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

81–90 of 91 posts

Re: Bitcoin Plummets Below 40K

#81

Post by nlitened »

ivanche wrote: post #65
nlitened wrote: post #21

Earlier quoted context omitted.

I do. It is in many ways more convenient than international wire transfer.

Care to share a few more details? Do you use lightning network?

I don't use the Lightning network because although I am pretty knowledgeable in how Bitcoin works, I've never had enough time to dive deeper into Lightning. Also, I expect it to be more cumbersome for my clients who are generally less technically knowledgeable.

I use direct on-chain transfers. Since it's usually not a major share of revenue, I don't care much about price volatility - prices go up and down all the time. I quote in USD, and clients send amounts at current conversion rates. Over time, it averages out.

The transfer fee is strictly less than international wire transfer. The transfer is fast, no-hassle, and also all clients are able to send the money all the time. If you live beyond the first-world countries, from my experience it is pretty common that some minor banks are not able to send money to some other minor banks in other countries, and you never know beforehand, and lose a lot of time on that.

Re: Bitcoin Plummets Below 40K

#82

Post by londons_explore »

globular-toast wrote: post #77
londons_explore wrote: post #72

Earlier quoted context omitted.

> 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…

Humans are genetics + knowledge/culture.

Wars typically are as much about spreading culture as they are about genetics. Religious crusades are a way to spread culture without genetics.

Humans seem to have a desire to increase both their genetic and cultural footprint into other humans. Make sense really - expansionist traits tend to survive.

Re: Bitcoin Plummets Below 40K

#83

Post by dr_zoidberg »

nly wrote: post #52
spankyspangler wrote: post #43

Earlier quoted context omitted.

In this particular case I don't think the market is all that complex. People were valuing bitcoin on the assumption that other people would keep buying it at higher prices before they sell. People didn't cut nearly half a trillion dollars from the value of bitcoin on the word of a person known for blurting out impulsive and weird things. He didn't reveal any deep new insights into this thing. What Musk said just spoo…

It would be interesting to figure out how much $USD has been paid for all the coins currently held, rather than looking at just market cap. Shame it can't be calculated.

I think the exchanges would be the ones that could answer that question... But I don't think it's in their interests to do so.

Re: Bitcoin Plummets Below 40K

#86

Post by puranjay »

nly wrote: post #58
puranjay wrote: post #30

Earlier quoted context omitted.

I sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer itself took 3 business days. The BTC payment was credited to my account in 10 minutes.

You've just deferred going to the bank and filling in that form to a later date. ...but now you're exposed to massive volatility, regulatory uncertainty, probably capital gains tax on the upside, the risk of having to work through yet another third-party (an exchange), and your tax affairs are likely more complicated

All true. But it also shows how complicated and slow the traditional method can be, especially for international wire transfers.

BTC might not be the final solution, but that doesn’t mean the problem doesn’t exist.

Re: Bitcoin Plummets Below 40K

#87

Post by max_ »

nlitened wrote: post #48
max_ wrote: post #44

Earlier quoted context omitted.

It is irresponsible to use bitcoin as a form of payment.

Why? Honest question

As you have seen today. The market has tanked by 20% in a day.

If you were a restaurant owner and made $100 today.

You would now be having $80 instead of $100 — which might be your entire profit margin.

Re: Bitcoin Plummets Below 40K

#88

Post by mikewarot »

StavrosK wrote: post #46
fho wrote: post #13

Earlier quoted context omitted.

Yeah ... I still occasionally get a (analog) mail in Japanese informing me that the bankruptcy procedure is still ongoing. Luckily it was "just" 1 BTC.

I had been looking for a light wallet (even though I didn't know the term or that they existed back then) since before the bankruptcy. If they'd been more widespread, we'd have lost a lot fewer coins! I guess that, like me, a lot of us didn't want to store their BTC with MtGOX, it was just that back then the alternative was to use a significant portion of your hard disk to store the blockchain if you wanted to use yo…

>I guess that, like me, a lot of us didn't want to store their BTC with MtGOX

Who in their right mind would store Bitcoin anywhere else than a well backed up hard drive?

I was trading the ups and downs, they didn't have any fees for a long time, so you could buy low, sell high, and repeat. Today a limit order could have bought at 31,000 and then turned around and sold at 36,000 or more.

But... never try to catch a falling knife. ;-)

Re: Bitcoin Plummets Below 40K

#90

Post by fho »

StavrosK wrote: post #46
fho wrote: post #13

Earlier quoted context omitted.

Yeah ... I still occasionally get a (analog) mail in Japanese informing me that the bankruptcy procedure is still ongoing. Luckily it was "just" 1 BTC.

I had been looking for a light wallet (even though I didn't know the term or that they existed back then) since before the bankruptcy. If they'd been more widespread, we'd have lost a lot fewer coins! I guess that, like me, a lot of us didn't want to store their BTC with MtGOX, it was just that back then the alternative was to use a significant portion of your hard disk to store the blockchain if you wanted to use yo…

Sad thing is that I got my BTC to test my tiny wallet implementation I did for my final thesis back then :-)
Post reply on HN