I have always been a bitcoin skeptic, but after reading the recent papers by Ark Invest (see ARKK etf) and listening to their CEO Cathie Wood I started adding it to my portfolio.
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
#52Been waiting a couple years for crypto to be a topic on HN again. People still don't get it.
I learned a new term used on HN yesterday, 'bikeshedding'. It perfectly applies to bitcoin/blockchain.
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#53Bitcoin 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 Bitc…
You would love Eth 2.0 then! The idea of proof of stake is to remove waste from the equation
Proof of stake does not have the same security properties as proof of work. The arguments are too complicated for me to usefully communicate them in a short HN post, but as a heuristic just keep in mind that most cryptocurrencies haven't adopted PoS despite it facially seeming better/"less wasteful".
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#54Can someone explain why BTC going from 13k to 20k in a month isn't the yearly pump and dump?
Bitcoin is a hedge on the US dollar, so people probably suspect the economy will go down since Biden won.
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#55Can someone explain why BTC going from 13k to 20k in a month isn't the yearly pump and dump?
It's probably more reflective of inflation and the dollar losing value, which is the natural consequence of dropping interest rates to zero and pumping $6T more into the economy. TSLA has gone from $191 to $576 since June, GOOG from $1394->$1761, AMZN $2478->$3143, ZM $262->$466. Where I'm at restaurant meals have gone from about $13/plate to $20/plate, and houses have gone from ~$1.6M -> $2.1M. BTC's rise isn't all…
Inflation has a specific definition with reference to the cost of a set basket of goods and rent. An increase in the price of assets and assets alone as a result of an increase in money supply is not inflation.
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#56Bitcoin 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 Bitc…
The resources consumed by Bitcoin should be compared with those consumed by other transaction-clearing and store-of-value methods. Credit-card companies consume a few percent of revenue for a large chunk of consumer transactions. Gold mining is an environmental catastrophe [1].
Bitcoin is far from perfect, but it is important to place it in context with other systems that achieve the same ends. As bitcoin-mining technology matures, it is increasingly reasonable to think about home-heating/data-furnace ways to make use of the waste heat.
[1] https://www.google.com/maps/place/Cripple+Creek,+CO/@38.7295...
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#57Been waiting a couple years for crypto to be a topic on HN again. People still don't get it. I learned a new term used on HN yesterday, 'bikeshedding'. It perfectly applies to bitcoin/blockchain.
How?
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#58Seems like everything is hitting all-time highs. Housing prices, stock market, bitcoin. If you have a lot of assets, it's honestly the best time. Especially if you owned a lot of tech stocks the past decade. If covid and the worldwide economic disruption can't put a dent in asset prices, then what will happen when the pandemic passes and the economy recovers in the next few years? I used to laugh when people said bez…
> Just have to cross your fingers and hope the good times continue.
If you've got time for it between working two jobs and driving Uber to make rent, of course.
Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#59Bitcoin 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 Bitc…
>The amount of energy being wasted (reportedly more than seven nuclear power plants worth) on what is essentially an unproductive project is quite absurd. As opposed to the energy and pollution generated by digging up yellow rocks or shiny crystals? What about billionares flying around the world in private jets or cruising in their yachts? Moreover, if carbon emissions are the issue, why not tax it directly (aka carb…
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Re: Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record
#60Earlier quoted context omitted.
Tether is a cornerstone of the crypto industry. You can post some random blog posts here but Tether is actually used by trading firms, and can be minted and redeemed through their portal here https://app.tether.to/app/login The Tether FUD is so dumb, but it's the last straw being grasped by perma-bears.
Nonsense. Tether has never been redeemed, and even if it could be redeemed, there is no possible way that they could cover the balance of issued tethers. It’s the mother of all Ponzi schemes, clearly, and is definitely going to implode in the next big pullback.
You have no idea what you are talking about and are just spreading more FUD.
https://www.theblockcrypto.com/post/48857/former-head-of-cir...
I worked with Dan, I worked at Circle, we redeemed / minted billions and billions with Tether.