Bitcoin soars to new high above $52,000; sustainability concerns rise

Lol the old tulip comparison. Haven't heard that one for years.

Anyways, naysayers will be left in the cold.

Welcome to the future.

Elon Musk can invest a billion or more in it, driving up the value, and withdraw it the next day, making massive profits, or wait a bit and make even more.

Nowhere in this article does it mention the increasing power it sucks from the grid, and the damage to the environment that it causes, I see.

Interesting point in the article about such dead bitcoins, I am apparently not the only one...

The reason I haven’t sold yet is because there are hoops to be jumped first...

I much prefer gold based assets to this ridiculous bubble digital nonsense.

Ho-hum, another greed-inflated bubble that will soon spectacularly crash and burn.

Dutch tulips

The old tulpis argument against bitcoin, written by folks who have no clue what they are talking about sponsered by Peter Schiff.

Bitcoin's value is driven entirely by its popularity rather than by anything intrinsically unique and unreplicatable in its code. If you think Bitcoin's first mover advantage will last for decades, go ahead and invest. In 2006 MySpace seemed like it would never be overtaken as the social network of choice.

Buying and dealing with Bitcoin is like buying and selling air.

The only physical aspect of this Thing, is the cool looking icon.

I will stick with my annuities, and other investments. Why die rich and stressed with a huge bank account in the form of an icon?

Even if it is a bubble waiting to burst only those that are late in and late out lose there money. I think we are seeing the FOMO money going in now. If I had Bitcoin, I would be realising some profits fairly soon.

Burning BushToday 08:25 am JST

Currently, around 78% of issued bitcoins are either lost or being held with very little intent to sell

So there's a latent supply of about 14 million coins that could hit the market at any moment and sink the whole thing.

There's a latent supply of 35000 tons or gold that could hit the market at any moment and sink the while thing.

Not for me. But for those with strong nerves and a belief in their ability to time the market, seems like a fun way to spend the day. Also not sure how easy it is to exchange Bitcoin for "real" money or to buy (legal) goods and services.

Dont listen to the many haters and technophobes.

Bitcoin is here to stay. The smart people, like Elon Musk, are investing in it, and other Cryptos. If you want to - probably - to triple your money by year end, get into Bitcoin NOW.

It's not just Bitcoin. Its all of the crypto assets. Most assets have almost doubled. The problem is taking out your crypto (selling it into fiat) taxes and charges and all that bull. I have no choice but to hold on to it in the digital space for now

Why would someone other than a hacker, cybercriminal, money launderer, organized crime gang, tax evader, speculator or drug gang want an untraceable, unregulated “currency”?

Why would someone other than a hacker, cybercriminal, money launderer, organized crime gang, tax evader, speculator or drug gang want an untraceable, unregulated “currency”?

Because crypto is a better investment than stocks or leaving your assets in outdated FIAT currency, that's why.

What is the CGT rate for crypto gains?

Why would someone other than a hacker, cybercriminal, money launderer, organized crime gang, tax evader, speculator or drug gang want an untraceable, unregulated “currency”?

OK, boomer.

Boomer here,

So when this unregulated, untraceable “currency” gets pumped and dumped and you’re left with untold losses, you won’t be screaming for compensation from the government, right?

By the way, I’m Gen-x with an MBA.

https://pbs.twimg.com/media/Eue2mJvXIAQ9D8W?format=jpg&name=900x900

For anyone interested - a chart comparing BTC with tulips.

So when this unregulated, untraceable “currency” gets pumped and dumped and you’re left with untold losses, you won’t be screaming for compensation from the government, right?

No, i've been in the crypto scene for years. Ive made enough money to take all of my initial investment off the table, with profits while still keeping a good size of various crypto assets. Many people have been able to do this.

This is the same argument that people said during the 2017 bull run. BTC will likely hit six figures this year and then a sizeable pullback will happen. People will say BTC is dead, again.

In due time, it will rise yet again, even higher and more people will keep saying the same thing you are also saying. I understand your skepticism. However, the way things are going with institutions - people will be forced to accept it eventually. But it will be far too late for many to hold much BTC at that point by being priced out.

There are some saying that this bullrun might be different. In 2017 it was retail FOMO that pushed the market up. This time it's institutional. There may not be a crash back down before another rise up. That, i'm not so sure about.

Regardless, myself and many others have made a good profit.

Why would someone other than a hacker, cybercriminal, money launderer, organized crime gang, tax evader, speculator or drug gang want an untraceable, unregulated “currency”?

Because I want control of my money to be mine, not a bank, not a government, nor any other third party organization. Why would I want to give ANYONE control over my money if I don't have to?

Your question is weird. The bigger question is why anyone would want to pay money to a bank if they didn't have to. Please tell us, what motivates you to want to pay fees to banks?

GdTokyoFeb. 18 06:49 pm JST

Why would someone other than a hacker, cybercriminal, money launderer, organized crime gang, tax evader, speculator or drug gang want an untraceable, unregulated “currency”?

You know that the most criminally used currency is the USD right ?

Your question is weird. The bigger question is why anyone would want to pay money to a bank if they didn't have to. Please tell us, what motivates you to want to pay fees to banks?

One of the best reasons is that banks, having institutional power that they do (whether you like it or not) are able to make negotiations with the state, the lender of last resort, to keep themselves afloat and therefore retain your assets in the event of a major collapse, as we saw in 2008.

Also, if I lose my card or forget my log-in details, a bank can help me recover them, and therefore my money. Bitcoin famously cannot do this.

One of the best reasons is that banks, having institutional power that they do (whether you like it or not) are able to make negotiations with the state, the lender of last resort, to keep themselves afloat and therefore retain your assets in the event of a major collapse, as we saw in 2008.

That's actually a pretty good reason. And there are some others - it's not like the banks have no place in society at all. They do, and always will. Just like cash never disappeared with the advent of checks, then credit cards, and now payments through your phone.

But, cryptocurrencies are here to stay. I don't know if Bitcoin will win in the end, and it doesn't matter to me which one(s) do. The fact is, the future of money handling will be through various cryptocurrency networks, banks, credit cards, cash and commodities. The biggest difference with cryptocurrencies as compared to previous methods of payment, is that this one bypasses any dependency on a bank or nation. And THAT is where the strength of cryptocurrencies lie.

This current age of currency trading using cryptocurrencies is just a temporary state, which in the long run will be a blip in time. It's the adjustment period while the people of the world figure out what the hell cryptocurrencies are, why they are good, which parts are bad, and how to use them effectively.

You know that the most criminally used currency is the USD right ?

Yes, I do. And though sometimes difficult, they can be tracked because they leave a digital or a paper trail thus aiding a prosecution.

Bitcoin? Not so much (not at all, actually). Thus the appeal to all manner of criminals.