What I Think of Bitcoin • Hacker News Board

Re: What I Think of Bitcoin

#41

Post by itsoktocry » Thu, Feb 11, 2021, 3:30 PM UTC

lalaland1125 wrote: post #24

This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…

>Ray doesn't really seem to be aware of the true risk of the Tether scam

Every day that goes by it's becoming more clear that Dalio's "genius" was nothing more than a product of being in the right-place-right-time of an extraordinary 20+ year bond run and Chinese money connections.

Re: What I Think of Bitcoin

#42

Post by dandanua » Thu, Feb 11, 2021, 3:30 PM UTC

I think it's time to put Bitcoin on the ignore list.

You will never learn anything new about it, only the same stories:

1. It's a disastrous waste of energy resources.

2. HODLers like to compare it with gold and use it as a store of value. Because of this, they will constantly make a noise about it to raise its price.

3. No one will ever use it as an ordinary currency to buy simple things. Oh, you could buy Tesla with it, but you won't do that, because bitcoin holders think it will only grow.

Re: What I Think of Bitcoin

#43

Post by itsoktocry » Thu, Feb 11, 2021, 3:31 PM UTC

choxi wrote: post #40

thebean11 wrote: post #30

Earlier quoted context omitted.

Ray isn't the only one, the market is pricing in zero risk of tether collapsing. It trades at no discount to real dollars, anybody with a Coinbase account could convert pretty high volumes of tether to real dollars. I really have no idea why, it seems sketchy.

It looks like Coinbase doesn't support Tether: https://www.coinbase.com/price/tether

Tether drives the price of Bitcoin (and other cryptocurrencies), which they do support.

Re: What I Think of Bitcoin

#44

Post by lalaland1125 » Thu, Feb 11, 2021, 3:32 PM UTC

thesausageking wrote: post #34

lalaland1125 wrote: post #24

This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…

Tether FUD always returns when there's an influx of a lot newcomers to Bitcoin. It's been debunked over and over. Here's one by Nic Carter that explains why these "takedowns" are completely wrong: https://medium.com/@nic__carter/assessing-bitcoins-liquidity...

That doesn't deal with the fake $500 million per day that is being pushed in by Tether. That money has to be artificially inflating the price of Bitcoin. Unless you actually think $500 million per day of real dollars are being acquired by Tether, a company that has never been audited and is under investigation, when there are many legitimate stable coin alternatives such as USDC? You would have to assume that there is both a $500 million per day whale buying Bitcoin and that whale is unable to use more legal means.

Re: What I Think of Bitcoin

#45

Post by thebean11 » Thu, Feb 11, 2021, 3:32 PM UTC

choxi wrote: post #40

thebean11 wrote: post #30

Earlier quoted context omitted.

Ray isn't the only one, the market is pricing in zero risk of tether collapsing. It trades at no discount to real dollars, anybody with a Coinbase account could convert pretty high volumes of tether to real dollars. I really have no idea why, it seems sketchy.

It looks like Coinbase doesn't support Tether: https://www.coinbase.com/price/tether

Should have specified, you'd need to convert tether to bitcoin on a different exchange, then sell the bitcoin on Coinbase (or any other real-dollar exchange).

The point is that 1 dollar buys the exact same amount of bitcoin as 1 tether.

Re: What I Think of Bitcoin

#46

Post by dpoochieni » Thu, Feb 11, 2021, 3:32 PM UTC

loceng wrote: post #12

learnstats2 wrote: post #6

Here Ray Dalio says he views Bitcoin as a gold-like asset. This is the first time I have felt that Bitcoin has some value: as a commodity that wealthy people put their wealth into when they have nothing better to do with it. People are not buying gold because they ever plan to use the gold.

The only, and it is a major problem with unavoidable pitfalls that shouldn't - can't be in our systems - is that Bitcoin is an MLM scheme and thus it is aligning people through financial gain, creating a religion of "HODLers" who are already a mob of varying levels of self-control and critical thinking. And as Dalio says, those who speak a counter-narrative to Bitcoin are rightfully "a few scared souls cowering in a…

Yeah just like owners of real estate are "hodlers" right? Keep pooring it on

Re: What I Think of Bitcoin

#47

Post by sergiotapia » Thu, Feb 11, 2021, 3:32 PM UTC

herodotus wrote: post #37

I could not read this article because first I had to agree to this: "I am entering this website only to obtain general information regarding Bridgewater Associates, LP and not for any other purpose." but that was not at all why I was trying to enter the website. So I will probably never know what Ray Dalio thinks of Bitcoin.

Are you a robot?

Re: What I Think of Bitcoin

#48

Post by HashBasher » Thu, Feb 11, 2021, 3:33 PM UTC

bitxbitxbitcoin wrote: post #39

Synaesthesia wrote: post #35

I don’t get how Bitcoin can become a viable currency or store of value in the future. It’s almost exclusively owned by a small group of individuals. Are we gonna accept that level of centralisation? Of course not.

Do you think that centralization of Bitcoin is worse than centralization of USD?

Or gold, or stocks, or real estate or anything that can be used as a store of value today.

Re: What I Think of Bitcoin

#49

Post by itsoktocry » Thu, Feb 11, 2021, 3:33 PM UTC

thesausageking wrote: post #34

lalaland1125 wrote: post #24

This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…

Tether FUD always returns when there's an influx of a lot newcomers to Bitcoin. It's been debunked over and over. Here's one by Nic Carter that explains why these "takedowns" are completely wrong: https://medium.com/@nic__carter/assessing-bitcoins-liquidity...

>Tether FUD

What's the opposite of FUD, when people with a massive financial stake in something do nothing but tell everyone everything is great all the time, and never acknowledge any issues?

Re: What I Think of Bitcoin

#50

Post by andrepd » Thu, Feb 11, 2021, 3:33 PM UTC

lalaland1125 wrote: post #24

This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…

Excuse me, how is this different from banks, which have money to cover ~1% of their deposit liabilities?

Scratch that, US and UK banks, for example, now have 0% reserve requirements.