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Thread: Bitcoin

  1. #11
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    Quote Originally Posted by ltomo View Post
    If the gooberment decides to keep printing trillions and trillions of dollars, those numbers in your bank account will be worth as much as the proverbial Dutchman's flowers.
    Only if the money was being printed to pay off debts in a foreign currency, and you don't live in Argentina. The real danger to money printing for reserve currency countries, contrary to postulates of new classical economics, is not inflation but deflation - which is harmful to business, but great for individuals. There is zero chance of fiat currency debasement, the whole thing is being pumped by eloquent hucksters trying to lure you into buying gold. They are using the language of Austrian economics that has become popular in some parts of the western world, but the thing has no connection to real world data or to actual Austrian economics. Plus half of them are paid by fucking Putin, who seems to be making a whole lot of money off of this scam.

  2. #12
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    When investing in crypto, you have to be aware of a few things. One of them is that FOMO is a huge driver of the price. The fact that you’re asking likely means you’re worried about missing out on Bitcoin going to the moon. So you buy in at $20k or whatever it is today and then the carpet gets pulled out from under you.

    Once the carpet gets pulled YOU have to be comfortable with letting your investment stay at near zero for a very long time. Years, in some cases. It will return, but you’re about to see a bunch of people who bought in at $20k several years ago, finally dumping that albatross that’s been hanging over their head from 2017.

    You are better off investing in Bitcoin when China starts saying it’s going to regulate it or crack down on it. That drives the price way down (every time). Then you just sit and wait for the next speculative event to happen. Again, years...

    Don’t get burned buying something at $20k when the speculation that’s driving it right now will stop and the price goes back to $3k.

    Just my two cents.

  3. #13
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    Quote Originally Posted by John Watson View Post
    But better off, if you're investing for the long term is to buy and hold index funds such as VFIAX or VTSAX.
    The US stock market as a whole has gone up over the long term, albeit with some wild up and downs for over a hundred years.

    I was fully invested back on March 23, when Covid hysteria dropped the market to some wonderful overreaction panic low bargain levels, but convinced my gf to buy in. My only regret is not telling her to buy a lot more.
    Amen. My time horizon is a decade (I’m 51, I think); would be longer if I was younger. If the market doesn’t grow, we all die.

  4. #14
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    Quote Originally Posted by VNV View Post
    Seems that if a fiat currency goes to zero, so does its corresponding nation.

    So, aside from the cool-factors, holding Coin is like holding out for Book of Eli.
    For one, there are other nations, but Germany, Zimbabwe, and Venezuela are all still kicking despite hyperinflating their currencies. Bitcoin is a better gold, and should be treated as such. It's been the best performing asset for years on end. Is it speculative? Yes. But really, so are all investments.

  5. #15
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    Quote Originally Posted by Laramie Hartmann View Post
    For one, there are other nations, but Germany, Zimbabwe, and Venezuela are all still kicking despite hyperinflating their currencies. Bitcoin is a better gold, and should be treated as such. It's been the best performing asset for years on end. Is it speculative? Yes. But really, so are all investments.
    Alright, it is an interesting question.

    Won't the surfeit of limited-quantity commodities (Bitcoin, Ethereum, and a thousand github forks) make them each worthless?

  6. #16
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    Quote Originally Posted by Laramie Hartmann View Post
    For one, there are other nations, but Germany, Zimbabwe, and Venezuela are all still kicking despite hyperinflating their currencies. Bitcoin is a better gold, and should be treated as such. It's been the best performing asset for years on end. Is it speculative? Yes. But really, so are all investments.
    “Better than gold, and should be treated as such”
    How so? Quite a stretch there.

    “It has been the best performing asset for years on end’. Very very short window. It’s really only been around what 10 years of being traded on the crypto exchanges? Too small of a sample size to suggest that. And if by best performing you mean most volatile, sure.

  7. #17
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    Quote Originally Posted by Laramie Hartmann View Post
    Bitcoin is a better gold, and should be treated as such. It's been the best performing asset for years on end. Is it speculative? Yes. But really, so are all investments.
    Forgive me but I fail to understand how this is the case. There's literally NOTHING to back bitcoin with. It was nothing but a way for drug dealers on the dark web to conduct their transactions, and more or less untraceable. It's like printing your own new line of currency but have nothing of value to back it up with. So excuse me while I go build a new computer with billions of bits of my new digital currency. I'll bring it online tomorrow for you to invest in, so just trust me the bits are secure and worthy.

  8. #18
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    Quote Originally Posted by Steve Cox View Post
    Forgive me but I fail to understand how this is the case. There's literally NOTHING to back bitcoin with. It was nothing but a way for drug dealers on the dark web to conduct their transactions, and more or less untraceable. It's like printing your own new line of currency but have nothing of value to back it up with. So excuse me while I go build a new computer with billions of bits of my new digital currency. I'll bring it online tomorrow for you to invest in, so just trust me the bits are secure and worthy.
    This is a valid criticism, but it’s not like most currencies are legitimately backed by anything anyway. Hell, the US just prints cash freely but it’s not like there’s anything backing it up other than worldwide perception of a preferred currency. Sure, there are physical bills, but how is that really different than sequences of 1’s and 0’s on a computer other than tangibility? Unless there’s 30 trillion in gold somewhere that I’m not aware of, isn’t a dollar just a piece of paper with a perception?

    Bitcoin, like 45 pound plates during the lockdown, is worth what people will pay for it or trade for it. It might seem absurd, but markets don’t have to be rational to exist. Hell, ramen noodles in prison are extraordinarily valuable, and can buy all sorts of stuff behind bars.

  9. #19
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    Quote Originally Posted by Jovan Dragisic View Post
    Only if the money was being printed to pay off debts in a foreign currency, and you don't live in Argentina. The real danger to money printing for reserve currency countries, contrary to postulates of new classical economics, is not inflation but deflation - which is harmful to business, but great for individuals. There is zero chance of fiat currency debasement, the whole thing is being pumped by eloquent hucksters trying to lure you into buying gold. They are using the language of Austrian economics that has become popular in some parts of the western world, but the thing has no connection to real world data or to actual Austrian economics. Plus half of them are paid by fucking Putin, who seems to be making a whole lot of money off of this scam.
    I'm not sure I follow. I was taught in macroeconomics that increasing currency supply leads to inflation. How don't see how my couple thousand USD sitting in the bank increases in value when the US prints off 6 billion more of them? Isn't that exactly what happened in Weimar Germany?

  10. #20
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    IRS is coming for your bitcoin: The IRS Sets a Trap for Cryptocurrency Tax Cheats - WSJ (sorry behind a paywall)

    Here's a good (long) podcast with one of the creators of ETH Vitalik Buterin: Ethereum, Cryptocurrency, and the Future of Money | Lex Fridman Podcast #80 - YouTube

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