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Coinbase hits number 30 in the top free apps on Apple's mobile store

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Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#81

Post by thinkmassive »

da02 wrote: post #69
war1025 wrote: post #58

Earlier quoted context omitted.

> The transition to crypto currencies is happening faster than ever Except I have yet to see any convincing indicators that crypto currency is actually being used for day to day transactions. Everything I see suggests people are hoping it's the next gold rush and they'll strike it rich based on timing alone. (Which is not to say I don't sometimes think about how back in 2011 I toyed with the idea of buying 1000 bitco…

How did people buy bitcoins back in 2011? Did you have to send a check to the seller?

It was also trivial to mine it yourself back then, first with CPU then with GPU.

Some miners dabbled with FPGAs in 2012-2013, but the difficulty adjustment wasn't hit hard until ASICs started being used in 2013. Since then it's only been profitable to use the latest few generations of ASICs.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#82

Post by [deleted] »

arcticbull wrote: post #51
cactus2093 wrote: post #27

Earlier quoted context omitted.

You could also call gold "speculative mania in shiny trinkets with little utility", but that one has lasted thousands of years so far. Describing something in colorful language doesn't make it a strong argument. Being so sure that BTC is a bubble is just as naive as being completely sure it's going up to a million dollars per coin. It's just speculation either way, and there is no fundamental law of nature (or even p…

> Being so sure that BTC is a bubble is just as naive as being completely sure it's going up to a million dollars per coin. It's just speculation either way, and there is no fundamental law of nature (or even principle of economics) preventing either outcome. Which is why I'm not playing. And why I don't have any gold.

[deleted]

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#83

Post by morpheuskafka »

encoderer wrote: post #22

There is such a negative emotional reaction to both BTC and TSLA. Sometime over the last 10 years or so we've found ourselves really moving forward from the old guard of the 20th century and we have real new beginnings. It's not that "this time it's different" it's "the times are different". Embrace it, buy a small amount of bitcoin, buy a small amount of tesla, be part of something big, if it pops it will not hurt y…

The main reason I don't like TSLA is not that I think electric cars will go bust, but that the company does not have good leadership. The CEO just does not seem to have any common sense, openly taunting regulators on Twitter, racking up defamation lawsuits and SEC penalties, etc. There's a lot of startup era hype and showmanship projects that don't come out as promised.

As for crypto, I definitely see a future for it and plan to invest soon, but I will wait to see if it dips back down a little bit before buying at such a large high.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#84

Post by arcticbull »

rafaelero wrote: post #79
arcticbull wrote: post #64

Earlier quoted context omitted.

The value of the dollar in terms of a constant basket of goods is a function of both supply and of "velocity." Money is only worth something if it changes hands. Let's say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing…

>Let's say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing hands? It has not. But of course no one is stupid enough to put their dollars on a mattress. They will, like everybody else, try to find a way to run from infla…

> So your point is of course true but irrelevant.

Not at all. Its fine if that money makes its way into assets because assets are not a necessity for life. CPI is a proxy for necessity for life. If it makes its way into stocks, that's just an ROI.

Further, if that money starts making its way back out, towards CPI, the fed will stop printing or even take the money back out of the system. That's why we have a Fed.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#85

Post by tempsy »

arcticbull wrote: post #35
tempsy wrote: post #26

Earlier quoted context omitted.

Replace Tesla with Facebook, or a fraction of one large tech company, or less than the $900B stimulus bill that was just passed. My point was only that it’s a currently a small fraction of the overall US equity market, and if it becomes increasingly widely accepted as a reserve currency comparable to the dollar or an inflation protected asset like gold then there’s no reason why it shouldn’t be worth trillions.

There's not a single reason why it should be worth anything at all.

the market doesn’t conform to your personal biases

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#86

Post by machello13 »

SilasX wrote: post #80
gruez wrote: post #75

Earlier quoted context omitted.

same reason apple doesn't take a cut when you buy a jar of peanut butter using the amazon app, or get a ride using lyft.

Ah, that explains why they take a cut of Netflix subscriptions.

The difference is clearly that with Netflix, the thing you're buying (access to TV shows and movies) is experienced virtually through the app. You may not disagree with that policy (I don't, and it's certainly applied inconsistently) but it's pretty cut-and-dry here.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#87

Post by lotsofpulp »

arcticbull wrote: post #66
lotsofpulp wrote: post #55

Earlier quoted context omitted.

Taxes paid can go up even if your income does not. Tolls, car registration fees, property taxes, etc are all taxes. Therefore, they are very relevant when discussing CPI, as it directly affects your bottom line. I specifically wrote the "goods and services I want" so real estate that I'm not interested in doesn't concern me. I have to plan my life around buying real estate that I want, and so if the price of that rea…

That's all fair but not relevant to monetary policy, the Fed, bitcoin or anything else in this thread. That's a matter of fiscal and social policy and something you should take up with Congress and not the Fed.

My original comment was tongue-in-cheek about how CPI is irrelevant to day to day life for many people and the disconnect people feel from what CPI versus what they experience (or they believe they experience).

I assume it's all wrapped up in the widening income/wealth divides, rewards of automation and outsourcing going to capital owners, and reduced opportunities or perceived opportunities for many resulting in lower quality of life than they expected. That's not going to be captured by any numbers, especially not in a single number nationwide for a place as big as the US.

CPI measures something, and perhaps it's useful for economists or policymakers, but it has been useless as a predictor for how much income I will need to keep up with expenses in day to day life.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#88

Post by serial_dev »

wmf wrote: post #70
serial_dev wrote: post #19

It's interesting how regular people rush to buy cryptocurrencies when the valuation is at all-time-high. Then, in a month everybody will freak out that they can't buy a Lambo yet, even worse, they lost around 50% (based on past peaks). Of course, I can't predict the future, so maybe it's the first time a peak will never end? :)

If only they had bought at the all-time high of $20K they would be happy now.

I was not trying to imply that BTC's price will never go higher than the current price.

I just find it interesting how regular people (including me, I'm not a big crypto enthusiast and I don't follow the prices and innovations in the field) are inclined to buy when they hear about the peak in the news and then expect that the price will continue to go up, then get frustrated when in about a month, the value of their acquired coins go down.

I guess, hodl?

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#89

Post by arcticbull »

tempsy wrote: post #85
arcticbull wrote: post #35

Earlier quoted context omitted.

There's not a single reason why it should be worth anything at all.

the market doesn’t conform to your personal biases

What makes you think the amount someone is willing to pay for something at any given moment is a proxy for its intrinsic value? Enron traded sky high until it didn't. Tulip bulbs traded sky high until they didn't.

That people are willing to pay for it doesn't mean it should be worth anything. Worth is not price. And a high price certainly doesn't mean something is good for the world. If I offered $1,000,000 for each silverback gorilla pelt you procure, (a) is that a proxy for its worth and (b) is that good for the world?

The market tends to conform to my personal biases, my personal investing account just crossed 14X what it was on 3/20. I tend to short irrationality but in this case I have no interest in shooting dice in a rigged casino.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#90

Post by lotsofpulp »

jo032 wrote: post #39

another round of stimulus checks is going to set bitcoin off on another bull run imo. you could see a drastic effect as soon as the $600 started hitting people's checking accounts

If my income was low enough to qualify for the $600, I wouldn't feel like a speculative bitcoin investment is the best use of the money.
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