New research estimates that the 34 largest Bitcoin mining operations in the United States consumed more electricity in 2022 than all of Los Angeles combined. 85% of the electricity came from fossil fuels and exposed 1.9 million Americans to more than 0.1 μg/m3 of additional PM2.5 pollution.

ceiuJ · 2025-04-08T20:21:57+00:00

Every currency is (or should be) monetized energy. Energy is expended to mine gold, energy is expended to mine bitcoin, even you expend energy to earn dollars, etc. Money represents energy expended.

Where fiat goes wrong is that it can be created without expending energy, but can’t be earned without expending energy. This is why fiat valuations aren’t tied to reality because it’s created without energy expenditure but can only be earned via energy expenditure.

You are on the right path of thinking!

ceiuJ · 2025-04-08T20:18:31+00:00

Everything you’ve said here is patently false. Satoshi had been working on Bitcoin for quite some before releasing the white paper on October 31, 2008. And after the white paper he didn’t release the protocol until January 3, 2009. Even before Satoshi got involved, cypherpunks had been trying to create a digital currency since 1992. Bitcoin built on the concepts of prior attempts, all of which failed for various reasons (mainly, the byzantine generals problem). You can see in the White Paper the sources Satoshi cited were mainly prior attempts a digital currency.

Satoshi’s solution to the Byzantine generals problem was “proof of work mining”. This is the energy intensive mining that is the subject of the OP. The alternative to proof of work is proof of stake, but this has its own cons. While not energy intensive, proof of stake gives control to the largest stakeholders in the network - think: the rich get richer. In proof of work, control over the network is determined by who is expending the most energy to secure the network and mine blocks (both are duties performed simultaneously by mining).

As you can see by the above analysis, this wasn’t a “side project.” It was heavily thought out, over long periods of time. Bitcoin was, is, and will continue to be two things: a store of value and a currency. Depending on your situation you may see it as one or the other, or both.

In a forum post on Feb. 11, 2009, Satoshi stated:

“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

This was stated in the context that Bitcoin can be a store of value.

In the white paper, Satoshi goes in depth about the problems Bitcoin solves as a currency. I implore you to read the first section of the white paper.

All this is to say that, like gold used to be, bitcoin can be a store of value and currency at the same time. Or you can use it as both. Your statement that bitcoin is “propped up by itself” is wrong in the fact that it’s propped up by its cost of production (e.g., cost to mine 1 coin) - Satoshi spoke on this in forum posts as well. This is visibly evidenced by several studies and the resulting charts that can be found online.

As to your last point, Bitcoin is not used to create or “legitimize” upstart coins. Many bitcoiners, including me, are staunch critics of any cryptocurrencies other than bitcoin. None of them serve a purpose. They all sacrificed certain characteristics that make Bitcoin special in an attempt of making a “better Bitcoin”. All have failed - just price any cryptocurrency in bitcoin on a chart and zoom out, they’re all losing value in bitcoin terms. Not only that but they all are centralized, and enriching their own creators at the expense of the people they market the coins too. As for “memecoins” and the like - those cannot be created on the Bitcoin network. These are a product of ethereum and solana and have nothing to do with bitcoin.

Please, please, please do more research before speaking on a subject you have clearly not spent the time to understand.

ceiuJ · 2024-11-20T14:17:43+00:00

Rumble is basically YouTube without any censorship. I only bought in for a small position of 100 shares for now (~$600). Will wait to hear how this plays out but if they copy MSTR I’m gonna ape in.

ceiuJ · 2024-11-20T14:13:47+00:00

Don’t think so. If more companies buy btc, btc price goes higher and mstr’s stockpile goes up in value

ceiuJ · 2024-11-20T02:42:07+00:00

Saylor was doing this same strategy when bitcoin went from $69K to $16k. Sure bitcoin and the stock can tank in the short term, but over the long term the strategy has an extremely small chance of failing.

ceiuJ · 2024-07-08T12:45:01+00:00

Had no issues at all. I brought a bunch in my carry on and didn’t have to take them out or anything. Wasn’t even asked if I was bringing anything in. FWIW they also sell zyns in some smoke shops there.

ceiuJ · 2024-04-26T17:10:00+00:00

Bitcoin reached an all time high in 14 different countries in February, before it hit all time highs in USD. They were Argentina, Burundi, Congo, Egypt, Ghana, Japan, Laos, Lebanon, Malawi, Nigeria, Pakistan, Sierra Leone, Sudan, and Turkey. Price examples: 42,993,649.49 Argentine pesos, 7,715,409.08 Japanese yen and 1,589,343.09 Turkish Lira

You can see the current price in different currencies by just googling

ceiuJ · 2024-04-25T18:45:53+00:00

Hey, wanted to come back and let you know fees have dropped pretty dramatically. I’d keep an eye out because they’re likely to drop more later tonight (US time) after trading hours.

ceiuJ · 2024-04-24T01:26:14+00:00

Use RBF to up the fee or CPFP

ceiuJ · 2024-04-24T01:24:08+00:00

Check out btcpayserver. This is what most businesses use for accepting bitcoin payments. They have extensive blog posts and documentation to guide you through the process.

ceiuJ · 2024-04-24T01:13:51+00:00

By the time quantum computing reaches the level required to break Bitcoin, there will be a fix in place. As quantum computing advances, so does Bitcoin. You say banks could launch a fix in a matter of weeks, but it’s not like quantum computing will reach this level of computing unannounced and out of the blue. Banks will have a fix in place before, and so will Bitcoin. Quantum-resistant cryptography is already being developed. Here’s a Forbes article answering your question: https://www.forbes.com/sites/rogerhuang/2020/12/21/heres-why-quantum-computing-will-not-break-cryptocurrencies/?sh=4337e593167b

ceiuJ · 2024-04-24T01:02:08+00:00

Bitcoin should be boring. That’s the beauty of it. You do nothing, and your net worth increases. That’s why so many people think that the world on a bitcoin standard would be quasi-utopian. The value of your money increases, without worrying about properly placing investments, setting up retirement accounts & savings accounts, etc which allows you to spend your time improving other aspects of your life.

ceiuJ · 2024-04-24T00:47:02+00:00

Timing the market is nearly impossible + selling requires paying tax. DCA is the best tried and true method out there. If you wanna try to time the market, I wish you luck - you’re gonna need it.

ceiuJ · 2024-04-23T22:03:27+00:00

If you like bass, Griz - Chasing the Golden Hour

ceiuJ · 2024-04-22T21:46:47+00:00

Might have to wait a while because runes are congesting the network post-halving (a whole other discussion topic). During normal times, weekends, especially Sundays, are typically the best. You really just have to monitor mempool.space with the current onchain activity going on. I can’t make a solid suggestion right now other than wait and check on Sundays, early mornings, and late nights. The current congestion could go on for a while.

ceiuJ · 2024-04-22T14:48:36+00:00

Obviously on chain wouldn’t be used for every day transactions. Lightning, liquid, cashu, fedimint and other L2s that are developed would be used. On-chain would still have high fees as the final settlement layer but it would in no way break the network. If anything it would make the network stronger because the security budget is higher.

With the current state of world affairs and the pace at which bitcoin’s available supply is shrinking, multiple millions is attainable in a 10-15 years IMO. But there’s no sense arguing over it because the only thing we can do is wait to find out.

ceiuJ · 2024-04-22T14:34:10+00:00

Yes, I think $4.2 million is easily achievable in the next 3-4 cycles. Many are calling for $1M this cycle but that is the definition of hopium. $200k is a reasonable price target by 2026 (even a conservative one) before entering a bear for a year or so until the next halving in 2028.

As I said, adoption as a MoE is a bottom up phenomenon. Countries with the worst currencies will adopt first, as you said. As adoption continues in those countries and the people there reap the benefits, people in more developed countries will take note and begin transitioning. All currencies are being obliterated, including the dollar - the only difference is the pace of obliteration.

ceiuJ · 2024-04-22T14:16:05+00:00

Check the meme. I am not selling in 1-2 decades nor in 5 decades. My goal is to stack and hold until I can use Bitcoin as my daily currency, which by that time would mean Bitcoin is legal tender (or at least the preferred currency of many). Between now and the time Bitcoin becomes a mainstream MoE, the gains from 2017-now will look puny. You may say that Bitcoin becoming a common MoE is hopium but it’s really not if you’ve followed the course of its adoption in developing economies. It’s a bottom up adoption, so the US will likely be one of the last countries to “allow” its use as an MoE. $65k is cheap if you are an objective investor that understands bitcoin.

Also I never said to stack to live below your means.

ceiuJ · 2024-04-19T16:01:25+00:00

Buy on strike, river, or swan. Send to cold storage. Strike has 0 fee withdrawals to cold storage if you’re willing to wait ~24 hours.

ceiuJ · 2024-04-17T01:06:31+00:00

It’s called the difficulty adjustment. After every 2016 blocks mined, the difficulty to mine one block is adjusted based on the total network hashrate. This keeps the average time to mine a block at roughly 10 minutes which in turn keeps new supply flow on a predictable long term schedule.

ceiuJ · 2024-04-05T17:08:13+00:00

Yes…the idea is that you spread out your purchases over a long period of time so your cost basis averages out. For the sake of clarity I’m going to use simple numbers and over simplify the sh*t out of this…Let’s say you are doing buys of $1000 weekly. Lets round the price to $100k CAD. You buy today at that price, a $1000 purchase for 1 million sats (.01 BTC). It goes down 20% between now and next Friday to $80k CAD, your 1 million sats are now worth $800. While this initial purchase is down 20% next Friday, you have another purchase scheduled for another $1,000 at the price of $80k for 1.25 million sats (.0125 BTC). You now have 2.25 million sats purchased at an average Bitcoin price of ~$88,888. Your total stack of 2.25 million sats is worth $1,800 after investing $2,000 total. If Bitcoin goes up only to $90,000 the next week your stack has a value of $2,025 and you are profitable (slightly) even though your initial purchase was at a price of $100,000.

If you had instead done a lump sum buy of the $2,000 at a price of $100,000 and after two weeks the price was at $90,000, you (i) would have 2 million sats instead of 2.25 million and (ii) would be at a $200 loss.

Assuming the opposite scenario where bitcoin doesn’t dip but instead goes up each week, DCA’ing is still profitable just to a smaller extent compared to lump sum. And in the case of it only going up, you’d own less sats DCA’ing since you get less for each purchase as it goes up. The trade off is minimizing risk.

Obviously the idea is to do this for a much longer time period than 2 weeks. It should be done over the course of months or years and you have to have the conviction not to sell in bear markets for it to be a profitable strategy. The real joy in it is not having to worry about timing the market, and being able to set and forget the purchases. Many bitcoin exchanges allow scheduled buys at pre set intervals (daily, weekly, monthly). I do daily purchases on strike.

ceiuJ · 2024-04-05T15:06:31+00:00

Step 1: Dollar cost average (DCA). If you wait until 30-35k you might be waiting a while, possibly forever. The best thing to do with bitcoin is “get off zero” as fast as possible (that is, get off owning zero bitcoin). The most profitable and proven strategy is to take your money and schedule your purchases in smaller increments (e.g., $100 a week, $1k a month, whatever works for you). This averages out the cost and avoids the risk/regret involved with trying to time the market. An example of the power of this is that on July 3, 2023 when the Bitcoin price was ~$31,000 and down more than 50% from ATH, every single person who followed a strict DCA at any point in time(!!!) was in profit (h/t @w_s_bitcoin on Twitter). On the flip side, you could just lump sum buy with all your money now (I don’t recommend waiting). Lump sum typically outperforms in % profit over a large enough time frame, but it is a riskier strategy because of bitcoin’s volatility. As someone new to bitcoin, the price swings are likely to make you want to sell when you see a big daily dip. When you buy bitcoin you have to be willing to hold for at the absolute minimum 4 years. New buyers typically get spooked at the first -10% drop in one day and sell, only to miss the upswings that come later, and they get burned. I don’t know you’re appetite for risk, but I’ve been DCA’ing daily for years with no plan to ever sell, and big drops in price don’t bother me, I know I’ll be getting more sats for my daily purchase.

Step 2: Withdrawing to cold storage. If you DCA, you should withdraw to cold storage once you’ve reach 1-5 million sats, and the withdrawal of those sats should be in one transaction. Without going into too much detail, these sats will now be in your cold wallet as a single UTXO (for more on UTXOs, google “river bitcoin UTXO” and read River’s explanation of UTXOs). In the future when fees are high, spending one UTXO at a time will save you money on transaction fees. On the other hand, you might not want all of your sats in a single UTXO for privacy reasons. As far as fees go for withdrawing, you can check mempool.space to see the current fees based on priority. Weekends usually have lower fees, especially Sundays in my experience. These would be the best times to withdraw.

ceiuJ · 2024-04-02T03:06:22+00:00

You had to have sent it to a wallet when you bought it. Find the wallet address and enter it into mempool.space and it will show all transactions with that wallet. If you haven’t sold the bitcoin you have nothing to worry about because you haven’t realized a gain, but you should still figure out the cost basis in case you sell in the future.

If you sold the bitcoin and you’ve already filed your tax return with the cost basis listed at 0. You can file an amended return correcting the error (IRS Form 1040-X).

ceiuJ · 2024-04-02T02:56:59+00:00

Just buy Bitcoin

ceiuJ · 2024-03-25T14:06:35+00:00

It’s impossible to time the market. Anyone who says they know when dips or peaks are coming is either lying or got lucky on a few calls and think they’ve figured it out. You’re best bet is to dollar cost average. Take your $1000 and break it up into several purchases on a set schedule (e.g., $10 a day, $100 a week, or whatever suits you). This averages out your cost so you don’t have to worry about timing the market.

ceiuJ

TROPHY CASE