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Anyone can change bitcoin code, but it would need to be adopted by people en masse for that change to function. Like if you were sitting in a circle with a bunch of people playing with space legos trying to build something as a team, but you were using the big block legos, then your efforts would be incompatible with everyone else and it would effectively make you a nonparticipant.
Yes, I get that. But with the advancement in AI and computing, why can't AI analyze the algorithm and duplicate it? Not make something else, but actually make more bitcoin?
I'm not an expert, but everyone needs to be on the same page as far as the code is concerned when it comes to mining blocks and the reward for mining blocks and those specifics are validated and authenticated in the pools and across the network. The only way to increase the quantity is if the code changes are made across everyone involved at once, otherwise it would just be a new fork.
AI can generate new code.
AI can generate new cryptocurrencies.
But AI cannot force the decentralized Bitcoin network to accept new rules, so it cannot create more real Bitcoin, even if it writes the algorithm.
Trying to get AI to create more Bitcoin is like trying to get AI to change the rules of chess on every chessboard in the world.
Like the value of pi or the laws of physics, you can propose new rules, but millions of independent nodes enforce the real ones.
A Bitcoin node is software that downloads every block ever mined, verifies every transaction, checks that all rules are followed.
The supply limit (21,000,000 BTC) is one of those rules. Every node enforces this independently, without trusting miners or anyone else.
If a miner were to try to reward themselves even 0.00000001 BTC extra, every node will reject that block.
This is the most important part:
Nodes don't trust: miners, other nodes, developers, exchanges, or governments.
Nodes only trust: the rules built into their own software and deterministic math.
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Ok, that's the best explanation so far. Thank you. I just have a hard time getting past the old rule, everything is only impossible until it isn't. And for the uneducated in this arena, it sure seems like this whale is going to be under attack with all the new computing power and AI.
Thanks
This question is above my pay grade, I just trade the asset 😅
Any of you guys trade regularly?
I do. But mainly stocks.
I guess i am just old.
I read these explanations and it is like a fairy tale being told in a foreign language with a few words of english thrown in.
While i understand that our monetary system is actually similar to crypto currency in that it's value is what people agree it is worth, i just don't understand how people can just make something out of thin air that keeps appreciating so rapidly and can be controlled so easily.
It really seems to me that it's real purpose is as a shadow currency to be used for all kinds of nefarious activities.
There has been a lot of backlash against mines in ne tn and i suspect that there is in a lot of places.
The amount of resources they use seems so mind boggling that i suspect like a lot of things they will continue to get pushed off shore where there are fewer restrictions.
It doesn't keep appreciating, and people don't agree on the value...
Nice! Are you more of a long term holder, swing or scalper?
Probably a dumb question, but now that they've stop making penny's, will penny's be worth more than a penny at some point in time ? Everything else that used to be common but isn't made anymore became worth more than when it was new. VW's, Hot Wheels, Pokemon cards, Hang Ten T shirts, Schwinn sting rays, all kinds of off the wall shit that isn't made anymore is now "Collectible". How long does it take an old coin to become "treasure" ? Asking while I look at my 5 gallon Sparklets bottle that's 1/2 full of penny's 🤔 😄
Australia removed penny's from circulation 33 years ago, they are still legal tender and worth 1c at banks, but they are worth $2.00 to $20.00, depending on age and condition, to coin collectors.
Cool all I have to do is live to 100 😄 Looks like the bottle can stay right where it is. Maybe one day the grandkids or their kids can make a few bucks.
I trade futures, options and commons. It’s how I make a living
Older pennys made out of copper will have real value. The newer printed ones made out of nickel and brushed copper not near as much.
Digital currency was the only answer. If you look throughout history and we can really use the Roman Empire as an ample here. The coins they used slowly were devalued by the quality of metal placed in each coin. For instance silver coins started off being silver, but slowly cheap metal kept diluting it, which in turn made it easier and cheaper to produce but the “value” on the street remained the same right? Well over time they made so many coins that it depreciated the value of each coin. Thus, starting the inevitable collapse. The United States are in a very similar position printing money.
I think the narrative that bitcoin is "rare" while being limited to 21 million is misleading, as there's 21 quadrillion satoshis ( 21,000,000,000,000,000).
Literally speaking, there's no difference between a bitcoin as a satoshi:
So you can pay $90,000 for a string of numbers,
Or you can pay $0.0009 for a sting of numbers.
Pit Row
Nice! I make a living that way too!
Which assets do you like to trade better? Do you use footprints to trade futures or if you swing so you don’t need it.
I mostly trade crypto futures these days and I do some algo trading too.
Mainly Nasdaq for futures, and then I simply roll that into investments. I am not in much crypto. More the data centers and infrastructure plays
Long term holder on a few positions for dividends. But on top of that in a seperate account I’m doing intraday trading. Few hours in a position and leveraged
Data centers are for sure in demands for the future!
crypto is good for intraday and short term swings but it’s been a little scammy, you need good risk management.
Have you looked into algo trading?
Which good dividend stocks do you like?
That’s usually what I do, mostly intraday with leverage. A good part of my trading is through algo bots right now but I still trade manually too.
Not a fan, I have spent a lot of time learning naked charts and understanding the patterns. I use one indicator called the TTFM. Other than that the charts are naked
Bitcoin just slipped into the 70k's. It's looking pretty weak right now.
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