Why is it so popular compared to other coins?
It was the first of its kind. And it does not have any major flaws.
Bitcoin surpasses $50K as major companies jump into crypto
261–270 of 830 posts
Re: Bitcoin surpasses $50K as major companies jump into crypto
#262So 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…
By the time you understand Bitcoin/crypto, it will be too late for you to make profit from it. Get in now - lot more smarter people are in there and doing wonders for themselves. Look at your friends. Look at colleagues in your company. A lot of them are in. And here you are trying to make sense of it from your perspective. Even Ray Dalio is opening up and fair to say he knows a lot more things about finance and economics than you. Just get in.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#263Earlier quoted context omitted.
> it’s terrible as a wide spread value store because it removes an important tool that governments have to handle the economy (dealt with debt via inflation aka printing money How does a static rather than unconstrained supply make something a LESS good store of value?
Bitcoin's constrained supply is almost a red herring at this point. The usual fallacy is when proponents claim that Bitcoin is the only asset able to escape inflation due to fiscal policy interventions. This couldn't be more false. The very definition of inflation is an increases in prices, or a decrease in buying power. However, investors have been buying assets and investments to avoid inflation long before Bitcoin…
"Bitcoin isn't a particularly good store of value because the price is driven purely by demand, which is currently in a state of market mania. It's not even the first market mania around Bitcoin. Past bubbles were also met with a "this time it's different" attitude before the inevitable sharp losses."
This is true, but the bottom at which people value bitcoin continues to rise significantly over time. Yes there are crazy bull cycles and bear markets that make the price highly volatile, but even people who bought at the absolute worst time 3 years ago, at $20k, before the price tanked by 80%, are currently nearly at 150% profit.
The price continues to be volatile yet less and less risky and overall trending upwards.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#264I just wanted internet money, not a speculative financial instrument. :(
Yeah, that's what bitcoin should have been. Too bad it also consumes an insane amount of energy and isn't able to process a lot of transactions per second. Hope that a good cryptocurrency gets more traction and will be the next decentralized "paypal / digital currency".
What about Lightning network? AFAIK it works right now, it's instant and scalable.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#265So 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…
By the time you understand Bitcoin/crypto, it will be too late for you to make profit from it. Get in now - lot more smarter people are in there and doing wonders for themselves. Look at your friends. Look at colleagues in your company. A lot of them are in. And here you are trying to make sense of it from your perspective. Even Ray Dalio is opening up and fair to say he knows a lot more things about finance and econ…
Is this sarcasm? Honestly can't tell.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#266Earlier quoted context omitted.
Isn’t everything other than cash a hedge against inflation?
no, a car for example devaluates over time.
Driving a car devalues it, because you're using up the utility and extracting value from it.
If you buy a car and treat it like an investment (don't drive it, store it properly, keep it maintained) it behaves like an investment. Depending on the car and the market, the value goes up substantially.
Here's an example of a 2000 Honda Civic selling for $50,000 USD : https://bringatrailer.com/listing/2000-honda-civic-27/
Bitcoiners like to emphasize Bitcoin's limited supply, but Bitcoin is hardly the only thing in life with a limited supply. There will never be any more 2000 Honda Civics, for example.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#267Earlier quoted context omitted.
If you have enough hash power to 51% attack Bitcoin at all, your potential for rewards by instead mining honestly are significantly higher, at least that's how the game theory generally plays out
The other aspect is that, as someone approaches 51%, there is increased incentive for everyone else to prevent that from happening.
Bitcoins of mass destruction. Going to war over BTC control sounds absurd. But so does $50k a pop. So who knows.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#268So 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…
By the time you understand Bitcoin/crypto, it will be too late for you to make profit from it. Get in now - lot more smarter people are in there and doing wonders for themselves. Look at your friends. Look at colleagues in your company. A lot of them are in. And here you are trying to make sense of it from your perspective. Even Ray Dalio is opening up and fair to say he knows a lot more things about finance and econ…
This is exactly why there are so many skeptics. Too many people trying to sell it as a "get rich quick" investment without downsides while there are so few concrete use-cases so far.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#269So 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…
> but no real valid reason to do so yet (that I’ve heard).
I hold because i expect us to continue approaching the game-theoretic attractor. I've held for years and will keep holding. Every year, i see more and more people coming around to my perspective.
How many years can you watch the price keep going up before you'll eventually consider that you might be missing something?
> We know transactions are slow and expensive,
lightning network obviates this problem
> it’s often regulated such that it needs to be fully declared (removing the whole anti-gov part)
The government still can't print more bitcoin, which is the main appeal for me.
They also cant technically block anyone from recieving coins. They can make doing so a crime, but don't have the technical ability to, say, freeze funds.
> typically markets eventually correct when there’s no underlying true value proposition
Given that bitcoin is over 10 years old, shouldn't its longevity be taken as evidence that there is, indeed, a true value proposition?
> which can be executed “well”
Why is 'well' in quotes here?
Are you open to the hypothesis that money printing exacerbates might cause long term issues in society?
Re: Bitcoin surpasses $50K as major companies jump into crypto
#270Earlier quoted context omitted.
Gold is short term volatile as well. Long term average is all that matters to be an effective value store. Its like a more volatile gold right now through price discovery.
Gold is also a poor place to put your money. The long term average is both volatile and underperforms most indexes. https://www.macrotrends.net/1333/historical-gold-prices-100-...
Gold is not in price discovery because its been around for so long and already had its ETF moment (which is why its stagnated since that massive run). But gold has always performed cyclically. Long term (very long term) its done quite well. Not my cup of tea but it had its place. Going forward I expect btc will disrupt it and flip its value (JPM making the same call).