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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'

#81

Post by tonyhart7 »

pyman wrote: post #77
tonyhart7 wrote: post #36

Earlier quoted context omitted.

this fact does not matters since if people valued bitcoin at 120k then bitcoin price would be 120k simple as that also pump and dump scene exist in stock too, does this stop people trade in stock??? I don't think so

Sure, but the people who value Bitcoin at 120k and have the power to move markets aren't average people, they're banks, investment firms and billionaires. In a system that was supposed to be decentralised and fair, it's still the same players with the most power, access and early information who end up with the advantage. That's the problem.

it is decentralised in a way that it is "decentralised system", its achieve its function

You asking decentralised power that everyone can have "fair" power level, that not exist

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#82

Post by TrackerFF »

scotty79 wrote: post #11

Looking at btc price charts in dollar and euro can give you a good feel for how much everyone who earns dollars or holds assets denominated in dollars lost of their purchasing power since Trump took office. If you didn't get a raise (or appreciacion) of 18% since then you are in the red.

Well, Trump is trying to devalue the dollar. If it was up to Trump, the dollar would be trading for half (against the EUR/GPB/etc.), to stimulate US exports.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#83

Post by pyman »

TrackerFF wrote: post #80
pyman wrote: post #17

I'm interested in debating these facts: - 2.4 million bitcoins are lost forever [0]. Their owners, for one reason or another, can't access their wallets. No insurance, no guarantees, nothing. - 1.1 million are owned by a mysterious person who sits at the top of the pyramid [0]. - 2.3 million belong to investors and speculators [0] (who, I'm guessing, make money by pumping and dumping). - 1 million are owned by banks…

Many of the whales are crypto exchanges, funds, and companies like microstrategy. So in essence, they’re held by many others.

The total amount of Bitcoin held by all DEXs is a relatively small fraction compared to centralized exchanges. And crypto exchanges and funds are typically backed by large corporations and banks. For example, 51% of Coinbase shares are owned by a bank.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#84

Post by pyman »

tonyhart7 wrote: post #81
pyman wrote: post #77

Earlier quoted context omitted.

Sure, but the people who value Bitcoin at 120k and have the power to move markets aren't average people, they're banks, investment firms and billionaires. In a system that was supposed to be decentralised and fair, it's still the same players with the most power, access and early information who end up with the advantage. That's the problem.

it is decentralised in a way that it is "decentralised system", its achieve its function You asking decentralised power that everyone can have "fair" power level, that not exist

Yes, the system itself is decentralised, but if most people depend on centralised exchanges and a handful of whales can move the market, how is that any different from the system we already had?

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#85

Post by pyman »

agumonkey wrote: post #72
pyman wrote: post #17

I'm interested in debating these facts: - 2.4 million bitcoins are lost forever [0]. Their owners, for one reason or another, can't access their wallets. No insurance, no guarantees, nothing. - 1.1 million are owned by a mysterious person who sits at the top of the pyramid [0]. - 2.3 million belong to investors and speculators [0] (who, I'm guessing, make money by pumping and dumping). - 1 million are owned by banks…

It's a law of nature, the large wins. They always have more buffers and more information.

My faith in Satoshi died the day I pictured him in a suit, shaking hands as JPMorgan's newest partner.

The way I see it now, Satoshi didn't create a system for the people. He created a system for the rich, where regular people are just resources doing the work, keeping the network running and helping the rich stay rich.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#86

Post by dnpp123 »

TrackerFF wrote: post #74
kupfer wrote: post #15

I wish people would gamble with something other than a proof-of-work coin. There are very similar alternatives now. When bitcoin rises, more money is spent on mining. Whoever holds bitcoin is in part responsible for this waste of energy.

I wish people would rather invest in companies, than parking their money in crypto.

Why is that? If you invest in a company, you steal worker wages.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#87

Post by thom »

TrackerFF wrote: post #78
webdevver wrote: post #61

Earlier quoted context omitted.

i actually used to like the hamster wheel. until i learned how much money people were making on crypto. now i dont like the hamster wheel... crypto is a legit information hazard that threatens to completely demoralize the actually productive hamsters in the economy. if everyone knew they could've made more money in a year than their entire career, they'd give up working forever.

You could have invested in any big tech company, and arrived in the same place. It puzzles me how people see 10x-100x’ing their money on crypto as gods gift to humanity and a stroke of brilliance, but making the same amount by investing in NVDA seem like just another lucky stock pick. If anything, there will always be the next FAANG startup, that will make one fabulously rich.

For the avoidance of doubt, what’s the next 10-100x sure thing?

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#88

Post by ujkhsjkdhf234 »

dnpp123 wrote: post #86
TrackerFF wrote: post #74

Earlier quoted context omitted.

I wish people would rather invest in companies, than parking their money in crypto.

Why is that? If you invest in a company, you steal worker wages.

You're going to have to explain that one.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#89

Post by RhysU »

TrackerFF wrote: post #3

I 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…

> But obviously in hindsight, it was the most expensive mistake I've made in my life.

"You’re never happy with the amount you traded."

See "The Laws of Trading" by Agustin Lebron. One review discussing this topic is https://www.astralcodexten.com/p/your-book-review-the-laws-o...

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#90

Post by dnpp123 »

ujkhsjkdhf234 wrote: post #88
dnpp123 wrote: post #86

Earlier quoted context omitted.

Why is that? If you invest in a company, you steal worker wages.

You're going to have to explain that one.

https://theanarchistlibrary.org/library/pierre-joseph-proudh...
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