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Bitcoin's market cap is now higher than Tesla's
- burlesona 6y agoJust based on how things have gone before, I would guess that this particular rally has a little further to go, and then we’re going to see a very sharp correction. However, the correction will probably bottom out around 10k then rebound over time to somewhere between 15k and 20k. It tends to be that the new floor after a big spike is somewhere around the peak of the previous spike. It will still be volatile, but I would expect the new relatively stable band to be in that range.
- code-is-code 6y agoAlso we can predict the short shift to altcoins again before the bubble explodes.
- jdhn 6y agoAt this point, Bitcoin is one of the best performing assets of the year, which is something I never thought I'd type out, espeically since we're still in the first week of the new year.
- insert_coin 6y agoWhy? Bitcoin is the best performing asset in history and has been for a while.
- jdhn 6y agoWe're only a week into the new year, and the price has gone up like crazy. Personally, this seems like an unsustainable rise to me, but at the same time all assets (stocks in particular) are rising, so I'm probably wrong.
- godelzilla 6y agoMaybe, but the previous surge was also "unsustainable" and the one before that...
- Someone 6y agoWhy especially? The shorter the time interval, the more the best performing stock will look like a random sample from all stocks (probably with higher probabilities for smaller stocks).
- seibelj 6y agoFor all the nocoiners on HN (there are many) - is there a price at which you will admit bitcoin is successful? And if not, what is the reasoning behind why you will forever see bitcoin as unsuccessful? Thank you
- verroq 6y ago> For all the non-TSLA holders on HN (there are many) - is there a price at which you will admit TSLA is successful? And if not, what is the reasoning behind why you will forever see TSLA as unsuccessful? Thank you
- cowpig 6y agoWell I don't measure success in market cap, and despite my initial excitement about the crypto space, I almost universally see it as a tool for fraud, speculation, money laundering, and corruption. I see very few cases where bitcoin has done any good in the world besides transferring wealth from the uninformed to the technically savvy and/or those uninhibited by ethics. Bitcoin was created with these libertarian utopic ideals in mind, but I think it has shown that the landscape of anarcho-capitalism in practice is a nasty, brutish place.
- insert_coin 6y agoI am not a noncoiner and I do like bitcoin a lot. But there's no such thing as a success moment in currencies as they can topple just as fast. Specially something without any hard backing or even political backing as bitcoin. Bitcoin has been largely ignored by governments, but as it grows it won't be and it just takes one stroke of a pen for them to make it illegal. So, even if it gets to a trillion it'll still be a risky asset.
- kitcar 6y agoPrice is set by the intersection of an ask and a bid; that the fact that a minimum of two people are willing to trade something at a specified price doesn't mean that thing is "successful", or even has value to society (i.e. fine art in private collections, POGs, Beanie Babies, etc...). Nocoiner's don't have a need for bitcoin, similar to me not having a need for fine art - it has nothing to do with what the price is set at.
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- godelzilla 6y agoIt's apples and oranges to compare a revolutionary, open network with a barely profitable, state-sponsored, legal entity.
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