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Bitcoin surpasses $50K as major companies jump into crypto

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

#41

Post by BLKNSLVR »

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…

Whilst I think bitcoin will be around long term, it will be in somewhat of a precarious position once the proof of stake and high TPS blockchains start gathering steam.

Sticking with PoW long term is my only concern about Bitcoins ability to remain relevant.

I'm more bullish on Ethereum, pending successful transition to V2. Also bullish on some of the emerging competitors to Ethereum; heterogeneity provides a healthier ecosystem.

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

#42

Post by kungito »

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?

What helps me sleep at night is that even had I entered all this time ago with BTC I would have exited 100 times by now. There have indeed been many 2x,3x,5x multipliers with BTC but there have been so many instances when it was unclear how everything is going to turn out which would personally prompt me to consider exiting with what I had.

As my friend nicely put it: only way we could have gotten rich from BTC is had we bought it when it was pennies and forgotten about it up until last year

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

#43

Post by paulcole »

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?

I’ve definitely missed the opportunity to get rich but I still jumped in.

I started putting a small amount into BTC each month on Coinbase. It’s money I can lose and that I would have spent on a vacation this year if not for COVID. I figure I’ll pull it out at the end of the year and if it’s gone up, then next year’s vacation will be a bit better.

I don’t understand BTC at all and consider it gambling. But like Nick the Greek said, the next best thing to gambling and winning is gambling and losing.

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

#44

Post by bayesianbot »

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?

Luckily I'm absolutely terrible with money. I was talking about bitcoin to everyone in 2011, but didn't invest myself as I thought I didn't have enough to put for it to matter.

Had I invested, I'd have wasted the coins long time ago, and would be just kicking myself daily or on suicide watch.

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

#45

Post by tlb »

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.

You could be excited about the purchasing power of 1 BTC being 100x what it was a few years ago. No fiat currency has ever deflated more than a tiny percentage in our lifetimes.

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

#47

Post by Jochim »

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'm interested in what you find lame about the climate change arguments?

They seem fairly appealing to me, cryptocurrency is a fraction of the size of current payment processors and is already consuming a small country's worth of power. How much more power will it consume if scaled further? How will power efficiency strategies affect the utility of the network?

I think there are some reasonable arguments for mining farms that draw from excess power during periods of low utilisation, but even that power seems like it could be put to more productive use.

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

#48

Post by pjc50 »

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?

Yup. That reminds me, I need to sell the free Stellar Lumens I got from Keybase. If I can work out how to do that without a scam or a disaster, I might consider touching the rest of the ecosystem.

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

#49

Post by tomcooks »

harporoeder wrote: post #35
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.

If the phrase "diamond hands" became a meme is because those who just held their bags and ignored bubbles ended up with 40x gains in a couple of years

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

#50

Post by ur-whale »

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?

Your feeling is IMO the norm for lots of folks.

I have had this conversation with many a friend, who actually view Bitcoin as a Ponzi, and therefore decide not to play the game (a ponzi ca be lucrative if : a) you know it's a ponzi b) you're smart in your timing and not too greedy but it's still a crapshoot).

The real questions are:

    - what if it isn't a Ponzi ?
    - how much will your "won't touch it with a 10 feet pole" attidude cost you then ?
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