Bitcoin

musehead

[Deleted User] said:

BTC price: £19329
ATH (£20296) Distance: -967 (-4%)
1d:  £19493 (-0%)
7d:  £17545 (10%)
1mo: £12593 (53%)
3mo: £8410 (129%)
6mo: £7352 (162%)
I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

Having read about it and written it off as a scam in the summer of 2011, which was the first time I remember it being widely talked about (price was around £10 per BTC) I eventually purchased a small amount of bitcoin in late 2013, when it hit the mainstream media again - something like 0.05% of my money at the time (price was I think around £400 per BTC). It crashed shortly after that and I didn't break even until at least a couple of years later. Obviously, I don't regret it now but I probably wouldn't recommend someone puts even as much as 1% into such a volatile and unpredictable asset.

barnstar2077

musehead said:

[Deleted User] said:

BTC price: £19329
ATH (£20296) Distance: -967 (-4%)
1d:  £19493 (-0%)
7d:  £17545 (10%)
1mo: £12593 (53%)
3mo: £8410 (129%)
6mo: £7352 (162%)
I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

Having read about it and written it off as a scam in the summer of 2011, which was the first time I remember it being widely talked about (price was around £10 per BTC) I eventually purchased a small amount of bitcoin in late 2013, when it hit the mainstream media again - something like 0.05% of my money at the time (price was I think around £400 per BTC). It crashed shortly after that and I didn't break even until at least a couple of years later. Obviously, I don't regret it now but I probably wouldn't recommend someone puts even as much as 1% into such a volatile and unpredictable asset.

I'm not sure Bitcoin qualifies as an asset as it is effectively just a number that goes up and down without any intrinsic value.  

[Deleted User]

I put £10 into Coinbase 3 years ago and my investment is currently sitting at £69.84 which is spread over a range of coins. 

Cus

[Deleted User] said:

BTC price: £19329
ATH (£20296) Distance: -967 (-4%)
1d:  £19493 (-0%)
7d:  £17545 (10%)
1mo: £12593 (53%)
3mo: £8410 (129%)
6mo: £7352 (162%)
I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

I see 2 types of bitcoin 'investors'. 

The first sees it as a gamble, hoping for a rapid price rise and to cash out.
The second understands the fundamentals behind the concept, Blockchain and see it as the future of money/payments etc.

As I was once in the first category (I like a bet), I put £1000 into Bitcoin and Ethereum about 4 years ago, and watched the prices bounce around a lot.  At one point my money had doubled, another time it had halved, and I eventually got bored and sold at a 10% loss.  
I realised that it was a lot more fun gambling that money on football matches. At least then I could watch a football bouncing about rather than some number on a screen. 

If I was of the second type (which I am not), I wouldn't mess about with 1%, I would be properly investing, say 10 - 20% of a portfolio and leaving it invested for many years untouched. If you were one of those then a 160% gain over a tiny timeframe would be irrelevant in the long term and so completely pointless in highlighting.

Another_Saver

[Deleted User] said:

BTC price: £19329
ATH (£20296) Distance: -967 (-4%)
1d:  £19493 (-0%)
7d:  £17545 (10%)
1mo: £12593 (53%)
3mo: £8410 (129%)
6mo: £7352 (162%)
I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

So you believe that whereas the "market cap* of bitcoin is about £370 billion now, that it can increase by 200x to £74 trillion, bearing in mind the total market cap of the entire world is currently less than £50 trillion, all of the gold in the world is valued less than £10 trillion, and global wealth totals about £265 trillion, within a reasonable time frame?

bowlhead99

Another_Saver said:

[Deleted User] said:

I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

So you believe that whereas the "market cap* of bitcoin is about £370 billion now, that it can increase by 200x to £74 trillion, bearing in mind the total market cap of the entire world is currently less than £50 trillion, all of the gold in the world is valued less than £10 trillion, and global wealth totals about £265 trillion, within a reasonable time frame?

Perhaps you did your maths wrong. He said that his 160% over six months was a 200x bigger return than some of the laughable <1% saving accounts. Obviously, the return was not without risk (unlike the guaranteed return from the savings accounts).

He did not say he expects the BTC price of $27k to increase by 200x to $5.4 million per coin any time soon.

Another_Saver

bowlhead99 said:

Another_Saver said:

[Deleted User] said:

I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

So you believe that whereas the "market cap* of bitcoin is about £370 billion now, that it can increase by 200x to £74 trillion, bearing in mind the total market cap of the entire world is currently less than £50 trillion, all of the gold in the world is valued less than £10 trillion, and global wealth totals about £265 trillion, within a reasonable time frame?

Perhaps you did your maths wrong. He said that his 160% over six months was a 200x bigger return than some of the laughable <1% saving accounts. Obviously, the return was not without risk (unlike the guaranteed return from the savings accounts).

He did not say he expects the BTC price of $27k to increase by 200x to $5.4 million per coin any time soon.

My maths is right based on the 200 times suggestion thanks, it wasn't clear if patient meant 200x or 200x 1%.

But say "patient" is suggesting 160% per 6 months, that's pentupling per annum, 14.5 million times your money per decade. Those returns are not plausible.

bowlhead99

Another_Saver said:

bowlhead99 said:

Another_Saver said:

[Deleted User] said:

I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

So you believe that whereas the "market cap* of bitcoin is about £370 billion now, that it can increase by 200x to £74 trillion, bearing in mind the total market cap of the entire world is currently less than £50 trillion, all of the gold in the world is valued less than £10 trillion, and global wealth totals about £265 trillion, within a reasonable time frame?

Perhaps you did your maths wrong. He said that his 160% over six months was a 200x bigger return than some of the laughable <1% saving accounts. Obviously, the return was not without risk (unlike the guaranteed return from the savings accounts).

He did not say he expects the BTC price of $27k to increase by 200x to $5.4 million per coin any time soon.

My maths is right based on the 200 times suggestion thanks, it wasn't clear if patient meant 200x or 200x 1%.

Well, if he refers to being happy with the 160% return and notes that the 'naysayers' could "have 200x bigger return comparing to laughable <1% saving accounts" it seems he means his return of 160% was 200x better by comparison to the <1% saving account - it's not a suggestion that he got a 200x return over the last 6 months or would expect it over the next.

I do agree with you that nobody should expect exponential growth of 160% every six months and of course it was only possible to get the several hundred percent return since mid March 2020 as a consequence of the price losing literally 75% from its previous high point over the course of the preceding two and a quarter years.

[Deleted User]

bowlhead99 said:

Another_Savero said:

[Deleted User] said:

I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

So you believe that whereas the "market cap* of bitcoin is about £370 billion now, that it can increase by 200x to £74 trillion, bearing in mind the total market cap of the entire world is currently less than £50 trillion, all of the gold in the world is valued less than £10 trillion, and global wealth totals about £265 trillion, within a reasonable time frame?

Perhaps you did your maths wrong. He said that his 160% over six months was a 200x bigger return than some of the laughable <1% saving accounts. Obviously, the return was not without risk (unlike the guaranteed return from the savings accounts).

He did not say he expects the BTC price of $27k to increase by 200x to $5.4 million per coin any time soon.

Of course he did his math wrong (I can't see his posts but noticed your quotes).

What I meant is £100 invested in Bitcoin gives you 200x more return than saving account over the same, (recent) time period. Simple math <1% vs 160%. Some people fighting over 0.5% saving account access I've seen in the other thread in this very forum.

And to other fellow forum users replying: I've been investing in Bitcoin for a long time. My 6 month price return is just an example. Take any given period of years and compare it to today, Bitcoin return beats everything. It's very volatile, I give it that. Bitcoin is at all time high right now, so whoever invested in the past have profit today (by means of profitable open position which can be liquidated immediately at any exchange). I laugh when I read people saying they bought it, it doubled and then fell, so they sold it at a loss because they got bored 😂

Patient approach with strategy (DCA for example) can bring you results, not only with Bitcoin. But for some people Bitcoin is a gamble - well, if their approach is like they said maybe they shouldn't touch any money and leave everything in saving accounts. But fact that some people can't make money on Bitcoin or lost on it doesn't invalidate it as an investment - it just merely idenfity "investor" as not the brightest bulb.

jonesMUFCforever

Psst keep it quiet - we can get in at the ground floor here - I have some tulips to sell - very cheap will make us multiple millionaires very soon - please get all your mates to buy now - we can sell high and make a mint.