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

111–120 of 163 posts

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

#111

Post by TrackerFF »

seydor wrote: post #38
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…

Bitcoin at this price level is generally hated by banks, treated with suspicion everywhere around the world, outright banned, and regulators almost actively try to grind it to a halt. They don't do those things for gold for example, and gold is still going up

I don't know why you're being downvoted.

Cryptocurrencies in general are a big pain in the ass for banks, due to how much of fraud is associated with those currencies. AML and KYC regulations have made practical use of cryptocurrencies a pain for both parties, for the past 10 years. It's just now, in the very recent years, that it has become somewhat easier and streamlined.

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

#112

Post by IanCal »

api wrote: post #75
bsenftner wrote: post #57

Earlier quoted context omitted.

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…

Devils advocate / steel man reply: isn't that what all currencies are? Why does the Federal Reserve US dollar have value? Because people trust other smart people who say they've done the work and trust other smart people who work for the Federal Reserve. Money is a thing people agree upon as a medium of exchange. It is not value itself. Value is the people, places, and things that make up the actual economy. Bitcoin…

USD has value because there are things people need to pay for that can only be paid for with USD.

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

#113

Post by timcobb »

roenxi wrote: post #95
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 t…

Gold has many practical applications though. I think our electronics have gold in them, for example…

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

#114

Post by vasco »

echoangle wrote: post #78
vasco wrote: post #62

Earlier quoted context omitted.

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…

Isn’t selling puts „going short“? I understand „going short“ as „betting the stock is going down“, not literally selling shorts. But I’m also not a daytrader, so I’m not clear on the words used. And not doing anything clearly isn’t the opposite. If someone says he’s going North, what’s the opposite of that? It would be going south, even though you could go west or east too, or just do nothing. Just because it’s a spe…

Selling puts is a volatility bet mostly, but can be seen as bullish like buying stock, but doesn’t just behave as up=good, so your understanding is not up to par yet for this example. This is literally the issue.

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

#115

Post by ozgrakkurt »

throw0101d wrote: post #105
ozgrakkurt wrote: post #99

Earlier quoted context omitted.

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…

> I understand you disagree with the whole thing but blockchain has a lot of uses already. Not really. NIST has a good blockchain explainer with a handy flowchart that has questions you should ask to see if blockchain is a useful solution: * PNG flowchart: https://csrc.nist.gov/CSRC/media/Projects/enhanced-distribut... * https://csrc.nist.gov/Projects/enhanced-distributed-ledger-t... * https://www.nist.gov/blockchain…

Stats mean nothing when I use it every month for my savings and salary. As many people already do. I can also send money between countries very easily and cheap.

I understand this can be just as easily done with banking system in more developed countries but blockchain is much better other parts of the world

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

#116

Post by echoangle »

vasco wrote: post #114
echoangle wrote: post #78

Earlier quoted context omitted.

Isn’t selling puts „going short“? I understand „going short“ as „betting the stock is going down“, not literally selling shorts. But I’m also not a daytrader, so I’m not clear on the words used. And not doing anything clearly isn’t the opposite. If someone says he’s going North, what’s the opposite of that? It would be going south, even though you could go west or east too, or just do nothing. Just because it’s a spe…

Selling puts is a volatility bet mostly, but can be seen as bullish like buying stock, but doesn’t just behave as up=good, so your understanding is not up to par yet for this example. This is literally the issue.

How is that the issue? Even then, if someone’s position is „this stock is going up“, betting on „this stock is going down“ is the opposite. How you’re doing that is an implementation detail. You can even go to a Bookie and make a bet about the stock if you want to, the point is inverting the prediction. The issue is whether there’s a clear inverse, which I would argue there is.

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

#117

Post by FooBarBizBazz »

Wingy wrote: post #83
ilija139 wrote: post #63

Earlier quoted context omitted.

One can make money predicting volatility.

What do you mean by that?

"Reverse collar" (aka "long (iron) condor") options strategies would be one possibility, depending on the premiums people are charging. This is assuming that options trading for Bitcoin is possible and works the same as options trading on the ordinary stock market. Also, I am not an options trader.

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

#118

Post by IWeldMelons »

Invictus0 wrote: post #27
IWeldMelons wrote: post #17

Never understood this kind of sensational statements without inflation adjustment. Although does not make difference in this case, but all these claims "X has never been this expensive" often ignore inflation adjustment; render them meaningless.

Surely you're not serious. The price of 1 bitcoin was less than a dollar in 2010.

As I emphasized, very clearly, that it does not make difference in this very particularly case, I want to stress, nontheless, that the phrasing of the title is misleading; from what you've said yourself, we need to measure bitcoin price in 2010 dollars then, as the title suggests "first time in history", presumingly Bitcoin history. Guess what it is not there yet. It is 80K in 2010 dollars.

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

#119

Post by Aunche »

roenxi wrote: post #95
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 t…

Gold was the universal medium of exchange for the vast majority of recorded human history. That also gives it a good track record of being a good store of value. This track record can't be said about Bitcoin which has only existed while the of the economy of the nation driving Bitcoin prices has been growing.

Plastic jewelry and other cheaper jewelry only really look good when it's new in a store. The main buyers of gold jewelry are Indians, who prefer higher karat gold, which looks good forever. The intersection between a non-reactive metal and a colorful metal make gold the ideal material for jewelry.

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

#120

Post by cft »

throw0101d wrote: post #89
cft wrote: post #60

Earlier quoted context omitted.

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

> 1. Yuan becomes the reserve currency Who trusts China enough to sign on board with them to do this? > 2. BTC becomes the reserve currency Given what we know of history, why would anyone go towards a new (digital) gold standard? It's a bad system: * https://archive.is/https://www.theatlantic.com/business/arch... * https://www.goodreads.com/book/show/775143.Golden_Fetters that limits monetary and fiscal flexibility a…

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

just wanted to note that they are using a 20-year history window as an argument, while the gold standard existed for about 3500 years before that, across very different cultures.

Post reply on HN