Bitcoin - where to buy?

User232002

Thrugelmir said:

Scottex99 said:

No point ruining the discussion for everyone else with your kid chat

After many decades to stay grounded. I remind myself of these wise words. 

Financial crises of the past are destined to repeat themselves. Markets are complex places and it's naive to think such events can ever be avoided.  Crises have a high degree of commonality: excessive exuberance, poor regulatory oversight, dodgy accounting, herd mentalities and often includes a sense of infallibility from investors. 

If this is a warning about Bitcoin, which I assume it is, can you please point to a financial crisis in the past that has gone through 4 consecutive blowoff tops, each time recovering and setting a new ATH, all within a 10 year time line?

These are all Barnum statements that on the surface sound like sage advice but in reality have zero predictive power and can only be judged with captain hindsight. 'Excessive exuberance?' Just over a decade ago, people were laughing at the idea of buying FaceBook at IPO because it was a company with no revenue, no plan to generate revenue and was valued at several billion dollars. Plenty of people at the time thought this was 'excessively exuberant,' but nobody references that any more because it turned out to be a very profitable buy. 'Herd Mentalities?' Have you seen the current S&P500 graph? On what basis can we argue that the S&P500 deserves to be at ATHs given the make up of the indices, the demographics of the population and the worldwide business interruptions.

tebbins said:

Great so now real financial institutions are taking on liability for the crypto craze, this definitely won't have anything to do with the next financial crisis.

Imagine seeing all this adoption around you from a multitude of different interests and players and still concluding that they are all wrong and you are correct. 

In any event, crypto survived a 60% drawdown this year with no systemic risk, no unpaid debts and no bailouts. The crypto system is better because everyone knows who owns what (its a public blockchain after all).

Section62

darren232002 said:

If this is a warning about Bitcoin, which I assume it is, can you please point to a financial crisis in the past that has gone through 4 consecutive blowoff tops, each time recovering and setting a new ATH, all within a 10 year time line?

These are all Barnum statements that on the surface sound like sage advice but in reality have zero predictive power and can only be judged with captain hindsight. 'Excessive exuberance?' Just over a decade ago, people were laughing at the idea of buying FaceBook at IPO because it was a company with no revenue, no plan to generate revenue and was valued at several billion dollars. Plenty of people at the time thought this was 'excessively exuberant,' but nobody references that any more because it turned out to be a very profitable buy. '

Remember Friends Reunited?

In 2007, ITV Chairman Michael Grade described the site as "the sweet spot" of the internet and stated that "Friends Reunited is one of the great undersung jewels in the crown ... one of the most important bits of ITV going forward, a massive presence, and profitable".  That year the site made a profit of £22 million, but its market valuation had fallen sharply from the £175 million paid by ITV in 2005....

....

On 15 December 2011, DC Thomson estimated that Friends Reunited was worth only £5.2 million, a fifth of the price it paid to ITV two years previously.

Not all buys are profitable.

The best is only the best until something better comes along. The trick isn't in deciding what to jump on board, but getting it right when the time comes to jump off.

But no doubt you'll also dismiss this as words which "sound like sage advice but in reality have zero predictive power".  Seems to be a bit of a theme you have there.

User232002

Section62 said:

Remember Friends Reunited?

Yes. I used the site as a student in college. It was obviously terrible. And yes, this:

Section62 said:

Not all buys are profitable.

The best is only the best until something better comes along. The trick isn't in deciding what to jump on board, but getting it right when the time comes to jump off.

is definitely evidence of this:

Section62 said:

words which "sound like sage advice but in reality have zero predictive power"

Please show how uninformed you are and tell me how something better than Bitcoin is sure to come along... because that's a completely novel argument that we haven't heard or considered before.

Section62

darren232002 said:

Please show how uninformed you are and tell me how something better than Bitcoin is sure to come along... because that's a completely novel argument that we haven't heard or considered before.

No.

Because you only seem willing to use rudeness and insults to engage in discussion with anyone who doesn't have an identical point of view to you.

Which is a shame really.  What a waste.

User232002

Really? You made a weak point regarding some small blip company in reply to a quote that wasn't aimed at you with a snarky comment at the end - and I'm the one who is using 'rudeness and insults to engage in discussion'? Would you like to state what point you think you were making by referencing Friends Reunited?

Not all buys are profitable - Could be uttered before or after any stock purchase ever in history.

The best is only the best until something better comes along - Could be said about every incumbent business in history

The trick isn't in deciding what to jump on board, but getting it right when the time comes to jump off - Could be said about any stock or market trend in history, or to anyone on a train platform at London Victoria at 5pm.

See the problem here?

Section62

darren232002 said:

The best is only the best until something better comes along - Could be said about every incumbent business in history

Yet there you were saying it was "uninformed" to have a view that there could be something better than Facebook(/Bitcoin).

See the problem here?

User232002

Could be said =/= is correct

Would you like to state what point you think you were making by referencing Friends Reunited?

Section62

darren232002 said:

Could be said =/= is correct

Would you like to state what point you think you were making by referencing Friends Reunited?

“If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.”

User232002

Haha.

Yeah, its tough to back up random statements I guess when I pre-empted the point you were trying to make.

You're on the left side of the meme but pretending you're on the right side.