Bitcoin
https://www.tradingview.com/x/v1xzrPTR/
^^ Bitcoin YTD return: 230%. S&P 500 YTD return: 14%.
Good thing I didn't listen to the Bitcoin haters! LMAO. Maybe I'll retire before some of the boomers and Gen-X'ers on this forum!
^^ Bitcoin YTD return: 230%. S&P 500 YTD return: 14%.
Good thing I didn't listen to the Bitcoin haters! LMAO. Maybe I'll retire before some of the boomers and Gen-X'ers on this forum!
Got something to say?
Start your own discussion
75 comments
In other words, don't you dare call me retarded, asshole.
In any case, there are lots of well-educated people -- economists, etc -- who don't believe in Bitcoin also. I don't make my investment by cherry-picking people who say what I believe on faith. Like I said, though, I think bitcoin is high risk high reward, and I'm in a position to have some high risk high reward investments, and some of those investments are in bitcoin.
I have a buddy has decided bitcoin is a bad investment for political reasons, and the last thing he said to me before I invested at $13k is, "okay I'll watch and laugh as you lose all your money". He might see himself in my description of retarded people also lol...
A lot of those well-educated people who didn't believe in Bitcoin are now buying. Remember when Jamie Dimon called Bitcoin a fraud? JP Morgan Chase is now predicting 300k bitcoin. One of Bitcoin's harshest critics, Nouriel Roubini, recently admitted that Bitcoin may be a store of value. How about Larry Fink, CEO of Blackrock - the world's largest asset manager, with over $7 trillion under management - he updated his stance on Bitcoin, and now acknowledges its potential GLOBAL relevance. Former Bitcoin non-believer, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, now believes in Bitcoin and predicts it will hit 100k. Ray Dalio also recently admitted that Bitcoin may be an alternative to gold. Michael Saylor, CEO of Microstrategy, said in 2013 that Bitcoin is just for gambling, and now he's invested about $1 billion of his company's treasury into Bitcoin.
One by one, they've been converted and are bullish, because Bitcoin is the hardest form of money in existence. They are old boomers, but they are either smart enough, or they are surrounded by enough smart people, to have figured it out and changed their belief.
But, perhaps you're right, perhaps they're all retarded. Perhaps Paul Tudor Jones, Stanley Drunkenmiller, Bill Miller, Jim Cramer, Michael Saylor (who graduated from MIT), Larry Fink.... perhaps they're ALL retarded, with IQs less than 70. And yet, they're all billionaires, or close to it.
I wonder what that says about you.
Now I'll forget about the "retarded" comment as mere hyperbole.
Now with that being said it brings me to my favorite expression
“I’d rather be lucky than talented”
I actually view it as a kind of a hedge to my stock portfolio. It could also be viewed as sort of a catostrophic claims insurance for the fiat $.
Uprightcitizen: What finally got me to jump in is exactly thinking of it as a hedge!
retarded
[ ri-tahr-did ]
verb - simple past tense of retard.
adjective - Older Use: Usually Offensive. characterized by a slowness or limitation in intellectual understanding and awareness, emotional development, academic progress, etc.
I'll give you the benefit of the doubt that you purposely used those words incorrectly.
You wanted to fuck around so you used the word "retarded" incorrectly. Let's move on.
I feel bad for everyone who has been hurt by such a shitty invention though.
This 'nerd" and his family lived close to poverty because he invested all his money in buying equipment to mine bitcoin.
Of course back then I scoffed at anyone dumb enough to invest in any of this currency voodoo.
Yea, dude is wealthy now and I'm no longer scoffing.
That's a good point. Of the all the things juice pretends to do, you'd think pretending to be into crypto would be high on the list
Bitcoin and crypto is shit invention with the way it functions. It is a decentralized ponzi scheme. If someone gained fiat on it its because someone else lost fiat
I'd like to make sure you(or anyone in your downline/whatever your pyramid scheme calls whoever you recruit in) do not lose their pedo pesos.
https://nypost.com/2018/05/26/i-accident…
^Here is an article of someone who lost their passcode or threw away their cold storage and lost their pedo pesos forever. I am glad my fiat institution(bank) doesn't have that problem. When I was younger I would routinely forget my password and yet I could still access my account by calling them and answering some basic questions.
With the passing of Jeffrey Epstein there is no longer a bitcoin customer service to call to assist in recovering your pedo pesos/bitcoin.
I may be poor, but I am confidant the measly amount of money I have is secure and safe.
Maybe you can give Janet Yellen some love. Dont get your hopes up, I hear she like sticking her fingers into dikes.
Its a shit technology and reading literature from crypto cultists makes me chuckle.
Notice none of my genuine criticisms ever get answered, these guys just point to the price. Its a decentralized pyramid scheme where people are convinced to buy in at a higher price, eventually it'll come crashing down.
I have no love for whats been going on at the Fed. But fiat has increased +25% baseline since pandenic and projected +40% post pandemic. These are horrifying increases by any interpretation. Commodities are a no brainer...
Hey securities will do fine if thats your thing...pent up demand and stimulus will mean inflation and stocks are also a great bet in that environment.
The market is in another upswing and fundamentals are out of kilter
I hate it because it can't be controlled by a central authority which is the number one selling point of bitcoin, lol. This means that people can pseudoanonymously buy content like animal torture videos on the dark web without a central authority like the US govt stopping it. I also don't like it cause its deflationary, inflation is good for the economy a deflationary currency is not good at all.
Also yes the money supply has increased but you're missing the context of a pandemic and public health crisis where a central authority can just print money to keep people afloat where the other option would be to have people working as normal and inundating our hospitals and alot of people dying. The American people clearly like the printing money option more than that one. No "fiat lovers" thinks the increased money supply is good, but we understand its preferable to nothing and having people on their own during a pandemic.
Imagine if bitcoin were our currency for this, there'd be chaos. This isn't misplaced hate, its genuine criticism of bitcoin that just gets dismissed as a salty nocoiner spewing garbage.
... you’re an idiot.
Don’t miss the forest for the trees.
The Sharpe Ratio is a financial metric often used by investors when assessing the performance of investment management products and professionals. It consists of taking the excess return of the portfolio, relative to the risk-free rate, and dividing it by the standard deviation of the portfolio's excess returns.
Essentially FTS is saying bitcoin goes up so its a good investment. This is a fallacy.
(For those uninitiated fallacy is a mistaken belief, especially one based on unsound argument.)
He makes no comments challenging my criticism of bitcoin and the technology. This is pretty similar to how a pyramid scheme inductee might react when they're scheme gets called out.
I'd be happy to assist if you have more questions.
The bonds just give alot of flexibility with less downside than people would think.
BitcoinHodler has been educated in a fundamentally flawed theory of economics that is disrespectful to humanity, and I hope, for his sake, that he re-educates himself in humility and truth.
That is all.
Your entire paragraph reads like a year one undergrad's first assignment.
What would an Austrian economist do for the corona virus?
The Ethereum blockchain is struggling right now. Gas fees are way too high. Solutions are coming, and competitors are innovating as well, but we are not far off. This gives me 1995 early internet vibes all over again. Conventional finance guys are still not convinced. Crypto has skyrocketed the last few years for sure, but I still think people buying today are early, not late.
Bitcoin has outperformed in the past, so it’s guaranteed to outperform in the future.
Does anyone see a flaw in this logic ?
Banks do a risk assessment and decide it could be worth it to loan fiat with crypto as collateral, I'm not much into that field to comment if its a smart move or not but people much smarter than me in it have decided the risk/reward is worth it. There are also alot of people who won't. Guess you only need to find one.
As for the no social security thing... that's probably one of my biggest issues with it. Someone who sells illegal content online like animal torture/ underaged children videos can safely store money without it being tracked.
The pros of bitcoin is also its cons that needs to he acknowledged.
I'd hate the stress of losing my keys/cold storage. I don't think modern banking is perfect but the added work of needing to manage my own bitcoin storage is just not worth it for me. Either way, that part of it is pretty low on my cons list.
Download Metamask for your phone, buy some ETH and fuck with some of these decentralized apps. You can find out quickly it's more than a store of value. It has crazy utility among all the ETH-based apps. Might take a few decades, but this is a 100k coin easy if they fix the issues and remain nimble and responsive to competing technologies.
Other projects, like Cardano, seek to address some of the issues with the Ethereum blockchain and taking their own crack at it. I have some money in these coins as pure speculation but I expect 9/10 of them to lose 70-80% value in the next year or two. I'm holding for 30+ more years though.
Litecoin is just a faster version of Bitcoin with lower fees. It will probably always hold some sort of value just because it was an early coin, but Bitcoin was first and being first is better than being right a lot of times.
Can't the gov perhaps/ultimately create its own digital-currency and basically make these cryptos obsolete or just a niche?
/s
Absolutely governments can create their own crypto. In our case the US Fed is already going down this road. But thats not the point. They will create an inflatable currency that can produced at will be The Fed. It would work the same way as they are doing right now with fiat $. Pump it up at will!
The special characteristic of Bitcoin is that it has a limited supply (like a physical asset such as gold). Thats really an important distinction and why Yellen is attempting to demonize it often "being used by "criminals". Her statement is fundamentally not supported by the evidence and she draws no comparisons of the massive criminal activity using untraceable physical currency. She says this because the general public is frankly pretty dumb to understand what's going on and this is an easier story for the GP to digest vs The Fed just wants its use to be minimized. Loss of control by Treasury is the real point of opposition (because they want to be able to adjust fiat numbers at will).
Digital currency is not a passing fad or just some kind of smoke and mirrors pump scheme on some Reddit board. The real ones serve a valuable market function and the market is responding.
There is an interesting article by the St. Louis Fed on Etherium if anyone is interested.
https://research.stlouisfed.org/publicat…
Also yeah bitcoin is used for criminal activity in buying animal torture videos and underage children videos. I don't really care about the drugs.
I also love for a central authority to be in charge of monetary policy. How would the US survive if bitcoin were the main currency during corona?
You have some serious bias against BTC and its clouding your judgment. Your arguments are weak and biased.
The printing is get people through a pandemic. Imagine if bitcoin were the primary currency. A central authority couldn't support people socially distancing by controlling monetary policy. We'd all be fucked. The decentralized currency should actually be debunked from the 2020 fed policy not being emboldened by it
My goal also isn't to convince bitcoin cultists that they should stop, its actually so people who are indifferent or curious about can research on their own and decide they don't want to be part of something so terrible.
Notice none of these cultists have addressed my concerns. They're so far into the kool-aid they've convinced themselves they're smarter than everyone else.
I can hide my crypto in cold storage long enough for regime change to make it acceptable again, whichever future administration that is.
Crazy thing is even if you discounted how terribly immoral it is, bitcoin also functions bad currency.
Upright- I understand it can be frustrating to have your beliefs challenged. Even if you don't answer my concerns I hope you come to terms with bitcoins major faults on your own for your own personal development.
The US dollar.
If the criminal decides to buy it with physical cash there's a scaling option where the more content they sell the more face to face interactions they'd have.
With bitcoin however, all a criminal has to do is use a bitcoin mixer to make their purchase from the comfort of their home and the content is downloading while they're safe and sound.
At this point bitcoin really doesn't have an argument that the USD is used for illegal things too. Its important to acknowledge this to anyone who you try to get into the crypto space.