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Reasons NOT TO BUY BITCOIN.
(1) It can go up or down in value very quickly. If a “whale” someone or company etc that owns thousands of even a few million bitcoins decides
to sell thousands or millions of coins the price of the bitcoin will drop real fast.
If a “whale” decides to buy bitcoins that are in circulation the price could go up real fast.
Bitcoin is only worth what a buyer or seller is willing to pay for it at the
moment.
If its currently worth about $996,000 per coin that what people will be
buying or selliing the coin for.
If its currently worth $500,000 per coin thats what will be bought or sold for.
If its currently worth $250,000 same thing.
If its currently worth $125,000 per coin, same thing.
If its $75,000 per coin, same thing.
If its worth $35,000 per coin same thing.
It the bitcoin price has been reduced to $10,000 per coin because a whale or several whales have dumped, ie sold the coin that will be what it will be
bought and sold for at the time.
It the price of a bitcoin has dropped to $100.00 thats what it will be worth to you and everyone else bubba.
One day a multi millionare and the next day a net worth of 99% less?
If a “run” on the bank in limbo starts you as an owner of bitcoin will just be
swept away and helpless.
(2) Bitcoin can be bought or sold at will buy those who own the most and
can profit the most.
You could be left twisting in the wind holding a bag of bitcoins that are almost worthless.
There is NOTHING backing up a bitcoin. NOTHING!
(3) At some point, may around the year 2140 most of the bitcoin will been mined and those miners won’t get any more rewards for mining bitcoin –
verifying and storing it on the bitcoin blockchain.
Then what?
What Happens After All 21 Million Bitcoin Are Mined?
After the maximum number of bitcoins is reached, even if that number is ultimately slightly below 21 million, no new bitcoins will be issued.
Bitcoin reaching its upper supply limit is likely to affect Bitcoin miners, but how they are affected depends in part on how Bitcoin evolves as a cryptocurrency. Bitcoin transactions will continue to be pooled into blocks and processed, and Bitcoin miners will continue to be rewarded, but likely only with transaction processing fees.
If Bitcoin in 2140 essentially serves as a store of value rather than for daily purchases, then it’s still possible for miners to profit—even with low transaction volumes and the disappearance of block rewards.
Miners could charge high transaction fees to process high-value or large batches of transactions, with more efficient “layer 2” blockchains like the Lightning Network working with the Bitcoin blockchain to facilitate daily bitcoin spending.
Common sense should tell you bubba that the “whales” are not going to wait until 2140 to sell, ie dump their coins, take the profit, run, and leave
you will what?
(4) So the establishment of a STRATEGIC BITCOIN RESERVE buy the US government isn’t going to protect you.
What ever the US government holds in bitcoin will ALSO GO DOWN IN
VALUE IF BITCOIN IS SOLD!!!
For instance the us strategic bitcoin reserve has a million bitcoins.
If the price of the bit coin falls to $100.00 the million bitcoins will
only be worth $100.00 each and what you own will be tied to the price
of one bitcoin whatever its worth at any given time.
If its worth ZERO that is what your bitcoin wallet will be worth, ZERO.
A strategic bitcoin reserve sounds good but means NOTHING to you
if you have been foolish enough to buy bitcoin.
Yes its possible to make money off of bitcoin.
Its a gamble.
At anytime a whale, a big owner of bitcoin, can sell massive amounts
of bitcoin and leave you in the BITCOIN DUST BUBBA.
My advise is to do your own research on bitcoin.
What is it? How does it work? Should I buy some?
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Satoshi Nakamoto (~1.1 million BTC)
It’s unsurprising that the pseudonymous creator of Bitcoin, Satoshi Nakamoto, remains the largest holder of the cryptocurrency.
It’s estimated they hold an astonishing fortune of around 1.1 million BTC.
This impressive accumulation of wealth stemmed from Satoshi Nakamoto’s mining activities during Bitcoin’s early days. Some report that Nakamoto mined as many as 54,316 Bitcoin blocks, receiving a block reward of 50 BTC for each block prior to the first halving event.
What’s interesting is that the thousands of bitcoin Nakamoto earned from block rewards have never been spent. Instead, these coins lie dormant spread across approximately 22,000 different wallet addresses.
If any of these coins moved, it could cause significant fluctuations in bitcoin’s value and send shockwaves throughout the wider cryptocurrency industry.
Who is Satoshi Nakamoto?
Nobody knows.
We do know he is a “whale” that can make your bitcoin drop in value
like a rock.
He like the other “whales”, large owners of bitcoin, can totally control
the value of the coin that has no backing and is at the mercy of big “whales” and who knows what.
https://www.kraken.com/learn/who-owns-the-most-bitcoin
How Many Bitcoins Are There Now in Circulation?
https://bitbo.io/how-many-bitcoin/
EVERY SUCKER THAT BUYS BITCOIN MAKES IT GO UP IN VALUE.
EVERY SUCKER THAT OWNS BITCOIN CAN LOOSE ALL OF IT!
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Intrinsic Value Defined and How It’s Determined in Investing and Business.
https://www.investopedia.com/terms/i/intrinsicvalue.asp
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The brutal truth about Bitcoin
https://www.brookings.edu/articles/the-brutal-truth-about-bitcoin/
Bitcoin has become a speculative investment.
It has no intrinsic value and is not backed by anything.
Bitcoin devotees will tell you that, like gold, its value comes from its scarcity—Bitcoin’s computer algorithm mandates a fixed cap of 21 million digital coins. But scarcity by itself can hardly be a source of value.
Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.
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Bonus Editor Note
Since we don’t really know who Satoshi Nakamoto is or even if the
name represents a person who created and also owns the majority of bitcoin we can only speculate on who or what the name Satoshi Nakamoto means.
Speculation #1.
The CIA.
If so who has access to the coin or funds?
Who really owns the coin or funds?
Is the CIA still buying the bitcoin?
Its possible because DOGE has found billions of dollars being sent
somewhere thats NOT traceable!
So lets speculate that Satoshi Nakamoto means CIA and the 4th
branch of government that is not elected or accountable.
Its totally possible.
Where does this leave you Bubba, with your bitcoins?
Speculation #2
What if Satoshi Nakamoto means a foreign government or
corporation or person created and also owns the majority of bitcoin?
What if its Canada?
It could be?
If so they won’t be the 51st state, we could be.
Speculation #3
What if Satoshi Nakamoto means Barack Obama? YIKES!
Bitcoin was created in 2009.
https://bitcoin.org/en/bitcoin-paper
https://bitcoin.org/bitcoin.pdf (White Paper)
Only the government could have come up with this brain trust
of a white paper on bitcoin.
Click on the link below and read with, as they say,
A Grain Of Salt.
https://bitcoin.org/en/faq#how-are-bitcoins-created
Speculation #4
I could keep speculating as to what or whom created and owns
the majority of bitcoin.
Whoever or whatever created and owns the majority of bitcoin
CONTROLS the ultimate value of the token that has NO
intrinsic value at all.
Remember Nothing from Nothing leaves Nothing.
Nothing plus something equals something.
Something minus something equal to the minus something
equals Nothing.
I will admit this is “Bubba Think’.
Bubba Think is right! 🙂
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31 October 1996 NSA paper
12 years prior to creating Bitcoin the NSA published the white paper “How To Make A Mint: The Cryptography of Anonymous Electronic Cash.”
Creation
[edit]
On the 18th of August 2008, the domain name bitcoin.org was registered.[13] Later that year, on 31 October, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[14] was posted to a cryptography mailing list.[15] This paper detailed methods of using a peer-to-peer network to generate what was described as “a system for electronic transactions without relying on trust”.[16][17][18] On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins.[16][19] Embedded in the genesis block was the text:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks[20]
The text refers to a headline in The Times published on 3 January 2009.[21] This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.[22]: 18
The first open source bitcoin client was released on 9 January 2009, hosted at SourceForge.[23][24]
One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney.
Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction on 12 January 2009 (block 170).[25][26]
Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.[16]
One of the first miners included James Howells, who subsequently lost thousands of Bitcoin to a landfill in Newport.[27][28]
In the early days, Nakamoto is estimated to have mined 1 million bitcoins.29]
Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the ‘anarchic’ bitcoin community’s closest thing to an official public face.[30]
Satoshi Nakamoto
“Satoshi Nakamoto” is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2007 then released the whitepaper in 2008 and finally launched the network in 2009.
Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.[16]
There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Dai, Szabo, and Finney – and accompanying denials.[31][32]
The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed.[33]
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