Bitcoin value surges past $30k • Hacker News Board

Re: Bitcoin value surges past $30k

#41

Post by curryst » Sat, Jan 02, 2021, 4:59 PM UTC

BenoitP wrote: post #39

pjkundert wrote: post #35

Earlier quoted context omitted.

Denial of your opponent’s access to the battlefield is “table stakes” in the next war. I assure you — all terrestrial and major satellite up/downlinks will cease within minutes of the next major conflict starting.

Well, in case of a global thermonuclear war I think we'll have bigger problems than some transactions being reversed.

You don't have to work nearly that hard to cut off internet access to many countries. Satellites are relatively easy to destroy if you're willing to ignore the debris it creates.

Undersea cables are easy to cut. Land based lines are easy to cut. Unless the locations of these cables are well hidden (which I don't believe they generally are), you could easily severe all of a country's internet connections in a couple of days.

Re: Bitcoin value surges past $30k

#42

Post by aent » Sat, Jan 02, 2021, 5:08 PM UTC

dralley wrote: post #6

Is there any conceivable good reason for the value to have tripled in 3 months, or is this a cycle of FOMO hysteria just like last time?

There's a direct correlation in the last 3 months between billions of printed tether and btc price. In the last few months they printed 11 billion fake dollars. Click "3 months" here and look at the charts of tether market cap (how much they print) vs Price (BTC), it's an exact correlation:

https://coinmarketcap.com/currencies/tether/

Re: Bitcoin value surges past $30k

#43

Post by aent » Sat, Jan 02, 2021, 5:16 PM UTC

pavlov wrote: post #24

Tether has printed almost two billion fake dollars in the past month. Surely a coincidence.

Over 17 billion total last year. A shady company with no proof of actually holding any funds and real proof that they were kicked out of all the banks they tried to use, a court case against them and a text on their own website that says that they are not backed by USD but "some other assets" prints 21 billion fake dollars and everyone is ok with that.

Re: Bitcoin value surges past $30k

#44

Post by pavlov » Sat, Jan 02, 2021, 5:29 PM UTC

icedchai wrote: post #38

pavlov wrote: post #37

Earlier quoted context omitted.

Purely speculative stocks are traditionally called penny stocks, and brokers go out of their way to advice you against investing in them. The same caveats should apply to Bitcoin.

My point is that it is not black-and-white. Stocks represent companies with real products and cash flows, but there is also a ton of speculative, bubble like behaviour on top of it. Take a look at a 1 year chart of something like TSLA or NIO and tell me that isn't true.

Buying a share of Tesla gives you equity in the efforts of thousands of smart people, accumulated intellectual property, factories, sales and marketing organizations etc. The shareholder probably expects the generated cash flow to be channeled by Tesla into creating something new, thus expanding the scope of what a share of TSLA represents. Those expectations may be unrealistic, but there is actual growth and invention underlying the speculation.

Bitcoin doesn’t represent any such creative endeavor. It’s the very opposite: an artificial scarcity mindgame that burns fossil fuels to power useless random number generators. It’s a tragedy that intelligent people who could be doing something creative instead spend their energy on greedy speculation around such a dark project.

Re: Bitcoin value surges past $30k

#45

Post by pavlov » Sat, Jan 02, 2021, 5:36 PM UTC

aent wrote: post #43

pavlov wrote: post #24

Tether has printed almost two billion fake dollars in the past month. Surely a coincidence.

Over 17 billion total last year. A shady company with no proof of actually holding any funds and real proof that they were kicked out of all the banks they tried to use, a court case against them and a text on their own website that says that they are not backed by USD but "some other assets" prints 21 billion fake dollars and everyone is ok with that.

The whataboutism is stunning. The cryptocurrency community doesn’t seem to mind a giant scam at the heart of Bitcoin if you just mutter something about banks and Fed and QE. “Surely real money is much worse, now let’s enjoy the pump”

Re: Bitcoin value surges past $30k

#46

Post by FatalLogic » Sat, Jan 02, 2021, 5:37 PM UTC

pavlov wrote: post #24

Tether has printed almost two billion fake dollars in the past month. Surely a coincidence.

>Tether has printed almost two billion fake dollars in the past month. Surely a coincidence.

I agree that Tether itself is a risky proposition - in my opinion. I wouldn't buy it.

But prove what you said about 'fake dollars'. And then prove the connection to the Bitcoin price rise that you implied by 'a coincidence'.

I don't believe you can prove this. Because if you could prove it, you would have already done so.

Edit: And I would hope we could correct the title of this post. It's not truly about 'Bitcoin value surges past $30K', it is about 'Bitcoin price passed $30K'

Re: Bitcoin value surges past $30k

#47

Post by pavlov » Sat, Jan 02, 2021, 5:43 PM UTC

FatalLogic wrote: post #46

pavlov wrote: post #24

Tether has printed almost two billion fake dollars in the past month. Surely a coincidence.

>Tether has printed almost two billion fake dollars in the past month. Surely a coincidence. I agree that Tether itself is a risky proposition - in my opinion. I wouldn't buy it. But prove what you said about 'fake dollars'. And then prove the connection to the Bitcoin price rise that you implied by 'a coincidence'. I don't believe you can prove this. Because if you could prove it, you would have already done so. Edi…

Do I have the power to subpoena these people? I don’t.

The SEC has been working on Tether’s case for a while, though. Recall what happened to Ripple last month when the SEC reached a conclusion on their activities.

Re: Bitcoin value surges past $30k

#48

Post by FatalLogic » Sat, Jan 02, 2021, 5:50 PM UTC

pavlov wrote: post #47

FatalLogic wrote: post #46

Earlier quoted context omitted.

>Tether has printed almost two billion fake dollars in the past month. Surely a coincidence. I agree that Tether itself is a risky proposition - in my opinion. I wouldn't buy it. But prove what you said about 'fake dollars'. And then prove the connection to the Bitcoin price rise that you implied by 'a coincidence'. I don't believe you can prove this. Because if you could prove it, you would have already done so. Edi…

Do I have the power to subpoena these people? I don’t. The SEC has been working on Tether’s case for a while, though. Recall what happened to Ripple last month when the SEC reached a conclusion on their activities.

>Recall what happened to Ripple last month when the SEC reached a conclusion on their activities.

Yes, Tether seems to be in all sorts of legal trouble, especially in the US, but it is COMPLETELY different from XRP. Why would you even mention XRP/Ripple here? XRP has always been trying super hard to comply with the rules and cooperate with banks and etcetera, though I think it is probably really a kind of scam, IMHO.

But Tether and Bitfinex are always lurking in some kind of dark international space where the law is not clear, they are not like XRP. I hope you can see that, yes?

Edit: What you're stating as fact is actually only your own opinion, and that has become even clearer when the only evidence you could offer to prove your case against Tether is not even about Tether, but about a totally different organization: XRP/Ripple. So it might be better if you did not comment at this time, because you seem to have no interesting facts to offer us, only your opinions

[I mean that this has little to do with the XRP/Ripple situation]

Re: Bitcoin value surges past $30k

#49

Post by diroussel » Sat, Jan 02, 2021, 6:01 PM UTC

breitling wrote: post #17

When i read news like this, I think of the guy who bought a pizza for 10,000 Bitcoin in the early days. Hope he had thousands of more bitcoins for himself.

Just think, if he didn't buy that pizza. It might not have acheived it's current price.

If no one bought any physical goods back then, then it may not have caught peoples attention, and may not have taken off.

Re: Bitcoin value surges past $30k

#50

Post by Ancapistani » Sat, Jan 02, 2021, 6:02 PM UTC

curryst wrote: post #41

BenoitP wrote: post #39

Earlier quoted context omitted.

Well, in case of a global thermonuclear war I think we'll have bigger problems than some transactions being reversed.

You don't have to work nearly that hard to cut off internet access to many countries. Satellites are relatively easy to destroy if you're willing to ignore the debris it creates. Undersea cables are easy to cut. Land based lines are easy to cut. Unless the locations of these cables are well hidden (which I don't believe they generally are), you could easily severe all of a country's internet connections in a couple o…

> Satellites are relatively easy to destroy if you're willing to ignore the debris it creates.

I agree, but someone here made a good point in the last thread about this: in a couple of years, they plan to have 42,000 StarLink satellites active. That’s a lot of very capable missiles.