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

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

#231

Post by FabHK » Wed, Nov 06, 2024, 4:39 PM UTC

rel_ic wrote: post #24

What's the best way to sell ~50 BTC these days?

In case you're serious:

- open an account at a reputable exchange that supports fiat transfers to your jurisdiction and go through KYC (this can take a while).

- transfer a small part to your BTC wallet at said reputable exchange and exchange it into some fiat of your choice.

- have it transferred to your fiat account and check that it all goes through.

- then do the rest. Note that legitimate exchanges have daily/monthly withdrawal limits that you'll probably hit, so you might have to spread over time. (Might want to split it across multiple exchanges to spread ops risk.)

Or: Go to Hong Kong or Moscow or Cambodia and go to any of the dodgy bureau de change's there, transfer BTC to the wallet address they specify, wait several hours, and take out the cash (probably worse rate than an exchange). (If you value your life and property, I would pick Hong Kong among the suggestions above.)

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

#232

Post by FabHK » Wed, Nov 06, 2024, 4:40 PM UTC

paulpauper wrote: post #175

rel_ic wrote: post #24

What's the best way to sell ~50 BTC these days?

split it up and sell slowly to avoid excessive market impact and excessive KYC checks

The market is liquid enough for 50 BTC. KYC kicks in at the withdrawal stage, not the exchange stage.

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

#233

Post by tim333 » Wed, Nov 06, 2024, 4:46 PM UTC

Larrikin wrote: post #200

jliptzin wrote: post #110

Earlier quoted context omitted.

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.

The silk road guy pretty much had a government department trying to shut him down. They don't have the resources to do that for the average individual.

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

#234

Post by Geee » Wed, Nov 06, 2024, 4:47 PM UTC

crazygringo wrote: post #197

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…

Yet, the price history is what convinces people to buy it. The longer it goes, the more convincing it becomes. Gold has been valuable for thousands of years, which is why everyone knows it will keep being valuable.

Valuations of collectibles and monetary assets, which don't change, are based on their historical price performance. The price history tells the story of how people buy and sell an asset with certain fundamental properties, and that's all the information needed to make an investment decision.

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

#235

Post by specproc » Wed, Nov 06, 2024, 4:48 PM UTC

I wouldn't underestimate the influence of crypto, and a desire to change leadership at regulators as a factor in the election.

There was a fascinating piece doing the rounds here last month, crypto lobbying has been huge. [0]

Just been chewing the fat with a buddy over dinner. Our crypto friends have done very well this week.

[0] https://news.ycombinator.com/item?id=41765734

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

#236

Post by ASalazarMX » Wed, Nov 06, 2024, 4:49 PM UTC

cr125rider wrote: post #206

patrick0d wrote: post #153

Earlier quoted context omitted.

this should be the real headline. I am certain and beyond any doubt that I speak for all of us hackernews readers when I say that I have no frame of reference on the value of cryptocurrencies without comparing first with the Malaysian Ringgit

The biggest use case for Bitcoin is as a wealth store for third world countries that don’t have stable banking institutions.

I'd bet the biggest use case is scamming/extorting people. It has been the fastest growing use case, it must move more money than all other use cases combined.

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

#237

Post by hshshshshsh » Wed, Nov 06, 2024, 4:50 PM UTC

karaterobot wrote: post #127

Note that it hit a new all-time high last night, but it's been in the ~$70ks since last March. The election results may have pushed it over the top, but it's been way up for a while. The people who predicted it would collapse appear to have been wrong, and the people who predicted it would come back appear to be right. My own position was that it's so volatile that it will always be a roller coaster, which is why I d…

Your entire personality and idea of you is also a ponzy scheme. Does that make your life any less real ?

Here you are pretending to be a somebody commenting so seriously on why Bitcoin is a ponzi scheme.

Also go and short Bitcoin if you believe it is a ponzi scheme.

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

#238

Post by chairmansteve » Wed, Nov 06, 2024, 4:50 PM UTC

lottin wrote: post #218

chairmansteve wrote: post #120

Earlier quoted context omitted.

It's digital gold. For whatever that is worth.

'Digital gold' is a meaningless sentence. What is digital gold? How does it differ from, say, digital iron?

People buy gold coins and hide them under the mattress. For when the zombie apocalypse happens.

Bitcoiners think BTC can be used for the same purpose.

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

#239

Post by MuffinFlavored » Wed, Nov 06, 2024, 4:50 PM UTC

tucnak wrote: post #90

MuffinFlavored wrote: post #56

Earlier quoted context omitted.

> USD sketchy > BTC less sketchy I get what you are saying but it is still a wild sentence. I get monetary policy, debasement, inflation... but there is no rule/law that says "BTC MUST be a safe-haven alternative to inflation"

Nobody is alluding that it _must_ be a safe-haven w.r.t. inflation; just that it's less sketchy than USD. However, I personally wouldn't put my money there, because there exist cryptocurrencies with much stronger fundamentals. XMR is one of them: the cartels, major organized groups, money laundering industries are all doing their books in it. People often claim that Bitcoin is weak fundamentally, nobody uses it for g…

> just that it's less sketchy than USD.

I think the asset with $20t (M2) that has been around for hundreds of years and has a military behind it is less sketchy that the internet math coin.

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

#240

Post by tim333 » Wed, Nov 06, 2024, 4:51 PM UTC

lottin wrote: post #218

chairmansteve wrote: post #120

Earlier quoted context omitted.

It's digital gold. For whatever that is worth.

'Digital gold' is a meaningless sentence. What is digital gold? How does it differ from, say, digital iron?

Not really - it functions economically in a similar manner to gold. Both have a primary use - jewellery or digital payments - and a secondary function as a store of value. Iron isn't much use for financial reserves unlike bullion.