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Bitcoin is over $100k

tradingview.com

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Re: Bitcoin is over $100k

#31

Post by lmm »

echelon wrote: post #5
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?

> How?

People say Bitcoin is worth $100k but what they actually mean is it's worth 100,000 "USDT", because that's the thing you can actually exchange for it.

Are those 100,000 "USDT" worth $100k? Well, maybe. Tether claims every USDT is backed by a US dollar. It just can't tell you where they are or let you audit them. But they're there. Honest.

> And why isn't that being shorted?

How would you short it? Especially given that most crypto trading platforms are going to go bankrupt when it does crash.

Re: Bitcoin is over $100k

#32

Post by WatchDog »

calrain wrote: post #21
deanmoriarty wrote: post #8

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 (m…

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Re: Bitcoin is over $100k

#33

Post by pixelatedindex »

amazingamazing wrote: post #26
paxys wrote: post #10

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…

Why does it matter if income inequality is high? Poorly hid envy it looks like.

Because you need the disposable income to buy speculative assets. This means that the rich get richer.

Re: Bitcoin is over $100k

#34

Post by amazingamazing »

pixelatedindex wrote: post #33
amazingamazing wrote: post #26

Earlier quoted context omitted.

Why does it matter if income inequality is high? Poorly hid envy it looks like.

Because you need the disposable income to buy speculative assets. This means that the rich get richer.

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Re: Bitcoin is over $100k

#35

Post by wbl »

wmf wrote: post #20
monero-xmr wrote: post #7

Earlier quoted context omitted.

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

Tether admitted they loaned USDT against BTC collateral and they allowed the collateral to be delivered later (basically T+2 settlement). When the order book is shallow this is basically free market manipulation. It's not clear how much loaned USDT exists vs. regular USDT and what effect this has had on the price.

Not in the crypto world. Failure to deliver is rare in the exchange world but someone out there would run the long con against Tether for that.

Re: Bitcoin is over $100k

#36

Post by fixprix »

paxys wrote: post #10

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…

Bitcoin is a store of value. Nothing more or less. DAOs and NFTs were just distractions trying to ride the wave. The fundamentals remain strong. It really hasn't changed much in 15 years. The Hacker News comments certainly haven't either. Salty as ever.

Re: Bitcoin is over $100k

#37

Post by xyzzy4747 »

nadermx wrote: post #25
paxys wrote: post #10

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…

I just struggle to see it's utility

It definitely has utility but it is at the same time overhyped IMO. Some examples of utility:

1. Cross-border transfers without needing permission from banks or identification

2. A fungible digital asset you can hoard and nobody can physically take from you if you secure the keys.

3. If you are a business in a gray or black market industry, you can accept payments from customers online without needing permission from payment processors. Many types of businesses are effectively banned by the banking system.

4. It provides a way to obfuscate your wealth which can help protect against asset seizures. Similar to #2.

Re: Bitcoin is over $100k

#38

Post by Mithriil »

deadbabe wrote: post #12

Why hell does this keep going up? Can you pretty much just buy at any point in time and be guaranteed a 10x return?

A part of the valuation comes from miners who gets their returns cut by half every ~4 years. They have an interest in having the price (at least) double by then.

Re: Bitcoin is over $100k

#39

Post by thrance »

deadbabe wrote: post #12

Why hell does this keep going up? Can you pretty much just buy at any point in time and be guaranteed a 10x return?

Remember that this is a zero-sum game, for every winner that made it big, they are thousands more that had to pay up for their success.

Re: Bitcoin is over $100k

#40

Post by throwawayq3423 »

eric_cc wrote: post #30
paxys wrote: post #10

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…

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What denial? It is an excellent way to gamble or launder money. That's not changed, but it's not expanded either.
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