What's the breaking point for Bitcoin?

[Graysonhogs]

What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.

Sounds like this thread was yours.
Calm down, you're scaring the kids.

[Playa]

Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting

Bitcoin is capped at 21 mill coins, currently there are 19M that have been mined leaving only 2M un-mined.

[RiverRat1]

Bitcoin is capped at 21 mill coins, currently there are 19M that have been mined leaving only 2M un-mined.

I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.

[SharpEnd]

The code only allows for mining of 21M coins. That's it. It is hard-coded in.
Are companies (exchanges, platforms, etc) floating more than that? Maybe likely.
But as far as the actual blockchain, there cannot be any more than 21M.

[IvoryRoot]

Looks like your breaking point is reading too many breaking point threads

Someone get okrattler a cold one.

[wes122984]

I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.

FYI I do think Robinhood just now finally enabled crypto withdraws/transfers. Got an email about it from them a few days ago.

[Neuse]

What is the best way to purchase Bitcoin?
The best crpyto wallet?

[SharpEnd]

What is the best way to purchase Bitcoin?
The best crpyto wallet?

I like Gemini, but Coinbase is fine as well.

Numerous choices for wallets, depends on whether you want software or hardware, desktop or mobile, etc.
Here's a good resource for info, from a bitcoin dev:

https://lopp.net/bitcoin-information/recommended-wallets.html

[Neuse]

Thank you sir, that is a lot of info in that website.
Is it safe to trust what they are posting?

[SharpEnd]

Yes

[SharpEnd]

He is a very well respected bitcoin developer and online privacy / security expert. I trust his info, recommendations, and definitely check to make sure that the links are going to the right place but the products/services are all solid.

[RiverRat1]

I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.

And there it is! Apparently FTX - the second largest crypto exchange, owned zero (yes none) bitcoin. Looks like everyone was trading nothing. Big scheme.

I knew it had to be this way. There are simply more people that think they own bitcoin when they do not.

IMO - it's a risky play but once everyone on a few other exchanges transfers their Bitcoin to a cold wallet the price will run incredibly high. Even if just FTX were forced to buy bitcoin to give to clients that supposedly owned it on their exchange it would rocket.

It's wild to think because what if there are 50 million on exchanges and once people catch on they all try moving to cold wallet? Price goes to 1 million? 10 million? It's this or all exchanges go bankrupt. But I don't think US based companies can just go BK and not pay out like FTX will most likely do.

[JDH875]

Well, I'm not sure about Bitcoin's breaking point but I guess we know where FTX's breaking point was!

[donpablo]

And there it is! Apparently FTX - the second largest crypto exchange, owned zero (yes none) bitcoin. Looks like everyone was trading nothing. Big scheme.

I knew it had to be this way. There are simply more people that think they own bitcoin when they do not.

That’s crazy but I bet you’re right.

[voke]

FTX was just another democrat laundromat.