[HN Gopher] Bitcoin's market cap crosses $1T milestone for the f...
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       Bitcoin's market cap crosses $1T milestone for the first time
        
       Author : chanfest22
       Score  : 16 points
       Date   : 2021-02-19 21:04 UTC (1 hours ago)
        
 (HTM) web link (www.theblockcrypto.com)
 (TXT) w3m dump (www.theblockcrypto.com)
        
       | hahahahe wrote:
       | Think more interesting number would be total paid-in capital.
       | That would be a better metric to gauge the baseline value. My
       | guess is it's closer to $10-20B.
        
       | andyxor wrote:
       | Satoshi Nakamoto is the richest person in the world
        
       | seibelj wrote:
       | Bitcoin is one of the most successful open source technologies of
       | all time and the best decentralized network ever created,
       | surpassing BitTorrent. This is a stunning achievement of pure
       | computer science and economic game theory that enables strangers
       | to act only in their self interest to secure and grow the
       | network.
       | 
       | No matter what you think of bitcoin, you must admit this has been
       | successful beyond anyone's wildest expectations only 12 short
       | years ago. It's rise and acceptance into the deepest reaches of
       | traditional finance and conservative institutions like BNY Mellon
       | is absurd in its speed and their willingness to accept
       | fundamental change. We are in the midst of a paradigm shift to
       | open financial protocols and huge innovation in capital markets.
       | On to the next decade of crypto!
        
         | hahahahe wrote:
         | I don't think it does any of the things you mentioned. It's a
         | vehicle for speculations and money laundering.
        
         | cosmodisk wrote:
         | I don't see anything successful about it: 1) Absurd levels of
         | electricity consumed 2) Majority of BTC is not used as an
         | asset,or even as currency,but purely as a tool for speculation
         | 3) the surrounding ecosystem is worse than FX world, which is
         | already as bad as it gets 4) No real anonymity either: any
         | meaningful amount needs to be exchanged to Fiat sooner or
         | later. 5) Adoption is still very very low and won't change with
         | such volatility.
         | 
         | Also, financial protocols!= currency.
        
           | gowld wrote:
           | "it's harmful" and."I don't like it" doesn't make it
           | unsucessful. Cigarettes are wildly successful. Thousands of
           | people, from uninteresting individuals to billionaires and
           | banks, are spending their resources to engage with it.
        
       | naveen99 wrote:
       | That's about 0.2% of global wealth allocation. I wonder when the
       | people who normally recommend 30% of your portfolio in bonds will
       | recommend bitcoin as the cash equivalent. That would leave a 150x
       | potential from here.
        
         | zaphod12 wrote:
         | Cash is held for it's stability. bitcoin is the polar opposite
         | of stability right now.
        
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       (page generated 2021-02-19 23:02 UTC)