Hacker News Reader

Comment by arcticbull | Hacker News Reader

Don't be the guy advocating putting money into bitcoin to store value when we know 95% of all bitcoin trading volume is fake [1], the primary liquidity supplier in the space is currently being investigated by the NYAG for being a giant fraud [2] and the price is manipulated to serve exchanges looking to trim short and long positions. It's beanie babies for nerds. Parent said "safe" and BTC is about as safe as a chainsaw made of razor blades with no hand guard.

[1] https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-...

[2] https://cointelegraph.com/news/tethers-trouble-with-new-york...

View on HN

arcticbull, I feel like you have a pattern of being too aggressive with me. Just pointing it out. I have a pattern of being too aggressive in the past and I am trying to tone it back. I appreciate having people to disagree with me, so please keep doing that. (Sorry if this comes across as patronizing, patronizing people is one of my greatest pet peeves.)

> Don't be the guy advocating putting money into bitcoin to store value

Well, I didn't. Bitcoin was designed to be sound and honest money on theoretical grounds. But it hasn't yet achieved the needed liquidity to be relatively stable in value. I hope it does some day, but I don't know if it will.

Anyway, the issues you are raising with your references do not worry me in the least. I have been watching bitcoin a long time and I think that's just short-term news. It's not part of the macro picture. It's like if you came back from a 20 year stint in a monastery tomorrow and watched the news---you would think for sure the world is ending tomorrow. Everything seems like a crisis in the moment, but it isn't.

Truly apologize if I offended you ^_^ tone doesn’t carry well on the internet. I’m just stating my beliefs, and the “don’t be the guy” was a riff on the parent post. I also come here to have my beliefs challenged.

You didn't offend me. Yeah, I didn't pick up on the "don't be the guy" thing being a riff on what I said, so that makes more sense.

An actual civil conversation between two mature people on the Internet! This brought a tear to my eye.

Reply on news.ycombinator.com