I simply felt like sharing it since it feels like a small personal victory :D \ stacker news ~bitcoin

I simply felt like sharing it since it feels like a small personal victory :D

1697 sats \ 17 comments \ @Fabs 16 Apr bitcoin

Guess what? I was just watching the news and witnessed the (stock market) commentator's comments on the upcoming halving. I've summarized the best parts below:

"I think that the halving on it's own is already priced in, but whenever a supply goes down, while it's demand stays or increases... Well, as we've seen with the last halving's, the price increases. Simple economics."

"There seem to be only 21M bitcoin, of which ~20M are already mined"

"I don't think that Bitcoin's merely a hype anymore, Ronald. I've stated it [Bitcoin] was once in 2018, and have chosen to stay put about it [Bitcoin] ever since, which is something that many other economists should be doing as well."

"After all, it's [Bitcoin] been going onwards and upwards for more than a decade now, Ronald."

"Moreover, I think that people are starting to distrust currencies like the Euro and the Dollar, and that's mainly because of the horrendous tempo in which these are printed at."

"Therefore, people are starting to look for alternatives, and Bitcoin seems to be one".

No biggie, one would say, but: this news outlet has been very negative in regards to Bitcoin for years now, and especially the latter surprised me.

Are they finally turning 🧡?! 😶‍🌫️🥰

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229 sats \ 6 replies \ @Undisciplined 16 Apr

One of the things I keep seeing being discussed incorrectly is what the halving means for Bitcoin supply. Since Bitcoin is a durable good, it's supply is not equivalent to the amount being produced currently. All we can say is that, other things equal, the halving reduces the rate of supply increase.

Bitcoin's supply is the entirety of what's available for trade. This is actually a really difficult quantity to estimate, because of the unknown amounts of Bitcoin that have been lost and the amount being truly hodl'ed.

New production is a very small share of total Bitcoin, so whether the supply is increasing or decreasing is almost entirely related whether hodl'ers are becoming more or less willing to use their Bitcoin in transactions.

40 sats \ 2 replies \ @kepford 16 Apr

halving reduces the rate of supply increase.

Exactly. Details matter here.

We are still so early in Bitcoin's existence that the things you mentioned aren't in my opinion having the impact that emotion has. There is a lot of fear and greed but little understanding. Gonna take many years to change.

Few. Few get it.

95 sats \ 0 replies \ @Fabs OP 16 Apr

"Few. Few get it."

Absolutely, you had to hear the way he said "There seem to be only 21M bitcoin, of which ~20M are already mined", like "Can you believe that?! Damn."

And then those are guys that make their living with financial markets and the likes... Imagine the average Joe.

65 sats \ 0 replies \ @Undisciplined 16 Apr

I don't think we're disagreeing, but you're making a really important point that I overlooked.

The supply curve does shift around whenever sentiments of Bitcoin owners change and those are still highly volatile. That's part of what I was thinking about when I was talking about hodl'ers, but of course it applies to anyone whose reserve price is changing.

40 sats \ 2 replies \ @Fabs OP 16 Apr

In other words:

The daily total sum of newly mined Bitcoin can be cut in half, but that doesn't mean that the available "supply" is automatically cut in half as well.

After all, the total available supply to be bought isn't static, as it can double, triple, or be reduced to a tenth of what it was a week ago.

Correct?

0 sats \ 1 reply \ @Undisciplined 16 Apr

Exactly. I'm certainly no expert on this, but I've seen people attempt to estimate the currently available supply and it's very small. That's why so many people expected rapid price growth when the ETF's launched.

40 sats \ 0 replies \ @Fabs OP 16 Apr

I think it's only going to really pop once the OTC-desks run dry, and have to resort to the open market.

0 sats \ 0 replies \ @Coinsreporter 17 Apr

The commentator is right about Halving. In any case the supply of newly mined coins decrease 1/2 and it does make Bitcoin more scarce, at least for the miners. They now need to fuel it with more energy, more product cost, and it's simple economics, why woyld someone sell at lower cost if a thing is as durable as humanity in itself.

0 sats \ 1 reply \ @TheWildHustle 16 Apr

You'll look back and probably say that this was the bull signal that you should've sold your couch for.

"Become one of us, one of us!"