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In 10-15 years when this bubble bursts doctors will make a lot of money fixing the broken bones from the mob of people rushing to say they told you so. It seem

In 10-15 years when this bubble bursts doctors will make a lot of money fixing the broken bones from the mob of people rushing to say they told you so. It seems ridiculous on its face and it doesn’t seem to be stopping. It feels like the entire financial/monetary system is on really shaky foundations when so much wealth is created out of something with no actual utility. We are way past the point of the shoe shine boy giving stock tips now. How much longer it goes seems like it will increase how hard the crash eventually is. But then again, I bought a helio ocean over the original iPhone so...

saurik 6y ago
Have you considered the possibility that the bubble which bursts is "fiat money", and the utility being provided by these "stores of value" currencies (such as Bitcoin) is merely "escape from inflation"? The story--also right now on Hacker News--of Turkey is extremely relevant: the expectation of governments is that they can arbitrarily inflate the currency supply, which is effectively a tax on holding that currency; the more people who realize they can avoid that tax by merely storing their money in a safe external asset, the harder it is for governments to use that mechanism to raise funds.
- ReggieCommaRose 6y ago
  ...but it's Dogecoin.
  - 1996 6y ago
    ... which itself is extremely interesting if you leave aside its "dog" icon: it has the same UI as BTC, it is based on the same software, but with more digits (no need for satoshis as the smaller unit), lowest prices (people do not want to own fractional number of a coin like 1/100 of a BTC, they want integers), widely available on most exchange due to having existed for a long time... There is a strong usecase, at least as strong as LTC.
    - ReggieCommaRose 6y ago
      Parent is using inflation of fiat as an argument for crypto which doesn't apply to Dogecoin. It doesn't matter to me if the mascot for a coin is a literal butthole.
      - 1996 6y ago
        Yes, most of HN normies can't understand crypto, but more worriying is that a few people in the business seem to have a problem with DOGE. All that matters is that it fills a need and keep growing. I am thinking of getting back in crypto, because I see a very bright future for DOGE as a 3rd coin: BTC for store of value, ETH for ??something?? (smart contracts), and a 3rd one as an medium of exchange not tethered to fiat. I do not buy the argument of USDT or something stuck to fiat as a modern MOE. XRP had a half believable story (if used for international remittance). Now LTC/BCH/DOGE are fighting for the same spot. > It doesn't matter to me if the mascot for a coin is a literal butthole. Even if I'm pro crypto, /r/Buttcoin is my favorite place online . I never start a day without reading buttcoin, for the quality of the various analysis, as opposed to the "it's just tulips and beanie babies" I get from HN
        ketamine__ 6y ago
        Price goes up and it means nothing. BTC's price went up and it still can't be used as cash. Store of value is a meme invented by influencers on Twitter. They did a damn good job too.
        swensel 6y ago
        Bitcoin is already storing over $1.1 trillion of the world's wealth which would currently put it in the top 10 global assets [1], as well as the top 10 global currencies based on M1 money supply [2]. It is also the best performing asset over the past 10 years [3]. It appears to already be a store of value. [1] https://companiesmarketcap.com/assets-by-market-cap https://companiesmarketcap.com/assets-by-market-cap [2] https://www.lopp.net/m1/rank.html https://www.lopp.net/m1/rank.html [3] https://finance.yahoo.com/news/bitcoin-becomes-best-performing-asset-132208120.html https://finance.yahoo.com/news/bitcoin-becomes-best-performi...
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FuckButtons 6y ago
10-15 years? The market may be able to sustain irrationality a long time, but I don’t don’t think we have that long until this particular fever breaks. Look at all the IPO’s and spacs going on, everyone is cashing in while they still can, I’ll be amazed if we last 4.
- taurath 6y ago
  I would’ve thought 1 year for years ago myself so I’m exaggerating for comedic effect.

saurik 6y ago

Have you considered the possibility that the bubble which bursts is "fiat money", and the utility being provided by these "stores of value" currencies (such as Bitcoin) is merely "escape from inflation"? The story--also right now on Hacker News--of Turkey is extremely relevant: the expectation of governments is that they can arbitrarily inflate the currency supply, which is effectively a tax on holding that currency; the more people who realize they can avoid that tax by merely storing their money in a safe external asset, the harder it is for governments to use that mechanism to raise funds.

ReggieCommaRose 6y ago
...but it's Dogecoin.
- 1996 6y ago
  ... which itself is extremely interesting if you leave aside its "dog" icon: it has the same UI as BTC, it is based on the same software, but with more digits (no need for satoshis as the smaller unit), lowest prices (people do not want to own fractional number of a coin like 1/100 of a BTC, they want integers), widely available on most exchange due to having existed for a long time... There is a strong usecase, at least as strong as LTC.
  - ReggieCommaRose 6y ago
    Parent is using inflation of fiat as an argument for crypto which doesn't apply to Dogecoin. It doesn't matter to me if the mascot for a coin is a literal butthole.
    - 1996 6y ago
      Yes, most of HN normies can't understand crypto, but more worriying is that a few people in the business seem to have a problem with DOGE. All that matters is that it fills a need and keep growing. I am thinking of getting back in crypto, because I see a very bright future for DOGE as a 3rd coin: BTC for store of value, ETH for ??something?? (smart contracts), and a 3rd one as an medium of exchange not tethered to fiat. I do not buy the argument of USDT or something stuck to fiat as a modern MOE. XRP had a half believable story (if used for international remittance). Now LTC/BCH/DOGE are fighting for the same spot. > It doesn't matter to me if the mascot for a coin is a literal butthole. Even if I'm pro crypto, /r/Buttcoin is my favorite place online . I never start a day without reading buttcoin, for the quality of the various analysis, as opposed to the "it's just tulips and beanie babies" I get from HN
      - ketamine__ 6y ago
        Price goes up and it means nothing. BTC's price went up and it still can't be used as cash. Store of value is a meme invented by influencers on Twitter. They did a damn good job too.
        swensel 6y ago
        Bitcoin is already storing over $1.1 trillion of the world's wealth which would currently put it in the top 10 global assets [1], as well as the top 10 global currencies based on M1 money supply [2]. It is also the best performing asset over the past 10 years [3]. It appears to already be a store of value. [1] https://companiesmarketcap.com/assets-by-market-cap https://companiesmarketcap.com/assets-by-market-cap [2] https://www.lopp.net/m1/rank.html https://www.lopp.net/m1/rank.html [3] https://finance.yahoo.com/news/bitcoin-becomes-best-performing-asset-132208120.html https://finance.yahoo.com/news/bitcoin-becomes-best-performi...

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FuckButtons 6y ago

10-15 years? The market may be able to sustain irrationality a long time, but I don’t don’t think we have that long until this particular fever breaks. Look at all the IPO’s and spacs going on, everyone is cashing in while they still can, I’ll be amazed if we last 4.

taurath 6y ago
I would’ve thought 1 year for years ago myself so I’m exaggerating for comedic effect.