Bitcoin is still early

[CordMcNally]

I would compare the price now, to the price of Amazon in the 2015 range when it was at $500. Everyone thought it was ridiculous and over priced....It was a bubble. Today it is $3,100. 600% in 5 years is still a pretty darn good return.

You think Amazon and Bitcoin is a good comparison?

[jacoavlu]

You think Amazon and Bitcoin is a good comparison?

I think the analogy he's trying to make is, back in 2015 maybe people were seeing how great Amazon was but would look at the stock price and not invest because it had gone up so much. And now of course we would all love to have dumped a bunch into Amazon in 2015, or 16 or 17 or 18 or 19 or q1 2020

[CordMcNally]

I think the analogy he's trying to make is, back in 2015 maybe people were seeing how great Amazon was but would look at the stock price and not invest because it had gone up so much. And now of course we would all love to have dumped a bunch into Amazon in 2015, or 16 or 17 or 18 or 19 or q1 2020

Then I guess you could say that about anything that is worth more now then it was in the past. For some reason I thought it was supposed to be a deeper analogy but I guess not.

[jacoavlu]

NapoleanDynamite I'm curious what you think of Tether and other stablecoins in particular with regards to what some see as a route for nefarious BTC pump - essentially like "printing" of crypto "dollars" then flowing to BTC ?

there is still a lot of unknown

consider - USDC is a stablecoin pegged to the dollar. Stablecoins make a ton of sense. But how on earth does BlockFI pay 8.6% interest on deposited USDC ? I mean just think about it.

[NapoleanDynamite]

I think the analogy he's trying to make is, back in 2015 maybe people were seeing how great Amazon was but would look at the stock price and not invest because it had gone up so much. And now of course we would all love to have dumped a bunch into Amazon in 2015, or 16 or 17 or 18 or 19 or q1 2020

Yes...it was a poorly explained analogy.

[jacoavlu]

Then I guess you could say that about anything that is worth more now then it was in the past. For some reason I thought it was supposed to be a deeper analogy but I guess not.

if there is a deeper analogy, it is that bitcoin has potential to be highly disruptive tech a la amazon, netflix, tesla, google, facebook.

[CordMcNally]

if there is a deeper analogy, it is that bitcoin has potential to be highly disruptive tech a la amazon, netflix, tesla, google, facebook.

Are you getting involved or have you?

[NapoleanDynamite]

NapoleanDynamite I'm curious what you think of Tether and other stablecoins in particular with regards to what some see as a route for nefarious BTC pump - essentially like "printing" of crypto "dollars" then flowing to BTC ?

there is still a lot of unknown

consider - USDC is a stablecoin pegged to the dollar. Stablecoins make a ton of sense. But how on earth does BlockFI pay 8.6% interest on deposited USDC ? I mean just think about it.

I have really, really, really, wanted to put my Bitcoin into Blockfi....and make 6-8% interest. But I have not. I cannot wrap my head around their business model....and if I don't understand it then I have serious hesitation and I err on the side of being conservative. I'm probably wrong about Blockfi, like I was about Bitcoin in 2016. But I have not allowed them to hold any part of my BTC yet for the extra 6-8%. My returns for 2020 on BTC were around 350% so I try to keep the big picture in mind. I don't invest in stable coins, ETH or any other alt coins at this time.

[jacoavlu]

I have really, really, really, wanted to put my Bitcoin into Blockfi....and make 6-8% interest. But I have not. I cannot wrap my head around their business model....and if I don't understand it then I have serious hesitation and I err on the side of being conservative. I'm probably wrong about Blockfi, like I was about Bitcoin in 2016. But I have not allowed them to hold any part of my BTC yet for the extra 6-8%. My returns for 2020 on BTC were around 350% so I try to keep the big picture in mind. I don't invest in stable coins, ETH or any other alt coins at this time.

I'm not talking about interest paid on deposited BTC. That makes sense. I'm sure BlockFI lends out the BTC or whatever and earns money doing so, so I can at least somewhat understand that

but USDC is a $1 stablecoin... paying 8.6% interest

[Perry Ict]

Bitcoin is an asymmetric risk on steroids, so the best thing to do is to buy 1 (or some), get a hard wallet, transfer them in there, and HODL. It could easily crash tomorrow, or continue to rise.

Is it an asymmetric risk? Maybe compared to going to a casino, but in the context of the general market, I'm not sure I'd call it that. That's not to say it isn't worth holding, however I'd imagine there is a real possibility we could lose 70-80% (or more) from here. I accumulated some a few years ago at a cost basis of between 7k and 10k, and now I'm debating whether to take a portion of it off the table.

[fatlittlepig]

Is it an asymmetric risk? Maybe compared to going to a casino, but in the context of the general market, I'm not sure I'd call it that. That's not to say it isn't worth holding, however I'd imagine there is a real possibility we could lose 70-80% (or more) from here. I accumulated some a few years ago at a cost basis of between 7k and 10k, and now I'm debating whether to take a portion of it off the table.

I’d let it ride.

[Nysoz]

Whenever I'm at a fork, I go in the middle. Sell some to recover cost basis and taxes then let the rest ride

[fatlittlepig]

I’m a believer

[CordMcNally]

I’m a believer

Are you believing with your money?

[fatlittlepig]

Are you believing with your money?

Yes