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
Yes, I'm a Millionaire
No, I'm Not a Millionaire
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
Here is what the oracle of Omaha has to say...
https://finance.yahoo.com/news/apos-...125700466.html
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??).
Last edited by RS; 11-20-2017 at 10:27 AM.
"Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
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.
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.
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