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Thread: Bitcoin

  1. #1
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    Default Bitcoin

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    Would a wise man invest in bitcoin right now? The hype is real as itís approaching a record high and various financial institutions are predicting it going to the moon.

  2. #2
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    I have no idea. We'll ask.

  3. #3
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    nah he would've been mining entire coins with minimal computational effort 10+ years ago.

  4. #4
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    Itís all nonsense. Even less certain than fiat currency. Cool algorithms/crypto changes nothing. See Tulip craze.

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    Quote Originally Posted by m s View Post
    nah he would've been mining entire coins with minimal computational effort 10+ years ago.
    True

  6. #6
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    I'll tell you my stock answer to your question: I purchased a sum of bitcoin in 2013 because I believed in its philosophical foundations, especially in light of the debasement of the dollar and other sovereign currencies. We can see what has happened to all fiat currencies throughout history. They go to zero. I still hold.

  7. #7
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    Ben Gillenwater(?) did a good job answering my questions about it in the forum post for the podcast he did with Rip a few months ago. If I'm remembering correctly, he actually thought Etherium was the superior cryptocurrency.You should look it up.

    Long story short is that it has some unique features and potential compared to other forms of currency. A lot of people like the anonymity and security. The IRS has a much harder time seeing what's in your Bitcoin wallet than they do with your bank account. Another big one, at least for me, is that there will only ever be 21 million in existance, and 18 million have already been mined. I'm no financial expert, but I could see crypto currencies functioning as an analogy to the gold standard if the Federal Reserve screws up the dollar badly enough.

    I understand worries about the "tulip craze," but it's good to remember that every currency has the same vulnerability. 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.

    I bought about $160 worth back when 1BTC was equal to about $10,000 or so. Since then I've been taking a small fraction of what would have gone into my IRA and used it to buy Bitcoin instead. My philosophy is to hold on to a little bit as an emergency in case the dollar collapses or the stock market tanks.

    Get a wallet and buy a little bit if you're interested, but don't expect to get super rich off of it.

  8. #8
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    Quote Originally Posted by Laramie Hartmann View Post
    ...They go to zero...
    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.

  9. #9
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    Quote Originally Posted by Soule View Post
    Would a wise man invest in bitcoin right now? The hype is real as it’s approaching a record high and various financial institutions are predicting it going to the moon.

    Bitcoin is not investing, it's speculating.
    Buying in at near record highs may not be the greatest strategy. Successful speculation involves buying low and selling high.
    Wait until there is fear and panic and Bitcoin has plummeted to record lows.

    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.

    Bitcoin is gambling, good luck, hope you win.

  10. #10
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    starting strength coach development program
    ďThe IRS has a much harder time seeing what's in your Bitcoin wallet than they do with your bank account.Ē

    May not be so true anymore about the anonymity now. In the early days yes.
    But post Silk Road, the DOJ and Dept of Treasury have made enormous advances in their ability to track block chain transactions and determine ownership.

    So many reasons to stay away. Whatever exchange you are using, be careful. The exchanges can be hacked, and they have been.
    Sort of like a bank being robbed.

    And you will report your earnings from Bitcoin, right? There is no way to cash out your Bitcoin without a transaction that can be traced.
    Look at your tax paperwork carefully.
    When you sign your tax statement there is a small notice on the IRS form that you have listed any gains from cryptocurrency.

    Disclaimer: just my opinion, not an expert.
    But I follow the crypto currency news fairly closely.

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