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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

#641

Post by worker767424 »

kungito wrote: post #42
superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

What helps me sleep at night is that even had I entered all this time ago with BTC I would have exited 100 times by now. There have indeed been many 2x,3x,5x multipliers with BTC but there have been so many instances when it was unclear how everything is going to turn out which would personally prompt me to consider exiting with what I had. As my friend nicely put it: only way we could have gotten rich from BTC is ha…

I did a version of that a few years ago, but I basically turned $5 into $500 and cashed out. Guess I'd have $5,000 now. Still don't care.

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

#642

Post by worker767424 »

georgyo wrote: post #80
superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

A long long time ago, I mined 3650 coins on a single cpu in a month. Bitcoin was worthless at the time, and I thought the idea was interesting. After a month, I went back to folding at home. A little over a year later bitcoin hit a dollar and I sold it all. On one hand I made a few thousand from nothing. However if I held it I would have been a pretty rich right now. I truly believe that bitcoin is something that can…

> However if I held it I would have been a pretty rich right now.

Or you'd have lost the hard drive. Maybe you encrypted it, forgot the password, and spend your evenings typing iterations of your birthday, middle name, favorite song, and 69 while you watch Family Guy reruns. There are things worse than not being rich.

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

#643

Post by worker767424 »

IgorPartola wrote: post #65
superbcarrot wrote: post #28

Does anyone else feel like: - they've missed an opportunity to get rich with minimal effort from crypto - still have absolutely no interest in jumping in at this point?

Remember that pizza you bought in 2013? You could have invested that money into TSLA and it would be worth a heck of a lot more now. Opportunities like that exist today also. Does that make you not want to eat pizza? I bought BTC at $20. I sold at $1000. When I sold I had something like 1.95 BTC (had a bit of it stolen from poorly secured exchanges, lost some trying my hand at bot trading). Still happy with it becaus…

But what will TSLA be worth when Elon finally goes to prison for something?

There was buying his cousin's company, the bit with the SEC, selling not-a-flamethrowers. The guy he called "pedo guy" sued him but lost because apparently nothing Elon says is credible. There's a 20% chance he sees prison time by the end of the decade.

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

#644

Post by atweiden »

Wowfunhappy wrote: post #626
atweiden wrote: post #544

Earlier quoted context omitted.

> There are plenty of other stores of trust. You could buy index funds or government bonds or any number of other things, and the price will be less volatile than Bitcoin to boot The point is Bitcoin created a store of trust sans institutions, one which is capable of being transacted across the internet without trusted third parties.

Yes, but is the practical use of that ability worth destroying the planet for?

Do you remember the pictures from the early Covid lockdowns — of the Himalayas becoming visible in parts of India for the first time in decades? City streets deathly quiet everywhere. This is what actually saves the environment: less human economic activity.

Bitcoin contains the built-in incentive to keep you put in place, without engaging in any economic activity. It does so on a massive scale, without sickening people, voluntarily and by design.

Everyone likes to focus on Bitcoin’s cost to the environment, without considering the upsides of Bitcoin adoption, chief of which is a pronounced decline in consumerism.

Consider what would happen if we saw continuously falling asset prices, and dramatically lowered capital investment globally. Consider what would happen if government scrip became worthless, disallowing governments to fund war machines and large public works projects. Bitcoin throttles humanity. This is a big benefit to the planet’s natural ecosystems. Meanwhile the environmental damage Bitcoin can do is capped by the maximum productive output of humanity, which puts a ceiling on the value of one bitcoin.

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

#645

Post by otabdeveloper4 »

lph wrote: post #425
PragmaticPulp wrote: post #189

Earlier quoted context omitted.

The forefront of the Bitcoin frenzy isn't even on the blockchain, it's at the exchanges. Hardcore tech people and those who don't (or can't) trust institutions with their Bitcoin will pay the transaction fees to get their money out of exchanges and into their own wallet. The average retail investor, however, doesn't want to be their own bank. They just want in on the price action, while letting the exchange manage th…

> That said, Tesla's Bitcoin purchase does make a lot of sense ... They then announced their Bitcoin purchase with fanfare that drove the price up, marking a quick return on their investment. Tesla is a car manufacturer! It doesn't make any sense at all! At any company that made sense, a CEO would lose his job for gambling $1B of company money in a casino totally unrelated to the company's business interests.

> Tesla is a car manufacturer!

That's what you think.

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

#646

Post by _7fvc »

osrec wrote: post #208

I believe Bitcoin is the experimental precursor to proper distributed money. For some reason, even though BTC was meant to be "money", it is now being treated as an asset (at a basic level, an asset is something you hold onto, as it produces additional value, unlike money, which tends to devalue if not put to work). It's almost as if the next big idea in distributed money will be around disincentivising "asset" like…

I think the way to discourage hoarding behavior is inflation. Cryptocurrency follows similar models of scarcity like Bitcoin. Some cryptos have tail emission. None of them has any meaningful inflation.

I designed Bitflate. It's a cryptocurrency with 7% inflation. The rate is moderately high to make it the opposite of Bitcoin. But it's not too high to cause hyperinflation. Bitflate is a Bitcoin software fork. So there are possibilities to create hybrid cryptos that have inflation rates between 0 and 7%.

Check out my project: https://bitflate.org/.

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

#647

Post by Sinbe »

worker767424 wrote: post #638
totalZero wrote: post #440

Earlier quoted context omitted.

Market cap is a bad way to judge the real value of anything. If you were to sell 50% of all the bitcoin floating around in the world, how much would you impact the price? Would it remain above 40k? 30k? 20k? What's the cost basis of all the bitcoin holdings in the world? If the US government cracks down on bitcoin purchases by public companies, what happens to the price of bitcoin? Skeptics aren't skeptical because o…

Would you rather buy all the shares of Facebook for $1 or all the bitcoin?

Shares of Facebook for sure. Bitcoin's value is in the network effect, you can easily create a bitcoin clone but it's worth nothing if you are the only one hogging all the coins.

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

#648

Post by noch »

colecut wrote: post #263
PragmaticPulp wrote: post #213

Earlier quoted context omitted.

Bitcoin's constrained supply is almost a red herring at this point. The usual fallacy is when proponents claim that Bitcoin is the only asset able to escape inflation due to fiscal policy interventions. This couldn't be more false. The very definition of inflation is an increases in prices, or a decrease in buying power. However, investors have been buying assets and investments to avoid inflation long before Bitcoin…

"Bitcoin isn't a particularly good store of value because the price is driven purely by demand, which is currently in a state of market mania. It's not even the first market mania around Bitcoin. Past bubbles were also met with a "this time it's different" attitude before the inevitable sharp losses." This is true, but the bottom at which people value bitcoin continues to rise significantly over time. Yes there are c…

> The price continues to be volatile yet less and less risky and overall trending upwards.

Please stop telling nocoiners this arcane and forbidden knowledge! Instead, encourage them in their belief that Bitcoin is a scam, a collective delusion, a market mania, a bubble, based on nothing, wastes energy, will go to zero, and so forth.

When, in a decade, 1btc == usd1M, we'll all be grateful that such people stayed out of the market long enough to allow us to buy more bitcoin relatively cheaply.

What they can't see is that Bitcoin is now more likely inevitable than not.

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

#649

Post by intev »

graeme wrote: post #584
intev wrote: post #118

Earlier quoted context omitted.

Plan B's (in)famous model: https://digitalik.net/btc/ Notice how the trend is eerily aligned? Just because you couldn't find it doesn't mean you have to be snarky about it.

That model appears to be nonsense. There’s no “stock to flow” price relationship in economics or investing. The author made it up for their piece, looked at gold, and extrapolated. They say in the piece: > Now contrast Bitcoin's dynamic stock-to-flow with Gold's, who's stock-to-flow of 62 is not likely in increase. As a thought experiment, try to imagine what would happen to the price of gold if were to be halved one…

> That did happen, in 1940! Gold production fell in half for years. And the gold price subsequently fell.

Can I see evidence of this? Using this[1] paper and this[2] article I can see gold production by no means halved and gold prices did not fall.

[1] https://ies.princeton.edu/pdf/E15.pdf

[2] https://www.thebalance.com/gold-price-history-3305646

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

#650

Post by fwiwm2c »

azinman2 wrote: post #445
fwiwm2c wrote: post #299

Earlier quoted context omitted.

No it is not sarcasm. You all are missing out on the train going right in front of you. The point here is that you all are not even trying to understand the advantages of crypto - with innovations such as DeFi, NFT and Store of Value. For you, it comes back to Bitcoin wasting energy and the fact that it is being used by criminals. Keep on believing your theories while the rest of us become rich.

Your argument is just appealing to authority. You also assume I don't even have any bitcoin, and that I've never 'gotten in'. None of this answers my original questions as to why Bitcoin is a shrewd investment with long-term potential versus being a Ponzi scheme.

If you had taken some time to read about it, you would know better vs. putting your detailed uninformed comment. I am making an informed inference given the ignorance of your comment that you don't have any bitcoins or else you would actually take some time to research on it.
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