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…
I heard a rumor that it will hit 1 trillion dollars. It sounded legit.
Bitcoin hits $10,000
371–380 of 389 posts
Re: Bitcoin hits $10,000
#372Earlier quoted context omitted.
Please stop posting repetitive comments to Hacker News. At this point you're spamming and that's totally not ok.
Is it considered spam because of its substance or because it's repeated verbatim? E.g. if I take the same exact comment but paraphrase it every time I post it, would that be ok? The reason I ask is because I see a few accounts post the same tired criticism of bitcoin over and over and see no reprisal for spam. I would be interested in understanding what the objective rule here is, since I checked the guidelines and c…
Re: Bitcoin hits $10,000
#373Re: Bitcoin hits $10,000
#374Earlier quoted context omitted.
"Econ 101: The price of a currency is based on people's trust in that currency." Right, but how many people really trust Bitcoin? And by trust, I mean trust that it will retain its value for the foreseeable future. I have trust that the Euro will retain its value, so I feel confident pricing my product and services using it. On the other hand you'd be crazy to price anything in Bitcoin. No one has trust in Bitcoin as…
> I have trust that the Euro will retain its value You must feel very betrayed every year when you look at the inflation rate and the price increases...
Re: Bitcoin hits $10,000
#375Earlier quoted context omitted.
If they're priced in dollars and converted into Market price Bitcoin at the checkout... then they're obviously not priced in Bitcoin.
For international sales we accept euro/yuan/pounds/etc but instantly convert it to dollars. I would say that we are pricing in those currencies.
Re: Bitcoin hits $10,000
#376Re: Bitcoin hits $10,000
#377Earlier quoted context omitted.
Ordinary people (48.3% of them) aren't on the internet, either. http://www.internetworldstats.com/stats.htm
Wait till Africa stops using their local currency mobile payments and switches to crypto. Internet use won’t matter as bitcoin and I’m sure many crypto to follow won’t hinge on an internet connection.
Re: Bitcoin hits $10,000
#378Earlier quoted context omitted.
How is BTC better than gold? What can I do with a bitcoin? It's just data. It's still a fiat currency. Gold is specifically not a fiat currency because it has real world applications. I will agree cryptocurrencies are better than other forms of fiat currency in that there is a definitive quantity, similar to a non-fiat currency, but it's intrinsic value is in the trust others will accept it in exchange for something…
> Suppose a solar flare destroyed all existing digital equipment. Suppose someone invents a way to turn lead into gold?
Re: Bitcoin hits $10,000
#379Earlier quoted context omitted.
People in Venezuela are actively trading lots of bitcoin every day, in person. You can see this in the LocalBitcoins data: https://coin.dance/volume/localbitcoins
This is a pretty misleading response. So, okay, some of the fortunate people who do have access to USD/EUR are trading it for Bitcoin on LocalBitcoins, not just storing it. But you're making it sound like this is a graph of ordinary Venezuelans trading their hard-earned bolivar into lucrative Bitcoin, which it almost certainly isn't.
Re: Bitcoin hits $10,000
#380Earlier quoted context omitted.
It's total bullshit when people say that all the countries without central banks were the ones being attacked by the US military, north korea has a central bank, Libya has had a central bank continuously since the 1950s. The fact that this type of fake news is so heavily proliferated and believed damages the ability of working institutions to keep their legitimacy.
I made a mistake, but this is the problem with online comments -- brevity leads to necessary oversimplification. Gadaffi was trying to oust the type of central bank they had been forced to have in Libya. I will explain. Admittedly this is pretty far out in the realm of Wrongthink. Just look at Investopedia or an econ text book, and what they say about the question: does the Fed print money. They say no[1]. This is ut…
Now, while I understand why a lot of people like the idea of a gold standard, or really holding static assets like gold or bitcoin themselves (for microeconomic reasons), to suggest that debt based central banking is bad because government are bad is a poor reason simply because of all the macroeconomic good that comes from it for societies. Economies are strong when people spend and invest money in them at higher nominal rates y/y without a decrease in purchasing power. Countries are able to maintain this by using these debt based systems to systematically devalue their currency (such as china has done) to grow their economy and in turn their tax base and public works. When the opposite is done, you get the types of problems japan had when other countries systematically devalued the yen as part of the plaza accord.
Additionally, should all assets be completely static where there is a greater incentive to hold rather than to trade (as is sometimes the case within the housing market, so people systematically fight against new housing as it only devalues their asset), you create a society where people only purchase the goods they need, and in turn those at the top can forever increase their wealth without having to invest it at the same rates they do now.