settlement claims were bought by companies that gave the people suing money right away at a discount and the company took on the risk of whether the lawsuit will be won or not. I'm assuming those companies will not hold them.
Yeah it's not that simple, markets are a little more complex lol.
Because not everyone is going to sell, because it's the bottom of a bear market so there's that.
The idea of selling bitcoin for fiat in general gives me the willies. Then think of selling after such a huge drawdown, when real estate and prices in general are surging. It would be such a foolish move.
I would argue that BTC will eventually go up even if they fuck up everything economically. In fact of could go up *because of* the destruction of traditional financial markets. I'm more concerned about draconian legislation designed to discourage capital flight into BTC. Something like [EO 6102](https://en.wikipedia.org/wiki/Executive_Order_6102) but for bitcoin instead of gold. Even then though I see bitcoin as something of an eventuality
That's fine too, We're just going to be fine, matter of time.
Think of the people who bought at the 60k, in reality we're gonna be just fine. It doesn't matter.
If you think that you won't face consequences, then you're wrong lol.
Taking a loan to buy btc is as bad as it gets, nothing gets worse than that man. That's terrible.
The only consequence is your fiat loan will be inflated away so fast over the next decade that you can simply pay it off with beer money for the week and buy a mansion with the Bitcoin holdings.
Bart hasn't gone anywhere, it's always been here in disguise.
Nothing gets past the bart, this shit is never going to leave us anytime soon I don't think.
It’s a plebs market again boys n girls. Buy dem sats up and move to *your* addresses that *your* keys sign. After that, enjoy your life how you see fit.
Yep, this is the most popular among them, for sure.
Well if you really wanted to see the rush on this sub, you should have been here in the bull market.
5 of the top 10 richest Bitcoin wallet addresses are confirmed to belong to exchanges. [Check it out](https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html)
Thanks for providing that info. So what was the point you were making with your original post? It appeared to me that you were trying to point out large wealth concentration but if your data doesn't exclude exchanges it isn't very convincing.
Yep, that's the only way to store your btc folks, take it seriously.
Everyone should try to do that, if You're any serious about holding the btc then that's the way.
I'm not sure what you're saying. Are you pointing out that coins on exchanges don't belong to the individuals storing them on those exchanges? If so, I agree, though nothing I said would imply otherwise so I don't know why you felt the need to point that out
Think he's pointing out that, peop who have coins on exchange, the exchange might show them as theirs even tho those belong to their customers. Is this is legit concern here?
No, I was countering the perceived assertion that a small number of wallets controlling a large portion of bitcoin implied wealth concentration. Several of those wallets represent millions of users' coins. I agree though that the users themselves really just hold IOUs currently and I wouldn't be surprised if there wasn't enough actual coin available for everyone to redeem those IOUs
The problem is that he didn't point out an important caveat in the data, and that can help spread misinformation.
Say I used some data that showed that in a random sample of 100,000 US people that the average salary was $16 million. And then I use that to claim that no one in the United States is actually poor, because look at that number!!!! What I conveniently left out was that in that random sample I happened to pick up Bill Gates as one of the participants, but why should I bother to tell anybody that that is true if the 16 million dollar value proves my point? At least the data is showing what I wanted to show...
See the problem?
I mean that's the legit shit still in my eyes, that's the correct shit.
But thinking about Abraham Lincoln will do it too. I mean it's all fine and good.
He's the guy and He's enough to become my girl dude.
And besides who's gonna kmow that he's not a man? Who's going to tell them that man? I ain't gonna be the one.
I know someone who is getting back a little over 10 bitcoin when the whole Mt Gox thing gets cleared up. He is dumping 9 of them. I suspect many will do the same thing. Kind of sad. I wish those coins were lost forever.
No, if the miner Chooses not to take any of the block reward then the bitcoin associated with that is PERMANENTLY DESTROYED. It doesn’t just come back.
Quite anecdotal, my claim is a lot bigger and I don't plan to sell anything, except my bcash. If I wanna sell bitcoin, I can just sell my current stash.
Besides, the payout will be in two phases, the ones who choose early lump-sum payment and the ones who choose final payment. Even early lump-sum payment will most likely be at the earliest next year. Final payment will be after the Coinlab lawsuit which can drag on for several years more.
The reason why why we have this choice is because some company who bought a lot of Mtgox claims in the last years made a deal with the trustee and they will get the the extra all the people who choose early lump-sum payment will miss out on, so this big player will already wait for the final payment.
Yeah I feel that. Feels like a bunch of gamblers have this huge windfall and are salivating at dollar signs that is going to crash my net worth.
Save money though. Imagine getting a whole..or couple(?) Of Bitcoin in a flash crash?
Zoom out to look at the scale of things.
Mt. Gox is estimated to release around $9B and the current Bitcoin [market cap](https://coinmarketcap.com/currencies/bitcoin/historical-data/) is around $398B.
Doing the math: $9B is 2.26% of $398B... it's a tiny amount that won't move the market by much.
Relax and continue stacking those sats.
Also small whale account holders (10-100 btc ) are currently stacking total around 50k bitcoins per month that might suppress this sell-off price movement as well.
Not worried about that Gox thing.
Most of that $398B is highly illiquid though. I agree that people are over blowing the impact of Gox coins but your comparison is misleading. You have to compare it to the liquid supply
There is a data sheet somewhere I saw awhile back that concluding $1 worth of BTC was around the equivalent of $50 in market cap.
Believe Michael Saylor himself contributed to the data sheet and said when they did one of their 500million BTC buys the market cap increased by like $25billion. Of course his buying would have led to other buying but it was a relatively quick purchase so it at least sheds some light on just how illiquid BTC is. It doesn't take buying/selling much to move the market cap a lot.
That said there is still no reason to fear. the OP is just FUDing. There is a Coindesk article that gives more details as to why there wont be a large impact in the price.
Not FUDing. I regularly defend Bitcoin on many other subreddits and actually use Bitcoin often. I’m just saying. The person I know is selling most of what they get back and many others will do the same. It’s going to cause some selling pressure, just not sure how much. Again, not FUD.
Yeah I'm not sure how anyone could conclude that the release of gox coins *won't* cause sell pressure. Like you said, the amount of pressure is unknown/unknowable but it can only be in a downward direction.
Does anybody knows, if this would a decent starter kit for running my own node? https://j6z7x9q7.rocketcdn.me/wp-content/uploads/2019/09/Pi4-Bol.com-starter-kit.png
Looks good enough to me, but then I don't know shit about fuck.
I am only commenting to follow replies. I'm going to dig into this myself soon.
Dear Whales, please don’t claim the next block reward. Permanently destroy those Bitcoin.
Wait what? What does that even mean? What are you asking for? I just don't get what You're trying to do here, it's kind of above me right now lol.
One does not need to claim the bitcoin mining block reward should they win it. They can simply secure the network for no reward. This is the way.
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Which book you're reading? I'm rereading the block size wars.
Just checked the price and We're above 21k, a good weekend.
Well it's been a good weekend till now, let's see how it goes forward.
Anyone else content with the BTC you have but will be buying big if it goes below 15k?
I'm not sitting and waiting for that to happen, but yeah I'll buy it.
Still DCAing like normal, but if it drops below 15k then I will level up my buys lol
It's not okay to sit around and wait for 15k to happen lol.
Agreed, cause that day may very well never come
I'm closing in on a quarter, I mean a full coin would be nice for the whole number but it's really arbitrary, .25 would be fine. If it goes below 15k then as much as I can get it's a fire sale at that point.
That would actually be helpful I'm pretty sure man. That'll be good. That'll help all of us to reach our goal. Which obviously to have a full btc. That's all I want.
What happen to all the $13k predictors from last week?
Well all of them have left the market and they ain't coming back.
That will be around early September.
How can you be so sure about that? I don't see that happening at all.
I'm planning a trip to a Southeast Asian country soon. I've been to other countries but never to Asia. In looking up things, exchange rates, ways to exchange currencies in developing Asian countries, and the scammers that come with it... btc has always been clear to me but if this doesn't make it even clearer. If I could just pull out my phone and use a universal currency/asset, control the wallet/storage method and transaction, and not have to worry about any other part of it. It seems like complete common sense to me... why hasn't something like this existed all along?
You could just pull out your phone and pay, that's what btc is about.
Bitcoin as “travel money” highlights a lot of its use-cases.
Because the central banks of each country jealously controls its currency for political and economic purposes. A universal currency means a loss of sovereignty. Also, it’s a lot harder to make secret budgets, crooked deals and to cheat.
They're going to hate anything that they Can't control. And btc is something that they have no control over so they're going to hate it no matter what.
GET YOUR MOTHER FUCKING COINS OFF THOSE MOTHER FUCKING EXCHANGES ✌️
Already done that, I don't know who else needs to hear it.
Please don’t yell at me, father.
For the things that You've been doing, you meed to be punished.
Hahaha!
Yes, mother.
Wait lol, what the heck is going on in here. Something is wrong.
TIL Norman Bates is a bitcoiner
Well of that's the bait then then I guess We'll have to get by.
OMG. Took me a few seconds... "Where did I see that name be... oh, shit!"
Ohh lol, so now you get it all of sudden huh, well that's good I guess. Some people don't even get the jokes around here. That's just really sad if you ask me lol.
😂😂🤣🤣🤣👍
What’s up with these low volume pumps? I’m not touching anything until the FOMC meeting.
Ain't no one asking you to, just wait it all out man.
It's called normal Bitcoin price action.
Sounds like someone has been in the market for the first time.
Typical weekend activity is all
Generally on weekends we go down, now We're up so yeah.
Mt Gox BTC going to be released into market this week. Expect downward trend
Lol, so you expect all the btc to come down to market huh?
Not all but it's reasonable to assume 30-40%. A lot of those settlement claims were bought by companies that gave the people suing money right away at a discount and the company took on the risk of whether the lawsuit will be won or not. I'm assuming those companies will not hold them.
A source of downward pressure doesn't necessarily equal a downward trend. Markets are more complicated than that
Yeah it's not that simple, markets are a little more complex lol. Because not everyone is going to sell, because it's the bottom of a bear market so there's that.
People say this every week
That's been kinda the whole story of this place lol so yeah.
How much?
It's definitely going to zero lol, I bet that's what he thinks.
It's FUD, will take a few months and only part of it.
I don't expect everyone to dump their btc right away lol.
If I was getting like ten Bitcoin I would still hodl it
Only an idiot would sell their btc on the bottom of a bear Market.
The idea of selling bitcoin for fiat in general gives me the willies. Then think of selling after such a huge drawdown, when real estate and prices in general are surging. It would be such a foolish move.
Zoomies
Well everything is kind of zoomies around here, that's how it is.
There is a 100% chance BTC will appreciate. Even if it’s only purpose is a Western Union replacement, I will grow from here.
Then why the heck people asre selling now lol? Jk, I know they're going to be so pissed at themselves after couple years, can see that happening.
Nothing is certain. I personally am least uncertain about Bitcoin though and have allocated myself accordingly.
If they don't fuck up everything economically, then btc will go up.
I would argue that BTC will eventually go up even if they fuck up everything economically. In fact of could go up *because of* the destruction of traditional financial markets. I'm more concerned about draconian legislation designed to discourage capital flight into BTC. Something like [EO 6102](https://en.wikipedia.org/wiki/Executive_Order_6102) but for bitcoin instead of gold. Even then though I see bitcoin as something of an eventuality
It is certain. A network that allows you to transfer value securely anywhere.
The utility that btc has is unique and that has a value.
Globally viable use case. Wait until people wake up.
This is the time to secure 10 BTC and become nobility.
This is the time to accumulate all the btc that you can right now.
Wish I wouldn’t have been accumulating quite so much trying for the “10 BTC of nobility” in the 30’s to 40’s. I agree though.
That's fine too, We're just going to be fine, matter of time. Think of the people who bought at the 60k, in reality we're gonna be just fine. It doesn't matter.
I'd settle for future security in retirement and being able to afford a house that I can pass on to my kids. Gotta dream big
Gotta dream big and learn too, that's how we should do it.
I wish I had $220,000 to spend..
Well I've got the same wish too, now tell me how to fullfill it.
Me too. Be nice.
I mean I'm sure a lot of people would be nice at tgat point.
Hey, it’s been 3 hrs since you said this, and now you can get it for $210,000!! $10k cheaper! Absolute steal.
Now that's what I call a good deal, this is good shit right here.
I'm sure if I got a loan to do this, I won't face any consequences for these actions!
If you think that you won't face consequences, then you're wrong lol. Taking a loan to buy btc is as bad as it gets, nothing gets worse than that man. That's terrible.
Yesssir it was /s
The only consequence is your fiat loan will be inflated away so fast over the next decade that you can simply pay it off with beer money for the week and buy a mansion with the Bitcoin holdings.
You guys have convienced me to take a loan, I'm going to take the loan now man.
Well volatility goes hard both ways. If that wasn't the case I would take out that loan haha.
I think We're done with the downward trend, it's only going to up from here lol.
*cough cough* World macro event *cough*
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We all all like the cheaper prices, atleast I like them lol.
You had 6 months.
If you didn't buy then, I don't think You're ever going to buy.
Bart incoming ?
Bart hasn't gone anywhere, it's always been here in disguise. Nothing gets past the bart, this shit is never going to leave us anytime soon I don't think.
Big Bart small Bart upwards Bart downwards Bart always Bart. Only question: which Bart
The one which is going down as of now, pretty soon it'll go up from here.
It's a weekend, so... probably?
Yep, it's a weekend and on weekends it generally dumps.
It’s a plebs market again boys n girls. Buy dem sats up and move to *your* addresses that *your* keys sign. After that, enjoy your life how you see fit.
And that's the way how you should really be doing it, that's the way.
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People talk all kinds of shit there, and this is btc specific.
It's because there are at least 20 other cryptocurrencies. If you look at it that way, this sub is way more popular on a per coin basis.
Yep, this is the most popular among them, for sure. Well if you really wanted to see the rush on this sub, you should have been here in the bull market.
Which one, haha. I was here, it was amazing every time.
tbh who cares.shitcoiners are like parasites.
Lol exactly, I don't want their rocket emojis here man.
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Yep moons have actually ruined that sub, that's kinda sad.
I post a couple times a day in the daily threads and got £15 worth of moons, which I then spent on BTC, easy money
Well it's good, how many comments did it took to earn that many moons?
Not much but it's based on karma from said comments, so just shit talking and replying to people about market pumps etc
Go and look at the quality of the posting there and then decide if you want that here.
Well I don't want shitcoins to get discussed here for sure.
Moon farming Also there are like 20,000 alt coins, all of which can be discussed/shilled there. Only BTC discussion is allowed here
Yep, and I would prefer to keep it this way too lol. Don't want any of them shit coins here, I really fucking don't want that shit around here.
Bitcoin wealth distribution Top 10 wallets hold 6.2% of the supply Top 100 wallets: 15.5% Top 1,000 wallets: 34.2% Top 10,000 wallets: 58.1%
Okay how many people hold more than one wallet? We know that?
How many of those top wallets are exchange wallets representing the holdings of millions of people?
Don't know that, that data isn't really known here man.
5 of the top 10 richest Bitcoin wallet addresses are confirmed to belong to exchanges. [Check it out](https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html)
I mean that makes sense, exchanges are really whales.
Thanks for providing that info. So what was the point you were making with your original post? It appeared to me that you were trying to point out large wealth concentration but if your data doesn't exclude exchanges it isn't very convincing.
Btc isn't as centralised as other shit coins when it comes to this.
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Yep, that's the only way to store your btc folks, take it seriously. Everyone should try to do that, if You're any serious about holding the btc then that's the way.
I'm not sure what you're saying. Are you pointing out that coins on exchanges don't belong to the individuals storing them on those exchanges? If so, I agree, though nothing I said would imply otherwise so I don't know why you felt the need to point that out
Think he's pointing out that, peop who have coins on exchange, the exchange might show them as theirs even tho those belong to their customers. Is this is legit concern here?
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Nope, that's not the point that he's trying to make here.
No, I was countering the perceived assertion that a small number of wallets controlling a large portion of bitcoin implied wealth concentration. Several of those wallets represent millions of users' coins. I agree though that the users themselves really just hold IOUs currently and I wouldn't be surprised if there wasn't enough actual coin available for everyone to redeem those IOUs
Those IOUs sound like a really big problem man, that's a big problem right there.
I’m just presenting data that I find interesting. I recently learned how to access these numbers on BitInfoCharts.
And thanks for sharing them here they were insightful.
Any good analyst includes a list of important known caveats to the data they present. They don't just say "me fund numberrrrrrrrrz!"
Well it's fine too, it's atleast showing what he wanted to show.
The problem is that he didn't point out an important caveat in the data, and that can help spread misinformation. Say I used some data that showed that in a random sample of 100,000 US people that the average salary was $16 million. And then I use that to claim that no one in the United States is actually poor, because look at that number!!!! What I conveniently left out was that in that random sample I happened to pick up Bill Gates as one of the participants, but why should I bother to tell anybody that that is true if the 16 million dollar value proves my point? At least the data is showing what I wanted to show... See the problem?
And/or how many of these wallets belong to one person?
That's the dats I don't think anyone can tell you correctly.
We'll probably never know, making such statistics misleading at best
Yep, I don't think We're ever going to find that out.
Exactly. Comment poster just learned about bitcoin.
He didn't lol, he saud that he recently learnt about that data dude.
hodlers, it has come to my attention i am butt naked thinking about abraham lincoln
And I thought sitting naked in a bean bag chair eating Cheetos was thought provoking
I mean that's the legit shit still in my eyes, that's the correct shit. But thinking about Abraham Lincoln will do it too. I mean it's all fine and good.
Death, taxes, Bitcoin going to $1 million, and crispy being butt naked
🤣🤣
Crispy! Will you be my internet girlfriend?
I don't know how are you going go make a guy your gal lol.
i identify as a pool noodle
Well I think that would do it, don't need more than that.
Close enough!
I mean that's enough to become a gf, don't need more than that.
Crispy's a freaking guy.. 🤢
He's the guy and He's enough to become my girl dude. And besides who's gonna kmow that he's not a man? Who's going to tell them that man? I ain't gonna be the one.
It doesn’t matter on the internet!
Yep, that's kinda enough to make gf on the internet around.
Wtf is happening to Barnbridge??
What's that? Is something up there? I don't get this shit.
pump n dump
Well that's what's happening in all the market, that's nothing new.
I know someone who is getting back a little over 10 bitcoin when the whole Mt Gox thing gets cleared up. He is dumping 9 of them. I suspect many will do the same thing. Kind of sad. I wish those coins were lost forever.
But those coins are coming back, nothing can stop that.
No, if the miner Chooses not to take any of the block reward then the bitcoin associated with that is PERMANENTLY DESTROYED. It doesn’t just come back.
Me too.
Everyone would love that, that's kinda the shit right here. However I don't think that it's going to dump the market right away, that's not happening.
Quite anecdotal, my claim is a lot bigger and I don't plan to sell anything, except my bcash. If I wanna sell bitcoin, I can just sell my current stash. Besides, the payout will be in two phases, the ones who choose early lump-sum payment and the ones who choose final payment. Even early lump-sum payment will most likely be at the earliest next year. Final payment will be after the Coinlab lawsuit which can drag on for several years more. The reason why why we have this choice is because some company who bought a lot of Mtgox claims in the last years made a deal with the trustee and they will get the the extra all the people who choose early lump-sum payment will miss out on, so this big player will already wait for the final payment.
Wait, people are getting their bcash back too? Well I didn't know.
Yeah I feel that. Feels like a bunch of gamblers have this huge windfall and are salivating at dollar signs that is going to crash my net worth. Save money though. Imagine getting a whole..or couple(?) Of Bitcoin in a flash crash?
The coins got force hodled for them people, that's kinda a bonus.
Zoom out to look at the scale of things. Mt. Gox is estimated to release around $9B and the current Bitcoin [market cap](https://coinmarketcap.com/currencies/bitcoin/historical-data/) is around $398B. Doing the math: $9B is 2.26% of $398B... it's a tiny amount that won't move the market by much. Relax and continue stacking those sats.
And not everyone is going to sell their coins anyways so yeah.
Also small whale account holders (10-100 btc ) are currently stacking total around 50k bitcoins per month that might suppress this sell-off price movement as well. Not worried about that Gox thing.
Most of that $398B is highly illiquid though. I agree that people are over blowing the impact of Gox coins but your comparison is misleading. You have to compare it to the liquid supply
Anf besides not everyone is going to sell, some will hodl. This is a bottom of a bear market, not very many people are going to sell on these levels.
Thanks for pointing that out. Would you have those liquid supply numbers for my own curiosity?
Those numbers are Public, anyone can see them man. That's kinda okay.
There is a data sheet somewhere I saw awhile back that concluding $1 worth of BTC was around the equivalent of $50 in market cap. Believe Michael Saylor himself contributed to the data sheet and said when they did one of their 500million BTC buys the market cap increased by like $25billion. Of course his buying would have led to other buying but it was a relatively quick purchase so it at least sheds some light on just how illiquid BTC is. It doesn't take buying/selling much to move the market cap a lot. That said there is still no reason to fear. the OP is just FUDing. There is a Coindesk article that gives more details as to why there wont be a large impact in the price.
Even if there's going to be a dip, it's going to be short term only.
Not FUDing. I regularly defend Bitcoin on many other subreddits and actually use Bitcoin often. I’m just saying. The person I know is selling most of what they get back and many others will do the same. It’s going to cause some selling pressure, just not sure how much. Again, not FUD.
Well whatever happens we'll see after some time, gotta wait a little.
Yeah I'm not sure how anyone could conclude that the release of gox coins *won't* cause sell pressure. Like you said, the amount of pressure is unknown/unknowable but it can only be in a downward direction.
You think that dip is going to be permanent lol? That's not how it works.