Bitcoin surpasses $50K as major companies jump into crypto

Post by dleslie » Wed, Feb 17, 2021, 4:30 AM UTC

tootie wrote: post #458

whywhywhywhy wrote: post #345

Earlier quoted context omitted.

>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). Honestly what more do most people have? You could work your entire life but even all the earnings and scrimping and saving isn't even be a tiny fraction to what you would have if you had been the one to fulfil the order for the bitcoin pizza and just held. Think a lot…

We used to call them Ponzi schemes. This is the same but in slow motion. People are going to start taking their profits at some point and whoever takes them last will be holding the bag.

Post by [deleted] » Wed, Feb 17, 2021, 4:31 AM UTC

UncleMeat wrote: post #476

ramraj07 wrote: post #462

Earlier quoted context omitted.

Isn't the downpayment on the median us house much larger than 30k?

Have most individuals in the US bought a house? Have most individuals in the world bought a house in the US?

Post by dleslie » Wed, Feb 17, 2021, 4:32 AM UTC

tylerhou wrote: post #275

PragmaticPulp wrote: post #259

Earlier quoted context omitted.

Exactly. Bitcoin proponents tend to tell only half of the story, and pick and choose economic theory that fits the "buy more bitcoin" narrative. In economic terms, Bitcoin is inflating as an asset. Specifically, it's demand-pull inflation. Bitcoin isn't even uniquely positioned to protect against inflation, other than the mistaken public belief on that topic. Inflation is an increase in the price of assets, so invest…

> Bitcoin is inflating as an asset. I don't think this is precise. Inflation of an asset means that the asset itself drops in value, relative to the value of other goods. For example: when prices rise, the USD itself would be inflating because would then take more USD to buy goods. Bitcoin is rising in price compared to the USD. So it's not "inflating." If we treat Bitcoin as a currency, it's deflating because right…

Post by banachtarski » Wed, Feb 17, 2021, 4:33 AM UTC

PragmaticPulp wrote: post #189

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 forefront of the Bitcoin frenzy isn't even on the blockchain, it's at the exchanges. Hardcore tech people and those who don't (or can't) trust institutions with their Bitcoin will pay the transaction fees to get their money out of exchanges and into their own wallet. The average retail investor, however, doesn't want to be their own bank. They just want in on the price action, while letting the exchange manage th…

Post by rohitb91 » Wed, Feb 17, 2021, 4:35 AM UTC

6nf wrote: post #522

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…

Every minute, there are thousands of bitcoin transactions happening at dozens of exchanges, and it's happening instantly with very low cost. Because it's off-chain. That's what you're missing here, not everything needs to be on-chain to be valuable. Exchanges and businesses and services can aggregate.