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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

#151

Post by f430 »

IgorPartola wrote: post #65
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 becaus…

I bought like 200 BTC back when it was $10 and ended up selling half of it when it hit $1000.

I liquidated the remaining ~90 BTC until 2018 when it was approaching $10,000.

I have no positions in crypto anymore. Lot of people are going to be caught holding the bag now. It's not common to hear somebody moving a big chunk of their savings in to this "digital gold". I am worried that this is going to result in a lot of broken dreams. Doubly more worried about people over leveraged in real estate.

Bitcoin is a poor storage of value and the cognitive dissonance is profound-the more they hype it as "digital gold" the more it deviates from that description.

I realized that Bitcoin, cryptocurrency is largely a vehicle for money laundering, in particular moving money out of China, Russia and other similar countries.

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

#152

Post by RestlessMind »

audunw wrote: post #101
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…

> when will you consider the possibility you may have been wrong? At $100k? At $1M? Personally I think Bitcoin has at least two bubbles left before it pops permanently. So $1M price could be achievable. The real question is what happens when it does reach a ceiling. At some point there's not going to much more potential interest for Bitcoin, and what then? Are people gonna start moving their pension funds to Bitcoin?…

> Are people gonna start moving their pension funds to Bitcoin? I think the governments will crack hard down on that, because you really want investments in building the economy, not in a pure investment/gambling scheme

By that logic, do you support government prohibiting pension funds from investing in Gold?

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

#153

Post by jlhonora »

yawaworht1978 wrote: post #144

I have some satoshis and some ripple on an exchange, but the exchange seems to be gone?? I suppose I can write those off?

I hate to break it to you, but you're probably out of luck. This is why the common "not your keys, not your coins" phrase exists.

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

#154

Post by walshemj »

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…

Sounds like pets.com all over again and I am glad I just started diversifying into gold.

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

#155

Post by abiogenesis »

yawaworht1978 wrote: post #144

I have some satoshis and some ripple on an exchange, but the exchange seems to be gone?? I suppose I can write those off?

If it's not your private key, it's not your money. So yes, if the exchange doesn't come back up you can pretty much write it off.

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

#156

Post by hawk_ »

bobm_kite9 wrote: post #148

What about the 51% attack problem? Why doesn’t this matter? Can someone explain how this currency is a good bet when there is this seemly huge gaping hole in the system. Honest question!

that's right i wonder the same. a motivated state actor with access to hydroelectric dams, nuclear power and large datacentres can still easily take over the network.

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

#157

Post by rjkershner »

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 was aware of Bitcoin back when it all started and thought it didn't have any tangible value. I still believe it has no real value. While I wish I could foresee playing the market to make some money, at the end of the day "magical internet money" is just smoke and mirrors.

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

#158

Post by rawtxapp »

bobm_kite9 wrote: post #148

What about the 51% attack problem? Why doesn’t this matter? Can someone explain how this currency is a good bet when there is this seemly huge gaping hole in the system. Honest question!

It would be extremely costly and if you were to already invest all that money, your incentive is to make money from it, not cause a very short term disruption.

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

#159

Post by majani »

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…

Yes. I have to confess, I have been patiently waiting since 2013 for the US government to effectively shut this shindig down in one way or another. After all this time, I have begun to reconsider my position. Tulip mania only lasted 2 years, and both the dotcom bubble and the US housing bubble only lasted 5 years. Honestly, there has to be some legs to this whole thing if it's managed to last 12 years. Might be a legitimate new store of value.

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

#160

Post by coinward »

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…

The valid reason is that Bitcoin is the best money that has ever emerged in human history. The denationalization of money is inevitable and long predicted. Check out Nobel prize winning economist Hayek's Denationalization of Money https://en.wikipedia.org/wiki/The_Denationalization_of_Money
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