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Bitcoin surpasses $50K as major companies jump into crypto

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Re: Bitcoin surpasses $50K as major companies jump into crypto

#341

Post by [deleted] »

PragmaticPulp wrote: post #217
dheera wrote: post #198

Earlier quoted context omitted.

> Elon Musk went on Twitter and called Bitcoin "BS" to drive the price down so they could buy at a discount. They then announced their Bitcoin purchase with fanfare that drove the price up, marking a quick return on their investment. They used Elon's influence to make a quick profit on the frenzy. I don't see an inherent problem with this. People who were too gullible to believe influencer crap and caused bitcoin's p…

> I don't see an inherent problem with this. People who were too gullible to believe influencer crap and caused bitcoin's price to go down by panic selling are now gone from the market, and the believers stayed in and made money. That's a good thing, and weeds out gullible people from the system. So when the price goes down due to influencers, people are dumb for selling. But when the price goes up due to the very sa…

[deleted]

Re: Bitcoin surpasses $50K as major companies jump into crypto

#342

Post by soared »

kerng wrote: post #336

Bitcoin has been around for a while now and it has been down talked quite a bit on HN whenever it comes up. It now has a larger market cap as Facebook - so the market sees more value in Bitcoin than Facebook. The sentiment on HN seem still be mostly against it whenever it comes up. I wonder why that is? I'd imagine 10 years from now Bitcoin will still be around and likely much larger than today - I'm less positive ab…

Uneducated hot take: Bitcoin is facebook.

For anything you want to do with btc|fb, there is something else that does it better. But not enough people use those other things, they aren't trustworthy, they're more difficult to use, too fragmented, I already use x why would I use y, nobody knows about them, etc.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#343

Post by giantandroids »

kerng wrote: post #336

Bitcoin has been around for a while now and it has been down talked quite a bit on HN whenever it comes up. It now has a larger market cap as Facebook - so the market sees more value in Bitcoin than Facebook. The sentiment on HN seem still be mostly against it whenever it comes up. I wonder why that is? I'd imagine 10 years from now Bitcoin will still be around and likely much larger than today - I'm less positive ab…

There are often arguments (with merit) over Bitcoins wasteful use of energy, but I expect a lot of it is from hindight of 'why the hell did I not buy some'.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#344

Post by benibela »

ori_b wrote: post #235
trident5000 wrote: post #191

Earlier quoted context omitted.

Gold is short term volatile as well. Long term average is all that matters to be an effective value store. Its like a more volatile gold right now through price discovery.

Gold is also a poor place to put your money. The long term average is both volatile and underperforms most indexes. https://www.macrotrends.net/1333/historical-gold-prices-100-...

Perhaps that means gold is now cheaper than the index and thus will perform better than the index?

Germany has weird taxes. There there is a 25% tax on stock market returns. But no tax on gold sales. Nor on Bitcoin sales. Although silver is taxed.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#345

Post by whywhywhywhy »

azinman2 wrote: post #120

So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard). We know transactions are slow and expensive, so it’s not a good replacement for ordinary commerce. It can be used to transfer across borders, but there often is asymmetry in capital movement that makes this difficult in the places you need it most (poor countries with r…

>So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard).

Honestly what more do most people have? You could work your entire life but even all the earnings and scrimping and saving isn't even be a tiny fraction to what you would have if you had been the one to fulfil the order for the bitcoin pizza and just held.

Think a lot of people misunderstand just how hopeless the world is for most people.

GME and Doge are just the start, get used to hearing people are sinking their entire savings into far flung gambles multiple times a year from here on out. Especially in a post pandemic world where people are been completely downtrodden to their limit. Property is so exorbitant, pay is so low we're now entering a world where just gambling seems the smarter option than living within your means because anyone who has tried that can tell you it gets you nowhere. Pay just hasn't increased enough in line with property and your dollars are worth less and less every day.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#346

Post by tylerhou »

hanniabu wrote: post #334
tylerhou wrote: post #252

Earlier quoted context omitted.

Econ 101: the value of ordinary goods are determined both by supply and demand. Bitcoin-fanatic-USD-bears claim that Bitcoin is a good store of value because it has constrained supply. But they miss the demand side of the equation. Similarly, they claim that the USD is a bad source of value because it has "unlimited" supply. That also misses the demand side. The demand for USD is robust because people need USD to pay…

You didn't answer the question. In a situation where both have equal demand, how does unconstrained supply make it a better store of value?

Your question is not very meaningful/vacuously true for two reasons.

1. The premise is false. Bitcoin does not have the same demand as the USD.

2. The whole point of my original comment is that value is a result of demand. So your question is circular.

"If Bitcoin had equal demand to the USD, then it would be a better store of value" is as logical a statement as "if my grandmother had wheels, she would be a wagon, if you define a wagon as anything that has wheels."

Re: Bitcoin surpasses $50K as major companies jump into crypto

#347

Post by xwolfi »

MarkPNeyer wrote: post #269
azinman2 wrote: post #120

So it sounds like lemming group think. It seems like someone one should hold “just in case,” but no real valid reason to do so yet (that I’ve heard). We know transactions are slow and expensive, so it’s not a good replacement for ordinary commerce. It can be used to transfer across borders, but there often is asymmetry in capital movement that makes this difficult in the places you need it most (poor countries with r…

> but no real valid reason to do so yet (that I’ve heard). I hold because i expect us to continue approaching the game-theoretic attractor. I've held for years and will keep holding. Every year, i see more and more people coming around to my perspective. How many years can you watch the price keep going up before you'll eventually consider that you might be missing something? > We know transactions are slow and expen…

How many years can I watch you scam people with get rich quick arguments "invest now, it can only go up"? Forever.

Make your money the way you want, but I wont participate in something I have no chance to control.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#348

Post by Consultant32452 »

ori_b wrote: post #311
trident5000 wrote: post #270

Earlier quoted context omitted.

Gold is not in price discovery because its been around for so long and already had its ETF moment (which is why its stagnated since that massive run). But gold has always performed cyclically. Long term (very long term) its done quite well. Not my cup of tea but it had its place. Going forward I expect btc will disrupt it and flip its value (JPM making the same call).

Over the last 100 years, you'd have done significantly better by putting your money into an index fund -- and had less volatility. As far as I can tell, gold is just a lousy place to keep your money. What kind of long term are you talking about?

My impression is gold is largely seen as a low risk inflation hedge rather than a growth investment. A better comparison would be a savings account or maybe municipal bonds.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#349

Post by osrec »

kerng wrote: post #336

Bitcoin has been around for a while now and it has been down talked quite a bit on HN whenever it comes up. It now has a larger market cap as Facebook - so the market sees more value in Bitcoin than Facebook. The sentiment on HN seem still be mostly against it whenever it comes up. I wonder why that is? I'd imagine 10 years from now Bitcoin will still be around and likely much larger than today - I'm less positive ab…

The question is why is BTC getting so much interest, when it serves little real purpose to most people.

Facebook on the other hand, is deeply entrenched in half the world's daily entertainment routine.

I understand the hype around BTC, but I don't know if it'll all come crumbling down if a few big fish get irked and decide to liquidate.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#350

Post by Imnimo »

trident5000 wrote: post #292
incrudible wrote: post #277

Earlier quoted context omitted.

> One other thing - you cant even move BTC in or out of Robinhood. Robinhood for crypto is a complete scam right now. If you buy an option for a barrel of oil, Robinhood doesn't even deliver it to you. Same for wheat and gold. What a scam! In all seriousness, if you want to speculate on the price of Bitcoin, Robinhood may be better than using some of these more sketchy exchanges that offer decent amounts of leverage.…

"though that'll probably land you on some FBI watch list." I have no idea why you would think this.

In a way, putting your transactions on a public ledger is like voluntarily adding yourself to a watch list. The government (and everyone else) can then come and inspect your financial history at their leisure in the future.
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