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Bitcoin is a store of value. Nothing more or less. DAOs and NFTs were just distractions trying to ride the wave. The fundamentals remain strong. It really hasn't changed much in 15 years. The Hacker News comments certainly haven't either. Salty as ever.
How exactly does BTC store any more value than an NFT?
I just don't understand why you'd choose Bitcoin over gold. Gold, like Bitcoin, was criticized for just being a stupid store of value, but that wasn't completely true as it undoubtedly had some utility in the economy. Worst case comes and the market crashes, you know there's at least someone somewhere buying. What does Bitcoin get you over gold? The same "it's scarce and therefore valuable" narrative so you can store…
- easy to transmit
- easy to store (but both gold and BTC are dangerous to store at home from the security standpoint)
- easy to buy and sell
- BTC is actually limited (capped). There's no practical limit to the amount of gold. You're always one tech breakthrough away from gold becoming very common - read the history of aluminum, they used to make jewelry out of it.
- impossible to counterfeit. Even banks struggle to detect counterfeit gold
- gold for payments is completely impractical, BTC has Lightning network that seems to work.
- BTC is programmable
Whatever your theory of Bitcoin is, it has to incorporate that its 50% price increase is directly tied to the US election outcome.
I'm curious what you'll "blame" the next 50% price increase on.
Feb 2024: +50%. Approval of Bitcoin ETFs in the United States
Nov 2024: +50%. US election results
??? ????: ???%. ????
$1k, $10k, $100k. Watching this nonsensical hype at every stage left me in disbelief. Funny thing is after all these years I’m finally realizing there’s no reason whatsoever why it couldn’t hit $1M, $1B, or go back to $1. Anytime we see a dollar symbol we assume something has value like a traditional asset, tied to tangible or measurable things like material costs, a company’s quarterly earnings, etc. But cryptocurre…
If bitcoin reaches $1B it will be through some combination of dollar depreciation and bitcoin appreciation.
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This seems reductive. Things do get more abstract, yet there is a spectrum of naunce: oil, vehicles, clothing, etc.
For countless millennia, humans didn't need anything more except food, some very basic tools, a place to live, and other humans. You could argue that everything since then is layers and layers of bullshit. Bitcoin is just another one.
IMO BitCoin is designed to fail as a currency with it's mining costs, and a bad idea as an investment since exchanging it is such a house of cards. Never mind that holding any significant quantity invites dangerous people with wrenches.
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Read some history, bad things tend to happen when a permanent underclass is cut off from ever-expanding wealth.
Ok, where are the bad things from this century caused directly from rich people getting richer and nothing else? And moreover - tell me how your prosperity harms the poorest in the world and what you’re doing to reduce that gap between you and them.
Tell me you’re oblivious to the world around you without telling me you are oblivious.
Are you arguing that income inequality is good? Or that it’s simply nothing to worry about? Because I agree with neither.
Important to remember that while income and wealth inequality is at record highs, the trillions of dollars injected into the economy are still floating around among the top. People are getting more and more creative with investments (see luxury watches, sneakers, trading cards, collectibles, meme stocks all seeing a significant bump in value in recent years). Bitcoin's price is simply another symptom of this. What I…
I just struggle to see it's utility
Why is this post flagged?
Why hell does this keep going up? Can you pretty much just buy at any point in time and be guaranteed a 10x return?
Remember that this is a zero-sum game, for every winner that made it big, they are thousands more that had to pay up for their success.