7 ms·

Global Demand for Bitcoin Shifts Wildly in Response to Regulation

57 points by fludlight 9y ago

senatorobama 9y ago
The FOMO of Bitcoin is unbelievable :(
- fragsworth 9y ago
  If it reaches $1 trillion, what happens? $10 trillion? If it turns out everyone moves all their money over to Bitcoin because they're afraid of their fiat currency becoming worthless, how is that going to be a good thing? Inflation of the dollar will skyrocket and anyone who wasn't holding bitcoin is going to get fucked. How is this going to end well? Even for the bitcoin holders. If the economy is fucked from inflation and a car costs 50 bitcoins or $50 million of Fiat dollars... that's not going to be a good time for anyone.
  - monort 9y ago
    It won't happen in a day. If your scenario is correct, economy will transition slowly to bitcoin from fiat. Fiat inflation is not a problem when you have non-inflated currency in a wide use.
  - Beejeepa 9y ago
    The Bitcoin price will asymptotically approach its maximum - and the last people onboard will see the least amount of deflation. It's certainly better money, and will have a lower monetary inflation rate than any other national currency by 2024.
deleted 9y ago
[deleted]
seibelj 9y ago
At this point everyone remotely interested in blockchain should buy $1-5k of bitcoin and hold it forever. Much better odds than a roulette table, and decent chance it's worth 100x by the time you retire. Or you lose it all. But if you are a rich HN tech nerd then what do you care anyway?
- QAPereo 9y ago
  My 70 year old, cant-even-use-a-Mac uncle wants in! I don’t know what to tell him, paper wallet in a vault? How does a guy who can’t even use an iPad buy bitcoins?!
  - imustbeevil 9y ago
    Same way anyone else does, give someone else your real money and believe what they give you is more valuable.
  - leereeves 9y ago
    > My 70 year old, cant-even-use-a-Mac uncle wants in! That reminds me of a story from the dot-com boom, about an investor who knew it was time to get out when a grocery store clerk asked how to get in.
    - mrhappyunhappy 9y ago
      I’m also skeptical and feel a huge bubble popping eventually, ruining many lives in the process. Let’s hope that doesn’t happen.
      - QAPereo 9y ago
        The sad fact is that some people will look at a highly volatile investment and dip in, others will commit their life savings. You really can’t help the latter, and the former doesn’t need help.
  - sergers 9y ago
    Find a Bitcoin ATM. https://coinatmradar.com https://coinatmradar.com My friend who is all over Bitcoin, yet is technology inept, used one of these
    - QAPereo 9y ago
      Smart, this is going to appeal to him, thanks. Thanks as well to the others who offered lots of good advice.
leereeves 9y ago
Bitcoin seems like the latest in a long-line of "investments" whose primary appeal is/was past price increases.
- Beejeepa 9y ago
  Yeah, nothing new about a permissionless digital-signature-secured decentralized currency being rapidly monetized in an age of global stagnation and quantitative easing / printing money.
  - deleted 9y ago
    [deleted]
  - nwah1 9y ago
    So you can use this for what? Btw, I don't think you know what quantitative easing is. Explain to me why the value of USD remained strong all throughout the period of supposed money printing.
    - Beejeepa 9y ago
      Because it hasn't fallen yet. It will. The Federal Reserve is insolvent. As the dollar falls from global usage, it can't buy all the real assets necessary to stabilize the dollar using printed money that no one wants.
      - nwah1 9y ago
        Quantitative easing is not money printing, and the Federal Reserve pays about 100 billion dollars in profit annually to the US Treasury.
    - Beejeepa 9y ago
      What can you use Bitcoin for? What year are you from, 2012?
      - nwah1 9y ago
Beejeepa 9y ago
You know Bitcoin is worth it when so much cash is being dumped in Russia, India, and Eglin AFB to faction the community. The legacy powers are being turned over.
- sergers 9y ago
  Lol what? All the people I know invested their hard earned(illicit) savings into specifically Bitcoin. They were also part of influential group pumping bitcoins, and before that were in the penny/pink stocks pump and dump schemes. Alot of them cashed out of Bitcoin forshadowing the potential demise as per meetings in china regarding its future in the country. Alot of them have moved on to next popular coins to move their funds, and avoid taxes transfering money out of china
vogon_laureate 9y ago
This is hardly an earth-shattering revelation. Global demand for anything can shift widely based on regulation. If China were to outlaw coal, guess what would happen to demand for coal.

57 points by fludlight 9y ago

senatorobama 9y ago

The FOMO of Bitcoin is unbelievable :(

fragsworth 9y ago
If it reaches $1 trillion, what happens? $10 trillion? If it turns out everyone moves all their money over to Bitcoin because they're afraid of their fiat currency becoming worthless, how is that going to be a good thing? Inflation of the dollar will skyrocket and anyone who wasn't holding bitcoin is going to get fucked. How is this going to end well? Even for the bitcoin holders. If the economy is fucked from inflation and a car costs 50 bitcoins or $50 million of Fiat dollars... that's not going to be a good time for anyone.
- monort 9y ago
  It won't happen in a day. If your scenario is correct, economy will transition slowly to bitcoin from fiat. Fiat inflation is not a problem when you have non-inflated currency in a wide use.
- Beejeepa 9y ago
  The Bitcoin price will asymptotically approach its maximum - and the last people onboard will see the least amount of deflation. It's certainly better money, and will have a lower monetary inflation rate than any other national currency by 2024.

deleted 9y ago

[deleted]

seibelj 9y ago

At this point everyone remotely interested in blockchain should buy $1-5k of bitcoin and hold it forever. Much better odds than a roulette table, and decent chance it's worth 100x by the time you retire. Or you lose it all. But if you are a rich HN tech nerd then what do you care anyway?

QAPereo 9y ago
My 70 year old, cant-even-use-a-Mac uncle wants in! I don’t know what to tell him, paper wallet in a vault? How does a guy who can’t even use an iPad buy bitcoins?!
- imustbeevil 9y ago
  Same way anyone else does, give someone else your real money and believe what they give you is more valuable.
- leereeves 9y ago
  > My 70 year old, cant-even-use-a-Mac uncle wants in! That reminds me of a story from the dot-com boom, about an investor who knew it was time to get out when a grocery store clerk asked how to get in.
  - mrhappyunhappy 9y ago
    I’m also skeptical and feel a huge bubble popping eventually, ruining many lives in the process. Let’s hope that doesn’t happen.
    - QAPereo 9y ago
      The sad fact is that some people will look at a highly volatile investment and dip in, others will commit their life savings. You really can’t help the latter, and the former doesn’t need help.
- sergers 9y ago
  Find a Bitcoin ATM. https://coinatmradar.com https://coinatmradar.com My friend who is all over Bitcoin, yet is technology inept, used one of these
  - QAPereo 9y ago
    Smart, this is going to appeal to him, thanks. Thanks as well to the others who offered lots of good advice.

leereeves 9y ago

Bitcoin seems like the latest in a long-line of "investments" whose primary appeal is/was past price increases.

Beejeepa 9y ago
Yeah, nothing new about a permissionless digital-signature-secured decentralized currency being rapidly monetized in an age of global stagnation and quantitative easing / printing money.
- deleted 9y ago
  [deleted]
- nwah1 9y ago
  So you can use this for what? Btw, I don't think you know what quantitative easing is. Explain to me why the value of USD remained strong all throughout the period of supposed money printing.
  - Beejeepa 9y ago
    Because it hasn't fallen yet. It will. The Federal Reserve is insolvent. As the dollar falls from global usage, it can't buy all the real assets necessary to stabilize the dollar using printed money that no one wants.
    - nwah1 9y ago
      Quantitative easing is not money printing, and the Federal Reserve pays about 100 billion dollars in profit annually to the US Treasury.
  - Beejeepa 9y ago
    What can you use Bitcoin for? What year are you from, 2012?
    - nwah1 9y ago

Beejeepa 9y ago

You know Bitcoin is worth it when so much cash is being dumped in Russia, India, and Eglin AFB to faction the community. The legacy powers are being turned over.

sergers 9y ago
Lol what? All the people I know invested their hard earned(illicit) savings into specifically Bitcoin. They were also part of influential group pumping bitcoins, and before that were in the penny/pink stocks pump and dump schemes. Alot of them cashed out of Bitcoin forshadowing the potential demise as per meetings in china regarding its future in the country. Alot of them have moved on to next popular coins to move their funds, and avoid taxes transfering money out of china

vogon_laureate 9y ago

This is hardly an earth-shattering revelation. Global demand for anything can shift widely based on regulation. If China were to outlaw coal, guess what would happen to demand for coal.