Bitcoin supply could GET BLOWN WAY ABOVE 21 MILLION! SEC gives more clarification on crypto! Bitcoin is slowly adopting fraction reserve banking and it SPELL TROUBLE!
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@John Ferreira relax all they’re doing is creating more Shitcoins… People want to secure value they’ll learn the hard way to keep it in Bitcoin… It’ll likely be just as easy and manageable to own Bitcoin directly….
No K with respect I want to mention a couple of different point of view .You d rather bitcoin be used as a currency not much as a store of value because it damage your mining farm privacy and revenue. As a store of value In the USA you possibly soon will be required to report it as gold miners do right now with their assets/transactions. As for the 21M not being an hard limit? This is not gonna happen because the CME or fractional btc coins are not bitcoin no matter how it gets obfuscated. Sorry my English is basic.
Anyone can currently buy a fraction of a Bitcoin so there’s no need for futures or loans or debt based on Bitcoin, that’s the same mentality that got the US into it’s current debt crisis. The whole point of decentralized digital assets/currencies is that they are transparent to the entire world market in real-time and can be purchased by anyone (with an account) in real-time. If people buy into this notion that a ‘paper’ IOU is better than owning their own piece of the Blockchain, then they do so at their own risk. I outline this with real world, crypto-based solutions at http://www.orca.digital so people can see how crypto can be used for good.
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Using BTC as currency, for me, at this moment, is a losing proposition. For a minute let’s forget about the volatility. Between Coinbase fees and an international transaction fees, I pay $6.84 per $100.00 purchase. If I want to lose paper money, I have a shredder. I have free checking and pay my, no annual fee, credit cards off monthly. Those are my daily currencies. Moving my insignificant savings into BTC keeps my money from being fractionally lent. Over time the 6.84% beat down will be a small price to pay. At least that’s the hope.
Haha That’s not MORE BITCOIN. That’s more claims/contracts/substitutes of bitcoin. And it’s easy to settle bitcoin, so centralized companies will keep trying to fractional reserve it until all those companies run into “bitcoin runs”, and they’ll either go out of business or correct their ways, and people who thought they owned bitcoin will lose a lot. 21M bitcoin is how it is and will always be. You’re twisting reality in your title and discussion. Eventually, the tech will get easy enough, and people will get burned enough to pull their bitcoins off centralized services and hold them. 3rd party services are security holes.–Nick Szabo. WHEN YOU HOLD 1 BITCOIN, YOU ARE HOLDING 1/21M OF THE ENTIRE BITCOIN SUPPLY. WHEN YOU DON’T HOLD YOUR BITCOIN, YOU DON’T OWN BITCOIN. YOU OWN A CLAIM ON BITCOIN. NOT THE SAME THING. IF YOU DEMAND PAYMENT IN BITCOIN, NOT SOME SUBSTITUTE, YOU ARE GETTING LIMITED REAL BITCOIN.
IF SOMEONE ELSE IS HOLDING YOUR BITCOIN, YOU DON’T OWN BITCOIN. YOU OWN A CLAIM ON BITCOIN. /FIN WHEN YOUR EXCHANGE OR YOUR “BITCOIN BANK” gets hacked or there’s a run on BITCOIN, YOU’RE STRAIGHT UP SCREWED. YOUR BITCOIN WILL GET BAILED IN. NOT YOUR KEYS, NOT YOUR BITCOIN.