Bitcoin is over $100k

#1

Post by WheelsAtLarge » Thu, Dec 05, 2024, 2:41 AM UTC

Re: Bitcoin is over $100k

#2

Post by echelon » Thu, Dec 05, 2024, 2:46 AM UTC

Here we go again...

Hopefully this pulls competition away from the space I'm in and back into crypto. The last time crypto crashed, crypto folks flooded into generative media and we kind of became associated with them. I'm just trying to make tools.

Re: Bitcoin is over $100k

#3

Post by equasar » Thu, Dec 05, 2024, 2:49 AM UTC

Not surprised. They're minting Tether USD out of thin air to inflate the price, so it's no shock.

Re: Bitcoin is over $100k

#4

Post by DickingAround » Thu, Dec 05, 2024, 2:49 AM UTC

TINA = There is no alternative... to stocks. Lot of people lost money on long term bonds. Short term bonds are at least better than cash. Stocks are supposed to be about investing in an asset. I guess there is kind of an alternative out there.

Re: Bitcoin is over $100k

#5

Post by echelon » Thu, Dec 05, 2024, 2:50 AM UTC

equasar wrote: post #3

Not surprised. They're minting Tether USD out of thin air to inflate the price, so it's no shock.

How? And why isn't that being shorted?

Any prediction of when this will come crashing back down?

Re: Bitcoin is over $100k

#6

Post by Mistletoe » Thu, Dec 05, 2024, 2:50 AM UTC

Congrats Bitcoin! You just can't overestimate the power of one really good idea.

https://bitcoin.org/bitcoin.pdf

Re: Bitcoin is over $100k

#7

Post by monero-xmr » Thu, Dec 05, 2024, 2:50 AM UTC

equasar wrote: post #3

Not surprised. They're minting Tether USD out of thin air to inflate the price, so it's no shock.

The Tether Truthers never fail to spread their conspiracy. HN should just admit it got crypto 100% wrong.

Re: Bitcoin is over $100k

#8

Post by deanmoriarty » Thu, Dec 05, 2024, 2:51 AM UTC

I couldn’t care less about crypto, but just for fun I bought 1 BTC in 2016. Still own it, and likely will never sell, but boy I wish I bought a lot more instead of my index funds, skipping one monthly contribution in VTI back then would have mostly set me up for life instead of just having a nice but inconsequential $100k bonus in my portfolio :-)

Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air.

Cheers to the next 10X in 8 years, $1M in 2032!

Re: Bitcoin is over $100k

#9

Post by xyzzy4747 » Thu, Dec 05, 2024, 2:53 AM UTC

I remember when people used to first talk about Bitcoin on HN back in early 2011 or so. The price was only $2 then. Congrats to anyone who had some and held onto it this long - personally I sold off mine in 2015 (big mistake in hindsight).

Re: Bitcoin is over $100k

#10

Post by paxys » Thu, Dec 05, 2024, 2:53 AM UTC

Important to remember that while income and wealth inequality is at record highs, the trillions of dollars injected into the economy are still floating around among the top. People are getting more and more creative with investments (see luxury watches, sneakers, trading cards, collectibles, meme stocks all seeing a significant bump in value in recent years). Bitcoin's price is simply another symptom of this.

What I find new about this recent bull run is that the usual "crypto will upend global financial systems/crypto will change the world" hype is conspicuously missing. All the "Blockchain startups" have basically disappeared. NFTs are worthless. There is little/no VC money going into the space. I think people are finally coming to terms with the fact that it is a speculative investment and nothing more.