Cryptocurrency - Bitcoin Continues to Soar!

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MinnGuyInvesting
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
The internet analogy for the crypto worlds seems to be that people are getting off Prodigy now and people are starting to get AOL CD's in the mail.
Seems like everyone is doing it, but in reality the total penetration is small.

Even if everyone is on AOL by end of year, that's a small percentage of what will be the total market.
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bitdocmd
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by bitdocmd »

Fudgie wrote: Wed Apr 14, 2021 10:39 am
bitdocmd wrote: Wed Apr 14, 2021 10:20 am
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
To keep it simple start with the base case of Bitcoin as digital gold. I believe that at least Bitcoin will replace gold as store of value. That would be about $500k per Bitcoin.

Goldman CEO Solomon this morning: "I think Bitcoin is on an inevitable path to have the same market capitalization and then a higher one than gold."
I suspect Mr. Solomon knows why HE thinks that, but I still lack that understanding. What is YOUR understanding? Why must it match or surpass the market capitalization of gold? Maybe just a pointer to the main write-up that made you a believer.

Thanks for taking the time to reply!
The Bitcoin Standard by Saifadean Ammous.
Fudgie
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Fudgie »

bitdocmd wrote: Wed Apr 14, 2021 10:49 am
Fudgie wrote: Wed Apr 14, 2021 10:39 am
bitdocmd wrote: Wed Apr 14, 2021 10:20 am
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
To keep it simple start with the base case of Bitcoin as digital gold. I believe that at least Bitcoin will replace gold as store of value. That would be about $500k per Bitcoin.

Goldman CEO Solomon this morning: "I think Bitcoin is on an inevitable path to have the same market capitalization and then a higher one than gold."
I suspect Mr. Solomon knows why HE thinks that, but I still lack that understanding. What is YOUR understanding? Why must it match or surpass the market capitalization of gold? Maybe just a pointer to the main write-up that made you a believer.

Thanks for taking the time to reply!
The Bitcoin Standard by Saifadean Ammous.
I'll check it out. FYI, the Solomon quote was incorrectly attributed on that article:

"Correction: An earlier version of this report incorrectly attributed comments about bitcoin and gold to Goldman Sachs CEO David Solomon. The quote has been removed from this report. "

Thanks again!
Nathan Drake
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Nathan Drake »

MinnGuyInvesting wrote: Wed Apr 14, 2021 10:42 am
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
The internet analogy for the crypto worlds seems to be that people are getting off Prodigy now and people are starting to get AOL CD's in the mail.
Seems like everyone is doing it, but in reality the total penetration is small.

Even if everyone is on AOL by end of year, that's a small percentage of what will be the total market.
Back in the day I could use AOL to get the internet

What can I use a Crypto for?
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
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MinnGuyInvesting
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

Nathan Drake wrote: Wed Apr 14, 2021 11:19 am
MinnGuyInvesting wrote: Wed Apr 14, 2021 10:42 am

The internet analogy for the crypto worlds seems to be that people are getting off Prodigy now and people are starting to get AOL CD's in the mail.
Seems like everyone is doing it, but in reality the total penetration is small.

Even if everyone is on AOL by end of year, that's a small percentage of what will be the total market.
Back in the day I could use AOL to get the internet

What can I use a Crypto for?
Nothing.
Quit asking the same question.
You will not be able to use it for anything.
Index ETF's 45% |ARK Funds 30% | AAPL 5% | TSLA 4% | GOOGL 2% | AMZN 1.3% |Other stocks 4.5% | BTC/ETH 9% |
Nathan Drake
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Nathan Drake »

MinnGuyInvesting wrote: Wed Apr 14, 2021 11:22 am
Nathan Drake wrote: Wed Apr 14, 2021 11:19 am
MinnGuyInvesting wrote: Wed Apr 14, 2021 10:42 am

The internet analogy for the crypto worlds seems to be that people are getting off Prodigy now and people are starting to get AOL CD's in the mail.
Seems like everyone is doing it, but in reality the total penetration is small.

Even if everyone is on AOL by end of year, that's a small percentage of what will be the total market.
Back in the day I could use AOL to get the internet

What can I use a Crypto for?
Nothing.
Quit asking the same question.
You will not be able to use it for anything.
Cool, sounds like a good idea to invest 10% of my portfolio then
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
Desx
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Desx »

bitdocmd wrote: Wed Apr 14, 2021 10:20 am
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
To keep it simple start with the base case of Bitcoin as digital gold. I believe that at least Bitcoin will replace gold as store of value. That would be about $500k per Bitcoin.

Goldman CEO Solomon this morning: "I think Bitcoin is on an inevitable path to have the same market capitalization and then a higher one than gold."
Hw can gold be replaced by btc when the majority of gold's demand goes to jewelry and a good bit towards electronics? Are you gonna plate your ear rings and PCB pads with bitcoin?

Image
Enganerd
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Enganerd »

Desx wrote: Wed Apr 14, 2021 12:18 pm
bitdocmd wrote: Wed Apr 14, 2021 10:20 am
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
To keep it simple start with the base case of Bitcoin as digital gold. I believe that at least Bitcoin will replace gold as store of value. That would be about $500k per Bitcoin.

Goldman CEO Solomon this morning: "I think Bitcoin is on an inevitable path to have the same market capitalization and then a higher one than gold."
Hw can gold be replaced by btc when the majority of gold's demand goes to jewelry and a good bit towards electronics? Are you gonna plate your ear rings and PCB pads with bitcoin?

Image
I've seen several bogleheads remark about the global demand for 1 particular year of gold production being dominated by something other than SOV. But to me that seems to be a weak point for 2 separate reasons. First it is looking at the demand of 1 years production not a percentage of total supply of gold. Second, isn't it obvious that a main reason it is appealing for jewelry is because it is valuable, aka a SOV? It's not hard these days to make similar looking, feeling yellow jewelry right?
Last edited by Enganerd on Wed Apr 14, 2021 1:00 pm, edited 1 time in total.
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MinnGuyInvesting
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

Nathan Drake wrote: Wed Apr 14, 2021 11:30 am
MinnGuyInvesting wrote: Wed Apr 14, 2021 11:22 am

Nothing.
Quit asking the same question.
You will not be able to use it for anything.
Cool, sounds like a good idea to invest 10% of my portfolio then
No.
It would be an awful idea for you.
You have no use for it.
Index ETF's 45% |ARK Funds 30% | AAPL 5% | TSLA 4% | GOOGL 2% | AMZN 1.3% |Other stocks 4.5% | BTC/ETH 9% |
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MinnGuyInvesting
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

Desx wrote: Wed Apr 14, 2021 12:18 pm
bitdocmd wrote: Wed Apr 14, 2021 10:20 am
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
To keep it simple start with the base case of Bitcoin as digital gold. I believe that at least Bitcoin will replace gold as store of value. That would be about $500k per Bitcoin.

Goldman CEO Solomon this morning: "I think Bitcoin is on an inevitable path to have the same market capitalization and then a higher one than gold."
Hw can gold be replaced by btc when the majority of gold's demand goes to jewelry and a good bit towards electronics? Are you gonna plate your ear rings and PCB pads with bitcoin?

Image
The utility uses for gold are not high enough in demand to hold high prices.
There is an over-abundance for gold for use for electrical, dental, and jewelry purposes.
So much so that they literally have just blocks of it stacked in places waiting to be used.
Index ETF's 45% |ARK Funds 30% | AAPL 5% | TSLA 4% | GOOGL 2% | AMZN 1.3% |Other stocks 4.5% | BTC/ETH 9% |
GR8FUL-D
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by GR8FUL-D »

Desx wrote: Wed Apr 14, 2021 12:18 pm
Image
I'm don't know if this is germane to a bitcoin discussion thread, but I question if the percentage quoted in the above chart for jewelry (48.37%) is truly accurate, meaning what percentage of all the gold jewelry manufactured and purchased in a given year is purchased strictly for fashion / ornamental purposes, versus what percentage of jewelry is in fact purchased primarily as an investment? IMO whatever percentage of gold jewelry that is purchased primarily for investment purposes would be more appropriately included in the "Investment (Total Bar and Coin)" allocation of that chart.

In the United States (and likely other 1st World European countries) virtually no one buys gold jewelry as "an investment". However, in many other parts of the world--specifically India, China, and most other Asian countries--gold jewelry is absolutely bought primarily for investment / store of value purposes.

Here in the USA most gold jewelry is 14 karat gold (unlike South America where 18K is the norm), but in Asia 22-23 karat gold jewelry is the norm. Much like most people on this forum probably feel about 10K gold jewelry found at low-end mall retailers, I'm pretty sure most people from China or India would look down their nose at 14K gold jewelry and wouldn't really even consider it to be "gold".
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OohLaLa
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by OohLaLa »

I think the main point Desx was trying to make is simply that for crypto to replace gold wholesale it would have to take on the various roles gold has. Investment is obviously not the only role it plays.

Will crypto kiddies replace the old gold bugs? Will other commodities replace the manufacturing roles gold play, all while crypto replaces the investment role? Will crypto all collapse like a house of cards? Tune in next time on Crystal Ball Adventures!

I got to admit I wasn't touching crypto as it was completely unregulated, not vetted by any big players, was traded on exchanges that inspired 0 confidence at the time etc. and no... I am not a boomer. Now that the landscape is changing, with legitimate ETFs coming up, that I can keep in a tax-free account, I think I will dive in for the mid-longterm. I was never really interested in holding crypto in cold storage. It's akin to stocks for me.
Desx
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Desx »

OohLaLa wrote: Wed Apr 14, 2021 2:39 pm I think the main point Desx was trying to make is simply that for crypto to replace gold wholesale it would have to take on the various roles gold has. Investment is obviously not the only role it plays.
This, and were bitcoin to take over gold's entire current market cap, including the developed world jewelry and industrial use, at its current rate of expansion (averaged annualized return of over 230%) it would be there in under 3 years. Kinda crazy imo and I dont see how anyone can say the current rate of expansion can continue without serious worry over what you are buying.

For what it is worth, I owned like $7000 worth of Ethereum back in about summer 2016, sometime around the DAO hack. It was a lot of my savings back then but I thought smart contracts were cool and had a lot of potential and thought it was way better than bitcoin. That fall semester I took my college economics course for my degree and then read intelligent investor and subsequently sold it all. I'd basically be a millionaire today, so I've been wrong before and really missed out.
GR8FUL-D
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by GR8FUL-D »

Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
Prahasaurus has already spent a good amount of time on this site discussing & explaining bitcoin & crypto, and received a lot of flak from other bogleheads that disagreed with his/her position on crypto, so I doubt Prahasaurus is going to take the time to re-hash what's already been discussed ad-infinitum. The following links are worth taking the time to read:

viewtopic.php?t=332976

viewtopic.php?t=340178

viewtopic.php?f=10&t=331677

viewtopic.php?f=10&t=335046

viewtopic.php?f=10&t=337147

Personally I also found the documentaries below interesting and informative:

The Rise and Rise of Bitcoin: on youtube here https://www.youtube.com/watch?v=sZ-aUlNY9_g or on Amazon here https://www.amazon.com/Rise-Bitcoin-Dan ... B00OGM2ZY2

Cryptopia: Bitcoin, Blockchains, and the Future of the Internet https://www.amazon.com/Cryptopia-Bitcoi ... 542&sr=8-3

Banking on Bitcoin https://www.youtube.com/watch?v=6jSm9vTBGKU&t=160s or here https://www.amazon.com/Banking-Bitcoin- ... 029&sr=8-1

Bitcoin Gospel: https://www.amazon.com/Bitcoin-Gospel-H ... 067&sr=8-1 or on youtube at https://www.youtube.com/watch?v=8zKuoqZLyKg

Bitcoin in Uganda, a short, interesting documentary about the benefits of bitcoin to those living in 3rd World countries who receive remittances from friends or family living in other countries: https://www.youtube.com/watch?v=BrRXP1t ... e=emb_logo
Fudgie
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Fudgie »

Thank you, GR8FUL-D!
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novolog
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by novolog »

If you don’t understand Bitcoin and you are actually interested in learning rather than asking questions in bad faith on this forum (it’s clear some people do this) - read the Bitcoin Standard by Saifedean Ammous. That’s it that’s all you have to do
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AerialWombat
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by AerialWombat »

In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
Prahasaurus
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Prahasaurus »

AerialWombat wrote: Wed Apr 14, 2021 11:32 pm In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
Sell 5
Asset Allocation: VT
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AerialWombat
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by AerialWombat »

Prahasaurus wrote: Wed Apr 14, 2021 11:34 pm
AerialWombat wrote: Wed Apr 14, 2021 11:32 pm In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
Sell 5
Nawwww, I like these 6. I'm diversified. :)
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
dru808
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by dru808 »

Nathan Drake wrote: Wed Apr 14, 2021 11:30 am
MinnGuyInvesting wrote: Wed Apr 14, 2021 11:22 am
Nathan Drake wrote: Wed Apr 14, 2021 11:19 am
MinnGuyInvesting wrote: Wed Apr 14, 2021 10:42 am

The internet analogy for the crypto worlds seems to be that people are getting off Prodigy now and people are starting to get AOL CD's in the mail.
Seems like everyone is doing it, but in reality the total penetration is small.

Even if everyone is on AOL by end of year, that's a small percentage of what will be the total market.
Back in the day I could use AOL to get the internet

What can I use a Crypto for?
Nothing.
Quit asking the same question.
You will not be able to use it for anything.
Cool, sounds like a good idea to invest 10% of my portfolio then
Well, only if you want to end up with a larger sum of money than you would not including it. :beer
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jeffh19
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by jeffh19 »

AerialWombat wrote: Wed Apr 14, 2021 11:32 pm In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
wait you don’t have any Bitcoin?
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AerialWombat
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by AerialWombat »

jeffh19 wrote: Thu Apr 15, 2021 1:19 am
AerialWombat wrote: Wed Apr 14, 2021 11:32 pm In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
wait you don’t have any Bitcoin?
Nope! I consolidated down to the six with the coolest sounding names. Bitcoin is just a “blah” name.
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
JBTX
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JBTX »

AerialWombat wrote: Thu Apr 15, 2021 1:25 am
jeffh19 wrote: Thu Apr 15, 2021 1:19 am
AerialWombat wrote: Wed Apr 14, 2021 11:32 pm In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
wait you don’t have any Bitcoin?
Nope! I consolidated down to the six with the coolest sounding names. Bitcoin is just a “blah” name.
I can't reconcile your avatar yet lack of Dogecoin.
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AerialWombat
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by AerialWombat »

JBTX wrote: Thu Apr 15, 2021 3:45 am
AerialWombat wrote: Thu Apr 15, 2021 1:25 am
jeffh19 wrote: Thu Apr 15, 2021 1:19 am
AerialWombat wrote: Wed Apr 14, 2021 11:32 pm In my Coinbase account, I had a random smattering of holdings. Small amounts in almost 30 different tokens.

Just consolidated it all down to just six:

Ethereum
Stellar Lumens
Litecoin
Celo
Algorand
Cardano

To the moon! :moneybag
wait you don’t have any Bitcoin?
Nope! I consolidated down to the six with the coolest sounding names. Bitcoin is just a “blah” name.
I can't reconcile your avatar yet lack of Dogecoin.
Coinbase doesn’t offer dogecoin. I’m unwilling to have multiple crypto exchange accounts.
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
Aaand...it'sgone
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Aaand...it'sgone »

Dogecoin is clearly the place to be. Up 67X in last year. :shock:
WhyNotUs
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by WhyNotUs »

There is no certainty about where this is headed, it is okay to be in awe sometimes. The most dramatic views are the bitcoin is to currency what Qanon is to politics or that bitcoin will liberate use from fiat currency and create a flatter, more resilient world. My guess is that most people are interested at this time because it seems like a way to make a quick buck without working and some people have done really well with that.

It seems to me that the inherent limitations in different coins will lead to a new international cryptocurrency created through some future agreement.

For now, cash seems to continue flowing toward bitcoin from people who have little, if any, understanding of the underlying philosophy and technical implications.
I own the next hot stock- VTSAX
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

WhyNotUs wrote: Thu Apr 15, 2021 9:09 am There is no certainty about where this is headed, it is okay to be in awe sometimes. The most dramatic views are the bitcoin is to currency what Qanon is to politics or that bitcoin will liberate use from fiat currency and create a flatter, more resilient world. My guess is that most people are interested at this time because it seems like a way to make a quick buck without working and some people have done really well with that.

It seems to me that the inherent limitations in different coins will lead to a new international cryptocurrency created through some future agreement.

For now, cash seems to continue flowing toward bitcoin from people who have little, if any, understanding of the underlying philosophy and technical implications.
It would surprise me if countries would be able to agree on something as big as an international cryptocurrency. If anything, countries will develop their own stablecoin (like Ukraine and others are doing) , but if that happens it will probably make cryptocurrency stronger as a whole.
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Forester
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Forester »

If there was a way to never hear about crypto again, some kind of safe brain implant, I would do that. I seriously would pay $1,000 right now, never to read or hear about crypto again. Partly because I am bitter/sore over not investing in Bitcoin, but mostly because I'm fatigued by it, and constantly filtering out crypto opinions/analysis is a waste of time. And I'm not being over-dramatic, it's impossible to avoid crypto, because it crops up in all investment-related media.
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WhyNotUs
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by WhyNotUs »

I enjoyed the youtube movie link, the rise and rise of bitcoin. It was a pretty good story.
https://www.youtube.com/watch?v=sZ-aUlNY9_g
I own the next hot stock- VTSAX
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Corsair
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Corsair »

Forester wrote: Thu Apr 15, 2021 12:42 pm If there was a way to never hear about crypto again, some kind of safe brain implant, I would do that. I seriously would pay $1,000 right now, never to read or hear about crypto again. Partly because I am bitter/sore over not investing in Bitcoin, but mostly because I'm fatigued by it, and constantly filtering out crypto opinions/analysis is a waste of time. And I'm not being over-dramatic, it's impossible to avoid crypto, because it crops up in all investment-related media.
Agreed. They're the most vocal group online, always pushing it. I even own BTC and would gladly see it disappear.
All posts are my own opinions and are not financial advice.
decapod10
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

I just like talking about it because I don't have anything interesting to say about buying VTI, lol. But crypto is such a huge story, large groups of people becoming multi-millionaires over a few months (I'm not one of them unfortunately) will make people take notice. One way or another, it's likely something historic is happening, whether it's a catastrophic crash or a significant evolution of the financial system (or a revolution of the financial system).
jarjarM
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by jarjarM »

Things are getting weird when dogecoin is up 92% in 24hour.

https://www.coindesk.com/price/dogecoin

It was started as a joke.
https://www.investopedia.com/terms/d/do ... Dof%2Dwork.
Jags4186
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Jags4186 »

jarjarM wrote: Thu Apr 15, 2021 9:23 pm Things are getting weird when dogecoin is up 92% in 24hour.

https://www.coindesk.com/price/dogecoin

It was started as a joke.
https://www.investopedia.com/terms/d/do ... Dof%2Dwork.
300%+ in a week. When I see this it’s hard to take crypto seriously. Maybe I’m a Luddite but I just can’t make heads or tails. I would never invest enough that even a 100x gain wouldn’t be life changing and I would be kicking myself I tossed $1000 in the trash can.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

jarjarM wrote: Thu Apr 15, 2021 9:23 pm Things are getting weird when dogecoin is up 92% in 24hour.

https://www.coindesk.com/price/dogecoin

It was started as a joke.
https://www.investopedia.com/terms/d/do ... Dof%2Dwork.
It makes no sense !!!!
I’d trade it all for a little more | -C Montgomery Burns
Aaand...it'sgone
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Aaand...it'sgone »

It's like GME all over again for me. I'm up 10X on doge, but my initial 'fun money' $150 stake was too low for this to life-changing. If only I'd been dumber with my money, I could be rich right now.

I think I'm just gonna let it ride and see if it Elon can pump it past $1.
JHU ALmuni
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JHU ALmuni »

jarjarM wrote: Thu Apr 15, 2021 9:23 pm Things are getting weird when dogecoin is up 92% in 24hour.

https://www.coindesk.com/price/dogecoin

It was started as a joke.
https://www.investopedia.com/terms/d/do ... Dof%2Dwork.
This is why I love crypto... Will enjoy the ride for now :sharebeer
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Forester
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Forester »

Crypto is a bubble: Dogecoin is worth more than The Hershey Company. Dogecoin is also worth more than Domino's Pizza & Whirlpool combined.
Amateur Self-Taught Senior Macro Strategist
jarjarM
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by jarjarM »

JHU ALmuni wrote: Thu Apr 15, 2021 10:37 pm
jarjarM wrote: Thu Apr 15, 2021 9:23 pm Things are getting weird when dogecoin is up 92% in 24hour.

https://www.coindesk.com/price/dogecoin

It was started as a joke.
https://www.investopedia.com/terms/d/do ... Dof%2Dwork.
This is why I love crypto... Will enjoy the ride for now :sharebeer
Now is the keyword, I think DOGE is really just FOMO.
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vanbogle59
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by vanbogle59 »

I own precisely 1 BTC. Bought it when Coinbase made wallets not-so-scary. approx $650.
It was sooooo much fun to watch for the last several years. Genuinely entertaining. Great conversation starter.
But now it makes me nervous. I have NO idea what to do.
nzahir
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by nzahir »

vanbogle59 wrote: Thu Apr 15, 2021 10:42 pm I own precisely 1 BTC. Bought it when Coinbase made wallets not-so-scary. approx $650.
It was sooooo much fun to watch for the last several years. Genuinely entertaining. Great conversation starter.
But now it makes me nervous. I have NO idea what to do.
Well it depends on your outside portfolio, age, risk tolerance, goals, etc

Do you max our your roth/ira and get your 401k match or are you self employed?

Are you already pretty well diversified?

I would consider selling 25%-50% and then the next time we drop 30%, buy some of it back

And if we drop 60-80% again, buy some more back
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by vanbogle59 »

I bought it as a conversation piece. Kind of like a picture of dogs playing poker.
Now it's worth more than both the cars in my garage.
It could turn out to be worth more than my house.
Or it could turn out to be worth about as much as those dogs.
Prahasaurus
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Prahasaurus »

vanbogle59 wrote: Thu Apr 15, 2021 10:42 pm I own precisely 1 BTC. Bought it when Coinbase made wallets not-so-scary. approx $650.
It was sooooo much fun to watch for the last several years. Genuinely entertaining. Great conversation starter.
But now it makes me nervous. I have NO idea what to do.
Easy: see it through till the end. Sell when it hits 1 million USD. Your destiny is calling.

You might need to wait a few years, though. No rush.
Asset Allocation: VT
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Orangutan
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Orangutan »

Forester wrote: Thu Apr 15, 2021 12:42 pm If there was a way to never hear about crypto again, some kind of safe brain implant, I would do that. I seriously would pay $1,000 right now, never to read or hear about crypto again. Partly because I am bitter/sore over not investing in Bitcoin, but mostly because I'm fatigued by it, and constantly filtering out crypto opinions/analysis is a waste of time. And I'm not being over-dramatic, it's impossible to avoid crypto, because it crops up in all investment-related media.
I'm with you. I'm crypto fatigued.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by SlowMovingInvestor »

vanbogle59 wrote: Thu Apr 15, 2021 11:37 pm I bought it as a conversation piece. Kind of like a picture of dogs playing poker.
Now it's worth more than both the cars in my garage.
It could turn out to be worth more than my house.
Or it could turn out to be worth about as much as those dogs.
Buy DogeCoin :twisted: !
bitdocmd
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by bitdocmd »

vanbogle59 wrote: Thu Apr 15, 2021 10:42 pm I own precisely 1 BTC. Bought it when Coinbase made wallets not-so-scary. approx $650.
It was sooooo much fun to watch for the last several years. Genuinely entertaining. Great conversation starter.
But now it makes me nervous. I have NO idea what to do.
Leave it alone. BTC is buy and hold. It’s not timing the market, it’s time in the market.
rhoms33
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by rhoms33 »

Forester wrote: Thu Apr 15, 2021 10:41 pm Crypto is a bubble: Dogecoin is worth more than The Hershey Company. Dogecoin is also worth more than Domino's Pizza & Whirlpool combined.
Crypto is not DOGE. DOGE is a bubble. Those of us that are pro-crypto are likely all anti-DOGE.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Valuethinker »

Corsair wrote: Thu Apr 15, 2021 2:03 pm
Forester wrote: Thu Apr 15, 2021 12:42 pm If there was a way to never hear about crypto again, some kind of safe brain implant, I would do that. I seriously would pay $1,000 right now, never to read or hear about crypto again. Partly because I am bitter/sore over not investing in Bitcoin, but mostly because I'm fatigued by it, and constantly filtering out crypto opinions/analysis is a waste of time. And I'm not being over-dramatic, it's impossible to avoid crypto, because it crops up in all investment-related media.
Agreed. They're the most vocal group online, always pushing it. I even own BTC and would gladly see it disappear.
And do you think this prevalence tells us something ? ...

I hear a lot of people who would never do something as speculative as buying, say, a share in a company, buying bitcoin and their ilk...

I do, however, see why Iranians are busily mining it, and Turkish investors are rushing to buy it. They've actually banned coin mining in China, as I understand it? So nations that have a vested interest in forcing their citizens to hold the domestic currency - -which in the case of the first 2, suffers from high inflation. Or (flip side of the coin, albeit not the bitcoin ;-)) restrict their citizens' ability to hold foreign currency assets.
ImUrHuckleberry
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by ImUrHuckleberry »

Forester wrote: Thu Apr 15, 2021 10:41 pm Crypto is a bubble: Dogecoin is worth more than The Hershey Company. Dogecoin is also worth more than Domino's Pizza & Whirlpool combined.
Guess I have no choice now but to figure out how to invest in crypto, then sit back and collect my windfall.
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danbdzs
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by danbdzs »

GR8FUL-D wrote: Wed Apr 14, 2021 4:21 pm
Fudgie wrote: Wed Apr 14, 2021 9:23 am
Prahasaurus wrote: Wed Apr 14, 2021 8:48 am Always good to check back here on occasion and measure sentiment. Glad to see few have grasped what is happening in crypto, and continue to refer to it as a bubble with no underlying value being created. Excellent! It means we still have a long way to go in this bull cycle. Carry on!
Hi! I would LOVE an explanation, if you're willing to give it. I am definitely failing to grasp it. When you hear hordes of 20-35 YO talking about retirement by year's end, it's very difficult not to think bubble. I'm not the smartest man in the world, so it wouldn't be the first time I failed to grasp a sound idea! I bought $20-something of BTC back in October, and it's up to $120 this morning. Alas, the rest of my portfolio has not experienced similar growth. Why all in on Crypto, and why Bitcoin, in particular? 🙃

Thanks!
Prahasaurus has already spent a good amount of time on this site discussing & explaining bitcoin & crypto, and received a lot of flak from other bogleheads that disagreed with his/her position on crypto, so I doubt Prahasaurus is going to take the time to re-hash what's already been discussed ad-infinitum. The following links are worth taking the time to read:

viewtopic.php?t=332976

viewtopic.php?t=340178

viewtopic.php?f=10&t=331677

viewtopic.php?f=10&t=335046

viewtopic.php?f=10&t=337147

Personally I also found the documentaries below interesting and informative:

The Rise and Rise of Bitcoin: on youtube here https://www.youtube.com/watch?v=sZ-aUlNY9_g or on Amazon here https://www.amazon.com/Rise-Bitcoin-Dan ... B00OGM2ZY2

Cryptopia: Bitcoin, Blockchains, and the Future of the Internet https://www.amazon.com/Cryptopia-Bitcoi ... 542&sr=8-3

Banking on Bitcoin https://www.youtube.com/watch?v=6jSm9vTBGKU&t=160s or here https://www.amazon.com/Banking-Bitcoin- ... 029&sr=8-1

Bitcoin Gospel: https://www.amazon.com/Bitcoin-Gospel-H ... 067&sr=8-1 or on youtube at https://www.youtube.com/watch?v=8zKuoqZLyKg

Bitcoin in Uganda, a short, interesting documentary about the benefits of bitcoin to those living in 3rd World countries who receive remittances from friends or family living in other countries: https://www.youtube.com/watch?v=BrRXP1t ... e=emb_logo
Thank you for this recollection GR8FUL-D,
And of course, thank you Prahasaurus.

Not always easy to find useful and/or factual information on these topics.
Cycle
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Cycle »

rhoms33 wrote: Fri Apr 16, 2021 6:43 am
Forester wrote: Thu Apr 15, 2021 10:41 pm Crypto is a bubble: Dogecoin is worth more than The Hershey Company. Dogecoin is also worth more than Domino's Pizza & Whirlpool combined.
Crypto is not DOGE. DOGE is a bubble. Those of us that are pro-crypto are likely all anti-DOGE.
Usually when people say some crypto is in a bubble, that is a buy signal.
Never look back unless you are planning to go that way
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