Bitcoin tops $34,000 as record-breaking rally resumes | Hacker News Reader

Bitcoin tops $34,000 as record-breaking rally resumes

ft.com

16 pointsdoener12 comments

Maybe I'm missing something, but Bitcoin seems more and more like selling tulip bulbs to me.

Good for the people who timed the market right. I often think back to ~2010 when I first learned about bitcoin and thought "maybe I'll buy 1000 of those for kicks".

But at the same time, buying into that market now seems like a bad idea.

It will never be able to compete long term if, rather when state level decide to join the game.

The main advantage of Bitcoin is that it cannot be corrupted by the state. Perhaps you trust the state, but then you are not the target market for the product.

If you think Bitcoin is like tulip bulbs, most likely you haven't spent a significant amount of research on it.

It's your choice not to do it, but it's an expensive choice.

Anyways, you can buy and use Bitcoin 20 years from now as well, so there's no rush.

What useful thing can I do with Bitcoin other than using it as a speculative asset?

Use it as a savings account. Everybody who speculates with it loses lots of money. I just bought and hold money there that I don't need to use right now.

All I want from it is to not inflate my money (that's why the 21M cap is great for me...tulips would be great as well if you could guarantee that they don't age and are limited to 21M).

Earn interest on it or take out a loan with it through BlockFi.com and other lending services.

I was thinking about it for tax savings purposes (loan), but Bitcoin is getting so much valuable over time that it's not worth the custodial risk for me.

I personally haven't done it either, but am considering a $5-10k loan just to try it out. The 6-8%~ isn't worth it for the custodial risk to me as well.

It sounds fun, but when Bitcoin's price drops, you have to add more BTC to keep the margin safety on Blockfy.

You need to pay 10% interest for loaning against 50% of your BTC.

Of course BTC's price probably won't go under $20k ever again, but in March when it went from $8k to $4k for half an hour, a lot of us were surprised.

Smuggle money out of a totalitarian state by memorizing a few words.

I recently came across https://nano.org again.

It doesn't make sense how Nano is not popular over Bitcoin considering the properties that Nano has over Bitcoin.

https://www.reddit.com/r/nanocurrency/comments/kpbsin/what_a...

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