Re:Bitcoin surpasses $50K as major companies jump into crypto
by worker767424 on Wednesday February 17, 2021 @01:12AM
(#26163282)
Would you rather buy all the shares of Facebook for $1 or all the bitcoin?
Re:Bitcoin surpasses $50K as major companies jump into crypto
by Sinbe on Wednesday February 17, 2021 @01:48AM
(#26163464)
Shares of Facebook for sure. Bitcoin's value is in the network effect, you can easily create a bitcoin clone but it's worth nothing if you are the only one hogging all the coins.
Re:Bitcoin surpasses $50K as major companies jump into crypto
by rkagerer on Wednesday February 17, 2021 @05:27AM
(#26164843)
Agree but for a slightly different reason. If I acquired all the Facebook shares I could do the world a favor and kill off the company.
Re:Bitcoin surpasses $50K as major companies jump into crypto
by worker767424 on Wednesday February 17, 2021 @12:10PM
(#26168702)
It's hard to make that call when you're making life-changing money every day. Alternatively, you could completely change the company's focus.
If you were to sell 50% of all the bitcoin floating around in the world, how much would you impact the price? Would it remain above 40k? 30k? 20k?
What's the cost basis of all the bitcoin holdings in the world?
If the US government cracks down on bitcoin purchases by public companies, what happens to the price of bitcoin?
Skeptics aren't skeptical because of lacking adoption, so they aren't going to be swayed by increasing adoption either.
Also, Facebook isn't some magical Rubicon for asset valuation. It's a company that sells ads.
One of the fundamental problems with "things are going good, what could go wrong?" is that inevitably, every crash is clearest in retrospect.