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Hacker News is indeed being overrun by a too large amount of irrational bitcoin FUD. The energy 'argument' is easily debunked. But that's not what this comment

Hacker News is indeed being overrun by a too large amount of irrational bitcoin FUD. The energy 'argument' is easily debunked. But that's not what this comment is about, so I won't rehash it here. Trying to change people's minds on here doesn't work. But you know what? That's okay! It signals us bitcoin holders how incredibly early we are in this life changing monetary revolution, that we are seeing unfold before our very eyes. Bitcoin was meant to be attacked from all angles, non stop. It's what makes it so resilient. If it can fail, it must fail. But it's not failing, is it? Quite the opposite... Every bitcoin newcomer who reads this FUD, is going to remember it years from now, when bitcoin is still around and at higher prices than ever. And they'll think to themselves... "Well, if after all these years, bitcoin is still around, despite supposedly being a bad thing, then it might not be such a bad thing after all!". So I say: Let they naysayers attempt to take bitcoin down. It will only result in new all time highs for my portfolio. And for that, I am grateful. The early bird gets the worm. The late ones convince themselves the worms are poisonous, leaving more worms for the early birds. Nature takes its course.

raverbashing 6y ago
Ah I see https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344 https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/03855... One can invest in Bitcoin if one wants, but only because The Market Can Remain Irrational Longer Than You Can Remain Solvent
- Rallerbabs 6y ago
  Fiat is at the end of its lifespan. People are seeking refuge in bitcoin now. It's deflationary by design, which makes it an excellent store of value. It's value has only been going up for 12 years straight now. No bubble to be seen here. https://hope.com https://hope.com The crypto market is now just gettings its first billionaires to invest in it (Michael Saylor, Elon Musk, GrayScale, etc.), and the market cap is still small. This is just getting started. https://bitcointreasuries.org/ https://bitcointreasuries.org/
- cableshaft 6y ago
  I would agree there are people that are buying in now that think there's no risk that Bitcoin will go down, and think it's only going to keep going up, and will probably sell as soon as it drops and lose a lot of money. There's definitely a risk it could go down. Bitcoin has been super volatile in the past, and has cratered to 20% of its price before and probably will again. Might even be relatively soon (within a year, I'm guessing). But people who have held on to the asset through those dips are now doing incredibly well, assuming they sell before the next major dip (and probably even if it they don't, 20% of $48,000 is $9600, and if they bought while it was $3500 a year ago, that's still triple what they bought it at). People who have bought and held since it was $220 back in 2015 are likely doing extremely well. There's very few assets out there that can offer 200x returns in just five years.
  - Rallerbabs 6y ago
    The real estate & bitcoin comparison is apples & oranges. Real estate existed (and still exists) in a world of inflationary government IOUs (read: fiat). People were taking out too many & too large loans. Ofcourse it was going to go bust. People were talking about it. The author of the book he linked, was being a contrarian. Bitcoin has created its own reality, which has only just started to gain traction. It's the early days of the dot com boom. It's the early days of SEO. Every informed individual sees the writing on the wall. Something doesn't grow for 12 years straight, unless it's got something interesting going on. To state that bitcoin is going away, is the equivalent of stating that the Internet is just a fad that will soon die out. It's an inherently contrarian view.
    - cableshaft 6y ago
      I'm not arguing it's going to die out. I may or may not be one of those someones who has had at least a little bitcoin since it was priced $220 (or earlier). But while we may be nearing (or at) the end of the era of crazy drops, where everyone thinks "Oh crap, it's all over, time to jump off the ship!" and bitcoin is now in a 2+ year bear run, I can't discount the possibility, and the price still swings up and down in price quite a bit even as recently as two months ago, so I think it's possible that we could see see a fairly big, somewhat sustained drop again (maybe not a whopping 80% drop, but 30-40% maybe? I'm also hopeful it won't last as long, like maybe only 6-12 months, not 24 months).

raverbashing 6y ago

Ah I see https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344 https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/03855... One can invest in Bitcoin if one wants, but only because The Market Can Remain Irrational Longer Than You Can Remain Solvent

Rallerbabs 6y ago
Fiat is at the end of its lifespan. People are seeking refuge in bitcoin now. It's deflationary by design, which makes it an excellent store of value. It's value has only been going up for 12 years straight now. No bubble to be seen here. https://hope.com https://hope.com The crypto market is now just gettings its first billionaires to invest in it (Michael Saylor, Elon Musk, GrayScale, etc.), and the market cap is still small. This is just getting started. https://bitcointreasuries.org/ https://bitcointreasuries.org/
cableshaft 6y ago
I would agree there are people that are buying in now that think there's no risk that Bitcoin will go down, and think it's only going to keep going up, and will probably sell as soon as it drops and lose a lot of money. There's definitely a risk it could go down. Bitcoin has been super volatile in the past, and has cratered to 20% of its price before and probably will again. Might even be relatively soon (within a year, I'm guessing). But people who have held on to the asset through those dips are now doing incredibly well, assuming they sell before the next major dip (and probably even if it they don't, 20% of $48,000 is $9600, and if they bought while it was $3500 a year ago, that's still triple what they bought it at). People who have bought and held since it was $220 back in 2015 are likely doing extremely well. There's very few assets out there that can offer 200x returns in just five years.
- Rallerbabs 6y ago
  The real estate & bitcoin comparison is apples & oranges. Real estate existed (and still exists) in a world of inflationary government IOUs (read: fiat). People were taking out too many & too large loans. Ofcourse it was going to go bust. People were talking about it. The author of the book he linked, was being a contrarian. Bitcoin has created its own reality, which has only just started to gain traction. It's the early days of the dot com boom. It's the early days of SEO. Every informed individual sees the writing on the wall. Something doesn't grow for 12 years straight, unless it's got something interesting going on. To state that bitcoin is going away, is the equivalent of stating that the Internet is just a fad that will soon die out. It's an inherently contrarian view.
  - cableshaft 6y ago
    I'm not arguing it's going to die out. I may or may not be one of those someones who has had at least a little bitcoin since it was priced $220 (or earlier). But while we may be nearing (or at) the end of the era of crazy drops, where everyone thinks "Oh crap, it's all over, time to jump off the ship!" and bitcoin is now in a 2+ year bear run, I can't discount the possibility, and the price still swings up and down in price quite a bit even as recently as two months ago, so I think it's possible that we could see see a fairly big, somewhat sustained drop again (maybe not a whopping 80% drop, but 30-40% maybe? I'm also hopeful it won't last as long, like maybe only 6-12 months, not 24 months).