What are your thoughts on BitCoin?

[Narz]

That just what someone told me 3 years ago.

Word.

 

[Hygro]

No intrinsic value in gold or 'regular' currency either.

Regular currency is tied to existing contracts and politics, so a lot closer to intrinsically valuable.

 

[Ajidica]

I used to laugh at it but it's getting harder, especially now that they're actually trading futures in it on the CBOE

Just because they can trade it at an exchange doesn't mean it is a good idea.
Like, the exchange I work at tried to have shrimp contracts in the 80s, despite the fact Minnesota is about as far as you can get from the ocean as possible in the US.

 

[Timsup2nothin]

Just because they can trade it at an exchange doesn't mean it is a good idea.
Like, the exchange I work at tried to have shrimp contracts in the 80s, despite the fact Minnesota is about as far as you can get from the ocean as possible in the US.

About?

 

[rah]

Just because they can trade it at an exchange doesn't mean it is a good idea.

Where did I say it was a good idea? I just said it was getting harder to laugh at it.

 

[civvver]

Thanks


Not really luck, it was a calculated risk.


Yeah unfortunately I cashed out most of my coins too early & now they're in the form of crappy deflating US dollars. With Coinbase it's pretty easy to buy & sell. I don't like Coinbase tho because they take a cute each time you buy & sell.

I still have about $20k worth, up almost double in the last few days (thanks to crash spikes in Litecoin price)


Fortunately everyone is tripping over themselves to get in.


No intrinsic value in gold or 'regular' currency either.

Crappy us dollars? USD is the strongest it's been in a long time. Inflation is also extremely low right now.

And it's been stated tens of times on here, US currency is backed by the US government so it doesn't matter if it has intrinsic value or not. Until someone knocks off the US as the world superpower it's going to have value.

https://blogs.wsj.com/economics/2017/12/13/is-bitcoin-a-bubble-96-of-economists-say-yes/

Bitcoin is a bubble, everyone knows it, they're just all trying to ride the wave before it crashes. I'm saying instead of feeling bad about not cashing out at the very top you should be ecstatic with those gains. You're talking about 100% gains like it's a bad thing. That kind of sheer speculative greed is exactly what drives these bubbles.

 

[hobbsyoyo]

Everyone knows it except the people buying in and holding right now. I have a lot of friends who are about to lose a ton of money and anytime someone questions their HODL stance, it is met with stiff, irrational resistance.

In fact that's how I learned the acronym HODL (Hold On for Dear Life) - I asked somoene when they were going to take their profits and get out of the market and that was more or less his stance. Why? Because it can only go up.

I don't mean to poke fun of people, particularly if they do end up losing a lot of money but their greed is making them comically blind to the danger.

 

[Narz]

Crappy us dollars? USD is the strongest it's been in a long time. Inflation is also extremely low right now.

Still exists. Holding dollars and not investing means you're losing value.

https://blogs.wsj.com/economics/2017/12/13/is-bitcoin-a-bubble-96-of-economists-say-yes/

Bitcoin is a bubble, everyone knows it, they're just all trying to ride the wave before it crashes.

Lol, wsj opinion piece. If I investing 1 penny every time someone said bitcoin was about to pop I'd be a billionaire.

I'm saying instead of feeling bad about not cashing out at the very top you should be ecstatic with those gains. You're talking about 100% gains like it's a bad thing.

I've made more like 700%, it's very dissapointing. If I hadn't been a wuss it'd be more like 2000%

I will cash out of btc at $25,000, etherium $1,250, ltc $750. Not 100% of course, I'll still keep a little in cash I'm too early as I've been every other time I sell.

Also branching out into dash, rchain, monacoin.

Crypto has been great, it's gonna help me put a down payment on my first house.

 

[Narz]

I have a lot of friends who are about to lose a ton of money and anytime someone questions their HODL stance, it is met with stiff, irrational resistance.

When everyone's been crying chicken little for damn near 5 years while btc continues to grow exponentially and people have been losing opportunity listening to them it's hard to call your investing friends irrational. I mean all of industry civilization is an obvious bubble but I'm not investing in my doomstead yet.

We all take calculated risks

 

[Commodore]

Crypto has been great, it's gonna help me put a down payment on my first house.

If you would have given Uncle Sam a few years of your life, you wouldn't even need a down payment on a house. In fact, a lot of the things you typically need to get a bank to approve you for a mortgage are not required for veterans using a VA home loan. All I needed for approval was a credit score of at least 620, verification of employment, and proof of veteran status.

 

[Timsup2nothin]

If you would have given Uncle Sam a few years of your life, you wouldn't even need a down payment on a house. In fact, a lot of the things you typically need to get a bank to approve you for a mortgage are not required for veterans using a VA home loan. All I needed for approval was a credit score of at least 620, verification of employment, and proof of veteran status.

It helps if you live somewhere that you can buy a house with no down and get an affordable payment...but the main reason for those housing prices is that few people really want to live there.

By the way, that "inflation is really low right now" might be as close to popping as people are saying that Bitcoin is. A deficit financed tax cut when unemployment is low is the number one recipe for creating inflation.

 

[Commodore]

no down and get an affordable payment

What constitutes an affordable payment is different for everyone though. A grand a month may be too much for you, but may be well within my budget. And I think the max for VA home loans is like $450,000 or something like that. I'm pretty sure you can find a decent house anywhere in the country for that amount.

Not to mention, the housing market, while recovering, is still down and is still very much a buyer's market. The market is still flooded with foreclosures and house flippers who need to find buyers quick. That makes them very open to coming down quite a bit on their asking price. We talked our seller down about 10 grand initially and then got them to come down another grand after the home inspection found some things wrong with the house. Nothing serious, but we made a big enough stink about it to get the seller to come down even more.

 

[Moriarte]

Everyone knows it except the people buying in and holding right now. I have a lot of friends who are about to lose a ton of money and anytime someone questions their HODL stance, it is met with stiff, irrational resistance.

In fact that's how I learned the acronym HODL (Hold On for Dear Life) - I asked somoene when they were going to take their profits and get out of the market and that was more or less his stance. Why? Because it can only go up.

I don't mean to poke fun of people, particularly if they do end up losing a lot of money but their greed is making them comically blind to the danger.

You kinda remind me of these people as well. Exactly the same irrationality stating someone is about to lose a "ton" of money. What guarantees are you offering on your prediction? Time frames? I see a lot of people appealing to emotion on both sides, very few discussing specifics of bitcoin/altcoins and the technology evolution that drives them bubbles.

Which is pretty interesting stuff, actually. Perhaps if some of you look into it, you'll see that market isn'd driven solely by emotion.

 

[hobbsyoyo]

When everyone's been crying chicken little for damn near 5 years while btc continues to grow exponentially and people have been losing opportunity listening to them it's hard to call your investing friends irrational. I mean all of industry civilization is an obvious bubble but I'm not investing in my doomstead yet.

We all take calculated risks

Sure, no doubt the haters have been wrong for years.

But 1000% swings in valuation in a day and a market value that is totally divorced from any utility that Bitcoin offers should at the very least make people cautious and look for the exit.

 

[Mise]

Obviously this is a clear as day bubble and a lot of people are going to lose a lot of money on this. It's a game of chicken at this point, since the price has far outstripped the value of the actual product. Every day Narz keeps holding it is another big gamble, and risks the entirety of what he's already won but not cashed out.

But I have to wonder at the motivation behind people telling Narz, Archbob etc. not to buy this stuff. Why bother? What are you getting out of it?

(In case it wasn't obvious already, if I had $18k worth of BTC, I'd sell now, 100%, no doubt. But then I wouldn't have made $18k in the first place.)

 

[Lexicus]

But I have to wonder at the motivation behind people telling Narz, Archbob etc. not to buy this stuff. Why bother? What are you getting out of it?

It's almost like you can be concerned for other people's welfare for its own sake

 

[Mise]

It's almost like you can be concerned for other people's welfare for its own sake

It doesn't sound to me like anyone here is concerned for Narz's welfare. It sounds like you're all lecturing him.

 

[hobbsyoyo]

Nope, I am actually concerned. If I sound like I am lecturing then that is probably because I'm a blow hard know it all.

I do not want people I know here or irl to lose all their money.

 

[Lexicus]

It doesn't sound to me like anyone here is concerned for Narz's welfare. It sounds like you're all lecturing him.

Well I haven't read closely the last few pages nor have I given any advice myself so...
You may be right, but at least what I saw didn't look like people lecturing to me.

 

[cardgame]

Bitcoin is a speculation commodity and quite frankly I'm surprised the bubble hasn't yet burst.