[HN Gopher] Ether soars above $1k as Bitcoin sets another record
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       Ether soars above $1k as Bitcoin sets another record
        
       Author : mdoms
       Score  : 20 points
       Date   : 2021-01-04 17:35 UTC (5 hours ago)
        
 (HTM) web link (arstechnica.com)
 (TXT) w3m dump (arstechnica.com)
        
       | chillacy wrote:
       | Etherium seems quite promising. They recently moved to Proof of
       | Stake, which gets around many issues with Bitcoin like energy
       | consumption, miner consolidation, and 51% attacks (it would by
       | definition be more expensive to pull off than you could possibly
       | gain by faking a transaction). Add to that the possibility of
       | staking Etherium and you have an asset that generates returns.
        
       | Breefield wrote:
       | I don't find that these articles acknowledging BTC/ETH clearing
       | the 30k/1k price point provide any value to the discussion
       | surrounding their existence.
       | 
       | Article acknowledges incumbents, pumps them, drops some other
       | altcoin names and provides brief summary of XRP issues with SEC
       | (which we've already discussed here).
        
       | webinvest wrote:
       | It's crazy that Ethereum has risen so fast! Some people I know
       | were predicting it to go up to $1000 by the end of 2020 when it
       | was $630 in December so I bought in then. They were only off by 4
       | days since today is Jan 4th. I'm glad I did because it is up by a
       | higher percent than Bitcoin.
        
       | mamon wrote:
       | If you plan to buy Bitcoin please wait a few months until lawsuit
       | against Tether [1] gets a ruling - if they are found guilty of a
       | price manipulation scheme it should temporarily bring Bitcoin
       | price down to more reasonable level, say below 1000 USD.
       | 
       | [1]
       | https://www.courtlistener.com/recap/gov.uscourts.nysd.524076...
        
         | wan23 wrote:
         | The market cap of Tether is $21,807,025,291 according to
         | coinmarketcap. Wouldn't the rush to trade all those tokens for
         | something else push up the price of BTC?
        
           | webinvest wrote:
           | They could just swap the Tether for some other stablecoin
           | that tracks the US dollar. There's quite a few of them now.
           | In that case, nothing happens to the price of Bitcoin.
        
         | webinvest wrote:
         | People have been saying Tether is gonna crash since late 2017
         | and that FUD directly helped cause the cryptocurrency crash of
         | late 2018. People that would've swapped out of crypto into
         | tether swapped out of crypto all together when they lost faith
         | in tether. But look, tether is still around and doing fine. It
         | has held it's value of $1 for most of the time. People say it
         | might not have it's full reserve requirement of 100% dollars.
         | But banks in the United States normally operate with a reserve
         | requirement of only 10%. There are also a few different tether
         | replacements available for people to swap into now.
        
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       (page generated 2021-01-04 23:02 UTC)