We're truly witnessing an extraordinary paradigm shift in human history.
How so? Bitcoin's excitement comes entirely from its value in fiat, as opposed to regular usage in daily life.
Bitcoin surpasses $50K as major companies jump into crypto
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Re: Bitcoin surpasses $50K as major companies jump into crypto
#12[deleted]
Re: Bitcoin surpasses $50K as major companies jump into crypto
#13Bitcoin still isn’t worth $1 trillion, which is the value of one large tech company. I think bitcoin is useful and important enough to be worth several large tech companies. Therefore, not selling! Onward to 100k.
When it hits around $54k it will be worth a trillion so give it a few minutes :)
...also worth more than Tesla currently
Re: Bitcoin surpasses $50K as major companies jump into crypto
#14> many crypto investors to believe the latest bull run is different "This time it's different" isn't an argument I find compelling for why something that is known to have bubbles and manipulation isn't in a bubble.
For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…
Plenty of venture dollars have been invested in bitcoin related services, or even just used to buy bitcoin directly.
It's not really the same relationship as investment in a company, but it's not absent either.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#15I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…
Yeah, 100% with you here.
I actually tremendously enjoy hearing a well constructed negative argument against Bitcoin/Crypto that presents a perspective I haven't heard a 100 times before and/or hasn't been debunked in depth.
These are actually necessary given how new and different the whole shebang is.
But that hasn't happened in a rather long time on HN, or if it has, it's buried 10 level of indent deep amongst HN randos parroting lame climate change arguments they've heard on reddit of FB.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#16I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…
Personally, I'm neutral to slightly bullish on crypto. It's reached mainstream and it looks like many companies are going to put a portion of their cash in BTC as an inflation hedge. The price will definitely fluctuate, but it does seem like a floor is being put in because of this move to the mainstream.
So my advice on owing crypto, is own enough that if it goes parabolic you aren't kicking yourself later, but not so much that it breaks you if it goes to zero.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#17I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…
Both nocoiners and coiners are locked into their positions so hard it’s “I’ll go down with the ship” at this point. At least one side gets to be rich though!
I know. I'm retired thanks to crypto. I'm glad I eventually saw how HN was wrong and learned from my mistakes. It did cost me bit of time-opportunity, but there's a point where you have "enough" and it's not worth chasing more money anymore.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#18> many crypto investors to believe the latest bull run is different "This time it's different" isn't an argument I find compelling for why something that is known to have bubbles and manipulation isn't in a bubble.
For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…
My crypto friends have raised millions outside of VC and then became very rich once their projects launched basically over night. Liquid immediately and never paid a lawyer.
Truly is a paradigm shift and I think a big problem on HN is that VC can’t see they are being disrupted and have no way of avoiding it, plus they think they are untouchable geniuses, so being wrong this hard isn’t pleasant for them.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#19I'm patiently waiting for the dismissals (it's just a fad like tulips or beanie babies), the negative permabulls (it's evil because people can use it to buy drugs / not pay taxes, it can't do as many TPS as Visa, it's bad for the environment...) while laughing all the way to the bank. Crypto is the HN equivalent of what the ipod was to Slashdot: "lame" to the people who think they are the typical user, who declare th…
Regardless of whether you agree with all the evil stuff, the fact is that Bitcoin is generating a lot of noise, speculation, and wasting a bunch of energy for practically nothing. I know practically no one around me who has ever used Bitcoin for actual purchases other than buying drugs once. And I know literally no one who uses it in daily life. However I have a few dozen friends who bought Bitcoin because it's going…
> I know practically no one around me ...
You need to travel and/or get out of your social bubble more.
I've met folks who bought houses with Bitcoin and moved millions across "money transfer unfriendly" borders.
Re: Bitcoin surpasses $50K as major companies jump into crypto
#20> many crypto investors to believe the latest bull run is different "This time it's different" isn't an argument I find compelling for why something that is known to have bubbles and manipulation isn't in a bubble.
For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…
Another good example, one of the the then top HN users by karma:
2015: "Most advantages of Bitcoin which matter are captured by, and improved upon by, a LAMP app which simply holds account balances."
2019: "I acknowledge that when Bitcoin was $17 I said it had no use case, should be worthless, and likely would be at some point in the future. No evidence has come up which would make me change my view. (Though my is it taking a while.)"