Bitcoin exchange rate reached $100 USD per BTC • Hacker News Board

Re: Bitcoin exchange rate reached $100 USD per BTC

#51

Post by rmc » Mon, Apr 01, 2013, 2:57 PM UTC

oleganza wrote: post #13

faet wrote: post #7

This feels kinda like a pump and dump to me. I don't mind articles/projects/sites that make use of bitcoins. But the frequency of posts on how much each bitcoin is worth feels like pennystocks/etc on an investing forum. People trying to get more people to buy in. To drive it up. So they can get out while it's high.

So who and when is going to get out? And out where? To fiat currency that is controlled, inspected, can be frozen, taxed and stolen? Bitcoin grows like crazy because it is a money proved to work. It survived exchange hacks, stolen wallets, viruses, user mistakes, network-affecting software bugs and government seizures of bank deposits. It allows you to hold something in your pocket that nobody knows about and you can…

you can split it in 100 pieces and send to 100 people in different countries in a matter of seconds.

No, a transaction can take from 10 minutes to an hour to complete. You may have to pay a percentage to do that aswell.

Re: Bitcoin exchange rate reached $100 USD per BTC

#52

Post by krallja » Mon, Apr 01, 2013, 2:58 PM UTC

oleganza wrote: post #4

Hermel wrote: post #2

I.e. the USD has fallen below 10 mBTC.

I guess, after $1000/BTC we'll need an inverse chart showing a collapsing dollar. I guess prices in USD will be visibly growing since then.

https://news.ycombinator.com/item?id=5473387

Re: Bitcoin exchange rate reached $100 USD per BTC

#53

Post by Atropos » Mon, Apr 01, 2013, 2:58 PM UTC

PassTheAmmo wrote: post #36

Atropos wrote: post #18

Earlier quoted context omitted.

The whole "Cyprus people are getting into Bitcoin" narrative is a total lie as well. But I guess Bitcoin is a great learning opportunity for spotting Scams etc., as long as people don't lose too much money, it might even be beneficial.

Actually for me bitcoin proves just how few people can ACTUALLY spot a pyramid scheme or a pump and dump - instead resorting to calling everything that seems too good to be true a scam. It may work 99.9% of the time, but BTC is the false positive IMO. I totally agree that the Cyprus thing is totally bogus though, journalists are uninformed and lazy as usual. The real reason is that it seems more and more likely that…

"The real reason" for the current price hike is most likely http://www.google.com/trends/explore#q=bitcoin meaning we are back in a super high interest in bitcoin phase. Maybe because that is because the world just realized the "currency of the Internet" thing, or it is just a hype, fueled by a lot of misleading promotion and lies. No use to discuss it though, we all will learn in 6+ months...

Re: Bitcoin exchange rate reached $100 USD per BTC

#54

Post by rmc » Mon, Apr 01, 2013, 2:59 PM UTC

grovulent wrote: post #14

People like Max Keiser are calling 100k to 1mill per bitcoin. Hard to imagine. I left my gpu running for a few weeks a year or so ago and mined myself 1 bitcoin. I figure that should Keiser's prediction comes true - it will be a nice easy pay day - if not, I didn't waste much time, energy on it. I've been looking at it lately though and thinking that it surely must drop back soon. I'm thinking a drop back down to 15…

People like Max Keiser are calling 100k to 1mill per bitcoin. Hard to imagine.

It's the hope of some in the bitcoin community/industry that bitcoin becomes one of the top 3 currencies in the world.

Given that there is a hard limit of ~ 21 million bitcoins (half of which have already been given out), the only way to get in the top 3, is for each bitcoin to be massively valued.

Re: Bitcoin exchange rate reached $100 USD per BTC

#55

Post by ubernostrum » Mon, Apr 01, 2013, 3:00 PM UTC

PassTheAmmo wrote: post #36

Atropos wrote: post #18

Earlier quoted context omitted.

The whole "Cyprus people are getting into Bitcoin" narrative is a total lie as well. But I guess Bitcoin is a great learning opportunity for spotting Scams etc., as long as people don't lose too much money, it might even be beneficial.

Actually for me bitcoin proves just how few people can ACTUALLY spot a pyramid scheme or a pump and dump - instead resorting to calling everything that seems too good to be true a scam. It may work 99.9% of the time, but BTC is the false positive IMO. I totally agree that the Cyprus thing is totally bogus though, journalists are uninformed and lazy as usual. The real reason is that it seems more and more likely that…

The fact that Bitcoin is touted as an alternative to untrustworthy -- because inflationary -- traditional currencies, while its exchange rate staggers around like an ice-skating drunk compared to those same traditional currencies, does not fill me with confidence.

Re: Bitcoin exchange rate reached $100 USD per BTC

#56

Post by virgil_disgr4ce » Mon, Apr 01, 2013, 3:02 PM UTC

knowaveragejoe wrote: post #38

spartango wrote: post #28

I worry that as Bitcoin's value rises, people are buying in not to use it as payment for services or goods, but simply as an investment vehicle. In principle, there's nothing wrong with this; currency trading is common and well-explored. The problem is that the value of a currency is supposed to also be somehow related to its utility in acquiring goods and services. When it is rarely used to that effect, people may r…

That is my sentiment exactly. There is much talk of growing bitcoin adoption, but I've yet to see anything beyond a few web-based services(which, beyond their time, are almost free for the operators to begin with).

It's always been my suspicion/assumption that the majority of BTC usage is for black/gray-market drugs...?

Re: Bitcoin exchange rate reached $100 USD per BTC

#57

Post by tatsuke95 » Mon, Apr 01, 2013, 3:03 PM UTC

oleganza wrote: post #29

niggler wrote: post #11

Earlier quoted context omitted.

You could end in gold or silver or some other precious metal as well. The ultimate endpoint need not be USD.

Precious metals are not easy: either you store it somewhere where people ask questions and can block your access to it, or you store it in your pocket and cannot easily spend portion of it when you need.

And the spread between bid/ask in the real world is large. Unless you own "paper" metals, you aren't exchanging them for the rates you see on the ticker.

Re: Bitcoin exchange rate reached $100 USD per BTC

#58

Post by imsofuture » Mon, Apr 01, 2013, 3:03 PM UTC

niggler wrote: post #41

PassTheAmmo wrote: post #36

Earlier quoted context omitted.

Actually for me bitcoin proves just how few people can ACTUALLY spot a pyramid scheme or a pump and dump - instead resorting to calling everything that seems too good to be true a scam. It may work 99.9% of the time, but BTC is the false positive IMO. I totally agree that the Cyprus thing is totally bogus though, journalists are uninformed and lazy as usual. The real reason is that it seems more and more likely that…

https://www.youtube.com/watch?v=0UKC7iaBKvs#t=768s A pretty brilliant scam if you ask me

That's not a terribly good point though -- fiat currency also has no intrinsic value.

Re: Bitcoin exchange rate reached $100 USD per BTC

#59

Post by oleganza » Mon, Apr 01, 2013, 3:04 PM UTC

rmc wrote: post #51

oleganza wrote: post #13

Earlier quoted context omitted.

So who and when is going to get out? And out where? To fiat currency that is controlled, inspected, can be frozen, taxed and stolen? Bitcoin grows like crazy because it is a money proved to work. It survived exchange hacks, stolen wallets, viruses, user mistakes, network-affecting software bugs and government seizures of bank deposits. It allows you to hold something in your pocket that nobody knows about and you can…

you can split it in 100 pieces and send to 100 people in different countries in a matter of seconds. No, a transaction can take from 10 minutes to an hour to complete. You may have to pay a percentage to do that aswell.

If they trust you, it's a matter of seconds. And anyway, try to do that in 20 minutes with gold.

Re: Bitcoin exchange rate reached $100 USD per BTC

#60

Post by niggler » Mon, Apr 01, 2013, 3:05 PM UTC

virgil_disgr4ce wrote: post #56

knowaveragejoe wrote: post #38

Earlier quoted context omitted.

That is my sentiment exactly. There is much talk of growing bitcoin adoption, but I've yet to see anything beyond a few web-based services(which, beyond their time, are almost free for the operators to begin with).

It's always been my suspicion/assumption that the majority of BTC usage is for black/gray-market drugs...?

The anonymity feature (and subsequent fees involved in the the transaction) is useful primarily for illicit activities. Maybe 1% of people are legitimately worried about privacy (the true libertarians). But most just want transactions that can't be traced back to them.