close to 100% from 12 months ago and still up over 10000% from June 2013.
Anyone going into BTC would hopefully understand that this is an extremely volatile asset and proceed accordingly. I still really like BTC both medium and long-term.
at least 20 bitcoin mines in his basement. Those things are cranking out so much heat and it is extremely noisy down there. No idea how much money he is making from those things.
at least 20 bitcoin mines in his basement. Those things are cranking out so much heat and it is extremely noisy down there. No idea how much money he is making from those things.
at least 20 bitcoin mines in his basement. Those things are cranking out so much heat and it is extremely noisy down there. No idea how much money he is making from those things.
Wonder what his electric bills run
^this. Right now most miners are losing money and that’s assuming you’re getting good electricity rates. On top of that when the new versions of machines are released a lot of the older ones lose value. Can’t imagine how you make money hosting those at home unless he’s in a cheap electricity state.
ran the model of starting a BitCoin farm and he said unless you can get electricity at a cut rate (or somehow tap into a source illegally), it is unsustainable to mine bitcoin.
I'd imagine whatever revenue your brother-in-law can mine will be overtaken by the electric bills an operating cost.
when you aren't holding anything, not selling it is an excellent idea:
Quote:
I still believe it will rise back up
DennyInDenville : 1:52 pm : link : reply
I'm holding onto everything I have, if I lose it, so be it
The upside is just to extreme to sell off just yet
If I sold now I would break even
Some people, including myself have thought about just getting our money back. But like I said, I see to much upside to simply sell it off for basically two 5 star steak dinners .. not worth it.
A wise man once said when asked the question "when will I know when to sell my BTC?"
The wise man answered "when the time comes to sell, you won't need to"
Whatever that means , anyway, I took it to heart and I'm in it for the long haul..
Look at Amazon, and stocks like that, compare it to crypto in the early stages.. just to much upside like I said to sell off for two steak dinners with bumble thots so idk.. gonna #HODL
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
I don't see anyone questioning blockchain. I can flip it the other way, the blockchain enthusiasts maybe don't understand how markets and supply/demand work. I see most people questioning how crypto's value is correlated to the underlying assets. When the vast majority of all crytpos swings together in the same direction at the same time I think there is legitimate reason to what is driving the value of them.
When the top Wall Street traders are leaving their cushy jobs to join these crytpo hedge funds they certainly aren't buying and HODLing. They are taking advantage of the majority of the retail investors and enthusiasts who don't know any better.
completely understandable. But it's just so fitting for the naysayers to make a comment as soon as the media decides to post a big article about a recent price drop.
We are in the infancy of this crypto world - extreme volatility is going to happen.
I recommend all beginners to listen to this podcast series:
http://investorfieldguide.com/hashpower/
It's hosted by Patrick O’Shaughnessy, extremely inteligent finance guy who interviews some of the smartest minds in this field. His dad is James O'Shaughnessy, who is also very well known in the finance world.
RE: RE: everyone knocking the price drop in Bitcoin Â
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
Not knocking the price drop — I think it’s well deserved.
And I know plenty about blockchain and think it’s a great technology that will be used in a lot of ways. Here’s the most important thing I understand about it: Bitcoin has no intellectual property rights for blockchain. Anybody can use it royalty free. Thus there is no rationale for a high bitcoin price simply because it uses blockchain.
when you aren't holding anything, not selling it is an excellent idea:
Quote:
I still believe it will rise back up
DennyInDenville : 1:52 pm : link : reply
I'm holding onto everything I have, if I lose it, so be it
The upside is just to extreme to sell off just yet
If I sold now I would break even
Some people, including myself have thought about just getting our money back. But like I said, I see to much upside to simply sell it off for basically two 5 star steak dinners .. not worth it.
A wise man once said when asked the question "when will I know when to sell my BTC?"
The wise man answered "when the time comes to sell, you won't need to"
Whatever that means , anyway, I took it to heart and I'm in it for the long haul..
Look at Amazon, and stocks like that, compare it to crypto in the early stages.. just to much upside like I said to sell off for two steak dinners with bumble thots so idk.. gonna #HODL
Amazon actually sells things and generates revenue ... look I hope you become rich and can retire early. I am not rooting against bitcoin investors (I would never do that) but, comparing bitcoin to Amazon? I don't think that is a good comparison.
Researchers at the University of Texas at Austin found that at least half of bitcoin's astronomical returns last year may have been a result of manipulation.
Sorry my point is, Amazon at its early stage was very foreign language wise in a way like bitcoin is to just about everyone
Gun to my head? Bitcoin and all other Cryptos were the greatest Ponzi scheme the world has ever seen. But I also believe in the chance , I treat it like a lotto ticket, nothing more. I never wake up thinking I don't have to keep working extremely hard in life because I have some crypto.
Thank you for the kind words and wishes though, I really appreciate it and hope you have an early retirement as well filled with blessings.
RE: RE: RE: everyone knocking the price drop in Bitcoin Â
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
Not knocking the price drop — I think it’s well deserved.
And I know plenty about blockchain and think it’s a great technology that will be used in a lot of ways. Here’s the most important thing I understand about it: Bitcoin has no intellectual property rights for blockchain. Anybody can use it royalty free. Thus there is no rationale for a high bitcoin price simply because it uses blockchain.
Exactly. Blockchain is an interesting technology but a particular coin only has value if a group of people thinks it does. Once they change their minds, there's nothing innate to a particular coin that can preserve it's value.
In short, there's minimal technical difference between Bitcoin and Dennis Rodman's Potcoin. We could get the engineers on this board together and make BBI coin.
RE: RE: RE: everyone knocking the price drop in Bitcoin Â
completely understandable. But it's just so fitting for the naysayers to make a comment as soon as the media decides to post a big article about a recent price drop.
We are in the infancy of this crypto world - extreme volatility is going to happen.
I recommend all beginners to listen to this podcast series:
http://investorfieldguide.com/hashpower/
It's hosted by Patrick O’Shaughnessy, extremely inteligent finance guy who interviews some of the smartest minds in this field. His dad is James O'Shaughnessy, who is also very well known in the finance world.
Good point re: Hashs. I know LTC's is currently at an all time high. Adoption is at an all time high. Big players like Goldman Sachs and NASDAQ signaling their interest in opening exchanges and global governments are voicing their support for crypto and blockchain related innovations. Yet the price freefalls. Of course the rise to 20K was manipulated, just like this drop to 6K is.
I've been holding and adding since the beginning of 2017, and this is a buying opportunity for me. I wouldn't count on this current little pump to be a reversal, so there may be more pain on the way..
..Not as much pain as selling during this and watching institutional money join the frey without a position though. I can take the loss if this goes belly up.. I would not be able to take the rocket leaving me behind.
Researchers at the University of Texas at Austin found that at least half of bitcoin's astronomical returns last year may have been a result of manipulation.
Bitcoin’s astronomical rise last year was buoyed by market manipulation, researchers say - ( New Window )
Does this really surprise anyone? It wasn’t a natural YOY progression at all. The price is actually right around where it should be without manipulation so it makes complete sense. Actually won’t be surprised if it goes even lower before trending up again.
Hopefully people were smart enough not to invest anything they couldn’t afford to lose. And can be patient. I for one cashed out my initial investment and will be curious to see my next set of returns in a couple years.
Also threads always seems to come at the right times Â
In comment 13991259
In short, there's minimal technical difference between Bitcoin and Dennis Rodman's Potcoin. We could get the engineers on this board together and make BBI coin.
My killer idea for this craze was to create Big Baller Coin and start a battle with Lavar Ball that would hopefully result in a settlement (or even better a partnership with BBB!).
I have no interest in going through all the scam attorneys to release such a coin so someone please feel free to be my guest and all I ask in return is to think of me if it is a wild success.
is the attraction of Bitcoin? That it isn't controlled by any country and is all decentralized? Some countries have banned Bitcoin. And as others have noted, the energy consumption to mine new Bitcoins is enormous. Iceland may use more energy to mine Bitcoins this year than power homes.
at least 20 bitcoin mines in his basement. Those things are cranking out so much heat and it is extremely noisy down there. No idea how much money he is making from those things.
Wonder what his electric bills run
He is making money. He has it all figured out. Also installed a dedicated panel for this stuff.
thus, it cannot be valued using standard discounted cash flow analysis or by demand for their use in the production of higher order goods. Comparing it to a company like Amazon just doesn't make sense.
Bitcoin has been compared to a store of value, a Digital Gold if you will, as it shares many of the attributes that people value when they invest in gold (e.g. durability, fungibility, scarcity, etc.). A lot of the arguments against bitcoin could therefore also be made against gold. There are pro's and con's along each attribute, but the most important advantage is its censorship resistance. Bitcoin's distributed peer-to-peer network makes it almost impossible for central institutions to prevent people from transacting with each other (unlike gold).
Whether or not you value bitcoin is therefore based on a) whether you think it has the necessary attributes to act as a store of value, and b) whether the future political and economic environment will favor monetary goods that act as a store of value like gold or bitcoin.
For me personally, I'm wary of the risks of political and economic instability (inflation, geopolitical risk due to rising populism across the globe, technological disruption, etc.) and therefore think it's a good time to allocate a higher portion of your portfolio into an asset that preserves your wealth. And I just think that bitcoin is a very viable option to do that.
thus, it cannot be valued using standard discounted cash flow analysis or by demand for their use in the production of higher order goods. Comparing it to a company like Amazon just doesn't make sense.
Bitcoin has been compared to a store of value, a Digital Gold if you will, as it shares many of the attributes that people value when they invest in gold (e.g. durability, fungibility, scarcity, etc.). A lot of the arguments against bitcoin could therefore also be made against gold. There are pro's and con's along each attribute, but the most important advantage is its censorship resistance. Bitcoin's distributed peer-to-peer network makes it almost impossible for central institutions to prevent people from transacting with each other (unlike gold).
Whether or not you value bitcoin is therefore based on a) whether you think it has the necessary attributes to act as a store of value, and b) whether the future political and economic environment will favor monetary goods that act as a store of value like gold or bitcoin.
For me personally, I'm wary of the risks of political and economic instability (inflation, geopolitical risk due to rising populism across the globe, technological disruption, etc.) and therefore think it's a good time to allocate a higher portion of your portfolio into an asset that preserves your wealth. And I just think that bitcoin is a very viable option to do that.
I should have added c) whether you think that central institutions will seek to regulate capital flows during times of political or economic instability.
thus, it cannot be valued using standard discounted cash flow analysis or by demand for their use in the production of higher order goods. Comparing it to a company like Amazon just doesn't make sense.
Bitcoin has been compared to a store of value, a Digital Gold if you will, as it shares many of the attributes that people value when they invest in gold (e.g. durability, fungibility, scarcity, etc.). A lot of the arguments against bitcoin could therefore also be made against gold. There are pro's and con's along each attribute, but the most important advantage is its censorship resistance. Bitcoin's distributed peer-to-peer network makes it almost impossible for central institutions to prevent people from transacting with each other (unlike gold).
Whether or not you value bitcoin is therefore based on a) whether you think it has the necessary attributes to act as a store of value, and b) whether the future political and economic environment will favor monetary goods that act as a store of value like gold or bitcoin.
For me personally, I'm wary of the risks of political and economic instability (inflation, geopolitical risk due to rising populism across the globe, technological disruption, etc.) and therefore think it's a good time to allocate a higher portion of your portfolio into an asset that preserves your wealth. And I just think that bitcoin is a very viable option to do that.
It is not comparable to gold, gold is tangible and intrinsically valued.
bitcoin is artificial, the main point you omitted is the attraction to bitcoin was (and is to some) the anonymity.
It had a certain utility some people in certain industries or transactions found attractive.
So like many things, the technology to make it anonymous also had other utility like the "crypto" side of it that provided security.
The downside is it's not regulated. Unlike gold. Or insured by the FDIC, also unlike gold which to an extent is regulated and insured like other commodities.
I'm not suggesting to invest in bitcoin or not, some people have and can continue to make money investing in all the crypto currencies. I agree with other who find the blockchain infrastructure side of it more interesting and viable - so many industrial applications of blockchain that are easily (conceptually at least) commercialized that make it IMO like the next internet, it can be THAT big.
I think the biggest mistake people made was putting an actual "coin" in stories about bitcoin. Some people just don't understand it and think the image below is at least semi-literal - the only physical coins in bitcoin are memorabilia or tokens- maybe some have a wallet that doubles as a coin, but not currency like the stories and images make it seem.
bitcoin has no intrinsic value and it is bought and sold in an unregulated market
blockchain technology behind bitcoin is where the real value is ?
Ten years in, nobody has come up with a use for blockchain
it is just a grift and fraud ..
what I don't get is .. if you want to aggressive with your investments there are plenty of legitimate markets .. weekly options can give you insane returns in short period of time super risky but at least you are investing in real companies ..
bitcoin has no intrinsic value and it is bought and sold in an unregulated market
blockchain technology behind bitcoin is where the real value is ?
Ten years in, nobody has come up with a use for blockchain
it is just a grift and fraud ..
what I don't get is .. if you want to aggressive with your investments there are plenty of legitimate markets .. weekly options can give you insane returns in short period of time super risky but at least you are investing in real companies ..
It’s not true that nobody has come up with a use for blockchain. Many, many companies are using it including large banks like Chase and Citi, healthcare companies and more. But it’s inherently a behind the scenes thing like cloud computing that the average person has no idea how or where it exists.
Which, again, means nothing for Bitcoin since they don’t own the rights to blockchain. Blockchain could become a multi trillion dollar industry and Bitcoin gets not one dime from it.
is the attraction of Bitcoin? That it isn't controlled by any country and is all decentralized? Some countries have banned Bitcoin. And as others have noted, the energy consumption to mine new Bitcoins is enormous. Iceland may use more energy to mine Bitcoins this year than power homes. Link - ( New Window )
I think the Libertarian fantasy is a tax free way to send and receive money. But Bitcoin is actually lousy for privacy as well, so I don't know. I own a couple non BTC cryptos. I could never find anything besides first mover advantage propping bitcoin up.
I like to leave the the strategy to the experts
I like to leave the the strategy to the experts
To clarify, the EFT still owns Bitcoin, just reduced the position drastically. Took profits
Bitcoin Price Manipulation - ( New Window )
Anyone going into BTC would hopefully understand that this is an extremely volatile asset and proceed accordingly. I still really like BTC both medium and long-term.
I have posted before I am a huge bear on cryptos
I think they are fraud of the highest order ..
bitcoin is headed toward $500
bitcoin will eventually go to 0 because it is inevitable that the block chain becomes unmanageable and the coin is essentially abandoned.
Wonder what his electric bills run
Quote:
at least 20 bitcoin mines in his basement. Those things are cranking out so much heat and it is extremely noisy down there. No idea how much money he is making from those things.
Wonder what his electric bills run
^this. Right now most miners are losing money and that’s assuming you’re getting good electricity rates. On top of that when the new versions of machines are released a lot of the older ones lose value. Can’t imagine how you make money hosting those at home unless he’s in a cheap electricity state.
I'd imagine whatever revenue your brother-in-law can mine will be overtaken by the electric bills an operating cost.
Yup.
The upside is just to extreme to sell off just yet
If I sold now I would break even
DennyInDenville : 1:52 pm : link : reply
I'm holding onto everything I have, if I lose it, so be it
The upside is just to extreme to sell off just yet
If I sold now I would break even
Quote:
I still believe it will rise back up
DennyInDenville : 1:52 pm : link : reply
I'm holding onto everything I have, if I lose it, so be it
The upside is just to extreme to sell off just yet
If I sold now I would break even
Some people, including myself have thought about just getting our money back. But like I said, I see to much upside to simply sell it off for basically two 5 star steak dinners .. not worth it.
A wise man once said when asked the question "when will I know when to sell my BTC?"
The wise man answered "when the time comes to sell, you won't need to"
Whatever that means , anyway, I took it to heart and I'm in it for the long haul..
Look at Amazon, and stocks like that, compare it to crypto in the early stages.. just to much upside like I said to sell off for two steak dinners with bumble thots so idk.. gonna #HODL
The potential is anywhere from 100K to 0.
Well it doesn't seem like many people do considering these studies of price manipulation only recently coming out.
Quote:
.
Yup.
Welp this confirms it, the party definitely isn't over.
This x100, nor do they understand a thing about blockchain technology.
Quote:
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
I don't see anyone questioning blockchain. I can flip it the other way, the blockchain enthusiasts maybe don't understand how markets and supply/demand work. I see most people questioning how crypto's value is correlated to the underlying assets. When the vast majority of all crytpos swings together in the same direction at the same time I think there is legitimate reason to what is driving the value of them.
When the top Wall Street traders are leaving their cushy jobs to join these crytpo hedge funds they certainly aren't buying and HODLing. They are taking advantage of the majority of the retail investors and enthusiasts who don't know any better.
This ... and now that this news is out I doubt it climbs like it 1 time did.
Quote:
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
Yup.
We are in the infancy of this crypto world - extreme volatility is going to happen.
I recommend all beginners to listen to this podcast series:
http://investorfieldguide.com/hashpower/
It's hosted by Patrick O’Shaughnessy, extremely inteligent finance guy who interviews some of the smartest minds in this field. His dad is James O'Shaughnessy, who is also very well known in the finance world.
Quote:
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
Not knocking the price drop — I think it’s well deserved.
And I know plenty about blockchain and think it’s a great technology that will be used in a lot of ways. Here’s the most important thing I understand about it: Bitcoin has no intellectual property rights for blockchain. Anybody can use it royalty free. Thus there is no rationale for a high bitcoin price simply because it uses blockchain.
Quote:
when you aren't holding anything, not selling it is an excellent idea:
Quote:
I still believe it will rise back up
DennyInDenville : 1:52 pm : link : reply
I'm holding onto everything I have, if I lose it, so be it
The upside is just to extreme to sell off just yet
If I sold now I would break even
Some people, including myself have thought about just getting our money back. But like I said, I see to much upside to simply sell it off for basically two 5 star steak dinners .. not worth it.
A wise man once said when asked the question "when will I know when to sell my BTC?"
The wise man answered "when the time comes to sell, you won't need to"
Whatever that means , anyway, I took it to heart and I'm in it for the long haul..
Look at Amazon, and stocks like that, compare it to crypto in the early stages.. just to much upside like I said to sell off for two steak dinners with bumble thots so idk.. gonna #HODL
Amazon actually sells things and generates revenue ... look I hope you become rich and can retire early. I am not rooting against bitcoin investors (I would never do that) but, comparing bitcoin to Amazon? I don't think that is a good comparison.
Bitcoin’s astronomical rise last year was buoyed by market manipulation, researchers say - ( New Window )
Gun to my head? Bitcoin and all other Cryptos were the greatest Ponzi scheme the world has ever seen. But I also believe in the chance , I treat it like a lotto ticket, nothing more. I never wake up thinking I don't have to keep working extremely hard in life because I have some crypto.
Thank you for the kind words and wishes though, I really appreciate it and hope you have an early retirement as well filled with blessings.
Quote:
In comment 13991248 rsmith32 said:
Quote:
truly doesn't know the entire history of Bitcoin and its overall potential.
This x100, nor do they understand a thing about blockchain technology.
Not knocking the price drop — I think it’s well deserved.
And I know plenty about blockchain and think it’s a great technology that will be used in a lot of ways. Here’s the most important thing I understand about it: Bitcoin has no intellectual property rights for blockchain. Anybody can use it royalty free. Thus there is no rationale for a high bitcoin price simply because it uses blockchain.
Exactly. Blockchain is an interesting technology but a particular coin only has value if a group of people thinks it does. Once they change their minds, there's nothing innate to a particular coin that can preserve it's value.
In short, there's minimal technical difference between Bitcoin and Dennis Rodman's Potcoin. We could get the engineers on this board together and make BBI coin.
We are in the infancy of this crypto world - extreme volatility is going to happen.
I recommend all beginners to listen to this podcast series:
http://investorfieldguide.com/hashpower/
It's hosted by Patrick O’Shaughnessy, extremely inteligent finance guy who interviews some of the smartest minds in this field. His dad is James O'Shaughnessy, who is also very well known in the finance world.
Good point re: Hashs. I know LTC's is currently at an all time high. Adoption is at an all time high. Big players like Goldman Sachs and NASDAQ signaling their interest in opening exchanges and global governments are voicing their support for crypto and blockchain related innovations. Yet the price freefalls. Of course the rise to 20K was manipulated, just like this drop to 6K is.
I've been holding and adding since the beginning of 2017, and this is a buying opportunity for me. I wouldn't count on this current little pump to be a reversal, so there may be more pain on the way..
..Not as much pain as selling during this and watching institutional money join the frey without a position though. I can take the loss if this goes belly up.. I would not be able to take the rocket leaving me behind.
Quote:
Researchers at the University of Texas at Austin found that at least half of bitcoin's astronomical returns last year may have been a result of manipulation.
Bitcoin’s astronomical rise last year was buoyed by market manipulation, researchers say - ( New Window )
Does this really surprise anyone? It wasn’t a natural YOY progression at all. The price is actually right around where it should be without manipulation so it makes complete sense. Actually won’t be surprised if it goes even lower before trending up again.
Hopefully people were smart enough not to invest anything they couldn’t afford to lose. And can be patient. I for one cashed out my initial investment and will be curious to see my next set of returns in a couple years.
Quote:
In comment 13991259
In short, there's minimal technical difference between Bitcoin and Dennis Rodman's Potcoin. We could get the engineers on this board together and make BBI coin.
My killer idea for this craze was to create Big Baller Coin and start a battle with Lavar Ball that would hopefully result in a settlement (or even better a partnership with BBB!).
I have no interest in going through all the scam attorneys to release such a coin so someone please feel free to be my guest and all I ask in return is to think of me if it is a wild success.
Link - ( New Window )
Quote:
at least 20 bitcoin mines in his basement. Those things are cranking out so much heat and it is extremely noisy down there. No idea how much money he is making from those things.
Wonder what his electric bills run
He is making money. He has it all figured out. Also installed a dedicated panel for this stuff.
The upside is just to extreme to sell off just yet
If I sold now I would break even
This post is all I need to know which way this will go. Thanks for the insight.
Quote:
I'm holding onto everything I have, if I lose it, so be it
The upside is just to extreme to sell off just yet
If I sold now I would break even
This post is all I need to know which way this will go. Thanks for the insight.
Anytime, your welcome Mike
Bitcoin has been compared to a store of value, a Digital Gold if you will, as it shares many of the attributes that people value when they invest in gold (e.g. durability, fungibility, scarcity, etc.). A lot of the arguments against bitcoin could therefore also be made against gold. There are pro's and con's along each attribute, but the most important advantage is its censorship resistance. Bitcoin's distributed peer-to-peer network makes it almost impossible for central institutions to prevent people from transacting with each other (unlike gold).
Whether or not you value bitcoin is therefore based on a) whether you think it has the necessary attributes to act as a store of value, and b) whether the future political and economic environment will favor monetary goods that act as a store of value like gold or bitcoin.
For me personally, I'm wary of the risks of political and economic instability (inflation, geopolitical risk due to rising populism across the globe, technological disruption, etc.) and therefore think it's a good time to allocate a higher portion of your portfolio into an asset that preserves your wealth. And I just think that bitcoin is a very viable option to do that.
Bitcoin has been compared to a store of value, a Digital Gold if you will, as it shares many of the attributes that people value when they invest in gold (e.g. durability, fungibility, scarcity, etc.). A lot of the arguments against bitcoin could therefore also be made against gold. There are pro's and con's along each attribute, but the most important advantage is its censorship resistance. Bitcoin's distributed peer-to-peer network makes it almost impossible for central institutions to prevent people from transacting with each other (unlike gold).
Whether or not you value bitcoin is therefore based on a) whether you think it has the necessary attributes to act as a store of value, and b) whether the future political and economic environment will favor monetary goods that act as a store of value like gold or bitcoin.
For me personally, I'm wary of the risks of political and economic instability (inflation, geopolitical risk due to rising populism across the globe, technological disruption, etc.) and therefore think it's a good time to allocate a higher portion of your portfolio into an asset that preserves your wealth. And I just think that bitcoin is a very viable option to do that.
I should have added c) whether you think that central institutions will seek to regulate capital flows during times of political or economic instability.
Bitcoin has been compared to a store of value, a Digital Gold if you will, as it shares many of the attributes that people value when they invest in gold (e.g. durability, fungibility, scarcity, etc.). A lot of the arguments against bitcoin could therefore also be made against gold. There are pro's and con's along each attribute, but the most important advantage is its censorship resistance. Bitcoin's distributed peer-to-peer network makes it almost impossible for central institutions to prevent people from transacting with each other (unlike gold).
Whether or not you value bitcoin is therefore based on a) whether you think it has the necessary attributes to act as a store of value, and b) whether the future political and economic environment will favor monetary goods that act as a store of value like gold or bitcoin.
For me personally, I'm wary of the risks of political and economic instability (inflation, geopolitical risk due to rising populism across the globe, technological disruption, etc.) and therefore think it's a good time to allocate a higher portion of your portfolio into an asset that preserves your wealth. And I just think that bitcoin is a very viable option to do that.
It is not comparable to gold, gold is tangible and intrinsically valued.
bitcoin is artificial, the main point you omitted is the attraction to bitcoin was (and is to some) the anonymity.
It had a certain utility some people in certain industries or transactions found attractive.
So like many things, the technology to make it anonymous also had other utility like the "crypto" side of it that provided security.
The downside is it's not regulated. Unlike gold. Or insured by the FDIC, also unlike gold which to an extent is regulated and insured like other commodities.
I'm not suggesting to invest in bitcoin or not, some people have and can continue to make money investing in all the crypto currencies. I agree with other who find the blockchain infrastructure side of it more interesting and viable - so many industrial applications of blockchain that are easily (conceptually at least) commercialized that make it IMO like the next internet, it can be THAT big.
I think the biggest mistake people made was putting an actual "coin" in stories about bitcoin. Some people just don't understand it and think the image below is at least semi-literal - the only physical coins in bitcoin are memorabilia or tokens- maybe some have a wallet that doubles as a coin, but not currency like the stories and images make it seem.
Hope for the best!
Was it you who recommended this? Threw a few grand in and it's up 30% since I bought in. So thanks if you were the one.
Rover : 11:22 am : link : reply
There is not a consenous on if bitcoin will drop or recop.
66.5% think it will drop
32.5% think it will rise
1% is trying to figure out the best way to park a fucking car in NYC
blockchain technology behind bitcoin is where the real value is ?
Ten years in, nobody has come up with a use for blockchain
it is just a grift and fraud ..
what I don't get is .. if you want to aggressive with your investments there are plenty of legitimate markets .. weekly options can give you insane returns in short period of time super risky but at least you are investing in real companies ..
blockchain technology behind bitcoin is where the real value is ?
Ten years in, nobody has come up with a use for blockchain
it is just a grift and fraud ..
what I don't get is .. if you want to aggressive with your investments there are plenty of legitimate markets .. weekly options can give you insane returns in short period of time super risky but at least you are investing in real companies ..
It’s not true that nobody has come up with a use for blockchain. Many, many companies are using it including large banks like Chase and Citi, healthcare companies and more. But it’s inherently a behind the scenes thing like cloud computing that the average person has no idea how or where it exists.
Which, again, means nothing for Bitcoin since they don’t own the rights to blockchain. Blockchain could become a multi trillion dollar industry and Bitcoin gets not one dime from it.
I think the Libertarian fantasy is a tax free way to send and receive money. But Bitcoin is actually lousy for privacy as well, so I don't know. I own a couple non BTC cryptos. I could never find anything besides first mover advantage propping bitcoin up.