Hacker News Reader

Comment by snowwrestler | Hacker News Reader

I looked at bitcoin very early, when it was pitched as digital currency free from the problems of fiat money. My impression was that the proponents did not understand currency and that bitcoin would make a terrible currency.

As it turns out, I was right. But by being right, I missed a huge speculative windfall. While it would have been nice to make a bunch of money for nothing, I don't really have regrets because my decision was sound at the time.

I still wonder whether the early bitcoin marketing was uninformed but they lucked out... or if the early proponents knew it was a terrible currency, but that they had to sell it that way early in order to inflate the speculative bubble.

View on HN

Most people I know invested in still talk about it as a currency. We talk transaction rates and all that, but they are still convinced it is the "money of the future." So I think a lot still luck out. There are clear market manipulations. But that's why I still stay out. I do not see it as a missed opportunity.

Maybe I'm project the experience of people close to me and my own, but it helps to not feel left out that we have jobs in somewhat valued careers with somewhat guaranteed future employment.

I've been noticing that the more fragile the professional situation, the more people seem to regret or actively join the (already at full speed) bandwagon

I definitely see this correlation too. But I equate it to "I should have played on the craps table, tons of people just won." The part that bothers me is that people consider those that played that table as smart. And those that didn't play the table as dumb. Hindsight is 20/20 and there are still clear reasons to be wary of cryptocurrencies.

I take issue with the term 'invest' being used here. When somebody invests in something, they expect returns to come in the form of dividends, interest, or something of the sort. When somebody buys something because they expect to sell it later at a higher price, they aren't investing, they're speculating

> When somebody buys something because they expect to sell it later at a higher price

I guess I should dump my AMZN, GOOG, and FB stock. I can't believe what I could have been thinking when I put money in such a speculative product like Amazon. Add in Berkshire Hathaway, and 4 of the top 10 largest companies in the world don't pay out. Between the 4 of them, they account for more than 10% of the S&P500, and they are just 4 of the nearly 100 companies in the S&P500 that don't pay dividends.

Sounds like your views on transaction rates are about a month out of date now

Oh, sorry, is the pool not growing? Has crypto gotten to thousands of transactions per second? Because last I was aware they haven't even broken 20 transactions per second and the mempool is still growing.

It is going to take a hard fork to fix this.

Reply on news.ycombinator.com