Right. Now to drive it from $14,000 to $100,000.
To the moon! /s
Researchers find that one person likely drove Bitcoin from $150 to $1,000
141–150 of 199 posts
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#142Earlier quoted context omitted.
Looks like that article was written on the 23rd of December. That's the same time period around which Coinbase abruptly released Bcash. That time period was a barrage of negative kerfuffles for them. Historically Coinbase/GDAX has enjoyed "inflated" BTC/USD prices because of their trustworthiness. Contrast with Bitfinex which does not serve US customers, has been hacked in the past, and is (last I heard) in debt from…
Serious question: Why does hackernews seem to be biased towards BTC over BCH? In my opinion, any honest examination of the tradeoffs between block size, orphan block rate, cost to run a non-mining node (which do not contribute to network security except indirectly via serving SPV wallets), and mining fees, will show that a 1-1.7MB block size limit is just too low for current tx volumes. The current BTC network is unu…
In your work, do you champion short term solutions?
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#143If you haven't read the recent NYTimes article on the topic of cryptocurrencies, you should check it out: https://www.nytimes.com/2018/01/13/style/bitcoin-millionaire... At the end of an article is an anecdote about an older (for Silicon Valley) woman who states "And maybe I’m going to lose [my investment of $12k].. Maybe I’m going to keep cleaning houses. But something is telling me I can trust this generation." My…
When my 70 year old neighbor who can barely operate an iPhone wants to buy crypto, all I can think of is that scene in the Wolf of Wall Street where they're selling people penny stocks. I do think there is a utility for crypto and I do think some cryptocurrencies will be good investments long term. But I also think the hype is outpacing the utility and a lot of people will be left holding the bag
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#144Earlier quoted context omitted.
That feels unlikely to me. Why would there be so many people who 1.) have enough crypto to be worried, and 2.) want to talk about crypto but didn't create a separate account prior to this negative article?
> Why would there be so many people who 1.) have enough crypto to be worried Because it's easy to have enough crypto to be worried. For example, if I had bought 10 BTC @ 100€/BTC = 1.000€ (which, at the time, was a reasonable investment size for a crypto starter, and a droplet of water for a seasoned person with a bit of money to throw around) and held them until now, I'd have 100k€ worth of BTC. That's more than eno…
You answered a different question by cutting mine in half... my bitcoin holdings are stab-worthy, I understand why someone would hide their identity.
My question reflects my suspicion of astroturfing. What would explain an anomalously high number of new accounts fighting the claims of price manipulation in bitcoin? It's unlikely to be people just hiding themselves - they would already have accounts.
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#145Earlier quoted context omitted.
Most recently, there's the tape-painting bot Picasso: https://medium.com/@bitfinexed/meet-picasso-the-painter-on-g... If you were paying attention in the week that followed this post, the spread between GDAX and the other major US exchanges narrowed from $1000+ per coin to just about $11 right now, and trade volumes on GDAX plummeted. Maybe theres's some other reason, though there's some crazy correlation there at le…
Looks like that article was written on the 23rd of December. That's the same time period around which Coinbase abruptly released Bcash. That time period was a barrage of negative kerfuffles for them. Historically Coinbase/GDAX has enjoyed "inflated" BTC/USD prices because of their trustworthiness. Contrast with Bitfinex which does not serve US customers, has been hacked in the past, and is (last I heard) in debt from…
*Bitcoin Cash, not BCash.
If you're not Satoshi, don't try to enforce an imaginary trademark. It looks petty and detracts from serious arguments.
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#146Earlier quoted context omitted.
> Why would there be so many people who 1.) have enough crypto to be worried Because it's easy to have enough crypto to be worried. For example, if I had bought 10 BTC @ 100€/BTC = 1.000€ (which, at the time, was a reasonable investment size for a crypto starter, and a droplet of water for a seasoned person with a bit of money to throw around) and held them until now, I'd have 100k€ worth of BTC. That's more than eno…
You answered a different question by cutting mine in half... my bitcoin holdings are stab-worthy, I understand why someone would hide their identity. My question reflects my suspicion of astroturfing. What would explain an anomalously high number of new accounts fighting the claims of price manipulation in bitcoin? It's unlikely to be people just hiding themselves - they would already have accounts.
> You answered a different question by cutting mine in half...
I apologize - I messed up the indentation and thought you were replying to another comment. Sometimes I feel HN could use some Reddit features...
> It's unlikely to be people just hiding themselves - they would already have accounts.
Yeah but for example my RL identity can be inferred from my username, my post history and probably my Twitter feed. So if I were someone who had a stake in high BTC rates - no matter if as a plain wallet holder or as operator/stakeholder in a BTC/coin-related enterprise - I would certainly make a new account, and probably even a new one for every comment, to hide the association.
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#147Earlier quoted context omitted.
> Err, are you asking whether the internet was useful during/prior (and despite) the dot.com bubble? Look, I was there from the mid 90s. I'm curious about the various viewpoints, as well as a more objective, less biased summary which attempts to ignore the nostalgia factor. > Initially for information (e-mail, ftp, finger, usenet, gopher, WWW), later for commerce. Thanks, OK, those are examples I can work with. E-mai…
Ah, my understanding was that OP was comparing utility of the internet then (at the time of the bubble) with crypto currencies now (at the time of the bubble, arguably).
I was.
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#148Earlier quoted context omitted.
The USD backing Tethers could be used to buy Tethers! Instant capitalisation!
That’s comfortingly close to fractional reserve banking (which unfashionably I’m a big fan of).
I think in times like this it is important to separate fractional reserve (only a portion of a bank's assets are cash reserves) and plain fraud (Tether Inc. are insolvent and don't hold all the assets they claim to)
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#149Right. Now to drive it from $14,000 to $100,000. To the moon! /s
Please don't post unsubstantive comments here.
Re: Researchers find that one person likely drove Bitcoin from $150 to $1,000
#150Earlier quoted context omitted.
What's interesting is the rhetoric around cryptos as a populist movement. There's so many people on reddit that claim that trading cryptos is how they're going to get out of the 9-5 working man grind. That it's a way to end the dominance of the wealthy banking elites. And yet, the wealth inequality in cryptos, especially bitcoin, makes our current economic situation seem like child's play. If bitcoin ever does go "to…
That’s one reason Bitcoin won’t “go to the moon.” Real currency represents a claim on current production in the economy. If Bitcoin were to continue its exponential price rise, we would have a situation where the people who amassed Bitcoins early could claim wildly disproportionate amounts of the current wealth of society. There is simply no reason wealth holders are going to turn over real wealth to folks who happen…
There's a lot of people who think it's a way to get rich... and I'm just wonder where the money would come from? You can't just withdraw $1M from a bank account for doing nothing and have nobody suffer for it. You're either duping ignorant people or you're the ignorant person being duped. Which looks is predictably like a pyramid scheme.