Ask HN: Bitcoin about to cross $10k. Still a skeptic? - obiefernandez
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taprun
As John Maynard Keynes said, "Markets can remain irrational longer than you
can remain solvent."

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laci27
Especially now. If it looks like a bubble and behaves like a bubble, it's a
bubble. No value is created at the rate BTC is rising. Besides, crypto
currency in general is plagued with major problems, from security, to
scalability.. it's not worth $500/BTC.

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therealmarv
I'll stop beeing sceptical when this feels like money and not like high risk
gambling.

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AstralStorm
My own scepticism is fuelled by the fact if cryptocurrencies would disappear
we'd lose nothing of value.

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jb28
While people all over the world are becoming more conservative, and divided -
there are a few movements or platforms that try to level the playing field for
all.

The internet started as one of those movements, and these words seem to echo
that of the skeptics then.

It's not just about the value of Bitcoin going #tothemoon

Cryptocurrencies and blockchains now give us the opportunity*, infrastructure,
and incentive/reward mechanisms to build the future platforms that will not
discriminate, or manipulate us, but instead empower and elevate .

I think such a movement, network, and infrastructure is something very
valuable that we would lose if they disappear.

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acconrad
Bitcoin as a way for a few lucky folks to increase their net worth is
certainly not something they are skeptical of.

Bitcoin as a means of achieving it's original goal (i.e. a world currency) I'm
still highly skeptical of. Why would I want to _spend_ Bitcoin when I could be
the next guy who spent BTC0.0001 on a pizza when it becomes worth $100k /
coin? The fact that I have to entertain that idea means psychologically I
won't treat this as currency. I treat USD and EUR as currency because I don't
worry about day-to-day (or even really decade-to-decade) volatility of the
currency. BTC has volatility by the _week_. Whether this giant experiment
succeeds or not, I have a hard time believing it works as a currency
specifically.

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T-A
At the peak of tulip mania, in February 1637, some single tulip bulbs sold for
more than 10 times the annual income of a skilled craftsworker. [1]

[1]
[https://en.wikipedia.org/wiki/Tulip_mania](https://en.wikipedia.org/wiki/Tulip_mania)

~~~
latchkey
[https://www.smithsonianmag.com/history/there-never-was-
real-...](https://www.smithsonianmag.com/history/there-never-was-real-tulip-
fever-180964915/)

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muzani
I'm very happy with the ROI I got but am cashing out on my initial investment.
I'll stop being skeptical the day I can buy a burger with it.

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scalesolved
I don't own any Bitcoin nor have I ever but why would being a burger with it
stop you being sceptical?

I mean you cannot (at least to my knowledge) buy burgers with
gold/ETFs/Stocks, doesn't the same apply to Bitcoin?

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marcus_chang
> I mean you cannot (at least to my knowledge) buy burgers with
> gold/ETFs/Stocks, doesn't the same apply to Bitcoin?

Gold is a store of value and ETFs/Stocks are investment vehicles. Bitcoin is
designed to be used as a currency.

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scalesolved
Is currency not a store of value?

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marcus_chang
Not in the same way that gold is. Currencies can experience hyperinflation
from increased supply (printing money), but until someone finds the
philosopher's stone, gold has relatively stable supply (and subsequently -
price).

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scalesolved
Interesting discussion :)

Gold has a relatively stable supply now but back in history we've experienced
several gold rushes that I imagine made prices turbulent. From my limited
understanding of Bitcoin the supply is also going to be limited and the mining
of coins will become harder and harder.

Seems to fit more along the line of gold than a currency.

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calciphus
Yep. Maybe it's the hourly posts to HN about how great an opportunity it is.
Maybe it's the constant need of every Bitcoin "investor" to talk about the
price (not value).

To me its just another way wealthy people increase their wealth and avoid
paying taxes. No different then a bunch of hedge fund bros talking about using
offshore accounts and fake charities to avoid paying taxes.

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jono90
I was never skeptical and more of an opportunist. 10 years from now I can say
I participated in the flop/success that is bitcoin.

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akashpaul
Even if I had gotten in at Sept it would've been quite the return by the time
it hits 10K by the end of 2017 or earlier.

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Shad0w59
It is basically a quick Ponzi scheme.

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art4ur
That means you either don't know how bitcoin or a ponzi scheme work.

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handbanana
or both

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kaikai
If anything, the rapidly increasing exchange rate makes me more of a skeptic.

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kapauldo
It still feels like a mostly speculation platform and not a transactional one.

