So much of a scam that buying that coveted Tesla Model S in 2017 would sure have held its value much better than Bitcoin did and by now in 2025, Bitcoin should be worthless. Right?
Not even close.
If Bitcoin was a scam, was it supposed to "crash" from $10k to $100k+ and that Tesla Model S "skyrocketed" from $100k+ to around $40k from its retail price.
Sounds like buying a Tesla Model S in 2017 was a scam.
And just because the value of Bitcoin has gone up, doesn't mean it's not a scam. "Market can stay irrational longer than you can stay solvent."
Bitcoin continues to fail at its stated goal of being a currency - it's more like digital gold that, unlike actual gold, would be worthless in a real global crisis. A lot of bitcoin-adjacent stuff has also collapsed since 2017 (NFTs, FTX). The idea of putting everything "on the blockchain" also seems to have died.
But I don't think anyone claimed criminality is not profitable. It can literally make you President.
Honestly, no.
It would be so awesome to have a forum where intelligent, grown up people discuss the possible futures of Bitcoin. Or any other asset. But I have not found one yet. If anybody knows some place, please please post a link!
Then it slowly drifted into scammers and low quality begging posts.
They run all the stories about how BTC lost 80% of its value without acknowledging that the top measurement was at the peak of spikiest part of the bubble where only half a dozen trades occured.
Then, after stories of how much value has been lost cease to be interesting enough to warrant further stories and noone is clinking on the stories that they do write. That's when it's time to start running the "It looked like bitcoin was dead, but it's coming back again, and this time it's stronger than ever!". Which promotes the next bubble that they can report on when it crashes.
There may be underlying value there, but the oscillations are driven by short term sentiment. I can't help but feel that their are news organisations that are happy to provide self forefilling prophecies as long as it provides more easy to write news.
In any case, when I said "low", I was referring to early Bitcoin days when 1 BTC cost'd a loaf of bread.
I even started mining for a brief time on work desktop which I had to uninstall immediately of course.
The reason I know bitcoin has hit the mainstream and isn't going anywhere is in sort due to HN. This bubble has spurred zero posts as far as I can tell, or zero that gained any traction.
In part this is because there is nothing new to discuss. But in the past there was nothing new either, but it gained traction because of the numbers of comments.
Now I guess the naysayers have moved on the criticism of AI and the defenders don't feel like it needs defending anymore.
Welcome to the new asset class.
... Did you look? Quick search turns up a bunch of stories that were on the frontpage: https://hn.algolia.com/?dateRange=pastYear&page=0&prefix=fal...
> But in the past there was nothing new either, but it gained traction because of the numbers of comments.
That's the opposite of how things are ranked on HN. Submissions with more comments than votes are being pushed down the frontpage, not up.
Wasn't it supposed to be a currency people would buy stuff with that would eventually replace "fiat"? What happened to that?
The BTC holders trying to rebrand to a value storage instead of a currency is proof of this.
So any discussion with BTC bubble people is futile unless they are willing to put their money where their mouth is.
