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Bitcoin is over $100k

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Re: Bitcoin is over $100k

#321

Post by benchmarkist »

tasuki wrote: post #272
benchmarkist wrote: post #254

Earlier quoted context omitted.

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…

> Well, with toilet paper I can wipe my ass. Even a dollar bill will do the trick Wait, are you saying dollars are good because you can wipe with them ? I think you're in full agreement with the person you're replying to!

My point is that Bitcoin is no different from fiat. In fact, it can't be anything but fiat because it has no physical representation.

Re: Bitcoin is over $100k

#322

Post by ConspiracyFact »

eric_cc wrote: post #295
ConspiracyFact wrote: post #280

Earlier quoted context omitted.

The US Dollar is quite the meme! If you’re a US citizen and you have an income in any currency whatever, you have to acquire US Dollars to pay taxes with, or else you’ll eventually wind up in jail :)

Money based on violence.

Yes, and…?

In a stateless society, how would the landed deal with squatters? Couples therapy?

Re: Bitcoin is over $100k

#323

Post by thunky »

kamaal wrote: post #301
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…

>>Congrats to the people who held through thick and thin, I speculate (my own opinion) that we will likely not see 80% drawdowns anymore due to all the institutional money that flew in, just “standard” 40-50% dips. Fantastic to witness, an asset class out of thin air. There was some person who invested $30 everyday in BTC since 2017, and has $1 million right now. The tweet had gone viral on Twitter. BTC bull/bear cyc…

> There was some person who invested

"Invested" is a generous way to put it.

https://www.investopedia.com/articles/basics/09/compare-inve...

Re: Bitcoin is over $100k

#324

Post by georgyserga »

lmm wrote: post #31
echelon wrote: post #5

Earlier quoted context omitted.

How? And why isn't that being shorted? Any prediction of when this will come crashing back down?

> How? People say Bitcoin is worth $100k but what they actually mean is it's worth 100,000 "USDT", because that's the thing you can actually exchange for it. Are those 100,000 "USDT" worth $100k? Well, maybe. Tether claims every USDT is backed by a US dollar. It just can't tell you where they are or let you audit them. But they're there. Honest. > And why isn't that being shorted? How would you short it? Especially g…

Could you please elaborate on the "actually mean" part? Why do you think it is tied to usdt? Maybe a source link? Thank you!

Re: Bitcoin is over $100k

#325

Post by thrance »

robjan wrote: post #292
tobyhinloopen wrote: post #234

Earlier quoted context omitted.

The price goes up (or down) because someone bought a stock at that price... For every buy, there's one sell. For every win, there's a loss.

A transaction is zero sum, the market is net positive. For the market to be zero sum, the market cap would have to be constant. If I buy something from someone for $1 then sell it to you for $2, I gained a dollar and you own a share that's worth $2.

I would have to agree beforehand that the share is worth $2, or else I wouldn't have bought it from you at that price. Somehow the share was already $2 before you sold it to me, but you got it for $1, how come? Your example is nonsensical.

Re: Bitcoin is over $100k

#326

Post by tim333 »

prng2021 wrote: post #113

$1k, $10k, $100k. Watching this nonsensical hype at every stage left me in disbelief. Funny thing is after all these years I’m finally realizing there’s no reason whatsoever why it couldn’t hit $1M, $1B, or go back to $1. Anytime we see a dollar symbol we assume something has value like a traditional asset, tied to tangible or measurable things like material costs, a company’s quarterly earnings, etc. But cryptocurre…

>no reason whatsoever why it couldn’t hit $1M, $1B, or go back to $1

Not entirely true. The value is driven by number of people invested x average amount they have invested. Most of the historic increase has been as the number of people involved increased. Currently that's probably in the 100 - 200 million people range. It could 10x from here to $1M per bitcoin but is unlikely to go to $1B or $1.

Re: Bitcoin is over $100k

#327

Post by tim333 »

Trasmatta wrote: post #83
pm2222 wrote: post #51

Sounds like btc is good for large amount of transfer as relatively low cost but not really ready for day to day expenses like gas/grocery. Yes?

People gave up on using BTC as an actual currency long ago. It's solely an investment vehicle now.

I used it as actual currency not long ago to buy phone credit on Silent Link via the lightning network. So it is possible if quite a niche use case. Silent Link is quite cool by the way - they have an esim that works with almost every network on the planet and the credit doesn't expire.

Re: Bitcoin is over $100k

#328

Post by myffical »

deanmoriarty wrote: post #319
JohnTHaller wrote: post #310

Earlier quoted context omitted.

Nearly half of folks in the US have no way of paying an unexpected $1,000 expense. $100,000 isn't inconsequential to the majority of the world.

Is this true? The few net worth government statistics I can find from a quick google search point at median net worth, excluding house equity, to be significantly higher than $1k, so I wonder what I am missing. Is the implication that a person with $100k in their 401k still cannot cash flow $1k in an emergency? Totally happy to be educated. Would love to see some data, as anecdotally, living in the Bay Area, I cannot…

https://www.federalreserve.gov/publications/2024-economic-we...

> When faced with a hypothetical expense of $400, 63 percent of all adults in 2023 said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement [...] 37 percent of adults [...] would not have covered a $400 expense completely with cash or its equivalent

Re: Bitcoin is over $100k

#329

Post by deanmoriarty »

myffical wrote: post #328
deanmoriarty wrote: post #319

Earlier quoted context omitted.

Is this true? The few net worth government statistics I can find from a quick google search point at median net worth, excluding house equity, to be significantly higher than $1k, so I wonder what I am missing. Is the implication that a person with $100k in their 401k still cannot cash flow $1k in an emergency? Totally happy to be educated. Would love to see some data, as anecdotally, living in the Bay Area, I cannot…

https://www.federalreserve.gov/publications/2024-economic-we... > When faced with a hypothetical expense of $400, 63 percent of all adults in 2023 said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement [...] 37 percent of adults [...] would not have covered a $400 expense completely with cash or its equivalent

Thanks, very helpful! I am still puzzled how this data reconciles with the median net worth figures that are also produced by the federal government (too lazy to google again).

Re: Bitcoin is over $100k

#330

Post by prng2021 »

tim333 wrote: post #326
prng2021 wrote: post #113

$1k, $10k, $100k. Watching this nonsensical hype at every stage left me in disbelief. Funny thing is after all these years I’m finally realizing there’s no reason whatsoever why it couldn’t hit $1M, $1B, or go back to $1. Anytime we see a dollar symbol we assume something has value like a traditional asset, tied to tangible or measurable things like material costs, a company’s quarterly earnings, etc. But cryptocurre…

>no reason whatsoever why it couldn’t hit $1M, $1B, or go back to $1 Not entirely true. The value is driven by number of people invested x average amount they have invested. Most of the historic increase has been as the number of people involved increased. Currently that's probably in the 100 - 200 million people range. It could 10x from here to $1M per bitcoin but is unlikely to go to $1B or $1.

What do you think the number of people and average amount they have invested is based on? I’m saying it’s based purely on emotion and speculation. It could be a sunny day so people feel good and put more money into Bitcoin. That’s quite different from egg prices skyrocketing after chickens get bird flu or stock price skyrocketing after an amazing earnings report or the dollar skyrocketing because of a fast growing economy.
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