Bitcoin surpasses $50K as major companies jump into crypto • Hacker News Board

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

#71

Post by r3dk1ng » Tue, Feb 16, 2021, 1:41 PM UTC

onepointsixC wrote: post #39

1996 wrote: post #9

Earlier quoted context omitted.

For 12 years, just bubbles? First it was over 1 cent, then over $1, over $1000, now over $50k.... when will you consider the possibility you may have been wrong? At $100k? At $1M? (which most models indicate as a plausible target price in 10 years) Let me give you my favorite quote, pulled from another HNer comment: "I enjoy reading comments about Bitcoin here because even without any venture backing, it achieved a b…

All the Y Combinator companies combined have created value. What has Bitcoin created? I struggle to come up with an answer which isn't overwhelmingly just a way to fund illicit activities, for which sure there's always been a market, but it's a far cry of it's origins. Who actually uses bitcoin for transactions today other than extortionists hackers and drug dealers? Everyone who owns is just planning to HODL and hop…

I am neither a drug dealer nor an extortionist. I used bitcoin to buy a router from Newegg a month ago.

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

#72

Post by sphix0r » Tue, Feb 16, 2021, 1:42 PM UTC

jordigh wrote: post #26

I just wanted internet money, not a speculative financial instrument. :(

Yeah, that's what bitcoin should have been. Too bad it also consumes an insane amount of energy and isn't able to process a lot of transactions per second. Hope that a good cryptocurrency gets more traction and will be the next decentralized "paypal / digital currency".

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

#73

Post by TeeWEE » Tue, Feb 16, 2021, 1:42 PM UTC

Bitcoin itself has its value, but the current price surge is a bubble, it can be easily explained why the growth is exponential:

1. BTC price increases

4. There is media attention about the price raise

5. More people buy BTC, because FOMO

6. Back to point 1, but now a bigger group

This loop is a pump, increasing the price as long as the loop isn't broken.

The same pump can reverse, very quickly. Once the loop is pumping there is no way out.

1. BTC price drops

2. There is news out that that the price drops

3. More people sell bitcoin

4. Back to point 2, but now a bigger group

The fact that there is a limited supply will ensure the prices keeps raising, because nobody can "make more bitcoin"..

But this part of the BTC system causes it volatility, it's inherently baked into the system.

It's not the underlying performance of bitcoin, or the profit the system is making. Its pure viral loops logic that cause pumps and dumps.

You can impact it, if you hold a lot of assets. Just PUMP or DUMP a lot. It triggers a pump in the direction of your choosing.

Next to that, ETH is a factor better in design and utility, and still the price is lower. Why? Cause there is less news about it. Not because BTC is a better product.

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

#74

Post by tomcooks » Tue, Feb 16, 2021, 1:42 PM UTC

akmarinov wrote: post #29

So does it make sense to put in some money that I’m okay with losing now or have I missed it?

Put in some money you'd use for Netflix, Amazon prime and a few other extras you can happily do without.

Mark the amount you paid and its BTC value on the calendar and completely forget about it for one year until some out of the loop person (i.e. uncle at Thanksgiving) asks you if it's a good time to put some money into it.

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

#75

Post by ur-whale » Tue, Feb 16, 2021, 1:42 PM UTC

paulcole wrote: post #43

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?

I’ve definitely missed the opportunity to get rich but I still jumped in. I started putting a small amount into BTC each month on Coinbase. It’s money I can lose and that I would have spent on a vacation this year if not for COVID. I figure I’ll pull it out at the end of the year and if it’s gone up, then next year’s vacation will be a bit better. I don’t understand BTC at all and consider it gambling. But like Nick…

Yours isn't an unreasonable attitude.

Just like when you go to Vegas: put $500 cash in your pocket, leave all other means of payment at home.

You'll either come back with $0 or more than $500.

In both case, you'll definitely have had $500 worth of entertainment.

Bitcoin is like that: only invest money you don't need (assuming you have any) and meantime, just enjoy the feeling of having your stomach crawl up to the back of your throat on the roller coaster.

You're also obviously allowed to enjoy yourself when/if you become rich.

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

#76

Post by Cthulhu_ » Tue, Feb 16, 2021, 1:42 PM UTC

Geee wrote: post #6

We're truly witnessing an extraordinary paradigm shift in human history.

Not really, crazy stock market events have been happening for a while now. like. nearly 400 years: https://en.wikipedia.org/wiki/Tulip_mania

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

#77

Post by bouncycastle » Tue, Feb 16, 2021, 1:43 PM UTC

jordigh wrote: post #26

I just wanted internet money, not a speculative financial instrument. :(

DAI is your friend - always pegged to the USD, non-custodial stablecoin.

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

#78

Post by srgpqt » Tue, Feb 16, 2021, 1:43 PM UTC

jordigh wrote: post #26

I just wanted internet money, not a speculative financial instrument. :(

The only cryptocurrency that might one day become real “internet money” is nano, because it has no fees and transactions are almost instant.

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

#79

Post by Cthulhu_ » Tue, Feb 16, 2021, 1:43 PM UTC

BLKNSLVR wrote: post #24

onepointsixC wrote: post #11

Earlier quoted context omitted.

How so? Bitcoin's excitement comes entirely from its value in fiat, as opposed to regular usage in daily life.

Bitcoin as the gateway to Ethereum and the possibilities opened up by smart contacts such as the currently embryonic DeFi market. Paradigm shift isn't too strong a terminology.

While ETH is cool technology, I haven't seen it impact my personal life in any way yet. That might just be my sheltered life though.

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

#80

Post by georgyo » Tue, Feb 16, 2021, 1:43 PM UTC

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 cannot work, so I have not and will not reinvest in it. But the sting of it doing so much better does bother me at times.