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Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

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Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#21

Post by gruez »

fernandopj wrote: post #8
paulpauper wrote: post #4

It seems like a lot until you consider that it has been surpassed by many other investments in terms of gains such as Tesla, Paypal, Palantir stock and others. The days of Bitcoin going up 10-50x in a year are over, but still interesting to see what happens next. I think increasing regulation and the use of blacklists and 'coin tainting' erode whatever use bitcoin has though, as there will be no fungibility. This mak…

Consider this: you only cited US stocks, that's not exactly open to the whole world. Bitcoin is much more accessible, (arguably) converts to local fiat faster than US$ -> local, and having gains of 100% or close to it in a span of a few months is nothing to laugh at.

To add to this, country with capital controls (eg. china) or with foreign currency controls (venezuela).

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#23

Post by seibelj »

jayd16 wrote: post #22

Can someone explain why BTC going from 13k to 20k in a month isn't the yearly pump and dump?

I posted this in the other thread from today that briefly hit the front page:

Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin is truly constrained and there cannot be anymore made in response to demand above the normal rate of inflation.

This time, big money, institutions, and the very rich are coming in addition to the widespread purchase by retail. The price is going to rise a lot.

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#24

Post by arcticbull »

domatic1 wrote: post #7
paulpauper wrote: post #4

It seems like a lot until you consider that it has been surpassed by many other investments in terms of gains such as Tesla, Paypal, Palantir stock and others. The days of Bitcoin going up 10-50x in a year are over, but still interesting to see what happens next. I think increasing regulation and the use of blacklists and 'coin tainting' erode whatever use bitcoin has though, as there will be no fungibility. This mak…

How so? Bitcoin is the best performance asset class.

Square outperformed Bitcoin by a wide margin trough to peak in 2020. Tesla vastly outperformed. Tesla is up 15X since the summer of 2019.

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#26

Post by arcticbull »

seibelj wrote: post #23
jayd16 wrote: post #22

Can someone explain why BTC going from 13k to 20k in a month isn't the yearly pump and dump?

I posted this in the other thread from today that briefly hit the front page: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodit…

Bitcoin is a Bitfinex and Tether phenomenon. Since the Tether article was posted a few weeks ago another $2B fake dollars have been generated and used to buy Bitcoin. This absolutely and completely dwarfs the pennies Square and PayPal threw into the wishing well.

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#27

Post by my_usernam3 »

redisman wrote: post #11
globular-toast wrote: post #3

Looks like it won't break the $20k threshold again. Back down it goes... I knew this was about to happen again when, just like last time, I heard regular "non-techy" people talk about it at work.

I love the crypto oracles who can sense what direction various coins are "supposed" to head to next.

Oh me too, thats been my favorite part. Everyone has their own theory about the future of bitcoin, but those that are certain of said future always give me a good chuckle.

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#28

Post by dudus »

TuringNYC wrote: post #6
paulpauper wrote: post #4

It seems like a lot until you consider that it has been surpassed by many other investments in terms of gains such as Tesla, Paypal, Palantir stock and others. The days of Bitcoin going up 10-50x in a year are over, but still interesting to see what happens next. I think increasing regulation and the use of blacklists and 'coin tainting' erode whatever use bitcoin has though, as there will be no fungibility. This mak…

Given that BTC isnt based on any NPV or earnings multiple or industrial use value but is rather based on scarcity value, I dont see why gaining 10-50x returns are any more or less likely than, say, losing 90% of the value. Could anyone provide a more methodical way of thinking about this?

My thoughts exactly. It's about the same outcome you can expect as betting in Vegas.

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#29

Post by crumbshot »

Bitcoin and other compute-intensive cryptocurrencies should be banned or taxed so heavily that it's financially infeasible to use them.

The amount of energy being wasted (reportedly more than seven nuclear power plants worth) on what is essentially an unproductive project is quite absurd.

In a world where we should all be increasingly concerned about the looming climate catastrophe, it's wholly irresponsible for Bitcoin to exist other than as an academic curiosity.

Also I reckon if recreational drugs were legalised, there would be no real reason to use Bitcoin at all. I mean what would be left except for just buying into the pyramid scheme, and ransomware payments?

Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

#30

Post by demadog »

domatic1 wrote: post #10
globular-toast wrote: post #3

Looks like it won't break the $20k threshold again. Back down it goes... I knew this was about to happen again when, just like last time, I heard regular "non-techy" people talk about it at work.

You can short it and still make money. Go ahead.

That is one thing I love about the finance industry vs other industries.

Someone who thinks they can predict the future or at least have a strong opinion can go ahead and put their money on the line rather than just comment on a thread! It’s actually beautiful.

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