A 14-year-old Bitcoin wallet containing $2 billion worth of Bitcoin has been activated, sparking discussion on Hacker News about Bitcoin's current value proposition and the potential reasons behind the wallet's reactivation.
Many early Bitcoin adopters envisioned a financial revolution, but the currency evolved into a speculative asset. Discussions questioned Bitcoin's utility, its centralization due to mining pools, and whether it truly functions as a currency. Arguments for Bitcoin highlighted its stability, mathematical basis, and decentralization compared to fiat currencies controlled by central banks. However, concerns were raised about the potential ease of scamming due to irreversible transactions and the possibility of key compromises through brute-forcing or flaws in wallet implementations.
Speculation also arose about the identity of the wallet owner, with theories ranging from a lost hard drive finally being recovered to quantum computing breakthroughs, or even government involvement. The impact of such a large transaction on the Bitcoin market was also discussed, with some suggesting it could lead to a price crash.