Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin surpasses $50K as major companies jump into crypto

cnbc.com

Post reply on HN
Print view View original

31–40 of 830 posts

Re: Bitcoin surpasses $50K as major companies jump into crypto

#31

Post by fogihujy »

onepointsixC wrote: post #11
Geee wrote: post #6

We're truly witnessing an extraordinary paradigm shift in human history.

How so? Bitcoin's excitement comes entirely from its value in fiat, as opposed to regular usage in daily life.

This. Cryptocurrencies in general seem to have potential for being used in day-to-day transactions in the future, but Bitcoin itself mostly seem to be used to store value.

The planned limit on the total amount of Bitcoin in circulation, transaction fees and long transaction times seem to be quite a blocker for using it to buy a cup of coffee.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#32

Post by luxurytent »

superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

When everything is going up, you can feel like everyone is winning but you. There's many get-rich-quick-schemes available right now and if you put in the effort to know where to go, you can get "rich" quick too.

Or, you can continue enjoying your life the way you are without worrying what others are doing. Many times, they are only projecting one side of the story.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#33

Post by Jochim »

1996 wrote: post #4

I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…

That enough people have bought into the idea doesn't change the merits or issues that lead people to take their position on it in the first place. I didn't like the original iPod, I still don't, a lot of people did and do. I don't think either group is "wrong", just that we each value things differently.

The same applies to Bitcoin. It doesn't offer me any tangible benefits over traditional currency and it has some major drawbacks in areas that I value. The only reason I would purchase is if I felt like gambling on speculation.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#34

Post by 1996 »

ur-whale wrote: post #15
1996 wrote: post #4

I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…

Yeah, 100% with you here. I actually tremendously enjoy hearing a well constructed negative argument against Bitcoin/Crypto that presents a perspective I haven't heard a 100 times before and/or hasn't been debunked in depth. These are actually necessary given how new and different the whole shebang is. But that hasn't happened in a rather long time on HN, or if it has, it's buried 10 level of indent deep amongst HN r…

> I actually tremendously enjoy hearing a well constructed negative argument against Bitcoin/Crypto that presents a perspective I haven't heard a 100 times before and/or hasn't been debunked in depth.

Me too! /r/Buttcoin is a nice place for that, but you must already know (as your nick looks familiar to me)

My personal favorite well constructed new negative argument: like India and Nigeria, governments will try to ban crypto since it endangers their total control.

It will come as a coordinated attack by OECD countries, who will need to inflate big time after Covid: they will ban all transactions to fiat accounts, and all exchanges on their territory.

Counter argument: politicians (and the 1%) need to protect against inflation/taxations, so they may not all be in favor, and will leak the plan. It will cause a huge Streisand effect, as "there is no such thing as negative publicity": random Joes will buy crypto, making the plan politically undefensible.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#35

Post by harporoeder »

eterm wrote: post #3

> many crypto investors to believe the latest bull run is different "This time it's different" isn't an argument I find compelling for why something that is known to have bubbles and manipulation isn't in a bubble.

This definitely seems like bubble territory, but on the other hand will the next crash follow the "this time it's different" line? Bitcoin has seen extreme price crashes many times and far exceeded the price later on. I doubt the likely next crash is somehow special.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#36

Post by seibelj »

maxerickson wrote: post #14
1996 wrote: post #9

Earlier quoted context omitted.

For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…

Plenty of venture dollars have been invested in bitcoin related services, or even just used to buy bitcoin directly. It's not really the same relationship as investment in a company, but it's not absent either.

Traditional VC is a red flag for me to avoid a project given they are dumb money. Crypto VC is a different story though, they can be very helpful. And they are 100% nothing alike so if you are reading this thing crypto VC is just like traditional VC “except crypto!” you are very mistaken.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#37

Post by JumpCrisscross »

1996 wrote: post #9
eterm wrote: post #3

> many crypto investors to believe the latest bull run is different "This time it's different" isn't an argument I find compelling for why something that is known to have bubbles and manipulation isn't in a bubble.

For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…

> For 12 years, just bubbles?

Counterfactual: asset prices and incomes have been rising, almost uninterruptedly, for 12 years.

Exhibit A is Tether being able to publicly admit that they don't have the cash they said they had and keep going.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#38

Post by mrpopo »

ur-whale wrote: post #19
mrpopo wrote: post #10

Earlier quoted context omitted.

Regardless of whether you agree with all the evil stuff, the fact is that Bitcoin is generating a lot of noise, speculation, and wasting a bunch of energy for practically nothing. I know practically no one around me who has ever used Bitcoin for actual purchases other than buying drugs once. And I know literally no one who uses it in daily life. However I have a few dozen friends who bought Bitcoin because it's going…

> I know practically no one around me ... You need to travel and/or get out of your social bubble more. I've met folks who bought houses with Bitcoin and moved millions across "money transfer unfriendly" borders.

I've met folks who bought houses with fiat too. Moving millions across "money transfer unfriendly" borders sounds like money laundering to me.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#39

Post by onepointsixC »

1996 wrote: post #9
eterm wrote: post #3

> many crypto investors to believe the latest bull run is different "This time it's different" isn't an argument I find compelling for why something that is known to have bubbles and manipulation isn't in a bubble.

For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…

All the Y Combinator companies combined have created value.

What has Bitcoin created?

I struggle to come up with an answer which isn't overwhelmingly just a way to fund illicit activities, for which sure there's always been a market, but it's a far cry of it's origins. Who actually uses bitcoin for transactions today other than extortionists hackers and drug dealers? Everyone who owns is just planning to HODL and hope that it will become equivalent to an infinitely high fiat equivalent. Had bitcoin succeeded we wouldn't be talking about insane valuations. We would be using it every day no different from a credit card.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#40

Post by bhupy »

mrpopo wrote: post #10
1996 wrote: post #4

I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…

Regardless of whether you agree with all the evil stuff, the fact is that Bitcoin is generating a lot of noise, speculation, and wasting a bunch of energy for practically nothing. I know practically no one around me who has ever used Bitcoin for actual purchases other than buying drugs once. And I know literally no one who uses it in daily life. However I have a few dozen friends who bought Bitcoin because it's going…

> ...for practically nothing

> I know practically no one around me...

I recommend reading a bit more about its use in countries with poor fiscal/monetary policy.

https://qz.com/africa/1947769/nigeria-is-the-second-largest-...

Post reply on HN