Bitcoin

So close. Also, nice.

Oh, coinbase went down again. Interesting. 

$70,052

Justin’s alerts prolly went off in the night

I need price to stay sideways or drop back down into the 60s for the next week or two. We've cleared up a chunk of cash that we're going to use to buy with the intent to sell during this cycle for purposes of kicking off our move to the country. We'll see how this goes.

Oh, man. This guy really got me thinking...

LMAO pic.twitter.com/HfvDbsdYM9

— Richard “Dick” Whitman (🌎/21M) (@GhostofWhitman) March 11, 2024

posted by justincredible

Oh, man. This guy really got me thinking...

LMAO pic.twitter.com/HfvDbsdYM9

— Richard “Dick” Whitman (🌎/21M) (@GhostofWhitman) March 11, 2024

https://www.instagram.com/reel/C4Lnv7Upstv/?utm_source=ig_web_button_share_sheet&igsh=MzRlODBiNWFlZA==

Gino is one of the best follows out there.

Tumble

It’s over. It’s going to zero. 

posted by justincredible

It’s over. It’s going to zero. 

Funny rich man

What made it drop so much overnight?

posted by Ironman92

Funny rich man

What made it drop so much overnight?

More people selling it than buying it  

posted by justincredible

More people selling it than buying it  

To go down that far from when I checked that evening seems like it was planned, not that it would matter.

I have nothing in it…just interests me

posted by Ironman92

To go down that far from when I checked that evening seems like it was planned, not that it would matter.

I have nothing in it…just interests me

The CEO of Bitcoin decided to give everyone a discount  

Can someone give me a dumbed-down version of halving? Does this mean prices will go down?

The halving just means that the number of bitcoin generated (or "mined") with each block is cut in half. So when bitcoin was released in 2008 it was 50 bitcoin per block were mined. Then in 2012 it was cut to 25 per block. Then in 2016 it was 12.5 per block. It's been 6.25 per block since 2020. Once the halving happens in April it will be cut to 3.125 bitcoin per block.

In 2028 it will be cut in half again, so just over 1 bitcoin will be mined every 10 minutes. And again in 2032, and so on, and so on, until 2040 when it essentially gets halved to 0. This is the mechanism in which bitcoin is capped at 21m.

Does this make sense?

Historically, prices tend to increase post halving for about 12-18 months and then drop. 

posted by justincredible

The halving just means that the number of bitcoin generated (or "mined") with each block is cut in half. So when bitcoin was released in 2008 it was 50 bitcoin per block were mined. Then in 2012 it was cut to 25 per block. Then in 2016 it was 12.5 per block. It's been 6.25 per block since 2020. Once the halving happens in April it will be cut to 3.125 bitcoin per block.

In 2028 it will be cut in half again, so just over 1 bitcoin will be mined every 10 minutes. And again in 2032, and so on, and so on, until 2040 when it essentially gets halved to 0. This is the mechanism in which bitcoin is capped at 21m.

Does this make sense?

Yeah. Thanks. 

Also, I mistyped, it's 2140 when the last bitcoin is mined, not 2040.

Here's a pretty good video on the halving.

If you are confused about the #Bitcoin Halving (*cough* Robert Kiyosaki *cough*) watch this two minute video.

You will no longer be confused, and you will learn an interesting fun fact you can use to annoy people at parties. @titcoinpodcast

pic.twitter.com/J2S6Rw0Ut9

— Walker⚡️ (@WalkerAmerica) March 26, 2024

Just bought my first bitcoin that I don't plan on holding for 12+ years and it's a little weird. We switched some investments around and have a decent chunk of cash we're putting into bitcoin for the short term. Just for this cycle (depending on how it goes), which will eventually be used for buying land and/or putting towards building a house.

This could go a long way towards our plans if this cycle plays out anywhere close to where I'm expecting. My worst case scenario is still better than putting it in a high yield savings account (we've got a smaller chunk in a 5ish% savings account right now). Best case scenario we get very close to "retirement" in that all of our debt would be paid off. In this scenario I would consider selling some of my longterm stack in order to be free and clear in our new house.

I expect the current sideways action to go on for a bit longer. Grayscale has been selling off a lot of their bitcoin (I think around 300k so far) and still have about that many left. No clue how much more they are planning to sell, but there seems to be plenty of supply for the near term. Of course it was down to $63k while we were waiting on the checks to come in, but was already back to $69k by the time I was able to buy. I'd love another big drop before my next 3 buys, but I have trigger prices to buy either way.

Has anyone ever used River to buy/sell? I've had a good experience so far. I usually buy from Swan but they don't have a sell button so I went with River since they are also bitcoin only.