Bitcoin
- Thread starter wacko
- Start date
Exactly what I said to a young chap who asked me 5 years ago. He bought and now drives a Ferrari.
Darth Vader
From the Dark Side
Its gambling not investing. Some people have won the lottery with the first ticket that they bought.
DV
wulbert
pfm Member
It isn't really investing though is it? It's just gambling, taking a punt. Some winners, many more losers. The value doesn't seem to be linked to anything tangible or reliable, just sentiment. Not for me. If you have excess cash to burn and like to gamble, then why not?
I dabbled for a while in the markets and I hated what it did to my peace of mind, and to me. Made a few quid, but very relieved to exit. Turns people into ****ers IMHO. Building society and NS&I for me. I appreciate the fact that my money is still there at the end of every day and never disappears overnight.
My best ever investment has been land. Unbeatable. (which is why the toffs own most of it, natch)
I dabbled for a while in the markets and I hated what it did to my peace of mind, and to me. Made a few quid, but very relieved to exit. Turns people into ****ers IMHO. Building society and NS&I for me. I appreciate the fact that my money is still there at the end of every day and never disappears overnight.
My best ever investment has been land. Unbeatable. (which is why the toffs own most of it, natch)
matthewr
spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld
It's entirely possible to make money our of Bitcoin although you are trading the volatility and price movement not the underlying asset. i.e. the opposite of the HODL trade.
The downside is that it is highly immoral to do so. It works like a leveraged, derivative trade except retail investors are somehow allowed to take part in the market with what the regulators call "sophisticated" participants. That is, you have to be ok with the people on the other side of the trade being average Joe's who will likely be losing their house to pay your off. And this is tasking it at face value and not even considering how most of it's value gains have been literal pump and dump cycles driven by the very worst sort of people.
The downside is that it is highly immoral to do so. It works like a leveraged, derivative trade except retail investors are somehow allowed to take part in the market with what the regulators call "sophisticated" participants. That is, you have to be ok with the people on the other side of the trade being average Joe's who will likely be losing their house to pay your off. And this is tasking it at face value and not even considering how most of it's value gains have been literal pump and dump cycles driven by the very worst sort of people.
paulfromcamden
Baffled
I ummed and arred about crypto a while back and decided in the end that the colossal energy consumption involved made it a no no for me.
edit: also assets that can lose 2/3 of their value in 12 months make me nervous.
edit: also assets that can lose 2/3 of their value in 12 months make me nervous.
paulfromcamden
Baffled
Graphic from random first webpage Google gave me. But you get the idea.
digiconomist.net
Bitcoin Energy Consumption Index - Digiconomist
The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network.
digiconomist.net
vince rocker
pfm Member
All these resources wasted for something of no use or value.Graphic from random first webpage Google gave me. But you get the idea.
Bitcoin Energy Consumption Index - Digiconomist
The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network.
It's also slow. Transactions take about a minute to be completed in Bitcoin... for comparison, interbank clearing systems do thousands every second.
Bitcoin is not fit for purpose as a global transaction ledger: it simply cannot expand to the necessary volume of transactions. It is however ideal as a place to hide money, and a number to gamble on.
Honestly if more US states would just legalise gambling, we'd have less of this nonsense posing as "investment"
Bitcoin is not fit for purpose as a global transaction ledger: it simply cannot expand to the necessary volume of transactions. It is however ideal as a place to hide money, and a number to gamble on.
Honestly if more US states would just legalise gambling, we'd have less of this nonsense posing as "investment"
Well it might be 'of no use' but the total value of all bitcoins is now $1.325 TRILLION.
vince rocker
pfm Member
In what sense is that "value"? If I had it, what could I do with it?
kensalriser
pfm Member
A Ponzi scheme for criminals. As with all bubbles there's a lot of money to be made for some until it goes pop.
Not sure I understand you. If you had just 1 Bitcoin you could sell it and get $70,000.
It may be a bit more than that. There is a rumour that Blackrock (possibly the largest investment company) have been buying. Big time.
narabdela
who?
Well, if true, that's one company that I'll never be investing with.
paulfromcamden
Baffled
Pretty much all the big investment banks investment management peeps have large crypto holdings.
By that logic perhaps I could interest you in some subprime mortgage derivatives?