301–310 of 830 posts
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Is this sarcasm? Honestly can't tell.
It's either sarcasm or they have money in bitcoin and need people to buy into it so the price goes up. I can't tell either.
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>"Does anyone really think the person buying crypto $100 at a time in their Robinhood account wants to pay $18 (current average transaction fee) every time they want to move that BTC into their wallet?" I'm curious is this the transaction per $100 or is $18 a flat fee regardless of transfer amount?
It's a flat fee. The $18 may be the average currently, but it's on the high end. You'll probably be fine with $5. It all depends on how much you want the transaction to be in the next block. If you're sending $50,000 in BTC then you don't care about $18. If you're transferring smaller amounts, why are you using Bitcoin? Use Bitcoin Cash or Litecoin or one of these newfangled proof-of-stake currencies. Then it'll be a…
Power to the people?
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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/…
The purchase price of that car would have been $27,320.28 in today's dollars. Also, you still have to store it and do some minor maintenance even though it's not being used. The true cost of ownership for 21 years isn't really known. It's hard to know how much the real profit actually was. Either way, it's a gamble as an investment strategy.
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>"Does anyone really think the person buying crypto $100 at a time in their Robinhood account wants to pay $18 (current average transaction fee) every time they want to move that BTC into their wallet?" I'm curious is this the transaction per $100 or is $18 a flat fee regardless of transfer amount?
The average transaction fee is a bit disingenuous. Many people are not even using segwit and thats on them. You can also use lightning at this point in time but people dont know how to do it and wallets have not implemented yet. High fees usually prod people and services to adapt to the current tech to get costs down. I expect this to happen soon as high fees are somewhat recent. Also you can send a 50 cent tx fee an…
It has a big warning saying to not use it with cash you aren't willing to lose.
Why is it so popular compared to other coins?
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Yes, but who's actually paying the $18 transaction fees to move some Bitcoin to Visa so they can spend Bitcoin instead of cash and incur a new taxable sale with every swipe of the credit card? Has anyone confirmed that Mastercard is even going to support Bitcoin? Previous articles suggested it was stablecoins only. In no way is spending Bitcoin as easy as spending regular old cash.
Because every transaction on layer 2 is not settled on the blockchain, its simply their cheap and fast ledger keeping track of frequent transactions. Rarely is there settlement. Many dont understand Bitcoin was designed this way on purpose. L1 is for infrequent important transaction settlement. If it wasnt the chain would grow to a point where it could not be decentralized because the chain would be too big for hard…
SWIFT and ACH don't seem to be it. Assuming a generous 3,000 transactions per block Bitcoin can do ~158M a year.
ACH does ~25B a year. It's harder to find numbers on SWIFT but it looks like at least 10 million per day, so ~3-4B a year.
Let's say I'm running a business. I have day-to-day transactions going through some higher layer network, but I expect some money "settled" in my account each month. That's 12 transactions a year. The US has around 30M businesses, so that's 360M settlement transactions a year. Already more than double what Bitcoin can do and we're not even talking about, say, having employees paid on the blockchain.
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What about Lightning network? AFAIK it works right now, it's instant and scalable.
Doesn't relying on the Lightning network compromise Bitcoin's promise of no-trust finance?
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It's either sarcasm or they have money in bitcoin and need people to buy into it so the price goes up. I can't tell either.
I have been in Bitcoin since 2016 and have enjoyed my riches. The next wave of new users will come from institutions. Hacker News audience is not what will pump the price further.
Congratulations for the incredible insight. Now you can short Bitcoin in a futures market and make a huge amount of money with your brilliant observations.
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Isn’t everything other than cash a hedge against inflation?
no, a car for example devaluates over time.
The point is that "use BTC as a hedge against inflation" is obviously not a thing since people are chasing 10x growth.