Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin hits $10,000

bloomberg.com

Post reply on HN
Print view View original

91–100 of 389 posts

Re: Bitcoin hits $10,000

#91

Post by StudentStuff »

seanmcdirmid wrote: post #69
bobcallme wrote: post #58

Earlier quoted context omitted.

> Bitcoin is not even good for transactions, its supposed primary purpose, right now. How so? I buy lunch with Bitcoin and a few weeks ago I paid for a car repair with it. If I need more, I just go to a bitcoin vending machine near by.

Where did you do this? None of the local businesses (Bellevue WA) take bitcoin that I can tell, and it is populated by lots of techies.

Go to Cap Hill if you want to spend BTC, the east side is pretty well devoid of establishments that take bitcoin.

Re: Bitcoin hits $10,000

#92

Post by seanmcdirmid »

narrator wrote: post #4

7 years ago: The first bitcoin article on HN with comments! https://news.ycombinator.com/item?id=1532670 One of the posters says the feds will shut it down. I also thought this too. This remains one of the most enduring mysteries of Bitcoin to me. Why has the government taken such a hands off approach?

You mean the USA government? Because they have no legal basis to take action. Rule of law is weird like that.

Re: Bitcoin hits $10,000

#93

Post by wslh »

pishpash wrote: post #19
wslh wrote: post #10

Earlier quoted context omitted.

One trigger to sell is when you have enough to retire. Bitcoin and other cryptocurrencies are creating a lot of millionaries. Probably more than startups and in a shorter time. Can't back up this, it is based on how many rich people exist around me in this field (where I also work) vs. friends struggling to make their companies scale even if they are doing well at a tiny scale.

For most people that'll require either almost all their savings in bitcoins for 10x or a significant portion for 100x. Neither is "easy."

It was easy for early adopters/believers/patient-people comparing with other options. More thinking about people outside US who don't have access to a lot of opportunities at an early stage.

Re: Bitcoin hits $10,000

#94

Post by micaksica »

fullshark wrote: post #78
pishpash wrote: post #21

Earlier quoted context omitted.

Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.

It’s good for anonymous worldwide transactions. It has proven itself there and there will always be some demand for that.

It's good for pseudonymous worldwide transactions. Blockchain analysis software is now a thing, and while costs are high, there are companies that specialize in tracing BTC transactions. [1] It is possible to launder/mix BTC or play a shell game to/from other currencies and wallets and raise analysis costs enough to make it not worthwhile for many adversaries and many targets.

While this may seem pedantic, it is important that people do not rely on BTC transactions for anonymity. Perpetuating this myth may become dangerous for some Bitcoin users.

[1] https://www.chainalysis.com/

Re: Bitcoin hits $10,000

#95

Post by kayhi »

0bsidian wrote: post #81
fullshark wrote: post #61

Earlier quoted context omitted.

This is nonsense. This is being driven by speculation / minuscule interest rates / greed. Very little of the demand for btc in the past year is due to lack of faith in institutions.

Let me try to make the case for why Bitcoin could be a useful beyond greed. I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations). On the other hand, I can definitely see the utility in a censorship-resistant digital medium to store wealth. To me, this latter use case has much, much more potential to serve the…

I've read this before ... oh wait, you keep posting these examples

Re: Bitcoin hits $10,000

#97

Post by bluetwo »

xutopia wrote: post #74
mmgutz wrote: post #49

Earlier quoted context omitted.

That's the part that gets me. Bitcoin has scaling issues, is slow and transaction fees are outrageous. Still, I have no doubt some form of crypto-currency will eventually win out.

I connected to the internet with a 14.4k modem and I'm connected to fiber today. Bitcoin is in its infancy. It's a matter of time until it reaches the levels we require for handling all the transactions that we want to happen.

Yes, and you connected with AOL and used Netscape to search with Yahoo to buy music from CD-Now.

Re: Bitcoin hits $10,000

#99

Post by wallace_f »

bluetwo wrote: post #84
wintom wrote: post #17

“Rosenstreich at online trading firm Swissquote said bitcoin’s surge harks to the surprises of the U.K. referendum on European Union membership and President Trump’s election. “We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.”” Th…

Errrrr.... Bitcoin is a fiat currency, so be careful with your generalization. And whose job is it to investigate bitcoin fraud and theft? No one.

Bitcoin might turn out to be one of the markets where free market dynamics work well.

Whose job is it? Anyone who has a stake in trusting and maintaining bitcoin's value. So the rich are incentivized to safeguard the poor in some sense here.

Re: Bitcoin hits $10,000

#100

Post by gregschlom »

seanmcdirmid wrote: post #92
narrator wrote: post #4

7 years ago: The first bitcoin article on HN with comments! https://news.ycombinator.com/item?id=1532670 One of the posters says the feds will shut it down. I also thought this too. This remains one of the most enduring mysteries of Bitcoin to me. Why has the government taken such a hands off approach?

You mean the USA government? Because they have no legal basis to take action. Rule of law is weird like that.

I'm not sure I understand your comment. There seems to be plenty of anti money-laundering laws that would provide a legal basis.
Post reply on HN