71–80 of 211 posts
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I view it as a similar asset class to gold - why own gold? No really though, I don't own any physical gold for the same reasons.
what does gold have to do with bitcoin? why even bring it up? did gold also crash today?
Do any trading platforms allow for crypto margin trading? If so, there's going to be quite a few margin calls today.
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It has a legitimate use as a store of value / means of exchange, especially in places where private, online banking services are not great. However, because it is also used so heavily for speculation, it is very volatile and therefore not an optimal store of value / means of exchange.
>However, because it is also used so heavily for speculation, it is very volatile and therefore not an optimal store of value / means of exchange. It's better than gold in every way, including energy use.
Meanwhile, Elon Musk is trying to extinguish the fire. https://twitter.com/elonmusk/status/1395027147161489412
I'm not familiar enough with cryptocurrency culture to understand this: what does "Tesla has " mean?
Diamond hands -> Hold regardless of whether the asset is tanking (or spiking).
Paper hands -> Sell the moment there's trouble
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Don't buy bitcoin, it always crashes. https://www.youtube.com/watch?v=XbZ8zDpX2Mg We'll be back here in four years when bitcoin is well above 100k being used happily as a store of value by millions of people and someone like you will say the exact same thing again. How long will it take you to realise that it's already a success?
let's just skip to the end. at $DAY $COIN is at $MAX_PRICE. it never reaches $MAX_PRICE ever again. for someone who bought at $MAX_PRICE, what is the value they received?
It's ironic, the same thing that makes these coins valuable to people (volatility, and mostly in the upwards direction) is a major reason why they are hard to use for mass transactions.
However, there is some good here. People are getting familiar with crypto by participating in this investment strategy. A relatively stable coin capable of high transaction throughput and low fees - one that can actually be used as a currency instead of an investment - will benefit from this in the future.
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So bizarre that he would tweet this after coming out against Bitcoin for environmental reasons. The higher the price goes, the greater the incentive to spend more electricity on mining; for anyone who cares about the environment this crash is great news.
I think the guy is not completely sane, to be honest. Also, not as smart as most people tend to think he is.
Lots of people have messed around with various systems for no reason other than to see if they can.
other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…
I've used it to pay for things more than a handful of times. Just cause you don't have a reason doesn't mean the tech should be immediately dismissed.
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Your comment appears to be the only one in Hacker News history that says, "bitcoin crashes to 30k". Maybe the phrasing was different? It's not good when an asset class drops by 30% in 24 hours.
It probably just means that it's not actually liquid at the values that btc people are crowing about. The real question is how much trade volume it took to drop it 30%. Being at $60K just means that a handful of suckers bought for $60K.
Meanwhile, Elon Musk is trying to extinguish the fire. https://twitter.com/elonmusk/status/1395027147161489412
I'm not familiar enough with cryptocurrency culture to understand this: what does "Tesla has " mean?