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Bitcoin hits $10,000

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Re: Bitcoin hits $10,000

#151

Post by 3pt14159 »

chrischen wrote: post #145
3pt14159 wrote: post #127

Earlier quoted context omitted.

Are you in a major city in North America, Japan, South Korea, China, or Europe? If so, I don't think you have a truly representative sample. On the other hand, I still think governments are going to ban it once they understand it. But for now: :D

You probably just covered > 50% of the population of the earth there. If that isn’t “ordinary people” than what is? People aren’t all rural farmers anymore.

No I'm not. Major cities are Toronto, NYC, Chicago, Tokyo, etc. Not Vilnius, Ottawa, or Brussels.

Re: Bitcoin hits $10,000

#152

Post by sytelus »

RexetBlell wrote: post #120
sytelus wrote: post #88

Earlier quoted context omitted.

That is not correct. Gold actually has uses in manufacturing all kind of goods. In many manufacturing processes its irreplaceable. It has historical significance that is ingrained in virtually every culture (i.e. everyone grows up thinking gold as valuable thing due to stories you hear as kid). Jewelry made out of gold looks great, doesn't get rusty and you can keep it for centuries without needing any technology. Ev…

A long time ago, when Aluminium was more precious than gold, people made what was considered good looking jewelry out of it: http://www.todayifoundout.com/index.php/2014/05/aluminium-co... "Its shininess combined with its almost ghostly lightness compared to other metals made it an ideal metal for jewellery and it wasn’t long until the French elite were wearing broaches and buttons made of the aluminium." Aluminium a…

Yes, but scarcity of bitcoin is not time tested. Most people seem to downplay this requirement for being "time tested" along with "scarce". However this is the requirement that drives your decision about how much % of your assets would be in certain form over long run. Would bitcoin still be scarce 20 years down the line? Not sure. Gold? Almost certainly. Also bitcoin is at mercy of technology. Few people knows how system works and where are the security gaps. One doesn't have to be even literate, let alone own a computer, to store and transact in gold.

Re: Bitcoin hits $10,000

#153

Post by dajohnson89 »

School-Cotton wrote: post #44
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?

"The feds" can't just shut down whatever they want; there is a process.

cute

Re: Bitcoin hits $10,000

#154

Post by dahdum »

deorder wrote: post #129
dahdum wrote: post #113

Earlier quoted context omitted.

The Friedman memo showed they were 1-1 cash/usdt back in September, and they've stated clearly it's institutional money coming in. In fact, that's exactly what I would expect for large buyers trying to spread their purchases across exchanges who don't use USD directly. "I agree that if no one was able to get fiat in or out of Tether and USDT were still being issued that would be a huge problem. As it stands, however,…

And he also said the following: https://pbs.twimg.com/media/DPr4aSpX4AEut2d?format=jpg

Yes, though that was prior to his clarification. They haven't removed any of the many claims on the website assuring a 1-1 backing, they did an audit, and the issuance makes sense given the situation. Doesn't seem all that likely to be a scam to me. Of course, I could be wrong.

Re: Bitcoin hits $10,000

#156

Post by zzxxddere333 »

Cookingboy wrote: post #56

Disclaimer: I do own BTC. But I really can’t see how this is not just an instrument for some people to get very rich in a very short amount of time on the back of others. Can it reach 100k? Absolutely. 1M? Who knows. 10M/BTC? Someone on Reddit said it will get close. But in the end I do think it will be remembered as a global mania instead of the creation of a new asset class. I do believe in block chain and the valu…

Why not both?

If you can see value in decentralized cryptocurrencies, I think you can make the mental leap for the case of bitcoin.

Re: Bitcoin hits $10,000

#157

Post by pmorici »

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.

Any police organization that investigates ordinary theft would absolutely investigate a theft of Bitcoin.

Re: Bitcoin hits $10,000

#158

Post by sowbug »

acchow wrote: post #46
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…

"Ordinary people globally understand why a decentralized asset is the ultimate safe haven." Ordinary people have never heard of bitcoin. I have relatives working in finance who don't understand bitcoin.

Ordinary people (48.3% of them) aren't on the internet, either.

http://www.internetworldstats.com/stats.htm

Re: Bitcoin hits $10,000

#159

Post by alexbeloi »

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…

You're describing money laundering and selectively choosing to represent the positive examples of it.

Re: Bitcoin hits $10,000

#160

Post by antimora »

From the outside, as nonuser, I cannot understand how this currency price surge helps the currency as a medium of exchange. Wouldn't this signal everyone to hold on their bitcoins? Doesn't this hurt the adoption in the long run?
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