Bitcoin surpasses $50K as major companies jump into crypto

Re:Bitcoin surpasses $50K as major companies jump into crypto by PragmaticPulp on Tuesday February 16, 2021 @06:54PM (#26160526)

Driving a car devalues it, because you're using up the utility and extracting value from it.

If you buy a car and treat it like an investment (don't drive it, store it properly, keep it maintained) it behaves like an investment. Depending on the car and the market, the value goes up substantially.

Here's an example of a 2000 Honda Civic selling for $50,000 USD : https://bringatrailer.com/listing/2000-honda-civic-27/

Bitcoiners like to emphasize Bitcoin's limited supply, but Bitcoin is hardly the only thing in life with a limited supply. There will never be any more 2000 Honda Civics, for example.

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Re:Bitcoin surpasses $50K as major companies jump into crypto by choward on Tuesday February 16, 2021 @07:13PM (#26160749)

This seems like an example of survivorship bias. That Honda is an outlier. Not every car will go up that much if at all. Hondas are known for reliability but it takes time to know if a car model is reliable and not a lemon.

The purchase price of that car would have been $27,320.28 in today's dollars. Also, you still have to store it and do some minor maintenance even though it's not being used. The true cost of ownership for 21 years isn't really known. It's hard to know how much the real profit actually was. Either way, it's a gamble as an investment strategy.

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Re:Bitcoin surpasses $50K as major companies jump into crypto by adhoc32 on Tuesday February 16, 2021 @07:08PM (#26160698)

Sure, but it costs money to store it and maintain it in a good shape. Also try sending the equivalent value of 100$ using a Honda Civic. Barter economy is impractical.

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