BTCUSDT20240907P59000
Bitcoin / Tether USD Sep 7 2024 59000.00 Put
crypto

But as oil is used the total supply decreases. The same is not true for BTC. So the comparison is s bit off.

Saylor stopped buying much BTC. I knew from the beginning his purchases were propping up the BTC price , without him , BTC would not have done as well.
Now, we live with normal BTC market forces and maybe worse if he starts liquidating .

Yeah BTC's "block rewards will totally get replaced by txn fees" design wasn't intended for a world where most BTC users either:
a. buy and HODL
b. trade on a CEX
c. buy through an ETF/holding company
Only real solution is to get rid of the halving and accept permanent block rewards, which ends the "there will only ever be 21m bitcoins" claim, but in the long run, what's worse: 21m bitcoins on an insecure network, or "infinite" (growing at a controlled rate) bitcoin on a secure one.

Hello u/lukemtesta
[Your open trade](https://reddit.com/r/BitcoinMarkets/comments/18vebp1/bitty_bot_paper_trading_log/oq1axbk/?context=1) has been closed due to opening a new trade. Your new trade will be opened at the exact same price with no slippage. Your trade closed at the current price of Bitcoin on Coinbase Pro, which is **$60,750.00**
You spent $149,396.92 cash to open this trade. You have repaid your loan of $149,396.92 to the Bitty Bot Bank and $143,700.57 has now been added to your cash balance.
You lost a total of **-$5,696.35 -3.81%** Ouch!
Your cash balance after closing this trade is $143,700.57
---
[You have](/message/messages/6lr5mpo) **Longed ₿0.16460905** ($10,000.00 worth of BTC at the execution price of $60,750.00)
You have chosen 1X leverage: You have borrowed $0.00 from the Bitty Bot Bank and spent $10,000.00 from your cash balance.
This trade is not using leverage and cannot be liquidated.
You have not set a stop loss or a take profit price for this trade.
After opening this trade, your remaining cash balance is $133,700.57
Good luck!

I'll personally suck the dick right of Saylor his pelvis if BTC hits 1 million dollars before the end of the year.

BTC purchases are impulse purchases

in that case, it really won't be worth more than it is today, and all other hard assets like real estate, stocks, etc. will have similar returns. Hyperinflation is not the bullish dream crypto guys think it is. BTC at $1M but a honda civic at $500k and a starter home at $3M... Only fools keep their money in cash under the mattress so inflation is not the reason to buy crypto any more than it is to invest in other hard assets.

Buying and holding BTC for years.

I don’t think it’s ridiculous, because I agree, you’re absolutely right that that would impact the price, but you’re actually making a more bullish argument than I am.
Your argument is looking at just the economic factors of what would happen if Satoshi dumped his bags. Satoshi holds about 1.1 million BTC. That’s ~5% of the total supply. If he sold it all, like at a reasonable limit (not just rode it down to $0 on an exchange), it would make a massive sell wall that would drive the price below that limit until all the buyers could chew through it which would take a considerable amount of time, but it’s not indefinite.
Global volume of Bitcoin is like 700,000 coins per day, but that is global, so let’s consider a small fraction is applied to the 1.1 million BTC sell wall. Something like 10,000 coins per day. That would take 110 days to chew through that sell wall. At that point the coins have entered the market and diluted the price because now there’s more total circulating units on the market.
It’s as if the total supply and increased by 1.1 million, which I believe is your main point. And my main counterpoint is that this is not an insurmountable injection of supply. It’s not trivial, but it’s not game-over either.
My argument was that all of the above would happen AND people would panic when they see Satoshi move his coins. This panic, the human psychology, is the much stronger driving factor of the price drop in my opinion. It’s not just 1.1 million coins entering the supply, it’s that this godlike anonymous figure is selling his coins. Is this a sign that he doesn’t trust the project anymore? Was he hacked? What does it mean?! They can’t decide so they panic and sell, which drops the price.
But what comes out of the back of this whole process when it’s all said and done? 21 million Bitcoin and an immutable ledger that accounts for every last sat, including the ones Satoshi and every panic seller moved. The network continues to function. The price drops, absolutely, but the network survives, and with time, so will the price.
If you disagree, then explain how this leads to the death of the network. People selling their Bitcoin en masse doesn’t kill the network or violate its rules.

How many BTC is considered "Bitcoin rich"?
I'm legitimately asking, because I know we all have numbers in our head based on fiat price, but when we look out 20 or 30 years, how many Bitcoin will someone have and be considered rich?

Wrong, bitcoin's next 16 years will not even scratch the surface of the returns it had over the last 16 years. Law of big numbers is a hard limit even if it ends up being a massive success. Absolute best case over the next 16 years would be BTC hitting around $3M per coin in today's dollars. A massive win for sure, but a much smaller return than the last 16 years from hear. A more realistic but still bullish result would be BTC hitting $800k in today's dollars by then. The days of 100x are long gone and never returning, let alone 1000x

Here's my HO. At full use, BTC requires massive amounts of electricity, but so does AI...and the MM's, big money and Governments etc have decided that population control using AI is waaaaaaay more useful than a few $$ manipulating BTC

People are still buying BTC?

Nice!!!!! BTC will hit 1M

1. I bought BTC in 2022 and by 2025 I was sitting on a huge unrealized gain. I didn't sell because I would have had to pay up to 20% of that gain in taxes. If MSTR were to have the same ROI than BTC (it doesn't) and I would have held it in a tax sheltered account I would have saved a lot on taxes, I could buy and sell without ever worrying about taxes. 2. On each lot of 100 MSTR shares I could sell covered calls and make extra income. 3. I could buy protective puts on MSTR and lock the current price - unlike BTC, which I can not hedge at all.

Hindsight I would’ve gone to River.com and set up daily 10$ recurring buys of BTC, set it and forget it. Then start researching everything cryptocurrency and Bitcoin

I got smoked buying heavy in late 2021 too, and the only way I dug out was capping BTC at a fixed slice of my portfolio and forcing myself to rebalance, not just “hold and pray.” Every time BTC ran 2–3x, I peeled some off into an index fund, same way we lock in gains for early employees when their options finally get marked up in Cake Equity, instead of letting everything ride into the next drawdown.

someone overleveraged and lost everything as soon as BTC fell $500

Seeing as your gambling on BTC 15 minutes this will be back to 0 again soon.

If it hits 70k again I’d advise people to get out. Strategy is going to melt down. When that happens we will watch the Death Leg of BTC