It can go up to $1,000,000.00 per 1 Bitcoin, and yet still completely disappear overnight.
It's like investing in Fairy Dust for all I care...

 

I'm certainly not recommending it as the basis for a self-funded 401(k), but IMHO it would make sense to take a couple of hundred bucks - or whatever you feel is a good "throwaway" amount - and buy a bit of a coin, then just let it sit and enjoy the ride. Worst case scenario, you forego a few lattes now and a few years from now you have nothing to show for it; best case, it winds up funding the bulk of your retirement after all!

 

In my world there is no such thing as "Throwaway" amount.
Any sum of money that I can afford to "Throw away" will be "Thrown away" on another watch, or a new 991.2 GT3. Something that I can touch, enjoy, and know that at any given moment when I open my safe or walk into my garage, my watches will be there and my GT3 will be there.

Speculating on some make-believe "Coin" that can be hacked at any given moment (trust me, thousands of hackers all over the interweb are on it right now) and can turn to $0.00 overnight is not for me.

That's just how I roll....

 

We get it. You don’t believe in crypto currency or stocks or bonds. Only cars and watches as investments.

 

Presently Bitcoin is the Beta-Max of crypto currencies

The overall VHS contender has yet to emerge…

I don’t doubt the concept……just the current execution……far too open to manipulation

“Only cars & watches as investments”………’67, Series 1.5, 4.2l, E type Jaguar…& 60+ watches…so probably, Yes……at the moment

 

Well at least if BTC fails to reach $1m John Mcaffe has promised to eat his own d1ck so that might take the edge of any loss.
Or not.

 

I'd bet you a bitcoin he's already tried that...

 

I think we have drifted. (Understandably).

Crypto currencies are volatile because acceptance and use is small. It's still Wild West.

I suppose my real question is about the acceptance as a means of value transmission. Not investment.

Personally I use it as value transmission not as a means to make money.

Mind you until sellers call the price (of anything) in crypto and not fiat then it is not "adopted".

 

You might wanna re-read my post.
The word “Investment” was never mentioned.
“Throwaway” money was...

 

I know it's fun playing semantic games like a 5 year old, but please don't take my words out of context.

As I said, I would never invest in non-tangible "fairy-dust" like the Bitcoin or stock market.
When I was referring to cars & watches. I did mention that these are bought with "Throwaway" money. Never said that they are bought as an investment.

Re-read, & Comprehend.
Very easy.

Thank you.

 

<post afternoon Scotch induced ramblings>

Blockchain as a technology is interesting. Some of the "smart contract" fucntionality on Ethereum is pretty cool too. There's definitely very good uses for the mechanics of it.

But there's still a lot we don't know. The "51% attack" is an interesting example.

https://www.multichain.com/blog/2017/05/blockchain-immutability-myth/

So, IMHO, there won't ever be a single incarnation of BlockChain (as in, no single cyrypto currency will ever "win"), but cryptographically secured ledgers will become as common as a "database" or network connectivity.

BlockChain can certainly be used to transfer value, but the crypto currencies that exist today? dunno. I don't see it. the Finance industry is sure to use it, the health industry probably will. the shipping/transport industry is a good candidate too. As far as crypto currencies go, I think there will always be many each serving a slightly different community. and they will always require an external financial system to confer value on the "units". Think of it as PayPal on steroids. Transfer value in, buy something. Sell something, transfer value out.

</end of ramblings, back to Scotch>

 

Why don’t you pull a John Mcafee

 

I invested $100 now it's $360 it was somewhere near $460 a week or so ago, I don't imagine I would trade it or sell it till it's either way high or dropped to absolutely nothing. It's hard to imagine it catching on long term but stranger things have happened.

 

I explained blockchain to someone the other day.

It's like playing Monopoly with 100 people doing the banking and not your lying, cheating brother or sister.

 

Yes I remember many times there would be family fueds at the dinner table, and shakey alliances even though it was technically against the rules.

 

Investing in bitcoin.

That’s missing the point.

If you put money in bitcoin it is gambling. I believe some jurisdictions tax gains and losses on bitcoin as gambling.

As a means of wealth transmission it is better than anything else I use. Safe quick (even with the recent slowdown it’s quicker than international fiat) and discrete. And I am not interrogated by banks down to my date of birth and to why I am sending it.

However I do not price goods in crypto. Not yet. But I will take it as payment and for the moment I won’t convert it out of crypto. But then if I am paid in fiat, I won’t convert that either.

 

Okay true enough I misspoke especially the way I explained it, i gambled $100 and I'm up right now, if I lose it then it's $100 bucks down the drain. I will hold onto it for the foreseeable future and ride this puppy out.

 

Any thoughts on the crash?