Posted on 08/25/2018 8:28:15 AM PDT by NRx
Cryptocurrency is not an “investment.”
It is an alternative to cash and the private transactions cash enables.
Big Brother doesn’t like private transactions, which is why he wants to outlaw cash.
TangoLimaSierra wrote: “Depends on when he bought and sold. It was under a dollar many years ago and went to 15,000 back in Dec.”
Bitcoin was just over $15K when he formulated this plan.
... besides, $23K is only about three-months rent for a studio apartment in the Leftist equality utopia known as SF.
He certainly shouldn’t have put all his eggs in one basket. Diversifying May have helped balance the losses.
"I don't understand. I bought at it's peak. What went wrong???"
Then it was a terrible plan.
LOL
it is not, and was never intended to be an investment
Cryptocurrency is the best tool for the black market has they use it the most.
HO HO HO, if he had listened to what I said he wouldn’t be weeping now.
Great reference. The first well-document investment bubble/mania.
Tulip bulbs, anyone?
‘If losing $23K will bring you to financial ruin, you have no business investing in anything.’
Certainly not the majority of it in Bitcoin. $23/k is a step or two above chicken scratch levels in total investment value.
$6700 today. I actually think that is pretty good. I figured it would be <$1000 by this time.
My wife had a tough talk on one of her brothers a couple days ago when we were out for lunch. He was talking about investing some money in some crappy collectibles. We've been helping him get out of a financial hole over the last few years, consolidating and paying off debts and minimizing his expenditures. So now he's got a little bit of money coming in, but nothing in the bank. Zero. And wanted to spend the extra money on risky stuff. Some people are worse than children when it comes to holding money. $23K is peanuts, almost nothing. And zero in the bank is a message that one has no business investing! PS - he's 67 and still has to work to pay off a mortage where he pulled equity out of the home.
Bingo! Needs repeating. They did away with big bills like $500 and $1000 for us little people, now there's talk of doing away with $100 bills. Makes it tough carrying a bunch of $20 bills for a transaction. Another reason why cryptocurrency exists, which I don't trust.
They’re working on ways to instantaneously purchase bitcoin and pay for something with it. There would be a service charge, but you have zero exposure to bitcoin as an “investment.” Basically it will be PayPal with the actual transaction occurring via bitcoin, but you pay in dollars and the vendor receives dollars.
Bitcoin is hype, while Blockchain IS getting adopted for other things like certificate authenticity and asset tracking.
Neo does one better by being built with digital contracts and asset tracking in mind. It does help the value of the currency if you have to buy it to back your digital contract for selling X copies to be printed on someone’s 3D printer or your house loan to be collateralized but better tracked than the CDO’s that killed the housing market when no one could claim the rights to the house when the mortgage went into default.
That said, a lot of the potential is still potential. The technology needs to be easier to use and work faster to have a strong business case and widespread adoption the way IBM computers dramatically sped up payroll processing and payments processing while lowering costs.
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