Crypto Dabble.

YellowDuc

YellowDuc said:

I could write an essay on why everyone should invest into BTC + ETH.. It's the best  investment you can make at the moment and I fully expect BTC to hit anywhere from $250-500K by 2024-2025. 

I'm predicting BTC to $100K by end of January latest and ETH at $10-12K. 

Just remember, dont sell the dips, buy the dips. Accumulate and HODL.

BTC averages at 300%+ returns a year, meanwhile your savings bank gives you 0.05% when inflation is estimated to be around 10%. You're losing money by keeping savings in the bank.

What could possibly go wrong...? 

There were people like you saying the same things back when it was $100, then $1000, then $10,000. 

It's the biggest financial revolution in history. 

If you keep your money in Fiat getting 0.05% interest in a bank account when real inflation is estimated to be 5-10% - what is right about that? 

I'd rather have my money averaging 200-300% a year than -9%, but each to their own.

Besides, when the Government keep printing more and more money, you do realise its becoming more and more worthless each year, right? Everything is becoming more expensive (Inflation) or you're getting less for your money (Shrinkflation) but you are still (providing youre PAYE) earning the same each year. It's theft on a mass scale.

YellowDuc

edit: I'm not saying put all your life savings into it (nor have I done that either) - but it's baffling if you wouldn't allocate some part of your portfolio towards crypto. 

Malthusian

Why on earth wouldn't I put all my life savings into something that returns 200 - 300% per year?

[Deleted User]

Of course you can put your life savings in and make loads of money, but it would be extremely risky and you could lose it all. Do you really want to risk losing everything on the strength of the coin?

Personally I think it would be an extremely foolish thing to do, better say, put 10 or 20% in if you are desperate to hold the coin. But know that it could disappear overnight, equally it could double in value.

Hansplace

Just my personal opinion here. Yes I do own 0.3 bitcoin, 1.2 ether and some bitcoin cash and litecoin which I bought in 2018 so I am very safe.

Would I put more money in now? No!

Bitcoin marketcap is now $820 billion.
Total crypto marketcap is $1.94 trillion.

I woke up this morning I used electric from say Centrica. Then I use broadband from Vodafone. Then toothpaste from Unilever. Did some banking in HSBC. The marketcap of FTSE is £1.84 trillion

Even though the crypto marketcap is $1.94 trillion but I have yet to use a single thing in my life related to crypto yet today or since 2000s when bitcoin was born.

Yes yes crypto is the future but until I use something in my daily life related to crypto, to me crypto is just a big Ponzi.
(Apologies if this statement is not true or offensive but it is just my own opinion)

Scottex99

Decent post tbf, but if you had a valuable painting or statue, would you use it on a daily basis? 

For the store of value narrative you don't need to be using crypto or any blockchain every day for it to have real value now and potentially a lot more in the future.

For the payments narrative you can now tip BTC on Twitter and whoever you tip will get it in about 5s on the lightning network.

But yeah it's early days still so valid point not wanting to invest more at current levels

oceanejondo

First post on MSE but just can't resist To reply when I read the word Ponzi.

Good way to compare the market cap tbh but please don't call bitcoin a ponzi cause you don't understand crypto and you don't use it in your daily life.

Hansplace

everybody will have their own views on crypto but I would advise to do the following.

If you don't have a coinbase account, please do open one as you can current earn $32 of coins on coinbase earn. It is just tutorial and answer 3 questions. Each question earns you $1.
Once you have the $32 worth of coins, convert it to bitcoin or ether or whatever you want. Free bitcoin.
The conversion is quite accurate.

I am not promoting coinbase, just informing fellow MSE members about the free $32 if nobody mentioned it before.

YellowDuc

oceanejondo said:

First post on MSE but just can't resist To reply when I read the word Ponzi.

Good way to compare the market cap tbh but please don't call bitcoin a ponzi cause you don't understand crypto and you don't use it in your daily life.

100% . For the people of El Salvador BTC and the lightning network has been life changing. Thanks to the lightning work, people can now send bitcoin instantly with ZERO fees across entire continents. No other payment gateway has been able to do that. 

Bitcoin absolutely isnt going to zero! 

It makes me facepalm a lot reading this thread as there are so many boomer dinosaurs who think they know best and don't bother to do any research into anything new that may confuse them.

It will be very, very interesting to revisit this thread in 2024/2025 and see who was right + what other countries have adopted it. 

tebbins

oceanejondo said:

First post on MSE but just can't resist To reply when I read the word Ponzi.

Good way to compare the market cap tbh but please don't call bitcoin a ponzi cause you don't understand crypto and you don't use it in your daily life.

Bitcoin is worth whatever someone else is willing to pay for it, the ONLY way to make a profit, literally by definition the only mathematically possible way if is someone else is willing to buy it off you for more later on.
A Ponzi scheme is where earlier investors are paid profits out of money from later investors.
I don't see a difference.