Bitcoin is over $100k

Post by xvector » Thu, Dec 05, 2024, 6:19 AM UTC

fragmede wrote: post #207

wmf wrote: post #152

Earlier quoted context omitted.

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?

Post by ur-whale » Thu, Dec 05, 2024, 6:25 AM UTC

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?

Post by fixprix » Thu, Dec 05, 2024, 6:31 AM UTC

benchmarkist wrote: post #66

fixprix wrote: post #36

Earlier quoted context omitted.

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.

Bitcoin is actually just a bunch of numbers. Whatever value you think you're storing with it is always denominated in fiat which is very ironic.

Post by ur-whale » Thu, Dec 05, 2024, 6:35 AM UTC

joegibbs wrote: post #156

TheBruceHimself wrote: post #75

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…

But how much of the price of gold is its intrinsic worth? A fake gold ring made of some alloy can look and feel almost exactly the same as a real one, but as soon as you find out that it isn't real gold it suddenly loses 99% of its value - maybe it's not magnetic or it is slightly the wrong shade, but the value of gold isn't assigned for not reacting to magnets. Only 11% of gold is for industrial purposes, so I think…

Post by huijzer » Thu, Dec 05, 2024, 6:35 AM UTC

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…