Bitcoin Approaches $10,000 a piece • Hacker News Board

Re: Bitcoin Approaches $10,000 a piece

#11

Post by lsd5you » Mon, Nov 27, 2017, 1:35 PM UTC

down wrote: post #2

As the older generation doesn't get why you would buy a bitcoin and where you would keep it, the newer generation doesn't get why you would buy a shiny piece of metal as in gold bullion and where you would safely keep it. Bitcoin market is still minuscule comparative to gold, and while most will point out that it doesn't work amazing as a currency, if it gets to like 50% of the current gold market, it is going to be…

Yes, but bitcoin is not scarce in any meaningful sense in the long run. Using the same software alternative versions of the coin can be created. Or worse better versions ...

Gold will cease to be meaningfully scarce if we ever mine an asteroid or something like this, but the barriers to that are obviously somewhat higher.

Re: Bitcoin Approaches $10,000 a piece

#12

Post by mdgrech23 » Mon, Nov 27, 2017, 1:39 PM UTC

shp0ngle wrote: post #7

Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.

Why? Gold is used for speculation. So is land...

Re: Bitcoin Approaches $10,000 a piece

#13

Post by jstanley » Mon, Nov 27, 2017, 1:39 PM UTC

lsd5you wrote: post #11

down wrote: post #2

As the older generation doesn't get why you would buy a bitcoin and where you would keep it, the newer generation doesn't get why you would buy a shiny piece of metal as in gold bullion and where you would safely keep it. Bitcoin market is still minuscule comparative to gold, and while most will point out that it doesn't work amazing as a currency, if it gets to like 50% of the current gold market, it is going to be…

Yes, but bitcoin is not scarce in any meaningful sense in the long run. Using the same software alternative versions of the coin can be created. Or worse better versions ... Gold will cease to be meaningfully scarce if we ever mine an asteroid or something like this, but the barriers to that are obviously somewhat higher.

"Alternative" bitcoins aren't as good as real bitcoins in the same way that "Alternative" USDs aren't as good as real USDs.

Re: Bitcoin Approaches $10,000 a piece

#14

Post by down » Mon, Nov 27, 2017, 1:39 PM UTC

lsd5you wrote: post #11

down wrote: post #2

As the older generation doesn't get why you would buy a bitcoin and where you would keep it, the newer generation doesn't get why you would buy a shiny piece of metal as in gold bullion and where you would safely keep it. Bitcoin market is still minuscule comparative to gold, and while most will point out that it doesn't work amazing as a currency, if it gets to like 50% of the current gold market, it is going to be…

Yes, but bitcoin is not scarce in any meaningful sense in the long run. Using the same software alternative versions of the coin can be created. Or worse better versions ... Gold will cease to be meaningfully scarce if we ever mine an asteroid or something like this, but the barriers to that are obviously somewhat higher.

is scarce, is like a social network, make another facebook, "better technically", no one will care, there is only one bitcoin, its value is in the code as much as facebook value is in react and php.

Re: Bitcoin Approaches $10,000 a piece

#15

Post by viridian » Mon, Nov 27, 2017, 1:40 PM UTC

shp0ngle wrote: post #7

Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.

This simply isn't true. If you pointed out that adoption and price aren't growing in a correlated manner I'd be inclined to agree, but steam, whole foods, and subway weren't accepting bitcoin 4 years ago.

At least three of those payment acceptors also make to US top 25 list for traffic (Microsoft's bing, reddit, wikipedia) so they aren't exactly zero traffic, either.

https://99bitcoins.com/who-accepts-bitcoins-payment-companie...

I don't even have a dog in this fight, as I don't own any, but this is blatant misinformation.

Re: Bitcoin Approaches $10,000 a piece

#16

Post by knocte » Mon, Nov 27, 2017, 1:40 PM UTC

shp0ngle wrote: post #7

Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.

I disagree, I use it for booking flights and hotels everytime I travel (e.g. Expedia, Destinia; 9flats, CryptoCribs). Smooth experience, much better than paying with {credit|debit} cards.

I also get paid in bitcoin thanks to bitwage. It's easier to get good (figurative) raises this way instead of depending on your boss x-) If you're wondering how the hell I'm so crazy to "bet" my salary on this, check this shower thought: https://www.reddit.com/r/Bitcoin/comments/79zy2d/shower_thou...

Re: Bitcoin Approaches $10,000 a piece

#17

Post by ssanders82 » Mon, Nov 27, 2017, 1:40 PM UTC

shp0ngle wrote: post #7

Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.

Nobody really pays for anything with gold Krugerrands either.

Re: Bitcoin Approaches $10,000 a piece

#18

Post by albedoa » Mon, Nov 27, 2017, 1:41 PM UTC

jstanley wrote: post #10

tomconte wrote: post #8

I think most people buy Bitcoin for its speculative value but never use it as a currency to actually buy or sell stuff.

I use it as a currency to both buy and sell stuff.

Okay? Do you have any insight as to whether you belong to the set of "most people"?

Re: Bitcoin Approaches $10,000 a piece

#19

Post by koheripbal » Mon, Nov 27, 2017, 1:41 PM UTC

shp0ngle wrote: post #7

Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.

You can buy drugs with it online. ...and also pay ransomware ransoms.

Re: Bitcoin Approaches $10,000 a piece

#20

Post by jay_neyer » Mon, Nov 27, 2017, 1:42 PM UTC

lsd5you wrote: post #11

down wrote: post #2

As the older generation doesn't get why you would buy a bitcoin and where you would keep it, the newer generation doesn't get why you would buy a shiny piece of metal as in gold bullion and where you would safely keep it. Bitcoin market is still minuscule comparative to gold, and while most will point out that it doesn't work amazing as a currency, if it gets to like 50% of the current gold market, it is going to be…

Yes, but bitcoin is not scarce in any meaningful sense in the long run. Using the same software alternative versions of the coin can be created. Or worse better versions ... Gold will cease to be meaningfully scarce if we ever mine an asteroid or something like this, but the barriers to that are obviously somewhat higher.

Wrong. Bitcoin has a fixed supply of 21M bitcoins that will ever exist. I could also create software alternatives of Facebook & Wikipedia, but they would have no value. Network effects are what matter.