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Bitcoin price hits $100K for first time in history

cointelegraph.com

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Re: Bitcoin price hits $100K for first time in history

#51

Post by sebzim4500 »

TrackerFF wrote: post #29
cft wrote: post #9

Earlier quoted context omitted.

>Also, when I ran the numbers some time ago, I figured a realistic max value for 1 BTC would be 500k-1M In what units? What makes you think there won't be Argentina-style inflation of the USD?

My rationale is the following: 1) A very high (BTC/USD) rate will come from HUGE whales hoarding BTC. Like governments creating crypto reserves, and purchasing BTC in the magnitude of tens of thousands to low million (US have talked about purchasing a million). 2) BTC will never be a currency that is used for huge worldwide transactions, for things commodities like oil, gas, etc. No serious country will give up contr…

> If BTC becomes too competitive, it will be fairly easy to regulate it into being too unattractive

Will it though? There are millions of US voters who hold crypto and both sides attempted to appeal to this voting block in the last election (obviously one with more success than the other). Heavily regulating crypto seems to offer massive political downsides with very little potential gain.

And we haven't even seen the crypto version of the NRA yet.

Re: Bitcoin price hits $100K for first time in history

#54

Post by echoangle »

vasco wrote: post #40
sigmoid10 wrote: post #31

Earlier quoted context omitted.

The inverse Cramer ETF lost 15% after a year and got shut down. Being wrong on the stock market does not mean that someone doing the opposite is right. Just like in software dev, there are infintely many ways to be wrong and by comparison only very few to be right.

There's no "opposite" when the decision space is very wide and with time as a factor. There's many "opposites" to choose from when you want to do "not what the guy did", so in the end it was just a "we promise to do anything except what Cramer says" rather than opposite.

There’s still a clear opposite for many predictions. If someone says he’s betting on stock X, the opposite would be to go short. And if someone says the stock is overpriced, you buy it.

Re: Bitcoin price hits $100K for first time in history

#55

Post by diegoholiveira »

legulere wrote: post #28

This increases the market for bitcoin mining and subsequently energy waste. For me personally this enough reason to ban bitcoin

> This increases the market for bitcoin mining and subsequently energy waste.

News technologies will require more and more energy.

> For me personally this enough reason to ban bitcoin

It's possible to ban bitcoin?

Re: Bitcoin price hits $100K for first time in history

#56

Post by gbnwl »

Retric wrote: post #44
zadler wrote: post #37

Earlier quoted context omitted.

I feel this way about AI. Oh wait, AI is actually an existential risk to humanity, also.

Generative AI is hardly an existential risk. There’s huge fears around AGI, but that’s not what people are building.

There’s huge fears around AGI, but that’s not what people are building.

Everyone is trying to build this.

Re: Bitcoin price hits $100K for first time in history

#57

Post by bsenftner »

api wrote: post #39
zadler wrote: post #14

Earlier quoted context omitted.

First comment of any bitcoin thread on HN is always something like this, generally negative and a bit grumpy.

HN is full of engineers, founders, etc. who kind of resent that there’s a large class of people who got rich doing nothing and creating no value. I get it but I’d say if you’re mad about Bitcoiners you should be a lot more angry about much of the financial industry and property speculators, two other huge groups that get rich without creating much value (or even by creating negative value). There's a lot of value-fre…

As person with both a finance and economics degrees, bitcoin is a successful fraud. I can list out how they use bitcoin private definitions for standard financial terms, how they do not disclose those differences in conversations with financial professionals using the standard terms and their definitions, and the bitcoin community itself is composed of people that expect someone else did the homework to validate this, but no one did. I did, it's not there. Bitcoin is a fraud designed to trap smart people that trust other smart people, who do not do their homework.

Re: Bitcoin price hits $100K for first time in history

#58

Post by mppm »

zadler wrote: post #14
TrackerFF wrote: post #7

Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…

First comment of any bitcoin thread on HN is always something like this, generally negative and a bit grumpy.

But do you actually disagree? Has the Crypto Revolution to date produced anything other than financial speculation and a slight warming of the Earth's surface?

Re: Bitcoin price hits $100K for first time in history

#59

Post by diegoholiveira »

nurumaik wrote: post #4
brtkdotse wrote: post #2

Ah, the main application of Bitcoin - ransomware - is now more lucrative then ever.

Well, bitcoin has many legitimate uses like buying drugs or evading taxation

Well, USD is used too. For decades. Even with too many regulations and security controls implemented by financial institutions around the world.

Re: Bitcoin price hits $100K for first time in history

#60

Post by cft »

TrackerFF wrote: post #29
cft wrote: post #9

Earlier quoted context omitted.

>Also, when I ran the numbers some time ago, I figured a realistic max value for 1 BTC would be 500k-1M In what units? What makes you think there won't be Argentina-style inflation of the USD?

My rationale is the following: 1) A very high (BTC/USD) rate will come from HUGE whales hoarding BTC. Like governments creating crypto reserves, and purchasing BTC in the magnitude of tens of thousands to low million (US have talked about purchasing a million). 2) BTC will never be a currency that is used for huge worldwide transactions, for things commodities like oil, gas, etc. No serious country will give up contr…

There might be smarter elected officials in the future that facing two choices:

USD losing the world's reserve currency status and:

1. Yuan becomes the reserve currency

2. BTC becomes the reserve currency

they would understand that choice 2 is preferrable for the West

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