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Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

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Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#171

Post by trixie_ »

Ekaros wrote: post #114
trixie_ wrote: post #76

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

As European I feel SEPA is better and more secure than crypto. I still have to ask for account number, but after that I just log in to my bank insert number, name, date, amount and message. Press accept, then accept any outstanding payments. With crypto I need to keep care of my keys and the address of receiver might change lot more. Where as bank account number is static for years...

First with crypto you don’t need to go through a bank at all. You can hold and send your own money wherever. Crypto is also 100% international. If we wanted to send each other money right now, crypto would be the best way to do it.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#172

Post by notimrelakatos »

tablespoon wrote: post #135
wickoff wrote: post #55

Earlier quoted context omitted.

I became convinced that NFTs are worth something after understanding that there is little difference between an outrageously expensive watch and a rare NFT. One shows off your wealth in person, the other will let you show it off online.

> I became convinced that NFTs are worth something after understanding that there is little difference between an outrageously expensive watch and a rare NFT. > One shows off your wealth in person, the other will let you show it off online. That's some pretty faulty logic, there. You're looking at it from the wrong end: it doesn't matter if you can imagine an object could be used as a wealth-status symbol, what actua…

They are stupid, but rich people sometimes wear them for a reason, if they ever get stranded in a messy situation and their wealth is confiscated, they can still sell their watches and other miscellaneous items to bootstrap themselves outta poverty zone.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#173

Post by trixie_ »

chrisrogers wrote: post #91
trixie_ wrote: post #76

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

ACH replaced real clearing houses. Some banks have implemented rapid low-fee transactions, but not all. It's not unreasonable to assume that banks will widely implement an ACH replacement that makes this advantage of cryptocurrency exchange irrelevant.

What about sending money between services that aren’t even banks? Crypto removes the need to have money transfers go through any intermediaries. Which saves time and hassle.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#174

Post by trixie_ »

88840-8855 wrote: post #85
trixie_ wrote: post #76

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

I disagree. my grandma, my mum, my gf and most of my friends understand the concepts and processes of personal banking. crypto is complex and unforgiving and not very userfriendly for that reason. i doubt that they would ever be able to use it in a safe way. Finally, normal people want service. I got scammed online while purchasing a leather good. My bank helped me to charge my money back. Paypal does that, too, here…

No reason your family still can’t use banks. If the banks use stable coins to send and clear transfers then win win. In terms of getting money back from scams even today it’s best practice to use a credit card for that.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#175

Post by trixie_ »

onion2k wrote: post #111
trixie_ wrote: post #76

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

Those "pain in the ass" parts are there for reasons like consumer protection and anti-money laundering. If you don't like them that's OK, but suggesting no one should have them seems a little presumptuous.

No it’s a pain in the ass because the technology is antiquated.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#176

Post by trixie_ »

graeme wrote: post #105
trixie_ wrote: post #76

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

Are you american? You have a pretty garbage bank transfer system. Europe’s transfer usability matches or beat’s cryptos for transfers within the system. I’m Canadian. I just tried transferring my free Coinbase crypto to another wallet to withdraw and the process was slower than had I done a transfer between my two bank accounts. And much more fraught!

Crypto is a system that works national/international doesn’t matter. Transfer money in minutes. No banks have to be involved, not because banks are bad it’s just an unnecessary step.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#177

Post by justshowpost »

PaulDavisThe1st wrote: post #6
seibelj wrote: post #2

> “You can’t be short it in scale,” agrees the short seller. Like some of the others who fundamentally dislike it, he even has a small position in bitcoin. “If it goes up, I’ll make a little bit of money. If it goes to zero, I’ll be so happy, I will gladly lose the money.” The attitude that pervades HN in regards to crypto. This website is not a good place for discussion regarding blockchain technologies.

I don't think that's an accurate read at all. HN appears to me more full of people (like me) who were fired up by the initial promise of (a) blockchain technology (b) intermediary- and free-free transfer of value. What happened instead was that the technology turned out to be one of the worst threats to global warming since farting cows (yes,yes, i know, ethereum makes it all better), the intermediary- and fee-free p…

There ain't no such thing as a fee-free lunch.

There have to be some interest rate in fund transfer, otherwise there will be no reason to keep transaction records.

> HN attitude

There are some opinions which endorsed here and some which suppressed, for example eco-terrorists and police-hating criminals are holy cows here.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#178

Post by trixie_ »

speedgoose wrote: post #104
trixie_ wrote: post #76

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

What do you mean? For international transfers, I just write the account number and it's done for a small fee. It's also reversible. For national payments I can use the account number, the phone number, or simply the name of the person using an app (vipps). Everyone has it,also elderly people, and it's actually instant and verified transactions for real.

That’s great for you. Where I am I’m waiting for days for money to get into my account and days for money to leave my account. I’m also limited to how much I can send at once. What I’m saying is that crypto has this problem solved right now for the entire world.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#179

Post by bluecalm »

koonsolo wrote: post #163
bluecalm wrote: post #120

Earlier quoted context omitted.

Sadly I don't think everyone knows it. My experience talking to people who describe themselves as somewhat involved in crypto trading is that many of them don't realize there is very solid evidence for Tether being a fraud. It being run by known scammers and proven lies about USD backing being the most damning. What I usually hear is: "yeah but they were talking about it being fraud for years now and it's still there…

I'm involved in crypto and I really don't care about Tether. Currently, people are coming in with their own USD and willing to buy Bitcoin at a price of 60K. That has nothing to do with Tether. It has everything to do with people willing to pay that price. I don't own Tether, so I really don't care.

People are not willing to pay 60k because they think Bitcoin is somehow worth 60k based on their analysis. They trust the market to be somewhat efficient and they want to get involved. if 60k is a current fair price let's be it.

The problem is that the price is propped up by Tether printing tokens which are then used to buy BTC. This is like the NFT fraud where you pass your NFT around your wallets to create an illusion of artificial demand and the price going up. There is a reason wash trading is illegal. "People are coming with their own USD to buy" isn't an excuse in such case.

Re: Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

#180

Post by jqpabc123 »

koonsolo wrote: post #163
bluecalm wrote: post #120

Earlier quoted context omitted.

Sadly I don't think everyone knows it. My experience talking to people who describe themselves as somewhat involved in crypto trading is that many of them don't realize there is very solid evidence for Tether being a fraud. It being run by known scammers and proven lies about USD backing being the most damning. What I usually hear is: "yeah but they were talking about it being fraud for years now and it's still there…

I'm involved in crypto and I really don't care about Tether. Currently, people are coming in with their own USD and willing to buy Bitcoin at a price of 60K. That has nothing to do with Tether. It has everything to do with people willing to pay that price. I don't own Tether, so I really don't care.

That has nothing to do with Tether. It has everything to do with people willing to pay that price.

It has everything to do with Tether.

Tether is being minted with an illusionary value of $1USD and "loaned" to favored insiders which use it to buy Bitcoin and inflate the price.

The fact that Bitcoin trades for $60k is the result of this being done in the past. The reason new investors pay $60k is their expectation it will continue into the future.

More than half of all Bitcoin trades involve Tether. The two are inextricably linked whether you realize it or not.

What you have described is an aspect of most classic financial fraud schemes --- an influx of new investors is required to keep the scheme going. While it continues, everyone is happy. But when the music stops (as it always does) someone is inevitably left without a chair at the table.

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