BitCoin

[_19disnA]

Still would have nothing to do with bitcoin or any of the me-2 followers that came along later. ZERO sales/revenue/profit.....none of the things that make all other types of investments worth something............just a matter of when it implodes in my view. Said that in the past on prior similar threads as well.

 

[wfjny]

What is your opinion now guys?
Is it time to buy it?

Well...
If you asked me where I was on January 1st, I would have said that my 401K needed to double before I retire. I would have said I hoped that would happen in about 7 years. Other items played into that, including kids finishing school, and downsizing to a small home.

Six months later, my 401K is just over half what it was. Instead of 7 years to retirement, I am now looking at probably about 14 years. Yes, these last six months probably cost me about 7 years.

I say all of that, because it is not just Bitcoin, it is every asset class is down.

Bitcoin has dropped from a high of $68K to $19K, a drop of about 70%. It sucks, especially if you bought at that high.

But then again, look at the object of this Board. Disney has gone form a high of 187 to 94, almost a 50% drop.

Other major companies have done similar. Twitter is down to 37 from almost 72, another 50% drop. Carnival Corp has lost 2/3rds of its value, roughly in line with bitcoin. Paypal has done worse, losing over 75% of its value.

Overall, everything is down. Maybe bitcoin was not the right investment, but in this market, I think it was hard to pick a good one.

 

[RamblingMad]

Michael Lewis is writing a book on FTX.

https://fortune.com/2022/11/13/michael-lewis-ftx-sam-bankman-fried-crypto-book-movie-deal/

It's way too late for crypto. It follows the greater fool. If you didn't get in at the beginning, you're likely the fool.

https://www.investopedia.com/terms/g/greaterfooltheory.asp

 

[mefordis]

Been there, done that. Bought 1 BTC for 9k, sold in a year and made about 45k. I consider myself lucky and wouldn't try it again.

 

[Mysterian]

A coworker bought up a bunch of Bitcoin, and other more popular cryptocurrencies, when prices dipped during the Ukraine invasion. He's still waiting to see growth, and considering his plan was to make tons of money and quit work, he continues to clock in daily.

Off topic, but I'm not surprised that NFTs are losing value as well. NFTs were never a good idea. UNLESS: NFTs stood for "Numerous Free Tacos".

 

[_19disnA]

My view hasn't changed on any bitcoin/crpto from comments I made when this thread first started. The collapse of FTX is likely not the only one we will see. There isn't ANY legit investment that can guarantee an 8+% annual return. Even novice investors should know that. Clearly they had to make even riskier investments yielding a higher return to keep the scheme going. FTX seemed like a combination of a bad ponzi scheme and were inappropriately handling user funds. I expect a lot more revelations to surface how FTX was using deposited funds to live a lavish lifestyle until they got caught. They got away with it for awhile until the price of crypto started to decline. Then it all went up in smoke.

Many of those 'exchanges' are like the wild west and poorly regulated. They obviously are opposed to being regulated since much of what they are doing is illegal based on accepted accounting standards. They create the illusion of being profitable using sketchy accounting methods and passing the money around to each other like a bad shell game. When they have to continually raise NEW money to keep the scheme going, it is only a matter of time before it all collapses.

 

[Laugh O. Grams]

I've had the concept of crypto currency explained to me multiple times & I still don't get it. That said, Bitcoin seems to be one of two crypto currencies that have legs, so I wouldn't begrudge someone investing say 10% of their portfolio in it, but absolutely no more than that

 

[Cogswel_Cogs]

Another holding company went under today. I would be pretty nervous on how invest safely on top of the value of the investment going down. No dice for me.

 

[GreatLakes]

I don't think decentralized digital currency will have a long shelf life beyond fringe use cases. I do think CBDCs will have a place in the future as a way to speed up transactions in an increasingly digital world. Bitcoin's greatest success was a real world demonstration of blockchain and distributed ledger technologies but I don't see it being a great investment. I'm not convinced it's value will drop to $0 but it won't fluctuate and I wouldn't use it as an investment.

 

[projectx3]

Ponzi scheme.

A friend of mine is really into crypto. REALLY into it. I've asked many times in many different ways why I should buy in. Every answer boils down to "because it will go up in value." Why would it go up in value? "Because there is a demand for it." Why is there a demand for it? "Because it will go up in value." And around and around we go.

The unicorn turd experts have been predicting Bitcoin will hit 100k by the end of 2021. Oh wait... no, that's not it. End of 2022.

How's that working out for you?

 

[_19disnA]

I have no idea what any of that means. The only 'value' bitcoin (and the many me-too followers) has is when you can find someone willing to pay more for it then you did. It generates no revenue/sales/income/profits and was invented out of thin air. I don't consider it a legit form of investing and more related to speculating in currency. Crypto 'exchanges' seem like a variation of a bad shell game when the holdings get passed around to each other and works well until the price stops going up (or declines) or the music stops, some try to cash out and then the whole scheme just falls apart. NONE of them can guarantee the absurd returns they claim to offer.

(Those comments are still valid, but it seems comments made by a prior poster are now gone from this thread.)

 

[DisneyOma]

A bank near us: https://www.bankingdive.com/news/bankprov-braces-275m-bad-crypto-mining-loans-bitcoin/636838/

Morons

 

[Neapolitan Ice Cream]

@DisneyOma, I know I complement people about their avatars a lot, but yours is extra special - seeing Spaceship Earth in EPCOT brings a lump to my throat! Man, I gotta get back there!

 

[FlightlessDuck]

LOL

 

[Neapolitan Ice Cream]

BitCoin seems to be the prime currency used by hackers and malware enthusiasts as it is anonymous. Computer hacked by Ransomware? The hacker will try to make you pay them off in BitCoin. I cannot stress ENOUGH how dangerous RansomWare is - it's evil

 

[projectx3]

A bank near us: https://www.bankingdive.com/news/bankprov-braces-275m-bad-crypto-mining-loans-bitcoin/636838/

Morons

Stupid is as stupid does!

 

[GAN]

In bitcoin trading, traditional investment methods are often used, with the help of which users receive income from their investments. These strategies can bring bitcoin investors income, whether holding or averaging the dollar value. It all depends on how carefully the trader analyzes the available information and how he uses it. Everyone has their way of earning money, and bitcoin offers many ways to generate income. If you are new to this, you can take the online forex trading course. Investing in cryptocurrency is still relevant as the market continues to saturate.

At 59 now ...I'm going to take a hard pass on even considering that investment. But if I have time, I'm not against learning more about it out of pure curiosity.

 

[White Cat]

No thanks.

 

[_19disnA]

These strategies can bring bitcoin investors income,..........

Am not aware of any 'strategy' that will create income out of thin air. Various crypto exhanges passing around their holdings still seems more like a shell game to me then any type of legit investment. That FTT 'token' also created out of thin air crashed when the whole scheme surrounding FTX was exposed.

Funny how a supposed advantage of blockchain is how secure it is, but then I keep reading stories where some crypto exchange got hacked and MILLIONS of $ just vanished.

 

[kaleopp09]

Crypto felt overly complicated and risky at first. But after exploring more, I found that it’s not as mystifying once you start. I started small, just experimenting with Bitcoin during the early days and following some basic trading strategies. Luckily, I didn’t get burned, but I totally understand why this doesn’t appeal to everyone.