IT BEGINS !!
- Thread starter SilverSale
- Start date
Me either. I'm glad I didnt listen to peter schiff about cryptos haha. Hes a smart dude but he missed this for sure.
Schitt is a dead-set contrary indicator with whatever comes out of his mouth.
Interesting read, but I'm struggling to see the connection between that document and what @hawkeye1 wrote.
@STKR missed out did ya?
Plenty of other speculative assets out there to choose from
I don't see it as anything more than that - a vessel to facilitate gambling with the Associated infrastructure to convert your casino chips into fiat or other casino chips.I am curious to understand why you believe Bitcoin is worth investing into beyond the speculative nature of the "asset". Do you have an exit plan? Do you intend to hold your Cryptos permanently?
What developments, news, regulation etc would motivate you to move away from Cryptos altogether?
There are, shares, IPs, gold, silver .... They're all speculative. We buy these assets because we're hoping that we'll either get an income from them or that we'll get capital gain. Cryptos are starting to fill both categories. They're the best asset out there that offers both capital gain and an income generating source.
Values are changing in society. BTC is beginning to be viewed as a store of value.
No.
Most likely. Of my two main holdings, I'm not sure what the future holds for BTC, possibly an asset I can borrow against if needed. I'm planning on staking my ETH and earning some income from them. The other stuff I can either sell or stake.
Just like the gold I used to own, hold it until something better comes along or I can't hold it any longer eg the usual stuff you read about, quantum computing, governments banning holding crypto, technological changes that provide a better alternative etc etc. None really concern me at the moment.
Polar.bear.Stacker
Well-Known Member
Then how much would you need as an individual?
Oh shit.
That cliché sends shivers down my spine.
It sounds creepily like Mike Baloney at USD$40 silver, a decade a go, telling me that silver is going to $1000.
My instinct is to run like hell!
Rather than a price chart, if you look at the logarithmic chart you're given a picture that displays the strength of the moves in BTC's value over time. Rather than just showing the price spikes the log scale gives a clearer indication of the % movements in BTC's value. If you want scary-crazy-shit then you're going to have to go back to pre-2014. Since 2014 (and even more so since 2017) the gains have been steady and clean, more "bullish" than "bubble". Click on the image to enlarge.
Courtesy: http://bitcoin.zorinaq.com/price/
My instinct is to run like hell!
Do you own any Bitcoins @wrcmad?
Reason I am asking is that, would it not be prudent, at this point in time, to own some Bitcoin as a hedge? Just in case it does begin to catch on?
If it turns out nothing comes of it, you've basically lost the money. But that's the point. It basically acts as insurance.
It's speculative for people that don't take the time to understand it. For those who do, it's really not that speculative at all. In fact, seems like the only sensible option right now for multiple reasons. It's seen by most people as speculative because most people don't understand it and basically just look at the price. I look at the technology (the decentralized ledger, the blockchain, etc), I think about the network effect, what money is, how it has evolved, where we are in the cycle, the companies that are getting involved, what they are doing, etc. There are a lot of pieces to put together but once you do, you get clarity that you just don't get from looking at a chart.
I may sell if it looks over-valued at some point. I'm not sure. Right now it looks severely under-valued. Like Amazon was in the early 2000's. So it's just BTFD atm.
BTC is part of an entirely new financial system that is being set up and it is hard to say what that system is even going to look like at this point. There is so much financial and technical innovation going on. So many people and new companies and capital coming to the space all the time. It's really exciting stuff. Why some people insist on calling it all a scam is a mystery to me. I can only assume they are completely ignorant of all this. The current financial system just looks so old and dated in comparison. Hell, the bank's core systems were built decades ago and they are still operating on them!! Talk about old and creaky.
Technical disruption is coming for the banks. I'm not convinced any of them are going to survive it. No great loss.
I don't have enough cognitive bias to be able to convince myself that it is insurance.
If I pay insurance and lose the premium because I don't use it, I still have the underlying insured asset.
The trouble I have with BTC is that there is no underlying.... a point seemingly lost on PM stackers who used to live by the philosophy of tangible assets? My mind boggles?
What you have described above is a pure punt.
And I have kept up with BTC gains so far over the last 18 months trading real assets, so I do not feel the need to deviate.
My chart-brain doesn't see bullish..... it sees a distinct loss in momentum. When I try to envisage where it is going, I see this (though I am probably wrong):
I think if you want to see bullish or bearish momentum then you’d probably be better off looking at volume rather than a log chart showing price.
Yeah, none of that nerd-technics gives me a hard-on at all.
I just don't get excited by it. Besides, it is attached to the dollar by price.... so it is just another thing someone is selling to me.
Some get the same excitement by all the unique properties of PM's - it doesn't excite me either, I just see a simple metal commodity.
If a want an electronic, networked, technically different way to transact that doesn't involve money, I just use a CC and paywave.