Bitcoin price hits $100K for first time in history • Hacker News Board

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

#161

Post by api » Fri, Dec 06, 2024, 12:38 PM UTC

ozgrakkurt wrote: post #155

api wrote: post #153

Earlier quoted context omitted.

By what measure? I know of only one obvious dimension where the life standards of the average person have declined significantly since the 1970s: housing affordability. The entire developed world has a housing affordability crisis driven by cartel-like behavior among homeowners and bad zoning policy among other things. This is a policy failure resulting from bad regulation and undue influence / corruption. Most other…

This makes sense, I was thinking about income equality, my bad

Yes that has gotten worse, mainly because the high end of the power law distribution of incomes has gone insane.

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

#162

Post by ilija139 » Fri, Dec 06, 2024, 4:00 PM UTC

Wingy wrote: post #83

ilija139 wrote: post #63

Earlier quoted context omitted.

One can make money predicting volatility.

What do you mean by that?

Like FooBarBizBazz says below. One can buy and sell multiple options at the same time such that the trade overall makes money if the price stays within a range or (with a different set of option trades) makes money if the price goes outside a range, regardless if it is up or down. Search for straddle and strangle options. Option trading for Bitcoin and all major crypto currencies is possible and it is where the majority of trading happens.

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

#163

Post by cykros » Sat, Dec 07, 2024, 7:57 PM UTC

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…

Everything you've just brought up as a concern is addressed, and more, over at https://endthefud.org

The energy use is a big one people who don't think it through keep coming back to (thanks to the WEF planting this bogeyman back in 2017 or so). Miners do not operate when the cost of electricity is high, for economic reasons. What they do, however, is look for stranded power. This has led many to operate where gas is otherwise being flared, as well as on wind turbine and other green power sources, making it economical to build them out as it creates demand. That demand in turn falls off if other use for the power materializes, but is there to pick up the slack if the surplus re-emerges.

These are a few examples, of which you'll find many if you bother to look. Bitcoin in many ways serves as a battery to balance demand for energy, and may well be one of the greener initiatives out there. Which certainly can't be said for traditional banking infrastructure.