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Bitcoin is over $100k

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Re: Bitcoin is over $100k

#61

Post by paxys »

josu wrote: post #45
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's price is simply another symptom of this. Bitcoin is not the symptom, Bitcoin is the answer. People are not longing Bitcoin, people are exiting the dollar, the euro, the yuan...

Yet the dollar is at record highs, and commodities are at record highs, and the stock market is at record highs, and real estate is at record highs, and Bitcoin is at record highs. So who is hedging what exactly?

Re: Bitcoin is over $100k

#62

Post by nadermx »

fixprix wrote: post #36
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.

By definition store of value means "its ability to purchase other assets in the future without rapidly losing its purchasing power" yet bitcoin has in instances halved it's value. So, no not a store of value.

Re: Bitcoin is over $100k

#64

Post by jdenning »

XCSme wrote: post #53
fixprix wrote: post #36

Earlier quoted context omitted.

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.

How exactly does BTC store any more value than an NFT?

Supply & demand?

Re: Bitcoin is over $100k

#65

Post by amazingamazing »

throwawayq3423 wrote: post #46
amazingamazing wrote: post #26

Earlier quoted context omitted.

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

https://en.wikipedia.org/wiki/French_Revolution

Neat, how about something from this century? And the French Revolution is more complicated than rich people getting richer.

Re: Bitcoin is over $100k

#66

Post by benchmarkist »

fixprix wrote: post #36
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.

Bitcoin is actually just a bunch of numbers. Whatever value you think you're storing with it is always denominated in fiat which is very ironic.

Re: Bitcoin is over $100k

#67

Post by echelon »

XCSme wrote: post #53
fixprix wrote: post #36

Earlier quoted context omitted.

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.

How exactly does BTC store any more value than an NFT?

It's the "chosen one".

Re: Bitcoin is over $100k

#68

Post by Mithriil »

thrance wrote: post #39
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.

I don't believe it is zero-sum.. Or at least, not rigourously. I feel the Market Capitalization of BTC must have been bootstrapped at some extent. It seems impossible to me that the sum total of what people have paid to have their BTCs to be more than $2.02T. In other words, the value the market gives it has given value to BTC out of nowhere.

Re: Bitcoin is over $100k

#69

Post by ks2048 »

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 money is power. If you believe in democracy, then extreme inequality is extremely un-democratic. (Note, there is, IMHO, a happy middle-ground: some amount of tolerable inequality, resulting in some amount of tolerable un-democratic-ness)

Re: Bitcoin is over $100k

#70

Post by WheelsAtLarge »

If you are feeling regret, don't. Very few people anticipated such a significant increase. Any profit is a good profit. Even investments that seem highly promising can end up in bankruptcy. This is one of the few that managed to succeed.
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