Jump to content
BANGKOK

Recommended Posts

I have been reading an article about Cryptocurrency and this new Bitcoin thing.They mention people like Richard Branson and Bill Gates as to make it so official,but it sounds so good its almost irresistable Anybody here had any experience ?? I just feel that they would not be able to implicate rich and famous people especially muli millionaires (billionaires!!!!!) if it was a hoax Am I being a bit naive here or am I the typical sort of person who desperately need a bit more money to get a better life??

Edited by biplanebluey
Bit of info left out on original

Share this post


Link to post
Share on other sites
2 minutes ago, Surelynot said:

Leave well alone. End off. If you are young stick all your spare cash in a number of big funds and forget about them for 40 years. 

 

Surely not Warren Buffets approach.

Share this post


Link to post
Share on other sites

High risk / High reward

It's the kind of investment where if you loose everything it shouldn't affect you in any way, like the moment you invest you consider the money gone. otherwise very very bad idea.

Bitcoin is an investment one should hold and forget for 5-10 years or more. Anything else is trading and takes a lot of time to learn or is like gambling and you will lose big by selling at the bottom.

Share this post


Link to post
Share on other sites

The blockchain will take over, it's awesome technology, Crypto's are still developing, not enough market cap to be super stable yet.

Bitcoin itself is not efficient at all but people love the original because of increasing rarity.

Other crypto's will make our lives better and you wont even know your'e using them day to day.

invest just a small amount and take it off the exchange for safe keeping.

Share this post


Link to post
Share on other sites
1 minute ago, Oxx said:

 

Except, of course, he wouldn't - he's not stupid.

 

"Gates [told] CNBC that bitcoin is "one of the crazier, speculative things" he's seen, saying he would "short it if there was an easy way to do it."

 

https://www.cbsnews.com/news/warren-buffett-bill-gates-charles-munger-beat-up-on-bitcoin/

 

It's funny because when OP first posted that, I thought, "That doesn't sound like Bill Gates" but assumed OP might have read something and gave him the benefit of the doubt. 

Share this post


Link to post
Share on other sites

Well OK Guys I am happy that I have explored where I considered going and you all seem to --- no HAVE--- the same opinion ,and that has probably saved me an amount of money and probably a lot of frustration. Thank you for explaining all the problems I could have faced  Dougal

  • Like 1

Share this post


Link to post
Share on other sites
2 hours ago, digibum said:

 

It's really not an investment.  Even using your description, that's not how people talk about investments.  When have you ever heard someone say, "Yes, we think that if you buy Apple stock, you have to just mentally consider your money gone, and maybe, sometime down the road, it could be worth a lot of money . . . or it could be worth nothing"?  Buying Apple is an investment.  What you're describing is, at best, raw speculation, and at worst, no better than putting your money on black or red on a Vegas roulette wheel. 

 

And, that's okay, but people try to talk as if it's an actual investment on par with a mutual fund, and it's not. 

 

For the vast majority of people, it is an unsuitable investment.  Any financial advisor that sold an average investor an investment with the risk profile of Bitcoin or any other cryptocurrency would have their license taken away and would be facing possible jail time. 

 

But, would it be suitable for Bill Gates to put $10 million into it?  Sure, $10 million is such a tiny fraction of his net worth that for him, it would be like you buying a $5 lottery ticket. 

 

The other thing that you have to keep in mind when they talk about big names getting into the cryptocurrency space is that many of them are investing in the businesses that use cryptocurrencies to solve a problem other people are willing to pay for.  For instance, some big name may not be putting their money into Bitcoin, rather they might be putting their money into a company that is creating a cryptocurrency platform that allows people to repatriate funds (i.e. when people working in one country send their money back to their home country - which is BIG business). 

https://en.wikipedia.org/wiki/Investment

Quote

To invest is to allocate money in the expectation of some benefit in the future.

It's a risky investment that's all. high risk / high reward, wasn't that clear enough ?

And if you study Bitcoin in full and understand the tech behind and the economic around it, it's not as risky as it appears. The return have been crazy so far in 10 year of existence, unlike anything else ever. Well worth considering if you ask me.

For example, what a loss of 1000 will do to your life ? what if those 1000 will be worth 100,000 or more in 5 or 10 years ?

 

The point of considering the money gone like I describe is to not be bothered with the up and down of the price and the risk of selling at the bottom, kind of a mind trick to stick to your plan really.

Yes you need a plan, that goes without saying.

No offense but all those extremely careful talks about investing really gets annoying, people aren't that stupid and won't just throw their money in and out, and those who do will learn fast.

 

 

2 hours ago, Oxx said:

 

Except, of course, he wouldn't - he's not stupid.

 

"Gates [told] CNBC that bitcoin is "one of the crazier, speculative things" he's seen, saying he would "short it if there was an easy way to do it."

 

https://www.cbsnews.com/news/warren-buffett-bill-gates-charles-munger-beat-up-on-bitcoin/

Bill gates is full of <deleted> on this one, plenty of ways to short bitcoin with dozens if not hundreds of millions at the time of the article. Take your money where your mouth is. shorting bitcoin is the most risky thing to do.

and if I may, the fact that these people are even mentioning Bitcoin is a big incentive imho.

Share this post


Link to post
Share on other sites
6 hours ago, digibum said:

Sorry, let me break this down for you.  This is the definition of an investment which you yourself just posted:

 

 

And here's how you described investing in Bitcoin

 

 

If your investment advice is to kiss your money goodbye the moment you invest and maybe, maybe, maybe it might be worth more at some future point, that does not fit the definition of investing "with the expectation of some benefit in the future."  You're telling OP to invest with the expectation of losing it, but if it hits, it's going to hit big. 

 

So instead of looking up the definition of investing on Wikipedia, perhaps you should check an investment oriented website and search for the difference between investing and speculation. 

 

Bitcoin is very much speculation.  It is not something the average investor should be involved with. 

 

This is why cryptocurrency advocates often come off as MLM hucksters.  They try to paint crypto as something that is on par with buying a Vanguard mutual fund.  It's not.  It's more like buying stock options which could be worth a lot or they could crater to $0. 

 


I have studied Bitcoin.  And I probably understand the underlying technology way better than you having looked at the original source code and having helped design the security and architecture for some blockchain-based solutions. 

 

A few of my friends have written books on Bitcoin and cryptocurrencies, and I disagree with a lot of what they say.  And I personally know the owner of one of the bigger crypto-news sites, and I also disagree with a lot of what he thinks/says. 

 

And, if you read my previous posts, you'll notice that I have studied the economics of payment systems and banking and Bitcoin fails miserably as a currency.  So, what is it now, a store of value?  A value of what? 

 

As far as I can tell, the price of Bitcoin and most of cryptocurrencies is a function of hype and FOMO (fear of missing out). 

 

Here are two good articles, that I would challenge you to refute. 

 

https://www.entrepreneur.com/article/319192

 

https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/

 

 

sorry man I am not a native english speaker, I do my best but obviously here I failed to express my point accurately, went a bit too fast there. Obviously If I put money into something I expect the value to increase over time, now there is always a risk, and the risk is high in this case. that was my point.

 

I meant to say "And if one study Bitcoin in full" instead of "And if you study Bitcoin in full", I did not meant you personally since you obviously displayed very good knowledge on the matter previously, my bad.

Again, I did not mean to undermine you or anything in my post, sorry if you took it that way. It was merely a way to point out there is strong ground to bitcoin.

 

I still strongly disagree with your statement that the average investor should not invest in bitcoin, everyone should learn to take risk as early as possible, that kind of approach only makes the average person only more ignorant by not trying, it's all a matter how much and managing risks.

but that just my personal opinion.

Edited by freeman01

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...