Bitcoin investors are running from the crypto to invest in gold

[Libertarian666]

I'm sure Bitcoin will come roaring back soon!
Just like Beanie Babies!

[gaddyslapper007]

I like the idea of what it was originally intended for, just a frictionless medium of exchange. As an investment or store of value...most vendors and individuals simply don't accept it. It's like it was made primarily for ransomware.

I was not soley intended as a frictionless MOE.....it was designed to give people and option outside of government issued fiat cash. A money built on Sound economic principles for the people who freely choose to use it. (digital gold...but better)


The credit card was invented in 1950....how many years did it take for mass adoption? 20-30?...40? I remember the debit card being a big deal in late 90s'....adoption takes time. Time is the magical ingredient.....

Side note:
I was affected by hurricane Harvey in 2017 (we had 3ft of water in home). Believe me when I tell you....gold & silver are heavy burdens (literally & emotionally) to lug around with you at 3:00am through flooded streets to nearby neighbors house you barely know willing to take you in..., then later to hotels and friends houses as you don't want spend to much money & impose your family of 5 on friends too long. The anxiety is relentless....that you'll forget them, where's best place to store them, what if they get stolen, etc... This went on for ~8 months till we were able to move back home and occupy it. So just a heads up for you who love to hold physical yourself....maybe have some back-up plan for your stash if you have to evacuate....come to think of it....I need to do the same...

This life experience is nothing compared to people having to flee ones country's from a tyrannically government...but on a small scale I damn sure came to appreciate Bitcoin's non-physical attributes.

[gaddyslapper007]

I'm sure Bitcoin will come roaring back soon!
Just like Beanie Babies!

I’m not sure about soon.....my speculation (let’s see how this ages for the sake of fun)....~September 2019 will start a real slow boring new bull run....(bitcoin is dead in the news stories continue).....then mid 2020 will start the next run up a little more excited like...(you’ll start hearing about bitcoin again)......2021 to 2022 next FOMO event and then bitcoin crashes 80% again....deemed dead again....and setttles around $20k.

[Libertarian666]

I'm sure Bitcoin will come roaring back soon!
Just like Beanie Babies!

I’m not sure about soon.....my speculation (let’s see how this ages for the sake of fun)....~September 2019 will start a real slow boring new bull run....(bitcoin is dead in the news stories continue).....then mid 2020 will start the next run up a little more excited like...(you’ll start hearing about bitcoin again)......2021 to 2022 next FOMO event and then bitcoin crashes 80% again....deemed dead again....and setttles around $20k.

Once a totally absurd bubble pops, it never comes back. That's because once people realize that it can go down, they stop and ask themselves "What is the actual use value, not the speculative value?" The answer is always "Very little or nothing".

Some examples are tulips, dot-com stocks, Beanie Babies and Bitcoin. There are many others; those are just some of the more famous and/or recent.

The only exception is when such a bubble is reinflated by the government, e.g., the housing market.
Somehow I don't think Bitcoin is going to be among the rare exceptions.

But by all means, sink all you have into it; it will be educational.

As I found out in 1980 when I bought into the silver bubble on the day of the top.
On margin.

[gaddyslapper007]

For anyone interested in learning about bitcoin Andreas Antonopoulos is great source. This is just one video of speech he gave that I plucked from a google search.


https://m.youtube.com/watch?v=ONvg9Sbau ... e=youtu.be

If you never challenged your opinion of bitcoin I ask that you at least give this video a fair / open minded listen. I love what bitcoin can offer people....I’m not saying go all, I’m saying learn about it. That’s what this community does....shares ideas.

I first looked into bitcoin in 2011ish.....scam was my conclusion. There was no Coinbase then....I had to meet some dude at a public place where he would give me BTC and I would give him cash.....No thanks! When I finally took the time and really learned about bitcoin (2013ish).. it seemed like the final piece in the PP puzzle....and then boom! It crashed $1200 down to $200.....just my luck. But the reasons for buying bitcoin still existed then so I kept buying.....those reasons still exist today (only stronger) and I keep buying.

I’ve read this chat forum (as a visitor) learning about the PP for 5 or 6 years and now. Everyone loves to tweak the PP for performance juice...a tiny portion of Bitcoin does this. Bitcoin wedges nicely in the speculative 10% portion. Rebalance annually and enjoy the ride. Worst case it goes $0. As long as your comfortable with that who cares....the rest is gravey!

[gaddyslapper007]

For anyone interested in learning about bitcoin Andreas Antonopoulos is great source. This is just one video of speech he gave that I plucked from a google search.


https://m.youtube.com/watch?v=ONvg9Sbau ... e=youtu.be

If you never challenged your opinion of bitcoin I ask that you at least give this video a fair / open minded listen. I love what bitcoin can offer people....I’m not saying go all, I’m saying learn about it. That’s what this community does....shares ideas.

I first looked into bitcoin in 2011ish.....scam was my conclusion. There was no Coinbase then....I had to meet some dude at a public place where he would give me BTC and I would give him cash.....No thanks! When I finally took the time and really learned about bitcoin (2013ish).. it seemed like a perfect complement to the PP....and then boom! It crashed $1200 down to $200.....just my luck. But the reasons for buying bitcoin still existed then so I kept buying.....those reasons still exist today (only stronger) and I keep buying.

I’ve read this chat forum (as a visitor) learning about the PP for 5 or 6 years and now. Everyone loves to tweak the PP for performance juice...a tiny portion of Bitcoin does this. Bitcoin wedges nicely in the speculative 10% portion. Rebalance annually and enjoy the ride. Worst case it goes $0. As long as your comfortable with that who cares....the rest is gravey!

[dualstow]

I first looked into bitcoin in 2011ish.....scam was my conclusion.
...
When I finally took the time and really learned about bitcoin (2013ish).. it seemed like the final piece in the PP puzzle....

VP puzzle, you mean.

[dualstow]

Saw this posted in the BH forum.

STUDENT TURNS $5K INTO $800K TRADING CRYPTO, BUT NOW OWES $400K IN TAXES

https://bitcoinist.com/student-400k-cry ... ncy-taxes/

(Nov 2018)

[Kriegsspiel]

Saw this posted in the BH forum.

STUDENT TURNS $5K INTO $800K TRADING CRYPTO, BUT NOW OWES $400K IN TAXES

https://bitcoinist.com/student-400k-cry ... ncy-taxes/

(Nov 2018)

Well, at first I thought "turning $5k into $400k isn't too shabby either."

But reading the article, his crypto is now only worth $125k. Hard ouch.

[dualstow]

Or at least, that’s what it was worth at the time it was published. Maybe now it’s $125 million. Or $125.

[gaddyslapper007]

VP puzzle, you mean.

yes....I certainly don't recommend it stand along side Bonds, Gold, Stocks and Cash equally. I encourage learning about it, buy enough that you can afford to lose....use it where accepted, send / receive to friends to settle small debts / credits. (Peer to Peer)…..and hopefully enjoy long term appreciation with use and adoption.


If bitcoin ever to gets to gold parity market cap (~$7trillion I believe)….then I would say it would most definitely deserve a spot equally divided in the standard PP. It is nice function of cash & gold, yet fully independent with no correlation of them both.

[dualstow]

I won’t be buying it myself, but I am still very interested in blockchain. I am curious to see how bitcoin and other crypto currencies fare in the coming decade.

As for small debts, my friends and I use Apple Pay Cash. Love it.

[Ad Orientem]

I won’t be buying it myself, but I am still very interested in blockchain. I am curious to see how bitcoin and other crypto currencies fare in the coming decade.

As for small debts, my friends and I use Apple Pay Cash. Love it.

For small debts I just use cash. It's hard to beat for convenience.

[gaddyslapper007]

I won’t be buying it myself, but I am still very interested in blockchain. I am curious to see how bitcoin and other crypto currencies fare in the coming decade.

As for small debts, my friends and I use Apple Pay Cash. Love it.

What about blockchain intrigues you?....(other than the function it palys for bitcoin). 2018 should us blockchains suck at pretty much everything except as raw bitcoin settlement layer. Ethereum is the biggest (most used has the most developers) blockchain "style" platform with sidecoins, and smart contracts, etc........and it gets bogged down with kripto-kitties...Blockchain is very inefficient database and massively space wasting.... That's what lighting network is working on solving for bitcoin (off chain settlement at nearly free cost (~.01 cent fee currently)). Blockchain was a catch phrase of 2017-2018.....it will be used for very little out side of Bitcoin settlement.


Sure there are other peer to peer settlement methods (3rd party controlled) .....I was suggesting the idea for an exercise to become familiar with bitcoin for fun / learning sake....you learn by doing. Dip your toes in and put yourself in an uncomfortable situations...learn from experiences.

[Libertarian666]

VP puzzle, you mean.

yes....I certainly don't recommend it stand along side Bonds, Gold, Stocks and Cash equally. I encourage learning about it, buy enough that you can afford to lose....use it where accepted, send / receive to friends to settle small debts / credits. (Peer to Peer)…..and hopefully enjoy long term appreciation with use and adoption.

If bitcoin ever to gets to gold parity market cap (~$7trillion I believe)….then I would say it would most definitely deserve a spot equally divided in the standard PP. It is nice function of cash & gold, yet fully independent with no correlation of them both.

It has nothing in common with either gold or cash other than that some people believe it has value, which can be said of virtually anything else as well.

[dualstow]

I won’t be buying it myself, but I am still very interested in blockchain. I am curious to see how bitcoin and other crypto currencies fare in the coming decade.

As for small debts, my friends and I use Apple Pay Cash. Love it.

What about blockchain intrigues you?....(other than the function it palys for bitcoin). 2018 should us blockchains suck at pretty much everything except as raw bitcoin settlement layer.

One example: a Beijing student was protesting sexual harassment and

Censors banned the shorthand characters used for PKU, but some internet users were able to share the letter by covert methods, including archiving the story with unalterable blockchain technology and spreading the word with flipped screenshots.

https://www.cnn.com/2018/04/25/asia/chi ... index.html

[gaddyslapper007]

It has nothing in common with either gold or cash other than that some people believe it has value, which can be said of virtually anything else as well.

YES!.....exactly!....nothing has value as a universal law....(the universes doesn't give a **** about any of this or your personal rights to life liberty, or pursuit of happiness) Value lives within human imagination only....I like it.

[gaddyslapper007]

One example: a Beijing student was protesting sexual harassment and

Censors banned the shorthand characters used for PKU, but some internet users were able to share the letter by covert methods, including archiving the story with unalterable blockchain technology and spreading the word with flipped screenshots.

https://www.cnn.com/2018/04/25/asia/chi ... index.html

yes! exactly!.....free speech! Really all bitcoin is data form (blockchain) "text" free speech. Bitcoin is trying to become free speech money!.... maybe one way to think of it.

[dualstow]

Oh boy, good old GDX.
I think every time period from inception the fund has been -ve.
Bought my first batch at 37 and last batch at 18 and change several years ago.
What a peach

The miners have destroyed so much capital...

I meant to say, earlier, I lost plenty of miners. Never really cared about mining stocks until I saw the excitement about them on this forum. But hey, it was my decision.

[sophie]

I've always found it a little weird that Bitcoin could both serve as cash and as a wildly speculative investment. I just figured that it was going to have to stabilize before it could mature into a legit cash vehicle.

Sad to have missed the initial joyride though!

[gaddyslapper007]

I've always found it a little weird that Bitcoin could both serve as cash and as a wildly speculative investment. I just figured that it was going to have to stabilize before it could mature into a legit cash vehicle.

Sad to have missed the initial joyride though!

Yes I agree. Exactly! Bitcoin price is all we hear about.....the booms and busts. You have to dig deep to find out what it does / can do for humanity. As we've kind of concluded above.....value lives within human imagination shared collectively. If people really understood bitcoin is "free speech text money" and that THEY (the worldwide collective people) say at the same time....Yes! This is what we want....inherent to Bitcoins design (scarcity) value has increased and will be reflected in the price. This is why scarcity was built into the protocol, it provides an incentive to HODL. HODLers are rewarded for their risk. <-- This creates the booms and busts in the early stages. Early adopters get handsomely rewarded during a ramp up...news stories emerge, new buyers come in (uneducated as to why price went up.. AKA greed), Early adopters take profits, new adopters get burned and this goes on and on. Each time bringing more and more adoption to the educated. <-- The Bitcoin mining reward halving events (every four years) engourges / facititales this. Eventually ...given enough time, adoption and economy built around bitcoin...there will be no need to sell. <-- the hope / end goal. Thus the speculative price nature stabilizes and volatility risk is waned.

what is happing in Venezuela right now?.....is their currency really that different than the US dollar?...They are created the same, both backed by debt and the good faith of their government,...they are both paper! The difference lies within our "belief" of value.

Today...Would you rather leave your grandkids $3,500.00 cash, gold, Bonds, VTI, or Bitcoin? Which holds a greater risk / reward chance of providing life changing value...I don't know. But if bitcoin works out in the end.....there are only 21 million coins. Every millionaire today cant even own one (1) even if they wanted to....

[dualstow]

Today...Would you rather leave your grandkids $3,500.00 cash, gold, Bonds, VTI, or Bitcoin? Which holds a greater risk / reward chance of providing life changing value...I don't know. But if bitcoin works out in the end.....there are only 21 million coins. Every millionaire today cant even own one (1) even if they wanted to....

VTI. Second choice: cash.

[Tortoise]

I've always found it a little weird that Bitcoin could both serve as cash and as a wildly speculative investment. I just figured that it was going to have to stabilize before it could mature into a legit cash vehicle.

Doesn't that also apply to gold? People have speculated in gold throughout history, and it has sometimes been used as an actual currency.

[bitcoininthevp]

I'm sure Bitcoin will come roaring back soon!
Just like Beanie Babies!

I’m not sure about soon.....my speculation (let’s see how this ages for the sake of fun)....~September 2019 will start a real slow boring new bull run....(bitcoin is dead in the news stories continue).....then mid 2020 will start the next run up a little more excited like...(you’ll start hearing about bitcoin again)......2021 to 2022 next FOMO event and then bitcoin crashes 80% again....deemed dead again....and setttles around $20k.

Once a totally absurd bubble pops, it never comes back. That's because once people realize that it can go down, they stop and ask themselves "What is the actual use value, not the speculative value?" The answer is always "Very little or nothing".

Some examples are tulips, dot-com stocks, Beanie Babies and Bitcoin. There are many others; those are just some of the more famous and/or recent.

The only exception is when such a bubble is reinflated by the government, e.g., the housing market.
Somehow I don't think Bitcoin is going to be among the rare exceptions.

But by all means, sink all you have into it; it will be educational.

As I found out in 1980 when I bought into the silver bubble on the day of the top.
On margin.

This is bad information on Bitcoin.

Which Bitcoin bubble are you referring to?

When it went from $30 to $1?
Or $270 to $40?
Or $1200 to $100?
Or what-happens-to-be-the-current-bubble of $20k to $3k?

[bitcoininthevp]

I’ve read this chat forum (as a visitor) learning about the PP for 5 or 6 years and now. Everyone loves to tweak the PP for performance juice...a tiny portion of Bitcoin does this. Bitcoin wedges nicely in the speculative 10% portion. Rebalance annually and enjoy the ride. Worst case it goes $0. As long as your comfortable with that who cares....the rest is gravey!

Lets get a good name for it:
viewtopic.php?f=1&t=9347&p=167356&hilit ... 25#p167356