141–150 of 449 posts
There's 1000 or so entities that control 50% of circulating btc. These insiders run the game, they have more information than you and they control the very few exits out there so you cannot really win without being extremely lucky.
Everyone thinks they are smart enough to get out before the next idiot, there's no universe where this ends well for anyone outside the exchanges, miners, and market makers.
Earlier quoted context omitted.
OK I will bite. > As for Bitcoin. Who cares if it is a bubble or a ponzi? People make money and gambling is a part of human nature. People who want to use it as a currency and people preferring to avoid losing their investment in a dumb bubbles. (it is more OK if it is a dumb gambling with what someone is considering as entertainment funds, but nearly noone is doing that)
There are a number of Bitcoin variations out there (Bitcoin Cash and BSV) which are tuned in manner that gives faster and cheaper transactions. None of them seem to have caught the eye of investors. My interpretation is that investors like their ponzi and don't really care about whether the technology is useful. I could try and scold them but I don't think it works, therefore I choose just to accept them as they are…
Earlier quoted context omitted.
I don't know if we're there yet or not, but I remember last peak I started to here about crypto in my non crypto media feeds, aka comedy podcasts. I just saw my disc golf feeds talk about crypto. I think that's a strong signal.
Last peak was pretty much 100% retail investors like your disc golf gang. The amount of institutional investment this round offer legitimacy and absolute scale of potential that can't be overlooked by anyone that's been paying attention. Honestly, for the amount of forward thinking technologists that call this nook of the internet home, there is a ridiculous blind spot for cryptocurrency. It's actually ridiculous to…
Currencies can't be deflationary.
Look I like Taleb, I read his books and they are insightful. But here he is just butthurt he hasn't invested early.
I can read between the lines in many of those type of articles, that simply put, authors feel salty that they didn't buy in early.
“He is just gutted he missed out on the easy money, what a sucker”
Do you really believe that the very large number of people saying that Bitcoin is a terrible idea are all saying it because they’re jealous? Even those who are already rich?
If you believe Bitcoin is going to be so fantastically valued in the future, then why wouldn’t they just buy now and be boosting it? If bitcoin’s gains have already been fully realised, why haven’t you sold?
There is no scenario where Bitcoin ends well. It’s not only environmentally disastrous, it’s a giant Ponzi scheme that incentivises holders to keep pumping it.
The reason HN is bearish on Bitcoin is because those without skin in the game understand the tech, can see the problem, and have no stake in boosting it.
The best situation a long term Bitcoin holder can hope for is that they get out before the rest or that the government rescues them before Bitcoin immolates the planet or goes to zero. The former might happen because institutions are insanely buying in.
But according to the Bitcoin creed I’m saying this because I didn’t get in early. And the gigantic gains you’re predicting aren’t enticing me in... why? Because I’d rather criticise it after missing out on past gains rather than realising I’m “wrong” and buying now?
Earlier quoted context omitted.
OK I will bite. > As for Bitcoin. Who cares if it is a bubble or a ponzi? People make money and gambling is a part of human nature. People who want to use it as a currency and people preferring to avoid losing their investment in a dumb bubbles. (it is more OK if it is a dumb gambling with what someone is considering as entertainment funds, but nearly noone is doing that)
There are a number of Bitcoin variations out there (Bitcoin Cash and BSV) which are tuned in manner that gives faster and cheaper transactions. None of them seem to have caught the eye of investors. My interpretation is that investors like their ponzi and don't really care about whether the technology is useful. I could try and scold them but I don't think it works, therefore I choose just to accept them as they are…
That's the problem with this doublespeak, where people intentionally fool themselves into cognitive dissonance.
The whole point of currency is not investment. It's the exact opposite of investment. Currency is intended to have stable value over time, because it's whole point is to serve as a unit of account, store value, and serve as a medium to exchange value in an economy.
By it's very definition "investing" implies the expectation of profit. Think about it for a second: how can something intended to have a stable value be considered apt for speculation?
Stocks: * You buy them because they increase earnings and eventually produce dividends at a very high yield to your initial investment. * The company can issue shares suppressing the price. * The company can do stock buybacks, increasing the price. * Brokers can naked short, suppressing the price. Fiat currency * You need it to pay taxes and debts. * Endless Printing. Gold * Bought because of limited supply. * Supply…
No, you buy them because you want to support good, non-nefarious companies with sound business models.
(I know that’s idealistic, but focusing purely on speculative uses of stocks is another extreme and paints a very incomplete picture.)
Arguably, the technology is much more complex and slow moving because it has to store value instead of just random bits.