I anticipate that a lot of comments about "bad bubble" and "bad bitcoin" will emerge like on every thread about bitcoin on HN.
I think people just don't understand that most participants in "Bitcon boom" knows this is a bubble. Every major news outlet says it's a bubble every couple of weeks. This is a common knowledge, everyone are saying it's a bubble.
I know it's a bubble too and I have bitcoins but I don't care that it's a bubble. I am holding BTC from the time it was worth couple of times less when everyone was saying it's a bubble also. Even if it goes down a lot below 10k now I will still make money.
I think a lot of people yelling "you morons don't buy bitcoin!!!1111" need to understand that people are aware of the risk, like they are aware when going to casino that they can lose money and there will be people that will lose their money for sure. The last one in the game takes the highest risk, that's all.
Seems like a significant portion of the capital is coming from Asia, mainly South Korea, with just Bithumb BTC/KRW trades making almost 11% of today's volume.
It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam.
Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators.
But one thing bugs me about all this.
Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people have bought in and there's nobody left to sell to.
Are there any examples of bubbles bursting when 98% of the population knew it was a bubble in advance?
Could we stop turning HN into a Bitcoin ticker? It feels like every day we get a "Bitcoin reaches $X" post and it's getting old. It's certainly not newsworthy.
If there's something concrete that _causes_ Bitcoin to move majorly, I'd be happy to see that but if I just want to watch the price, I'll look at an actual Bitcoin ticker.
This is becoming a joke. Meanwhile, transactions times in both BTC and ETH are getting ridiculously slow.
Yet another hack resulting in the loss of tens of millions of dollars, transactions taking forever, retailers announcing that they no longer accept Bitcoin, massive questions surrounding one of the largest exchanges:
22% surge in a single day.
This is going to end well.
Meanwhile "An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange" https://news.ycombinator.com/item?id=15851824
looks $ flowing out of alts and into bitcoin, which is somewhat surprising given the concerns over high transaction fees
This piece seems relevant: https://johnhcochrane.blogspot.com/2017/11/bitcoin-and-bubbl...
What is too high and what is too low in Bitcoin world and how do people come up with those values?
If people were keeping track of Satoshis (0.00014 USD/Satoshi) would they also think it is expensive?
For those who want to sell but not cash out in fiat (because on exchanges such paperwork can take over a week), what's the easiest stable thing to exchange your BTC for?
Futures on Bitcoins will be introduced next week on CBOE and the week after on CME.
I wonder if we will still see this kind of crazy rallies as it will be easier to short it.
A lot of salt in this thread.
So let me take the opposite side and say congrats to everyone who's hodling bitcoin!
This is a farce. There's only been negative news today and yet prices jump higher than ever. There's no conceivable way this doesn't end badly. I guess people are gambling on being lucky enough to exit before then.
Edit: removed unnecessary hostility. If you have money to spare on a high risk gamble like this then by all means. But in general there's just no way everyone jumping in is fully aware of the risks.