Bitcoin went away for like 3+ years of irrelevance after people went bananas over it in like 2017. Lost like 80 percent of its value in that time. Now it suddenly surges again similar to its previous peak though for a lot higher value now but the shocking surge is similar. We will see another decline and fade into irrelevance soon enough.
on my side it's a movie wrote:
went from like 12k to 50k in a month. Surging daily. Free money and you can drop out/ hedge whenever.
I can also quadruple my money in less than an hour with a few spins on the roulette wheel. Why wait a whole month?
Look, in it's ideal state, bitcoin was supposed to be a replacement for cash. There's a stable amount of it which grows slowly over time. It's not meant to be an investment. An investment is where you buy something which produces value and it will either return a cash stream to you or will generate more value (sales, revenue, cash flows) over time. You know, you start with land, some seeds, water and labor and you get a crop which you can sell for more than you investment in the raw materials. You start with some fabric and get clothes. Or less concrete, you start will a little website about running and you get more and more users and get more and more clicks on your advertisements.
Bitcoin is digital asset which produces nothing. The fact that it as gone from 12k to 50k in a month means it has utterly failed it original purpose. It's the very definition of speculation. You buy something and don't hope that what you bought will be worth more in later years because it creates more value, but rather that some greater fool will buy it from you for more (because they want to do the same).
Why don't bitcoin people get rich?
Why don't you bitcoin people get rich?
Does it have to go down? Serious at what point?
50k 100k
What if it goes to $350k?
Should buy $1000 of Bitcoin or bet that on the Bills (-6) today?
Winkelvoss bros began buying Bitcoin when it was trading at less than $10.
Now at $40k.
They are not very rich. And invest in Bitcoin.
Load up on the Bills - everyone says they will win big. What could go wrong?
Not backed by anything wrote:
There's no reason to believe it will keep going up...
BTC GOES UP:
REASON 1: Only 21 million BTC can be made. 18.5 million have been mined- leaving less than 3 million. Granted it'll take decades to exhaust & it's possible this could increase- it still raises demand.
REASON 2: Financial brokers & institutions are reportedly on the brink of BTC purchasing- huge upward price pressure there.
justaquestion wrote:
Load up on the Bills - everyone says they will win big. What could go wrong?
Okay, you convinced me. I just bet my house, car and 1st born on the Bills.
Unlike other investments Bit Coin has no metric for its value.
Not backed by anything wrote:
Better to take the nearly guaranteed 10-20% returns rather than the who knows what percentage chance to gain a who knows what percentage of profit.
Forget about bitcoin. I want to hear about the "nearly guaranteed 10-20% returns."
ripmeiguess wrote:
An aqua instance from college bought $300 worth of the crap back when it was getting started and in 2016 he cashed out for $212,000.
Sounds fishy.
Avocado's Number wrote:
ripmeiguess wrote:
An aqua instance from college bought $300 worth of the crap back when it was getting started and in 2016 he cashed out for $212,000.
Sounds fishy.
Oh my cod, he's full of carp.
The Microstrategy CEO bought $500,000,000 worth of Bitcoin in the spring
nope........ wrote:
Not backed by anything wrote:
There's no reason to believe it will keep going up...
BTC GOES UP:
REASON 1: Only 21 million BTC can be made. 18.5 million have been mined- leaving less than 3 million. Granted it'll take decades to exhaust & it's possible this could increase- it still raises demand.
REASON 2: Financial brokers & institutions are reportedly on the brink of BTC purchasing- huge upward price pressure there.
Bitcoin goes to zero when everyone switches to bytecoin.:) Bitcoin is the ultimate fiat currency that has absolutely zero value other than what people assign to it. And people can be fickle.
Pretty much any currency with huge swings in values is useless. And there just aren't enough uses for relatively anonymous transactions to make them worthwhile. Compare the difficulty in buying a bigmac with bitcoin versus visa. And after a decade, we aren't really any closer for it being useful.
It lets not even talk about how dumb it is that we are poisoning our atmosphere to do this useless make work.
The reason I don't "invest" in bitcoin is I don't gamble. Bitcoin may continue to go up and many people will make money off it, but that does not make it an investment, it is speculation and gambling and I don't gamble my money. I invest.
dirk1 wrote:
The reason I don't "invest" in bitcoin is I don't gamble. Bitcoin may continue to go up and many people will make money off it, but that does not make it an investment, it is speculation and gambling and I don't gamble my money. I invest.
All investing is gambling
Swaglord_the_real_one_1_one_1 wrote:
on my side it's a movie wrote:
went from like 12k to 50k in a month. Surging daily. Free money and you can drop out/ hedge whenever.
Does anybody actually get out though? Most are gonna ride it up and then ride it down.
Sure,
Invest 100k and when it gets to 400k, cash in 200k.
Etc,