Bitcoin is over $100k • Hacker News Board

Re: Bitcoin is over $100k

#121

Post by from-nibly » Thu, Dec 05, 2024, 3:31 AM UTC

ipaddr wrote: post #98

TheBruceHimself wrote: post #75

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…

Bitcoin offers portability by not having to store gold. Rapid price changes. One is more stable and the other more lucrative.

The last two things are descriptions of the markets of those things not the things themselves.

Re: Bitcoin is over $100k

#122

Post by eric_cc » Thu, Dec 05, 2024, 3:31 AM UTC

xnx wrote: post #117

Whatever your theory of Bitcoin is, it has to incorporate that its 50% price increase is directly tied to the US election outcome.

[flagged]

Re: Bitcoin is over $100k

#123

Post by Mithriil » Thu, Dec 05, 2024, 3:31 AM UTC

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?

Energy wasted to secure the chain

Re: Bitcoin is over $100k

#124

Post by wmf » Thu, Dec 05, 2024, 3:32 AM UTC

lmm wrote: post #31

echelon wrote: post #5

Earlier quoted context omitted.

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 g…

Tether is bad but these aren't correct arguments against it. 1. You can easily sell BTC for 100K actual USD and ACH it out on a regulated exchange like Gemini. 2. You can easily sell USDT for actual USD on (IIRC) Kraken. 3. Technically you can short USDT via various means but you won't be able to collect any profits.

Re: Bitcoin is over $100k

#125

Post by zahlman » Thu, Dec 05, 2024, 3:33 AM UTC

Nothing ever seems to come of discussing this topic on HN - just the usual cycle of people arguing with each other over whether BTC "ought to" (by what ontological principles?) be worth what it is (or, for that matter, anything at all), or what social impacts it has, etc.

None of that has anything at all to do with the current spot price. That's just an excuse to "debate" the topic again by pulling out the same old arguments.

Several other submissions intended to report the same simple fact were flagged and killed. Why not this one?

Re: Bitcoin is over $100k

#126

Post by evantbyrne » Thu, Dec 05, 2024, 3:33 AM UTC

WheelsAtLarge wrote: post #70

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.

Naw man not everything is luck. People have been talking about $100k Bitcoin for what feels like forever now. When the stock market rolled back two years of gains and Bitcoin moved similarly, those who understood what they were looking at made big plays. What happens long-term now that it has hit that mythical price point is less clear.

Re: Bitcoin is over $100k

#127

Post by bakugo » Thu, Dec 05, 2024, 3:33 AM UTC

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…

> 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.

All of those people pivoted to AI.

Re: Bitcoin is over $100k

#128

Post by Gigachad » Thu, Dec 05, 2024, 3:35 AM UTC

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

There’s “utility” in enabling crime and being able to move massive amounts of wealth fairly easily.

Re: Bitcoin is over $100k

#129

Post by aryan14 » Thu, Dec 05, 2024, 3:35 AM UTC

TheBruceHimself wrote: post #75

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…

Well if you need to send someone a sum of money instantly anywhere in the world for no fees, it’s kind of unrealistic to meetup with gold bars

Re: Bitcoin is over $100k

#130

Post by ajkdhcb2 » Thu, Dec 05, 2024, 3:35 AM UTC

aryan14 wrote: post #90

pm2222 wrote: post #51

Sounds like btc is good for large amount of transfer as relatively low cost but not really ready for day to day expenses like gas/grocery. Yes?

You’re right, but that’s not what BTC was designed for. You could use something like Litecoin, Solana, maybe even Ethereum if you’re willing to pay the fee.

The whitepaper shows it was intended to be "peer to peer electronic cash". It did clearly fail at that goal since it has none of the privacy of cash and so on.