I wonder how many tulips you can buy with a bitcoin?
Bitcoin hits $10,000
71–80 of 389 posts
Re: Bitcoin hits $10,000
#72Earlier quoted context omitted.
Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.
> Bitcoin is not even good for transactions, its supposed primary purpose, right now. How so? I buy lunch with Bitcoin and a few weeks ago I paid for a car repair with it. If I need more, I just go to a bitcoin vending machine near by.
Isn't each transaction costing you a few dollars?
Re: Bitcoin hits $10,000
#73“Rosenstreich at online trading firm Swissquote said bitcoin’s surge harks to the surprises of the U.K. referendum on European Union membership and President Trump’s election. “We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.”” Th…
I've seen comments saying "unlike bitcoin, gold has intrinsic value!" on HN for years. It never made sense to me. Like Bitcoin, gold is only valuable because we think it is and we want it to be (and because it's relatively scarce, too, just like Bitcoin is). Same with diamonds. Their functional value is relatively small in comparison to their "beauty" and scarcity values.
Totally. We can add things like million dollar paintings such as this one https://en.m.wikipedia.org/wiki/Barnett_Newman#/media/File%3... and expensive old postal stamps to that list.
Re: Bitcoin hits $10,000
#74Earlier quoted context omitted.
Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.
That's the part that gets me. Bitcoin has scaling issues, is slow and transaction fees are outrageous. Still, I have no doubt some form of crypto-currency will eventually win out.
I connected to the internet with a 14.4k modem and I'm connected to fiber today. Bitcoin is in its infancy. It's a matter of time until it reaches the levels we require for handling all the transactions that we want to happen.
Re: Bitcoin hits $10,000
#75Earlier quoted context omitted.
Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.
> Bitcoin is not even good for transactions, its supposed primary purpose, right now. How so? I buy lunch with Bitcoin and a few weeks ago I paid for a car repair with it. If I need more, I just go to a bitcoin vending machine near by.
Aren't the transaction fees now measured in dollars?*
You're paying $10 for lunch and $5 in miner fees. That's not practical.
* https://bitinfocharts.com/comparison/bitcoin-transactionfees...
Re: Bitcoin hits $10,000
#76It broke 9000 yesterday, didn't it? That's more than 10% in a day. Is there any reason it is up, other than speculation?
Tether hyperinflation. Edit: I should clarify. Bitfinex printed 95 million worth of tether in the last two days , and used it to buy btc. When your prices are denominated in Monopoly money, the sky is the limit.
This is the story that's missing here. When one of the major exchanges is starting to look insolvent and USDT is getting scarier and scarier by the day, a flight from USDT into Bitcoin is not surprising...
Re: Bitcoin hits $10,000
#77Earlier quoted context omitted.
Lots of stuff is used in electronics but it is not worth as much as gold.
Gold is used in electronics in free market economies, meaning marginal price This does away with the idea that gold has no relevant value outside jewlery.
There is no such implication. Yes, if golf were cheaper, it would be used more often in electronics, and because not much of it is essential, users of gold for productive purposes can get by with higher prices. However, gold’s price is driven 100% by its use as a speculative fiat store of value, not for its utility or even for its ornamental use.
Re: Bitcoin hits $10,000
#78“Rosenstreich at online trading firm Swissquote said bitcoin’s surge harks to the surprises of the U.K. referendum on European Union membership and President Trump’s election. “We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.”” Th…
Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.
It’s good for anonymous worldwide transactions. It has proven itself there and there will always be some demand for that.
Re: Bitcoin hits $10,000
#79How do you transfer Bitcoin into fiat currency? There was a Bitcoin ATM in Portland, OR a while back but I'm not sure how it worked and haven't really heard of other ways to liquidate BTC.
Re: Bitcoin hits $10,000
#807 years ago: The first bitcoin article on HN with comments! https://news.ycombinator.com/item?id=1532670 One of the posters says the feds will shut it down. I also thought this too. This remains one of the most enduring mysteries of Bitcoin to me. Why has the government taken such a hands off approach?
How does a government stop it? And if they could, could they also stop illegal file sharing in a similar way?
Make it illegal and pursue legal action against anybody who allows you to ACH them money.
Hilariously, this is the type of censorship that bitcoin solves.