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Comment by fwiwm2c | Hacker News Reader

By the time you understand Bitcoin/crypto, it will be too late for you to make profit from it. Get in now - lot more smarter people are in there and doing wonders for themselves. Look at your friends. Look at colleagues in your company. A lot of them are in. And here you are trying to make sense of it from your perspective. Even Ray Dalio is opening up and fair to say he knows a lot more things about finance and economics than you. Just get in.

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Is this sarcasm? Honestly can't tell.

It's either sarcasm or they have money in bitcoin and need people to buy into it so the price goes up. I can't tell either.

I have been in Bitcoin since 2016 and have enjoyed my riches. The next wave of new users will come from institutions. Hacker News audience is not what will pump the price further.

It sound like we're in agreement that it's a pump and dump scheme and not a true investment.

As they say - have fun staying poor.

Think about it - if you had invested at any point in Bitcoin before today, you would have made money. But keep on resisting.

> Think about it - if you had invested at any point in Bitcoin before today, you would have made money. But keep on resisting.

That's irrelevant to me. It's not all about "getting rich". It's not like everyone can become rich off of bitcoin. The only way you make money is taking it from someone else. At the end of the day, real work needs to be done in the world.

Lets assume it is a ponzi scheme and then make judgments based on that assumption.

... when people make money off Bitcoin, where does that money come from?

At least when the scam is selling shares of an imaginary gold mine, there is hypothetically somewhere for the profits to come from. With Bitcoin, there is only a $12B/year loss to electricity charges and no where for money to come into the system but absurd transaction fees.

My brain hurts when reading these silly replies. It is like you don't want to learn how things work. BTC has value because people assign to it and there is new money coming in (fiat converted to BTC) which is what makes the existing investors rich.

You all do deserve to stay poor and be labeled as #nocoinists.

You could have said the same thing in December 2017 before it tanked and was lower for 3 years...with no one knowing if it would ever go back up.

And give us one historic example of it being a good time to buy when the recent price chart looks like an exponential growth curve.

For sure. But look at long term trends. Since 2008, the trend has just been up and towards the right.

No it is not sarcasm. You all are missing out on the train going right in front of you. The point here is that you all are not even trying to understand the advantages of crypto - with innovations such as DeFi, NFT and Store of Value. For you, it comes back to Bitcoin wasting energy and the fact that it is being used by criminals. Keep on believing your theories while the rest of us become rich.

Your argument is just appealing to authority. You also assume I don't even have any bitcoin, and that I've never 'gotten in'. None of this answers my original questions as to why Bitcoin is a shrewd investment with long-term potential versus being a Ponzi scheme.

If you had taken some time to read about it, you would know better vs. putting your detailed uninformed comment. I am making an informed inference given the ignorance of your comment that you don't have any bitcoins or else you would actually take some time to research on it.

This is exactly why there are so many skeptics. Too many people trying to sell it as a "get rich quick" investment without downsides while there are so few concrete use-cases so far.

https://reason.com/video/2021/02/05/bitcoin-is-protecting-hu...

Bitcoin is used by people under authoritarian regimes around the world. IF nothing else, i'm happy to support people protesting in belarus.

Is rising price "supports" those people? I suspect that they have to pay more transaction fee due to rised price.

You mimic very well the typical bitcoin scammer!

They were all over in 2017 before the price dropped to 3k,I admit I was a bit of a savage when that happened.

In all seriousness with the scam you re running online, be careful and protect your family for when it goes back from 50k to 3k. A lot of people will have lost a lot of money :(

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