patrick.net

Thing about gold is that if the price drops 70%, you still got the gold.

If Bitcoin drops 70%, it's probable that all the Bitcoin miners go bust because of the continuing expense of mining it. Then Bitcoin goes to ZERO because it requires the miners to have any value at all.

So, with Bitcoin there is an event horizon where it gets sucked into nothingness.

AD says

Don't bet against Larry Fink, which means don't bet against or count out Bitcoin.

BUY NOW OR BE PRICED OUT FOREVER!!!

SoTex says

Because of the volatility? That's how I've made a ton of money from it.

Market timing?

Misc says

Thing about gold is that if the price drops 70%, you still got the gold.

If Bitcoin drops 70%, it's probable that all the Bitcoin miners go bust because of the continuing expense of mining it. Then Bitcoin goes to ZERO because it requires the miners to have any value at all.

So, with Bitcoin there is an event horizon where it gets sucked into nothingness.

This guy gets it. Trade it in the meantime if you like risk. 95% likely don't have the appetite for it. So you have 5% of crypto buyers on the planet and it's likely that 90% is owned by 10 people and the others lost their key and don't even know they own any.

1) "J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[130] and a "fraud",[131] respectively. However, Dimon said later he regrets calling Bitcoin a fraud"

https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Characterization_as_'bubble'

2) https://en.wikipedia.org/wiki/Economics_of_bitcoin#Obituaries

AD says

Dimon said later he regrets calling Bitcoin a fraud

He meant "gamble". It still has as much real value as a lottery ticket until you cash out.

I suspect it will soon go over $100k. If you had bought 1 "coin" a year ago it would be worth 264% more now.

Misc says

So, with Bitcoin there is an event horizon where it gets sucked into nothingness.

My philosophy ... trade it, don't save it.

Also, it's tied with the Nasdaq flows. If the QQQ starts to go south, sell the cryptos.

Fiat in, fiat out, valued in fiat, crypto has no intrinsic value and never will.

It will probably continue to rise in price, until it doesn't. It's dependent on the greater fool.

Onvacation says

Fiat in, fiat out, valued in fiat, crypto has no intrinsic value and never will.

It will probably continue to rise in price, until it doesn't. It's dependent on the greater fool.

I'm gonna toss $100 of the kids money into BTC. So $300 total. I won't put any of my money in it, but I'm interested how it goes. I've been a top 3 hater here along with you, but a small gamble and a long timeline it will be interesting to see what happens. It's more fun than thinking they'll make bank.

I don't trust governments is the biggie, so I'd never invest in it myself. Kind of an experiment. My oldest is 14 so by 34 it "technically" should be over $1M value or higher if all these crypto guys are right. If wrong, it's not going out to dinner for a night when he'll likely be a millionaire which probably won't mean much in 2044 as well.

WookieMan says

"technically" should be over $1M value or higher if all these crypto guys are right.

I occasionally buy a lotto ticket when the jackpot is huge. I don't check the ticket immediately pretending I'm a billionaire for a while.
Crypto is like that, but with smaller returns and less electricity used

Onvacation says

WookieMan says

"technically" should be over $1M value or higher if all these crypto guys are right.

I occasionally buy a lotto ticket when the jackpot is huge. I don't check the ticket immediately pretending I'm a billionaire for a while.
Crypto is like that, but with smaller returns and less electricity used

We're in agreement. I just want to toss a Chinese balloon out there and see what happens with 3 dinners worth of money over 20 years for the kids. I'm not going to tell them. They won't know it exists unless I die.

Like I said, will never put my earned money into crypto. I don't have the risk profile for what I've already been getting good returns on. I invest in stuff that never freaks me out even if it goes down 10% or so. I know it will come back. I don't ever expect 15-20% YOY returns though either. Slow and steady and keep investing. 3% on a million is enough for me to live off solo. On target for $300-400k of interest at 59-1/2 without worrying about draining our accounts.

No point in gambling on crypto for myself. If my boys by some miracle it turns into a $100k awesome, or if it goes to $0 they have a lifetime to make $100 income in a day even in high school. Kind of like Muskie fishing in Wisconsin or Canada. Hard to catch, but sometimes you get one.

Bitcoin quantity may not be capped

https://www.forbes.com/sites/digital-assets/2024/12/19/blackrock-just-quietly-confirmed-a-devastating-bitcoin-price-bombshell/