Does anybody use bitcoin for payment at all or is it only speculation at this point?
I do. It is in many ways more convenient than international wire transfer.
Bitcoin Plummets Below 40K
21–30 of 91 posts
Re: Bitcoin Plummets Below 40K
#22Unless they patch bitcoin to remove energy intensive proof of work concept, bitcoin is goner in couple of year.
Re: Bitcoin Plummets Below 40K
#23Things that go up for no apparent reason can come down for no apparent reason.
In this particular case, the no apparent reason is certain person known to speculate with cryptocurrencies suddenly decided he'd go on to publicly bash the thing he pumped in the past "for no apparent reason". I mean, we couldall speculate the price was a bit high for his taste and wanted a discount, or maybe he really believes what he said.
That said, I agree that bitcoin price is kind of a bubble, and something that is pumped and dumped by people with a lot of money to the detriment of those who saw it as a miracle savings investment (usually people with little financial education) or those who truly believed in it (I think those became a small % of the users a long time ago).
Re: Bitcoin Plummets Below 40K
#24'I hope you didn't buy BTC at >$60K.' [0] Do not invest at the all time highs. [1] [0] https://news.ycombinator.com/item?id=26843806 [1] https://news.ycombinator.com/item?id=26937153
At least for stocks i don't think this is valid. The great index funds have more all-time-highs then not, for bitcoin this has also partly been true i guess. Still i am wary of crypto investments, easy to get burned.
I have no idea why you are downvoted. The stock market and the housing market are at all time highs almost all the time for the last 150 years. This doesn't mean you should almost never buy stocks.
Re: Bitcoin Plummets Below 40K
#25And I just purchased my first Bitcoins last week. *sigh*
Re: Bitcoin Plummets Below 40K
#26Earlier quoted context omitted.
Sorry, but why? Because you think it will go up even thought the fundamentals of the product suck? Are you building castles in the air? Not to be rude, but bitcoin is slow and inefficient. It also has terrible privacy. It's getting replaced by other coins.
For the pleasure of embedding poems in the blockchain, that will stay forever, alone...
I wonder why people think of the Bitcoin blockchain (assuming that's what you mean by "the blockchain") as immortal. We've had computers for less than a century and been doing blockchains for about a decade of that.
The oldest known poem is 4000 years old and carved in clay. It seems to me if you want a poem to last forever, never to be seen, there are much better ways, like carving it in granite and burying it deep underground where it's unlikely to be found.
Even if you insisted that it's "digital", making a commit in the Linux kernel is much more likely to last for as long as computers last because Linux is actually useful, sustainable, and copied to just as many, if not more, computers as any blockchain.
Re: Bitcoin Plummets Below 40K
#27'I hope you didn't buy BTC at >$60K.' [0] Do not invest at the all time highs. [1] [0] https://news.ycombinator.com/item?id=26843806 [1] https://news.ycombinator.com/item?id=26937153
At least for stocks i don't think this is valid. The great index funds have more all-time-highs then not, for bitcoin this has also partly been true i guess. Still i am wary of crypto investments, easy to get burned.
I don't know why you're being downvoted, all-time highs is nothing to be afraid of. Ben Carlson discussed the topic a few times with a lot of interesting data points:
https://awealthofcommonsense.com/2020/12/investing-in-stocks...
https://awealthofcommonsense.com/2017/03/all-time-highs-are-...
https://awealthofcommonsense.com/2016/11/dont-be-afraid-of-a...
Re: Bitcoin Plummets Below 40K
#28Things that go up for no apparent reason can come down for no apparent reason.
It is all a scam. Buy when it's low for a few months, sell after a big run for a few months going down. Only suckers believe in it
Re: Bitcoin Plummets Below 40K
#29If it gets down to 1k again like a few years ago, I'll buy!
Keep dreaming. Under $1000, literally anybody can buy 1 bitcoin. That would be the end of it.
Re: Bitcoin Plummets Below 40K
#30Does anybody use bitcoin for payment at all or is it only speculation at this point?
I sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer itself took 3 business days.
The BTC payment was credited to my account in 10 minutes.