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Comment by nikolay | Hacker News Reader

Yeah, yeah. One thing I admire the Bitcoin fans - they are diehards. But at the same time, there's nothing new under the sun - greed is powerful! But it never ends well!

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can't agree more, just can't understand why bitcoin could be so expensive

Person A see's a post about some crypto guy and how he paid off all his school loans with crypto, person A buys into crypto hoping for a similar outcome, this drives the price up. Person B seeing that the price has gone up regularly feels like he would be missing out if he didn't buy in, this drives the price up even more. Person A feels validated for investing because due to person B, the price has gone up, and maybe invests a little more, causing the price to shoot up, Person B feels validated... now imagine this circus with millions of people.

It is cheap for a global reserve currency. That's the ultimate goal.

the global reserve currency just owned by a few guys, can you image the future world will be?

You assume that early adopters still hold their Bitcoins. A tiny fraction of them might, most of them have sold (and regretted it, me including).

The Bitcoin traders are estimated to a few hundred million, certainly not "a few". Coinbase alone have approximately 56 million accounts.

The market is constantly crashing and reviving, people refusing to take the risk and buy should not complain afterwards for the new "elite" class. You had your chance (multiple times).

Your regret should be that you sold but didn't buy lower if you really wanted to be on this bandwagon. I bought, sold, and bought again, and sold again many times, and I've made money. So what? There are more intelligent ways to invest and even get better return.

such story could be widely spread that someone bought thousands of bitcoins maybe six or seven years ago, and hold it till now. then he's financial freedom.

It's cheap if you value it through the digital gold thesis (it's close to 1/5th of the way there).

It all depends on your valuation framework, what's yours?

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