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Hi my name is Edo and I’m a Bitcoin Hodler

December 10, 2017 by Edoreloaded Leave a Comment

There is no mistake. “Holder” implies that at some point you will release. With HODL, community people came up with a different concept that is still something we are not aware as a collective. With so many discussions and attention on Bitcoin value (currently 11.000€, compared to 3.800€ from September 1st) the usual questions and arguments have been raised again. It’s a bubble! It’s not backed by anything! You can’t touch it! …and so on. Us hodlers we are betting on a different thing. Or couple more. But let’s explain a couple of things, just assuming you lived in caves for the past few years: There will be only 21 million Bitcoins mined in total. There is no way to print more. To mine Bitcoins, you need to invest in hardware, time and (lots of) electricity. Let’s start with the miners who invested into having computers (nowadays it’s dedicated machines that have no other usage at all) perform calculations (while providing a service to the network) using tons of electricity and generating so much heat that needed more electricity to cool things down (with miners located in cold regions having it easier. No kidding, there were plans from Google to move some datacenters in artic regions to use the natural cooling temperatures). Once coins have been mined (and it’s a bloody competitive thing to do, with networks of miners getting together to mine the same data, faster, to get the block rewards, but this is another story), miners will most likely sell few of them to pay back the electricity company and other bills. The current rate of creation of new blocks is 12.5 Bitcoin every 10 minutes. The network adjusts its difficulty of the mining calculations on regular intervals and block rewards will drop by half, making a mining operation less profitable, if the Bitcoin exchange value doesn’t go up by double. Because the electricity price won’t go down, you need to expect Bitcoin price to double at any halving of block reward. A block reward today [Read more...]

Posted in: Uncategorized Tagged: Bitcoin, hodl, mining

About Bitcoin

September 1, 2017 by Edoreloaded Leave a Comment

I'm really amused when in 2017 people still have no clue about it. Things like: - It's just a Ponzi scheme - It's a bubble - It doesn't have intrinsic value - I can't afford to buy it now and the best: - Wow then you must be rich! and I'll leave this for later: - Criminals use it! Let's start from the first one: A Ponzi scheme denominator is that initial investors are paid with the money from the new investors. For Bitcoin it is true in a form. There is no Mr.Ponzi. Satoshi Nakamoto is a mere pseudonym of who wrote down the rules along what Bitcoin works (aka the Blockchain). If he dares move one of the first mined bitcoins, we would all know. We know those initial blocks mined by him and we would detect a movement. I personally don't know if the market would panic and crash or if it would gain more confidence and attract even more investors. So no, no Ponzi scheme. It's a bubble. Really? Well, it's a bubble that went from zero to 3800€ worth (more or less, today). And I think it's not stopping. The best recommendation I ever had was from L. who told me to never place in Bitcoin more than what I could afford to lose. It was worth 35€ when he told me this. On the next point, I have to agree. Bitcoin doesn't have any intrinsic value. Nor does a Van Gogh or a Picasso. It's just paint. We, humans, assign a price to these masterpieces. Same we do with Bitcoin. Yes, you can afford it now. Why? Because Bitcoin is a unit but it has 8 zeros after the comma. The smallest unit, in honor of the inventor, is called a satoshi and is a 0.00000001 of a Bitcoin or, today, 0.000038€. I bet you can get more than few satoshis with the small change between the pillows of your sofa. Witch bring us to me. I'm not rich. Selling my investment today wouldn't grant me to buy the apartment I live in. But here is the thing, I'm not selling. No no. For the last one, I'll leave you this [Read more...]

Posted in: Uncategorized Tagged: Bitcoin, Blockchain, L, Nakamoto, Satoshi

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