Bitcoin’s Gunning for a Record and No One’s Talking About It | Hacker News Reader

Bitcoin’s Gunning for a Record and No One’s Talking About It

bloomberg.com

20 pointsReedx10 comments

Nobody's talking about it because it's just an asset bubble being driven by historically low interest rates and QE. Gold and property are also going up.

On the contrary, the sound faith in cryptography, as exemplified by the spike in monetary value of cryptocurrency, most notably in bitcoin, is of relevance to the crowd at hackernews, e.g. the cryptopunks and cipherpunks that remain loyal to the conversation at hackernews.

When home prices rise by 11% in the midwest right in the middle of a pandemic, with high unemployment and people fearing for their job, I do see an asset bubble

https://www.cnn.com/2020/11/12/success/home-prices-rising/in...

It will get bloody.

The Midwest homes going up is driven at least a bit by fundamentals. Decent cities in the MW are collecting exodus from NYC, SF, etc. and those people are all paying list or above due to reverse sticker shock. You can get a palace in Indiana, Ohio, etc. for the cost of a mediocre apartment in those places, and now that we are actually using this communication system we built why not?

But other than that... yes there is a lot of pumping, and I don’t see it stopping any time soon. Their hands are tied.

Not to mention low interest rates. Stupid not to refi when the tax break will cover the interest. And if you're going to refi, why not upgrade?

It's 13% nationwide. Some markets may be taking a dive to the exodus, but >10% can't just be explained by interest rates.

> I don’t see it stopping any time soon. Their hands are tied.

Yes, we're in for a ride, and it will get bloody.

Absolutely driven by fundamentals. We lost almost 25% off long term rates if houses are fixed at monthly payments then price has a ways to go to equalize.

Loyal? Tell me Bitcoin isn’t a cult.

How many times do we need to start this talk... just to end it soon?

What's the most pathetic thing is that there are many republicans who are into Bitcoin not realizing that it's mostly controlled by China, Chinese miners, and Chinese exchanges!

Part of the reason is it's probably being driven by printing tethers and so not involving that many people.

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