Bitcoin Halving Party Thread

[ukanonymous]

I have the champagne peeps please join me.

**group huggies***

[Togo]

What is this trash doing polluting the Technology section? There are jokes, and spams and scams categories available you know.

[royfromaus]

You don't buy Bitcoins, you buy the price (or sell)

[ToraToraTora]

ah, THAT, halving, with you now! I thought it was the value halving due to the depression caused by the virus.

[ToraToraTora]

I have no bitcoins roy, what would I use to buy them with?

[royfromaus]

Goods are one possibility.

[ToraToraTora]

right so I sell my sofa!

[royfromaus]

Only if someone wanted to pay you with bitcoin. Expensive sofa?

[ToraToraTora]

so I can't exchange dollars/pounds for bit coins?

[ToraToraTora]

....funny cos their exchange rate is on dollars!

[ToraToraTora]

....but surely that would make a nonsense of your earlier statement: "You don't buy Bitcoins"

[THECORBYLOON]

If I understand it correctly, it's the production rate of future Bitcoins that's been cut in half making the ones already held more valuable.

Other than that I do not have a Scooby about how they are produced, where you get them from, where you keep them or how you sell them for real money.

[royfromaus]

I meant you don't 'have' to literally buy Bitcoins. You buy (or sell) the price.

Believers in Bitcoin are a special breed. I don't share their belief.

[ToraToraTora]

no TCL it's the value of each coin mined, the production rate is not affected. It's done every 4 years and the next one is over 1300 days away.

[ToraToraTora]

"I meant you don't 'have' to literally buy Bitcoins. You buy (or sell) the price" - no that's the derivative, the actual coins need to be bought with other currency.

[NickorWan]

//no TCL it's the value of each coin mined, the production rate is not affected. It's done every 4 years and the next one is over 1300 days away.//

I don't think that is right, TTT, the market decides the value. They cut the number of Bitcoins awarded for mining, which is cutting the production rate basically.

[royfromaus]

the actual coins need to be bought with other currency.


Why?

[ToraToraTora]

nickorwan; https://coinmarketcap.com/halving/bitcoin/ - yes the market decides the value day to day but the block reward halves regularly, the block reward is the amount of coins you get for mining a valid block.
Roy, you are talking about buying and selling the derivative, ie betting on the movement. Bitcoin is like any other currency, to acquire them you need to spend some other currency or commodity. Try and buy a bitcoin, only £7k.....then you'll see what I mean.

[NickorWan]

The amount of coins you get for mining IS the production rate. When they reduce it they are cutting the production rate.

[NickorWan]

Sorry, should say affects not IS.

[THECORBYLOON]

"After every 210,000 blocks, Bitcoingoes through a process called “halving.” This mechanism was integrated into the protocol by Satoshi Nakamoto himself. After a protocol goes through “halving,” it cuts the supply of new Bitcoins in half, halving the miner’s block production rewards, as well."