Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin price hits $100K for first time in history

cointelegraph.com

Post reply on HN
Print view View original

61–70 of 163 posts

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

#61

Post by olalonde »

sigmoid10 wrote: post #31
olalonde wrote: post #6

I'm starting to think Inverse HN would perhaps rival Inverse Cramer.

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.

I was just humorously insinuating that HN generally isn’t particularly good at financial advice. Take this top comment from 2022, simultaneously bearish on both crypto and AI... https://news.ycombinator.com/item?id=34196161

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

#62

Post by vasco »

echoangle wrote: post #54
vasco wrote: post #40

Earlier quoted context omitted.

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.

No, that is literally the fallacy.

If someone says he's betting on stock X, the opposite is not to go short. That's one way of doing "not what he did". Another way of doing "not what he did" is to for example sell a PUT, because maybe you think it's just going to stay flat. Another way is to not do anything, and instead wait, because going short costs money (you're borrowing a stock and borrowing fees on it), and so the act of shorting itself can lose you money if he isn't "wrong fast enough". So is the opposite to short it on the day he says he's buying, or is the opposite to short it the next week? Even "pure opposite" situations would require exact entrypoints and exit points which you wouldn't have.

You literally fell for the exact thing I was describing.

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

#63

Post by ilija139 »

5350-uiop-1130 wrote: post #48
zadler wrote: post #26

Earlier quoted context omitted.

If you are sure of this then congrats, you’ve spotted a pattern in the market that you can exploit and get rich off. Seems unlikely tho for this reason.

well the money comes from predicting the direction. this doesnt tell you the direction just that when US trading hours start the probability of a large move up or down increases

One can make money predicting volatility.

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

#65

Post by Gigachad »

fer wrote: post #16
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.

Just for the last 5-10 years. Before, BTC was cool.

Because 10+ years ago it was being used as a cool currency you could generate with your desktop GPU and buy steam games with.

Now there doesn’t seem to be any use case other than hoping it goes up higher, and enabling crime.

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

#66

Post by Gigachad »

diegoholiveira wrote: post #55
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?

It’s probably semi realistic to ban bitcoin mining since it could be easily detected by the massive unexplained power consumption.

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

#67

Post by Retric »

gbnwl wrote: post #56
Retric wrote: post #44

Earlier quoted context omitted.

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.

“Trying” is an overly generous interpretation of what’s going on.

Training an LLM is not actually working on AGI just as people building skyscrapers aren’t getting to the moon. It’s an inherent limitation on the approach.

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

#68

Post by bondarchuk »

bsenftner wrote: post #57
api wrote: post #39

Earlier quoted context omitted.

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…

Please do (unironically).

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

#69

Post by throw0101d »

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…

> 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 same can be said of gold.

It's primary modern use is jewelry, with some industrial uses (electronics, aerospace) as well as medical and dentistry. For a little while it was used as (the basis of) money, and now that particular fetish has stuck around:

* https://www.goodreads.com/book/show/249245.The_Power_of_Gold

Bitcoin and gold are now simply commodities, like oil or frozen concentrated orange juice.

Human psychology is weird.

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

#70

Post by throw0101d »

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.

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

And not entirely wrong.

Bitcoin is now just a commodity play: it doesn't have to be rational to make money. Humans assign "value" to all sort of arbitrary things:

* https://en.wikipedia.org/wiki/Rai_stones

Post reply on HN