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Bitcoin value surges past $30k

bbc.co.uk

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Re: Bitcoin value surges past $30k

#61

Post by jbob2000 »

ipnon wrote: post #53
jbob2000 wrote: post #40

Earlier quoted context omitted.

The only use-case for crypto is that it fills in the gaps in demand that the global banking system creates. There are a lot of people who are left out or kicked out of the banking system, but they still need financial services, so the demand remains. e.g. An IPO is too expensive, so a company pursues an ICO. Or a family in Venezuela needs money so they receive bitcoin. Or college kids wants to buy LSD so he sends the…

I think the drug and pedophile examples are in poor taste because, unfortunately, people have been purchasing both illicitly long before the introduction of cryptocurrency. All money is amoral. It changes hands without judgement.

Money is just paper. It’s the system behind it that gives it meaning. The banking system is not amoral, it does not want you to use its money for illegal activities.

Cryptocurrency has no morals, the system behind the money is all machine. You don’t sign an agreement that says you won’t break laws when you create a Bitcoin wallet, for example, but this is something that happens when open a bank account.

Re: Bitcoin value surges past $30k

#62

Post by apta_ »

pjkundert wrote: post #4

I wonder what will happen the next time we have a prolonged global network outage (ie. days, weeks). The next time we have a major kinetic conflict, for example... Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears. I think most people will be surprised that…

> This is something; just not "money".

It's a store of value. From what I gather, people are using it to protect their money against inflation.

Re: Bitcoin value surges past $30k

#63

Post by apta_ »

bhaak wrote: post #20

Price action is boring. I'd rather see usecases for cryptocurrencies linked here, not the same article every time Bitcoin surges above an arbitrary number.

Store of value to protect against inflation is a huge value proposition. Of course, it's still volatile now.

Re: Bitcoin value surges past $30k

#64

Post by alwillis »

pjkundert wrote: post #4

I wonder what will happen the next time we have a prolonged global network outage (ie. days, weeks). The next time we have a major kinetic conflict, for example... Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears. I think most people will be surprised that…

That's probably not going to happen; we have satellites broadcasting the bitcoin blockchain: https://blockstream.com/satellite/

Re: Bitcoin value surges past $30k

#65

Post by alwillis »

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?

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?

I doubt money from MicroStrategy, Mass Mutual, Square, hedge funds and other corporate treasuries are due to FOMO…

Re: Bitcoin value surges past $30k

#66

Post by wmf »

DougN7 wrote: post #57
aent wrote: post #43

Earlier quoted context omitted.

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.

I don’t understand how they can do that? Who trades with them for fake money? Edit: Just because I say I have a billion dollars doesn’t mean someone will trade a billion dollars worth of anything with me, so who does with Tether?

People who aren't allowed to use real money because no bank will touch them are using Tether.

Re: Bitcoin value surges past $30k

#67

Post by Triv888 »

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?

Maybe people don't want to leave all their savings in USD because with all the stimulus money, there will be some inflation?

Re: Bitcoin value surges past $30k

#69

Post by alwillis »

smusamashah wrote: post #13

I took out the money on loss which was stuck in from last 3 years. Better have something than nothing. Idea of trading is only worth doing if done as a full time job. As a currency, I don't want to use a currency which goes up and down like all these.

Bitcoin is a lot less volatile than you think: https://www.etftrends.com/alternatives-channel/bitcoins-vola...

“In our current volatility research, we compared the 90 day and year to date volatility—as measured by their daily standard deviation as of November 13, 2020—of bitcoin against the constituents of the S&P 500 Index. We found that bitcoin has exhibited lower volatility than 112 stocks of the S&P 500 in a 90 day period and 145 stocks YTD.”

Re: Bitcoin value surges past $30k

#70

Post by ipnon »

jbob2000 wrote: post #61
ipnon wrote: post #53

Earlier quoted context omitted.

I think the drug and pedophile examples are in poor taste because, unfortunately, people have been purchasing both illicitly long before the introduction of cryptocurrency. All money is amoral. It changes hands without judgement.

Money is just paper. It’s the system behind it that gives it meaning. The banking system is not amoral, it does not want you to use its money for illegal activities. Cryptocurrency has no morals, the system behind the money is all machine. You don’t sign an agreement that says you won’t break laws when you create a Bitcoin wallet, for example, but this is something that happens when open a bank account.

Good point. But money does not equal finance nor banking, it's just the medium in which they operate. Signup for a cryptocurrency exchange and you will need to sign a similar document to your bank's, where you agree to provide your real identity and are informed as to the legal limits of the cryptocurrency you can purchase. To me, buying something illegal with a bitcoin you bought on a legal exchange, is no different than buying something illegal with a hundred dollar bill your withdrew from your bank account.

Money doesn't commit crimes, people do.

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