I can't guess how many hours I've put into bitcoin so far. A lot! Learning is a part of my daily routine. My first ever reading about BTC only began in Nov. 22 with a first purchase in Dec. 22. Been stacking monthly ever since. I do believe the gov. will come for bitcoin at some point. Not sure what they can do about it though. Outlaw usage? Good luck with that. Turn off the internet? For BTC only? LOL. Keep stacking!
A game is being played where one money is replacing all of the others. If you don't know about the game, you're automatically losing. If you know about the game and refuse to play (you're dumb, you're arrogant, etc) you're losing. If you know about the game and are playing, you're on the way. If you really know the game, you can dominate
Vincent, thanks for the link. I didn't know that GT relates to mining. Generally speaking, I understand btc mining and that's all I need to know. I now see how GT is applied to the blockchain/mining. For most people like me I don't think GT will matter much to them as they are only after the end product - BTC. In some way I might relate this to the oil and gas industry - maybe. I've been involved in O&G for decades. Most people could care less about about how the product is extracted or mined. For me, the most important aspect of BTC is obtaining it and holding it. In cold storage! The economic aspect of BTC and store of value attracted me initially as I didn't want to miss out. I don't think BTC will ever totally replace any government issued currency. Certainly not in my lifetime. All that being said, the article/link you provided adds another "block" to my understanding of bitcoin. I find bitcoin fascinating. Keep stacking!
I can't guess how many hours I've put into bitcoin so far. A lot! Learning is a part of my daily routine. My first ever reading about BTC only began in Nov. 22 with a first purchase in Dec. 22. Been stacking monthly ever since. I do believe the gov. will come for bitcoin at some point. Not sure what they can do about it though. Outlaw usage? Good luck with that. Turn off the internet? For BTC only? LOL. Keep stacking!
No way to stop the inevitable. Might be able to slow it down here and there but game theory insures its success long term!
After 7 months learning each day, I don't think I understand game theory - yet. Heard of it but didn't dig in. Can you explain? Thanks
With Bitcoin, I'd briefly describe it like this:
A game is being played where one money is replacing all of the others. If you don't know about the game, you're automatically losing. If you know about the game and refuse to play (you're dumb, you're arrogant, etc) you're losing. If you know about the game and are playing, you're on the way. If you really know the game, you can dominate
That's from my HODLing perspective. There's a whole additional world from the mining and tech side. Someone much smarter explains it here: https://medium.datadriveninvestor.com/bitcoin-as-a-master-piece-game-theory-and-incentives-3b9f10ceb782
Vincent, thanks for the link. I didn't know that GT relates to mining. Generally speaking, I understand btc mining and that's all I need to know. I now see how GT is applied to the blockchain/mining. For most people like me I don't think GT will matter much to them as they are only after the end product - BTC. In some way I might relate this to the oil and gas industry - maybe. I've been involved in O&G for decades. Most people could care less about about how the product is extracted or mined. For me, the most important aspect of BTC is obtaining it and holding it. In cold storage! The economic aspect of BTC and store of value attracted me initially as I didn't want to miss out. I don't think BTC will ever totally replace any government issued currency. Certainly not in my lifetime. All that being said, the article/link you provided adds another "block" to my understanding of bitcoin. I find bitcoin fascinating. Keep stacking!
"Never, and I mean ever, treat your Bitcoin like that!" Amen. I'm still trying to wrap my head around this. Bitcoin is not like anything else.