Breaking News SBF has been arrested former FTX CEO – Sam Bankman Fraud did not like Bitcoin because it could not be manipulated and because it was fully transparent and trackable also fully decentralized. His former company FTX did not have any bitcoin at the time of bankruptcy and the crazy thing is that the customers on their exchange that were buying bitcoin with their money were not actually buying bitcoin only digits on the computer screen. This is why it’s important to hold your Bitcoin in your own wallet and have your private keys as soon as your Bitcoin is on the exchange you have already given up all rights to your bitcoin. You need a ledger wallet to store your Bitcoin if you can’t then its best to cash out and hold the dollar.
Bitcoin in the news
Secretary Yellen a top government official praises
Satoshi Nakamoto for resolving the double spend issue with the creation of the cryptograph in the blockchain utilizing bitcoin as the payment.
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Bitcoin finds a home and becomes legal tender for the first time in history and at the sametime if Lageo, El Salvador’s state-owned electricity company utilizes unused geothermal energy to mine bitcoin. El Salvador could be one of the world’s wealthiest countries in the world if bitcoin prices reach the million’s as they predict.
El Salvador is the murder capital of the world and president Nayib Bukele, only 37-year-old was elected to help get rid of this corruption and bring jobs and financial investment to the county, and then you will understand his decision to make bitcoin a legal tender and the IMF does not care about any countries problems only the control fiat capital around the world. People need to understand that the IMF does not produce anything they only take take and take. President Nayib Bukele a man with integrity doing what’s best for his people the reason he was elected for and not fill his pocketbook.
Could El Salvador be the financial capital of the world if bitcoin prices reach the millions this is the only country that has adopted Bitcoin as a legal currency and the only non-hostile country and tax-friendly for minors. Its also possible the loan from the IMF may be declined but will the cryptocurrency community step up to help as El Salvador help bring Bitcoin to the mainstream.
“Bitcoin to reach over 300K by the end of 2021” -A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Newly elected U.S. Senator Cynthia Lummis talks about Bitcoin being a store of value and also the first US-Senator to “HODL” bitcoin and wants to bring Bitcoin to the national conversation. Now, this could be a good and a bad thing. The obvious thing is that everyone is going to know bitcoin the bad news is that if the US government feel its a threat to the US dollar they could try to create laws or tax bitcoin holder to oblivion.
Fidelity Digital Assets validates a model that predicts Bitcoin price at $1 million by 2024 because of the stock-to-flow ratio. Fidelity President has also Files For New Bitcoin Fund
The trillion-dollar asset manager Fidelity is scrutinizing a popular and controversial Bitcoin price model.
A recent report from Fidelity Digital Assets analyzes the stock-to-flow ratio, which divides the amount of a commodity in circulation by the amount mined per year.
Using the correlation between an asset’s price and its S2F ratio, the pseudonymous crypto analyst PlanB has predicted that Bitcoin’s value will soar to $1 million by 2029.
Although there is a fierce debate on whether the stock-to-flow ratio is an accurate way to forecast Bitcoin’s trajectory, Fidelity says the model is a credible tool for analyzing scarce assets. The firm says historically, the metric is a sound way to judge whether a given commodity will become a successful store of value.
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This shows how small the Bitcoin market cap is compared to real-world companies.
What the media is hiding from the people of the world and as the gentleman said the only way to exit the economy and allow the Fiat collapse under its own weight.
And on July 4th, 2020 every person in the world needs to buy any amount of bitcoin to show the world the power of Bitcoin to show our independence and vote with our pocketbook to leave Fiat forever.
Bitcoin is a bottom-up approach to bringing black Americans to the top 1% of society’s independence from under the thumb of the Government and the control through social programs to get our vote. We need to stop fighting about black and white, Republican or Democratic, and all work together and exit the economy through Bitcoin.
This is a great book review of Bitcoin and Black America and hearing from the readers and there insight and thoughts on the future of Black Americans.
As America burns and people are losing their jobs and soon to we will have a foreclosure Tsunami approaching wall street is enjoying a rebound in the market from the freshly printed cash thanks to there friends at the federal reserve
Raoul Pal says “Boomers are in for a rude awaking The Baby Boomers are totally f*cked I have been publicly warning and warning about this.”
CEO Raoul Pal is noting that the COVID-19 coronavirus pandemic is revealing substantial system weakness in global markets. Summarizing the dramatic market losses seen in the stock market during March, Pal notes the Baby Boomer generation will be hit the hardest.
“The damage this does to the US pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg.”
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Everyone thought Bitcoin was supposed to go to zero. Instead, we saw Oil go into negative territory for the first time in history. I guess bitcoin was a good hedge against oil at this time who would have thought.
It’s sad to see toilet paper is worth more than oil these days.
Dan Peña said Bitcoin is going to Zero a year ago. I wonder if he saw the price of oil go into negative territory as well. On the other hand, If Dan knows Satoshi himself I assume he is talking to the wrong Satoshi Nakamoto aka Craig Wright. In ending I have always said in the past do what smart money does not what they say because actions speak louder than words in my book and if Bitcoin plummets smart money will pick it up on the cheap.
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What is a block halving event?
As part of Bitcoin’s coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced (approximately every 10 minutes). When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. After every 210,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2140). As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post halving.
Why was this done?
Bitcoin was designed as a deflationary currency. Like gold, the premise is that over time, the issuance of bitcoins will decrease and thus become scarcer over time. As bitcoins become scarcer and if demand for them increases over time, Bitcoin can be used as a hedge against inflation as the price, guided by price equilibrium is bound to increase. On the flip side, fiat currencies (like the US dollar), inflate over time as its monetary supply increases, leading to a decrease in purchasing power. This is known as monetary debasement by inflation. A simple example would be to compare housing prices decades ago to now and you’ll notice that they’ve increased over time!
Predictable monetary supply
Since we know Bitcoin’s issuance over time, people can rely on programmed/controlled supply. This is helpful to understand what the current inflation rate of Bitcoin is, what the future inflation rate will be at a specific point in time, how many Bitcoins are in circulation and how many remain left to be mined.
Who controls the issuance of Bitcoin?
The network itself controls the issuance of Bitcoins, derived by consensus through all Bitcoin participants. Ever since Bitcoin was first designed, the following consensus rules exist to this day:
- 21,000,000 Bitcoins to ever be produced
- Target of 10-minute block intervals
- Halving event occurring every 210,000 blocks (approximately every 4 years)
- Block reward which starts at 50 and halves continually every halving event until it reaches 0 (approximately by year 2140)
Any change to these parameters requires all Bitcoin participants to agree by consensus to approve the change.
Past halving event dates
The first halving event occurred on the 29th of November, 2012 at block height 210,000. The second halving event occurred on the 10th of July, 2016 at block height 420,000.
Past halving price performance
It is always a debate on what Bitcoin will do in terms of pricing for a halving event. Some people believe that the halving is already priced in by the market and thus there’s no expectation for the price to do anything. Others believe that due to price equilibrium, a halving of supply should cause an increase in price if demand for Bitcoins is equal or greater than what it was before the halving event. Below is a chart showing past price performance of the two halving events:
info provided by bitcoinblockhalf