Bitcoin

thegentleway

[Deleted User] said:

Another_Saver said:

[Deleted User] said:

Bitcoin is an investment asset, and excellent one at that. Anyone who doesn't understand it is a fool.

Why is it an investable asset?

Why is it an excellent investable asset?
Why is anyone who does not understand that a fool?

If you don't understand this chart and scale of Bitcoin gains comparing to every other investible asset then I cannot help you with your questions.

Those "gains" look great(ly volatile).
Gains don't prove anything. You can get great gains from putting money on red at the roulette table, still doesn't make it an investment.

MarkCarnage

EdGasketTheSecond said:

None too patient then?

Possibly an in patient? 

RichTips

MicroStrategy, a business-intelligence firm with almost $500m USD in revenue last year, plans to raise a further $400m to "invest" in Bitcoin (I use quotation marks there because apparently one doesn't "invest" in Bitcoin). That's a pretty big bet.

Out of curiosity, would buying MSTR as an investment in response to this be acceptable to those here opposed to Bitcoin? 

jimjames

patient_investor said:

If you don't understand this chart and scale of Bitcoin gains comparing to every other investible asset then I cannot help you with your questions.

I thought Bitcoin was meant to be a currency not an investment? Surely a currency that you can't rely on the value for is pretty useless as a currency like Zimbabwean dollars

EdGasketTheSecond

[Deleted User] said:

EdGasketTheSecond said:

[Deleted User] said:

EdGasketTheSecond said:

None too patient then?

You are another troll then? Fans of meaningless shitposting are on the rise

Better than being a cultist of Sh*tCoin then .

What is a cultist of Sh*tCoin again? I am a bit rusty with terms you guys use in your psychiatric facility. Anyway, just ignored you, people who have nothing to say but they say it anyway have no place in my browser tabs and forum threads I read, no point to waste my time. That's how patient I am with stupidity

A BitCoin cultist is someone who blindly believes BitCoin will go up for ever, in fact to astronomical levels, who can't bear to hear any alternative view, and who gets very angry and annoyed if someone has the audacity to express that alternative view. You would fit the bill admirably.

Malthusian

RichTips said:

MicroStrategy, a business-intelligence firm with almost $500m USD in revenue last year, plans to raise a further $400m to "invest" in Bitcoin (I use quotation marks there because apparently one doesn't "invest" in Bitcoin). That's a pretty big bet.

Out of curiosity, would buying MSTR as an investment in response to this be acceptable to those here opposed to Bitcoin?

Why not just buy BitCoin instead of loaning money to an obscure dot-com to buy BitCoin with?

If you thought MicroStrategy's business intelligence software was a good product and undervalued by the stockmarket, you'd probably balk at the thought that the revenue from their software might have to be used to cover their losses on Bitcoin if the price dumps.

If you don't care about the business intelligence software and just want to bet on Bitcoin, you may as well buy Bitcoin.

Reminds me of that lemonade company that changed their name to "Blockchain Inc" and pump-and-dumped their shares. Company that has trundled along largely forgotten since its shares collapsed after the dot-com crash (and its directors had to pay tens of millions to settle securities fraud charges with the SEC) suddenly decides to leap on the crypto bandwagon.

Reaper

As usual with crypto this thread has largely descended into insults and polarised views.

I like to think I'm open minded and have brought crypto in the past (recently sold). I'm afraid the spectacular chart posted is meaningless. As always past performance is no guide to the future. The chart says nothing. It does not say WHY it has gone up and without that you can't take a view on whether it will continue. The biggest falls tend to come after rises.

Now I happen to think there ARE currently a few factors pushing up the price so I think it will be maintained and go up more in the short term (a few months). I listed some on the other thread. I have no idea what will happen in the medium term but in the long term I think it has failed to find a purpose. It hasn't taken off as a currency (and won't be allowed to IMO) and being virtual seems to be a poor commodity compared to gold/oil etc.

MAYBE the likes of Paypal will get it into everyday use with the public but it seems unlikely to me, and without that it will eventually die.

So I'm out of it now until somebody can give me a compelling case for buying crypto beyond "it's going up".

Malthusian

Reaper said:

It hasn't taken off as a currency (and won't be allowed to IMO) and being virtual seems to be a poor commodity compared to gold/oil etc

I don't think it makes sense to talk about something "not being allowed" to be something that almost none of its hodlers want it to be. If Bitcoin became a true currency with mass adoption, it would stabilise in price, and if it stabilised in price it wouldn't get anyone rich quick.
I don't agree it's a poor commodity compared to gold though. From the perspective of a commodity speculator, all you need is volatility. You could argue that BitCoin is actually a better commodity to speculate on than oil or gold. Oil could become virtually worthless if it is replaced by more environmentally friendly alternatives. Gold could become virtually worthless if someone works out a way to synthesise it in a way that's indistinguishable from the stuff dug out of the ground (or mine it cheaply from space). Whereas I can't think of anything that could make BitCoin worthless that isn't the case already.

EdGasketTheSecond

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around. Some have come and gone already. What about when there are no more BitCoins to be mined, there isn't then much incentive to keep the servers running consuming vast amounts of energy when all the operators will get is some transaction fees from speculators. It will die a death one way or another.

Grenage

jimjames said:

patient_investor said:

If you don't understand this chart and scale of Bitcoin gains comparing to every other investible asset then I cannot help you with your questions.

I thought Bitcoin was meant to be a currency not an investment? Surely a currency that you can't rely on the value for is pretty useless as a currency like Zimbabwean dollars

This is fundamentally the biggest problem.

Digital de-centralised currency - sounds great!  A currency that fluctuates against mainstream currencies by 12% a day - not ideal.

Will it stick around? Maybe.
Will the value go up? Might do.
Will all currency go this route? Possibly.

Is it an invenstment? No, of course not.  It's total speculation.