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Bitcoin is over $100k

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Re: Bitcoin is over $100k

#201

Post by pacomerh »

ganeshkrishnan wrote: post #22
deanmoriarty wrote: post #8

I couldn’t care less about crypto, but just for fun I bought 1 BTC in 2016. Still own it, and likely will never sell, but boy I wish I bought a lot more instead of my index funds, skipping one monthly contribution in VTI back then would have mostly set me up for life instead of just having a nice but inconsequential $100k bonus in my portfolio :-) Congrats to the people who held through thick and thin, I speculate (m…

I had couple of bitcoin from 2013. Sold most at 10k and held on to one at 50k. I was absolutely super duper sure, 50k was the top.

Ha, this is my story, except I thought 20k was the top.

Re: Bitcoin is over $100k

#202

Post by [deleted] »

paxys wrote: post #10

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…

[deleted]

Re: Bitcoin is over $100k

#204

Post by [deleted] »

zahlman wrote: post #125

Nothing ever seems to come of discussing this topic on HN - just the usual cycle of people arguing with each other over whether BTC "ought to" (by what ontological principles?) be worth what it is (or, for that matter, anything at all), or what social impacts it has, etc. None of that has anything at all to do with the current spot price. That's just an excuse to "debate" the topic again by pulling out the same old a…

[deleted]

Re: Bitcoin is over $100k

#205

Post by paulpauper »

paxys wrote: post #10

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…

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.

this makes sense. price inflation is out of control . it's like everything is being inflated in the name of scarcity

Re: Bitcoin is over $100k

#206

Post by dlubarov »

ConspiracyFact wrote: post #164
aryan14 wrote: post #107

Earlier quoted context omitted.

You could say any currency is just a bunch of numbers, the US dollar isn’t backed by gold anymore and hasn’t been for a long time. The question is more like: Would you let everyone dictate the value of a currency and leave it decentralized? Or would you rather a government controlled centralized currency. It’s preference and opinion at the end of the day

The dollar is backed by the fact that you can pay any debt with it and (if you’re a US citizen) have to pay your taxes with it.

I'm not sure people care much about the debt repayment thing? If I rack up a bill at a bar, I can technically force them to accept a sack of pennies as repayment, but most people use digital payments like credit cards. At that point it doesn't really matter if my bank account holds USD, GBP, BTC or any other liquid asset, as long as the payment infrastructure can handle any necessary conversions.

Re: Bitcoin is over $100k

#207

Post by fragmede »

wmf wrote: post #152
Mithriil wrote: post #38

Earlier quoted context omitted.

A part of the valuation comes from miners who gets their returns cut by half every ~4 years. They have an interest in having the price (at least) double by then.

I have an interest in having the price of my house double every four years but I can't just wish that into reality and neither can miners.

How much work have you put into having the value of your house double every four years? How many people are invested in your house appreciating like that? If your house appreciates, do a bunch of bankers and hedge funds also get rich along the way? How many politicians have you taken to lunch and on ski trips with the proceeds from the last time you sold half of your house when the price doubled?

Re: Bitcoin is over $100k

#208

Post by panarky »

paxys wrote: post #61
josu wrote: post #45

Earlier quoted context omitted.

>Bitcoin's price is simply another symptom of this. Bitcoin is not the symptom, Bitcoin is the answer. People are not longing Bitcoin, people are exiting the dollar, the euro, the yuan...

Yet the dollar is at record highs, and commodities are at record highs, and the stock market is at record highs, and real estate is at record highs, and Bitcoin is at record highs. So who is hedging what exactly?

> the dollar is at record highs

Compared to what? Other government currencies?

Re: Bitcoin is over $100k

#209

Post by Empact »

dlubarov wrote: post #197
wyldfire wrote: post #179

Earlier quoted context omitted.

> it can't be printed New coins are minted with every block. But perhaps you mean to suggest that it's "stable" or "predictable." The emission rate of bitcoin is predictable - but this is predicated on the stability/predictability of the community of miners/stakers. It seems extremely irrational now, but if something were to change such that the community decided to drastically increase or decrease the block reward,…

Well, not just predictable but hard capped at 21M, about 19.8M (or ~94%) of which have already been mined. So in some sense, inflation tax can't exceed ~6% over all time. (I don't think it's a sustainable model, as security essentially decays over time, unless fees become extremely high which doesn't seem like a great outcome either. But that's another matter...)

There are a few answers to the long-term security budget:

1) We could maintain fees through compression, that is, by making each on-chain transaction representative of many off-chain transactions. This is beginning to happen with the lightning network, and other technologies are in the works to advance this concept.

2) Mining will become more integrated with other industrial and residential processes, which will reduce the cost of security, from a compensation standpoint. Think bitcoin miner water and space heaters in many homes, etc.

3) It's also likely that in the future institutions that rely heavily on bitcoin will voluntarily subsidize security to some extent, for the same reason they invest in vaults for other instruments. Personally I'm planning to start running a lottery miner at home just for the fun of it.

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