What is everyone's thought on Bitcoin??

[Kountry Biscuit]

Bitcoin returns have been crazy since its inception. Last year it was in the hundreds of percentage points alone... What is everyone's thought?

 

[elkguide]

Wish that I would have bought it at $1.00 or even at $1000.00. I think that when the stock market resets in the near future that Bit-coin will too and I hope that I am in the position to be able to afford some.

 

[bsnedeker]

I think it's a good long term investment. I think it will be up over 100K in the next 2-5 years easily. You just have to avoid the temptation to try to time the market...just buy and hold on for the ride. Big banks are buying in as of a few months ago so they are starting to see the value and that is what is driving the price right now I believe.

I'm just making sure to put in an amount that I am comfortable losing...I still don't trust it completely.

 

[Mighty Mouse]

I'm a "true believer," as in, I truly believe in the utility of Bitcoin and believe a significant portion of worldwide commerce will eventually be conducted in Bitcoin. However, the present bull run may just be another speculative bubble like the one that peaked in December 2017 but on a grander scale. I own a little Bitcoin and am slowly adding to my holdings over time as a long term bet on widespread adoption and as a hedge against dollar inflation, but Bitcoin's volatility is too great at present for me to put a significant amount of money into it.

 

[Mighty Mouse]

Wish that I would have bought it at $1.00 or even at $1000.00. I think that when the stock market resets in the near future that Bit-coin will too and I hope that I am in the position to be able to afford some.

FYI, you can purchase fractions of a Bitcoin. The basic unit is actually a "Satoshi" (named after the inventor of Bitcoin), and there are 100 million Satoshis in a Bitcoin (same concept as 100 cents in a dollar).

 

[wind gypsy]

I paid for most of the 20% down payment on my first house and a dall sheep hunt from cashing out on crypto profits in 2017. When It crashed i panic sold most of my holdings. What is left over has been exciting to watch the last couple months!

I got into it because I felt like i was over invested in the stock market that had been on a long bull run in 2016, turns out it kept going but i'm still glad to have a little diversification with crypto.

 

[william schmaltz]

Count me in. I bought in early 2017 and again April 2020. I cashed out my initial investment (left all profits in) close to the peak in 2017 and again on Saturday when it broke out of the trend. So I have a lot of BTC, but it’s 80% profits so it can do whatever and not stress me out. I’m waiting to see how far it retraces before throwing more money in for the next bump ($150K).

My old coworker tried to get me to buy for a whole year before I finally committed. He is still holding 12 coins.

 

[Wib]

How do you buy bitcoin, and how do you safely keep it?

 

[ozyclint]

I'm a "true believer," as in, I truly believe in the utility of Bitcoin and believe a significant portion of worldwide commerce will eventually be conducted in Bitcoin. However, the present bull run may just be another speculative bubble like the one that peaked in December 2017 but on a grander scale. I own a little Bitcoin and am slowly adding to my holdings over time as a long term bet on widespread adoption, but its volatility is too great at present for me to put a significant amount of money into it.

You believe a significant portion of world wide commerce will be conducted with Bitcoin then go on to say it's too volatile in value.

That's exactly one reason why it can't be used as a medium of exchange at the moment. one of the fundamental properties of a currency is that it must be a stable value over time.
At the moment you would either delay accepting bitcoin thinking it's value will be more later or you won't accept it thinking it's value will be less later. Bitcoin is nothing more than a speculation.

why would govt's or central banks adopt a system like bitcoin that has a 'finite' amount? they would not be able to deficit spend and they are addicted to that. they would not use a system that constrains their spending.
Nixon put a "temporary suspension" on the $US/gold convertibility for this reason. Look what the expansion in money supply since has done to the Dollars value. So valuable their going to "drop it from helicopters" and rain it down on the people.

one corrupt system will be replaced with another.

 

[Mighty Mouse]

You believe a significant portion of world wide commerce will be conducted with Bitcoin then go on to say it's too volatile in value.

I believe it will eventually be used for a significant amount of commerce and is too volatile at present.

That's exactly one reason why it can't be used as a medium of exchange at the moment. one of the fundamental properties of a currency is that it must be a stable value over time.

Agreed, Bitcoin hasn't yet reached the stability necessary to be a major medium of exchange. Price discovery is still taking place and volatility is high.

At the moment you would either delay accepting bitcoin thinking it's value will be more later or you won't accept it thinking it's value will be less later.

I would gladly accept Bitcoin as payment right now. Whether I kept that payment in Bitcoin or cashed it out would depend on the conditions at the moment.

why would govt's or central banks adopt a system like bitcoin that has a 'finite' amount? they would not be able to deficit spend and they are addicted to that. they would not use a system that constrains their spending.

Governments and central banks won't willingly adopt Bitcoin precisely for the reasons you stated, but a government's blessing isn't necessary for something to be used as a medium of exchange. The US government long ago abandoned gold as currency in favor of unbacked, infinitely reproducible paper (now electronic) dollars, yet gold is stil highly valued around the world. The limit on Bitcoin's supply prevents loss of value to inflation and is one of the best arguments for Bitcoin as a currency. Even if a government did choose to adopt Bitcoin, that government couldn't increase the supply of Bitcoin in existence.

 

[MuleyFever]

In the future the amount of BC could be increased, at least in theory. It’s only limited due to code and it appears that code could be altered to allow more coins to be produced. I don’t know much about BC but I recently read something that stated this about its scarcity. It could be very unlikely but appears possible.

 

[TxxAgg]

Ever heard of the Dutch Tulip Bubble?

 

[rodney482]

My buddy has two huge mining operations... wanted me to buy in 5 years ago.
He just cashed out 4 million and left 10 million in.

** he did give me some large rifle primers...

 

[Mighty Mouse]

Nixon put a "temporary suspension" on the $US/gold convertibility for this reason. Look what the expansion in money supply since has done to the Dollars value. So valuable their going to "drop it from helicopters" and rain it down on the people.

You're making a great case for Bitcoin, which can't be reproduced at will by governments like the US can do with its unbacked dollars. Nixon's cancellation of international convertibility from dollars to gold officially destroyed the last safeguard against unchecked inflation. The corruption of the dollar began in earnest with the inception of the Federal Reserve in 1913, took a major leap forward when FDR outlawed private ownership of gold in 1933, and gained international significance under the Bretton Woods system begun in 1944. Nixon's action in 1971 just officially acknowledged the decoupling of the dollar from gold, which the world had already been fully aware of for some time.

 

[CorbLand]

My buddy has two huge mining operations... wanted me to buy in 5 years ago.
He just cashed out 4 million and left 10 million in.

** he did give me some large rifle primers...

Poor bastard got the short end of the deal on that

 

[rodney482]

Poor bastard got the short end of the deal on that

Lol.... he is one of the largest consumers of electricity in our county... crazy

 

[Chesapeake173]

Look at some of the other crypto out there that’s less expensive. I made some money (finally) on Etherium. I bought it way too high, but sold over the weekend and made a small profit. Had I bought in March..... about a 12x increase.

I’m holding the money in cash now waiting for it to drop again.

I use the Coinbase app. Seems to work well (who knows though).


Sent from my iPhone using Tapatalk

 

[Riplip]

I think the fact that were are responding to a post on Rokslide about Bitcoin pretty much sums it up for me. Eerily reminiscent of the dot-com bubble of the 90's which I unfortunately remember all to well and for all the wrong reasons. You literally could not get through the day without someone mentioning one of the high flying tech stocks, people were buying blindly on margin and could not tell you what the companies did or how they made money. Lots of people wiped out as a result.

Obviously there are a lot of people that are a lot smarter than I, who are seriously long Bitcoin and who have made absolute fortunes, however I am not a believer (or at least at the current price!) Hope I am wrong for all those who are long.

 

[flatlanderhuffandpuff]

Bitcoin has been around for a while.

I liked the idea when I first heard about it back in college but didn't have the money to lose. I think it will be a major player in the future. It has finally started to hit a critical mass with several institutions taking notice.

I have made several buys and sells over the past years and am now in a buy and hold pattern. I am going to make a buy as soon as the news starts talking about the new stimulus package again then sell about a week after the payments hit. I believe its going to go back up to 40K+ before correcting again.

I don't think greenbacks are going to be worth much more than TP before too long.

 

[Glendon Mullins]

we already have one stock market type thread here, (which I enjoy and have made some money with tips from) I dont see the need for a 2nd thread talking about stocks, feel free to add/continue/move this conversation to that thread so we arent clogging up the forum