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Topic: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World (Read 521 times)

0xark (OP)

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Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 07, 2024, 09:30:51 PM

January 3, 2009, witnessed the birth of Bitcoin's Genesis Block in Helsinki, Finland. 15 years later, Bitcoin marks its fifteenth anniversarya journey from obscurity to prominence. We've grown richer, thanks to Bitcoin. However, let's not rest on wealth; wealth alone can breed dragons of greed.

But has Bitcoin fulfilled its ideals? What surprises and letdowns await? As Bitcoin navigates adolescence, challenges loom.

Bitcoin's Core Dilemma: Stock and Flow

90% of Bitcoin is mined; about 2.25 million coins remain. After each halving, diminishing returns challenge miners, risking centralization. Autonomous mining fades; market purchases dominate.

You might think I support Ordinals growth for Bitcoin's user base. No, Ordinals reliance is poison. Imagine fees soaring tenfold; Bitcoin becomes a dormant asset.

This sidesteps Layer 2 discussions. Lightning Network lacks users.

However, I'm optimistic as Bitcoin nears milestoneswealth redistribution and a new world order:

Dollar's Collapse, an Economic Earthquake

Forget SEC, ETFs, and the dollar. Bitcoin emerged from the 2008 crisis; its coming-of-age coincides with a global shift.

What if the dollar collapses?

How will Bitcoin thrive amidst crises?

Can Bitcoin liberate itself, embracing a humanity free from financial tyranny?

I have a plan, probably nothing;
let's continue the discussion.

Robinco

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 05:05:19 AM
Last edit: January 08, 2024, 09:20:36 AM by Robinco

Very interesting discussion. Anyway I do believe that an ETF will be approved this month. Most likely well see an approval on January 16th, but nothing is set in stone.

arb10u

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 07:05:23 AM

In my opinion BTC ETF will Pass in 2024 Jan Grin

Supporters of BTC ETFs argue that obtaining regulatory approval would bring more legitimacy to the Bitcoin market. This legitimacy would attract traditional investors and encourage more institutional participation, helping Bitcoin better integrate into the traditional financial system.

The introduction of ETFs can improve the liquidity of Bitcoin, making it more accessible for buying and selling. This contributes to a more efficient market operation while reducing the risks for investors due to insufficient market depth.

And about Risk, Advocates for BTC ETFs believe that this instrument helps mitigate the risks associated with Bitcoin investments. As ETFs operate through diversified portfolios, investors do not need to directly hold Bitcoin, thereby reducing the risks associated with Bitcoin price volatility.

When Bitcoin becomes more easily available through traditional financial institutions, more people around the world will accept Bitcoin. Shocked

TrumpJr

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 09:35:38 AM

The article's got me thinking about Bitcoin's role in a crisis. If the dollar tanks, could Bitcoin really shine during a global crisis? It's complicated, though, because while Bitcoin's a safe bet, getting everyone on board globally involves dealing with a bunch of issues, like regulations, tech hurdles, and society accepting it.

Robinco

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 10:14:21 AM

And on the financial liberation front, it depends on how things pan out. If we can tackle the tech and societal challenges and get more people using Bitcoin worldwide, it could genuinely become a decentralized currency, giving people more financial freedom.

Aanuoluwatofunmi

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 11:11:04 AM

Merited by fillippone (1)

Quote from: 0xark on January 07, 2024, 09:30:51 PM

What if the dollar collapses?

Forget about some assumptions, each currency is independent on it's own, one cannot stand against the other for now, I don't also think there's anything to make the USD collapse if it has not been into this all this while, Bitcoin and Dollar can both exist now together till one turn to become the mainstream for use and adoption and yet they can still both exist together and one is more preferred to the other.

Quote from: 0xark on January 07, 2024, 09:30:51 PM

How will Bitcoin thrive amidst crises?

Bitcoin doesn't have to go through all these, the network protocols are set for it to thrive all situations it may pass through, the reason why it's decentralized, we are the ones to rather thrive more towards it's adoption by not having government restrictions on us from adopting Bitcoin.

Quote from: 0xark on January 07, 2024, 09:30:51 PM

Can Bitcoin liberate itself, embracing a humanity free from financial tyranny?

Why do you think many were after Bitcoin adoption all over the world, it's because they have identified the liberation with bitcoin and would also want to be liberated along when they adopt it.

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nickbit308

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 12:56:27 PM

Nice points here! Cheesy

where does Bitcoin fits in the global scene? Huh

If it can step up as a safe-haven during crises, could that speed up its global adoption? hell yeah, I'm totally with you on the Layer 2 solutions if they can fix the network issues and high fees, it could set the stage for a brighter future for Bitcoin, 1000000%. Cool

The wealth redistribution talk is interesting, but I'm leaning towards thinking it needs wider social and political support. Bitcoin might be a tool, but for a real shift, we probably need huge widespread social change. What are your takes on this?

arb10u

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 02:36:49 PM

Quote from: nickbit308 on January 08, 2024, 12:56:27 PM

Nice points here! Cheesy

where does Bitcoin fits in the global scene? Huh

It is very likely that the Bitcoin ETF will be passed this week. Dozens of ETFs will be passed together, which will cause major price fluctuations.

btcdaofree007

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 05:00:43 PM

Totally get your point on Bitcoin needing wider social change for a real impact on wealth distribution. It's not just about the tech; it's about changing mindsets and systems. But if Bitcoin can weather these challenges, especially with Layer 2 solutions, it might gain more acceptance. What do you guys think about the potential hurdles in achieving broader social acceptance?

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 05:37:41 PM

#10

Op this is a poem of 13 line stanza that has not rhyme Scheme. I didn't see the 15th anniversary thread of Bitcoin this year or did I missed it out? That is by the way, congratulations to Bitcoin for it 15th uninterrupted anniversary in the ecosystem. I even heard that someone sent a huge amount of USD as Bitcoin to the Genesis Block. Yes wealth can cause greed and the desire of wealth of man make him to search for wealth in all corners and that is become the root of all evils.

I don't think anyone here supported the evil fee caused by the ordinals. It was a terrible period in the history of Bitcoin, the hike of fee caused commotion in the industry. On my own understanding why people didn't use the lighting network was probably because the network is not simple as others. The transition moment is some how difficult. Well Bitcoin is gaining more strength in the world. I think recently my country also accept Bitcoin though it is not yet legal tender. The collapsed of dollar will make the fiat to rise up. And that will help many countries to do well. And Bitcoin will be the number one currency in the world. In the middle of all the crisis Bitcoin will come more stronger.

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Robinco

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 05:46:56 PM

#11

Quote from: btcdaofree007 on January 08, 2024, 05:00:43 PM

Great question! Social acceptance is a big piece of the puzzle. People need to trust and understand it for wider adoption. But you also mentioned potential hurdles what do you see as the main obstacles for Bitcoin in gaining broader social acceptance, especially considering its volatility and the complex tech behind it?

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 07:18:06 PM

#12

Quote from: 0xark on January 07, 2024, 09:30:51 PM

What if the dollar collapses?

First of all, the dollar won't collapse and if even it collapses then there won't be much impact on countries other than US. The countries may face some trade related issues for short term but that will get solved sooner than expected. The countries who have taken huge loans from IMF will be happy to see the dollar collapse as most of their loans will get lower because of the collapse.

That's an unlikely thing to happen so I would suggest you to not worry much about it. It can face some value decrease overtime but it's not going to collapse anyways. Another thing we should know is that some countries are trying to join BRICS and those countries will be happy to see dollar's collapse.

Quote from: 0xark on January 07, 2024, 09:30:51 PM

How will Bitcoin thrive amidst crises?

Let's say that if somehow dollar collapses then surely Bitcoin and the whole crypto-market will face another bear market that might decrease Bitcoin's value to some extent but again the Bitcoin won't be impacted a lot other than the FUD and it will grow its value once again. Bitcoin will definitely thrive without any question but yeah it will get affected for sometime if a collapse takes place.

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hatshepsut93

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 08:43:10 PM

#13

Quote from: 0xark on January 07, 2024, 09:30:51 PM

What if the dollar collapses?

What if it does not? US economy is still incredibly strong as keeps growing. Or what if USD collapses and takes Bitcoin down with it because investors decide to move to other asset, like gold or another national currency. We already saw some correlation between BTC and the US stock market. So be careful what you wish for.

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 08, 2024, 10:20:41 PM

#14

What I have to say here concerning bitcoin is that nobody expected that bitcoin would have gain the level of adoption it gained today, because I could remember vividly that the adoption of was massive and it dod not waste time because people that developed interest in bitcoin immediately the year it was launched and secondly I believe that bitcoin it's self might be something that would have no be relevant if not that government started kickoff against bitcoin from initial stages

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 09, 2024, 03:58:37 AM

#15

Quote from: btcdaofree007 on January 08, 2024, 05:00:43 PM

Education is key, for sure. Simplifying the narrative and making it more relatable is a good strategy. Maybe more user-friendly interfaces and educational campaigns could help. On the volatility front, it's tough but it's also what attracts some people. Striking a balance between stability and the potential for gains might be the way forward.

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 09, 2024, 05:43:56 AM

#16

Quote from: hatshepsut93 on January 08, 2024, 08:43:10 PM

Still funny to me that people think that the US dollar would easily collapse, get out of your echochambers and look at the big picture, the people that have established and maintained USD as a global reserve currency has a lot at stake that they're going to do whatever it takes for that collapse to never happen. That's also another problem, that it might drag bitcoin with it when that collapse happens, there's more likely collapse that will happen in China's real estate bubble right now than the dollar collapsing in the next 5 years. Don't underestimate the power that the agencies that's got their interests pegged to how the dollar performs.

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 09, 2024, 08:37:49 AM

#17

Quote from: pinggoki on January 09, 2024, 05:43:56 AM

Quote from: hatshepsut93 on January 08, 2024, 08:43:10 PM

It must be said that the overall national strength of the United States is not as dominant as it was more than ten years ago.

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 09, 2024, 09:13:45 AM

#18

There is a misconception in mining. Just because we have mined 90% of Bitcoin, this does not mean that the price will be high because there is only 10% of Bitcoin being traded, but its effect extends to the return from the block, which is affected by halving, but after 20 years the price will be stable and the increase in supply and demand will not. It is affected by the four-year cycle, but we need trillions of dollars to see an insane increase.

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 10, 2024, 06:05:32 AM

#19

Considering the various factors influencing Bitcoin's value, not solely limited to mining percentages, as a believer in Bitcoin, I find the prospect of its price reaching $1 million reasonable. Specifically, prominent institutions like MicroStrategy and Tesla investing billions in Bitcoin underscore institutional confidence in the cryptocurrency. The economic uncertainty stemming from the global health crisis has also prompted investors to allocate funds to safe-haven assets, further solidifying Bitcoin's position as digital gold.

Moreover, the announcements from countries such as Panama and El Salvador accepting Bitcoin as legal tender provide substantial case support for Bitcoin's legalization and global acceptance. These events highlight Bitcoin as a global asset, with its value influenced by worldwide economic and political dynamics. In certain conceptual scenarios, even in the event of a third world war breaking out, Bitcoin, due to its non-reliance on any specific nation, might be seen as a hedge asset, potentially boosting its price further.

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Re: Bitcoin's 15th Anniversary: Nearing Maturity in a Turbulent World

January 10, 2024, 07:19:12 AM

#20

Quote from: TrumpJr on January 10, 2024, 06:05:32 AM

Look at the stupid things the SEC did yesterday. This is America.

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