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> Bitcoins are the most useless "asset" that there has ever been. At least beanie babies had some entertainment value and tulips look pretty. Hilariously, some

by noch 2y ago

> Bitcoins are the most useless "asset" that there has ever been. At least beanie babies had some entertainment value and tulips look pretty. Hilariously, some people won't realize that your comment is almost entirely copy-pasta from a decade ago when Bitcoin cost less than $500. Thanks for the laughs though. Good memories.

paulryanrogers 2y ago
Bitcoin is still useless except as a gambling ticket or illicit money transfer. And even those use cases are on shaky ground.
- panarky 2y ago
  Reuters: "Russia is using bitcoin in foreign trade, finance minister says" https://www.reuters.com/markets/currencies/russia-is-using-bitcoin-foreign-trade-finance-minister-says-2024-12-25/ https://www.reuters.com/markets/currencies/russia-is-using-b... Your definition of "useless" must be different from mine.
  - paulryanrogers 2y ago
    Sounds like an illicit use to me. Russia bypassing sanctions doesn't appear to be making the world a better place for anyone except kleptocrates.
- noch 2y ago
  > Bitcoin is still useless Oh gosh. You're actually one of those people. Well, it's a pleasure to meet you! And since you feel Bitcoin is useless (I'm leaving the door wide open for a retort filled with cognitive dissonance), please send me 21BTC for which I'll pay you $1000 immediately? My address is: bc1q6k9fcpk9z9wrt9fhmu2dnkq7cn0w72rkpwwvmm
  - paulryanrogers 2y ago
    What would you do with it if not exchange it for fiat, gamble, or purchase illegal goods or services?
    - latchkey 2y ago
      Paul, I'm a fan of this thread to answer your questions... https://news.ycombinator.com/item?id=26238410 https://news.ycombinator.com/item?id=26238410
      - paulryanrogers 2y ago
        Is that still true in 2024? Now that fees are up, settlement time is longer, governments can trace coins, and KYC controls are popping up at exchanges?
    - noch 2y ago
      > What would you do with it […] Bla bla bla. What I do with things in private is not really your business, actually. Please send me a useless Bitcoin today and I'll pay you useful money for your effort as described above. Let's trade, sir.
      - deleted 2y ago
        [deleted]
rswail 2y ago
It's still true. It's a useless asset. That the market can stay irrational longer than people can stay solvent is also true.
- noch 2y ago
  > That the market can stay irrational longer than people can stay solvent is also true. It's a myth that markets are irrational. It's a joke repeated amongst traders but fundamentally, we all know that markets simply aggregate all available information and reflect it in a price. A free market as a whole has rationality as its equilibrium: it's always telling you something true about the world. To call the market irrational is a more humble claim than intended by those who quote it to aver that only they are rational, that is, it says: "I can't figure out what the market knows that I don't." It means, "Those who couldn't hear the music assumed that those who were dancing were insane."

by noch 2y ago

paulryanrogers 2y ago

Bitcoin is still useless except as a gambling ticket or illicit money transfer. And even those use cases are on shaky ground.

panarky 2y ago
Reuters: "Russia is using bitcoin in foreign trade, finance minister says" https://www.reuters.com/markets/currencies/russia-is-using-bitcoin-foreign-trade-finance-minister-says-2024-12-25/ https://www.reuters.com/markets/currencies/russia-is-using-b... Your definition of "useless" must be different from mine.
- paulryanrogers 2y ago
  Sounds like an illicit use to me. Russia bypassing sanctions doesn't appear to be making the world a better place for anyone except kleptocrates.
noch 2y ago
> Bitcoin is still useless Oh gosh. You're actually one of those people. Well, it's a pleasure to meet you! And since you feel Bitcoin is useless (I'm leaving the door wide open for a retort filled with cognitive dissonance), please send me 21BTC for which I'll pay you $1000 immediately? My address is: bc1q6k9fcpk9z9wrt9fhmu2dnkq7cn0w72rkpwwvmm
- paulryanrogers 2y ago
  What would you do with it if not exchange it for fiat, gamble, or purchase illegal goods or services?
  - latchkey 2y ago
    Paul, I'm a fan of this thread to answer your questions... https://news.ycombinator.com/item?id=26238410 https://news.ycombinator.com/item?id=26238410
    - paulryanrogers 2y ago
      Is that still true in 2024? Now that fees are up, settlement time is longer, governments can trace coins, and KYC controls are popping up at exchanges?
  - noch 2y ago
    > What would you do with it […] Bla bla bla. What I do with things in private is not really your business, actually. Please send me a useless Bitcoin today and I'll pay you useful money for your effort as described above. Let's trade, sir.
    - deleted 2y ago
      [deleted]

rswail 2y ago

It's still true. It's a useless asset. That the market can stay irrational longer than people can stay solvent is also true.

noch 2y ago
> That the market can stay irrational longer than people can stay solvent is also true. It's a myth that markets are irrational. It's a joke repeated amongst traders but fundamentally, we all know that markets simply aggregate all available information and reflect it in a price. A free market as a whole has rationality as its equilibrium: it's always telling you something true about the world. To call the market irrational is a more humble claim than intended by those who quote it to aver that only they are rational, that is, it says: "I can't figure out what the market knows that I don't." It means, "Those who couldn't hear the music assumed that those who were dancing were insane."