- Joined
- Jul 20, 2017
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Good time to invest now?
Good time to invest now?
At this point the only reason Bitcoin keeps going up in price is because people think it will keep going up in price. As soon as perception changes to the point where people think they will lose their money, or even if they think they'll break even by buying Bitcoin, the price is going to drop just as fast as it's risen. Basically you're betting on their being a greater fool than you at some point when you want to sell.
I'm not saying that it will stop going up or will continue to go up. However, these upward moves are propelled by big money, not small Joe's off the street.
The total crypto market cap is > 700 bn, which isn't too shabby considering its age (~ 7 yrs). BTC itself is dysfunctional because of fees and quite honestly the PoW model, however, if one of the altcoins successfully resolves the majority of the problems that are associated with cryptocurrency in general, it could very well compete with modern currency.
I've tripled the money from my initial investment in 3 months on bitcoin. But I only used enough money so that if it went down to zero, it wouldn't ruin me financially. There's strong arguments on both sides for or against cryptocurrencies...but I am of the opinion this isn't going away anytime soon, because of bitcoin's deregulated nature, and the fact that there's a limited amount in circulation. My crystal ball says more people will use bitcoin once people lose confidence in the dollar. Why will that happen? because the Chinese are now using their own currency (yuan/renminbi) instead of dollars to buy oil - the one thing that props up the dollar. This should be sending shockwaves throughout the financial world, but is by far the most underreported story of the year.
The trillion dollar question: What happens to the value of the greenback if other countries also ditch the dollar when buying and selling oil?...
Nobody is arguing that cryptocurrency isn't an interesting and possibly very useful thing going forward. But when people start picking and choosing one particular one, the odds are probably against it. Ultimately the most popular cryptocurrency 10 or 20 years from now will probably be one that does not exist yet and will be developed after watching the problems that current ones run into.
I agree that the mainstay crypto is probably not around yet, but I also think it is quite viable to make a reasoned analysis of altcoins if you are familiar with the industry.
people can feel free to make that analysis, they just shouldn't confuse currency speculation with investment
bitcoins are terrible as a currency with caps in how many transactions that can occur / second and the amount of energy that is required to keep the system humming along. I am not saying cryptocurrencies do not have a place or but bitcoin is likely not going to be "it" due to the mentioned limitations.I've tripled the money from my initial investment in 3 months on bitcoin. But I only used enough money so that if it went down to zero, it wouldn't ruin me financially. There's strong arguments on both sides for or against cryptocurrencies...but I am of the opinion this isn't going away anytime soon, because of bitcoin's deregulated nature, and the fact that there's a limited amount in circulation. My crystal ball says more people will use bitcoin once people lose confidence in the dollar. Why will that happen? because the Chinese are now using their own currency (yuan/renminbi) instead of dollars to buy oil - the one thing that props up the dollar. This should be sending shockwaves throughout the financial world, but is by far the most underreported story of the year.
The trillion dollar question: What happens to the value of the greenback if other countries also ditch the dollar when buying and selling oil?...
bitcoins are terrible as a currency with caps in how many transactions that can occur / second and the amount of energy that is required to keep the system humming along. I am not saying cryptocurrencies do not have a place or but bitcoin is likely not going to be "it" due to the mentioned limitations.
I am sure pets.com folks are absolutely euphoric from all the market beating returns they obtained from that "internet thing". Bitcoin's tech is flawed thats the problem. Plus the market is prone to gaming currently, and liquidity is also an issue. But it is your money. Good luck.
Not sure why you are saying it is impossible for it to grow against any world currency when there is a “artificially” limited supply versus other world currencies which we just keep printing. In fact, I would say it is the complete opposite. When the supply of something that is valued is capped, the price should drastically increase.
Also let’s keep this conversion to just not about bitcoin. It’s easy for people, not well versed in the space, to think that bitcoin is the only thing here. When in fact even though it’s the first mover, we are talking about a technology which will integrate itself into a large part of our society.
We are currently in the infancy of cryptoassets. While I do agree that most of these “coins” are **** and won’t last, I think most people underestimate the true power of this technology. If I was to choose between siding with people who follow the same old “only criminals use bitcoin, it’s slow, it’s expensive, etc” or follow thousands of brilliant developers who are improving this on a daily basis, I’ll pick the developers.
What you have to realize (besides the fact that cash is used more by criminals and the fact that with the new tech released I just transferred $15k in BTC for $0.17 in under 30 mins) is this technology is here to stay and it is easily adaptable. You can’t just say because 1990 AOL is slow and dialup modems are crap that the internet won’t work.
No internet board discussion ever changed anyone’s mind, so I’m not going to try. The fact that you say it is not liquid is funny, because there are over a billion dollars a day traded in and out of BTC, seems pretty liquid to me. I’m always shocked by the number of people who want this stuff to fail for no other reason that just so that they were right because they didn’t put money into it. And again, you don’t even remotely understand the tech behind it by saying it’s flawed. Even if I pretend it is, it’s not like it doesn’t change. This isn’t just something that is put out there and no development continues. Blockchain is the future, but we are just at an interesting time because retail investors got in before institutional ones and therefore you see immature markets. When the big money moves in, you will need to relearn all that you “know” and learn what the real story is, not what biases media tells you.
Groundbreaking early technology that will take years to mature doesn’t “get clicks.” “Tulip Mania” does....enough said
How do you get rich?Perhaps you could explain what blockchain technology has to do with the value of a Bitcoin. While the Bitcoin network works via blockchain technology, there is nothing proprietary about that concept and it has nothing to do with the value of a Bitcoin (whatever that may be). Blockchain could be the greatest thing ever invented and a Bitcoin could still end up worth $0.
To me the problem with bitcoin is that it is a terrible store of value and does not function like a currency and is unlikely to ever be widely accepted. It's value is 100% speculative.
People can buy it or not, just don't pretend like it gives you ownership of blockchain technology going forward. People compare it to "tulip mania" not because blockchain is like a tulip, but because it had a similar run up in price over time and might see a similar crash in price. People that don't understand what they are buying use rising price as evidence of the intelligence of their purchase. Then when it starts going down, they panic and sell and it drops like a rock.
As for me, I get rich without investing in cryptocurrency so why take the risk?
Index funds and value investing with dollar cost averaging?How do you get rich?
How do you get rich?
earning a high income, living below your means, maxing out things like 401K and IRA, and saving additional money each month.
If cryptocurrencies ever function like an actual currency, perhaps I will use them instead of the AmEx.
That pretty much gets you to lower/middle class “rich” level after a lifetime of hard work and financial discipline. Not really rich rich.
I do commend your hard work and financial discipline. I’m just stating things as they are.
I would love to know why you think it isn't a good store of value. I'm assuming because of the volatility. However, if you look at gold and silver as well as other world currencies, the volatility is terrible as well.
I agree that this can be a bubble, but so was the dot.com bubble and apple lost 95% of its value during the crash. However, if you were to hold on to it for the long run you would have made over 30,000% gain.
It could be, but I doubt CNX will be around. Your goal should be taking your profits and either cashing out into USD or buying more BTC with it. Make sure you don’t end up in the red
So did bitconnect, Enron and tons of other easy examples. If bitcoin is speculative, cryptonex is vastly more speculative. Also if you look at the token holders on etherecan. 1 account holds 95% of all tokens in supply.....you better hope that account just doesn’t decide to dump their coins one day.I still think that cryptonex is a good choice as cnx has increased more than 7 times in about 2-3 months.
Your argument for why bitcoin will fail is because central banks hold precious metals? I don't even know where to start with this. Also ICOs are dumb, 99% will fail and have no use case, which is not the case with bitcoin. These statements don't do anything to invalidate the argument that bitcoin has a future. Any other nonsensical arguments up your sleeve? Shall you just reply "tulips" and peace out?
Your argument for why bitcoin will fail is because central banks hold precious metals? I don't even know where to start with this. Also ICOs are dumb, 99% will fail and have no use case, which is not the case with bitcoin. These statements don't do anything to invalidate the argument that bitcoin has a future. Any other nonsensical arguments up your sleeve? Shall you just reply "tulips" and peace out?
Your argument for why bitcoin will fail is because central banks hold precious metals? I don't even know where to start with this. Also ICOs are dumb, 99% will fail and have no use case, which is not the case with bitcoin. These statements don't do anything to invalidate the argument that bitcoin has a future. Any other nonsensical arguments up your sleeve? Shall you just reply "tulips" and peace out?
Eh, pessimistic. I've changed my mind on abortion and firearms and many other topics, so I chuckle when people come in with the "I'm not gonna change your mind, and you're not gonna change my mind" mindset.No internet board discussion ever changed anyone’s mind, so I’m not going to try.
I want altcoins to fail because I'm building a computer, and miners are buying up all the video cards.I’m always shocked by the number of people who want this stuff to fail for no other reason that just so that they were right because they didn’t put money into it.
You're forgetting the inevitable scenario when a fiat currency ultimately collapses. Any form of money -- when valued in said collapsing fiat currency -- will have astronomical nominal value.Even if you believe in the viability of cryptocurrency as a way to carry out financial transactions, how could you possibly believe it is a legitimate investment that you could hold for the long term? Any growth in the price in bitcoin vs the dollar is related to an artificially short supply of bitcoin. It is impossible for it to have sustained growth against any world currency.