Chomping At the Bit! (Any Thoughts on Bitcoin?)

[seoulsearch]

For anyone curious about my own stance...

As stated in my original post, I personally don't believe in Bitcoin as a viable investment. I see it as being like someone's comic book or baseball card collection -- it's only worth what someone else is willing to pay for it (to me, at least -- I can't speak for anyone else.)

Yes, it went up drastically after the election, but I personally believe it's just because someone will take office who has claimed to be in support of it. (I could be wrong. But Bitcoin is also known to go in cycles, such as after elections.) In the chats I listen in on, people are trying to time the high and get out before it falls again. I'm glad I'm not one of those people.

I have a few shares of an ETF (exchange traded fund) that is exposed to Bitcoin (just for fun -- as I see it almost like a collector's item,) but I have no interest in putting much into anything involved with it, nor do I buy any kind of crypto coins directly.

 

[jacko]

Once it breaks 100K, retest 100K, the sky is the limit.. could hit 130K, or higher this cycle..

 

[daisyseesthesun]

Yes, Bitcoin is a terrible idea. No, it won't crash the dollar.

It is the currency of slave traders and drug dealers. Its also the currency of black markets and terrorists. It almost guarantees an audit by the IRS. All transactions of digital currency goes through Coinbank and are reported. Meaning if you have some and don't report it you are going to jail.

Thank you JohnDB for your insight on this matter. it explains allot and why they are promoting it.

 

[jacko]

Let's put it this way...
If you put $10 into passbook savings account and $10 worth of bitcoin into an investment account....

And the bank/investment firm/bank goes bankrupt due to bad lending practices (lots have gone bankrupt) the Ten dollars is insured by FDIC.(you get your $10+interest returned to you) The crypto is not insured by anything or anyone.

Remember E.F. Hutton? Had great commercials....where are they now?

You need better information. I would suggest you do some more research on the matter…. Bitcoin is highly regulated now.

 

[Lynx]

You need better information. I would suggest you do some more research on the matter…. Bitcoin is highly regulated now.

It is the Linux of currency, regulated by the community. Or at least by a massive community of computers all over the world.

That is where the analogy ends. It certainly ain't free like Linux.

 

[CommodoreTeach]

B. Bitcoin is a Ponzi scheme, and the only way to make money from with it is to get some sucker to buy it from you at a higher price.

This is my view, although most Ponzi schemes are shut down earlier by the government to prevent the common man from making a profit (or is it to prevent the government from taking a loss?). Not so with Bitcoin.

I watched something by John McAfee, who said that anything you purchase with Bitcoin is traceable by everyone you've ever transacted with. So if you hire a plumber on Bitcoin, the plumber will be able to look up how many Bitcoin you end up paying for the yacht you've been saving for, in 2 years time.

He also said it was too slow to be useful as a currency, but it certainly has been a good investment for many.

 

[Tall_Timbers]

Once it breaks 100K, retest 100K, the sky is the limit.. could hit 130K, or higher this cycle..

and the higher it gets, the more people will become suckers. It seems to be human nature for people to grab onto something/anything that's rising. Ponzi Schemes sometimes get very big before they collapse.

A person can do well by buying stocks when they're low and selling when they're high, but that seems to be contrary to human nature so only the fiscally disciplined can do it.

 

[jacko]

It is the Linux of currency, regulated by the community. Or at least by a massive community of computers all over the world.

That is where the analogy ends. It certainly ain't free like Linux.

There is a cost to secure the network... sunk costs.. bitcoin network is energy...and it aint free

 

[jacko]

and the higher it gets, the more people will become suckers. It seems to be human nature for people to grab onto something/anything that's rising. Ponzi Schemes sometimes get very big before they collapse.

A person can do well by buying stocks when they're low and selling when they're high, but that seems to be contrary to human nature so only the fiscally disciplined can do it.

its collapsed 3 times already

 

[Lynx]

its collapsed 3 times already

When that ponzi scheme collapses, you don't have to be a player to lose. Just ask all the old guys who were selling apples on the sidewalk in the 1930s.

 

[JohnDB]

its collapsed 3 times already

All it takes is one look at the 5yr chart and you go running and screaming away.

Now shorting bitcoin?
Selling it and buying some to cover those sales? Yeah! That might be good for some money to be made in the short term.

 

[jacko]

All it takes is one look at the 5yr chart and you go running and screaming away.

Now shorting bitcoin?
Selling it and buying some to cover those sales? Yeah! That might be good for some money to be made in the short term.

Been in it since 2017…

 

[daisyseesthesun]

AI Overview

No, Bitcoin is not FDIC insured:

• FDIC insurance: The FDIC (Federal Deposit Insurance Corporation) only insures deposits held in FDIC-insured financial institutions.
• Cryptocurrency: Cryptocurrency is not federally insured.
• Crypto-based financial services providers: Funds deposited with a crypto-based financial services provider are not FDIC insured. For example, Voyager Digital LLC was not an FDIC insured bank, but it misled people into thinking that their money was FDIC insured.

Cryptocurrency is considered a high-risk investment. The crypto-asset sector has experienced significant volatility in recent years, with the market capitalization falling by 60 percent from November 2021 to April 2023.



The FDIC has taken steps to ensure that depositors are aware that their non-bank issued assets are not covered by federal deposit insurance. The FDIC has also sent cease and desist letters to crypto firms that have falsely referred to FDIC insurance cover.

 

[jacko]

AI Overview

No, Bitcoin is not FDIC insured:

• FDIC insurance: The FDIC (Federal Deposit Insurance Corporation) only insures deposits held in FDIC-insured financial institutions.
• Cryptocurrency: Cryptocurrency is not federally insured.
• Crypto-based financial services providers: Funds deposited with a crypto-based financial services provider are not FDIC insured. For example, Voyager Digital LLC was not an FDIC insured bank, but it misled people into thinking that their money was FDIC insured.

Cryptocurrency is considered a high-risk investment. The crypto-asset sector has experienced significant volatility in recent years, with the market capitalization falling by 60 percent from November 2021 to April 2023.



The FDIC has taken steps to ensure that depositors are aware that their non-bank issued assets are not covered by federal deposit insurance. The FDIC has also sent cease and desist letters to crypto firms that have falsely referred to FDIC insurance cover.

You can buy it through a regulated ETF which is backed one to one by black rock… which is regulated by the SEC

 

[Lynx]

You can buy it through a regulated ETF which is backed one to one by black rock… which is regulated by the SEC

I can, but I'm not. Nope nope nope nope.

 

[jacko]

I can, but I'm not. Nope nope nope nope.

Not here and not now definitely I’m selling…. But there will be a time when it’s time to buy it cycles like clock

 

[ForgiveMeGod]

From my experiences with investing in cryptocurrency. It is so volatile, that it is exactly like gambling and even has the addictive nature of gambling.

So… I won’t be touching it with a hundred foot pole.

Real estate, stocks, art and start ups, count me in. Less volatile and has a longer history of proven growth.

 

[CommodoreTeach]

Not here and not now definitely I’m selling…. But there will be a time when it’s time to buy it cycles like clock

Would you let us know next time you think it's a good buy? I'm considering getting in then, if the opportunity comes up. At least govt. can't just generate bitcoin out of nothing ad-infinitum like they can dollars.

It seems like it has better returns than real estate and start-ups, and getting rid of all that government interference would make it a lot less like gambling. Who knows what crazy scheme the government will dream up next, to enrich themselves to the detriment of everyone else?

 

[Lynx]

Who knows what crazy scheme the government will dream up next, to enrich themselves to the detriment of everyone else?

Yeah, about that...

I've heard a lot of people talk a lot about a lot of those crazy schemes the government has. Nobody has ever told me why the government needs all those crazy schemes. The government can just make more money out of thin air, which decreases the value of the money in my pocket... Which means the government shouldn't have to bother with all those crazy schemes people keep talking about.

If I controlled the only game in town, the game that everybody has to play if they want to survive and get on with their happy little lives, and I could change the rules whenever I wanted... I sure wouldn't have to bother tricking people with crazy schemes.

 

[JohnDB]

Would you let us know next time you think it's a good buy? I'm considering getting in then, if the opportunity comes up. At least govt. can't just generate bitcoin out of nothing ad-infinitum like they can dollars.

It seems like it has better returns than real estate and start-ups, and getting rid of all that government interference would make it a lot less like gambling. Who knows what crazy scheme the government will dream up next, to enrich themselves to the detriment of everyone else?

Currently,
Smart and big money is selling all they have and shorting by selling more than they have of bitcoin and other cryptocurrency. It ran up too much too fast and is destined to fall again.

They have made 30% on the rise and now will make an additional 50% on the fall. That's why "everyone" is pushing crypto at the moment. They are computer bots built by corporate owners who are wanting to enrich themselves by marketing at the worst time to buy.