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Bitcoin is over $100k

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Re: Bitcoin is over $100k

#251

Post by sandos »

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 cry every time I think about the fact that I managed to CPU-mine 50 btc, and sold it for nothing.

Still, I did get a payout from the mtgox disaster and its a decent amount really, considering I put in less than 100$ from the start. Just far from life-changing amount, more like "ok, this gets us a nice vacation trip!"-money.

Re: Bitcoin is over $100k

#252

Post by npoc »

csomar wrote: post #15
deadbabe wrote: post #12

Why hell does this keep going up? Can you pretty much just buy at any point in time and be guaranteed a 10x return?

If you hold long enough and the chain keeps working, then probably yes. However, this 10x return is guaranteed against the dollar and not real value. The gov. is committed to devaluing currency over a long period of time.

No - it's quite reasonable to project bitcoin increasing in value (not price) 100x from here.

Re: Bitcoin is over $100k

#253

Post by omnimus »

skwee357 wrote: post #245

I'm failing to understand the proposition behind bitcoin. From what I remember, the amount of BTC is finite, so eventually we will run out of new BTCs, and by then, most will be held by big institutions and some individuals who didn't want to sell, and it will become yet another luxury commodity like diamonds or gold. Hence, the entire premise of "Bitcoin is the future of money" is kind of stupid, unless it's money f…

Its a tradable financial asset. You are indeed right that it cannot be money. As finance people were saying from the very start. The whole point of money is that its possible to influence its price.

Re: Bitcoin is over $100k

#254

Post by benchmarkist »

fixprix wrote: post #249
benchmarkist wrote: post #226

Earlier quoted context omitted.

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 fact that it is not physical makes Bitcoin more valuable. Why? Because I can store millions of it in my pocket. I can move millions around the world in less than an hour. 24/7. No banks or approvals or intermediaries required. I can keep it in my own custody safety. It is easy and fast to exchange. It is easy to validate its authenticity. The supply is fixed and near impossible to dilute. Etc.. Etc.. that is why…

Well, with toilet paper I can wipe my ass. Even a dollar bill will do the trick but I'm not sure what I can do with a number in a database disconnected from the spinning magnets that make it functional.

I'm not here to convince you that bitcoin is worthless because clearly there are enough people who think it is worth more than $100k so you'd be better off convincing those people to offer you services in exchange for bitcoins instead of arguing with a random stranger about the collapse of civilization.

Re: Bitcoin is over $100k

#255

Post by ArtTimeInvestor »

skwee357 wrote: post #245

I'm failing to understand the proposition behind bitcoin. From what I remember, the amount of BTC is finite, so eventually we will run out of new BTCs, and by then, most will be held by big institutions and some individuals who didn't want to sell, and it will become yet another luxury commodity like diamonds or gold. Hence, the entire premise of "Bitcoin is the future of money" is kind of stupid, unless it's money f…

    it's money for the ultrarich/lucky
Ok, so let's say you buy 1 Bitcoin today and then we end up in that future.

Now 21 million minus one ultrarich lucky guys hold one Bitcoin and one stupid poor guy (you) holds one bitcoin? Or would it make you part of the ultrarich lucky club?

Re: Bitcoin is over $100k

#256

Post by TacticalCoder »

owens99 wrote: post #174

Why is this post flagged?

Yup why is flagged? The discussion seems civilized.

It looks like there aren't too many people comparing something that was designed, on purpose, with a fixed supply curve using a diminishing issuance rate and which exists since 16 years with "tulips", a mania that lasted 3 years (and everybody could grow tulips anywhere they want).

I stand my case: Satoshi made it very clear with his message in Bitcoin's genesis block that his invention was a gigantic middle finger to politicians bailing out banks by ever printing more money.

Bitcoin is the antithesis of tulips.

Bitcoin is the "fuck you" to QE / fractional reserve banking / helicopter money / physical bills printing / bonds issuance / etc.

And, so far, it's working.

Re: Bitcoin is over $100k

#257

Post by benterix »

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!

I don't think Americans are that much different in that respect from Europeans in general:

https://www.bankrate.com/banking/savings/emergency-savings-r...

One fourth have no savings at all. European stats are similar:

https://www.statista.com/statistics/1221416/households-witho...

Re: Bitcoin is over $100k

#258

Post by fragmede »

skwee357 wrote: post #245

I'm failing to understand the proposition behind bitcoin. From what I remember, the amount of BTC is finite, so eventually we will run out of new BTCs, and by then, most will be held by big institutions and some individuals who didn't want to sell, and it will become yet another luxury commodity like diamonds or gold. Hence, the entire premise of "Bitcoin is the future of money" is kind of stupid, unless it's money f…

The banks are in on it this time. You can buy crypto on Fidelity, starting with as little as $1. Whether that's better or worse than buying SP500 or QQQ or Tbills on their platform is for you to decide. So pay your taxes on $10 million, you'll still have 5 left.

Re: Bitcoin is over $100k

#259

Post by BlueTemplar »

Nathanba wrote: post #242
ur-whale wrote: post #217

Earlier quoted context omitted.

> its intrinsic worth There is no such thing as "instrinsic worth". There's only supply and demand. Why there is demand for a certain good is a many-colored and complicated affair.

there is intrinsic in the context of where we are as humans , that's why saying that there is intrinsic worth is correct. Humans need to eat, intrinsically. I guess partially it depends on whether the word 'intrinsic' still applies.

Using that definition, air too has intrinsic worth.

But I'm skeptical about the usefulness of this definition.

Re: Bitcoin is over $100k

#260

Post by skwee357 »

ArtTimeInvestor wrote: post #255
skwee357 wrote: post #245

I'm failing to understand the proposition behind bitcoin. From what I remember, the amount of BTC is finite, so eventually we will run out of new BTCs, and by then, most will be held by big institutions and some individuals who didn't want to sell, and it will become yet another luxury commodity like diamonds or gold. Hence, the entire premise of "Bitcoin is the future of money" is kind of stupid, unless it's money f…

it's money for the ultrarich/lucky Ok, so let's say you buy 1 Bitcoin today and then we end up in that future. Now 21 million minus one ultrarich lucky guys hold one Bitcoin and one stupid poor guy (you) holds one bitcoin? Or would it make you part of the ultrarich lucky club?

Sorry, I'm not sure if I understand your question/statement.

What I wanted to say, is that in its current form, bitcoin IS money for some ultrarich people who have enough of it AND are able to access a commerce world where you can actually buy stuff with it without converting it to fiat currencies. Because last time I checked, I can't buy milk with BTC in my local supermarket, but I bet I can buy some luxury/illegal thing that cost absurd amounts of money (for the common folk) with BTC.

Therefor, the mantra of "Bitcoin is the future of money" that's being pushed by BTC/crypto enthusiasts, is false. It MIGHT be a form of money for people who have lots of it, but not the common folk, doing everyday purchases.

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