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Bitcoin has made a new all-time high price

coinbase.com

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Re: Bitcoin has made a new all-time high price

#61

Post by ldoughty »

Looks like it was ~65k in November of 2021, and at near the current value (~74k) earlier this year.

On a >4 year scale, yes, it's slowly going up, but keep in mind that if you bought at the 65k peak of November 2021, it took 2 1/2 more years to get back to that value.

When Bitcoin hit 20k for the first time, it took another 3 years to get back to that value after it crashed 70% in the months following the 20k peak.

I'm only suggesting that you think before purchasing on a peak. It certainly could keep going up, especially if it becomes deregulated in the US and more people can easily invest and more businesses can legally manipulate buyers.

Re: Bitcoin has made a new all-time high price

#62

Post by sfmz »

eterpstra wrote: post #17
firekvz wrote: post #13

how you guys interpretate all this price swings with barely no trade volumen increase? i think the whole crypto narrative it's slowly dying, okay its ATH now, but yeah, we still got this huge elephant in the room called tether and well u know

I don't know. What's going to happen with Tether?

I expect they will continue to get obscenely wealthy off interest payments on their US Treasuries; Others have forecasted for many years that they will collapse to zero.

https://www.investopedia.com/stablecoin-issuer-tether-report...

Re: Bitcoin has made a new all-time high price

#63

Post by [deleted] »

dartos wrote: post #50
anonym29 wrote: post #7

Earlier quoted context omitted.

I did not downvote you, but I want to respond to your question instead of taking the approach of weaponizing hn votes to simply suppress perspectives I disagree with, and I'd encourage my pro-crypto friends to do the same. We have to treat dissenters and critics with the same open-minded, good-faith, respectful dialogue we want them to offer us. I don't mean to suggest I'm not a biased partisan, but I will be a good-…

(I use bitcoin and crypto pretty interchangeably) > Bitcoin is a truly decentralized, voluntarist system Doesn’t 1 pool account for more than 50% of the bitcoin netwoek? It’s theoretically decentralized, but in truth, you can only meaningfully contribute to the network (and have a real chance of mining a block) if you are already wealthy enough to buy the hardware. The issue, imo, with your stance is that it’s all ro…

[deleted]

Re: Bitcoin has made a new all-time high price

#64

Post by MuffinFlavored »

yzdbgd wrote: post #33
exitb wrote: post #11

So I suppose people must use it all the time to buy goods and services. Right?

Stablecoins are much better for payments, no one would use BTC for goods and services with the transaction fee and the confirmation time being so bad. https://www.coinbase.com/institutional/research-insights/res... TL;DR from the article : Stablecoins settled $10.8T worth of transactions in 2023 of which $2.3T were related to organic activities including payments and cross-border remittances, among others Today’s pay…

> Stablecoins are much better for payments

Stablecoins on what 'network/coin/layer/chain'?

Stablecoins on top of ETH? On top of SOL? On top of ETH BASE? On top of ETH Arbitrum/Optimism? Binance Smart Chain? Tron? Polygon?

Re: Bitcoin has made a new all-time high price

#65

Post by fallingsquirrel »

Hammad_khaan wrote: post #36

A person mentioned that Bitcoin is heavily used for money laundering and similar activities. How authentic is this, and does it affect rates, like what's happening right now?

https://mitsloan.mit.edu/sites/default/files/2022-06/Bitcoin...

> illegal transactions, scams and gambling together make up less than 3% of volume.

Re: Bitcoin has made a new all-time high price

#66

Post by kmeisthax »

mdgrech23 wrote: post #40
exitb wrote: post #11

So I suppose people must use it all the time to buy goods and services. Right?

this isn't why people buy Bitcoin. they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets. It's the equivalent of gold, that is people turn to it when they think shit may hit the fan but it doesn't have the downsides of physically holding gold.

No, people buy Bitcoin because line go up.

Re: Bitcoin has made a new all-time high price

#67

Post by mianosm »

delichon wrote: post #27
colesantiago wrote: post #8

Soon this will all collapse, reaching all time highs isn't a good thing. Pyramid scheme at best, ponzi scheme at worst. I still don't know any use case for this other than speculation and people aren't even using it in the real world.

The real use case is self defense against the arbitrary devaluation of fiat currency. As wildly imperfect as crypto is at that task, it's the best we have in a fungible, digital form. So pessimistic investors flee to it. The worst case for a crypto investor is for the dollar to be restored to a stable store of value. To outcompete crypto, just whip inflation.

How well do investors understand the underlying network of computers required to maintain the public ledger and the trust and integrity of the digital currency, though?

Until nation-states fund and invest in the infrastructure, finding your confidence in cryptocurrency with little to no regulation is a massive risk.

Re: Bitcoin has made a new all-time high price

#68

Post by chx »

anonym29 wrote: post #7
EGreg wrote: post #5

Earlier quoted context omitted.

I thought Bitcoin and crypto is just fools gold, why get involved with blockchains and worst of all, proof of work?

I did not downvote you, but I want to respond to your question instead of taking the approach of weaponizing hn votes to simply suppress perspectives I disagree with, and I'd encourage my pro-crypto friends to do the same. We have to treat dissenters and critics with the same open-minded, good-faith, respectful dialogue we want them to offer us. I don't mean to suggest I'm not a biased partisan, but I will be a good-…

All you posted are smoke and mirrors.

What it actually is a negative sum game and all such are inherently scams.

The only disagreement is about whether the differences to a Ponzi is insignificant or are significant and we have a new kind of scam, a "Nakamoto scheme".

It is in the interest of those who bought in to praise the game because the only way they can profit is by praising it and passing their loss to a greater fool.

And no, gold and stocks are not such. Gold has buyers who create value added products (electronics, jewelry and so forth) and stocks can create dividends. None of that happens for any crypto with transaction fees.

Re: Bitcoin has made a new all-time high price

#69

Post by kerbs »

MuffinFlavored wrote: post #52
TkTech wrote: post #18

Earlier quoted context omitted.

Speculators buying from speculators and hoping today isn't the day the hot potato explodes.

How long has this been the case for gold roughly? Since the 1970s?

Gold is used to make things.

You can argue what its value should be as a material alone, but it’s not entirely speculation.

Re: Bitcoin has made a new all-time high price

#70

Post by jonahbenton »

colesantiago wrote: post #8

Soon this will all collapse, reaching all time highs isn't a good thing. Pyramid scheme at best, ponzi scheme at worst. I still don't know any use case for this other than speculation and people aren't even using it in the real world.

In all seriousness, recommend reading Broken Money by Lyn Alden. There are parts that go off the rails but the narrative about money-as-technology is solid and is very helpful for mental model purposes. There are ponzi schemes everywhere but the view that money is a societal technology, and BTC as a specific and "optimal" instance of that technology- for very precise definitions of optimal of course- is worth understanding, as the domain itself is very likely to grow under a Trump regime in the US, for better and worse. Cheers.
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