Bought Bitcoin and can't stop !!!

[wonka31]

You should buy it then. I don't think it's worthless like some, however I don't see the boom. I'll take the chance on being wrong.

[Raddoc123]

wonka31 wrote:

Raddoc123 wrote:

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.

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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.

 

[Jaqen Haghar MD]

Why buy now?  Because there was a huge run-up and it’s all over the news?  I’d say if you wanted to speculate, the time to buy was when it was in the $4,000s and everyone hated it and it was panned in the news.  Now you’re just chasing after a run-up.  But...  that is the classic trading reflex.

 

Raddoc123 wrote:

Anyone buying?  It’s wildly speculative but it has lasted more than 10 yrs, there is more institutional money flowing in, gray scale bitcoin trust is bringing in millions in assets, millennials and younger investors prefer over gold.

If it overtakes gold (even partially) as a digital portable store of value, adoption as an asset class by institutions, and more widespread acceptance by younger generations then the sky is the limit.  If not, zero is the floor since it has no intrinsic value.  A .5% wager for long term seems reasonable being ok with losing all or most.

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[wonka31]

Raddoc123 wrote:

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.

[Raddoc123]

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.

[wonka31]

I think that bitcoin is an amazingly interesting technology, however $0 of mine will be invested in it.

[G]

Raddoc123 wrote:

If it overtakes gold

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"Optimistic" is perhaps an inadequate adjective here. ?

[Raddoc123]

Anyone buying?  It’s wildly speculative but it has lasted more than 10 yrs, there is more institutional money flowing in, gray scale bitcoin trust is bringing in millions in assets, millennials and younger investors prefer over gold.

If it overtakes gold (even partially) as a digital portable store of value, adoption as an asset class by institutions, and more widespread acceptance by younger generations then the sky is the limit.  If not, zero is the floor since it has no intrinsic value.  A .5% wager for long term seems reasonable being ok with losing all or most.

[burritos]

CordMcNally wrote:

burritos wrote:

Are we at the floor yet? Should I get in now?

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The floor is $0.

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It wasn't for priceline. Close but not zero. I remember feeling sorry for William Shatner.

[CordMcNally]

burritos wrote:

Are we at the floor yet? Should I get in now?

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The floor is $0.

[burritos]

Are we at the floor yet? Should I get in now?

[burritos]

Were abolitionists a form of SJWism before SJW was a thing?

[beagler]

Educate me. Is crypto all that different than gold? Value is by fixed supply and human demand.

Gold has some industrial uses, but not large enough to set price. Crypto is useful for transfers but doesn't set price.

Gold jewelry and hoarding are subjective demand, but no intrinsic value other than a long history of people wanting shiny yellow metal. Crypto has is ~2 years history of subjective demand.

[jfoxcpacfp]

I had never even seen SJW used. And, now, with a nod to Paul Harvey, I know the rest of the story.

[nolamd84]

I don't think I have ever liked a person that uses SJW as an acronym.