371–380 of 830 posts
So does it make sense to put in some money that I’m okay with losing now or have I missed it?
But personally I'm waiting for the next 30-40% dip.
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"though that'll probably land you on some FBI watch list." I have no idea why you would think this.
In a way, putting your transactions on a public ledger is like voluntarily adding yourself to a watch list. The government (and everyone else) can then come and inspect your financial history at their leisure in the future.
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Can you point me to current "layer 1" solutions that you anticipate Bitcoin replacing? 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…
I wouldnt even make that classification. SWIFT and ACH are not akin to L1 Bitcoin. Theres no way tech illiterate masses are going to physically move their btc on chain. For instance 95% of retail doesnt even move their btc off exchange. Their higher level "settlement" will be different from an institutional provider or exchange settlement where L1 is really used. SWIFT and ACH is used liberally (hence the high tx) be…
For the rest of us, the next layers sitting above the Bitcoin blockchain can either be a truly decentralized, trustless layer with on-chain settlement, like Lightning Network, which might incur too many on-chain transactions to be practical. Or it can be a centralized, trusted layer, like Mastercard -- in which case, what's the point of having Bitcoin underneath it?
It goes right back to gold. Sure, we can back currencies with gold, but it's too impractical to move around for individuals and businesses to transact in. So paper currencies developed. They were backed by gold for a while, then ceased to be, and not much fuss was made about it because it changed nothing for the average user.
Bitcoin has been around for a while now and it has been down talked quite a bit on HN whenever it comes up. It now has a larger market cap as Facebook - so the market sees more value in Bitcoin than Facebook. The sentiment on HN seem still be mostly against it whenever it comes up. I wonder why that is? I'd imagine 10 years from now Bitcoin will still be around and likely much larger than today - I'm less positive ab…
My opinion of Bitcoin will change when it stops using more electricity than entire countries, for something Visa can do for comparatively nothing. I would hold the same opinion of any technology which used so much energy when there was a less wasteful alternative. I also happen to be skeptical of Bitcoin's long-term outlook, but that's not why I'm actively against it as a technology. If it wasn't for the planet, I'd…
To be fair, Bitcoin does not do what Visa does. Visa uses trust in existing institutions to accomplish transactions. Bitcoin mining creates trust out of electricity. And trust is a valuable resource, no different than any other form of value creation.
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Many people on HN who talk down against Bitcoin are indoctrinated into the current ideology. Anything that goes against the current ideology is refuted, ignored, dismissed as fads, bubbles, scams..etc Ideology is a powerful thing and it's hard to break out of it. If you want to learn more about this concept, you should research about Slavoj Zizek's work on ideology. Bitcoin is not just technology, but a multi-faceted…
>Bitcoin is not just technology, but a multi-faceted ideology founded around cypherpunks ideas, liberty, sovereignty, austrian economic system, free markets. This is the narrative that people use to make it seem more savory. But it's just about the money. No one cares enough about any of those ideals for them to be a meaningful part of what Bitcoin is. Those ideas have existed forever in the back channels of the web,…
Bitcoin has been around for a while now and it has been down talked quite a bit on HN whenever it comes up. It now has a larger market cap as Facebook - so the market sees more value in Bitcoin than Facebook. The sentiment on HN seem still be mostly against it whenever it comes up. I wonder why that is? I'd imagine 10 years from now Bitcoin will still be around and likely much larger than today - I'm less positive ab…
Many people on HN who talk down against Bitcoin are indoctrinated into the current ideology. Anything that goes against the current ideology is refuted, ignored, dismissed as fads, bubbles, scams..etc Ideology is a powerful thing and it's hard to break out of it. If you want to learn more about this concept, you should research about Slavoj Zizek's work on ideology. Bitcoin is not just technology, but a multi-faceted…
I didn’t buy crypto as a Ponzi. I bought it because it makes perfect sense if you have a libertarian / Austrian / free market / individualist / free people mindset. Which I do!
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It's factually a horrific waste of energy. People pointing that out are not looking back in "hindsight", but are actually concerned with the damages it is doing to our planet.
If its so bad then why does Elon Musk himself believe in BTC? - mr green man. Its obviously hyperbole and one dimensional thinking.
This seems like a blatant appeal to authority.
If it's not bad, provide reasons it's not bad. Throwing out Elon Musk's name does not provide any actual argument for your position.
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What helps me sleep at night is that even had I entered all this time ago with BTC I would have exited 100 times by now. There have indeed been many 2x,3x,5x multipliers with BTC but there have been so many instances when it was unclear how everything is going to turn out which would personally prompt me to consider exiting with what I had. As my friend nicely put it: only way we could have gotten rich from BTC is ha…
Yup, same. Hell if I put in money now and it did 2x and went to $100k, I'd get out, too. There's just no way I see myself not getting out at $100k or say $200k. And I'm not risking my money on an investment that can 'only' do 2x or 4x. Bitcoin was cool as it could do 10x or 100x in the span of 1-2 years. But with the numbers where they're at and knowing myself, I'd cash out way before that. In the end because bitcoin…
Wouldn't a better strategy be to e.g. wait until Bitcoin doubles (which you believe is likely to happen), then sell half (so that you get your money back, sans inflation)... and then for the following twenty years, sell 5% of the remaining Bitcoins each year?
The greatest risk is that maybe Bitcoin never doubles, and maybe you lose all the money you put it. But at the moment the price doubles and you sell half, so you get your money back... why throw away the chance of maybe getting insanely rich in the future?
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That's US $178m today for those who are curious
Say one is still sitting on 3650 coins from 2011, and you decide now is the time to sell the lot. How exactly do you "cash out" that amount? Sell to Elon maybe? ;)
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If its so bad then why does Elon Musk himself believe in BTC? - mr green man. Its obviously hyperbole and one dimensional thinking.
Have you delegated all thinking on all topics to Elon Musk? This seems like a blatant appeal to authority. If it's not bad, provide reasons it's not bad. Throwing out Elon Musk's name does not provide any actual argument for your position.