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$1 Million Bitcoin In 2018?

[Crossposted from Patreon]

Greetings patrons and general public. Well, after 9.5 hours on the road yesterday in a motorhome, from Santa Barbara, CA—a 1-night stopover and hosting of Dr. Michael Eades at camp for a charcoal BBQ dinner—to Arnold, CA in the Sierras, I’m finally back at my normal desk after 10 days.

I’m up at 5:30 a.m., loaded with coffee, checking all systems and it’s a go for launching the next in the Bitcoin FOMO TL;DR series which covered getting into Bitcoin NOW in a public post, buying a couple of Altcoins NOW in a patron-only post, and then getting your stash into wallets NOW.

The next, up later today, will be on setting up both desktop and wallet portfolios, so that in a few months time you wake up to this, which represents my Patreon portfolio that I started Sep 3, 2017 with weekly buys in Bitcoin and some 39 Altcoins, including about 5 ICOs. These are all to hodl, incidentally.

Beyond that, I have three more Bitcoin FOMO TL;DRs planned for Patrons

  1. Going from fiat to Bitcoin with zero fees using ACH transfer and GDAX.
  2. Buying altcoins directly with your Jaxx wallet using Shape Shift.
  3. Buying ERC-20 tokens using the EtherDelta exchange.

But is it true, as some say, that this is just the beginning? Take a look at the link I just forwarded, provided via a Patron over on the Discord channel we have set up (see here about getting your Discord rewards).

For price levels already achieved through $11,500, the model backtests remarkably well, back to 2015. While past performance does not predict the future, it is sweet to contemplate prices of $100K, even $1 million, and much sooner than the wildest predictions have foretold.

It’s really funny when guys like John Mcafee have to come out saying he got it wrong by over 100%, but in the opposite way people often get it wrong. That is, people thought he was crazy calling for $5,000 Bitcoin in 2017 and here I sit with Bitcoin at $12,800. Astounding.

Wrap your mind around this chart, then read the background at the link.

Latest Primary Resources:

  • How To Trade Cryptocurrencies (updated regularly)
  • The Bitcoin FOMO TL;DR Series (#1, #2,, #3)
  • All About Cryptocurrency Wallets
  • Commission Free Trades and Transfers
  • My Real-Time Crypto Portfolio
  • My Latest Trade Notice (as of the date of this post)
  • The Community Board (where Patrons post)
  • The Patron-Only Discord Real-Time Platform (Link Your Patreon)
  • Sign Up With Coinbase and Get $10 of Free Bitcoin

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Richard Nikoley

I'm Richard Nikoley. Free The Animal began in 2003 and as of 2021, contains 5,000 posts. I blog what I wish...from health, diet, and food to travel and lifestyle; to politics, social antagonism, expat-living location and time independent—while you sleep—income. I celebrate the audacity and hubris to live by your own exclusive authority and take your own chances. Read More

8 Comments

  1. jim on December 6, 2017 at 15:35

    Just curious….what % of your net worth do you hold in crypto?

    • Richard Nikoley on December 12, 2017 at 15:56

      I don’t talk about my personal stuff. Plus, I don’t even really know what my net worth is. Much of it is R/E and conventional retirement accounts.

      The Patreon portfolio I started Sep 1 and averaged into weekly, about 50% in Bitcoin and the rest spread amongst 40 other assets is at $4k buy in, worth $9k, a 125% gain.

      See attached image.



  2. Samupaha on December 10, 2017 at 02:31

    You might want to do some calculations on how much Bitcoin network will use electricity if the price goes to million.

    Because mining is unregulated and global business, profit margins are low. There are lots of competition. Most of the income is used to pay for electricity and new mining equipment.

    Block reward is 12.5 btc until 2020 when it’s halved next time. There are 144 blocks per day. If price of bitcoin will go to million, value of block rewards + user fees is enormous in dollars. Every day miners are using huge amount of electricity to run their operations because that’s what they are paid for.

    This creates some risks for any blockchain based on proof of work consensus system. Ordinary people will be pissed off if their electricity bill goes up because price goes up because miners are using so much. That will cause governments to step up and do something about it, like shutting down mining operations or creating “environment tax” for bitcoin users. Environmental organizations will also attack bitcoin miners and users.

    This is why I don’t see any long term future with POW blockchains unless they have a built-in mechanism for changing the block reward if the electricity consumption goes too high.

    • Richard Nikoley on December 12, 2017 at 15:24

      I completely disagree, plus i don’t buy the power consumption hype anyway.

      http://www.washingtonsblog.com/2017/11/anyone-even-minimal-check-sensationalist-bitcoin-electrical-consumption-story.html

      At any rate, Bitcoin does not require more miners. It would do just fine on 10% or less of the hashing power it has now (as it was doing a years past). So, what’s the complaint, actually, that’s it’s lucrative enough still that it has way more hashing power then needed to actually confirm the transactions presented to it?

      As the level of difficulty goes up and the reward goes down, miners themselves get to determine whether it’s worth it, and they have the option to do what they wish. Any miner can unplug anytime they want.



  3. Samupaha on December 14, 2017 at 02:54

    “I completely disagree, plus i don’t buy the power consumption hype anyway.”

    Just do the math and you’ll see how much of this is just hype.

    “So, what’s the complaint, actually, that’s it’s lucrative enough still that it has way more hashing power then needed to actually confirm the transactions presented to it?”

    It seems that you have misunderstood something.

    Hashing power is not used to process transactions. It’s used in a consensus process to decide who has the right to issue the next block. The more hashing power you have, the better are your chances of getting the right to create the next block and get the block reward. Basically it’s just a lottery. Hashing power is the lottery ticket.

    So, the actual complaint is that the lottery prize is too big. People are using too much resources in order to win it.

    The math is pretty clear.

    Miners are paid per day: 12.5 (block reward) * 144 (blocks per day) * $1,000,000 (price of bitcoin) = $1,800,000,000

    Let’s assume that 60% is spend on electricity, which makes $1,080,000,000

    Let’s assume that miners pay 5 c/kWh, which makes the total electricity used 21,600,000,000 kWh, and that’s only in one day!

    Electricity consumption of the whole year would be 21.6 TWH * 365 = 7884 TWh. Not sure what’s the newest data on electricity generation but according to Wikipedia it was 23,816 TWH in 2014. If we use that number, the Bitcoin network would consume third of the electricity of the whole world in a year!

    That’s not going to happen. So if somebody claims that bitcoin can go to million by 2020, I call that bullshit.

  4. Richard Nikoley on December 19, 2017 at 20:14

    Samupaha:

    “You might want to do some calculations on how much Bitcoin network will use electricity if the price goes to million.”

    Let me make this very easy for you.

    I don’t give a fuck. Let their economics be their economics, let prices be signals.

    I just hate stupid fucks like you and have no tolerance for what absolute time wasters you are.

  5. Donald McNary on January 25, 2018 at 13:14

    liviacoins always leaves me satisfied whenever I buy or sell bitcoins to them.

  6. Pam84 on March 1, 2018 at 15:13

    Check out furcoins, there you can buy or sell bitcoins without stress!

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