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Bitcoin is over $100k

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Re: Bitcoin is over $100k

#71

Post by jonahbenton »

xyzzy4747 wrote: post #37
nadermx wrote: post #25

Earlier quoted context omitted.

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…

These are all true but far and away the dominant use case is long term (10+ year) store of value/dollar inflation hedge- which sometimes implies #2, but many entities are happy to hold on exchanges. Total BTC market cap at $2T- would guess from how relatively little transaction activity there is that at least $1.5T is due to this use case.

Re: Bitcoin is over $100k

#72

Post by eric_cc »

ericra wrote: post #59

Honestly, this is just repulsive. Crypto has brought nearly zero benefits to society and has made income inequality even worse. Not to mention the environmental impact. I don't see how any reasonable person can celebrate this. Ask yourself who is benefiting most from this.

[flagged]

Re: Bitcoin is over $100k

#73

Post by Mithriil »

paulryanrogers wrote: post #41
Mistletoe wrote: post #6

Congrats Bitcoin! You just can't overestimate the power of one really good idea. https://bitcoin.org/bitcoin.pdf

Will people see it as good in hindsight? When coal plants have dumped more waste in the air and oceans, just to drive the value of these tulips?

BTC is not sustainable, that's true. However, the world is now aware of decentralized ledgering tools, and other projects have worthwhile technologies and use cases.

I just wish they would drop the energy consuming ones...

Re: Bitcoin is over $100k

#75

Post by TheBruceHimself »

I just don't understand why you'd choose Bitcoin over gold. Gold, like Bitcoin, was criticized for just being a stupid store of value, but that wasn't completely true as it undoubtedly had some utility in the economy. Worst case comes and the market crashes, you know there's at least someone somewhere buying. What does Bitcoin get you over gold? The same "it's scarce and therefore valuable" narrative so you can store your wealth there, but it's not got the intrinsic value of gold. If the market crashes, you can't sell Bitcoin to someone to make jewelry or false teeth.

If you want to argue that people could theoretically discover a lot more gold or bring in an asteroid one day full of it, okay, but then why not just by land then? Even better than gold, there's a potential for some income too. Or why not just go with something that's equally as scarce like vintage wine? You literally can't make anymore wine of a particular year; it's inherently scarce.

Re: Bitcoin is over $100k

#76

Post by ks2048 »

amazingamazing wrote: post #65
throwawayq3423 wrote: post #46

Earlier quoted context omitted.

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.

I don’t think we’re real close to a “French revolution”, but an executed CEO today could be a symptom of the situation. (Of course, we don’t know the motive yet. But just the online discourse around it is telling).

Re: Bitcoin is over $100k

#77

Post by sampullman »

xyzzy4747 wrote: post #16
some-guy wrote: post #14

Is there way to quantify how much of the economy these days is "bullshit" (purely speculative assets), and if we are at peak bullshit now as a percentage of total economic activity?

The entire economy outside of agriculture and real estate is basically "bullshit", if you really think about it. The ratio of bullshit to everything else seems to increase over time, though, as a general trend. It's probably correlated to technology.

If agriculture is required, so is shipping. I'm not so sure about real estate.

Re: Bitcoin is over $100k

#79

Post by ajkdhcb2 »

xyzzy4747 wrote: post #37
nadermx wrote: post #25

Earlier quoted context omitted.

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…

It isn't fungible at all since every coin has a history which in some cases makes it unspendable, so it is highly risky to accept transfers without a third party chain analysis report, otherwise i agree

Re: Bitcoin is over $100k

#80

Post by monero-xmr »

throwawayq3423 wrote: post #52
monero-xmr wrote: post #47

Earlier quoted context omitted.

Crypto VC is booming! What the heck are you talking about

Besides an exchange, what company is doing well right now in the crypto space?

L1 blockchains, Monad being a recent success. But blockchain = finance. That is what the use case for blockchain is. Anything will be either platforms to host financial assets, the assets themselves (interesting tokens), or applications to trade / lend / lever up on assets. It's protocolized, open-source finance.
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