Who’s Buying Bitcoin?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Locked
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
bikechuck
Posts: 829
Joined: Sun Aug 16, 2015 9:22 pm

Re: Who’s Buying Bitcoin?

Post by bikechuck »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
It is OK to carve out a small portion of your assets to have some fun with as long as you realize that this is closer to casino gambling rather than investing. I worked too long and to hard to accumulate what I have to embrace such an adventure.

Good luck to you and let us know how it turns out!
Last edited by bikechuck on Wed Jan 15, 2020 6:27 pm, edited 1 time in total.
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

bikechuck wrote: Wed Jan 15, 2020 4:22 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
It is OK to carve out a small portion of your assets to have some fun with as long as you realize that this is closer to casino gambling rather than investing. I worked to long and to hard to accumulate what I have to embrace such an adventure.

Good luck to you and let us know how it turns out!
I’m ready to ride. Instead of stick picking I’m doing this. Call me crazy!
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

I’m just wondering what allocation a boglehead would use.
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
vanuber
Posts: 85
Joined: Mon Nov 18, 2019 5:07 pm

Re: Who’s Buying Bitcoin?

Post by vanuber »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
No more than 5% of your total assets.
"If I am to speak ten minutes, I need a week for preparation; if an hour, I am ready now" - Woodrow Wilson
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

vanuber wrote: Wed Jan 15, 2020 4:55 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
No more than 5% of your total assets.
Sorry, I meant, for that 5%, how would you split up your funds across the crypto investments?
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
vanuber
Posts: 85
Joined: Mon Nov 18, 2019 5:07 pm

Re: Who’s Buying Bitcoin?

Post by vanuber »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:07 pm
vanuber wrote: Wed Jan 15, 2020 4:55 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
No more than 5% of your total assets.
Sorry, I meant, for that 5%, how would you split up your funds across the crypto investments?
Sorry, I don't know enough about the investments. Though with the loose following I've had over the past few years, Bitcoin seems like the only legitimate (I use that term loosely) choice.

The concept of blockchain currency is intriguing. Are you thinking of this as a long-term investment?
"If I am to speak ten minutes, I need a week for preparation; if an hour, I am ready now" - Woodrow Wilson
User avatar
greg24
Posts: 3941
Joined: Tue Feb 20, 2007 10:34 am

Re: Who’s Buying Bitcoin?

Post by greg24 »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:07 pmSorry, I meant, for that 5%, how would you split up your funds across the crypto investments?
A boglehead would invest in an index fund that covers a majority of the 1600+ crypto currencies that currently exist.
EnjoyIt
Posts: 4959
Joined: Sun Dec 29, 2013 8:06 pm

Re: Who’s Buying Bitcoin?

Post by EnjoyIt »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
So you are uncomfortable to invest further in equities, hoarding cash, but also want a % allocation in cryptocurrency.

Yup, that makes sense.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

EnjoyIt wrote: Wed Jan 15, 2020 5:25 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
So you are uncomfortable to invest further in equities, hoarding cash, but also want a % allocation in cryptocurrency.

Yup, that makes sense.
This is a fund fund. Why the negative Nancy?
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
User avatar
dogagility
Posts: 1137
Joined: Fri Feb 24, 2017 6:41 am

Re: Who’s Buying Bitcoin?

Post by dogagility »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
100% with 5X leverage. Go big to go home. :twisted:
All children spill milk. Learn to smile and wipe it up. -- A Farmer's Wife
Alaric
Posts: 72
Joined: Tue Feb 05, 2019 1:38 pm

Re: Who’s Buying Bitcoin?

Post by Alaric »

People who need to pay blackmail anonymously.
People still living in 2018.
People who haven't heard that Silk Road was shut down.
Frustrated futurists repeatedly let down by Marvin Minsky, seeking their new false messiah.
EnjoyIt
Posts: 4959
Joined: Sun Dec 29, 2013 8:06 pm

Re: Who’s Buying Bitcoin?

Post by EnjoyIt »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:28 pm
EnjoyIt wrote: Wed Jan 15, 2020 5:25 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
So you are uncomfortable to invest further in equities, hoarding cash, but also want a % allocation in cryptocurrency.

Yup, that makes sense.
This is a fund fund. Why the negative Nancy?
I'm sure someone named Nancy or someone who knows Nancy will come around and clear this up.

Did I say anything negative? I think all I did was state a few facts.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
User avatar
AerialWombat
Posts: 1858
Joined: Tue May 29, 2018 1:07 pm
Location: Cash Canyon / Cashville

Re: Who’s Buying Bitcoin?

Post by AerialWombat »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:43 pmInstead of stick picking I’m doing this.
No crypto for me, but this stick picking is something I could get into. Great excuse to get off the phone and into the forest.

Sorry, couldn’t resist. :beer
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

EnjoyIt wrote: Wed Jan 15, 2020 5:33 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:28 pm
EnjoyIt wrote: Wed Jan 15, 2020 5:25 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
So you are uncomfortable to invest further in equities, hoarding cash, but also want a % allocation in cryptocurrency.

Yup, that makes sense.
This is a fund fund. Why the negative Nancy?
I'm sure someone named Nancy or someone who knows Nancy will come around and clear this up.

Did I say anything negative? I think all I did was state a few facts.
You’re a bit snarky, that’s all. To each their own. My OP was about others who do invest in bitcoin. No need to rain on my parade ;)
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

AerialWombat wrote: Wed Jan 15, 2020 5:34 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:43 pmInstead of stick picking I’m doing this.
No crypto for me, but this stick picking is something I could get into. Great excuse to get off the phone and into the forest.

Sorry, couldn’t resist. :beer
Haha good catch! You have my wife’s sense of humor.
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
jb1
Posts: 446
Joined: Sun Nov 27, 2016 8:33 am
Location: NC

Re: Who’s Buying Bitcoin?

Post by jb1 »

As someone who’s bought in the past and made out well...

Why are you buying now rather than last year when it was cheaper?
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

jb1 wrote: Wed Jan 15, 2020 5:36 pm As someone who’s bought in the past and made out well...

Why are you buying now rather than last year when it was cheaper?
Honestly, just found out about it recently, been researching. The more I read about it the more I feel it’s the future.

And my gut says the price goes to 20k in 2020 so it’s cheap now. I’m buying and holding.
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
LoveTheBogle
Posts: 85
Joined: Tue Aug 13, 2019 5:53 pm

Re: Who’s Buying Bitcoin?

Post by LoveTheBogle »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:39 pm
jb1 wrote: Wed Jan 15, 2020 5:36 pm As someone who’s bought in the past and made out well...

Why are you buying now rather than last year when it was cheaper?
Honestly, just found out about it recently, been researching. The more I read about it the more I feel it’s the future.

And my gut says the price goes to 20k in 2020 so it’s cheap now. I’m buying and holding.
Gut? Good luck. It very well could be cheap now but it could also be the forever all time high. Don’t invest a penny more than what you would be alright losing and you’ll be just fine mentally.
boomer_techie
Posts: 435
Joined: Fri Jan 18, 2019 6:47 am

Re: Who’s Buying Bitcoin?

Post by boomer_techie »

greg24 wrote: Wed Jan 15, 2020 5:23 pm A boglehead would invest in an index fund that covers a majority of the 1600+ crypto currencies that currently exist.
No, a boglehead would not invest in an index fund of penny stocks.
retired@50
Posts: 3626
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Who’s Buying Bitcoin?

Post by retired@50 »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
Bogleheads use 0.00% for Bitcoin allocation.

Regards,
This is one person's opinion. Nothing more.
User avatar
Nate79
Posts: 6521
Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: Who’s Buying Bitcoin?

Post by Nate79 »

retired@50 wrote: Wed Jan 15, 2020 6:15 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
Bogleheads use 0.00% for Bitcoin allocation.

Regards,
Agreed. Bitcoin is the anti boglehead investment.
Jack FFR1846
Posts: 12801
Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: Who’s Buying Bitcoin?

Post by Jack FFR1846 »

mt gox

.....what?
Bogle: Smart Beta is stupid
stuper1
Posts: 263
Joined: Tue Apr 03, 2018 9:30 am

Re: Who’s Buying Bitcoin?

Post by stuper1 »

I bought 1/3 of a bitcoin back in 2016 when the price was $900 each, so I've got $300 invested. I wouldn't buy anything at today's price of $8,800 each, because to me the chances are 50/50 that it goes up or down from here.

Here's my IPS for my 1/3 bitcoin:

1. If the price gets to $30,000 each, I'm selling 1/2 of my stake, which would be $5,000 and buying gold coins with it (My AA calls for me to hold 15% gold in my portfolio, but I'm trying to get more physical gold and less in gold ETFs). Of course, that is a very big "if" on the bitcoin price.

2. I'm selling the other 1/2 of my stake when the price gets high enough that I can pay off my home mortgage. Currently I owe $50,000, so if the price next week got to $300,000 each, then I would be mortgage free. Obviously my mortgage balance is going down over time. I think I have 8 years left on the loan. Maybe in 4 years when I owe about $25,000, the bitcoin price will have reached $150,000 each. Then, I will sell and be mortgage free 4 years early.

Of course, bitcoin may go to zero at any time, and I will be out $300, which I would count as a good life lesson for me.
User avatar
Phineas J. Whoopee
Posts: 9675
Joined: Sun Dec 18, 2011 6:18 pm

Re: Who’s Buying Bitcoin?

Post by Phineas J. Whoopee »

stuper1 wrote: Wed Jan 15, 2020 6:47 pm ...
Of course, bitcoin may go to zero at any time, and I will be out $300, which I would count as a good life lesson for me.
I'm afraid you'd be out $8,800 / 3 = $2,933. That's the descent from today's value to zero for you. Unrealized gains are still gains, as are unrealized losses, losses.

Even for the people who say you haven't lost until you sell, which is a fallacy, isn't Bitcoin meant to be a currency?

PJW
CorradoJr
Posts: 132
Joined: Thu Apr 26, 2012 10:03 am

Re: Who’s Buying Bitcoin?

Post by CorradoJr »

I’ve read several “how-to” guides on how to get started in bitcoin and other currencies, but felt confused at the many ways to open a “wallet” or whatever the term is.

Is there any consensus on the easiest way to get started (lets say I have $300 in a checking account to move - then what??) or an app that makes this part easy?
WS1
Posts: 297
Joined: Wed Jan 07, 2015 3:45 pm

Re: Who’s Buying Bitcoin?

Post by WS1 »

Wanderingwheelz
Posts: 638
Joined: Mon Mar 04, 2019 9:52 am

Re: Who’s Buying Bitcoin?

Post by Wanderingwheelz »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:34 pm
EnjoyIt wrote: Wed Jan 15, 2020 5:33 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:28 pm
EnjoyIt wrote: Wed Jan 15, 2020 5:25 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
So you are uncomfortable to invest further in equities, hoarding cash, but also want a % allocation in cryptocurrency.

Yup, that makes sense.
This is a fund fund. Why the negative Nancy?
I'm sure someone named Nancy or someone who knows Nancy will come around and clear this up.

Did I say anything negative? I think all I did was state a few facts.
You’re a bit snarky, that’s all. To each their own. My OP was about others who do invest in bitcoin. No need to rain on my parade ;)
I don’t think anyone has rained on your parade.

Go for it if you feel like you want to shoulder that sort of risk. I don’t think you’ll find too many folks here, people who’ve gotten rich slowly and by what is widely agreed to be a very boring route relatively speaking, will advocate speculating instead of investing. For most people here 5% is a LOT of money.
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

Wanderingwheelz wrote: Wed Jan 15, 2020 7:21 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:34 pm
EnjoyIt wrote: Wed Jan 15, 2020 5:33 pm
Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:28 pm
EnjoyIt wrote: Wed Jan 15, 2020 5:25 pm

So you are uncomfortable to invest further in equities, hoarding cash, but also want a % allocation in cryptocurrency.

Yup, that makes sense.
This is a fund fund. Why the negative Nancy?
I'm sure someone named Nancy or someone who knows Nancy will come around and clear this up.

Did I say anything negative? I think all I did was state a few facts.
You’re a bit snarky, that’s all. To each their own. My OP was about others who do invest in bitcoin. No need to rain on my parade ;)
I don’t think anyone has rained on your parade.

Go for it if you feel like you want to shoulder that sort of risk. I don’t think you’ll find too many folks here, people who’ve gotten rich slowly and by what is widely agreed to be a very boring route relatively speaking, will advocate speculating instead of investing. For most people here 5% is a LOT of money.
He’s raining on my parades on other posts, no worries! Yeah I understand this bitcoin stuff is not very boglehead. I’m still in research mode.
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

CorradoJr wrote: Wed Jan 15, 2020 7:11 pm I’ve read several “how-to” guides on how to get started in bitcoin and other currencies, but felt confused at the many ways to open a “wallet” or whatever the term is.

Is there any consensus on the easiest way to get started (lets say I have $300 in a checking account to move - then what??) or an app that makes this part easy?
Coinbase.
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
User avatar
ruralavalon
Posts: 19702
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: Who’s Buying Bitcoin?

Post by ruralavalon »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:52 pm I’m just wondering what allocation a boglehead would use.
None for me.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
Topic Author
Jon_PassiveInvestor
Posts: 306
Joined: Sat Mar 12, 2011 10:23 pm

Re: Who’s Buying Bitcoin?

Post by Jon_PassiveInvestor »

Phineas J. Whoopee wrote: Wed Jan 15, 2020 6:58 pm
stuper1 wrote: Wed Jan 15, 2020 6:47 pm ...
Of course, bitcoin may go to zero at any time, and I will be out $300, which I would count as a good life lesson for me.
I'm afraid you'd be out $8,800 / 3 = $2,933. That's the descent from today's value to zero for you. Unrealized gains are still gains, as are unrealized losses, losses.

Even for the people who say you haven't lost until you sell, which is a fallacy, isn't Bitcoin meant to be a currency?

PJW
Yes it’s a digital currency. 50 million users. Whole Foods and Starbucks accept bitcoins!
100% VTSAX in Taxable Account. | 100% VTSAX in Retirement Accounts
User avatar
yangtui
Posts: 508
Joined: Sun Mar 30, 2014 1:32 pm
Contact:

Re: Who’s Buying Bitcoin?

Post by yangtui »

If I ever need crypto to complete a transaction I will buy it. For now it would serve no purpose.
Trader Joe
Posts: 2038
Joined: Fri Apr 25, 2014 6:38 pm

Re: Who’s Buying Bitcoin?

Post by Trader Joe »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
No, I have never and I will never invest any of my money in Bitcoin.
User avatar
Cycle
Posts: 1731
Joined: Sun May 28, 2017 7:57 pm
Location: Minneapolis

Re: Who’s Buying Bitcoin?

Post by Cycle »

It's a currency, not an investment.

You're currency trading.

I put all extra money in my brokerage investments, vtwax. I'd buy btc if I didn't have a better currency, usd
Never look back unless you are planning to go that way
MathWizard
Posts: 4389
Joined: Tue Jul 26, 2011 1:35 pm

Re: Who’s Buying Bitcoin?

Post by MathWizard »

Buying Bitcoin is pure speculation. Bitcoin does not produce anything.

I'd buy individual stocks first, at least a company created value.
User avatar
1789
Posts: 1785
Joined: Fri Aug 16, 2019 3:31 pm

Re: Who’s Buying Bitcoin?

Post by 1789 »

One good thing about crypto is market never closes :oops:
"My conscience wants vegetarianism to win over the world. And my subconscious is yearning for a piece of juicy meat. But what do i want?" (Andrei Tarkovsky)
User avatar
unclescrooge
Posts: 5409
Joined: Thu Jun 07, 2012 7:00 pm

Re: Who’s Buying Bitcoin?

Post by unclescrooge »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 4:16 pm I’m about to pull trigger and buy bitcoin, ethereum, and some Litecoin tomorrow. Who else is investing in these? What % allocation are you going with?
Gambling money on lottery ticket-type investments is a sure way to lose money.

Bitcoin has NO intrinsic value. And as a matter of principle, I don't invest in things that have no value.

This was true when my buddy told me to invest in 2009,2010, 2013 and 2016. It is still true today.

Instead, I prefer investing in sure bets. Like US stocks in 21010, international/EM stocks today. I've managed to do quite well without speculating in random fads.
Last edited by unclescrooge on Wed Jan 15, 2020 9:31 pm, edited 1 time in total.
User avatar
F150HD
Posts: 3285
Joined: Fri Sep 18, 2015 7:49 pm

Re: Who’s Buying Bitcoin?

Post by F150HD »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 5:39 pm
jb1 wrote: Wed Jan 15, 2020 5:36 pm As someone who’s bought in the past and made out well...

Why are you buying now rather than last year when it was cheaper?
Honestly, just found out about it recently, been researching. The more I read about it the more I feel it’s the future.

And my gut says the price goes to 20k in 2020 so it’s cheap now. I’m buying and holding.
:!:
User avatar
nisiprius
Advisory Board
Posts: 42203
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: Who’s Buying Bitcoin?

Post by nisiprius »

Jon_PassiveInvestor wrote: Wed Jan 15, 2020 7:45 pmWhole Foods and Starbucks accept bitcoins!
I don't believe it. Prove it.

This web page Who Accepts Bitcoins in 2020? appears to be more carefully researched than most. It says:
Does Starbucks Accept Bitcoin?
No. Starbucks does not accept Bitcoin.
Whole Foods is not mentioned, i.e. they do not list it as a place that accepts it. I just went online to wholefoodsmarket.com and ordered "Banana & Blueberry Overnight Oats (Serves 1)" for pickup. The only price shown was in USD $3.99. There was no way to display a price in any other currency.
Image
At the checkout page, the only payment option was by credit card; no bitcoin option mentioned, and no way to display the price in BTC.

Image

For the past five years I've heard stories about places "accepting bitcoin." One of the things that has been happening constantly is the launch of new payment processors who offer to make it easy for businesses to accept bitcoin. They haven't gotten much traction yet. Whenever a new one is launched, they often manage to get a few big places to try out limited more-or-less secret pilot projects to find out how well it works. That generates huge numbers of articles in the cryptocurrency press, often based on press releases, that say things like "BigCo accepts bitcoin payments," when the truth is "they are trying it out in a handful of stores in their chain just to see if it works." That seems to be what's happening with Whole Foods and Starbucks. The cryptocurrency press has a boatload of "Whole Foods accepts bitcoin" articles, but I didn't find any press releases about this from Whole Foods.

A few times I've bothered to check and they were at best highly misleading. For example, many sites say "Subway restaurants accept bitcoin" or "You can buy a sandwich at Subway with bitcoin." The truth is that Subway is a franchise with independent owners; there are about 24,000 in the United States; there are about ten in Allentown, Pennsylvania. One owner in Allentown is a bitcoin enthusiast. He put a "Bitcoin accepted" decal on his door. He keeps his personal laptop with him and when customers which to use bitcoin, he manages the transaction personally on his laptop.
Last edited by nisiprius on Thu Jan 16, 2020 8:01 am, edited 9 times in total.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
index2max
Posts: 312
Joined: Mon Jan 21, 2019 11:01 pm

Re: Who’s Buying Bitcoin?

Post by index2max »

For those who enjoy listening to debates about cryptocurrencies vs precious metals as a better store of value, there is an interesting discussion from Max Kaiser and Peter Schiff on RT from several months ago on RT.

https://youtu.be/ebRC61AqWHs?t=934

I personally don't understand what the intrinsic value of cryptocurrencies are except as a medium of exchange that's potentially harder to track online. Just because I don't understand it myself doesn't mean I'm saying it's bad. I prefer physical commodities like precious metals, but I wouldn't tell anyone they shouldn't experiment with different types of currencies. There's certainly some potential innovations in blockchain that Bitcoin pushed.
l1am
Posts: 382
Joined: Wed Mar 02, 2016 2:27 pm

Re: Who’s Buying Bitcoin?

Post by l1am »

bikechuck wrote: Wed Jan 15, 2020 4:22 pm It is OK to carve out a small portion of your assets to have some fun with as long as you realize that this is closer to casino gambling rather than investing.
Correct, I did invest some for fun back in 2017. I've been on quite the rollercoaster, green, very green (+800%), red, very red (-60%), even, green, red, green again.
User avatar
Pete12
Posts: 384
Joined: Tue Jun 28, 2016 3:17 pm

Re: Who’s Buying Bitcoin?

Post by Pete12 »

Simple answer from me: 0% of my portfolio in cryptocurrencies allocated as follows:

0% to bitcoin
0% to ethereum
0% to Litecoin

Best of luck,
Pete
User avatar
JoMoney
Posts: 9854
Joined: Tue Jul 23, 2013 5:31 am

Re: Who’s Buying Bitcoin?

Post by JoMoney »

"cryptocurrency" is a misnomer, these things are not currency.
They're not widely accepted as a medium of exchange.
They're not money, the volatility alone causes them to fail a fundamental property of "money".
They're not a deliberate Ponzi scheme (according to experts), despite being structured like one, they make no promise that you'll ever get your money back.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
User avatar
watchnerd
Posts: 5981
Joined: Sat Mar 03, 2007 11:18 am
Location: Seattle, WA, USA

Re: Who’s Buying Bitcoin?

Post by watchnerd »

I'm not buying any more Bitcoin until I can pay for it with physical gold without converting it to dirty fiat in between.
70% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS & cash || RSU + ESPP
User avatar
JoMoney
Posts: 9854
Joined: Tue Jul 23, 2013 5:31 am

Re: Who’s Buying Bitcoin?

Post by JoMoney »

watchnerd wrote: Wed Jan 15, 2020 10:15 pm I'm not buying any more Bitcoin until I can pay for it with physical gold without converting it to dirty fiat in between.
:D Which do you determine is the primary unit of account, does your gold get valued in bitcoin, or your bitcoin valued in gold?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
User avatar
watchnerd
Posts: 5981
Joined: Sat Mar 03, 2007 11:18 am
Location: Seattle, WA, USA

Re: Who’s Buying Bitcoin?

Post by watchnerd »

Pete12 wrote: Wed Jan 15, 2020 10:08 pm Simple answer from me: 0% of my portfolio in cryptocurrencies allocated as follows:

0% to bitcoin
0% to ethereum
0% to Litecoin

Best of luck,
Pete
Bitcoin is...

0.00008323333

...of my port.
70% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS & cash || RSU + ESPP
User avatar
watchnerd
Posts: 5981
Joined: Sat Mar 03, 2007 11:18 am
Location: Seattle, WA, USA

Re: Who’s Buying Bitcoin?

Post by watchnerd »

JoMoney wrote: Wed Jan 15, 2020 10:17 pm
watchnerd wrote: Wed Jan 15, 2020 10:15 pm I'm not buying any more Bitcoin until I can pay for it with physical gold without converting it to dirty fiat in between.
:D Which do you determine is the primary unit of account, does your gold get valued in bitcoin, or your bitcoin valued in gold?
Which is more favorable from the IRS POV?
70% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS & cash || RSU + ESPP
User avatar
Watty
Posts: 20900
Joined: Wed Oct 10, 2007 3:55 pm

Re: Who’s Buying Bitcoin?

Post by Watty »

Who’s Buying Bitcoin?
An equally valid question is "Who’s selling Bitcoin?"

That is the person you need to be smarter than.
beehivehave
Posts: 466
Joined: Thu Aug 08, 2019 1:21 pm

Re: Who’s Buying Bitcoin?

Post by beehivehave »

I'm holding back on cyber-currency until Libra comes out. :moneybag
Locked