I would sell a watch for Cryptocurrencies, but would add a risk premium on the price and calculate possible conversion costs to fiat money. I think it could be quite convenient to transport large sums for a watch purchase, so why not?

 

14k down to 3.5k in a year! Fakk my old boots!
Following a previous divorce settlement, I put a bit of money into my daughter's South East, UK, house purchase 5 years ago. It's gone up in value and I'm not expecting it to come down any time soon. My daughter already lives in the investment, so if I 'pop my clogs' there is nothing to change hands. The added bonus is that my grandchildren play, eat and sleep in this investment every night.

 

There is no 'smart' -- it was all luck. The luckiest ones bought when they were <$100. There is no real logic to crypto prices, which eliminates someone who is smart from doing any better then someone who is dumb.

 

Very nice! That sounds like a great investment. I do have a couple of properties in downtown DC area which I purchased in 2010 when property prices had dipped here in US if you recall. Pretty happy about that given that both my condos have more than doubled in price. Current house here up north in Michigan is almost paid off too. My oldest is 4 so I have a long ways to go till grand children but kids will be sorted when it comes to college education etc. Have had a great support system and wife is a gem (also helps that she is a physician and makes good money). Been pretty lucky in life. My Bitcoin saga still stings but hey, I guess you live and learn. Plenty of things to be thankful for

 

Yeah, you are right. I know it was close to 4K and when it reached 8K within a few days, everyone was buzzing. By the time I decided it was up to 14K. I usually never put my hand on things I don't know much about and this was the one thing I did which was iffy. I just got caught up in the hype. I guess that is what I meant.

 

It's so common that it has a name. Never mind ... you just sit back and look at that amazing view out your window.

 

Dan it's interesting that your rather splendid diagram looks like a railway map. Because you forgot the little 'station' between "Depression" and "Hope"... where some get so low that they turn to drink or drugs, lose everything and jump under a 'fakkin' train!

(I've become a very cynical old bloke!)

 

Not with today’s market...

 

I bought one coin back when it was under $100, mined another half a coin or so over the next year or so, cashed out about .75 when it hit $18k last year, paid off a credit card and bought a Tintin, and my remainder is still worth a few grand even today. So while I didn't actually buy the watch with bitcoin, I would never have owned it if not for bitcoin.

Who knows, if/when it rebounds again I might buy another (watch, not Bitcoin!)

 

Just to be clear. I use bitcoin as a means of wealth transmission. Not as a store of wealth.

Also I consider all “investors” in crypto a hinderance to mainstream adoption by confusing the public. Crypto is not an investment. It is a utility. It’s a means of transaction where others either are slow or inefficient or even non existent.

For the moment, I keep wealth in fiat (or watches) and send wealth where easier by crypto. For the moment I get in or out the moment before or after the transmission.

 

I understand where you're coming from, and I will probably never buy another coin except if needed for some transaction that demanded it, but mine cost me so little that I'm happy just to let it ride - if it was to go bust tomorrow I'd still be way ahead.

 

Fiat currencies are also a utility, but as long as there are exchange rates that fluctuate, there will be investors in it just like there are in Bitcoin.

 

I agree with above. I know plenty of investors sitting on their cryptos at the moment and hoping rates will fluctuate for them to sell it off for a profit. Originally bought with long term investment in mind.

 

FIFY

 

By all conventional definitions, cryptos are quite clearly investments, at least as a trader. Many people make a living trading regular old currencies, and they do the same with cryptos. Volatility is a trader's best friend, and cryptos provide plenty of that.

Blockchain is going to be a very big part of our future, but BTC was never going to be the vehicle to take the mainstream there. It was just the biggest, most popular crypto during the period when average joes heard about them. Sure, there were plenty of silly talking heads during the crypto mania last year, but lots of money was made by many people, including me. I didn't sell at the top, but I sold close enough ($15k). I bought a dozen watches, paid off some debt, and took a trip with the profits. It has been, without a doubt, the fastest and most profitable investment I have ever made, and I've been investing for more than 30 years.

 

I finally bought last year at $9K several months after my 18-year-old suggested I buy at $2K.

Thought I (and my kid) was a genius when it went to $20K, and expected it to just keep on going for a while.

I'm going down with the ship. No way am I selling now. If I lose it all so be it. But I'm staying in the game to give myself a chance. And we all know, if I were to sell at a big loss, it would skyrocket again. We all know that, right?

 

Haha, you and I think alike good sir.

 

"Despondency".

 

"Euphoria."

 

Popped in my feed just now. Thought I'd share:

https://www.ccn.com/india-police-bust-bitcoin-ponzi-scheme-that-defrauded-8000-crypto-investors/amp/