Bitcoins worth more than gold

[kungfufighter]

July 2020

Sometime in early 2019, an anonymous donor with a fondness for El Zonte, a beach town in El Salvador, discovered a forgotten thumb drive loaded with Bitcoin. He had originally purchased the asset when it was priced at around 5-10 cents, and put it aside for several years. Upon realizing what his holdings were now worth, the donor spent several days attempting to unlock his wallet. After many futile attempts, the donor was finally able to remember his passphrase and retrieve the funds. A believer in using blockchain technology to boost inclusion for the unbanked, he decided to seize this stroke of luck and put the funds to good use by allocating a multi-year six figure donation to El Zonte.

After meeting with several philanthropies in the region, all of which wanted to take the funds and convert them into fiat to cover the community's immediate needs, the donor partnered with Michael Peterson, a San-Diego native that spends up to 9 months of the year volunteering in El Zonte. Michael was given the opportunity to administer the Bitcoin on one condition - he would not cash it out. Beneficiaries of the digital currency had to learn how to use the Bitcoin itself, creating a Bitcoin economy. This was the birth of the Bitcoin Beach initiative.



Bitcoin Beach set out to create a sustainable Bitcoin ecosystem, where the majority of residents are unbanked and the local businesses don't meet the requirements that would enable them to accept credit cards.


Michael Peterson developed a proposal for a Bitcoin circular economy which factored in remittances, tourism, public service and small business. Parallel to El Zonte, Bitcoin was also injected into another beach community 3 hours away, Punta Mango. The goal is for Bitcoin adoption to grow in different communities and fill the gaps in over time.

A popular criticism of Bitcoin is the high fees and slow processing speed of the network. Using Bitcoin can be impractical when purchasing a cup of coffee, for example. The Bitcoin Beach initiative addressed this challenge head on.

“Originally, it didn’t make sense for 25 cent transactions, but did for 5 dollars. But when the transaction costs ramped up again, we switched over to the Lightning Network,” says Michael Peterson, Founder of Bitcoin Beach.

Continue reading
https://www.forbes.com/sites/tatianakof ... b4dce32044

[kungfufighter]

Like all cults, bitcoin fans abandon all reason in the hope of forever talking their favoured investment up.

Only this day last year a Bitcoin was worth $10500. Today it is worth $9150 or so. It has drifted slowly down over a year.

And yet kff here masturbating frantically that it will be worth a billion dollars soon.

There are none so deluded as the self deluded.

Apart from US law classifying Bitcoin as a commodity, do a search on these words: BAKKT and Grayscale.
Bitcoin is still just beginning its journey.

[rektj00]

BTC or any crypto will never replace fiat currency.
Sorry to all the dreamers

[kungfufighter]

The dollar is the lepper with the most fingers left.

[Guest]

The one thing Bitcoin does have going for it are the legion of obsessive nutjobs, desperately posting on forums around the world trying to get other fools to buy into the cult, thus increasing the value of their own holdings.

Because, like all assets that don’t generate income, the only way it can increase in value is by hoping for the ‘dump it on a bigger fool’ model to work.

[thank me later]

^Guys like this will grow increasingly bitter year after year for the next few decades.

With each price drop, he'll laugh to himself. Congratulating himself how he knew it was a scam, only to taste the bile in the back of his throat as the price reaches consecutive new all time highs.

In 2030 he'll be telling the Nouveau Poor and others around him about how he knew about Bitcoin back in the early days, just wishes he bought more. Eventually the regret will consume him as the price of 1 BTC rises to infinity against every fiat currency.

[kungfufighter]

That'll be the least of his worries.

[Starving Pelican]

That'll be the least of his worries.

You are the biggest Bitcoin pusher on this forum, yet you still haven't told us whether you've even bought any.

[kungfufighter]

Why on earth would I need to push it?
It's got its own legs and they're well ahead of me.

[Starving Pelican]

Why on earth would I need to push it?
It's got its own legs and they're well ahead of me.

So why do you push it then if there's no need to?

Anyway, how many coins do you own?

[scobienz]

[Scranter]

2020 citizens looking back in envy at 2009-13 Bitcoin Citizens buying at cheap prices
=
2030 citizens looking back in envy at 2020-2024 Bitcoin Citizens buying at cheap prices
=
2040 citizens looking back in envy at 2030-2034 Bitcoin Citizens buying at cheap prices
=
2050 citizens looking back in envy at 2040-2044 Bitcoin Citizens buying at cheap prices

etc...

You get the point



Take the pill.

[kungfufighter]

Here we go
Gold $1,887
Silver $22.61
Bitcoin $9,587

[techietraveller84]

Update on prices:
Gold $1899.60
Silver $23.02
Bitcoin $9630

Seems they all went up at a similar ratio.