I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012.
Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up actors like PayPal et. al.
It is 2025, and I've yet to see shops here in Europe that actively take any crypto, or people that use it in their daily lives. "Fast and cheap payments" have been fixed using regular fiat and banking services. I daily transfer and pay for stuff without any charges.
Crypto in general, but stablecoins more so, just feels like another asset that's being pumped and dumped periodically, with some constant growth factor pushing it up. At least with metals as gold, silver, etc. there's some real usage - though most of the value is just "store of value".
I don't know, for me it is mentally difficult to just buy into some asset that that has practically no real value, other than that others are willing to purchase it for more. It is as if everyone has just agreed that it has value due to demand, and that's it. It feels so artificial, that it is hard to wrap my brain around why people are willing to trade it (other than the next guy buying it for more, as mentioned).
EDIT:
Sure, there are some very legit usage of crypto, like:
Honestly, if you had held all of your BTC until today you would be an idiot.
Just because it made it to $120,000 doesn't mean that it was predictable or even an rational. Given that Bitcoin _still_ doesn't have a use case beyond buying drugs means the bottom could fall out at any time.
I find it difficult to evaluate the potential regulation of cryptocurrency. I think it is necessary, in any domain, to have good laws that enable activity while protecting the people.
At the same time I don't have a great deal of faith in the ability of the existing government structures to enact legislation in the interest of society as a whole.
That presents a serious problem that makes the world of cryptocurrency pale into insignificance. Without belief that laws act in the interest of humanity in general, faith in the rule of law erodes. If that erosion is not stopped eventually nothing remains.
I hope things are not as bad as they seem to the outside observer.
Looking at btc price charts in dollar and euro can give you a good feel for how much everyone who earns dollars or holds assets denominated in dollars lost of their purchasing power since Trump took office. If you didn't get a raise (or appreciacion) of 18% since then you are in the red.
I wish people would gamble with something other than a proof-of-work coin. There are very similar alternatives now. When bitcoin rises, more money is spent on mining. Whoever holds bitcoin is in part responsible for this waste of energy.
- 2.4 million bitcoins are lost forever [0]. Their owners, for one reason or another, can't access their wallets. No insurance, no guarantees, nothing.
- 1.1 million are owned by a mysterious person who sits at the top of the pyramid [0].
- 2.3 million belong to investors and speculators [0] (who, I'm guessing, make money by pumping and dumping).
- 1 million are owned by banks [0], the same institutions that the mysterious man at the top of the pyramid, who created the "system of trust" said couldn't be trusted [2].
- 1.6 million are held by whales [0]: billionaires, money launderers, drug dealers [5], and so on.
- 1.4 million are still left to be mined [0], but only a handful of rich people with servers worth millions can actually mine them [3].
- The rest are owned by individuals who see it as a long term investment [0].
- It's a digital currency most people don't use to buy or sell anything. The only ones making transactions are banks, investors, and the rich [1][3][4].
- Worst of all, banks, investment firms and billionaires with ties to politicians and policymakers are likely to find out first when major regulations or shifts are coming and they'll be able to sell early and minimise losses, while everyone else finds out after the fact. In a system that was meant to be decentralised and fair, the people with the most power and access still end up with the advantage.
– And if you own even a tiny bit of bitcoin and read something like this, you get upset because your investment's at risk and you end up siding with the banks, investors, and the rich to keep the system going.
[1] Research from 2025 has found that the popularity and application of cryptocurrencies have not only promoted financial innovation, but also exacerbated wealth inequality. In other words, blockchain developers have made the gap between rich and poor even worse. https://www.researchgate.net/publication/391506544_Cryptocur...
[2] A quote from Satoshi's forum message that he posted on Feb. 11, 2009. It explains the goal of creating Bitcoin and why using banks demands too much trust with no guaranteed positive outcome. https://u.today/did-satoshi-nakamoto-foresee-current-bank-cr...
Cryptocurrencies are not like other forms of money. They don't have intrinsic value. Cryptocurrencies are only valuable insofar as they are well distributed.
What did the banks win? The nerds of the world sold them fool's gold.
I have reason to believe my country's fiat will be inflated in the coming 12 months. Not hyper inflation, but a 50% to 100% increase in consumer prices over the next 12 months. My country is small and not connected to anything American related. Still wondering if it is a good idea to buy more crypto now as a further hedge against my fears. The article makes me think it may be unwise to do so given the massive speculation driving the price up led by similar american worries. Still does not change my fear of inflation at home.
I find it difficult to believe it has to do with the US regulation of crypto. These movements are made by whales, and were made for decades before regulation was in place. US citizens already have the dollar as a store of wealth so they need bitcoin less. If anything i expect a "sell the news" after this crypto week
Reading through the comments here, it seems that most people on HN vastly underestimate the significance of the "store of value" use case.
It is a core aspect of human life.
And there is no other asset that does that with as little inflation and risk as Bitcoin. That seems counterintuitive because Bitcoin is portrayed as a very risky asset. Which it is in the short term. But long term, fiat, gold, equity, and real estate all have an even worse inflation and risk profile.
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20 comments
[ 4.5 ms ] story [ 48.0 ms ] threadStill, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up actors like PayPal et. al.
It is 2025, and I've yet to see shops here in Europe that actively take any crypto, or people that use it in their daily lives. "Fast and cheap payments" have been fixed using regular fiat and banking services. I daily transfer and pay for stuff without any charges.
Crypto in general, but stablecoins more so, just feels like another asset that's being pumped and dumped periodically, with some constant growth factor pushing it up. At least with metals as gold, silver, etc. there's some real usage - though most of the value is just "store of value".
I don't know, for me it is mentally difficult to just buy into some asset that that has practically no real value, other than that others are willing to purchase it for more. It is as if everyone has just agreed that it has value due to demand, and that's it. It feels so artificial, that it is hard to wrap my brain around why people are willing to trade it (other than the next guy buying it for more, as mentioned).
EDIT:
Sure, there are some very legit usage of crypto, like:
- Circumventing sanctions
- Laundering money
- Scams and transactions of illegal goods
And of course just a storage of value.
Just because it made it to $120,000 doesn't mean that it was predictable or even an rational. Given that Bitcoin _still_ doesn't have a use case beyond buying drugs means the bottom could fall out at any time.
There is no rebar in this structure.
Not a criticism, more just trying to understand the rationale.
At the same time I don't have a great deal of faith in the ability of the existing government structures to enact legislation in the interest of society as a whole.
That presents a serious problem that makes the world of cryptocurrency pale into insignificance. Without belief that laws act in the interest of humanity in general, faith in the rule of law erodes. If that erosion is not stopped eventually nothing remains.
I hope things are not as bad as they seem to the outside observer.
- 2.4 million bitcoins are lost forever [0]. Their owners, for one reason or another, can't access their wallets. No insurance, no guarantees, nothing.
- 1.1 million are owned by a mysterious person who sits at the top of the pyramid [0].
- 2.3 million belong to investors and speculators [0] (who, I'm guessing, make money by pumping and dumping).
- 1 million are owned by banks [0], the same institutions that the mysterious man at the top of the pyramid, who created the "system of trust" said couldn't be trusted [2].
- 1.6 million are held by whales [0]: billionaires, money launderers, drug dealers [5], and so on.
- 1.4 million are still left to be mined [0], but only a handful of rich people with servers worth millions can actually mine them [3].
- The rest are owned by individuals who see it as a long term investment [0].
- It's a digital currency most people don't use to buy or sell anything. The only ones making transactions are banks, investors, and the rich [1][3][4].
- Worst of all, banks, investment firms and billionaires with ties to politicians and policymakers are likely to find out first when major regulations or shifts are coming and they'll be able to sell early and minimise losses, while everyone else finds out after the fact. In a system that was meant to be decentralised and fair, the people with the most power and access still end up with the advantage.
– And if you own even a tiny bit of bitcoin and read something like this, you get upset because your investment's at risk and you end up siding with the banks, investors, and the rich to keep the system going.
The way I see it, the banks won.
---
[0] As banks buy up bitcoins, who else are the 'Bitcoin whales'? https://www.bbc.com/news/technology-68434579.amp
[1] Research from 2025 has found that the popularity and application of cryptocurrencies have not only promoted financial innovation, but also exacerbated wealth inequality. In other words, blockchain developers have made the gap between rich and poor even worse. https://www.researchgate.net/publication/391506544_Cryptocur...
[2] A quote from Satoshi's forum message that he posted on Feb. 11, 2009. It explains the goal of creating Bitcoin and why using banks demands too much trust with no guaranteed positive outcome. https://u.today/did-satoshi-nakamoto-foresee-current-bank-cr...
[3] Prior to May 2021 Bitcoin miners were hugely concentrated, with around 60% to 70% located in China. https://mitsloan.mit.edu/ideas-made-to-matter/bitcoin-who-ow...
[4] Bitcoin ownership is concentrated among the rich. Research showed that at the end of 2020, there were 1,000 “clusters” controlling 2 million bitcoins. https://mitsloan.mit.edu/ideas-made-to-matter/bitcoin-who-ow...
[5] Between February 2011 and July 2013, drug dealers operating on Silk Road facilitated sales amounting to 9,519,664 bitcoins. https://en.m.wikipedia.org/wiki/Silk_Road_(marketplace)
What did the banks win? The nerds of the world sold them fool's gold.
It is a core aspect of human life.
And there is no other asset that does that with as little inflation and risk as Bitcoin. That seems counterintuitive because Bitcoin is portrayed as a very risky asset. Which it is in the short term. But long term, fiat, gold, equity, and real estate all have an even worse inflation and risk profile.