BITCOIN

Thrugelmir

RolandFlagg said:

This is what Bitcoin is doing for people outside of the first world.

From Reddit:

"Bitcoin and lightning have just done something fiat couldn’t for me

My mom flown all the way from Asia to Europe to see me this morning. She has a prepaid phone with some money in it. All the money got burned the moment she landed because she forgot to turn off data roaming.

She couldn’t recharge the phone as she’s super low tech and now in a foreign country. Luckily, a fellow traveler texted me to let me know she couldn’t contact me at all, not even receiving international calls because the phone is out of cash for roaming.

I went onto bitrefill, chose Vietnam, her mobile provider, input her phone number and recharged her phone with 40k satoshi using Muun wallet. All within 2 minutes. I couldn’t have done this with my credit card because the Asian service provider wouldn’t have accepted my European credit card. I didn’t want to jump through their KYC hoops either. Didn’t have to with bitrefill.

Thank you Bitcoin and lightning developers and community for making communication possible for me and my mom today!

Bitcoin is for global citizens"

Wow that's impressive. How did we use to cope in such situations? 

Section62

RolandFlagg said:

This is what Bitcoin is doing for people outside of the first world.

From Reddit:

"Bitcoin and lightning have just done something fiat couldn’t for me

My mom flown all the way from Asia to Europe to see me this morning. She has a prepaid phone with some money in it. All the money got burned the moment she landed because she forgot to turn off data roaming.

She couldn’t recharge the phone as she’s super low tech and now in a foreign country. Luckily, a fellow traveler texted me to let me know she couldn’t contact me at all, not even receiving international calls because the phone is out of cash for roaming.

I went onto bitrefill, chose Vietnam, her mobile provider, input her phone number and recharged her phone with 40k satoshi using Muun wallet. All within 2 minutes. I couldn’t have done this with my credit card because the Asian service provider wouldn’t have accepted my European credit card. I didn’t want to jump through their KYC hoops either. Didn’t have to with bitrefill.

Thank you Bitcoin and lightning developers and community for making communication possible for me and my mom today!

Bitcoin is for global citizens"

The "mom" flew from Asia to Europe without the means to pay for anything herself - not even for a coffee in the airport?  Wow!

Definitely a problem there.

Although extremely contrived to suggest that Bitcoin was the only possible solution to that problem.


And which of Vietnam or the European country are regarded as "outside of the first world"?

adindas

RolandFlagg said:

Matt Damon does a one minute ad for Crypto.com under the title "Fortune favours the Brave" (Which has always been my thoughts with investing).
https://www.youtube.com/watch?v=9hBC5TVdYT8&ab_channel=CryptoCom

I love that ancient roman's proverbs

I plot (Coca Cola, IBM) & (Bitcoin, Tesla) over more than five years. Did you notice you cannot even see the line graph of Coca Cola, IBM if you plot it together with Tesla, Bitcoin.

No-one sensible will take unnecessary risk for nothing.

The discussions have been around for a few hundred years. But there are still people outthere who believe that the earth is flat.

Zola.

Tesla has already made $1BN from their bitcoin investment and they only bought it a year ago.

Soon the S&P 500 will be littered with companies adding it to their balance sheet, because its just so worthless.

Apple's founder gets it, mostly
https://www.nasdaq.com/articles/bitcoin-is-mathematical-purity-says-apple-co-founder-steve-wozniak-2021-10-29

adindas

Zola. said:

Tesla has already made $1BN from their bitcoin investment and they only bought it a year ago.

Soon the S&P 500 will be littered with companies adding it to their balance sheet, because its just so worthless.

Apple's founder gets it, mostly
https://www.nasdaq.com/articles/bitcoin-is-mathematical-purity-says-apple-co-founder-steve-wozniak-2021-10-29

They have fallen into the “Greater Fool Theory”  ??

The people like Elon Musk, Steve Wozniak and other Billionaires who own Bitcoin and other Major Cryptos and keep buying it; many of the well-known people who understand well about the Blockchain might have fallen into the Greater Fool Theory ??

adindas

The institution/people who own Bitcoin the most.

https://mybtc.ca/article/who-owns-the-most-bitcoin

Those who own the most only control a small proportion, e.g less than 5%, so noone will be able to control the price movement to make a significant gain without taking a high risk themselves.

Those who are pulling the rug from under will fall alone.

adindas

Could the "Great Fool Theory" apply to major cryptos such as Bitcoin (BTC), Ethereum (ETH) ?

Could anyone do P&D to major cryptos such as Bitcoin (BTC), Ethereum (ETH) ?

Look at this satistics the distribution of the ownership of these cryptos and draw your conclusion.

They pull the rug under, they will fall alone ...

They pump the giant balloon;  they will be running out of oxygen before they manage to inflate it.

Zola.

Anecdotally I think what's more common is the bitcoin whales looking at exchange order books. targeting the leveraged, seeing where the stop losses are, and driving down through that, liquidating the sellers and scooping up their coins. 

bugbyte_2

adindas said:

The institution/people who own Bitcoin the most.

https://mybtc.ca/article/who-owns-the-most-bitcoin

Those who own the most only control a small proportion, e.g less than 5%, so noone will be able to control the price movement to make a significant gain without taking a high risk themselves.

Those who are pulling the rug from under will fall alone.

As a counter argument:

Top 1000 investors own 1/3 of bitcoin.

https://www.bloomberg.com/news/articles/2021-10-29/bitcoin-whales-fuel-this-month-s-price-jump-kraken-report-says

I would be extremely surprised if they didn't know and talk to each other, agree strategy, know how much to invest / devest to pump / dump the price and therefore make billions. Why on earth wouldn't they? It is not illegal unlike stocks as it is unregulated. Why else would they be in it? It does not take much to trigger a rise / fall - If you don't believe me (which you won't of course) go look at the trading volumes around major price movements - much, much less than your 'e.g....5%'. They just need to spook you into buying or selling.

adindas

bugbyte_2 said:

adindas said:

The institution/people who own Bitcoin the most.

https://mybtc.ca/article/who-owns-the-most-bitcoin

Those who own the most only control a small proportion, e.g less than 5%, so noone will be able to control the price movement to make a significant gain without taking a high risk themselves.

Those who are pulling the rug from under will fall alone.

Top 1000 investors own 1/3 of bitcoin.

https://www.bloomberg.com/news/articles/2021-10-29/bitcoin-whales-fuel-this-month-s-price-jump-kraken-report-says

I would be extremely surprised if they didn't know and talk to each other, agree strategy, know how much to invest / devest to pump / dump the price and therefore make billions. Why on earth wouldn't they? It is not illegal unlike stocks as it is unregulated. Why else would they be in it? It does not take much to trigger a rise / fall - If you don't believe me (which you won't of course) go look at the trading volumes around major price movements - much, much less than your 'e.g....5%'. They just need to spook you into buying or selling.

Good to hear that counter argument at least the discussion have moved on.

Top 1000 investors own 1/3 of bitcoin collaborate together.

1. How could it be possible 1000 people to collaborate together?? Have ever heard 1000 people collaborate each other in the history of the stock market to move the asset price? Let alone this is Blockchain, not stock/share. But they might do individual action due to physiological effect. Remember millions of people get involved. Many people might just follow the crowd. The same way when the market crashes, crypto crashes do happen.

2. It is Illegal, you get caught it will wipe out the gain you have accumulated, to pay fine. Do you think SEC is stupid will not be able to detect 1000 whales collaborate?

3. 33.33% is still small to control the price. , you will need far more than 50%+ so any price movement you will be the main beneficiary.