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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

#61

Post by pdimitar »

ur-whale wrote: post #50
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…

It hasn't costed me anything though since I never spent or gained a cent on/off of BTC.

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

#62

Post by kungito »

seibelj wrote: post #8
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…

Both nocoiners and coiners are locked into their positions so hard it’s “I’ll go down with the ship” at this point. At least one side gets to be rich though!

There is also my generation where we have only recently started earning money and thinking about these things, desperately leveraging FOMO and all the other factors, trying to enter the market a bit too late but still before the next crash, wondering whether we are already too late. You could say crypto is similar to GME, but with GME anyone knowledgeable could see that it's a pump and dump because the 300$ only made sense for a very short period of time because of the shorts, while the crypto future is unclear but very promising in many regards

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

#63

Post by superbcarrot »

pdimitar wrote: post #59
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?

That's exactly how I feel. But is there a way to actually cash out? I mean, suppose you had 2 BTC for years. Can you literally get $100K right now in your bank account and can you actually exchange them easily for the fiat currency?

Yes, this is very easy to do exactly in the way you describe.

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

#64

Post by Cthulhu_ »

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?

Kind of. But it's a thing with a lot of investments; if one invested in Apple ten years ago their investment would have been 10x now. If one invested in Tesla ten years ago it would be worth 100x now (I think? there was a split at some point. Yahoo Finance's chart indicates it's gone up 10x in a year).

Jumping in now is a bad idea because it's at peak hype; never buy at peak hype. It MIGHT go up a bit more, but it won't be a 10x increase at this point - you should've bought a year ago in that case.

But a year ago, nobody could have predicted it would go up 10x.

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

#65

Post by IgorPartola »

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?

Remember that pizza you bought in 2013? You could have invested that money into TSLA and it would be worth a heck of a lot more now. Opportunities like that exist today also. Does that make you not want to eat pizza?

I bought BTC at $20. I sold at $1000. When I sold I had something like 1.95 BTC (had a bit of it stolen from poorly secured exchanges, lost some trying my hand at bot trading). Still happy with it because what I bought at the time with with it made me happy (Sonos speakers and photo gear). Would it have been nice to hold onto it until it was $50k? Maybe. But I have been enjoying the benefits of what I got for far longer.

Having said that, I think XLM is in a good position to jump up in price and I still have their free initial allotment.

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

#66

Post by Ologn »

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…

> 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)

This is the wrong metric. A million dollar market cap bubble is not hard to sustain, even a billion dollar market cap is a footnote to the rest of the economy. The entire worth of Bitcoin is still less than half of the worth of the market cap of one company such as Apple. At some point it becomes large enough that its real value has to be considered, which in my opinion is zero.

Stocks like pets.com had long runs in 2000, subprime mortgages had long runs in 2008 and people were saying then what you are saying.

Stocks and real estate are frothy now so Bitcoin and Dogecoin have company. I would rather own a house than 10 bitcoins though.

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

#67

Post by DSingularity »

JumpCrisscross wrote: post #37
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…

> 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.

Every time its something. Transaction malleability, segwit, tether, tether again. Something drummed up forcing people to fearfully sell their bitcoin.

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

#68

Post by Cthulhu_ »

seibelj wrote: post #5
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.

I agree, GME was bad enough but no way I’ll touch TSLA.

TSLA is high now, it might go higher but it's past peak hype at this point so even if you jump in now, you might end up with 2x your investment if it keeps going, but not 10 or 100x.

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

#70

Post by pdimitar »

superbcarrot wrote: post #63
pdimitar wrote: post #59

Earlier quoted context omitted.

That's exactly how I feel. But is there a way to actually cash out? I mean, suppose you had 2 BTC for years. Can you literally get $100K right now in your bank account and can you actually exchange them easily for the fiat currency?

Yes, this is very easy to do exactly in the way you describe.

Oh well, in that case I do feel a tinge of regret. :(
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