Hacker News Reader

HNHacker News

Top New Best Ask Show Jobs

Comment by gressquel | Hacker News Reader

Full thread

gressquel·

bitcoin, you may get 10x in six months

View on HN

I did this, sadly only a few hundred. Invested ~six months ago, and now it is worth double.

Are you talking paper gains or actual cashed out real money gains?

Bitcoin is virtual currency based on massive electricity consumption. Due to the ever increasing difficulty of mining, it is effectively a Ponzi Scheme.

Paper gains. Sure its a pyramid of assumptions that could topple at any moment.

But if it continues the way it has been, then it can accomplish the goal.

"Surely real estate prices will keep going up!"

The worry is that when the crash comes, no one will be willing to buy. Or even if you find buyers, what if everyone starts withdrawing their money from the exchange, and the exchange doesn't actually have that liquidity...

3-6 months time span? Ponzi Schemes are my weapon of choice.

Difficulty is not in any way ever increasing. Difficulty is set based upon the overall hashing power of the network. If it becomes more expensive to mine, miners drop out and difficulty decreases.

Yeah, but good luck cashing out on that $1M USD.

How do you mean? That's a rather trivial amount.

Well it's not fully liquid. Looking at the question more strictly, it could be put in $100k, get out $200k cash.

The volume is not great. You'll lose quite a bit on exchanges. It's probably the same for stocks or real estate, but something like gold is much more liquid for a million dollars. Or gambling.

You really need to get into the tens of millions before you start having any sort of liquidity problems with Bitcoin.

haha yeah seen a few threads mentioning that coinbase limits you to cashing out only 15-20k/week.

However I have heard of a few exchanges that will let you cash out 1m+ in BTC.

Reply on news.ycombinator.com