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Bought Bitcoin and can't stop !!!

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  • Doc Spouse
    replied







    https://finance.yahoo.com/news/bitcoin-breaks-10-000-apos-212100191.html

    11k per coin now. Chaching! No I don’t have any.
    Click to expand…


    Pretty wild ride isn’t it. What’s that almost 3X in 10 weeks or so?
    Click to expand...


    Almost.  I've been chortling over my magical internet points, but the lambos will truly rain down if the alt coins take off.  That's where you see those 10-100x multiples.

    edit: replaced "when" with "if" because... you know.. crypto.

    Leave a comment:


  • The White Coat Investor
    replied




    https://finance.yahoo.com/news/bitcoin-breaks-10-000-apos-212100191.html

    11k per coin now. Chaching! No I don’t have any.
    Click to expand...


    Pretty wild ride isn't it. What's that almost 3X in 10 weeks or so?

    Leave a comment:


  • burritos
    replied
    https://finance.yahoo.com/news/bitcoin-breaks-10-000-apos-212100191.html

    11k per coin now. Chaching! No I don't have any.

    Leave a comment:


  • Lordosis
    replied
    Was there gold hidden in the village? Silver, gems? Where was Lord Beric Dondarrion?

    I do not remember the Tickler asking about where the Bitcoin was hidden.

    Leave a comment:


  • Dont_know_mind
    replied




    Internet has a short history.  It’s internet shiny

    Bitcoin as well as gold make no sense assuming all investors were rationale and boglehead like.  But most investors aren’t.

    Bitcoin as well as gold have no intrinsic value.  They don’t pay out interest or dividends.  People attribute value to things which make no sense and will for generations to come.  That said, I am a 3 fund dry boring investor with 99.9% of my money.  I would not be surprised if bitcoin is a grand slam or a turd.

    But I do not think it’s going anywhere.  Congressman Sherman recently introduced a bill to ban bitcoin and cryptos because he is concerned that it poses a threat to US international financial power.

    One day we’ll have the vanguard total crypto fund.  First to predict it here.  Laugh all you want.
    Click to expand...


    Yeah, well it starts as 0.1% of their portfolio and they average down until it becomes 30% or something crazy.

    I think Bitcoin was obviously a bubble. Maybe I am wrong and it comes back, but I think there is a good chance it doesn't. In the past there weren't all these other coins issuing. So I think Bitcoin could well go to something very low and hopefully you don't keep buying all the way back to zero or 10 or whatever, if it does do that

    Leave a comment:


  • Tangler
    replied
    I think people are buying this because people are buying this. I really doubt the average investor understands it, thus classic bubble behavior.

    Leave a comment:


  • Tangler
    replied




    Internet has a short history.  It’s internet shiny ?

    Bitcoin as well as gold make no sense assuming all investors were rationale and boglehead like.  But most investors aren’t.

    Bitcoin as well as gold have no intrinsic value.  They don’t pay out interest or dividends.  People attribute value to things which make no sense and will for generations to come.  That said, I am a 3 fund dry boring investor with 99.9% of my money.  I would not be surprised if bitcoin is a grand slam or a turd.

    But I do not think it’s going anywhere.  Congressman Sherman recently introduced a bill to ban bitcoin and cryptos because he is concerned that it poses a threat to US international financial power.

    One day we’ll have the vanguard total crypto fund.  First to predict it here.  Laugh all you want.
    Click to expand...


    A Turd for sure. Just kidding. How would anyone know?  Who the heck understands this crap anyway? Blockchain digital mining? Specialized computers that mine (crypto mining ) blockchains which are then added to the blockchain digital ledger? Huh? Ahhhh........ nope, no thanks.

    Leave a comment:


  • Raddoc123
    replied
    Internet has a short history.  It’s internet shiny ?

    Bitcoin as well as gold make no sense assuming all investors were rationale and boglehead like.  But most investors aren’t.

    Bitcoin as well as gold have no intrinsic value.  They don’t pay out interest or dividends.  People attribute value to things which make no sense and will for generations to come.  That said, I am a 3 fund dry boring investor with 99.9% of my money.  I would not be surprised if bitcoin is a grand slam or a turd.

    But I do not think it’s going anywhere.  Congressman Sherman recently introduced a bill to ban bitcoin and cryptos because he is concerned that it poses a threat to US international financial power.

    One day we’ll have the vanguard total crypto fund.  First to predict it here.  Laugh all you want.

    Leave a comment:


  • Dusn
    replied
















    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.
    Click to expand…


    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.


    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     
    Click to expand…


    I think the supply of digital coins is potentially unlimited.

    Hence I think the long term expected return will be very low.

    I would rather buy a lotto ticket.

     
    Click to expand…


    How about gold?  An intrinsically worthless metal with few practical applications.  More keeps getting uncovered.  There is an abundant supply of metals, but people assign more value to gold over others.  Somehow people have been valuing gold for centuries?   The bubble of gold never burst.
    Click to expand...


    Yeah, but gold is shiny and sparkly.  Nations have been invaded and cultures have been destroyed; millions have been tortured and killed in the hopes of getting it.  I just don't think Bitcoin is shiny enough to have the same effect.

    Leave a comment:


  • wonka31
    replied
    I think you like bitcoin and if you feel confident you should buy it. I have a friend who does VC for a living and love talking to him about it. I once asked him how he knows what to invest in and he told me ‘If I like it, I buy it’. I appreciate this attitude. Bitcoin isn’t for me, but it doesn’t mean it’s not for you. You’ve already talked yourself into it, so go for it. It likely won’t lead to a catastrophic loss or a meteoric rise, so it’s not a huge deal one way or the other.

    Leave a comment:


  • Zaphod
    replied
















    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.
    Click to expand…


    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.


    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     
    Click to expand…


    I think the supply of digital coins is potentially unlimited.

    Hence I think the long term expected return will be very low.

    I would rather buy a lotto ticket.

     
    Click to expand…


    How about gold?  An intrinsically worthless metal with few practical applications.  More keeps getting uncovered.  There is an abundant supply of metals, but people assign more value to gold over others.  Somehow people have been valuing gold for centuries?   The bubble of gold never burst.
    Click to expand...


    2011

    Leave a comment:


  • Raddoc123
    replied













    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.
    Click to expand…


    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.


    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     
    Click to expand…


    I think the supply of digital coins is potentially unlimited.

    Hence I think the long term expected return will be very low.

    I would rather buy a lotto ticket.

     
    Click to expand...


    How about gold?  An intrinsically worthless metal with few practical applications.  More keeps getting uncovered.  There is an abundant supply of metals, but people assign more value to gold over others.  Somehow people have been valuing gold for centuries?   The bubble of gold never burst.

    Leave a comment:


  • Dont_know_mind
    replied










    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.
    Click to expand…


    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.


    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     
    Click to expand...


    I think the supply of digital coins is potentially unlimited.

    Hence I think the long term expected return will be very low.

    I would rather buy a lotto ticket.

     

    Leave a comment:


  • jacoavlu
    replied
    "millenials prefer bitcoin over gold"  are smart people really using that as an argument?

    that could be rephrased as "millenials prefer this digital thing over this analog thing they weren't really interested in anyway"

    Leave a comment:


  • Tangler
    replied
    part of my Investing policy philosophy: Never buy something you don’t understand. Know why you own it. It is not investing, but regardless, how many really know / understand what this crap is? I think betting on sports would be more entertaining if you want to gamble. I will pass.

    Leave a comment:

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