The old "nothing backs bitcoin" motif is a good sign of the bull market. I'm a university professor and it always amazes me how it is often the most educated people (my colleagues ) that are not able to question the deeply rooted fiat premises that "backs" their own misunderstandings.
Glad to hear that you are a university professor who has the humility to put preconceived ideas aside and study bitcoin. Ironically it seems a lot of highly educated people fall victim to their own hubris and can’t move their ego aside.
Over a year ago, I was a silver and gold bug. Then I watched your video comparing Bitcoin to gold. I clicked on it ready to criticize, but your explanation completely changed my perspective. I went all in on bitcoin after that point. Learning about cold storage, consolidating UTXO's , the halving algorithm, how blockchain technology works and the more I learned the more certain I became about it. Now my portfolio is up over 300%. I still won't sell it, instead I'm trying to buy more. I'd just like to Thank you for putting this content out there.
stories like this are the best - people who have the humility and intelligence to realize they were wrong, make an informed change, then reap the benefits. Well done.
I'm hearing non-finance youtubers mention bitcoin and lamenting that they didn't buy a bitcoin at 16k but they don't have 100k to drop on it now. The amount of misinformation still prevalent around bitcoin is astounding.
Because the returns now are not as great unless you gotten in early. That is what they mean. If you invested during the peak of the last bull run you would be up 20% accounting for inflation over 4 years. You would be better off holding the snp500. It will never increase exponentially like when it costed less than a penny. The days where you can put some pocket money and become a millionare are long gone. Most people do not view the potential gains for bitcoin as that high, I also don't and that's why they just don't bother currently. If you invested in nvida in 2020 over bitcoin you would have made alot more money.
I agree -- the "Money Transfer" or even "Secure Value Transfer" protocol of BTC is an *application layer* protocol just like the examples listed after TCP/IP which is a *transport layer* protocol on which the others are built (just like BTC is). As a new, application-layer protocol of the internet, the protocol purposes and rules were theoretically described in the white paper but practically implemented first in C++ as the original Blockchain P2P "client" (where each node is at the same time a P2P client, a server, a miner, a validator and a wallet) as first written by Satoshi Nakamoto and thereafter slowly, deliberately and continuously improved (just like other protocols -- think SSL becoming TLS) and accepted by all node-runners as a deliberate choice to inter-communicate. There are now clients that communicate using the "BTC" protocol in multiple languages which co-exist precisely because there are clear rules between them (the protocol)... FWIW, I've been opinion-checking myself using ChatGPT, who says this: "Bitcoin's protocol operates at a higher level of abstraction compared to the transport or network layers, focusing specifically on enabling the secure transfer of value. This aligns with the role of an application-layer protocol in the stack: FTP: Transfers files. SMTP: Transfers email. Bitcoin Protocol: Transfers money (in the form of Bitcoin transactions) Thus, describing Bitcoin's protocol as an application-layer protocol for money transfer is both reasonable and accurate within the context of networking models. It’s a unique example of an application-layer protocol that manages decentralized consensus as part of its design."
@ Blockchain is a data structure, similar to a linked list, commonly found in computer science applications. The Bitcoin protocol uses a blockchain to store transactions in a globally decentralized manner.
When computing the value of my Bitcoin, I used to equate it to the U.S. Dollar. Now, I can’t tell you what my Bitcoin is worth in terms of dollars, BUT I can tell you exactly how much Bitcoin I own. Release yourself from the fiat nightmare!!
08:00 The reason the dollar used to be backed by gold is to introduce scarcity, to make your paper currency just as hard as gold so you can't just start the money printer. With Bitcoin you already have the scarcity, absolute scarcity, baked into the protocol. That is the point these people are missing.
I'm very concerned about BlackRock's actions though. I saw another video from a BTC channel that made me aware of this: th-cam.com/video/8JWHldXYhiY/w-d-xo.htmlsi=kBeP28LbfiQJ-VaM Blackrock (BR) is agressively taking over the mining industry and is actively rallying up all the BTC core dev people. Saylor is in this as well. I think it's fair to say that for BR this is a take all game. This means they have to control the rules. I am seriously worried that in a few years BTC will be rigged and used as another government tool to control the economy just like fiat. In the ETF papers BR states that the "21 million cap of BTC can not be guaranteed". I think thats not a warning, but a promise.
@@evmedia So I need to force people to use it and that adds scarcity to it? When is the right moment to exchange btc for a house? When anyone is going to that? Or is it to hodl forever?
3:00 - To this TCP/IP point, it’s also like the QWERTY keyboard. They’ve found it’s actually not the most efficient keyboard layout out there, but it has simply won and isn’t likely going to change anytime in our lives.
@ But it is the overwhelming favorite for the English-speaking world. Non-QWERTYs exist, sure, but they’re the exception, not the rule. Similarly, other money protocols do and will continue to exist, but Bitcoin is emerging as the rule, and other cryptos/fiat are the exceptions.
See this all the time, people thinking Bitcoin is just another "number go up" investment. Talking heads on TV they bring on have no idea what they're talking about. No mention of decentralization, permissionless, trustless, finite.
Yup, the only thing that makes the news is the current price. That's why most people are stuck in fiat mindset, thinking they 'turn a profit' if they sell for USD.
The denialists are admitting that nothing could change their mind---even if the price of Bitcoin passed gold. Is price everything? No, but for them to totally write it off is illogical. Asset bubbles are short-lived, literally by definition.
@ I have always have the thought of the US bitcoin strategic reserve of acquiring bitcoin and never sell it, however, with the debt crisis we have going on, it would be reasonable to use that bitcoin in the future (sell it) to pay the enormous debt that the US has, and of course after being debt free, keep acquiring more BTC. Idk I’ve been having that thought for a while.
Please create a video specifically explaining to people that they can buy a fraction of a bitcoin. There are so many I come across who didn’t know that!
The start of the video the people being discussed already have the incorrect frame from the beginning - they think it's an investment, but we see it as the money. If they saw it as the new money, they wouldn't think they're late, they would just automatically accumulate.
Hey Matthew, Just sold the majority of my Bitcoin proxies to buy one Bitcoin. It is becoming crystal clear that the opportunity to buy the greatest money ever is closing in on us. The opportunity cost is too large at this point. When nation states start to buy, the window to buy one whole Bitcoin will be gone for the average person. Feels great to be back on the winning team.
@SimonLloydGuitar I've got some dogecoin for a quick trade. After that I'm taking the money paying my bills and moving on with my life and holding my Bitcoin.
Love your videos. As a miner with a moderate all in cost of 7.5 cents per KW, I can assure all, no need for fomo with mining. It makes no sense unless you have super cheap all in cost, say 5 cents or less counting management, Or you do it as. strategy as a high net worth individual with high tax rates. Selling BTC for miners is probably not a good financial move. therefore, buying with cash probably doesn't make as much sense as just buying bitcoin. Any gains from the miners will not be more than the gains from just holding the bitcoin. the best solution really is the most simple. Just buy BTC and go away. Don't tinker. Either just DCA, or add, and do nothing else.
Hi! Can you please make a video about your thoughts on taking risks in your life? For me it is obvious that if you want to move on a next level you have to take some risks. The higher the risk the higher the possible reward. I'd be very grateful to hear your thoughts on it. According to Bitcoin we all have an option to invest in Bitcoin or use 2x ETFs or MSTR or something maybe even more radical.
I think it's exactly the opposite-- you want to avoid taking big risks. At this point, I think that Bitcoin is not risky at all and still has giant upside, compared to terrible investments like real estate, bonds, and most stocks. Avoid the 2x ETFs, or you'll underperform or blow up: th-cam.com/video/KiR2mDJzA7E/w-d-xo.html&ab_channel=BitcoinUniversity
People's understanding of bitcoin is the same as it was in the beginnings of the internet, they called it a "fancy fax machine". Today bitcoin is viewed as a get rich quick in and out "investment".
Hey Matthew, I’ve been a long-time subscriber and a BTC-only investor. I don’t think I’ve ever commented before. I still don’t understand how we would completely move away from the dollar, for instance. Since I don’t plan on selling any BTC, I’d eventually need to borrow against it, which means I’d still be using dollars or euros, right? I don’t plan on spending BTC; I just want to stash it away. And thank you for helping us during those tough years.
US gov will probably never move away from the USD, but you are still free to spend your BTC for goods and services anywhere you want: btcmap.org/ Current cap gains tax on spending appreciated BTC is annoying. You can already live in the US and earn your money in BTC and spend in BTC-- basically creating your own BTC standard. You could also move to a place like Bitcoin Beach or Bitcoin Jungle
Borrowing against BTC seems to be the ideal way not to give up any of the pristine asset… but IMO we have a long way to go before there is a safe & effective method of borrowing against BTC. And by safe & effective I mean a way in which you still fully control your keys so there is still very little or no counterparty risk of something happening to your stack.
I think a lot of people are confusing the periods of time where Bitcoin was in a bullrun/bubble with Bitcoin itself. Have there been times when Bitcoin was in a bubble? Yes. But that doesn't mean Bitcoin itself is a bubble. I don't even know what it would mean to say that Bitcoin itself is a bubble. It's been around for over 15 years and it keeps making new highs----because of the value of the network. Asset bubbles are short-lived by definition.
Not investing in what you don’t understand is sound advice. While in this instance the outcome means a missed opportunity investing in what you don’t understand becomes gambling which will leave you out of pocket more times than not.
Nothing "backs" bitcoin because it does not need to be "backed" by anything. Something that needs "backing" is by definition weak. Nothing "backs" gold and nothing "backs" bitcoin. This is a virtue not a vice. A feature, as it were, not a bug.
@@royalporter3102 It is produced and secured by the most powerful computing network by orders of magnitude which is one of the reasons why it doesn't need to "backed" by something else.
My takeaway from this video is that human psychology plays a huge role in any currency adoption. We blindly have "faith" in the USD, believing that the US government also "believes" in it too. Bitcoin adoption is growing everyday due to its solid and stable properties. You gotta believe my Brothers!
When you're working to be paid in it, you still haven't missed the boat. It's holding your wealth and preventing your saved time and energy from being washed out by money printers. It's never too late to start using bitcoin
Hi Matt, do you have a good reference on nodes versus miners ? I never found the answer to a very important question : who verifies the transaction? Nodes or miners ? It’s essential to understand the security of the network
Nodes verify transactions and blocks to make sure that they are following the consensus rules. If a block or transaction violates a rule, it is rejected by that node and not added to that node's copy of the blockchain
Thank you for being such a great Bitcoin educator Mathew. I would like to see you make a video on Blackrock buying up almost everything that has to do with Bitcoin like mining pools, developers, nodes, etc. They’ve even stated that Bitcoin’s 21 million cap can change in the future almost as if their plan is to neuter and fork btc when they gain enough influence to be the majority and change the cap and anything else that would benefit them. I fear that the majority of people buying bitcoin now and into the future do not understand the Bitcoin ethos and will eventually be the majority that fork bitcoin into centralized pretender vs the original but minority of bitcoin. Can bitcoin devs come up with a way to screen these parasites, maybe make them more transparent to the btc community? I feel as though not enough people are truly educated on the bitcoin ethos and most are just in it for greed.
Great video Matt. Curious what you think about recent criticisms of Bitcoin for “bedding” with governments despite its cypherpunk, libertarian origins. Some people seem to the think the $100k was due to this “collusion” with government. Don’t know if you think that’s even worth a video but seems to be a new popular criticism. If not, also hearing fears that ETFs have gathered so much btc, passing satoshi, that they will have too much “voting power” to influence a soft fork in the future. Curious what your response to these issues are, but regardless as always thank you for your dedication and teachings!
I was "late" and bought my first bitcoin last year for about 30k. The thing is, it does matter when to buy. Buying at the beginning of a bull market beats buying at the end of it. Risk is lower and reward is higher. Buying at the top means more painful and patient HODLING. But, I know, we cannot foresee the future. It is very clear that bitcoin dips are much lighter than they used to be. And recover very quickly. We'll see how far the 2025 moon mission goes it's very exciting.
I think we need more education on how to resolve problems w/ our Cold storage (your Jade's not all that simple and a bit glitchy if you ask me) and dealing with customer service w/ in this space I've got a transaction hung up and I need a computer science degree to work through the fix they send which is probably not going to resolve my situation, but they send us on these wild goose chases anyway. But the thought that I can't get a transaction straightened out after all the growth this industry has seen is shameful.
What’s the difference between reserve vs stockpile vs standard? All three seem to be being used with BTC Standard… the basis of value in a monetary system //the gold standard
I've gotten the "So it's ok to invade countries and commit genocide, just so you can get wealthy with Bitcoin". Why the hell do people think that with buying and holding Bitcoin you are somehow immoral?
The inflation argument is weak at this time. I try that and people say stuff like "It's not that bad and I buy TIPS to compensate". TIPs are "Treasury Inflation Protected Securites". Official Inflation is slow enough that people are not worried. If you really want to get people into crypto, send them a paper wallet with enough value in it to get their attention then say, "This wallet contains X amount of crypto you can convert to dollars. In one month I'm emptying that wallet. If you want this money you have learn how to crypto, then convert that money to dollars and NO, I won't tell you how"
Sadly, many people are not smart or ambitious enough to learn. It's why Bitcoin ETFs are popular now. No need to learn. But eventually, they'll have to, at least at a rudimentary level
Hi Matt, can you please provide your opinion on this. If I have my seedphrase and device safely backed up, is it advisable to delete the wallet off the device and only back it up when I intend to use it? Would that mean I have reduced the risk of failure down to strictly just my seedphrase security/storage? I use a pin on my device but say I did not, would that leave my wallet exposed to anyone who finds my device can simply plug it into the software (Trezor/ledger) and move my bitcoin without ever knowing my seedphrase. I think so, right? I have my btc securely stored in multisig, but wouldn’t it make more sense to delete the wallets from the device until I want to use them..? Would be awesome to hear from you! Thanks for all the great videos 👊🏻
Please do a video responding to Dave Ramseys video “has Dave changed his mind about bitcoin”. There was zero hard evidence backing his claim, just emotions
Been listening to your videos for a long time. I am a bitcoin advocate. The only question I have: bitcoin = x amount of US dollars....so how is the price of bitcoin valued and/or priced if the value of the dollar goes to zero/ US goes bankrupt/or no longer the reserve currency?
You can price BTC in anything you want-- euros, yen, gold, cattle, houses, eggs, etc. It's like saying-- will my gold still have value if the USD goes to zero. Yes, it will
If you invest all your money in btc. How do you spend on travel or things other than groceries and essentials? I'm thinking of 1 wallet as a hodl and the other for more flexible btc. Thoughts ?
Gold is backed by 79 protons only. It has various oxidation states, and the number of electrons are not what makes an element gold. Similar comment for other elements. Protons determine the element. Thus, if you wish to make gold from lead, you would have to do the enormous work of removing 3 protons from lead.
That's probably a good way of approaching technology. But ignoring new tech like BTC is just like ignoring the internet or AI-- one will just fall behind everyone else in terms of standard of living and skills. I know that you probably already know this-- just stating it for others
RE: TCP/IP. IPv4 is still with us today. People still use it! It is very hard to replace a legacy standard. IPv6 expands the address space and certain security issues with IPv4. Modern computers and networking devices are fully compatible with IPv6. But there are still a lot of legacy switches and software out there that doesn't work with IPv6. So we still have co-use with IPv4. The IPv4 address space was fully consumed back in the late 1990s, IIRC. Maybe early 2000s.
A lot of people who are detractors think that Bitcoin is a finished product as it exists today. They do not realize we are probably a couple decades or maybe longer away from it being close to a finalized working financial ecosystem. As computing power grows and more robust software languages and protocols are developed, and the internet network becomes more robust with tons more bandwidth available to run these new protocols and such, most of the issues that Bitcoin has today will be solved.
If the price intimidates them, get them to buy the ETFs which are only $90 per share. Later on after they understand that Bitcoin is fractionalizable they can convert to real Bitcoin. Sure it's not ideal but it gets them engaged and now interested to learn more.
Sure but just saying 'hey, you know you can buy fractions of a Bitcoin called Satoshis for any dollar amount you like' should be understandable enough.
What do you think about split Bitcoin up into different wallets. I mean create a lot of small wallets (100k sats each for example) offline and write seed pharase/private key down on the metal that hard to destroy and then hold in different places those different wallets keys instead of having one wallet or two or three.
Not a good idea. Get ONE good hardware wallet like the Coldcard and hold most of your BTC in one place. Aim for larger chunks of BTC like 1 million sats if you can, in order to future proof against higher transaction fees
KOL Cryptotuber Influencer - 2022: "You guys are crazy the price is 17K going to 0." 2024: "100K why would you get in at the top." Moral of the story listen to yourself and learn about BITCOIN!
If Saylor is buying the top, who do I think I am to deserve a better price? He said even at 1 million dollars he is buying the top. You get Bitcoin at the price you deserve. That I believe.
We are super blessed to be among our critical thinking peers. Super early. Humanity has never seen NGU technology, everyone will bend the knee, or ruin themselves financially. Imho
Not related to the video sorry, but i wanted to know your opinion on mstr and there growing hoard of Bitcoin. Do you think that they are taking or will possibly claim too much of the supply? And how do you think Satoshi would feel about one company claiming possibly 5% of all the Bitcoin? Is this just a part of game theory and eventually the coins will be better spread out in the future?
It can be calculated how many times mining gold is versus mining bitcoin. Using the energy exerted divided by the stock to flow increase. A ratio of how much it costs per year to mine gold divided by the increase percentage in total gold that year. Similarly for Bitcoin, divide total cost of mining bitcoin for a year, divided by the increase pct og bitcoin that year. Finally divide gold'd result by the bitcoin result.
I'm trying to reach out to all the newcomers to the channel without scaring them away immediately. It's a delicate balance, since I enjoy the toxicity myself
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Why are my replies deleted when I am replying to you about BTC being a scam? Let's politely debate please
the bots were spamming, I reported all of them
@@javierizquierdo2966 Okay. Who is the scammer?
@@javierizquierdo2966 YT does this sometime-- I haven't deleted your comments. Can you repost them here?
@@javierizquierdo2966you're still debating this 15yrs later bro?
The old "nothing backs bitcoin" motif is a good sign of the bull market.
I'm a university professor and it always amazes me how it is often the most educated people (my colleagues ) that are not able to question the deeply rooted fiat premises that "backs" their own misunderstandings.
oh everything money just dropped a new classic on thier channel
@@MrTrigz Saw it....what a joke......no one can be that ignorant - must be stooging for someone.
Glad to hear that you are a university professor who has the humility to put preconceived ideas aside and study bitcoin. Ironically it seems a lot of highly educated people fall victim to their own hubris and can’t move their ego aside.
The more education one has the more indoctrinated one is.
Over a year ago, I was a silver and gold bug. Then I watched your video comparing Bitcoin to gold. I clicked on it ready to criticize, but your explanation completely changed my perspective.
I went all in on bitcoin after that point. Learning about cold storage, consolidating UTXO's , the halving algorithm, how blockchain technology works and the more I learned the more certain I became about it. Now my portfolio is up over 300%. I still won't sell it, instead I'm trying to buy more.
I'd just like to Thank you for putting this content out there.
Congratulations-- that's great to hear!
stories like this are the best - people who have the humility and intelligence to realize they were wrong, make an informed change, then reap the benefits. Well done.
I'm hearing non-finance youtubers mention bitcoin and lamenting that they didn't buy a bitcoin at 16k but they don't have 100k to drop on it now. The amount of misinformation still prevalent around bitcoin is astounding.
Because the returns now are not as great unless you gotten in early. That is what they mean. If you invested during the peak of the last bull run you would be up 20% accounting for inflation over 4 years. You would be better off holding the snp500.
It will never increase exponentially like when it costed less than a penny. The days where you can put some pocket money and become a millionare are long gone. Most people do not view the potential gains for bitcoin as that high, I also don't and that's why they just don't bother currently. If you invested in nvida in 2020 over bitcoin you would have made alot more money.
@@oo--7714 No, they thought they had to buy an entire bitcoin. They didn't know they could buy fractions of bitcoin.
@@oo--7714 No, they thought they had to buy an entire bitcoin. They didn't know they could buy fractions of bitcoin.
@oo--7714 the returns in the S&P500 aren't as great as if you had gotten in early. Does that mean you've missed the boat?
People buy Bitcoin at the price they deserve
Bitcoin IS a protocol, just like TCP/IP, SMTP, FTP, HTTP, etc. Most people don’t grasp this concept
I agree -- the "Money Transfer" or even "Secure Value Transfer" protocol of BTC is an *application layer* protocol just like the examples listed after TCP/IP which is a *transport layer* protocol on which the others are built (just like BTC is). As a new, application-layer protocol of the internet, the protocol purposes and rules were theoretically described in the white paper but practically implemented first in C++ as the original Blockchain P2P "client" (where each node is at the same time a P2P client, a server, a miner, a validator and a wallet) as first written by Satoshi Nakamoto and thereafter slowly, deliberately and continuously improved (just like other protocols -- think SSL becoming TLS) and accepted by all node-runners as a deliberate choice to inter-communicate. There are now clients that communicate using the "BTC" protocol in multiple languages which co-exist precisely because there are clear rules between them (the protocol)...
FWIW, I've been opinion-checking myself using ChatGPT, who says this:
"Bitcoin's protocol operates at a higher level of abstraction compared to the transport or network layers, focusing specifically on enabling the secure transfer of value. This aligns with the role of an application-layer protocol in the stack:
FTP: Transfers files.
SMTP: Transfers email.
Bitcoin Protocol: Transfers money (in the form of Bitcoin transactions)
Thus, describing Bitcoin's protocol as an application-layer protocol for money transfer is both reasonable and accurate within the context of networking models. It’s a unique example of an application-layer protocol that manages decentralized consensus as part of its design."
Love to understand this better!
Isn't Blockchain the protocol that Bitcoin and other cryptos use?
@ Blockchain is a data structure, similar to a linked list, commonly found in computer science applications. The Bitcoin protocol uses a blockchain to store transactions in a globally decentralized manner.
@@JonGoldstein1954 blockchain is the technology, they all use a different protocol
Thanks Matthew, I'm always smarter about Bitcoin after watching your videos.🥰
Professor Matt dropping digital jewels, thank you! 👍
After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
congrats
When computing the value of my Bitcoin, I used to equate it to the U.S. Dollar. Now, I can’t tell you what my Bitcoin is worth in terms of dollars, BUT I can tell you exactly how much Bitcoin I own. Release yourself from the fiat nightmare!!
I automatically like all Bitcoin University videos!
Thanks for your support
I do the same even if I don't have time to watch them
I automatically love all Bitcoin University videos!
Same here, we're biological BU like bots. 🤣 I do watch all though, lots of old videos are still worth (re)visiting.
Creator is really sharp
thank you for these explanations! i use this to show other people who are misinformed about bitcoin.
08:00 The reason the dollar used to be backed by gold is to introduce scarcity, to make your paper currency just as hard as gold so you can't just start the money printer. With Bitcoin you already have the scarcity, absolute scarcity, baked into the protocol. That is the point these people are missing.
Well said
So if I copy and paste that protocol and name it Bitcoinium, set scarcity exactly like for btc, does it means I made my own digital gold?🤔
And who gives a shit if no one uses it or only a few people hold on to and never sell more than half the supply. It’s completely useless.
I'm very concerned about BlackRock's actions though. I saw another video from a BTC channel that made me aware of this: th-cam.com/video/8JWHldXYhiY/w-d-xo.htmlsi=kBeP28LbfiQJ-VaM
Blackrock (BR) is agressively taking over the mining industry and is actively rallying up all the BTC core dev people. Saylor is in this as well. I think it's fair to say that for BR this is a take all game. This means they have to control the rules. I am seriously worried that in a few years BTC will be rigged and used as another government tool to control the economy just like fiat. In the ETF papers BR states that the "21 million cap of BTC can not be guaranteed". I think thats not a warning, but a promise.
@@evmedia So I need to force people to use it and that adds scarcity to it? When is the right moment to exchange btc for a house? When anyone is going to that? Or is it to hodl forever?
The Turkish Lira analogy is great!!
3:00 - To this TCP/IP point, it’s also like the QWERTY keyboard. They’ve found it’s actually not the most efficient keyboard layout out there, but it has simply won and isn’t likely going to change anytime in our lives.
Yes, great example
*it HAS simply won
Well depending on which country you are in, other countries use different keyboard layouts. You have azerty; qwertz etc.
QWERTY keyboard layout is just popular, but it's not the one layout (exists some other keyboards types)
@ But it is the overwhelming favorite for the English-speaking world. Non-QWERTYs exist, sure, but they’re the exception, not the rule. Similarly, other money protocols do and will continue to exist, but Bitcoin is emerging as the rule, and other cryptos/fiat are the exceptions.
Greetings from Sunny Bradenton Florida 👍 Thanks Matt 👍
See this all the time, people thinking Bitcoin is just another "number go up" investment. Talking heads on TV they bring on have no idea what they're talking about. No mention of decentralization, permissionless, trustless, finite.
They ignore these facts intentionally. They need to protect the almighty dollar at all costs.
Yup, the only thing that makes the news is the current price. That's why most people are stuck in fiat mindset, thinking they 'turn a profit' if they sell for USD.
Yeah, my dad compared it to the dutch tulip bubble in the 1600s. Tulips are unfortunatly not a very strong currency, unlike bitcoin.
Happy weekend Matthew!
Thanks, John-- hope you have a great weekend as well
The tulip bubble chart looks more like a shipcoin then bitcoin
The hawk tuah pump and dump of its day.
Yes, exactly
@@rightpa Don't you dis my Hawk tuah coin! 🤣
The denialists are admitting that nothing could change their mind---even if the price of Bitcoin passed gold. Is price everything? No, but for them to totally write it off is illogical. Asset bubbles are short-lived, literally by definition.
Great stuff as usual. Been a follower for a while and gave up on shipcoins years ago.
I think nearly all of us had our "sh1pcoin phase"
I love watching your videos man, thank you for everything
Thank you-- what questions or topics should I cover next?
@ I have always have the thought of the US bitcoin strategic reserve of acquiring bitcoin and never sell it, however, with the debt crisis we have going on, it would be reasonable to use that bitcoin in the future (sell it) to pay the enormous debt that the US has, and of course after being debt free, keep acquiring more BTC. Idk I’ve been having that thought for a while.
Please create a video specifically explaining to people that they can buy a fraction of a bitcoin. There are so many I come across who didn’t know that!
Yes, we need to keep hammering this fact. The vast majority of people have no idea about Sats, also legacy media only mentions the price of 1 Bitcoin.
Cool and best lecture like good profs I enjoyed
Thanks Matt! You’ve inspired me to create content about Bitcoin. I’ve been here since Trader University. You have cemented my conviction
Matt, a great overview with both principles and examples--scholarly....THANKS!
You are amazing! Thank you! So appreciate what and how you do what you do!
The start of the video the people being discussed already have the incorrect frame from the beginning - they think it's an investment, but we see it as the money. If they saw it as the new money, they wouldn't think they're late, they would just automatically accumulate.
Yes
That’s it
M, thanks much for making & sharing your video. Definitely appreciate the warning at the end. Am sharing the link to this video on Gab.
Hey Matthew,
Just sold the majority of my Bitcoin proxies to buy one Bitcoin. It is becoming crystal clear that the opportunity to buy the greatest money ever is closing in on us. The opportunity cost is too large at this point. When nation states start to buy, the window to buy one whole Bitcoin will be gone for the average person.
Feels great to be back on the winning team.
only way to go. i've got a small bag of ETH AND SOL which i'll be dumping very soon.
@SimonLloydGuitar I've got some dogecoin for a quick trade. After that I'm taking the money paying my bills and moving on with my life and holding my Bitcoin.
@@SimonLloydGuitardump them now, they’re only moving slightly in relation to btc anyway
Love your videos. As a miner with a moderate all in cost of 7.5 cents per KW, I can assure all, no need for fomo with mining. It makes no sense unless you have super cheap all in cost, say 5 cents or less counting management, Or you do it as. strategy as a high net worth individual with high tax rates. Selling BTC for miners is probably not a good financial move. therefore, buying with cash probably doesn't make as much sense as just buying bitcoin. Any gains from the miners will not be more than the gains from just holding the bitcoin. the best solution really is the most simple. Just buy BTC and go away. Don't tinker. Either just DCA, or add, and do nothing else.
Bitcoin Is King it will never be too late to join the winning team
Yes
Thanks for the Video! - Like the etfs so that I don't have to worry about keys (terrible memory) Enjoyed!
Hey Matt! Would you say we are due for another macro economics video? Either way keep em coming love all your videos.
Hi! Can you please make a video about your thoughts on taking risks in your life? For me it is obvious that if you want to move on a next level you have to take some risks. The higher the risk the higher the possible reward. I'd be very grateful to hear your thoughts on it. According to Bitcoin we all have an option to invest in Bitcoin or use 2x ETFs or MSTR or something maybe even more radical.
I think it's exactly the opposite-- you want to avoid taking big risks. At this point, I think that Bitcoin is not risky at all and still has giant upside, compared to terrible investments like real estate, bonds, and most stocks. Avoid the 2x ETFs, or you'll underperform or blow up:
th-cam.com/video/KiR2mDJzA7E/w-d-xo.html&ab_channel=BitcoinUniversity
I'd love a book that consolidates the top 50 or 100 concerns and misperception so we could speed up the adoption of bitcoin
Its called “gradually then suddenly”. Parker Lewis
Thank you Sifu.
Really good stuff on your channel. Thanks.
Nothing to do with this video, but want to thank you for recommending Palantir stock in one of your courses.
People's understanding of bitcoin is the same as it was in the beginnings of the internet, they called it a "fancy fax machine".
Today bitcoin is viewed as a get rich quick in and out "investment".
Hey Matthew, I’ve been a long-time subscriber and a BTC-only investor. I don’t think I’ve ever commented before. I still don’t understand how we would completely move away from the dollar, for instance. Since I don’t plan on selling any BTC, I’d eventually need to borrow against it, which means I’d still be using dollars or euros, right? I don’t plan on spending BTC; I just want to stash it away. And thank you for helping us during those tough years.
US gov will probably never move away from the USD, but you are still free to spend your BTC for goods and services anywhere you want:
btcmap.org/
Current cap gains tax on spending appreciated BTC is annoying.
You can already live in the US and earn your money in BTC and spend in BTC-- basically creating your own BTC standard. You could also move to a place like Bitcoin Beach or Bitcoin Jungle
Borrowing against BTC seems to be the ideal way not to give up any of the pristine asset… but IMO we have a long way to go before there is a safe & effective method of borrowing against BTC. And by safe & effective I mean a way in which you still fully control your keys so there is still very little or no counterparty risk of something happening to your stack.
👍🏻very good explanation
Thanks
Matthew doing God’s work with this channel. It’s dirty work pulling people out of the matrix.
Great video thank you 👍🏻
I think a lot of people are confusing the periods of time where Bitcoin was in a bullrun/bubble with Bitcoin itself. Have there been times when Bitcoin was in a bubble? Yes. But that doesn't mean Bitcoin itself is a bubble. I don't even know what it would mean to say that Bitcoin itself is a bubble. It's been around for over 15 years and it keeps making new highs----because of the value of the network. Asset bubbles are short-lived by definition.
Not investing in what you don’t understand is sound advice.
While in this instance the outcome means a missed opportunity investing in what you don’t understand becomes gambling which will leave you out of pocket more times than not.
Good Morning
Good morning
Nothing "backs" bitcoin because it does not need to be "backed" by anything. Something that needs "backing" is by definition weak. Nothing "backs" gold and nothing "backs" bitcoin. This is a virtue not a vice. A feature, as it were, not a bug.
It is backed by computing power, the most powerful computer by orders of magnitude.
@@royalporter3102 It is produced and secured by the most powerful computing network by orders of magnitude which is one of the reasons why it doesn't need to "backed" by something else.
My takeaway from this video is that human psychology plays a huge role in any currency adoption. We blindly have "faith" in the USD, believing that the US government also "believes" in it too. Bitcoin adoption is growing everyday due to its solid and stable properties. You gotta believe my Brothers!
Great video Matthew
Thx Matthew
When it’s 1m you’ve missed the boat. When it’s 10m you’ll be working to be paid in it.
When you're working to be paid in it, you still haven't missed the boat. It's holding your wealth and preventing your saved time and energy from being washed out by money printers. It's never too late to start using bitcoin
So many people have no idea what BTC is, yet they hate on it. It's not a stock! It's a decentralized financial revolution!
Great video, thank you!
Hi Matt, do you have a good reference on nodes versus miners ? I never found the answer to a very important question : who verifies the transaction? Nodes or miners ?
It’s essential to understand the security of the network
Nodes verify transactions and blocks to make sure that they are following the consensus rules. If a block or transaction violates a rule, it is rejected by that node and not added to that node's copy of the blockchain
@ It’s exactly what I was thinking so for a 50% attack you have to control 50% of nodes not the miners , correct ?
@@red149 No-- it's called a "51% attack" and it is something that miners could do. Not nodes. I'll make a video to clarify further
@ thanks Matt , really appreciate your work for the space 🙏
Another banger video 🫡
Thank you for being such a great Bitcoin educator Mathew. I would like to see you make a video on Blackrock buying up almost everything that has to do with Bitcoin like mining pools, developers, nodes, etc. They’ve even stated that Bitcoin’s 21 million cap can change in the future almost as if their plan is to neuter and fork btc when they gain enough influence to be the majority and change the cap and anything else that would benefit them. I fear that the majority of people buying bitcoin now and into the future do not understand the Bitcoin ethos and will eventually be the majority that fork bitcoin into centralized pretender vs the original but minority of bitcoin. Can bitcoin devs come up with a way to screen these parasites, maybe make them more transparent to the btc community? I feel as though not enough people are truly educated on the bitcoin ethos and most are just in it for greed.
No Bitcoin, no problems. That's what my friend told me recently. I think that Bitcoin is a solution.
Wow that’s a new one lol. Wonder what he/she will say when BTC = $1M USD 😆
Great video Matt. Curious what you think about recent criticisms of Bitcoin for “bedding” with governments despite its cypherpunk, libertarian origins. Some people seem to the think the $100k was due to this “collusion” with government. Don’t know if you think that’s even worth a video but seems to be a new popular criticism. If not, also hearing fears that ETFs have gathered so much btc, passing satoshi, that they will have too much “voting power” to influence a soft fork in the future. Curious what your response to these issues are, but regardless as always thank you for your dedication and teachings!
I was "late" and bought my first bitcoin last year for about 30k. The thing is, it does matter when to buy. Buying at the beginning of a bull market beats buying at the end of it. Risk is lower and reward is higher. Buying at the top means more painful and patient HODLING. But, I know, we cannot foresee the future. It is very clear that bitcoin dips are much lighter than they used to be. And recover very quickly. We'll see how far the 2025 moon mission goes it's very exciting.
Yes but nobody wanted bitcoin at 30k hence the price. It’s harder to convince people to buy at 30k than 100k, sad but trur
I think we need more education on how to resolve problems w/ our Cold storage (your Jade's not all that simple and a bit glitchy if you ask me) and dealing with customer service w/ in this space
I've got a transaction hung up and I need a computer science degree to work through the fix they send which is probably not going to resolve my situation, but they send us on these wild goose chases anyway.
But the thought that I can't get a transaction straightened out after all the growth this industry has seen is shameful.
What’s the difference between reserve vs stockpile vs standard?
All three seem to be being used with BTC
Standard…
the basis of value in a monetary system
//the gold standard
Great vid!
I've gotten the "So it's ok to invade countries and commit genocide, just so you can get wealthy with Bitcoin". Why the hell do people think that with buying and holding Bitcoin you are somehow immoral?
Top content ❤
The inflation argument is weak at this time. I try that and people say stuff like "It's not that bad and I buy TIPS to compensate". TIPs are "Treasury Inflation Protected Securites". Official Inflation is slow enough that people are not worried. If you really want to get people into crypto, send them a paper wallet with enough value in it to get their attention then say, "This wallet contains X amount of crypto you can convert to dollars. In one month I'm emptying that wallet. If you want this money you have learn how to crypto, then convert that money to dollars and NO, I won't tell you how"
It's important to point out to people how much the CPI understates real inflation, and that TIPS are based on fake CPI data
Sadly, many people are not smart or ambitious enough to learn. It's why Bitcoin ETFs are popular now. No need to learn. But eventually, they'll have to, at least at a rudimentary level
Change 'crypto' to Bitcoin in your message and I'm with you.
Hi Matt, can you please provide your opinion on this. If I have my seedphrase and device safely backed up, is it advisable to delete the wallet off the device and only back it up when I intend to use it?
Would that mean I have reduced the risk of failure down to strictly just my seedphrase security/storage?
I use a pin on my device but say I did not, would that leave my wallet exposed to anyone who finds my device can simply plug it into the software (Trezor/ledger) and move my bitcoin without ever knowing my seedphrase. I think so, right?
I have my btc securely stored in multisig, but wouldn’t it make more sense to delete the wallets from the device until I want to use them..?
Would be awesome to hear from you!
Thanks for all the great videos 👊🏻
Hey Matt, are you going to make a video on bitcoin silent payments?
Day 121 of telling Matthew his uploads are appreciated!
Please do a video responding to Dave Ramseys video “has Dave changed his mind about bitcoin”. There was zero hard evidence backing his claim, just emotions
LFG!
Been listening to your videos for a long time. I am a bitcoin advocate. The only question I have: bitcoin = x amount of US dollars....so how is the price of bitcoin valued and/or priced if the value of the dollar goes to zero/ US goes bankrupt/or no longer the reserve currency?
You can price BTC in anything you want-- euros, yen, gold, cattle, houses, eggs, etc. It's like saying-- will my gold still have value if the USD goes to zero. Yes, it will
Greetings from ye olde blustery coastal shores of Lancashire
Sounds lovely, paired with ale or hot tea
If you invest all your money in btc. How do you spend on travel or things other than groceries and essentials?
I'm thinking of 1 wallet as a hodl and the other for more flexible btc. Thoughts ?
is it ok to buy bitcoin through a brokerage like fidelity?
Gold is backed by 79 protons only. It has various oxidation states, and the number of electrons are not what makes an element gold. Similar comment for other elements. Protons determine the element. Thus, if you wish to make gold from lead, you would have to do the enormous work of removing 3 protons from lead.
Peter Schiff's next step should be to turn bullish on radioactive gold that decays in milliseconds
“I don’t use technologies I don’t understand”
That's probably a good way of approaching technology. But ignoring new tech like BTC is just like ignoring the internet or AI-- one will just fall behind everyone else in terms of standard of living and skills. I know that you probably already know this-- just stating it for others
have you spoken abiut what will happen when we reach peak btc? it must be weeks awsy.
RE: TCP/IP. IPv4 is still with us today. People still use it! It is very hard to replace a legacy standard. IPv6 expands the address space and certain security issues with IPv4. Modern computers and networking devices are fully compatible with IPv6. But there are still a lot of legacy switches and software out there that doesn't work with IPv6. So we still have co-use with IPv4.
The IPv4 address space was fully consumed back in the late 1990s, IIRC. Maybe early 2000s.
Thanks for this-- very interesting
Wen PQC BIP?
Hey Matt how do you feel about having BTC via ETFs and cold storage should it be 50/50 60/40 or all cold storage? What’s your opinion on this matter?
A lot of people who are detractors think that Bitcoin is a finished product as it exists today. They do not realize we are probably a couple decades or maybe longer away from it being close to a finalized working financial ecosystem. As computing power grows and more robust software languages and protocols are developed, and the internet network becomes more robust with tons more bandwidth available to run these new protocols and such, most of the issues that Bitcoin has today will be solved.
If the price intimidates them, get them to buy the ETFs which are only $90 per share. Later on after they understand that Bitcoin is fractionalizable they can convert to real Bitcoin. Sure it's not ideal but it gets them engaged and now interested to learn more.
Sure but just saying 'hey, you know you can buy fractions of a Bitcoin called Satoshis for any dollar amount you like' should be understandable enough.
What do you think about split Bitcoin up into different wallets. I mean create a lot of small wallets (100k sats each for example) offline and write seed pharase/private key down on the metal that hard to destroy and then hold in different places those different wallets keys instead of having one wallet or two or three.
Not a good idea. Get ONE good hardware wallet like the Coldcard and hold most of your BTC in one place. Aim for larger chunks of BTC like 1 million sats if you can, in order to future proof against higher transaction fees
There's more FUD going around now than 8 years ago IMO. That's good for anyone accumulating.
KOL Cryptotuber Influencer -
2022: "You guys are crazy the price is 17K going to 0."
2024: "100K why would you get in at the top."
Moral of the story listen to yourself and learn about BITCOIN!
If Saylor is buying the top, who do I think I am to deserve a better price? He said even at 1 million dollars he is buying the top. You get Bitcoin at the price you deserve. That I believe.
We are super blessed to be among our critical thinking peers. Super early. Humanity has never seen NGU technology, everyone will bend the knee, or ruin themselves financially. Imho
Please make a video querer Can I buy bitcoin. I have it in Fidelity is that okay?
Not related to the video sorry, but i wanted to know your opinion on mstr and there growing hoard of Bitcoin. Do you think that they are taking or will possibly claim too much of the supply? And how do you think Satoshi would feel about one company claiming possibly 5% of all the Bitcoin? Is this just a part of game theory and eventually the coins will be better spread out in the future?
You bitcoin is cyclical should I sell when high buy when low or dca
No one can time the cycles very well, so I like to DCA and hodl
It can be calculated how many times mining gold is versus mining bitcoin.
Using the energy exerted divided by the stock to flow increase.
A ratio of how much it costs per year to mine gold divided by the increase percentage in total gold that year.
Similarly for Bitcoin, divide total cost of mining bitcoin for a year, divided by the increase pct og bitcoin that year.
Finally divide gold'd result by the bitcoin result.
They have eye, but can not see. Guess that gives every that can see just a little more time.
What happens to etfs and companies like MicroStrategy when all the Bitcoin has been issued???
When you’ve been around long enough this all boils down to moar FUDD.
Why is xrp up so strongly and is it sustainable considering how you feel about Ripple and xrp?
Myself a silent student in bitcoin university.
What’s gold backed by? 79 protons and 79 electrons , very witty and technically true 😂
But what is backing those protons? I'm not buying gold until I find out
@@Bitcoin_University quarks? lol
Damn Matt, we missed the XRP train...
I sold mine a week before it started going up 🤦
At least I sold it for Bitcoin!
👍🏾
Only one minute late to the video.
Seems a bit non-toxic
I'm trying to reach out to all the newcomers to the channel without scaring them away immediately. It's a delicate balance, since I enjoy the toxicity myself