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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

#91

Post by wslh »

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…

I believe cryptocurrencies have played a significant role in awakening traditional finance and fintech industries. It’s remarkable that systems like ACH [1] have been used for U.S. payments for decades, and yet FedNow [2], a real-time payment solution, has only recently been introduced in the world’s leading economy.

[1] https://en.wikipedia.org/wiki/Automated_clearing_house

[2] https://en.wikipedia.org/wiki/FedNow

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

#92

Post by FollowingTheDao »

smeej wrote: post #15
the_duke wrote: post #8

Are there theories why Trump getting elected caused such a spike? Expected sanctions devaluing other currencies, higher risk of conflict (eg Iran -Israel/US war) causing economic instability, ... ?

I think it's as simple as expecting his administration not to be outright hostile to the industry, and maybe even encourage its development. Most companies in the space have had "the government could, at any moment, make it nearly impossible for us to continue operating" as an existential risk, so if that risk goes down, the expectation for further innovation and development soars.

Yes, there will just be more fraud since there will be less regulation and so the fraudsters are drooling.

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

#93

Post by throw0101d »

zadler wrote: post #35
unyttigfjelltol wrote: post #25

Earlier quoted context omitted.

What makes you think BTC is an inflation hedge? BTC did not hedge the inflation event in 2022.

There’s still room for it to become an inflation hedge, we still havnt really seen much in terms of USD inflation and people scrambling for the exit. OTOH, government crackdowns might be able to tank the price.

> There’s still room for it to become an inflation hedge, we still havnt really seen much in terms of USD inflation and people scrambling for the exit.

Bitcoin is no more an inflation hedge than gold is, which it is not:

* https://www.nber.org/papers/w18706

* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3667789

and both are something worse, deflationary:

* https://www.nber.org/books-and-chapters/financial-markets-an...

* https://www.goodreads.com/book/show/775143.Golden_Fetters

Gold did not help in stabilizing currencies or economies:

* https://archive.is/https://www.theatlantic.com/business/arch...

and neither would Bitcoin.

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

#94

Post by FollowingTheDao »

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.

^ Typical second comment.

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

#95

Post by roenxi »

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…

> Exceedingly few people actually use it for anything practical.

That is actually fairly common. Gold has been around for millennia, found basically 0 practical applications [0]. The value of something is roughly the marginal difficulty of procuring the thing by whether someone wants to own it, and at the moment nobody can create bitcoin for substantially less than $100k and broadly speaking people will always want to own them at some price.

That being said, I don't think bitcoin will hold its value long term. But the money question now is whether the collapse happens on the scale of years, decades, centuries or millenia.

[0] The purpose of gold jewellery is to demonstrate that someone has gold/the wealth to do something impractical; otherwise we could make plastic jewellery that is prettier, lighter and cheaper.

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

#96

Post by [deleted] »

can16358p wrote: post #21
nurumaik wrote: post #4

Earlier quoted context omitted.

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

...just like, fiat money. At least, Bitcoin can't be printed and not centralized like a government-controlled money. Bitcoin is not perfect, also not fully decentralized either, but still much better than more-centralized fiat which are government-controlled and are still used for all the harmful purposes already.

[deleted]

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

#97

Post by throw0101d »

kromokromo wrote: post #71

Bitcoin as a digital store of value is fine. It makes sense to store money in something digital and secure to hedge against local instabilities in currencies, governments etc. People store money in it because it currently secure and it been battle tested, nobody has been able to hack it. However, I am concerned about the security model on a 5-10+ year perspective. Miners secure the blockchain and get paid for it in b…

> Bitcoin as a digital store of value is fine.

It is not. It has multiple >70% drawdowns over the last ~decade:

* https://newhedge.io/terminal/bitcoin/price-drawdown

During the 1930s US stock market crash, things went down 90% and, a century later, has never been that bad. Bitcoin has had multiple Great Depression equivalent drops in one-tenth the time.

Something that is a good store of value should not be volatile: it should keep it's value, or at least be fairly predictable in the rate of decay.

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

#98

Post by sshine »

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…

> a realistic max value for 1 BTC would be 500k-1M

[citation needed]

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

#99

Post by ozgrakkurt »

Gigachad wrote: post #65
fer wrote: post #16

Earlier quoted context omitted.

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.

I understand you disagree with the whole thing but blockchain has a lot of uses already. Most obvious ones are storing money or investment and transferring money. It factually works amazing for these. Assuming you believe in capitalism, people won’t put such enormous amounts of money on something if it has no use. Speculation also applies to stocks in the same way, there is no world where nvidia should be priced like this but people have some view on it and it effects the price. Same idea with blockchain, there are already use cases and it is expanding constantly. Also there is a ton of investment going into research of development of it, there is no reason why people shouldn’t invest in it by buying coins, it is factually a good investment so far if you are able to hold for long periods of time

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

#100

Post by gbnwl »

Gigachad wrote: post #66
diegoholiveira wrote: post #55

Earlier quoted context omitted.

> 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.

easily detected by the massive unexplained power consumption

Just tell them you're training a new foundational model.

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