14 ms·

Bitcoin just passed $5,000

86 points by chanfest22 9y ago

t0mbstone 9y ago
And now it's at $5,280
- SamReidHughes 9y ago
  It's hit a milestone.
  - mhartl 9y ago
    ISWYDT.
beepboopbeep 9y ago
good lord why?
- LeoPanthera 9y ago
  Things are worth what people are willing to pay for them.
  - stephengillie 9y ago
    Fools and their money are soon separated.
    - julian_1 9y ago
      Here's some good evidence. Increase in the Monetary Base 1984 - 2010: https://www.aftershockpublishing.com/pub/images/c03f002.jpg https://www.aftershockpublishing.com/pub/images/c03f002.jpg
      - rglover 9y ago
        Exactly this. Yes, Bitcoin is having another bubble moment because folks are trying to get rich quick. But, the underlying technology—the reason why Bitcoin has stuck around despite countless "deaths"—is that the existing financial system is a glass floor on the verge of shattering. We can live in denial all we want about what that means. Bitcoin, though not perfect, is the first viable solution we've ever seen as a means for preventing financial corruption. Not to mention, it enables banking access for billions of people who don't have it. It makes transfer of large sums to _anywhere on the planet_ inexpensive. It's divisible down to 8 decimal places (a satoshi), making it a great fit for micropayments. These are just the top of mind solutions. There are ideas we haven't even thought of yet. Bitcoin is programmable money, meaning the possibilities are seemingly endless.
        singularity2001 9y ago
        "making it a great fit for micropayments" except that you currently have to pay about $4 for any transaction to come through ... eventually
        virtuexru 9y ago
        Absolutely not true. I paid $0.40 cents on a $5.00 transaction yesterday that was confirmed within an hour. I could've easily paid the same $0.40 cents to move $50,000,000.00.
        6nf 9y ago
        > $0.40 cents on a $5.00 transaction Visa or Mastercard is cheaper than that
        monort 9y ago
        Actually it is in the same ballpark. 2.9% + 30¢ is a usual price in US for a small business.
        9y ago
- hhhxyxyy 9y ago
  Had you considered that your people are simply not “investment people” and that’s why you chose not to invest when you first heard of it?
  - deleted 9y ago
    [deleted]
stephengillie 9y ago
All aboard the hype train.
kkotak 9y ago
I think it's the perfect time to buy :)
- hhhxyxyy 9y ago
  You’re either right or wrong and your opinion is valid. Downvote isn’t justified IMO.
sputknick 9y ago
Disclaimer: I'm invested in Ethereum, and not Bitcoin. There is no good reason that Bitcoin is still going up once Ethereum came on the scene. Transaction times, transaction cost, decentralization, future development work, consensus under one leader all favor Ethereum. The only reason I see for Bitcoin to still be strong is that it has name recognition and first mover advantage. People talk about "Bitcoin" and "cryptocurrency" as synonyms. If you want to "get into cryptocurrency" you buy Bitcoin. I think this is a bad thing, but I don't know what it means. Anyone have any insight with a differing opinion as to why I am wrong? Does anyone know a good reason (technical or economic) Bitcoin is going up while Ethereum is not?
- panarky 9y ago
  In the last year Bitcoin is up 7x while Ethereum is up 38x.
- __s 9y ago
  Ethereum isn't a store of value
  - lgas 9y ago
    How is it any more/less of a store of value than BTC?
    - mhartl 9y ago
      The supply of Ether isn't algorithmically capped, while the supply of Bitcoin is. This makes Bitcoin more resistant to the greatest long-term threat to a store of value, namely, currency dilution via the creation of new money.
      - hhhxyxyy 9y ago
        No, store of value by definition cannot be diluted. Possession is the biggest risk, which seems low mathematically at this time based on prevailing wisdom. That could change, and if done so in secret for long enough, could render the validity of ownership null and void.
MrFantastic 9y ago
Blockchain has real promise, but Is anyone using Bitcoin for anything other than speculation?
- slamdance 9y ago
  its considered actual (gov't approved) currency in Japan and South Korea... beyond that, I don't know.
- _jtrig 9y ago
  "Intranet has real promise, but Is anyone buying domains on the Internet for anything other than speculation?"
  - cheez 9y ago
    Absolutely no one ever said this.
    - _jtrig 9y ago
      .. God?
      - cheez 9y ago
        If you have to say that to defend your position, then clearly it wasn't conventional wisdom. Find me newspaper articles that are calling domain names useless and a bubble.
- sf_rob 9y ago
  Payment obfuscation (which is not inherent in the protocol, but how you use it). International money transfers. I've personally met a few backpackers who use bitcoin ATMs in SE Asia in addition to the traditional banking system. FWIW I suspect that these use cases are negligible compared to speculation.
  - prostoalex 9y ago
slg 9y ago
It is amazing to think that only a few years ago you could take an old laptop, download a miner, stick it in a closet and it would spit out something now worth a quarter of a million dollars every few days. There are a lot of problems with Bitcoin. If you look at my comment history you will see I am pretty down on it for all sort of reasons I won't go into at the moment. However sometimes you just have to take a step back and admire how crazy impressive it is that Bitcoin has reached this point.
- cableshaft 9y ago
  If you go back far enough, you didn't even need to download a specific mining software, just download the Bitcoin client at the time and you could generate bitcoin (or mine) using it. So crazy to think about now in hindsight. Back then you had to really try hard to find someone that would accept any amount of them.
- warrenm 9y ago
  and we all feel stupid we weren't doing it then
RikNieu 9y ago
And that valuation is based on ..?
- xur17 9y ago
  The price people are currently paying for it on exchanges [0], with > $1 Billion in volume over the past 24 hours. [0] https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#markets
  - RikNieu 9y ago
    Ok, but why? Why are people willing to pay that much for it?
    - lokimoki 9y ago
      shhhh you'll burst the bubble
    - deadmetheny 9y ago
      Because some other nerds got really rich on Internet fun bucks and other people want in on it too.
    - Anderkent 9y ago
      Mainly because they believe it will stay valuable. Which is what backs all stores of value - gold and diamonds are definitely not bought for their practical applications. Now why exactly people believe it is and will stay a good store of value is more complicated, but mostly a mix of trust in how miner self interest will keep the keys safe and general desirability of online currency
Simulacra 9y ago
Years ago my boyfriend at the time said "hey we should buy some of these bitcoins, they're only a few pennies each, it'll be fun!" Boy do I regret missing that boat...
- singularity2001 9y ago
  you mean you didn't marry her?
  - KekDemaga 9y ago
    Him I suspect.
    - Simulacra 9y ago
      No, I didn't marry him.
aaroninsf 9y ago
ITT: effective consensus that the utility of Bitcoin today is its popularity in the "gray" (or black) market. How does anyone not believe this is a bubble which will burst as previous ones have, at the first sign of the next inevitable crack down? Blockchain is here to stay. Bitcoin at its current value is surpassing poppy level speculative inflation. I get the notion of accepting high risk of loss and incredible transactional friction when trying to move back to a fiat currency.... but only for people who are either desperate to exfiltrate funds etc. For everyone else it seems like a comically bad time to be buying in. Beyond comical, really.
deleted 9y ago
[deleted]
kensai 9y ago
I am really curious if the situation will be the same after November. At the moment it seems people are eager to buy into Bitcoin in order to have the extra chain that will come out of the forking as Bitcoin Gold. The precedent with Bitcoin Cash was bad in this aspect, because it created a valued blockchain (albeit of lower value!) out of the blue. People want this to happen again. Invention of the money tree... :)

86 points by chanfest22 9y ago

t0mbstone 9y ago

And now it's at $5,280

SamReidHughes 9y ago
It's hit a milestone.
- mhartl 9y ago
  ISWYDT.

beepboopbeep 9y ago

good lord why?

LeoPanthera 9y ago
Things are worth what people are willing to pay for them.
- stephengillie 9y ago
  Fools and their money are soon separated.
  - julian_1 9y ago
    Here's some good evidence. Increase in the Monetary Base 1984 - 2010: https://www.aftershockpublishing.com/pub/images/c03f002.jpg https://www.aftershockpublishing.com/pub/images/c03f002.jpg
    - rglover 9y ago
      Exactly this. Yes, Bitcoin is having another bubble moment because folks are trying to get rich quick. But, the underlying technology—the reason why Bitcoin has stuck around despite countless "deaths"—is that the existing financial system is a glass floor on the verge of shattering. We can live in denial all we want about what that means. Bitcoin, though not perfect, is the first viable solution we've ever seen as a means for preventing financial corruption. Not to mention, it enables banking access for billions of people who don't have it. It makes transfer of large sums to _anywhere on the planet_ inexpensive. It's divisible down to 8 decimal places (a satoshi), making it a great fit for micropayments. These are just the top of mind solutions. There are ideas we haven't even thought of yet. Bitcoin is programmable money, meaning the possibilities are seemingly endless.
      - singularity2001 9y ago
        "making it a great fit for micropayments" except that you currently have to pay about $4 for any transaction to come through ... eventually
        virtuexru 9y ago
        Absolutely not true. I paid $0.40 cents on a $5.00 transaction yesterday that was confirmed within an hour. I could've easily paid the same $0.40 cents to move $50,000,000.00.
        6nf 9y ago
        > $0.40 cents on a $5.00 transaction Visa or Mastercard is cheaper than that
        monort 9y ago
        Actually it is in the same ballpark. 2.9% + 30¢ is a usual price in US for a small business.
        9y ago
hhhxyxyy 9y ago
Had you considered that your people are simply not “investment people” and that’s why you chose not to invest when you first heard of it?
- deleted 9y ago
  [deleted]

stephengillie 9y ago

All aboard the hype train.

kkotak 9y ago

I think it's the perfect time to buy :)

hhhxyxyy 9y ago
You’re either right or wrong and your opinion is valid. Downvote isn’t justified IMO.

sputknick 9y ago

Disclaimer: I'm invested in Ethereum, and not Bitcoin. There is no good reason that Bitcoin is still going up once Ethereum came on the scene. Transaction times, transaction cost, decentralization, future development work, consensus under one leader all favor Ethereum. The only reason I see for Bitcoin to still be strong is that it has name recognition and first mover advantage. People talk about "Bitcoin" and "cryptocurrency" as synonyms. If you want to "get into cryptocurrency" you buy Bitcoin. I think this is a bad thing, but I don't know what it means. Anyone have any insight with a differing opinion as to why I am wrong? Does anyone know a good reason (technical or economic) Bitcoin is going up while Ethereum is not?

panarky 9y ago
In the last year Bitcoin is up 7x while Ethereum is up 38x.
__s 9y ago
Ethereum isn't a store of value
- lgas 9y ago
  How is it any more/less of a store of value than BTC?
  - mhartl 9y ago
    The supply of Ether isn't algorithmically capped, while the supply of Bitcoin is. This makes Bitcoin more resistant to the greatest long-term threat to a store of value, namely, currency dilution via the creation of new money.
    - hhhxyxyy 9y ago
      No, store of value by definition cannot be diluted. Possession is the biggest risk, which seems low mathematically at this time based on prevailing wisdom. That could change, and if done so in secret for long enough, could render the validity of ownership null and void.

MrFantastic 9y ago

Blockchain has real promise, but Is anyone using Bitcoin for anything other than speculation?

slamdance 9y ago
its considered actual (gov't approved) currency in Japan and South Korea... beyond that, I don't know.
_jtrig 9y ago
"Intranet has real promise, but Is anyone buying domains on the Internet for anything other than speculation?"
- cheez 9y ago
  Absolutely no one ever said this.
  - _jtrig 9y ago
    .. God?
    - cheez 9y ago
      If you have to say that to defend your position, then clearly it wasn't conventional wisdom. Find me newspaper articles that are calling domain names useless and a bubble.
sf_rob 9y ago
Payment obfuscation (which is not inherent in the protocol, but how you use it). International money transfers. I've personally met a few backpackers who use bitcoin ATMs in SE Asia in addition to the traditional banking system. FWIW I suspect that these use cases are negligible compared to speculation.
- prostoalex 9y ago

slg 9y ago

It is amazing to think that only a few years ago you could take an old laptop, download a miner, stick it in a closet and it would spit out something now worth a quarter of a million dollars every few days. There are a lot of problems with Bitcoin. If you look at my comment history you will see I am pretty down on it for all sort of reasons I won't go into at the moment. However sometimes you just have to take a step back and admire how crazy impressive it is that Bitcoin has reached this point.

cableshaft 9y ago
If you go back far enough, you didn't even need to download a specific mining software, just download the Bitcoin client at the time and you could generate bitcoin (or mine) using it. So crazy to think about now in hindsight. Back then you had to really try hard to find someone that would accept any amount of them.
warrenm 9y ago
and we all feel stupid we weren't doing it then

RikNieu 9y ago

And that valuation is based on ..?

xur17 9y ago
The price people are currently paying for it on exchanges [0], with > $1 Billion in volume over the past 24 hours. [0] https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#markets
- RikNieu 9y ago
  Ok, but why? Why are people willing to pay that much for it?
  - lokimoki 9y ago
    shhhh you'll burst the bubble
  - deadmetheny 9y ago
    Because some other nerds got really rich on Internet fun bucks and other people want in on it too.
  - Anderkent 9y ago
    Mainly because they believe it will stay valuable. Which is what backs all stores of value - gold and diamonds are definitely not bought for their practical applications. Now why exactly people believe it is and will stay a good store of value is more complicated, but mostly a mix of trust in how miner self interest will keep the keys safe and general desirability of online currency

Simulacra 9y ago

Years ago my boyfriend at the time said "hey we should buy some of these bitcoins, they're only a few pennies each, it'll be fun!" Boy do I regret missing that boat...

singularity2001 9y ago
you mean you didn't marry her?
- KekDemaga 9y ago
  Him I suspect.
  - Simulacra 9y ago
    No, I didn't marry him.

aaroninsf 9y ago

ITT: effective consensus that the utility of Bitcoin today is its popularity in the "gray" (or black) market. How does anyone not believe this is a bubble which will burst as previous ones have, at the first sign of the next inevitable crack down? Blockchain is here to stay. Bitcoin at its current value is surpassing poppy level speculative inflation. I get the notion of accepting high risk of loss and incredible transactional friction when trying to move back to a fiat currency.... but only for people who are either desperate to exfiltrate funds etc. For everyone else it seems like a comically bad time to be buying in. Beyond comical, really.

deleted 9y ago

[deleted]

kensai 9y ago

I am really curious if the situation will be the same after November. At the moment it seems people are eager to buy into Bitcoin in order to have the extra chain that will come out of the forking as Bitcoin Gold. The precedent with Bitcoin Cash was bad in this aspect, because it created a valued blockchain (albeit of lower value!) out of the blue. People want this to happen again. Invention of the money tree... :)