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Bitcoin price hits $100K for first time in history

cointelegraph.com

121–130 of 163 posts

Re: Bitcoin price hits $100K for first time in history

#121
post #114

Earlier quoted context omitted.

Selling puts is a volatility bet mostly, but can be seen as bullish like buying stock, but doesn’t just behave as up=good, so your understanding is not up to par yet for this example. This is literally the issue.

How is that the issue? Even then, if someone’s position is „this stock is going up“, betting on „this stock is going down“ is the opposite. How you’re doing that is an implementation detail. You can even go to a Bookie and make a bet about the stock if you want to, the point is inverting the prediction. The issue is whether there’s a clear inverse, which I would argue there is.

You can invert specific positions with specific timings, you cannot invert statements from a show because implementation details as you call them will be paramount to performance. There's plenty of "reverse" ETFs that last a long time and aren't meme money grabs that do just that. The problem is in the interpretation of what "opposite cramer" means. If Cramer says something goes up, but it stays flat, going short will also lose money, selling PUTs as I described would make money - which strategy is "the opposite" of what he said? Both are other things that can happen that aren't what he said. And there's way more things that can happen.

Re: Bitcoin price hits $100K for first time in history

#122
post #44
post #37

Earlier quoted context omitted.

I feel this way about AI. Oh wait, AI is actually an existential risk to humanity, also.

Generative AI is hardly an existential risk. There’s huge fears around AGI, but that’s not what people are building.

Either way it’s headed off the rails. Sloppification of everything, followed by eventual machine takeover.

Re: Bitcoin price hits $100K for first time in history

#123
post #75

Earlier quoted context omitted.

As person with both a finance and economics degrees, bitcoin is a successful fraud. I can list out how they use bitcoin private definitions for standard financial terms, how they do not disclose those differences in conversations with financial professionals using the standard terms and their definitions, and the bitcoin community itself is composed of people that expect someone else did the homework to validate this…

Devils advocate / steel man reply: isn't that what all currencies are? Why does the Federal Reserve US dollar have value? Because people trust other smart people who say they've done the work and trust other smart people who work for the Federal Reserve. Money is a thing people agree upon as a medium of exchange. It is not value itself. Value is the people, places, and things that make up the actual economy. Bitcoin…

USD has value because it’s backed by a sufficiently large group with guns.

BTC has value because it’s backed by a sufficiently large group with encryption.

Mechanisms which are difficult to bypass have value. You can’t eat an RSA private key but private keys have immense value.

Re: Bitcoin price hits $100K for first time in history

#124
post #53

Earlier quoted context omitted.

Don’t forget money laundering.

There are plenty of better ways to money launder right now than to use BTC. The classic buying of art work and shell companies are fantastic to evade taxes and clean black money

Bannanas taped to a wall.

Re: Bitcoin price hits $100K for first time in history

#125
post #58
post #14

Earlier quoted context omitted.

First comment of any bitcoin thread on HN is always something like this, generally negative and a bit grumpy.

But do you actually disagree? Has the Crypto Revolution to date produced anything other than financial speculation and a slight warming of the Earth's surface?

In addition to speculation, with longer time horizon people anywhere in the world can retain the value of what they earn by buying bitcoin with it. Also, mining it can make otherwise not cost-effective power plants cost-effective by buying the excess energy.

Re: Bitcoin price hits $100K for first time in history

#126
post #58
post #14

Earlier quoted context omitted.

First comment of any bitcoin thread on HN is always something like this, generally negative and a bit grumpy.

But do you actually disagree? Has the Crypto Revolution to date produced anything other than financial speculation and a slight warming of the Earth's surface?

Sure. Millions of people in the third world use crypto for payments. There's also Polymarket, very much recognized within the mainstream. And generally, crypto will continue to spawn new digital infrastructures in a sovereign space.

Re: Bitcoin price hits $100K for first time in history

#127
post #39
post #14

Earlier quoted context omitted.

First comment of any bitcoin thread on HN is always something like this, generally negative and a bit grumpy.

HN is full of engineers, founders, etc. who kind of resent that there’s a large class of people who got rich doing nothing and creating no value. I get it but I’d say if you’re mad about Bitcoiners you should be a lot more angry about much of the financial industry and property speculators, two other huge groups that get rich without creating much value (or even by creating negative value). There's a lot of value-fre…

Believing that misallocation of capital means that we are living in a post scarcity society is a very techno optimist way of looking at things.

HN is unbelievably apolitical, apart from it's baseline tendency towards the left and whatever silicon valley demands people believe.

If you were anywhere near a post scarcity society (applies to USA) you wouldn't be hurtling towards national sovereign debt default at a rate of knots, and you wouldn't have the most expensive healthcare in the world.

As it happens, what appears to be a "post scarcity society" is just pathological misallocation of capital due to a political failure (that shaln't be spoken of here) that has the entire west circling the bowl at the moment.

Re: Bitcoin price hits $100K for first time in history

#128

Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…

Agree. Bitcoin used to make sense when it could actually be used to buy things, but at this point it's only useful for moving money for extra-legal purposes and even then, it's possibly the worst crypto to use for that because of traceability.

I don't deny that a Bitcoin is worth $100,000 right now, but it could just as easily be worth $0 because at the end of the day it has zero intrinsic value.

Re: Bitcoin price hits $100K for first time in history

#129
post #95

Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…

> Exceedingly few people actually use it for anything practical. That is actually fairly common. Gold has been around for millennia, found basically 0 practical applications [0]. The value of something is roughly the marginal difficulty of procuring the thing by whether someone wants to own it, and at the moment nobody can create bitcoin for substantially less than $100k and broadly speaking people will always want t…

To bring that needle slightly off of 0, there's a long history of using gold in dentistry.

"Gold is suitable for dentistry because it is malleable, nearly immune to corrosion, and closely mimics the hardness of natural teeth, thereby causing no harm to natural teeth during chewing" - https://en.wikipedia.org/wiki/Gold_teeth

Re: Bitcoin price hits $100K for first time in history

#130
post #62

Earlier quoted context omitted.

There’s still a clear opposite for many predictions. If someone says he’s betting on stock X, the opposite would be to go short. And if someone says the stock is overpriced, you buy it.

No, that is literally the fallacy. If someone says he's betting on stock X, the opposite is not to go short. That's one way of doing "not what he did". Another way of doing "not what he did" is to for example sell a PUT, because maybe you think it's just going to stay flat. Another way is to not do anything, and instead wait, because going short costs money (you're borrowing a stock and borrowing fees on it), and so…

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