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Bitcoin has made a new all-time high price

coinbase.com

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Re: Bitcoin has made a new all-time high price

#201

Post by itsoktocry »

throw2738489 wrote: post #167
patrick0d wrote: post #153

Earlier quoted context omitted.

this should be the real headline. I am certain and beyond any doubt that I speak for all of us hackernews readers when I say that I have no frame of reference on the value of cryptocurrencies without comparing first with the Malaysian Ringgit

Compare it to gold or silver. It has very stable price for centuries or even millennia, when compared to daily salary of skilled worker.

>Compare it to gold or silver. It has very stable price for centuries or even millennia, when compared to daily salary of skilled worker.

You have to show your work, without to resorting to "one ounce of gold buys a nice suit" kind of stuff.

Re: Bitcoin has made a new all-time high price

#202

Post by superfist »

lottin wrote: post #193
superfist wrote: post #106

Earlier quoted context omitted.

and how much of gold price is in your opinion value of material itself? Strip out that material price and you have speculation price. Price of Bitcoin is mostly that speculation price + instead of material some mathematical properties.

> Price of Bitcoin is mostly that speculation price + instead of material some mathematical properties. Mathematical properties don't provide economic value. The demand for bitcoin is almost all speculation, and a tiny bit is for purposes of making clandestine payments, paying ransoms, and such.

So, access to a permissionless SWIFT-like system from anywhere around the world has no economic value in your opinion? Go and ask people in African countries what it means to them.

Re: Bitcoin has made a new all-time high price

#204

Post by Thorrez »

fallingsquirrel wrote: post #168
tivert wrote: post #133

Earlier quoted context omitted.

> What's the scenario where the government can take the digital money from your bank accounts but can't take the digital money from your crypto wallet? In cryptocurrency's defense (I am not a Bitcoiner), it not as easy for them to do that, because they can't just order a bank to transfer it/freeze it....assuming the owner is going through a lot of elaborate, inconvenient, and easy to footgun security measures. If you…

These threads always leave me baffled. Some people say that only drug dealers use bitcoin. Others say the ratio of normal dudes to drug dealers is 1,000:1 or more. I guess it depends what sounds convenient at the time.

I think the argument is that the drug dealers are actually using bitcoin for its utility, whereas the 1000 normal dudes are just buying it as an investment, not to use.

Re: Bitcoin has made a new all-time high price

#205

Post by fallingsquirrel »

throw0101a wrote: post #162
fallingsquirrel wrote: post #85

Earlier quoted context omitted.

> Doesn’t 1 pool account for more than 50% of the bitcoin netwoek? https://hashrateindex.com/hashrate/pools As of today the top 3 pools are 26%, 11%, 10%

> As of today the top 3 pools are 26%, 11%, 10% Which is 47%. Add in the fourth on that list and you're >50%. And over time the concentration of mining has increased: * https://www.investopedia.com/investing/why-centralized-crypt... Seems like more of an oligopoly to me as opposed to the 'for the people' kind of thing some folks talk about.

Those pools have thousands to millions of individual people just like you, who chose to join a pool to reduce the variance of block rewards. That doesn't mean they have any less share of the network.

In general, if you have a community with (say) 1,000,000 people, why would you expect any individual to have more than 0.000001% of the share? That doesn't mean it isn't for the people. It just means the world is a big place. And unlike an actual oligopoly, there's nothing stopping you from striking out on your own and claiming your fair and square 0.000001% if you're happy with the odds.

Re: Bitcoin has made a new all-time high price

#206

Post by cr125rider »

patrick0d wrote: post #153
muzani wrote: post #140

Earlier quoted context omitted.

I have it charted against the Malaysian Ringgit. It was 347k BTC/MYR high this year, compared to 326k today.

this should be the real headline. I am certain and beyond any doubt that I speak for all of us hackernews readers when I say that I have no frame of reference on the value of cryptocurrencies without comparing first with the Malaysian Ringgit

The biggest use case for Bitcoin is as a wealth store for third world countries that don’t have stable banking institutions.

Re: Bitcoin has made a new all-time high price

#207

Post by itsoktocry »

kragen wrote: post #179
jsbg wrote: post #173

Earlier quoted context omitted.

yes, that is what deflation is

The deflation of a currency is when the currency gets more expensive, not cheaper. It's true that other goods get cheaper when measured in that currency. But what we're discussing here is whether, and how, the continued deflation of Bitcoin discourages its use as a medium of exchange, not whether some hypothetical deflation of the dollar would discourage the use of other goods such as memory cards and Bitcoin as a me…

>The deflation of a currency is when the currency gets more expensive, not cheaper.

This is a perversion of the economic definition of inflation and deflation.

Inflation is the rate of change of prices.

Re: Bitcoin has made a new all-time high price

#208

Post by JackSlateur »

Salgat wrote: post #123
laurentiurad wrote: post #73

Earlier quoted context omitted.

no, but I am using my index fund on s&p 500 to buy goods and services

The difference is that owning bitcoin doesn't give you partial control over the world's largest companies.

Because you think you have any power over microsoft, with one action ? Unless you have a majority of the company, you are worthless.

Re: Bitcoin has made a new all-time high price

#209

Post by itsoktocry »

Loudergood wrote: post #182
chairmansteve wrote: post #120

Earlier quoted context omitted.

It's digital gold. For whatever that is worth.

Gold transactions are much cheaper.

>Gold transactions are much cheaper.

How so? Have you ever tried to buy anything with gold? Or store it?

Re: Bitcoin has made a new all-time high price

#210

Post by grecy »

fallingsquirrel wrote: post #177
kragen wrote: post #144

Earlier quoted context omitted.

Congratulations! Lucky you! You're a millionaire! Probably they were referring to an exchange site; the two most popular ones are Binance and Coinbase.

Definitely do not touch Binance. Coinbase and Kraken are the most reputable options. If you're unsure, hire a professional. Think of it as paying 0.02% as insurance against mistakes.

How do you find a professional you can actually trust? Any search results in hundreds of scams.
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