Are You a Millionaire?

[Eye of the Eagle]

This is the herd that I was following. I really don't know much about Bitcoins but I figured these people did and had a vision.

https://www.cnbc.com/2013/11/12/the-...imes-more.html

[SpikeBJ]

Here is what the oracle of Omaha has to say...
https://finance.yahoo.com/news/apos-...125700466.html

[Eye of the Eagle]

Here is what the oracle of Omaha has to say...
https://finance.yahoo.com/news/apos-...125700466.html

That is the same thing I have been hearing since 2013 when it was less then a $100. What do you expect them to say. Were would I be if I listened to the same pundits in 2013.

[RS]

My opinion on cryptocurrencies as a whole (not just bitcoin) --

Firstly, there is definitely a market for it. More and more young people like it because it's anonymous and isn't a government based currency. Whether that is needed or not, it matters if people think they need it (and people think they do need it). Not all cryptos are the same and many offer different solutions along with different problems.

Some don't care (as much) about anonymity, while others solely care about it. Some don't care about transaction speed, others do. With some you can even send a message along with the transaction. One downside to some is it relies on third parties to fulfill the transactions (ie: "mining", someone sets up a computer to work on transactions and they get paid a small amount for their work). Others are free to use and therefore require some other incentive for programmers to work on them.

There are places with "bitcoin ATMs" where you can buy/sell BTC. And supposedly there are stores and restaurants where you can use either bitcoin or some other cryptocurrency like ETH maybe, but I'm not sure on that and seems like that's more so in other countries like Japan or maybe China.

On coinmarketcap.com, last I checked there were like 1200+ different coins. Also, there are also some relatively "big names" that are involved in cryptocurrencies, from software people to investors. Two of my friends have begun investing in cryptos, one is up like 100% (doubled his investments) and the other is up like 5x or more (last I heard). I just started it within the last week and I'm already up 8% (not saying my own results are meaningful, but hey, I'm up!).

EDIT: Overall, I think they're good investments (if you know what you're doing, at least), assuming you treat them as such.

I think the next "big boom" will come when someone figures out how to easily and quickly exchange all currencies for another (instantaneously). So a Starbucks can allow you to purchase stuff use cryptocurrencies, I can use whichever I want, and their software exchanges my crypto (say, Ethereum) into USD or whatever Starbies uses. Someone else can use BTC, his friend XRP, and another person DOGE.....without Starbies needing to have a million systems in place and "we allow W, X, and Y, but not Z", since there are a bunch of them. Similar to how some allow VISA AMEX but not MasterCard (who uses MasterCard anyway??).

[Eye of the Eagle]

Another thing is the speed of the transaction. Money moves very fast. The technology behind bitcoin is where the value lies.

[SpikeBJ]

Each time I see BTC, my brain says Tulips.

[BJGenius007]

Each time I see BTC, my brain says Tulips.

There is one big difference between tulips and Bitcoins. You can produce infinite tulips but Bitcoins are limited to 21 million by design. Actually the inventor of Bitcoins makes sure the course of Bitcoins is the opposite of tulips. The first tulip is super rare then it becomes more common and more common. On the contrary, the early Bitcoins could easily be mined with little CPU and GPU power. But the mining become more and more difficult. Right now there are about 13 million Bitcoins that have been mined. At the current rate, the final Bitcoin will be mined in 2140. Then no more Bitcoins will be added to the market. Right now, the miner can get one Bitcoin after about 1,789,546,951 tries. As I stated earlier, the miners need more and more tries for one Bitcoin in the future.

If the set course of Bitcoins is followed and not altered in any way, Bitcoins will stay legit and desired. But that is a big IF.

[Three]

You can produce infinite tulips but Bitcoins are limited to 21 million by design.

Until the decide to make up more fictitious currency.

[BJGenius007]

Until the decide to make up more fictitious currency.

This will alter the premise of Bitcoins. That is why I said there is a big IF.

To keep Bitcoins a legit and desirable currency, there can't be any modification, even slightly.

[21forme]

Each time I see BTC, my brain says Tulips.

My brain says Ponzi scheme.

[21forme]

Until the decide to make up more fictitious currency.

They can make less, too. Think Mt Gox.

[Freightman]

My brain says Ponzi scheme.

My main stockbroker called me an hour ago. 11.565% for past year. That's more money than employment and bj earnings. A lot if that is tax deferred or tax free, and a healthy chunk of that is non registered. I'm happy. Bitcoin is not something I'm to familiar with, and perhaps for the better. I think it's a passing fad, and if not - I don't care.

[Eye of the Eagle]

They can make less, too. Think Mt Gox.

I know about Mt. Gox (Magic Mountain) I was there when it blew up. Lucky I had pulled out most of my money when Bitcoin hit $800. When it went under I still had about $6,000 in my account.