Hacker News Reader

What does that mean? USD value decreased that much and bitcoin proved itself as an asset with tangible value (like gold?), or did value of bitcoin itself rise? I’m not a currency guy, so I don’t pretend to know crap, it’s a real question, not rhetorical.

View on HN

It means that if you bought under $100k, you are no longer the biggest fool. Bitcoin is completely unworkable as an everyday currency and this this is due to multiple factors. Any attempt to address these shortcomings ends up slowly[0] re-inventing the modern financial system and its various systems of trust. People who try to convince you otherwise are simply in search of a bigger fool, since they bring up the USD value of bitcoin.

[0]: but also too quickly, hence all the breaches and 8-figure heists

Compared to the dollar over the past five years…

The dollar down vs itself by 20ish percent.

The median home price is up 30ish percent.

Oil is up 45ish percent.

Gold and the SP500 are each up 80ish percent.

Bitcoin is up 1000ish percent.

If you snooze through the day-by-day, season-by-season noise, the volatility of Bitcoin is a fun and relaxing rocket to ride. You just have to ignore all discussion focused on time frames of less than four years.

Reply on news.ycombinator.com