bitcoin makes you rich

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Locked
looking
Posts: 613
Joined: Thu Mar 01, 2007 7:14 pm
Location: morgan hill ,ca

bitcoin makes you rich

Post by looking » Wed Aug 16, 2017 8:00 am

Bitcoin makes you rich ????

Pls share your experiences.

I have heard If you have invested $1000 for Bitcoin in2007, you have 54 million now ????.
How the Bitcoin works, and what is it and how to invest it??. I want to set aside for playing money and want to buy.

Is it something like you are buying software programming with digital wallets like paypal, and you can trade ????. I have no clue and confusing.

Best wishes
looking.

Jack FFR1846
Posts: 5762
Joined: Tue Dec 31, 2013 7:05 am

Re: bitcoin makes you rich

Post by Jack FFR1846 » Wed Aug 16, 2017 8:10 am

It's the same as Enron. It's always going to go up, up, up. What could possibly go wrong?
Bogle: Smart Beta is stupid

User avatar
Watty
Posts: 11576
Joined: Wed Oct 10, 2007 3:55 pm

Re: bitcoin makes you rich

Post by Watty » Wed Aug 16, 2017 8:46 am

A few things you might read,

https://en.wikipedia.org/wiki/Tulip_mania

https://en.wikipedia.org/wiki/Greater_fool_theory
looking wrote:
Wed Aug 16, 2017 8:00 am
I have no clue and confusing
I fundamental rule of investing, and even gambling, is to never invest or gamble with something that you do not understand.

There is a quote 'If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.'

Wakefield1
Posts: 646
Joined: Mon Nov 14, 2016 10:10 pm

Re: bitcoin makes you rich

Post by Wakefield1 » Wed Aug 16, 2017 9:34 am

A few people get rich but many more will lose everything they put into it?

ny_rn
Posts: 336
Joined: Sun May 11, 2014 7:09 am

Re: bitcoin makes you rich

Post by ny_rn » Wed Aug 16, 2017 9:38 am


barnaclebob
Posts: 2219
Joined: Thu Aug 09, 2012 10:54 am

Re: bitcoin makes you rich

Post by barnaclebob » Wed Aug 16, 2017 9:39 am

I feel like we need to start merging the low quality bitcoin questions. If its a specific technical question leave it be but all of the "who's a bitcoin and where is he going to be worth" questions need to be merged.

stimulacra
Posts: 99
Joined: Wed Dec 21, 2016 3:50 pm
Location: Houston

Re: bitcoin makes you rich

Post by stimulacra » Wed Aug 16, 2017 9:39 am

Bitcoin was released in 2009. I didn't hear about it till 2012… 

IMHO it's a speculative bubble… but am considering adding cryptocurrency to my allocation at some point eventually: it would augment or replace what I use gold for. Probably waiting for a correction on that front. No big rush or sense of FOMO.

Tamalak
Posts: 401
Joined: Fri May 06, 2016 2:29 pm

Re: bitcoin makes you rich

Post by Tamalak » Wed Aug 16, 2017 10:14 am

Not going to touch bitcoin, or any other currency. It's speculation. The average expected return of a speculative investment is 0.

Jonathan
Posts: 351
Joined: Tue Apr 30, 2013 5:36 pm

Re: bitcoin makes you rich

Post by Jonathan » Wed Aug 16, 2017 10:49 am

looking wrote:
Wed Aug 16, 2017 8:00 am
I have heard If you have invested $1000 for Bitcoin in2007, you have 54 million now ????.
You couldn't invest in bitcoin in 2007; the first bitcoin block (the genesis block) was mined in January 2009. Here it is on the blockchain: https://blockexplorer.com/block/0000000 ... b60a8ce26f

Yes, it's true, bitcoin has generated positive returns for nearly everyone who has invested in it, and it has made many people rich, rapidly. However, its past performance is no more an indicator of its future success than it is of its future failure. At this point, those who say "bitcoin will fail" are no more correct than those who say "bitcoin will succeed".

The smart people are saying the same thing that smart people always say: "I don't know."

thangngo
Posts: 349
Joined: Sun Feb 26, 2017 2:08 pm

Re: bitcoin makes you rich

Post by thangngo » Wed Aug 16, 2017 11:02 am

looking wrote:
Wed Aug 16, 2017 8:00 am
Bitcoin makes you rich ????

Pls share your experiences.

I have heard If you have invested $1000 for Bitcoin in2007, you have 54 million now ????.
How the Bitcoin works, and what is it and how to invest it??. I want to set aside for playing money and want to buy.

Is it something like you are buying software programming with digital wallets like paypal, and you can trade ????. I have no clue and confusing.

Best wishes
looking.
There is no legal way to get rich quickly.
There is many ways to lose everything in a heartbeat.

If you have $1,000 now and ready to lose it all, well then go ahead and buy some bitcoin.

downshiftme
Posts: 964
Joined: Sun Mar 11, 2007 6:11 pm

Re: bitcoin makes you rich

Post by downshiftme » Wed Aug 16, 2017 11:07 am

Keep in mind that there are also notable thefts and problems with exchanges that can wipe out an entire holding. Not to mention the possibility that you lose your data and all of your bitcoins, like the guy who lost his bitcoins in a landfill. 100% loss for these types of events.

https://bitcointalk.org/index.php?topic=83794.0

http://money.cnn.com/2013/11/29/news/bi ... index.html

Valuethinker
Posts: 33172
Joined: Fri May 11, 2007 11:07 am

Re: bitcoin makes you rich

Post by Valuethinker » Wed Aug 16, 2017 11:26 am

looking wrote:
Wed Aug 16, 2017 8:00 am
Bitcoin makes you rich ????

Pls share your experiences.

I have heard If you have invested $1000 for Bitcoin in2007, you have 54 million now ????.
How the Bitcoin works, and what is it and how to invest it??. I want to set aside for playing money and want to buy.

Is it something like you are buying software programming with digital wallets like paypal, and you can trade ????. I have no clue and confusing.

Best wishes
looking.
It is important to understand who has created value for the world society as a whole in this:

- every "winner" from bitcoin means an equal and opposite "loser"-- someone who sold at a cheaper price. This is a societal zero sum game, like the Dutch tulips (maybe more tulips were grown as a result?) or South Sea Company shares?

- notwithstanding, value has been created:

-- for users of Dark Web, eg Wannacry worm (virus?) that held up the British health service, who have been able to purchase and sell things which would otherwise have been illegal-- drugs, stolen passwords, zero day hacks etc

-- for those seeking to bypass exchange controls e.g. in China. We can argue whether this is legit, but it is certainly the case that it is against the wishes of the Chinese government

-- for any widely accepted use, I can't think of something that Bitcoin allows, that could not be achieved by other ways, eg my Amex card

Of course value has also been destroyed:

-- electricity consumption and associated pollution, eg in China (virtually free coal-fired electricity)
-- wasted mental bandwidth of fools like me who post on these threads ;-)

Valuethinker
Posts: 33172
Joined: Fri May 11, 2007 11:07 am

Re: bitcoin makes you rich

Post by Valuethinker » Wed Aug 16, 2017 11:53 am

looking wrote:
Wed Aug 16, 2017 8:00 am
Bitcoin makes you rich ????

Pls share your experiences.

I have heard If you have invested $1000 for Bitcoin in2007, you have 54 million now ????.
You have surely checked? You know, someone made an extreme claim about an investment so you checked whether this is true?

Do you think you will make those sorts of returns in the future?
How the Bitcoin works, and what is it and how to invest it??. I want to set aside for playing money and want to buy.
If you have to ask questions like "how the Bitcoin works" here, then you don't know enough to invest. This is not the place to ask that sort of questions.
Is it something like you are buying software programming with digital wallets like paypal, and you can trade ????. I have no clue and confusing.

Best wishes
looking.
There a lot of guides to crypto currencies online. I suggest reading some of them.

Valuethinker
Posts: 33172
Joined: Fri May 11, 2007 11:07 am

Re: bitcoin makes you rich

Post by Valuethinker » Wed Aug 16, 2017 11:55 am

Tamalak wrote:
Wed Aug 16, 2017 10:14 am
Not going to touch bitcoin, or any other currency. It's speculation. The average expected return of a speculative investment is 0.
Unless the utility value of bitcoin grows (and grows faster than the cost of mining them, because the incentive to be an exchange lies in the mining I believe?).

there's the argument for bitcoin. I myself am quite sceptical but that doesn't mean that I am right ;-).

PVW
Posts: 270
Joined: Mon Dec 29, 2014 11:01 am

Re: bitcoin makes you rich

Post by PVW » Wed Aug 16, 2017 12:15 pm

looking wrote:
Wed Aug 16, 2017 8:00 am
Bitcoin makes you rich ????

Pls share your experiences.
The last get rich scheme was GT Advanced Technologies. That was a real company that made real things. It didn't turn out well for the "investors".

We're all gonna be rich:
http://forum.thecontrarianinvestor.com/ ... c-gtat.69/

Oh, crap!
http://forum.thecontrarianinvestor.com/ ... post-25008

Perhaps not a good comparison to bitcoin, but the point is that you shouldn't just look the hype and past returns.

Gauss44
Posts: 76
Joined: Wed Apr 24, 2013 12:53 pm

Re: bitcoin makes you rich

Post by Gauss44 » Wed Aug 16, 2017 12:15 pm

What I did was go to ebay, bought a bitcoin, which to me, was like buying stock. It just sat there in my online wallet (offline paper wallets are also available) as an investment sits in an investment account. Then, I transferred some of that to a Coinbase account and sold some of it for double my initial investment in US dollars wired to my checking account. I plan to continue to buy low and sell high, taking profits due to gains. Sure, eventually bitcoin might (or might not) lose it's value entirely, but in the meantime I will have made enough to make up for my losses. Bitcoin fluctuates enough that I think I can continue to buy very low, wait, and then sell rather high.

Jonathan
Posts: 351
Joined: Tue Apr 30, 2013 5:36 pm

Re: bitcoin makes you rich

Post by Jonathan » Wed Aug 16, 2017 12:16 pm

Valuethinker wrote:
Wed Aug 16, 2017 11:26 am
every "winner" from bitcoin means an equal and opposite "loser"-- someone who sold at a cheaper price. This is a societal zero sum game
You have some good arguments, but are you sure bitcoin is zero sum? We know bitcoin has more than zero utility right now, and it may have the potential for much more. There are smart and respected people on both sides of the zero sum argument. More: https://en.bitcoin.it/wiki/Myths and https://en.bitcoin.it/wiki/Weaknesses .


Valuethinker wrote:
Wed Aug 16, 2017 11:55 am
the incentive to be an exchange lies in the mining I believe?
This is a reasonable assumption, but don't forget the exchange fees. They're acting as market makers. Also, many bitcoiners are not exactly Boglehead-style fee savvy, and the exchanges can make a killing with a sufficiently obfuscated fee structure.

To be complete: yes, something like day-trading bitcoin can reasonably be said to be zero sum.

thangngo
Posts: 349
Joined: Sun Feb 26, 2017 2:08 pm

Re: bitcoin makes you rich

Post by thangngo » Wed Aug 16, 2017 12:38 pm

Gauss44 wrote:
Wed Aug 16, 2017 12:15 pm
What I did was go to ebay, bought a bitcoin, which to me, was like buying stock. It just sat there in my online wallet (offline paper wallets are also available) as an investment sits in an investment account. Then, I transferred some of that to a Coinbase account and sold some of it for double my initial investment in US dollars wired to my checking account. I plan to continue to buy low and sell high, taking profits due to gains. Sure, eventually bitcoin might (or might not) lose it's value entirely, but in the meantime I will have made enough to make up for my losses. Bitcoin fluctuates enough that I think I can continue to buy very low, wait, and then sell rather high.
Make sure to keep very good record and report gain/loss, otherwise the IRS can come after you. :twisted:

thangngo
Posts: 349
Joined: Sun Feb 26, 2017 2:08 pm

Re: bitcoin makes you rich

Post by thangngo » Wed Aug 16, 2017 12:40 pm

Jonathan wrote:
Wed Aug 16, 2017 12:16 pm
Valuethinker wrote:
Wed Aug 16, 2017 11:26 am
every "winner" from bitcoin means an equal and opposite "loser"-- someone who sold at a cheaper price. This is a societal zero sum game
You have some good arguments, but are you sure bitcoin is zero sum? We know bitcoin has more than zero utility right now, and it may have the potential for much more. There are smart and respected people on both sides of the zero sum argument. More: https://en.bitcoin.it/wiki/Myths and https://en.bitcoin.it/wiki/Weaknesses .
Yeah, like most of trades and investing transactions, it's a zero sum game. Some will win and some will lose after the dust settles.

book lover
Posts: 77
Joined: Thu Aug 23, 2012 4:01 pm

Re: bitcoin makes you rich

Post by book lover » Wed Aug 16, 2017 12:44 pm

Data mining, excuse the pun, at its finest.

looking
Posts: 613
Joined: Thu Mar 01, 2007 7:14 pm
Location: morgan hill ,ca

Re: bitcoin makes you rich

Post by looking » Fri Aug 18, 2017 3:34 pm

Re: bitcoin makes you rich
Report this post Quote
Post by Gauss44 » Wed Aug 16, 2017 12:15 pm

What I did was go to ebay, bought a bitcoin, which to me, was like buying stock. It just sat there in my online wallet (offline paper wallets are also available) as an investment sits in an investment account. Then, I transferred some of that to a Coinbase account and sold some of it for double my initial investment in US dollars wired to my checking account. I plan to continue to buy low and sell high, taking profits due to gains. Sure, eventually bitcoin might (or might not) lose it's value entirely, but in the meantime I will have made enough to make up for my losses. Bitcoin fluctuates enough that I think I can continue to buy very low, wait, and then sell rather high.

pls show me the procddure in detail so i buy from ebay and depost into onpine wallet and sell ???? i am consused the procedure

1) buy from ebay
2) depost at online wallet
3) transfer to coinbase account
4) sell it
5) wire the sold us $ to my checking accounts

please tell me exactly how to go by doing this

munemaker
Posts: 2118
Joined: Sat Jan 18, 2014 6:14 pm

Re: bitcoin makes you rich

Post by munemaker » Fri Aug 18, 2017 3:36 pm

No thank you.

I'll get rich without bitcoin or stay poor.

User avatar
LadyGeek
Site Admin
Posts: 41071
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: bitcoin makes you rich

Post by LadyGeek » Fri Aug 18, 2017 4:18 pm

This thread has run its course and is locked (topic exhausted, not productive). See: Locked Topics
Moderators or site admins may lock a topic (set it so no more replies may be added) when a violation of posting policy has occurred. Occasionally, even if there are no overt violations of posting policy, a topic (or thread) will reach a point where the information content of the discussion has been essentially exhausted and further replies are much more likely to cause distress to the community than add anything of value.
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

looking
Posts: 613
Joined: Thu Mar 01, 2007 7:14 pm
Location: morgan hill ,ca

anhybody buying bitcoin

Post by looking » Wed Oct 18, 2017 9:00 am

[Thread merged into here, see below. --admin LadyGeek]

anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this

User avatar
Taylor Larimore
Advisory Board
Posts: 26131
Joined: Tue Feb 27, 2007 8:09 pm
Location: Miami FL

Re: anhybody buying bitcoin

Post by Taylor Larimore » Wed Oct 18, 2017 9:16 am

looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
lookingpost:

If true, "one guy" with a winning number in PowerBall is similar.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

Tamalak
Posts: 401
Joined: Fri May 06, 2016 2:29 pm

Re: anhybody buying bitcoin

Post by Tamalak » Wed Oct 18, 2017 9:19 am

looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
No, I don't buy currency to make money.
The forward-looking average expected return on currency is zero.
The forward-looking average expected real return on currency is zero minus inflation.

Be happy for those who have won the lottery. Understand that copying their winning numbers is not a winning strategy.

You're almost 80, dude. Do you really think you're going to get rich quick?

MI_bogle
Posts: 267
Joined: Mon Aug 01, 2016 3:56 pm

Re: anhybody buying bitcoin

Post by MI_bogle » Wed Oct 18, 2017 9:22 am

looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
Well, a lot of people made a ton of money by taking a big gamble when Bitcoin was practically worthless

Now it is valued crazy high. It could keep going up, or it could crash. It's complete speculation


Remember the mantra "buy low, sell high"?

User avatar
climber2020
Posts: 881
Joined: Sun Mar 25, 2012 8:06 pm
Contact:

Re: anhybody buying bitcoin

Post by climber2020 » Wed Oct 18, 2017 9:27 am

looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
The time to buy was 5 years ago. What you want to do is find the next big thing. Good luck with that if you intend to try.

User avatar
EddieGee
Posts: 15
Joined: Sun Jan 08, 2017 2:19 pm

Re: anhybody buying bitcoin

Post by EddieGee » Wed Oct 18, 2017 9:28 am

I most certainly am NOT buying Bitcoin at these levels. The rapid run-up has all the hallmarks of a speculative bubble, especially the runaway increase in price with no real underlying reason (such as the need for large amounts of Bitcoin as a medium of exchange).

Yes, Bitcoin may go even higher, but betting on this is pure gambling. And if you want to gamble, the risks and odds at the blackjack or roulette tables are much easier to evaluate!

ResearchMed
Posts: 5338
Joined: Fri Dec 26, 2008 11:25 pm

Re: anhybody buying bitcoin

Post by ResearchMed » Wed Oct 18, 2017 9:56 am

looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
You asked about bitcoin almost exactly 2 months ago.

viewtopic.php?f=1&t=225794&p=3498389#p3494639

There, you asked:
"I have heard If you have invested $1000 for Bitcoin in2007, you have 54 million now ????."

There was considerable discussion, leading to the thread getting locked.

RM
This signature is a placebo. You are in the control group.

User avatar
Sandtrap
Posts: 2386
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii😀 Northern AZ.😳

Re: anhybody buying bitcoin

Post by Sandtrap » Wed Oct 18, 2017 10:15 am

Better odds investing in the highest yielding Vanguard fund you can find.

DetroitRick
Posts: 427
Joined: Wed Mar 23, 2016 9:28 am

Re: anhybody buying bitcoin

Post by DetroitRick » Wed Oct 18, 2017 10:26 am

Not yet, but eventually. It's just too volatile now for my intended usage. Really, I would love to use it as a transactional currency for some day-to-day expenses, and absolutely expect to do so in the future. But as an investment, no. Not now, not ever.

Really, I hold this opinion for much the same reason as I don't trade foreign currencies - the odds are strongly against me as an individual. If I felt the odds were otherwise, I would trade them. That type of trading doesn't scare me, or confuse me, but I just won't play if I can't win. Then, with Bitcoin specifically, add extreme volatility and the massive hacking targets that the intermediaries in this represent. Perhaps that will change. Although, as a stock investor (to a degree) who is intrigued by the underlying blockchain technology, THAT piece of the technology might trigger some investing decisions (with those companies that leverage the technology).

When this all cools down and more places accept Bitcoin for transactions, sure, then I'd be happy to load $100 to $1000 into my digital wallet and use it day to day. And for micro-transactions, which I believe will become more prevalent near-term, Bitcoin could be extremely useful.

User avatar
greg24
Posts: 2872
Joined: Tue Feb 20, 2007 10:34 am

Re: anhybody buying bitcoin

Post by greg24 » Wed Oct 18, 2017 10:29 am

The bitcoin train already left the station.

But there are 900+ other cryptocurrencies that you can gamble on:
https://en.wikipedia.org/wiki/List_of_cryptocurrencies

renue74
Posts: 895
Joined: Tue Apr 07, 2015 7:24 pm

Re: anhybody buying bitcoin

Post by renue74 » Wed Oct 18, 2017 10:36 am

Bitcoin is up 425% since January 1st.

I had purchased some in April 2016 to use with a bitcoin only marketplace for Amazon products.

I ended up leaving it in my Coinbase account and it went from $150 to $500 a few months ago. I sold it.

The roller coaster of Bitcoin would be pure speculation. Plus, I don't think there are many people who truly understand what Bitcoin is and how it's used.

If you want me to tell you more, just send me 3 Bitcoins to my public wallet here: 1JDDaaTyAsqj8Ek7W7Y8pjJ9b6rczkxd99

(Just kidding...don't send me anything) :)

harvestbook
Posts: 316
Joined: Sat Mar 18, 2017 7:12 pm

Re: anhybody buying bitcoin

Post by harvestbook » Wed Oct 18, 2017 11:07 am

Four percent of the Bitcoin holders own about 95 percent of the market--a very small group is manipulating prices, and no one knows who they are (probably not even each other.) I was curious about it at the end of last year and thought about buying one when it was around $1,000 but then the hype started and I lost interest in the risk.

It's probable that blockchain technology will be the real value instead of Bitcoin or other cryptocurrency, but that value will manifest in the total stock market indexes anyway instead of a currency--because currency doesn't create or service anything.
I'm not smart enough to know, and I can't afford to guess.

Chuck
Posts: 1876
Joined: Thu May 21, 2009 12:19 pm

Re: anhybody buying bitcoin

Post by Chuck » Wed Oct 18, 2017 11:26 am

I bought about $15 in Bitcoin in January, just to play around with it and see how the clients work, etc.

It is worth about $72 now, but I don't think I'm smart, and I'm not still buying.

jb1
Posts: 137
Joined: Sun Nov 27, 2016 8:33 am
Location: NC

Re: anhybody buying bitcoin

Post by jb1 » Wed Oct 18, 2017 11:33 am

I have BTC, LTC, and ETH. about 6k spread out total. Will check again in 2022.

lazyday
Posts: 3012
Joined: Wed Mar 14, 2007 10:27 pm

Re: anhybody buying bitcoin

Post by lazyday » Wed Oct 18, 2017 12:14 pm

Bitcoin is magical. The more expensive it gets, the more people like it.

Here's a family that sold their house and vehicles to buy more bitcoin: https://www.cnbc.com/2017/10/17/this-fa ... tcoin.html

Tanelorn
Posts: 1299
Joined: Thu May 01, 2014 9:35 pm

Re: anhybody buying bitcoin

Post by Tanelorn » Wed Oct 18, 2017 12:48 pm

lazyday wrote:
Wed Oct 18, 2017 12:14 pm
Bitcoin is magical. The more expensive it gets, the more people like it.
Stocks and the stock market work the same way.

Longtermgrowth
Posts: 429
Joined: Thu Nov 26, 2015 1:59 pm

Re: anhybody buying bitcoin

Post by Longtermgrowth » Wed Oct 18, 2017 1:40 pm

looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
Back in 2011, I almost went through the trouble of making a coinbase account and putting maybe a hundred bucks in there just for the heck of it. 1 bitcoin was roughly equal to 1 dollar at that time. Anyone who did that and let it ride till now, would have over 500k in their coinbase account.

It sure has a long way it could potentially drop. Maybe another cryptocurrency will suddenly look much more appealing to everyone, sending bitcoin down to nothing?

Edit: Just found this list of cryptocurrencies by market cap, there are a lot: https://coinmarketcap.com/

User avatar
flamesabers
Posts: 1466
Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: anhybody buying bitcoin

Post by flamesabers » Wed Oct 18, 2017 2:01 pm

Tanelorn wrote:
Wed Oct 18, 2017 12:48 pm
lazyday wrote:
Wed Oct 18, 2017 12:14 pm
Bitcoin is magical. The more expensive it gets, the more people like it.
Stocks and the stock market work the same way.
The same can be said for the lottery as well. The lure of making a massive amount of money easily and quickly is very enticing.

For me it doesn't matter how valuable bitcoins or the lottery prizes get to be. I'm not interested with spending money like that in the hopes that such things will make me ultra-rich overnight.

Chuck
Posts: 1876
Joined: Thu May 21, 2009 12:19 pm

Re: anhybody buying bitcoin

Post by Chuck » Wed Oct 18, 2017 3:02 pm

lazyday wrote:
Wed Oct 18, 2017 12:14 pm
Bitcoin is magical. The more expensive it gets, the more people like it.
I believe there are two things going on.

The technology behind Bitcoin, blockchain, is revolutionary. As technology goes that "changes everything" it changes everything. It is simply a very very very important innovation. Problem is, you can't "invest" in blockchain.

Many people who are piling into Bitcoin that are not simply "investing" based on the "it goes up" theory, are buying it because it is the most visible and popular implementation of blockchain. However, anyone can implement a blockchain for anything nowadays, and the real earth-changing implementation of blockchain will not necessarily be the specific implementation called "Bitcoin." Bitcoin investors are going to miss out on that.

I use US dollars to convert my labor into goods and services, or shares of publicly traded businesses. I try not to hold dollars in large quantities or for longer than I have to. I can foresee using Bitcoin in the same manner. People using Bitcoin as a medium of exchange are likewise not bothered by the market price of the day. And people holding Bitcoin are being paid to provide liquidity to people transacting in Bitcoin, but obviously at substantial risk. It's fascinating.

User avatar
rmelvey
Posts: 739
Joined: Sat Sep 18, 2010 5:17 pm
Contact:

Re: anhybody buying bitcoin

Post by rmelvey » Wed Oct 18, 2017 3:30 pm

I have been buying bitcoin this year. I will keep buying. It's always easy to say "I missed it" with any asset class, stocks included. This is not a recommendation for what others should do, this is just what I am doing with my money... The market is very hot and bubbly, but that doesn't mean when/if the crash comes it will crash to a lower level than current prices because it could keep rallying before that moment. You just have to recognize the level of volatility/risk you are signing up for when you enter this space.

User avatar
Tyler Aspect
Posts: 481
Joined: Mon Mar 20, 2017 10:27 pm
Location: California
Contact:

Re: anhybody buying bitcoin

Post by Tyler Aspect » Wed Oct 18, 2017 3:46 pm

I am not buying any bitcoins.
Past result does not predict future performance. Mentioned investments may lose money. Contents are presented "AS IS" and any implied suitability for a particular purpose are disclaimed.

User avatar
HomerJ
Posts: 10381
Joined: Fri Jun 06, 2008 12:50 pm

Re: anhybody buying bitcoin

Post by HomerJ » Wed Oct 18, 2017 3:49 pm

Longtermgrowth wrote:
Wed Oct 18, 2017 1:40 pm
looking wrote:
Wed Oct 18, 2017 9:00 am
anybody buying bitcoin I'm buying with a small amount
when I hear one guy just made 6 million with the investment of $ 50 k ( true story ????)
so what do you take on this
Back in 2011, I almost went through the trouble of making a coinbase account and putting maybe a hundred bucks in there just for the heck of it. 1 bitcoin was roughly equal to 1 dollar at that time. Anyone who did that and let it ride till now, would have over 500k in their coinbase account.
Yeah, but nobody would have done that. You would have cashed out at $2000 or $5000 or something. Or at least sold half, then sold half again when it hit $20,000, etc. Very few people who are paying attention would let it ride all the way to $500,000, without ever locking in any gains.

Anyway, it's already risen 120x if it grew from 50k to $6 million. To repeat that return, bitcoin would have to grow nearly as big as every single stock listed on the NYSE COMBINED. Somehow that seems unlikely.

Even if those stories of crazy high returns are true, it's too late to get them for yourselves. Sure, it might double again or even grow 10x, but it's not going to see 120x growth again. It's too big now to grow that much.

Longtermgrowth
Posts: 429
Joined: Thu Nov 26, 2015 1:59 pm

Re: anhybody buying bitcoin

Post by Longtermgrowth » Wed Oct 18, 2017 4:36 pm

Chuck wrote:
Wed Oct 18, 2017 3:02 pm
lazyday wrote:
Wed Oct 18, 2017 12:14 pm
Bitcoin is magical. The more expensive it gets, the more people like it.
I believe there are two things going on.

The technology behind Bitcoin, blockchain, is revolutionary. As technology goes that "changes everything" it changes everything. It is simply a very very very important innovation. Problem is, you can't "invest" in blockchain.

Many people who are piling into Bitcoin that are not simply "investing" based on the "it goes up" theory, are buying it because it is the most visible and popular implementation of blockchain. However, anyone can implement a blockchain for anything nowadays, and the real earth-changing implementation of blockchain will not necessarily be the specific implementation called "Bitcoin." Bitcoin investors are going to miss out on that.
I think this is a very good explanation. It would be interesting if one company was responsible for blockchain and had a patent on it. It might be as simple as buying an individual stock if that were the case, but from what I've found, it's not.

When I hear blockchain I always think of cryptocurrencies, but it's looking like it could help streamline banking transactions as well: "IBM has a new blockchain for banks to speed up cross-border payments" https://finance.yahoo.com/news/ibm-bloc ... 50867.html

Smorgasbord
Posts: 146
Joined: Fri Jun 10, 2016 8:12 pm

Re: anybody buying bitcoin

Post by Smorgasbord » Wed Oct 18, 2017 5:29 pm

Apparently, the investors in those 900-something other crytocurrencies Greg mentioned are buying a lot of bitcoin.
https://arstechnica.com/tech-policy/201 ... e-all-bad/

ImaBeginner
Posts: 66
Joined: Fri Sep 11, 2015 12:21 pm

Re: anhybody buying bitcoin

Post by ImaBeginner » Wed Oct 18, 2017 7:52 pm

We did our fantasy football betting in bitcoin about 5 years ago. Winner got a total of 300 bucks worth. We all sort of assumed we had just had a fun lesson and called it a day.

I reminded him we did that earlier this year, since he had forgotten. He graciously paid my 50 dollar entry fee this year ;)

That is likely the only time I have/will buy bitcoin.

User avatar
ClevrChico
Posts: 1007
Joined: Tue Apr 03, 2012 8:24 pm

Re: anhybody buying bitcoin

Post by ClevrChico » Wed Oct 18, 2017 8:18 pm

I'm too busy with my safe and profitable coal mine. :-) j/k

Bitcoin? No way. I've haven't seen people make such reckless investment behavior since the .com boom. The posts on reddit by speculators are pretty entertaining.

User avatar
LadyGeek
Site Admin
Posts: 41071
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: bitcoin makes you rich

Post by LadyGeek » Wed Oct 18, 2017 8:44 pm

looking - I merged your question back into your discussion from August. As noted earlier:
LadyGeek wrote:
Fri Aug 18, 2017 4:18 pm
This thread has run its course and is locked (topic exhausted, not productive). See: Locked Topics
Moderators or site admins may lock a topic (set it so no more replies may be added) when a violation of posting policy has occurred. Occasionally, even if there are no overt violations of posting policy, a topic (or thread) will reach a point where the information content of the discussion has been essentially exhausted and further replies are much more likely to cause distress to the community than add anything of value.
The discussion was closed (thread locked) in August, it will remain closed now. Please do not start a similar discussion.

If you have any questions, please PM me.
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

Locked