Bitcoin - Cryptocurrency

[grizzly_]

What is everybody's take on Cryptocurrency?

Tyler Winklevoss just said in an interview that Bitcoin could eventually get to $500,000 and Ethereum to $87,000 as they become a more-accepted form of currency.

Are some us too late or is the run still just getting started?

Or is it a house of cards just waiting to crumble?

 

[TOGIE]

Bitcoin is shiny and trendy, it only has value because it’s shiny and trendy. But it’s value may just keep going up regardless

eth has real value in the long haul IMO. Very impressive underlying technology

here’s my take:

don’t buy Bitcoin

buy eth, but only buy it with the mindset of a lottery ticket. Be willing to never see the money again. And buy it with the mindset to never sell... for a long time that is. But, I think eth is going places in the long haul. I.e. I don’t think it’s too late necessarily

 

[ccc23454]

Lots of big money managers believe in it now(atleast they say that) and there is a push and need for better usable electronic monetary assests but i am not a believer. If i had same concerns that cause you to buy bitcoin i would just buy hard assests like gold/silver. Currency can be difficult investment tools and bitcoin isnt even a real asset backed by a nation/state.

 

[TOGIE]

Lots of big money managers believe in it now(atleast they say that) and there is a push and need for better usable electronic monetary assests but i am not a believer. If i had same concerns that cause you to buy bitcoin i would just buy hard assests like gold/silver. Currency can be difficult investment tools and bitcoin isnt even a real asset backed by a nation/state.

That’s the problem. Crypto’s and the word invest don’t belong in the same sentence

cryptos are gambling for the average dude. Though, gambling, that if engaged with only ones non essential disposable income (fun money) could prove to be fruitful gambling. Again, in the long haul.

I already don’t regret buying a few eth coins a couple years ago, I counted the money lost and just sat tight. I’m gonna keep sitting tight, for a quite a while.

 

[grizzly_]

@TOGIE, you and I are on the same page. I don't see the intrinsic value of BTC (which has admittedly cost me a lot of potential earnings) but I have bought ETH because I see the value in it other than an alternative currency. My only regret so far is not buying more, sooner.

I spent some money and figured I could lose it all the way to zero. Everything above that is just gravy.

It's a gamble, not an investment.

 

[elkantlers]

A fool and his money are soon parted.

 

[grizzly_]

A fool and his money are soon parted.

I wish I was the "fool" that put $5,000 in BTC five years ago. It would be worth $429,000 today.

 

[TakeABreakAndTouchGrass]

I shift some around between ETH, BTC and VET. And I'm prepared to lose every penny likes others have said.

If you can stomach the roller coaster, and luck into the right choice at the right time, it can work out for you. But it's definitely still in the roller coaster phase of being generally misunderstood (including by me lol) and therefore susceptible to the whims of the excitable and silly (see Dogecoin and Elon Musk).

If you're willing to hold for several years I think there are probably a few that will make you money. And many more that will be worth nothing since they have no underlying tech or usefulness.

 

[mdhunter]

Bitcoin[a] (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people.

I hope everyone who is buying it makes a sh*t ton of money. That said, the Wikipedia definition should give all investors pause.

Well, that and the fact people who need to move money because of illegal operations also like Bitcoin gives me pause.

 

[Trial153]

All currency is arbitrary, but some currency is more arbitrary than others.

 

[pointingdogsrule]

Speculative

 

[antlerradar]

The constitution gives congress the power to regulate money. There is no way that congress is going to allow bit coin or any other crypto currency to ever be more than a novelty.

 

[nontyp]

I wouldn’t be opposed to throwing some money at it after it crashes again, but I likely won’t. I definitely wouldn’t buy it now. Yeah a few folks have made big money, but you have to buy and sell at the right time to realize those gains. If that guy thinks BTC is going to $500k he’ll likely hold it and never make a dime.

 

[MThuntr]

All I know is back when I first heard of Bitcoin it was worth less than $10. The power of Hindsight has me kicking myself for not betting a few hundred bucks on it. At the time it was just a novelty that I assumed wouldn't last the year.

 

[Gr8bawana]

Bitcoin will be as valuable as this in the not too distant future.

 

[grizzly_]

Bitcoin will be as valuable as this in the not too distant future.

View attachment 168865

Maybe. Or maybe gold will be as valuable as past currencies beads, blankets, and black pepper.

As I said above, I'm not personally buying bitcoin because I don't see it's intrinsic value. But knowing now what happened in the last five years, I don't have the hubris to think I know where it will be in the next five years.

 

[Flatrock]

First of all, to the haters out there, don't hate on it just because you don't understand it or think it's dumb. Have an open mind. Ignorance or refusing to accept change in the world can be a huge hindrance to investment success.

It's very hard to say what will become of Bitcoin but I think it's possible it goes to the moon and beyond in the years and decades ahead. Major companies like Square and PayPal have joined the party and that trend will only continue. With PayPal allowing you to buy it now, I think it will really hit the masses. Additionally, the eventual supply will be finite and even right now, the supply is very tight and that won't change. Very little supply with huge demand is quite the recipe. If it hit 100,000 this year, it wouldn't surprise me.

With that said, it has had corrections up to 80-90% in the past and that will most likely happen in the future as well. I just don't see it going away though and if it can maintain its spot on top of the mountain, it could go massively higher. I think for most people, having up to 1% of your portfolio. If it goes to zero, well then it isn't too big of a hit. You have to be able to ride out the huge corrections though and if you don't have the stomach for it, then you most definitely should not buy it.

 

[grizzly_]

If it hit 100,000 this year, it wouldn't surprise me

As long as it pulls ETH to $35k with it

 

[Flatrock]

As long as it pulls ETH to $35k with it

Haha. I'll keep my fingers crossed.

 

[grizzly_]

Serious question @Flatrock, @TOGIE, @ajricketts and anybody else that is following crypto...

Where do you think BTC & ETH are on 12/31/2021?

I'll say BTC at $50-60k and ETH at $6-7k