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Bitcoin hits $10,000

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Re: Bitcoin hits $10,000

#101

Post by JabavuAdams »

modeless wrote: post #85
Shank wrote: post #42

Earlier quoted context omitted.

The only problem is that Satoshi's coins are watched like a hawk. Satoshi can't liquidate any of them, or even really move them without causing an immediate reaction in the community. Exchanges might halt trading, whilst it would immediately give away his or her identity. If the price of bitcoin doesn't crash following a coin movement, Satoshi's life is most certainly at risk. If it does, then the coins are worth not…

Satoshi is almost certainly dead. No living person could resist the temptation to talk about their creation of a 100 billion dollar phenomenon. Two plausible candidates who died at about the right time are Hal Finney and Dave Kleiman.

> No living person could resist the temptation to talk about their creation of a 100 billion dollar phenomenon.

This is a very strong claim, with precious little evidence. If you think this is impossible, you haven't met enough different kinds of people.

Re: Bitcoin hits $10,000

#102

Post by paulie_a »

empath75 wrote: post #25
nly wrote: post #13

I don't follow it but I read somewhere the other day that it now costs tens of dollars worth to actually make a transaction on the blockchain. If this is true then it seems to me that it's effectively become an inter-bank settlement protocol (which may not be that surprising or bad of an outcome given its inherent latency)

No bank would use it because of volatility.

Not that I am aware huge fan of banks. Or crypto currency..a bank absolutely would if it made them money by using that volatility

Re: Bitcoin hits $10,000

#103

Post by kfrzcode »

mmgutz wrote: post #49
pishpash wrote: post #21

Earlier quoted context omitted.

Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.

That's the part that gets me. Bitcoin has scaling issues, is slow and transaction fees are outrageous. Still, I have no doubt some form of crypto-currency will eventually win out.

Blockchain tech will be to the next three decades what the internet was to the last. Crypto is one facet of a very interesting geometry.

Re: Bitcoin hits $10,000

#104

Post by matt_wulfeck »

seanmcdirmid wrote: post #92
narrator wrote: post #4

7 years ago: The first bitcoin article on HN with comments! https://news.ycombinator.com/item?id=1532670 One of the posters says the feds will shut it down. I also thought this too. This remains one of the most enduring mysteries of Bitcoin to me. Why has the government taken such a hands off approach?

You mean the USA government? Because they have no legal basis to take action. Rule of law is weird like that.

They could probably make a case against the largest mining pools if they suspect any hint of money laundering. If you control even just two of these pools you effectively control the entire network.

Re: Bitcoin hits $10,000

#105

Post by [deleted] »

0bsidian wrote: post #81
fullshark wrote: post #61

Earlier quoted context omitted.

This is nonsense. This is being driven by speculation / minuscule interest rates / greed. Very little of the demand for btc in the past year is due to lack of faith in institutions.

Let me try to make the case for why Bitcoin could be a useful beyond greed. I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations). On the other hand, I can definitely see the utility in a censorship-resistant digital medium to store wealth. To me, this latter use case has much, much more potential to serve the…

[deleted]

Re: Bitcoin hits $10,000

#106

Post by bluetwo »

0bsidian wrote: post #81
fullshark wrote: post #61

Earlier quoted context omitted.

This is nonsense. This is being driven by speculation / minuscule interest rates / greed. Very little of the demand for btc in the past year is due to lack of faith in institutions.

Let me try to make the case for why Bitcoin could be a useful beyond greed. I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations). On the other hand, I can definitely see the utility in a censorship-resistant digital medium to store wealth. To me, this latter use case has much, much more potential to serve the…

Great. I'm none of those things so I'll keep my money out of it.

Re: Bitcoin hits $10,000

#107

Post by freedomben »

acchow wrote: post #46
wintom wrote: post #17

“Rosenstreich at online trading firm Swissquote said bitcoin’s surge harks to the surprises of the U.K. referendum on European Union membership and President Trump’s election. “We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.”” Th…

"Ordinary people globally understand why a decentralized asset is the ultimate safe haven." Ordinary people have never heard of bitcoin. I have relatives working in finance who don't understand bitcoin.

I'm not convinced this is true anymore. My only information source is anecdotal, but I've been amazed at how many non technical people I've talked to lately that know about Bitcoin. Many are even buying little bits on coinbase. Their knowledge doesn't run deep, but it certainly exceeds levels of "never heard of it."

Re: Bitcoin hits $10,000

#108

Post by __MatrixMan__ »

xutopia wrote: post #74
mmgutz wrote: post #49

Earlier quoted context omitted.

That's the part that gets me. Bitcoin has scaling issues, is slow and transaction fees are outrageous. Still, I have no doubt some form of crypto-currency will eventually win out.

I connected to the internet with a 14.4k modem and I'm connected to fiber today. Bitcoin is in its infancy. It's a matter of time until it reaches the levels we require for handling all the transactions that we want to happen.

But how much of the code that used to support your 14.4k modem is still used to support your fiber connection today?

It seems likely that the dominant currency of the future will be heavily inspired by Bitcoin--but will it be the same blockchain Bitcoin uses today?

Seems unlikely to me.

Re: Bitcoin hits $10,000

#109

Post by wslh »

0bsidian wrote: post #81
fullshark wrote: post #61

Earlier quoted context omitted.

This is nonsense. This is being driven by speculation / minuscule interest rates / greed. Very little of the demand for btc in the past year is due to lack of faith in institutions.

Let me try to make the case for why Bitcoin could be a useful beyond greed. I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations). On the other hand, I can definitely see the utility in a censorship-resistant digital medium to store wealth. To me, this latter use case has much, much more potential to serve the…

> I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations).

Until recently that was one of the main utilities of Bitcoin and the mainstream community changed the discourse to "reserve of value". BitPay, Coinbase, Xapo et al were created with the idea of transactions.

This is just one of many observations about how people arguments are not consistent.

I think many organizations behind Bitcoin are responsible for delaying relatively simple innovations to make Bitcoin useful for transactions.

Re: Bitcoin hits $10,000

#110

Post by bobcallme »

dnadler wrote: post #72
bobcallme wrote: post #58

Earlier quoted context omitted.

> Bitcoin is not even good for transactions, its supposed primary purpose, right now. How so? I buy lunch with Bitcoin and a few weeks ago I paid for a car repair with it. If I need more, I just go to a bitcoin vending machine near by.

Isn't each transaction costing you a few dollars?

Not if you use an economic fee and an accelerator.
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