Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
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Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#2Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#3I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012.
Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up actors like PayPal et. al.
It is 2025, and I've yet to see shops here in Europe that actively take any crypto, or people that use it in their daily lives. "Fast and cheap payments" have been fixed using regular fiat and banking services. I daily transfer and pay for stuff without any charges.
Crypto in general, but stablecoins more so, just feels like another asset that's being pumped and dumped periodically, with some constant growth factor pushing it up. At least with metals as gold, silver, etc. there's some real usage - though most of the value is just "store of value".
I don't know, for me it is mentally difficult to just buy into some asset that that has practically no real value, other than that others are willing to purchase it for more. It is as if everyone has just agreed that it has value due to demand, and that's it. It feels so artificial, that it is hard to wrap my brain around why people are willing to trade it (other than the next guy buying it for more, as mentioned).
EDIT:
Sure, there are some very legit usage of crypto, like:
- Circumventing sanctions
- Laundering money
- Scams and transactions of illegal goods
And of course just a storage of value.
Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#4I find it difficult to evaluate the potential regulation of cryptocurrency. I think it is necessary, in any domain, to have good laws that enable activity while protecting the people.
At the same time I don't have a great deal of faith in the ability of the existing government structures to enact legislation in the interest of society as a whole.
That presents a serious problem that makes the world of cryptocurrency pale into insignificance. Without belief that laws act in the interest of humanity in general, faith in the rule of law erodes. If that erosion is not stopped eventually nothing remains.
I hope things are not as bad as they seem to the outside observer.
Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#5I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…
In my view, the value, ( as it was in 2015 too btw) is digital extortion and money laundering.
Some are happy to take a hair-cut to get their money clean. The wider crypto-currency community is happy to make money off the back off essentially providing money-laundering-as-a-service.
Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#6I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…
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Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#7I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…
> Crypto in general, but stablecoins more so, just feels like another asset
If it draws any interest away from residential real estate market its utility for reducing problems caused by wealth inequality is immense.
Any tool that draws the capital of the rich away from the brick and mortar economy where the poor have to compete with them to survive is worth tons for society.
Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#8I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…
> Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up actors like PayPal et. al.
Yes, that was before Gregory Maxwell, Luke-jr, Adam Back et. Al hijacked the project with the help from "theymos". They derailed the whole project by doubling down on keeping the block size at 1mb, with the ulterior motive of providing their own private centralized layer 2 service (lightning) as a solution for scaling.
This was the biggest setback for the actual grassroots adoption of Bitcoin. They openly censured and banned any opposing opinions and alienated a lot of crypto enthusiasts including myself. I'll never forgive them for what they did.
Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#9I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…
It’s just a slower, more expensive, distributed database.
People can claim all they wish that it’s trustless, that we miss the bigger picture, but many have said again and again, the value of any currency is as high as the trust that it will remain valuable tomorrow.
“Nerds” can believe in its value as much as they want, but as long as it doesn’t penetrate daily life it will remain just an asset for hedging against traditional financial systems at best, and most commonly a money laundering scheme.
Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'
#10I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…
It’s the algorithmically enforced scarcity coupled with “to the moon” culture. That’s all that’s going on. If it keeps going up I won’t be surprised. If it dumps down I won’t be surprised.
No floor and no ceiling — only a gambler would keep his net worth tied up to crypto. You did the right thing once you crossed a threshold to significantly change your financial status. Any other decision would have put yourself in a position vulnerable to outcomes of extreme regret.