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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

#121

Post by adhoc32 »

azinman2 wrote: post #120

So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard). We know transactions are slow and expensive, so it’s not a good replacement for ordinary commerce. It can be used to transfer across borders, but there often is asymmetry in capital movement that makes this difficult in the places you need it most (poor countries with r…

That it is a hedge against inflation because of the network effect and vice versa.

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

#122

Post by sperma »

georgyo wrote: post #80
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?

A long long time ago, I mined 3650 coins on a single cpu in a month. Bitcoin was worthless at the time, and I thought the idea was interesting. After a month, I went back to folding at home. A little over a year later bitcoin hit a dollar and I sold it all. On one hand I made a few thousand from nothing. However if I held it I would have been a pretty rich right now. I truly believe that bitcoin is something that can…

Do you ever think that you losing out on tens of millions of dollars might have affected your desire to challenge your believes that "bitcoin is something that cannot work"? I know I'd probably cope in a similar manner

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

#124

Post by ur-whale »

mrpopo wrote: post #99
DSingularity wrote: post #89

Earlier quoted context omitted.

Really? Historically the consensus position on HN was that BTC and crypto is a short-term bubble for an asset class with no fundamental value. Seems to me that people becoming rich because the value of BTC has been going up forever is good enough proof that OP is right in swimming against the HN-current.

BTC going up doesn't mean it has fundamental value. It's a speculative asset with more and more people getting on board. Hedge fund managers are rich. TV personalities are rich. Many PhD students are poor. This is not people making the right decisions. This is concentration of money because of economy volatility.

Again, for the upteenth time: there is NO SUCH THING as "fundamental value".

There is just one thing: supply and demand.

The fact that demand might be powered by something some folks might consider "irrational" is completely irrelevant to the conversation.

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

#126

Post by ur-whale »

syrgian wrote: post #98
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 would have slept a lot worse if people thought that I held millions in an asset that can be easily stolen by invading my home and putting my family at risk. I would only be happy if I was very careful with not revealing who I was, ever (hard to do if a exchange gets compromised). It helps that I have all my necessities well covered.

>I would have slept a lot worse if people thought that I held millions in an asset

That scenario only holds if you go around blabbing about your BTC holdings ... why would you ever do something like that?

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

#127

Post by loceng »

sperma wrote: post #122
georgyo wrote: post #80

Earlier quoted context omitted.

A long long time ago, I mined 3650 coins on a single cpu in a month. Bitcoin was worthless at the time, and I thought the idea was interesting. After a month, I went back to folding at home. A little over a year later bitcoin hit a dollar and I sold it all. On one hand I made a few thousand from nothing. However if I held it I would have been a pretty rich right now. I truly believe that bitcoin is something that can…

Do you ever think that you losing out on tens of millions of dollars might have affected your desire to challenge your believes that "bitcoin is something that cannot work"? I know I'd probably cope in a similar manner

No more or no less than it is influencing people who are pro-Bitcoin, and in fact that bias may give them a clear, less biased view.

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

#128

Post by majani »

georgyo wrote: post #80
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?

A long long time ago, I mined 3650 coins on a single cpu in a month. Bitcoin was worthless at the time, and I thought the idea was interesting. After a month, I went back to folding at home. A little over a year later bitcoin hit a dollar and I sold it all. On one hand I made a few thousand from nothing. However if I held it I would have been a pretty rich right now. I truly believe that bitcoin is something that can…

That's US $178m today for those who are curious

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

#129

Post by doggosphere »

exabrial wrote: post #125

Pretty hard to take "green" companies seriously when they're promoting the environmental disaster that is Bitcoin. At some point, someone needs to step in and say "no more mining".

73% of mining is renewable energy

https://pd.coinshares.com/EN-Mining-Whitepaper-December-2019

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

#130

Post by esotericn »

BenoitEssiambre wrote: post #83

It's a bit worrisome that we are inching towards the scenario where companies may be tempted at an economy wide scale to reduce investment in production in order to hoard cryptocoins instead. It caused the great depression when businesses switched to hoarding gold tied currency instead of producing in the 1930s. Now I'm not sure that crypto coins without being jacked up by central banks (like gold was during the grea…

Well, I don't know about where you are, but over in the UK the Government isn't doing us any favours on this front.

We've just been through a year of businesses being forced to close whilst their landlords continue to collect rent, and everyone seems to think the latter is just an amusing oversight.

In that sort of environment, it's far more logical for me to just buy hard assets and sit on them; it's been made very clear that we're going to just force that to be the winning side of the trade via legislation.

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