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RE: Running Bitcoin

in #bitcoin2 years ago

The download of the whole ledger took around 2 weeks

Man I haven't imagined that would take that long. Great for you running a full node! How do you feel about halving? What are your thoughts on that?

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Yes, I think the long download time relates to my rather poor connection (no fiber optic cable) and to the upload restriction of the other nodes. But I don't know exactly.

I think the halving will have 2 consequences that aren't priced in right now:

  • more media attention --> more people get informed about BTC and its long-term unique selling proposition (fixed supply + security)
  • a smaller amount of BTC will be sold by miners - on a daily basis.

This could attract more (long-term) investors. At a certain point a self-inforcing cycle (virtuous cycle) could set in, with higher price --> more attention --> more buying --> higher price --> more attention (probably of short-term investors) ... until a bubble emerges at insane prices (of perhaps 100k $ or more) and pops. Then we are going to repeat 2014 or 2018 ;-)