Earlier quoted context omitted.
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.
Bitcoin price hits $100K for first time in history
121–130 of 163 posts
Re: Bitcoin price hits $100K for first time in history
#122Earlier 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.
Re: Bitcoin price hits $100K for first time in history
#123Earlier 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…
BTC has value because it’s backed by a sufficiently large group with encryption.
Mechanisms which are difficult to bypass have value. You can’t eat an RSA private key but private keys have immense value.
Re: Bitcoin price hits $100K for first time in history
#124Re: Bitcoin price hits $100K for first time in history
#125Earlier quoted context omitted.
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
#126Earlier quoted context omitted.
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
#127Earlier 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…
HN is unbelievably apolitical, apart from it's baseline tendency towards the left and whatever silicon valley demands people believe.
If you were anywhere near a post scarcity society (applies to USA) you wouldn't be hurtling towards national sovereign debt default at a rate of knots, and you wouldn't have the most expensive healthcare in the world.
As it happens, what appears to be a "post scarcity society" is just pathological misallocation of capital due to a political failure (that shaln't be spoken of here) that has the entire west circling the bowl at the moment.
Re: Bitcoin price hits $100K for first time in history
#128Duplicate 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 don't deny that a Bitcoin is worth $100,000 right now, but it could just as easily be worth $0 because at the end of the day it has zero intrinsic value.
Re: Bitcoin price hits $100K for first time in history
#129Duplicate 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 is suitable for dentistry because it is malleable, nearly immune to corrosion, and closely mimics the hardness of natural teeth, thereby causing no harm to natural teeth during chewing" - https://en.wikipedia.org/wiki/Gold_teeth
Re: Bitcoin price hits $100K for first time in history
#130Earlier quoted context omitted.
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…