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Bitcoin is over $100k

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Re: Bitcoin is over $100k

#221

Post by fixprix »

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.

Great for the government, terrible for anyone holding dollars. The government continues diluting the dollar to pay its debt.

Re: Bitcoin is over $100k

#222

Post by kortilla »

andreygrehov wrote: post #144
testfrequency wrote: post #57

Earlier quoted context omitted.

[flagged]

I don’t think “crypto is unregulated” still a thing. Why do you say so?

North Korea makes significant money through crypto because it’s not possible to regulate at the international level.

The US gov has put a lot of effort into controlling the exchange to USD, but that doesn’t put the brakes on the ability to pay anyone in the world with BTC regardless of sanctions.

Re: Bitcoin is over $100k

#223

Post by fixprix »

nadermx wrote: post #62
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.

By definition store of value means "its ability to purchase other assets in the future without rapidly losing its purchasing power" yet bitcoin has in instances halved it's value. So, no not a store of value.

Meaningless point. All stores of value fluctuate in value relative to each other. Homes and stocks go through periods of doubling and halving in value. Its the entire reason why diversification across asset classes is fundamental to managing your finances.

Re: Bitcoin is over $100k

#224

Post by kortilla »

eric_cc wrote: post #136
throwawayq3423 wrote: post #40

Earlier quoted context omitted.

What denial? It is an excellent way to gamble or launder money. That's not changed, but it's not expanded either.

Bitcoin is the only sound money in existence. It will slowly devour fiat currency over time and humanity will benefit. There are quite a few similarities to the fall of monarchies.

Gold is basically the same. The only upside to bitcoin is that it works over the internet so it’s much faster to trade

Re: Bitcoin is over $100k

#225

Post by csomar »

huijzer wrote: post #216
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…

> inconsequential $100k bonus in my portfolio It seems we are truly ducking poor here in the EU. My parents have been running a farm for 40 years in the Netherlands and they’re doing well financially. Still, $100k is not inconsequential for them!

For most of the world, $100k in savings is simply beyond reach. So no, you are definitely not ducking poor in the EU.

Re: Bitcoin is over $100k

#226

Post by benchmarkist »

dlubarov wrote: post #206
ConspiracyFact wrote: post #164

Earlier quoted context omitted.

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.

There are no assets for digital currencies so the words you're using to describe it are ontologically nonsensical. It's numbers, binary sequences, in databases. The only thing that makes it all work is your belief and faith that the numbers mean something other than the electricity and infrastructure necessary to maintain the databases. The only real assets in the entire scheme are the computers and power plants with the spinning dynamos necessary for maintaining the illusion of "value".

This is why the masses are always dazed and confused. Your water and food are full of poisons but the numbers in databases are what get the most airtime. Bitcoin is the purest distillation of fiat currencies because there is no longer any actual physical manifestation of it anywhere other than whatever paper key you keep on you as a reminder that there is a database with some numbers which you and those like you collectively believe to be "valuable".

Re: Bitcoin is over $100k

#227

Post by csomar »

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?

If commodities are at record highs, then the dollar is at record lows. Just because other currencies are inflating more, doesn’t mean the USD is getting stronger.

Re: Bitcoin is over $100k

#228

Post by pixxel »

testfrequency wrote: post #57
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.

[flagged]

Your salty comment just helped wArM tHe PlANeT.

Re: Bitcoin is over $100k

#229

Post by rsanek »

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…

luxury watches are way down since their peak in early 2022 https://watchcharts.com/watches/price_index

Re: Bitcoin is over $100k

#230

Post by csomar »

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…

You can’t store $100m of gold in your brain and transit through an airport with just a sneakers in your backpack. If you happen to need this, you’ll realize how revolutionary bitcoin is.
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