Bitcoin has made a new all-time high price • Hacker News Board

Re: Bitcoin has made a new all-time high price

#191

Post by raincole » Wed, Nov 06, 2024, 4:02 PM UTC

kragen wrote: post #139

bawolff wrote: post #45

Earlier quoted context omitted.

I know you are being snarky, but i think its worth pointing out that ever increasing prices is bad for a medium of exchange not good. The higher prices decreases the liklihood of it being used like a currency.

It seems implausible that its price will increase forever . If your concern is that a bitcoin is an inconveniently large unit of value, like a kilogram of gold, you can subdivide it into individual satoshis even on the public blockchain, and at the current price of roughly US$100k per bitcoin, a satoshi is roughly a tenth of a penny, which seems adequately subdivisible to me. If Bitcoin improbably ended up at US$10M…

It's not the parent comment's concern (at all).

Re: Bitcoin has made a new all-time high price

#192

Post by Geee » Wed, Nov 06, 2024, 4:03 PM UTC

It's weird that some people are still having the same arguments which were thoroughly discussed on bitcointalk.org 16 years ago. The discussion about its value were interesting when the price was $0 and people were speculating if it's possible that it gains any value at all. It was known that any value would kick off the bitcoin's inbuilt incentive mechanisms which would keep it running forever. A software that pays humans to run it; that was the genius behind it.

When the price history is already established, the theoretical basis of value is irrelevant. People value things based on their valuation history; that's how it goes. It can be broken down somewhat, but the price history should already contain all the relevant information for investors.

Bitcoin has now made it's way to the portfolios of the most boring financial institutions [0], which means that it is now firmly established itself as a part of the global financial system, and it's not going away.

[0] https://finance.yahoo.com/news/over-600-financial-institutio...

Re: Bitcoin has made a new all-time high price

#193

Post by lottin » Wed, Nov 06, 2024, 4:04 PM UTC

superfist wrote: post #106

kerbs wrote: post #69

Earlier quoted context omitted.

Gold is used to make things. You can argue what its value should be as a material alone, but it’s not entirely speculation.

and how much of gold price is in your opinion value of material itself? Strip out that material price and you have speculation price. Price of Bitcoin is mostly that speculation price + instead of material some mathematical properties.

> Price of Bitcoin is mostly that speculation price + instead of material some mathematical properties.

Mathematical properties don't provide economic value.

The demand for bitcoin is almost all speculation, and a tiny bit is for purposes of making clandestine payments, paying ransoms, and such.

Re: Bitcoin has made a new all-time high price

#194

Post by tivert » Wed, Nov 06, 2024, 4:06 PM UTC

fallingsquirrel wrote: post #168

tivert wrote: post #133

Earlier quoted context omitted.

> What's the scenario where the government can take the digital money from your bank accounts but can't take the digital money from your crypto wallet? In cryptocurrency's defense (I am not a Bitcoiner), it not as easy for them to do that, because they can't just order a bank to transfer it/freeze it....assuming the owner is going through a lot of elaborate, inconvenient, and easy to footgun security measures. If you…

These threads always leave me baffled. Some people say that only drug dealers use bitcoin. Others say the ratio of normal dudes to drug dealers is 1,000:1 or more. I guess it depends what sounds convenient at the time.

If you worry about the government seizing your money like that, you really should be someone whose money the government wants to seize [1]. Those people aren't regular dude software engineers.

[1] Also, keeping your money in a bank account almost certainly product you from those controversial civil forfeiture situations.

Re: Bitcoin has made a new all-time high price

#195

Post by kragen » Wed, Nov 06, 2024, 4:06 PM UTC

fallingsquirrel wrote: post #177

kragen wrote: post #144

Earlier quoted context omitted.

Congratulations! Lucky you! You're a millionaire! Probably they were referring to an exchange site; the two most popular ones are Binance and Coinbase.

Definitely do not touch Binance. Coinbase and Kraken are the most reputable options. If you're unsure, hire a professional. Think of it as paying 0.02% as insurance against mistakes.

Isn't Binance by far the most widely used exchange?

I think that if you're unsure you need to study the topic so you can tell which "professionals" are professional con men.

Re: Bitcoin has made a new all-time high price

#196

Post by Timber-6539 » Wed, Nov 06, 2024, 4:06 PM UTC

ldoughty wrote: post #61

Looks like it was ~65k in November of 2021, and at near the current value (~74k) earlier this year. On a >4 year scale, yes, it's slowly going up, but keep in mind that if you bought at the 65k peak of November 2021, it took 2 1/2 more years to get back to that value. When Bitcoin hit 20k for the first time, it took another 3 years to get back to that value after it crashed 70% in the months following the 20k peak. I…

It's never been easier to invest in "Bitcoin" thanks to the ETFs which have been greenlight by the SEC since early this year.

Re: Bitcoin has made a new all-time high price

#197

Post by crazygringo » Wed, Nov 06, 2024, 4:06 PM UTC

Geee wrote: post #192

It's weird that some people are still having the same arguments which were thoroughly discussed on bitcointalk.org 16 years ago. The discussion about its value were interesting when the price was $0 and people were speculating if it's possible that it gains any value at all. It was known that any value would kick off the bitcoin's inbuilt incentive mechanisms which would keep it running forever. A software that pays…

> People value things based on their valuation history; that's how it goes. It can be broken down somewhat, but the price history should already contain all the relevant information for investors.

No, people value things based on their expected return, which is entirely future-looking. Which is why news -- facts that change our understanding of the future -- changes prices.

Nobody values anything based on its history -- its price history is utterly irrelevant. I mean, some people might think they can get all the info from a price history, but those are the people who end up losing all their money.

Re: Bitcoin has made a new all-time high price

#198

Post by kragen » Wed, Nov 06, 2024, 4:07 PM UTC

raincole wrote: post #191

kragen wrote: post #139

Earlier quoted context omitted.

It seems implausible that its price will increase forever . If your concern is that a bitcoin is an inconveniently large unit of value, like a kilogram of gold, you can subdivide it into individual satoshis even on the public blockchain, and at the current price of roughly US$100k per bitcoin, a satoshi is roughly a tenth of a penny, which seems adequately subdivisible to me. If Bitcoin improbably ended up at US$10M…

It's not the parent comment's concern (at all).

It's pretty unclear what that comment was talking about, and your comment doesn't help.

Re: Bitcoin has made a new all-time high price

#199

Post by Thorrez » Wed, Nov 06, 2024, 4:08 PM UTC

kragen wrote: post #126

Salgat wrote: post #123

Earlier quoted context omitted.

The difference is that owning bitcoin doesn't give you partial control over the world's largest companies.

Another difference is that you aren't arbitrarily excluded from being able to buy Bitcoin based on where you're born.

Bitcoin itself won't exclude you. But depending on where you are, buying Bitcoin might be illegal.

Re: Bitcoin has made a new all-time high price

#200

Post by Larrikin » Wed, Nov 06, 2024, 4:08 PM UTC

jliptzin wrote: post #110

Larrikin wrote: post #95

Earlier quoted context omitted.

What's the scenario where the government can take the digital money from your bank accounts but can't take the digital money from your crypto wallet?

When they don't know the crypto wallet exists?

There is no scenario where the government doesn't know it exist and the Bitcoin is useful in any way to your life. If you ever use it for any thing there's a bright line directly to you. The silk road guy was taken down for screwing up one time years before he even started the website. Maybe a criminal organization that forces their grand children into it can potentially hide a wallet.