Why do we need a post on HN every time bitcoin passes some arbitrary value? This rarely sparks any meaningful discussion here (case in point, the other comments in this post).
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#12The below comment is more political than anything else.
Like any commodity/currency/anything of value, at this point the massess have plenty of/the majority of BTC. Once this changes and hedge funds, banks, et al, will hold the majority of any/all ctyprocurrencies, then 'suddenly' the prices will rise, cryptocurrencies will be mainstream and accepted in your local grocery store, and they will bloom. Only then and not a day before. 'We' can't have the people running their own money. Once their money becomes 'our' money, then we will allow them to play with some of it.
It is called capitalism and holding/controlling the power.
If someone is selling at $4k, it means that someone is buying at 4k. Tomorrow someone will continue buying at 3.5k. I don't think big banks are stupid. They can and will speculate, wait for it around the corner, and when you see it next time hittint $10k, remember that someone who bought it TODAY for 4k is selling it for 10k, making 60% sweat-free profit.
It is a long game.
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#13And to think, one year ago we had the fad of Bitcoin Christmas gifts. I know some intelligent people in tech who bought into BTC and ETH around then. Sub-$1k BTC by year's end is a real possibility.
I think sub-1k btc is extremely unlikely. The history of BTC's growth and crashes is strikingly similar each time. It goes up 5-10x, then crashes to roughly 2x where it started, stays still for a while, and then repeats. I'd be willing to make a bet with you that it won't go under $2k by years end, if you'd like :)
If you make the bet in Bitcoin, losing is less damaging to you than winning is prosperous.
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#14Why do we need a post on HN every time bitcoin passes some arbitrary value? This rarely sparks any meaningful discussion here (case in point, the other comments in this post).
A self fulfilling prophecy I see
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#15Earlier quoted context omitted.
I think sub-1k btc is extremely unlikely. The history of BTC's growth and crashes is strikingly similar each time. It goes up 5-10x, then crashes to roughly 2x where it started, stays still for a while, and then repeats. I'd be willing to make a bet with you that it won't go under $2k by years end, if you'd like :)
If you make the bet in Bitcoin, losing is less damaging to you than winning is prosperous.
I'd be happy to make the bet in the currency of the grandparent's choosing. Crypto or otherwise.
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#16Not sure why this was flagged.
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#17I have a hard time believing bitcoin could ever replace govt issued currency as hodlers dream. The power of the printing press is too important for them to give up. Any threat to that would be dealt with.
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#18And to think, one year ago we had the fad of Bitcoin Christmas gifts. I know some intelligent people in tech who bought into BTC and ETH around then. Sub-$1k BTC by year's end is a real possibility.
I think sub-1k btc is extremely unlikely. The history of BTC's growth and crashes is strikingly similar each time. It goes up 5-10x, then crashes to roughly 2x where it started, stays still for a while, and then repeats. I'd be willing to make a bet with you that it won't go under $2k by years end, if you'd like :)
How do you support the statement "It goes up 5-10x, then crashes to roughly 2x where it started, stays still for a while, and then repeats"? It was flat for a long time, it rapidly peaked at somewhere north of 19k, and has been on a fairly steady decline for most of the past year, with occasional price spikes.
If what you say was true, the price would be rising. Which it's not.
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#19People are just cashing out. They are no longer hoarding the bitcoins.
The Saudis are returning the cash back into the country.. not fearing confiscation anymore.
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#20Earlier quoted context omitted.
I think sub-1k btc is extremely unlikely. The history of BTC's growth and crashes is strikingly similar each time. It goes up 5-10x, then crashes to roughly 2x where it started, stays still for a while, and then repeats. I'd be willing to make a bet with you that it won't go under $2k by years end, if you'd like :)
How do you support the statement "It goes up 5-10x, then crashes to roughly 2x where it started, stays still for a while, and then repeats"? It was flat for a long time, it rapidly peaked at somewhere north of 19k, and has been on a fairly steady decline for most of the past year, with occasional price spikes. If what you say was true, the price would be rising. Which it's not.
You seem to have chosen arbitrary time frames. You know that after 2013 it was stagnant for several years, right?
> then crashes to roughly 2x where it started,
I consider it to have started in the beginning of 2017, around $1k.