bitcoin

[thryoid_storm]

A recent video on CNBC talking about bitcoin coming close to $1000.

A good argument that bitcoins may go up in price as the supply is limited and demand is going up.

Checking the pulse on this on this forum...does anybody here buy bitcoins?

Arguments for or against?

I think I will buy 1-2 bitcoins just to hold on to for the sake of having a couple of them, similar to how I buy gold coins. Just to look at.

 

[westcoaster]

nope.

I think a lot of people on WCI will leave some margin of their portfolio for individual stock picks, directed real estate investment, gold coins, and the like. I would clearly define these placements as "speculative" rather than "investment". For me, I don't speculate but I totally get that some people like it.

[uptoolate]

Nope.  Not interested. Similar to westcoaster, don't speculate and don't really see a need. Am a KISS principle subscriber.

[RocDoc]

I agree with westcoaster and uptoolate. I'm not interested in bitcoins other than for light financial entertainment reading. I keep seeing articles about bitcoins getting "stolen" and I don't want anything that speculative and that difficult to keep track of in my portfolio.

[VagabondMD]

I have no interest.

[retinadoc]

Bought and held 5 BTC for the past year. (Actually I bought about 40 BTC @ ~$275, sold 35 at around $500.)

 

This is purely fun money, but here is how someone like Mark Andreesen would think of this as an investment: think of a 2x2 matrix. on one axis, consensus versus non-consensus. on the other axis, successful or failure.

consensus failure - loser

non-consensus failure - loser

consensus success - $

non-consensus success - $$$$$$$$$$$$$

 

 

Bitcoin and the blockchain is a completely revolutionary and brilliant idea. However, that does not mean its a good investment. At this time, its mostly a product without a market. Overall, BTC is <1% of my portfolio. >99% of the rest a la Bogleheads.

 

[The White Coat Investor]

Wrote a post on it a few years ago: https://www.whitecoatinvestor.com/5-reasons-i-dont-invest-in-bitcoins/

Haven't looked at what a bitcoin is actually worth in years.

[Peds]

sounds like a waste. not a day trader, or currency trader.

[thryoid_storm]

You do not have to a be a day trader to see the trends for this past year.

Waste would be a strong term for something that has done quite well over a short period of time with no indications that it would drop as the supply will be kept at a certain level.

Bitcoin crushed the S and P this year and Gold and oil etc.

 

 

[Craigy]

Whenever there is some event that reminds the market that bitcoin is fake money or that it's completely wrought with fraud and abuse it takes a real beating.

I let my computer mine some dogecoin a number of years ago for fun.  At the time, I amassed about a nickel's worth.  Somehow that computer crashed, and they were lost forever.   :cry:  :cry:   :cry:  :lol:

[VagabondMD]

There are lots of opportunities (limitless) to make money speculating, and I do not have the inclination or aptitude to ferret them all out. I have learned from past mistakes, when the stakes were lower and my human capital was more abundant, that I am better off focusing on more productive endeavors and not worry about all of the woulda-coulda-shouldas out there.

[mitochondria]

We are all blessed with an ideal short term money making (I mean capital building) activity: the ability to practice medicine and get paid well for it. Our time and energy is better spent on using our hard earned capital to take advantage of the compounding attributes of long term investing...

[Kamban]

I take above average risks in real estate investments and thankfully they have been kind to me. But I like Warren Buffet principle of investing in only what I know and understand fully, and in the case of Bitcoin I can't quite grasp its significance. Hence I have not invested in it, even as fun money.

[Craigy]

One other tidbit about bitcoin: I never ever see real people using it as a currency.

Sure there are articles about people who say they bought a car or a house or whatever with bitcoin, or that this and that company accept bitcoin as payment, but in reality with every one of these stories, the "accepted" bitcoin is immediately changed into cash for the recipient through some intermediary, usually for a fee.  No real business is keeping bitcoin in their till.  No home seller or car dealership is actually acquiring any bitcoin.  They all get cash.

And even then, I never ever see or hear about real people using bitcoin in their normal lives.  It's been around for long enough that that should be a thing.

The only thing that I hear bitcoin is regularly used for as a currency is trade of various illegal goods and services.  And I have a hard time believing that's more than some sensational news story.  I'm sure it's happened, and happens on occasion, but criminals want money they can spend, i.e., cash.

It's all speculation.  That's it.  Even the speculators don't actually have any bitcoin, they all hold it through some other service, e.g. Mt Gox which went bankrupt when it "lost" hundreds of millions in bitcoin.

[djohnflatfeecfp]

Anyone jump in yet?  Also, for the dentist on here, are you accepting Dentacoin?

 

Honestly, the entire blockchain concept is fascinating to me.  The potential to unleash billions more consumers who are currently limited in their access to financial services is staggering.