Investing in Bitcoins
Real Estate Agent · Brighton, MI · Member since 2017 · 72 posts · 18 votes
Investing in Bitcoin is investing in something that is based on nothing more than limited quantity. It has no other value. I personally know people that are financial imbeciles preaching "Buy Bitcoin!!!" Taking financial advice from people who have made a life of consistent bad financial decisions is never a good idea. Are they suddenly geniuses and know something I don't? No, they are swept up in get rich quick scheme that is Bitcoin. They won't cash out. Not even a little for fear of losing that upside opportunity and that is how they will all get wiped out.
What does a cup of coffee cost in Bitcoin? You can't answer that because Bitcoin is worthless and the value (based on some other government backed currency) keeps going up.
It will continue to go up until it doesn't. Then it is going to be a tsunami of sellers and a bunch of idiots on the news crying that they got ripped off by much smarter people who at some point will decide they've made enough money off the commoners that it is time to dump it. This isn't new. History repeats itself again and again and again.
Should you invest? Up to you. It's your money. Jump in and ride it for a while. Just don't get greedy. This train is going to crash and there is going to be blood in the streets. It always does and it is going to make for great news when it happens.
@Aaron Mazzrillo YES 100% Beanie Babies will be the NEXT BIG THING. hahahah all in
Don't buy bitcoin because someone else says you should. Like anything, do your own research first. Then, if you are comfortable, only buy with money that you can lose without being devastated.
I made 70% gain in a month and sold, then made 80% gain in about 6 weeks and sold. Everyone says it's a bubble, etc, but I think there's a lot more room to run. The good thing is it's very liquid, unlike real estate. Plenty of people think we're at a peak for real estate too, or stocks, or bonds. If you do it, I would start out really small and just get comfortable with the cycles and volatility.
It's so cringe worthy to read how uninformed many are on this subject.
I have to bow out of this because is heading towards more of an emotional discussion rather than logical.
Best of luck to all.
Investing in Bitcoin is investing in something that is based on nothing more than limited quantity. It has no other value. I personally know people that are financial imbeciles preaching "Buy Bitcoin!!!" Taking financial advice from people who have made a life of consistent bad financial decisions is never a good idea. Are they suddenly geniuses and know something I don't? No, they are swept up in get rich quick scheme that is Bitcoin. They won't cash out. Not even a little for fear of losing that upside opportunity and that is how they will all get wiped out.
What does a cup of coffee cost in Bitcoin? You can't answer that because Bitcoin is worthless and the value (based on some other government backed currency) keeps going up.
It will continue to go up until it doesn't. Then it is going to be a tsunami of sellers and a bunch of idiots on the news crying that they got ripped off by much smarter people who at some point will decide they've made enough money off the commoners that it is time to dump it. This isn't new. History repeats itself again and again and again.
Should you invest? Up to you. It's your money. Jump in and ride it for a while. Just don't get greedy. This train is going to crash and there is going to be blood in the streets. It always does and it is going to make for great news when it happens.
I get what you are saying and your prediction, although bitcoin has cash value, there are bitcoin atms near me. Divide the cost of a cup of coffee into 9k ( one coin) and that equals the bitcoin percentage cost for a cup. It is mostly acts like a foreign currency today and that might require currency conversion beforehand to find any same day US dollar value. Eventually, the theory is, bitcoin would be accepted by more retailers straight up like Overstock does today.
The internet is not going down, and sky net is not going to come take your data. Your more likely to misplace your cellphone, wallet, or kids, than you are to lose data now of days.. welcome to the cloud!
If you think keeping money in your backyard keeps you financially safe, just remember how that did not workout in Greece. People's money came worthless overnight. They started trading hand written IOUs for food. If things go truly south, you may as well invest in dry goods, it will be worth more.
Cryptocurrency is not regulated at this point, until then it provides a free way for anyone to move money between countries tax free; convert illegal gains from criminal enterprises, legally hide business profits as it's not recognized as money... That's trillions of dollars moving around. It's here to stay, that's for sure... Just like the Internet in 1990's, people are going to make and lose a lot of money. The internet also got reborn in the 2000's, and has been working just fine ever since.
We've already gotten past stage 1 of Cryptocurrency, it's now solidifying into stage 2 as a framework used by many, at some point the Government will start regulating it in some way, then things will smooth out and people will talk about the days people made and lost mad money with Cryptocurrency!
Bitcoin Went Down - Not Quite Ready For Prime Time Just Happened Nov 29 2017
Bitcoin Flash-Crashes To $8,500, Then Rebounds As Biggest US Exchange Breaksby Tyler Durden
Nov 29, 2017 2:18 PM
Bitcoin isn’t investing, it’s speculating in a belief there will be a greater fool to sell to later. Bitcoin has no income, owns no assets, holds no patents... so it’s investment value is exactly zero.
And you can't short sell it so there's no "check" to balance the system like stocks, REI, interest rates, futures.
Early holders will make massive gains at the expense of everyone that comes in later, a Ponzi scheme without the decency to even provide us with a charismatic individual figurehead, maybe Hal 9000 we could say...
Bitcoin or something like it will be the future. I just wish I listened to an old friend who used it on the silkroad. He told me to buy some then...
Hodl!
edit: you can store your coins offline too in case the net goes down for a bit.
It is possible the largest investment shift in the last 395 years is some kind of tulip scam and there are elements to compare to that, however we are not talking toys or flowers in this case. Whether you like it or not this is actual currency and by the seconds of time valued in actual US dollars with US cash dispensing ATMs etc...It has been mostly an Asian deal so far...We can speculate if the new tech is fully adopted by Americans what that could mean for the future. Even the most harden critics say 100k per coin is not surprising to them. To be clear I am not saying buy bitcoin and these are just my own personal observations.
The internet is not going down, and sky net is not going to come take your data. Your more likely to misplace your cellphone, wallet, or kids, than you are to lose data now of days.. welcome to the cloud!
If you think keeping money in your backyard keeps you financially safe, just remember how that did not workout in Greece. People's money came worthless overnight. They started trading hand written IOUs for food. If things go truly south, you may as well invest in dry goods, it will be worth more.
Cryptocurrency is not regulated at this point, until then it provides a free way for anyone to move money between countries tax free; convert illegal gains from criminal enterprises, legally hide business profits as it's not recognized as money... That's trillions of dollars moving around. It's here to stay, that's for sure... Just like the Internet in 1990's, people are going to make and lose a lot of money. The internet also got reborn in the 2000's, and has been working just fine ever since.
We've already gotten past stage 1 of Cryptocurrency, it's now solidifying into stage 2 as a framework used by many, at some point the Government will start regulating it in some way, then things will smooth out and people will talk about the days people made and lost mad money with Cryptocurrency!
Bitcoin Went Down - Not Quite Ready For Prime Time Just Happened Nov 29 2017
Bitcoin Flash-Crashes To $8,500, Then Rebounds As Biggest US Exchange Breaksby Tyler Durden
Nov 29, 2017 2:18 PM
That’s what I’m looking for, right there., That’s how you make money!!
@Anthony Bertolino Sounds like you own some bitcoin?
@Anthony Bertolino Sounds like you own some bitcoin?
I hold very little Bitcoin. Bitcoin has the first mover advantage and network effect that makes it be the first to talk about but is hardly the best investment/speculation vehicle when we speak about fundamentals. Ethereum is what you want to research for people just hearing about Crypto-Currencies. If you have remote faith in any of the following organizations: Microsoft, JP Morgan, Toyota, ING, BP Oil, Deloitte, US Coast Guard, Credit Suisse, CME Group and many more, it's time to start doing a tiny bit of due diligence.
1) Retracement is over due
2) Exchange is not used to the influx of demand, all part of growing pains. We are literally talking about Bitcoin on a Real Estate Forum right now because of this hype.
False.
There have been ways to short it for a long time but soon even the general public that was not willing to cross that border to entry will be able to short it in the coming weeks via CME futures.
If Bitcoin hitting $100,000 per coin does not surprise “them”, and if Bitcoin really can hit $100,000 per coin, then Bitcoin today price of $11,000 is very cheap. Maybe I should sell all my assets and buy Bitcoin at $11,000 a piece today. If Bitcoin drop to $10.00 per coin after I buy it at $11,000 per coin. Oh sh*t, I lose everything!...
To me, it is a gamble. And I don't want to gamble on Bitcoin this time. I'm very scared of losing. ;P
The guys fully into this crypto stuff certainly don't think it takes much speculation that prices go up from here. There is a lot of misconceptions still, about what it is, how it is mined and how it could penetrate daily lives even more than the internet did and does. 100k is the low end...Mcafee ( the security software guy) is a coin miner and says that he bets bitcoin hits 1 million by 2020 or he will eat his own private parts. He used another word. You get the picture.
we moved a small fraction of our investment company’s cash to bitcoin and we also are building a bitcoin mining rig. This basically helps in the calculations bitcoin and other currencies need to operate and in turn you receive small amounts of the currency. I believe the blockchain technology and the idea of smart contracts are interesting functions of the currencies. Now the question is bitcoin the currency that will become mainstream? Or is it ethereum or maybe a mix? Someone here said don’t invest anything you can’t afford to lose and that is our approach but we are bullish on cypto currency right now.
If Bitcoin hitting $100,000 per coin does not surprise “them”, and if Bitcoin really can hit $100,000 per coin, then Bitcoin today price of $11,000 is very cheap. Maybe I should sell all my assets and buy Bitcoin at $11,000 a piece today. If Bitcoin drop to $10.00 per coin after I buy it at $11,000 per coin. Oh sh*t, I lose everything!...
To me, it is a gamble. And I don't want to gamble on Bitcoin this time. I'm very scared of losing. ;P
The guys fully into this crypto stuff certainly don't think it takes much speculation that prices go up from here. There is a lot of misconceptions still, about what it is, how it is mined and how it could penetrate daily lives even more than the internet did and does. 100k is the low end...Mcafee ( the security software guy) is a coin miner and says that he bets bitcoin hits 1 million by 2020 or he will eat his own private parts. He used another word. You get the picture.
Hello, folks, this may be the fastest strategy to build massive wealth.
If you have "spare money" of $100,000 today and have prepared to lose the $100,000.00, let's buy 10 pieces (about $10k each piece) of Bitcoin tomorrow, and wait until year 2020 (only 3 more years from today), according to the Mcafee security softward guy, each piece of Bitcoin will hit $1 million each piece by year 2020. 10 pieces will be worth $10 million dollars in 3 years before year 2020.
Be cautious! I'm talking about using your "spare money" only, don't sell your house, don't sell your undershirt, and don't sell all your asset to do it, too risky! In case Bitcoin drop to $10.00 a piece 3 years later, our $100,000 "spare money" will become $100.00. We are still fine if each piece drop to $10.00 a piece (given that those are spare money).
Good gamble? Either $10 millions or $100 three years later, or somewhere in between.
haha...
Nah... No thanks. I'm not going to gamble on it.
It's so cringe worthy to read how uninformed many are on this subject.
I have to bow out of this because is heading towards more of an emotional discussion rather than logical.
Best of luck to all.
OOPS!! The IRS Found Out. Imagine That! Why not just buy Gold instead. It's a lot prettier.
https://www.newsmax.com/newsfront/irs-wins-14-000/...
A cryptocurrency exchange called Coinbase that deals with bitcoin and other digital currencies has been ordered by the IRS to start forking over information about some of its customers.
a U.S. district court ruled that Coinbase needs to supply the personal information of 14,355 of its customers to the IRS as the agency tries to combat tax evasion.
The customers affected by the order conducted Coinbase transactions of more than $20,000 between 2013 and 2015, which includes 8.9 million transactions.
If Bitcoin hitting $100,000 per coin does not surprise “them”, and if Bitcoin really can hit $100,000 per coin, then Bitcoin today price of $11,000 is very cheap. Maybe I should sell all my assets and buy Bitcoin at $11,000 a piece today. If Bitcoin drop to $10.00 per coin after I buy it at $11,000 per coin. Oh sh*t, I lose everything!...
To me, it is a gamble. And I don't want to gamble on Bitcoin this time. I'm very scared of losing. ;P
The guys fully into this crypto stuff certainly don't think it takes much speculation that prices go up from here. There is a lot of misconceptions still, about what it is, how it is mined and how it could penetrate daily lives even more than the internet did and does. 100k is the low end...Mcafee ( the security software guy) is a coin miner and says that he bets bitcoin hits 1 million by 2020 or he will eat his own private parts. He used another word. You get the picture.
Hello, folks, this may be the fastest strategy to build massive wealth.
If you have "spare money" of $100,000 today and have prepared to lose the $100,000.00, let's buy 10 pieces (about $10k each piece) of Bitcoin tomorrow, and wait until year 2020 (only 3 more years from today), according to the Mcafee security softward guy, each piece of Bitcoin will hit $1 million each piece by year 2020. 10 pieces will be worth $10 million dollars in 3 years before year 2020.
Be cautious! I'm talking about using your "spare money" only, don't sell your house, don't sell your undershirt, and don't sell all your asset to do it, too risky! In case Bitcoin drop to $10.00 a piece 3 years later, our $100,000 "spare money" will become $100.00. We are still fine if each piece drop to $10.00 a piece (given that those are spare money).
Good gamble? Either $10 millions or $100 three years later, or somewhere in between.
haha...
Nah... No thanks. I'm not going to gamble on it.
Yeah that's one way. It cost $1000 ( electricity) to mine one bitcoin, idk if that matters as far for any lowest value. The value is partly based on the number of users/buyers/network too, and that is growing at 100,000 a day new accounts.
This is also partly why it has gone from 9 cents in 2009 to 9k today. More users equals more value.
Almost a majority of millennials said they would rather invest in bitcoin than stocks. They sort of get the whole digital gold currency 2.0 concept. If it lives up to the hype I guess a lot more age groups could have some exposure just like gold etc.