I don’t recommend investing to anyone, because this is absolutely bound to happen. I just say “Hey, I invest via [broker], and mostly in broad ETFs”.
If they want advice, I’ll tell them anything except for names, because the minute I do, they’ll buy, the price will drop and they’ll sell and get angry at me.
Bitcoin was supposed to be a currency, not a investment.
It was designed from the start to be deflationary and a strongly appreciating asset. Tell me that’s not an investment vehicle too
What? That’s completely wrong.
If it was set up as a currency, it was set up entirely wrong. There is a capped amount of bitcoin, and over time bitcoin will dissapear. That means a smaller supply will represent equal value (well not really, since it isn’t backed by anything), meaning it’s deflationary.
Deflationary assets are by definitions bad currency and great investments.
Literally the opposite for me…
I bought at 7k and listened to my family telling me it’s a scam and I’d be the idiot left holding the bag when everyone sold off so I sold at like 15k or something, I don’t remember exactly what. Double, sure, but every time I see that 100k I get so mad for listening to them…
Meh, I bought a few t-shirts for 3 bitcoins way back when.
Of course, I never would have held on to them till 100k. I would have sold a dozen times over between 10 euros and 100.000 euros.
You know they say 90% of gamblers quit right before their big win.
Who says that, the casinos? The ones who are actually winning big?
Here’s the thing. Either it is all speculators and someone will be left holding the bag, or it’s a real investment.
Do you believe now that it’s a real investment? If so, then there’s no reason not to buy in now.
If you don’t believe it’s a real investment, and the price could crash at any point and you lose all your money, then it was as true back then as it is today and selling out was the wise thing to do even if in hindsight you could have made a lot more money.
Many people would compromise though, sell half to get their original money back and leave half. Then sell half again when/if it doubles, etc.
Looking at the operating cost of Bitcoin mining (hardware, maintenance, electricity), which is crucial for its network security, I tend to believe it only continues to work, if money enters the game continually.
It looks more like a kind of pyramid scheme than an investment.
But until it fails, people will have the chance to make money with it and tell about it, drawing in new ‘investors’.
I had about $2,000 worth of Bitcoin right when it showed up on Big Bang Theory, which I was convinced would make it crash.
It did not but I had a merry Christmas that year.
I hate myself so much for not saving it when I was buying it at $150 when it was new. I just thought it was a cool and niche privacy currency that you could buy drugs with, not something normies would go crazy over…
Friend of mine found his old bitcoin wallet that he used to buy drugs online in the 2010s and still had some in it. He’s now buying a house with it lmao
I had a friend who told me to buy Bitcoin when it cost cents. I didn’t, because at the time it required you to send your ID to an unknown entity.
The same friend had previously recommended that I learn Hadoop. I didn’t because I didn’t have the proper setup to host it and when was it going to be relevant to my job? Incidentally my current job relies - and my previous job relied - heavily on HDFS.
I’m extremely sleep deprived and can’t remember the third thing, but there was a third thing that would have been extremely lucrative if I had followed his advice.
Once I recognized the trend I asked him for the next suggestion. He said I should start my own business. I didn’t because I don’t have any ideas.
Maybe I should start a business.
That sounds like a good business plan, but I’m not sure I could convince Ryan Reynolds (or Guy) to work with me.
Nah nah nah, you can’t ASK for advice in this trend, it has to be given freely.
Given the nature of his proclivities, I wouldn’t be surprised if he showed up here unprompted and dropped the next nugget of financial wisdom.
I was going to set up my shit PC to GPU mine in like 2012 or 13 or whenever it was when it was a novelty but I was like “nah, I can’t justify purchasing a video card just for that” (my shit PC had onboard video)
I’d be living in a fucking mansion right now, because the world went nuts. Man, the only time I decide to be responsible…
Ah dude I completely feel your pain. I could have had a nice house and a nice life and now I’m stuck in a crappy home that is falling apart :(
I liked the idea of a privacy focused currency, but at the time it wasn’t accepted at any stores or really anywhere practical, so I didn’t feel the need to hold onto it. It was very much considered a novelty.
In this totally real and not imaginary scenario, the parents would be the idiots for listening to their idiot child saying something idiotic
I mean, I got mine to do it. No shame personally because I recommended at 40k and made sure they understood the risks. Seems real enough to me.
My statement stands
True lol you got me there
I mean, yeah, buying at an all time high expecting to get rich is beyond stupid.
That said, it remains true that any bitcoin bought and held for 5 years is worth more at the end of that 5 years than it was at the start.
Practically the only time, Bitcoin isn’t at an all-time high is when the price is falling. That would be an even worse time to buy
💎💎💎💎💎🚀🚀🚀🚀🚀🚀
💩LOL
