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Sleeping beauty Bitcoin wallets wake up after 14 years to the tune of $2B

(www.marketwatch.com)
191 points aorloff | 1 comments | 04 Jul 25 18:41 UTC | HN request time: 0s | source
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andy99 ◴[04 Jul 25 20:52 UTC] No.44467803[source]▶
Most interesting to me is that people are worried about a $2B transaction moving the market.

How does that compare to the market depth of actual currencies or commodities? BTC, being objectively worthless, must be much more sensitive to people wanting to sell I'd expect.

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bboygravity ◴[04 Jul 25 20:55 UTC] No.44467823[source]▶
How is BTC objectively worthless (I'm guessing you mean "intrinsicly worthlesss"?) as opposed to USD or other major currencies?
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anothernewdude ◴[04 Jul 25 21:02 UTC] No.44467871[source]▶
Other currencies get their value because the governments that provide them make people pay taxes. If you want to pay the tax the US government charges you, you're going to need some USD - so there's guaranteed demand, and hence intrinsic worth.

There's also other debt that the US government provides in USD - which provides value as well, in the form of bonds.

BTC has no such driver of wealth. Except perhaps money laundering/transfers without AML provisions.

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1. andy99 ◴[04 Jul 25 21:17 UTC] No.44467952{3}[source]▶
Yeah bitcoin is (at best[0]) a kind of consensual hallucination, worth something because people believe it is. Fiat is someone with a Navy telling you it's worth money, it's very different.

[0] in practice there's a difference between the idea of a distributed digital currency and the ponzi schemes they give rise to I'm real life. Bitcoin is some greater fool thing, it's not a medium of exchange.