Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin Plummets Below 40K

coindesk.com

Post reply on HN
Print view View original

71–80 of 91 posts

Re: Bitcoin Plummets Below 40K

#71

Post by londons_explore »

selfhoster11 wrote: post #61
bruce343434 wrote: post #6

Earlier quoted context omitted.

Sorry, but why? Because you think it will go up even thought the fundamentals of the product suck? Are you building castles in the air? Not to be rude, but bitcoin is slow and inefficient. It also has terrible privacy. It's getting replaced by other coins.

It's become the backbone of many new coins. It's basically a piece of infrastructure by this point. I don't think it's going away.

Ethereum is the backbone of many new tokens.

Not much relies on the bitcoin network itself.

Re: Bitcoin Plummets Below 40K

#72

Post by londons_explore »

globular-toast wrote: post #26
varispeed wrote: post #8

Earlier quoted context omitted.

For the pleasure of embedding poems in the blockchain, that will stay forever, alone...

I wonder why people think of the Bitcoin blockchain (assuming that's what you mean by "the blockchain") as immortal. We've had computers for less than a century and been doing blockchains for about a decade of that. The oldest known poem is 4000 years old and carved in clay. It seems to me if you want a poem to last forever, never to be seen, there are much better ways, like carving it in granite and burying it deep…

> burying it deep underground where it's unlikely to be found.

Most people who want their works to last forever want people to read and use and enjoy them. Burying and having it forgotten doesn't meet that criteria.

Making millions of copies and burying some, with incentives for future people to make more copies and bury some again seems more likely to succeed.

And the blockchain isn't far from that.

Re: Bitcoin Plummets Below 40K

#74

Post by gitrog »

nly wrote: post #53
creshal wrote: post #14

Earlier quoted context omitted.

A mix of that plus Elon dunking on it plus China tightening regulations plus Ethereum news about PoS progress, probably.

Isn't PoS really good news for Ethereum, especially in light of Elons energy concerns? Ethereum has tanked 25% as well.

It should be, but Bitcoin's influence on other crypto currencies will still outweigh their own growth vectors for a little while.

If Bitcoin stabilises a bit from here I think we'll see Ethereum continue to grow a bit again.

Re: Bitcoin Plummets Below 40K

#76

Post by rvz »

marcos100 wrote: post #50
rvz wrote: post #5

'I hope you didn't buy BTC at >$60K.' [0] Do not invest at the all time highs. [1] [0] https://news.ycombinator.com/item?id=26843806 [1] https://news.ycombinator.com/item?id=26937153

You could have said that at the end of 2020, when BTC was ATH at 20K. 'I hope you didn't buy BTC at >$20K'. If you are so sure about this, you should have shown your short or put positions on BTC. Then people might consider what you wrote. People that are pro-BTC usually have some money invested in cryptocurrencies.

> You could have said that at the end of 2020, when BTC was ATH at 20K.

> 'I hope you didn't buy BTC at >$20K'.

And I still wouldn't. Because...

...I also hoped you bought it at its all time low since 2017 of $10,000 at the end of 2019. I was pleased when it dropped at the end of 2019 and bought it at a bargin [0] and bought more when it dropped again in March 2020. I and many others are laughing now. [1]

[0] https://news.ycombinator.com/item?id=21606212

[1] https://news.ycombinator.com/item?id=27139755

So tell me who is the actual 'late comer'?

Re: Bitcoin Plummets Below 40K

#77

Post by globular-toast »

londons_explore wrote: post #72
globular-toast wrote: post #26

Earlier quoted context omitted.

I wonder why people think of the Bitcoin blockchain (assuming that's what you mean by "the blockchain") as immortal. We've had computers for less than a century and been doing blockchains for about a decade of that. The oldest known poem is 4000 years old and carved in clay. It seems to me if you want a poem to last forever, never to be seen, there are much better ways, like carving it in granite and burying it deep…

> burying it deep underground where it's unlikely to be found. Most people who want their works to last forever want people to read and use and enjoy them. Burying and having it forgotten doesn't meet that criteria. Making millions of copies and burying some , with incentives for future people to make more copies and bury some again seems more likely to succeed. And the blockchain isn't far from that.

Write a good poem if you want people to copy it and read it.

What you're essentially doing by putting stuff in the blockchain is tricking people into copying it millions of times. It doesn't mean any of them will read it or appreciate it. I agree with your analogy, but what's the point of it? Some weird desire for your footprint to be larger and imposed on people for all time? I can't think of much more narcissistic than that.

Re: Bitcoin Plummets Below 40K

#78

Post by iamgopal »

selfhoster11 wrote: post #60
iamgopal wrote: post #22

Unless they patch bitcoin to remove energy intensive proof of work concept, bitcoin is goner in couple of year.

Absolutely not. There are plenty of markets that don't care about energy intensive use. Literally no one gave a shit about it a year ago, they won't start now.

Bitcoin’s future value is in the hope that any kind of government or large institutions support, which is not/never coming now. I think Tesla also dumping their coins very soon.

Re: Bitcoin Plummets Below 40K

#80

Post by rapsey »

selfhoster11 wrote: post #69
rapsey wrote: post #66

Earlier quoted context omitted.

Fiat has central banks to keep them somewhat stable. Stocks have companies who are producing actual value.

> Fiat has central banks to keep them somewhat stable. That's part of my point. Fiat had decades to stabilise, digital currencies are basically newborns so it's not fair to expect them to pop out already matured and stable. > Stocks have companies who are producing actual value. Unless they don't (or their value is decoupled from meme/insider manipulation that artificially controls their prices), like GME or Tesla.

Crypto is designed to not have a central bank. But that has its consequences. Maturity has nothing to do with it.
Post reply on HN