Bitcoin (or any crypto currency)

Scottex99

sargan said:

I have had several targeted FaceBook posts claiming that Martin Lewis  says the financial future is BitCoin
people need to invest in Bitcoin now.

What is the forums view on this.

Scam.

The industry as a whole is legit (I work in it). but this nonsense is everywhere. All over FB and Insta. There is no guaranteed profit anywhere.There's no magic trick to easy money. There's staking where you can EARN and you can make a fortune in the right assets but there is always volatility and risk. I'm uber long (maybe too much so) I'm buying the dip right now, BTC back above $65k in time, imo

RolandFlagg

It's a shame that some people think that BTC is still a scam because of these types of emails. They are scamming you because they want your BTC. 

Respected people like Howard Marks and Ray Dalio are now coming around to the fact that an alternative asset class should be part of your portfolio. As Dalio says: Cash is Trash. Bonds are useless. That leaves Stocks, Metals (which are being outperformed by crypto) and collectables (like Art). BTC just like metals, art, diamonds etc have no intrinsic value. In fact hardly anything has intrinsic value. It's all just what people are prepared to pay for something at one moment in time.

But as for BTC. There will be only 21 Million ever mined. 3-4 Million have been lost due how difficult it was to store in the early days. 10 Million are being HODLed. That leaves only a few million in circulation every day. It is scarce. As a means of payment will it ever catch on? Maybe in a couple of decades when it is less volatile. At the moment it is a source of value. To be stored. It's going up. It will be volatile just like a new growth stock, but it's going up. It's becoming more mainstream. 40% of new coins mined are being snapped by companies like Square. ETFs will be on the scene soon making it more accessible. 


Even if you hate BTC. Or you don't understand it. Have a small portion of it in your portfolio. It is an inflation hedge and a hedge again fiat currency that are being devalued at mindboggling rate.

https://www.lopp.net/pdf/theses/ARKInvest_Bitcoin_Part_2.pdf

Take a look at Michael Saylor's Youtube videos.
https://www.youtube.com/watch?v=HO2eZf4RtYQ&ab_channel=OnlyTheSAVVY

Gary1984

It's simply untrue to say that fiat currency is being devalued at a mind boggling rate, unless your mind boggles at inflation rates of 1-2%. They also don't have BTC's mind boggling volatility that makes it (along with it's slow processing and scandelous carbon footprint) utterly useless as a currency. 

stephenadarglas

Bitcoin is certainly volatile today.

noah89

stephenadarglas said:

Bitcoin is certainly volatile today.

Bitcoin might be volatile, but that is the way it naturally corrects itself on the graph, and it certainly is a very good investment. I myself have several thousands of dollars invested into it, now I am thinking about investing in some altcoins too. Which ones would you recommend, or maybe share your portfolio and explain your decisions if you could. I am looking for coins to invest in long term.

Scottex99

noah89 said:

stephenadarglas said:

Bitcoin is certainly volatile today.

Bitcoin might be volatile, but that is the way it naturally corrects itself on the graph, and it certainly is a very good investment. I myself have several thousands of dollars invested into it, now I am thinking about investing in some altcoins too. Which ones would you recommend, or maybe share your portfolio and explain your decisions if you could. I am looking for coins to invest in long term.

ETH just hit ATH today and whilst it's not ideal to buy the top, I'm super bullish ETH long term. ETH2 is coming, they are looking at lowering gas, Zk Rollups, Sharding, etc.

I like a lot of the DeFi blue chips as well.

AAVE
DOT
UNI
SNX

There's a long list to be honest.

ETH defo first port of call.

thegentleway

FB ad is def a scam. Martin doesn’t do investment advice. bitcoin is very high risk; only invest money you’re willing to lose. Nobody knows if it’s here to stay but it seems to bubble after each halving every 4 years. 

HansOndabush

JoanNash said:

Bitcoin might be volatile, but that is the way it naturally corrects itself on the graph, and it certainly is a very good investment

Well it might be if you were shorting it otherwise I can't see how an 'investment' that has lost 50% of it's value in a month can be described as 'good'.

mightbedave

JoanNash said:

Bitcoin might be volatile, but that is the way it naturally corrects itself on the graph, and it certainly is a very good investment

I'm not anti-crypto but this post is a bit suspect from a member with one post. Exactly the same as the opening sentence of the post from noah89 a few up. Also their only over post. Bots?

Bravepants

The thing with crypto is that there are no fundamentals driving its performance, because its value, unlike shares, is not related to any company's performance or future prospects. The price of crypto is directly related to the number of people buying and selling it...an extreme version of "market sentiment". Lot's of people buy... the price goes up...lots of people sell... the price goes down.

And sentiment for a crypto is purely based on its perceived prospects of eventual uptake, which may never happen, or maybe it will. Or not! Who knows? 

The individuals on forums like this can be as optimistic about crypto, and big it up all day long, but at the end of the day it is not their decision about what happens to crypto...they do NOT HAVE CONTROL, despite them saying that the main point of crypto is that they DO have control.

But some DO have a semblance of control...

A single nation (China) says it won't support it...people panic and sell...crash!

A single company  (Tesla) says it won't support it...people panic and sell...crash!

There are 194 other countries in the world, there are many thousands of companies...all yet to make up their minds about crypto.

And every time there is one hint of news the price of crypto swings hugely in that sentiment.

Crypto cannot and never will be a viable currency, it is a cyber-tulip.