Topic: Bitcoin foundation - page 5. (Read 807 times)

Creating a new internet protocol, let's say IPv6 or IPv8, is trillions of times simpler than synthesizing the sun and the earth. Yet, you stick to your IPv4 protocol, and you can't even understand why. Well, let me try to explain. Achieving network consensus among a group of ISP, which as I mentioned earlier is around one million today, is an incredibly challenging task, and that's why you still use IPv4 addresses. Another example of achieving consensus is the language you speak, the religion you believe in, and the monetary system you use. All of these are the result of human consensus, a foundation on which societies are built. In essence, my proposal is to add Bitcoin to this foundation.

The market must have two components, buyers and sellers. Without buyers or sellers, that market will be dead.

A market without trading volume is dead like many altcoins were dead because no buyers want to buy those dead altcoins. No buyers, no volume, no future.

Those coins will be shown as "this project is an untracked listing." on coinmarketcap

I define myself as a Bitcoiner, my pronouns is pump/dump.

I see these kind user can't accept wrong and will argue if they're always correct, comparing Bitcoin and religion is really stupid. Moreover there's a religion which is prevent their follower to buy Bitcoin since it's a form of gambling.

Satoshi himself didn't even stated Bitcoin is used to replace fiat, now you're wish you will change the world with Bitcoin.

The land won't be limited if we create an artificial sun and move on mars, then we may move on another plants. I know it's sci-fi but theoretically possible.
Bitcoin is limited but that doesn't mean it is guaranteed to stay that way. What if we plan in near future to do a hard fork and increase the limit? So, it's not like 100% guaranteed that bitcoin will be 21m.
Btw if military conflict starts, you may lose your computer or hardware wallet too. You can imagine a lot of possible scenarios, like what if we set total control on internet? What if quantum computer destroys the bitcoin network and will be able to brute-force addresses in a very short time?


Hmm, ISPs around me don't support ipv6 yet, ipv4 is the only option, it's not like I'm paying or have paid additional bucks for it.

Bitcoin is not religion for sure. But...

Money is a symbiosis of information and faith.
To understand the nature of money, you need profound knowledge of mathematics (especially applied areas like "Game Theory") and equally deep knowledge of religious history. I won't burden the chat with mathematical formulas, so let's focus on the history of religions.

Many researchers believe that the concept of monotheism is relative, and this idea is a result of the gradual development from genotheism (a state of religious consciousness where individual deities lack specificity and stability, and each can replace all others) to monolatry (a system of beliefs based on the faith in multiple gods with one leading god).

Historically, it turned out that the most progressive religions on Earth are monotheistic - Christianity and Islam. This means a belief in one God (although He may be represented, for example, in three persons or more). One can defend a million useless PhD thesises explaining why it is so, but let's just accept this fact as an objective reality given to us through experience. My theory on this matter is that building temples for the entire pantheon of gods was much more costly than constructing uniform temples where everyone adheres to a unified ideology. This also provides a second advantage - monopoly on God (monotheism). It is easier for the state to govern monotheism than a group of scattered idiots believing in different deities, from Athena and Aphrodite to Zeus and beyond.

If we draw an analogy between faith and money, it is quite reasonable that humanity will eventually move from "polymonetarism" (multiple local currencies of scattered states) to "monomonetarism" (a unified "Ideal Money" not controlled by any state), and in some sense, this transition is inevitable. The advantages are obvious, as, for example, the Roman Empire (where Christianity became the main religion) no longer exists, but Christianity still does. Today, any money holds value only as long as the issuing state exists, and this is a significant problem for humanity (for instance, if you were born in the USSR).

Gold religion -> Fiat religion -> Bitcoin ...?
"Julius Caesar minted gold coins, at 1/40th of the Roman pound (about 8 g.).  The Roman monetary system was stabilized for three centuries, and inflation was eradicated."

So we need Bitcoin foundation or religious Order.

What did you smoke OP?
1. Bitcoin is not religion.
2. Bitcoin alone won't change world order.
3. Why 2.625BTC specifically?
4. Only few people would join this "foundation", so i expect repeat of Silver Thursday event.

This could indeed be science fiction if 98% of people were rational. However, 98% of people are fools who believe in the resurrection of a rabbi who died over two thousand years ago or that 72 virgins await them in paradise. My idea is to create, let's say, a Bitcoin foundation or religious Order 2.625 exclusively for the Top 0.1% humans - that is, up to 8 million rational individuals who can exploit the stupidity of the 98% (just as all religions have done for the last 2000 years).

The OP reads like great material for a movie or a book - a fantasy sci-fi one! why 8 million
with BTC2.625? it sounds like something plucked out of thin air, anyway I already have
some, some have less than 1 others have thousands.....

There are a lot of "if's"

Thankfully its humans who own and trade Bitcoin and humans experience different
scenarios throughout life including financial ones which means they are t always able
to hold onto their assets, or even want to!

Well, that's a valid point. However, your example with houses is not accurate - you can build as many houses as you want and wherever you want. A house depreciates and loses value over a distance of, say, 40 or 50 years or may require repairs.

The only assets with limited supply today are land and Bitcoin. And both land and Bitcoin have their advantages. For example, if a military conflict starts on your land, you may lose it or, at the very least, won't be able to use it.


With this statement, I also disagree. For example, let's consider the Internet network. Currently, all IPv4 addresses have their owners (~1 million (AS) owners over the World), and the cost of an IPv4 address exceeds $40, but people are not eager to adopt free IPv6 addresses. What do you think is the reason?

Why your Internet address is IPv4? https://whatismyipaddress.com/

If 8 million people hold all the available bitcoins and no one is here to use it, everyone will ignore bitcoin and use different cryptocurrency. I don't understand why do you think that bitcoin will skyrocket if we hold each satoshi.
Hundreds of millions of people hold one or two houses but that doesn't mean the cost of house has infinitely skyrocketed. But house is a different example, you absolutely need it in your life while bitcoin can easily be replaced with another clone altcoin or with a different one.
Also, the world order isn't established around bitcoin, it's a whole different scenario. World order is not a car part to change so simply and easily. The only one who can change the world order is the one who is in charge of world order.

Well, first of all, I didn't say that the free supply of Bitcoin would be zero. Let's assume the free supply will be one Bitcoin. Alternatively, the price of Bitcoin will be determined in the derivatives market. For instance, just like oil; it's not physically traded in barrels in the order book.

There are more than 50 million dollar millionaires in the world

but the 'dont sell' isnt helping make new prices grow. it just stagnates the price to remain at whatever the price was a month, six month or 3 years ago, (whenever the market STOPPED)

by having no market growth.. refinancing becomes meaningless because you are not unlocking any excess equity. you are just causing yourself to double your debt with no benefit.

refinancing only works if the market has grown since the last sell. where you unlock the new higher amount to re invest in certain things.

So, the bank will use the price of the last sell of a house in your area. However, this sale could have happened a month or six months ago. In other words, it will use the last market price.

the market price is done by the last order.. but if there has not been a last order for a long time then the price has remained at that last order amount. meaning it wont go up. because no one is triggering new orders to set new prices.

it doesnt matter how many buyers there are. if there are no sellers then there is no market

it uses 'comps' of other house sellers.. but if there is no one selling any real estate.. then there is no sells to compare or set market prices

EG if no one sells any real estate for the last 3 years. then the market comps is stuck at the 2020 level.. which is much lower then the open market price now (which in reality has seen sells happen.. )

yep no sells= no market

take another read of my first post in this topic after the first sentence you quoted for a better understanding of the economics and a healthier way to grow the market

The statement "if no one is selling, there is no market nor price" is not entirely accurate. While it is true that for any trade to occur, there needs to be a buyer and a seller, the absence of sellers alone does not necessarily mean there is no market or price for a particular asset.

In a hypothetical scenario where no one is currently selling a specific asset, but there are willing buyers, the market still exists, and the price would be determined by the last transaction that took place.

For example, you want to use your house for refinancing. How will the bank determine its price? After all, you haven't sold it.

It reminds me of saying, why don't we collect 10 dollars from each individual and give it to a group of people and thus a part of the poor becomes rich, or why the government does not distribute the gross national income to individuals and get 1000 dollars for each individual.

If we say that the average income in most countries is $3,000 per month and many countries are below this line, you will find that the chance that millions of people will buy 2 bitcoins is slim. if people stop selling, it is like the tokens, which have a price of 30,000 dollars, and you cannot sell them.

again if no one is selling . ill repeat..  IF NO ONE IS SELLING.. there is no market nor price
imagine a fruit stall with no fruit to sell.. then realise there is no market stall, its just an empty table and a guy twiddling his thumbs not doing anything all day,week,year

nothing to sell =no market

then when the pump and dump group get permission to finally sell.. then you will just see the market crash. with everyone trying to cash out at once.

learn the economics. learn how things actually work and other ways to help the market prosper.. because your outdated and flawed vision of a massive pump and dump group is not the method, i explained a better method in last post

In these market conditions, such a religious Order could potentially exert significant influence over the price, the market, and all cryptocurrency exchanges.

if no one sells a single bitcoin because everyone never sells... then there is no market. no price

trying to create a mass pump and dump group never lasts. what you need to learn is proper economics of bitcoin

imagine the underlying most efficient mining costs as the below market floor(foundation) and above that is the speculative market. if you want to aid bitcoins market then the underlying foundations of the market need to be pushed up to then have a better speculative market ontop, a market that people can then openly trade on at higher prices. thus not need any scheming pump and dump army. but instead a healthy market with healthy foundations getting stronger