Bitcoin Breaches $34,000 as Rally Extends into New Year • Hacker News Board

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#11

Post by xyzelement » Sun, Jan 03, 2021, 4:41 PM UTC

Does anyone understand the market enough to explain who the sellers of bitcoin are? The daily volumes are several times the mined quantity so there must be people/institutions quite willing to part with their coins at their current prices.

Is it - people who had a specific price target in mind and are selling? People who need liquidity? Some other big aspect I am missing?

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#12

Post by mancerayder » Sun, Jan 03, 2021, 5:06 PM UTC

Hey, dang - why would someone flag a Bloomberg article? I'm curious if it's because cryptocurrency is banned talk here?

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#13

Post by orange_tee » Sun, Jan 03, 2021, 5:06 PM UTC

I made money on this, but the whole thing makes me sad. I feel sad cause I keep thinking, if I gambled more money I could have retired. And that makes me sad because it cheapens the value of work. To think that all the decades of work that I have to put in, I could have avoided by gambling more money. Idk, it feels totally wrong.

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#14

Post by mancerayder » Sun, Jan 03, 2021, 5:08 PM UTC

orange_tee wrote: post #13

I made money on this, but the whole thing makes me sad. I feel sad cause I keep thinking, if I gambled more money I could have retired. And that makes me sad because it cheapens the value of work. To think that all the decades of work that I have to put in, I could have avoided by gambling more money. Idk, it feels totally wrong.

It definitely paints a sour picture of the entire economic enterprise, I agree. Stocks feel like that sometimes, too. People are to dutifully follow conservative strategies that minimize risk (as they should, mostly) while a lucky few become independently wealthy. It's odd for sure.

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#15

Post by ykevinator » Sun, Jan 03, 2021, 5:16 PM UTC

sbelskie wrote: post #10

sktrdie wrote: post #8

I know Bitcoin is all a hype, but isn’t so anything else? At least for me I can go through the paper and the source code and understand exactly how it works and what its implication are. With other systems this is either simply not available (banking systems) or its too complicated to understand. Sure it’s hype, but so is fashion, entertainment, art, etc. and we all live off these things.

I don’t think I see the parallel here. Why compare it to fashion or entertainment rather than to currencies or securities or commodities?

I think it's a good comparison. It's the digital equivalent of landfill (like fashion)

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#16

Post by tarboreus » Sun, Jan 03, 2021, 5:24 PM UTC

orange_tee wrote: post #13

I made money on this, but the whole thing makes me sad. I feel sad cause I keep thinking, if I gambled more money I could have retired. And that makes me sad because it cheapens the value of work. To think that all the decades of work that I have to put in, I could have avoided by gambling more money. Idk, it feels totally wrong.

Yes, if you had a crystal ball you'd be rich. And if you had a cure for cancer you'd also be rich. Obviously the lesson here isn't that you can quit your job now and speculate your way to riches, so I'm not sure why BTC (or gold for that matter) going up should have any bearing on the meaning of your work.

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#17

Post by mancerayder » Sun, Jan 03, 2021, 5:30 PM UTC

jboggan wrote: post #7

mam2 wrote: post #5

Earlier quoted context omitted.

But some people proably ARE manipulating the price. Who are they ?

Tether.

Still? I thought they got shut down. They were in the government's bullseye for quite a while.

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#18

Post by derision » Sun, Jan 03, 2021, 5:32 PM UTC

mancerayder wrote: post #12

Hey, dang - why would someone flag a Bloomberg article? I'm curious if it's because cryptocurrency is banned talk here?

Not sure why you expect dang to be able to read peoples' minds as to why they flagged an article. Also crypto talk is not banned here

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#19

Post by josu » Sun, Jan 03, 2021, 5:52 PM UTC

bluedevil2k wrote: post #2

> Bitcoin should eventually climb to about about $400,000, Scott Minerd, chief investment officer of Guggenheim Investments, told Bloomberg Television in a Dec. 16 interview Wild speculation if you ask me. I don't think anyone can predict where the price is going. These same guys were saying $50k in 2017.

The rule in finance is that if you give a timeframe don't give a number, and if you give a number, don't give a timeframe. This way you are never wrong, and you may eventually be right.

Re: Bitcoin Breaches $34,000 as Rally Extends into New Year

#20

Post by wmf » Sun, Jan 03, 2021, 6:00 PM UTC

mancerayder wrote: post #12

Hey, dang - why would someone flag a Bloomberg article? I'm curious if it's because cryptocurrency is banned talk here?

I'm not dang and it was already flagged when I got here but do we really need threads every day about the price of Bitcoin? Nothing has changed since the last thread... yesterday.