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Ask HN: Where do you think Bitcoin is heading? It is a good bet to invest now?

bobpatel369 6y ago
The same question was asked when it was at 3k, then at 10k, then 14k, and so on! You get the picture
- AnimalMuppet 6y ago
  Sure. The same question was probably also asked the first time a tulip bulb sold for more than 100 guilders. And tulips still kept going up... for a while.
  - mrspeaker 6y ago
    I'm not a bitcoin fan, but every bitcoin bubble for the last 10 years has people saying "lol, tulips". When it popped to $1: tulips. When it popped to $100... tulips! Then $2000... TULIPS! Then $20000, then $40000... TULIPSSSS!
  - bitxbitxbitcoin 6y ago
    Tulips and bitcoin don't have the same supply constraints so the analogy doesn't work.
  - alwillis 6y ago
    The tulip thing lasted for a few months. Bitcoin has been the best preforming asset for the past 12 years—better than gold, stocks, bonds, etc. It's quickly closing in on a $1 trillion market cap.
- deleted 6y ago
  [deleted]
SlipperySlope 6y ago
Bitcoin bubbles pop when the price looks to double in the next week. Its at $40K now. Think it goes to $80K next week, then sell. Given the ratio of peaks to prior peaks, my own target is $150-200K this cycle. Then a crash to where we are now, oscillating lower as the hype vanishes and pain sets in. By the way, about 328500 bitcoins are awarded to miners this year by the algorithm and the cost to run the network is thus about $13 billion. Seems that money could be better spent instead of turning electricity into heat.
LatteLazy 6y ago
The worst time to buy or sell anything is a when everyone else is rushing to do the same...
- alwillis 6y ago
  Except when we're seeing what could be a global reserve currency. It will continue to appreciate in value. It won't go straight up at all times; there will be corrections. But its price will be higher a year from now, also in 5 and 10 years from. How much higher? As fiat currencies collapse and central banks continue to print trillions of dollars, euros, etc., the value of bitcoin will continue to go up.
  - LatteLazy 6y ago
    Um... Bitcoin IS a fiat currency. Its backed by nothing except demand, just like USD or EUR. Not one guarantees to exchange bitcoin for a fixed amount of gold or oil or grain. And even if you're right and bitcoin somehow becomes a global reserve currency, you still don't want to buy right after a price spike do you? Wait for one of the corrections you yourself forsee...
    - alwillis 6y ago
      Best definition of bitcoin: Bitcoin is a non-sovereign, hard-capped supply, global, immutable, decentralized digital store of value. It’s an insurance policy against monetary and fiscal policy irresponsibility from central banks and governments globally.
    - alwillis 6y ago
      Bitcoin is a lot of things but a fiat currency isn’t one of them. Being a fiat currency requires it to be decreed for transactions, a unit account, etc. by a government or other sovereign entity. There’s no such entity behind bitcoin.
bitxbitxbitcoin 6y ago
Please don't "invest" in Bitcoin. Instead, hedge a percentage of your net worth in it based on where you feel you stand on the idealogical spectrum between cryptoanarchist and law abiding citizen.
WheelsAtLarge 6y ago
It will only going up. It's become the defacto cryptocurrency and by definition it will only have a set number of coins so the more people want it the more it will go up. It's become very easy to buy it so know-how is no longer a barrier. It's also an international asset so anyone in the world can buy it. There are still a boat load of technical issues that need to be fixed but those will be fixed. This does not mean that it can't collapse every so often but long term it's only going up. Don't make it your main investment but buy a little on a regular basis. 10 yrs from now you will be happy you did.
aynyc 6y ago
A bit stupid question. How do you invest in Bitcoin? It seems every month or so, a Bitcoin wallet gets hacked.
- throw03172019 6y ago
  Don’t store your crypto on an exchange and you reduce your risk.
- adhoc32 6y ago
  Use a hardware wallet

The same question was asked when it was at 3k, then at 10k, then 14k, and so on! You get the picture

AnimalMuppet 6y ago
Sure. The same question was probably also asked the first time a tulip bulb sold for more than 100 guilders. And tulips still kept going up... for a while.
- mrspeaker 6y ago
  I'm not a bitcoin fan, but every bitcoin bubble for the last 10 years has people saying "lol, tulips". When it popped to $1: tulips. When it popped to $100... tulips! Then $2000... TULIPS! Then $20000, then $40000... TULIPSSSS!
- bitxbitxbitcoin 6y ago
  Tulips and bitcoin don't have the same supply constraints so the analogy doesn't work.
- alwillis 6y ago
  The tulip thing lasted for a few months. Bitcoin has been the best preforming asset for the past 12 years—better than gold, stocks, bonds, etc. It's quickly closing in on a $1 trillion market cap.
deleted 6y ago
[deleted]

Bitcoin bubbles pop when the price looks to double in the next week. Its at $40K now. Think it goes to $80K next week, then sell. Given the ratio of peaks to prior peaks, my own target is $150-200K this cycle. Then a crash to where we are now, oscillating lower as the hype vanishes and pain sets in. By the way, about 328500 bitcoins are awarded to miners this year by the algorithm and the cost to run the network is thus about $13 billion. Seems that money could be better spent instead of turning electricity into heat.

LatteLazy 6y ago

The worst time to buy or sell anything is a when everyone else is rushing to do the same...

alwillis 6y ago
Except when we're seeing what could be a global reserve currency. It will continue to appreciate in value. It won't go straight up at all times; there will be corrections. But its price will be higher a year from now, also in 5 and 10 years from. How much higher? As fiat currencies collapse and central banks continue to print trillions of dollars, euros, etc., the value of bitcoin will continue to go up.
- LatteLazy 6y ago
  Um... Bitcoin IS a fiat currency. Its backed by nothing except demand, just like USD or EUR. Not one guarantees to exchange bitcoin for a fixed amount of gold or oil or grain. And even if you're right and bitcoin somehow becomes a global reserve currency, you still don't want to buy right after a price spike do you? Wait for one of the corrections you yourself forsee...
  - alwillis 6y ago
    Best definition of bitcoin: Bitcoin is a non-sovereign, hard-capped supply, global, immutable, decentralized digital store of value. It’s an insurance policy against monetary and fiscal policy irresponsibility from central banks and governments globally.
  - alwillis 6y ago
    Bitcoin is a lot of things but a fiat currency isn’t one of them. Being a fiat currency requires it to be decreed for transactions, a unit account, etc. by a government or other sovereign entity. There’s no such entity behind bitcoin.

bitxbitxbitcoin 6y ago

Please don't "invest" in Bitcoin. Instead, hedge a percentage of your net worth in it based on where you feel you stand on the idealogical spectrum between cryptoanarchist and law abiding citizen.

WheelsAtLarge 6y ago

It will only going up. It's become the defacto cryptocurrency and by definition it will only have a set number of coins so the more people want it the more it will go up. It's become very easy to buy it so know-how is no longer a barrier. It's also an international asset so anyone in the world can buy it. There are still a boat load of technical issues that need to be fixed but those will be fixed. This does not mean that it can't collapse every so often but long term it's only going up. Don't make it your main investment but buy a little on a regular basis. 10 yrs from now you will be happy you did.

aynyc 6y ago

A bit stupid question. How do you invest in Bitcoin? It seems every month or so, a Bitcoin wallet gets hacked.

throw03172019 6y ago
Don’t store your crypto on an exchange and you reduce your risk.
adhoc32 6y ago
Use a hardware wallet