sakinago
Gold Member
- Sep 13, 2012
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- #41
Resorting to strawmen? I think someone’s a little jealous....maybe a little afraid of the unknown?They don’t end well in stocks, I absolutely agree...but the bears of bitcoin have been calling for it to crash since it hit 2000, and have a been saying the same thing every single “unrealistic” milestone it has hit. Why have they kept getting it wrong? It’s because they are thinking of it like it’s a stock, in the market. A market that has roughly the same amount of investors, divvying up their money among tens of thousands of companies. It’s not that. It’s more like a brand new stock market, that a street chicken vendor in India can get it on, with only 3 or 4 big companies in the market. (Sure there’s a very small minority of people like the shoe shine boy) but that rarely ever happens. It’s much easier now for a the street vendor in india to buy bitcoin, than it is for him to buy shares of Fitbit or whatever. Here’s the kicker only 2% of the world are actually using that. And it keep growing and growing. What happens when it reaches 3% 4% 5%? What happens when Wall Street starts adopting it (CME is getting ready to this month)? Your talking about drawing from a pool that includes basically the entire world outside of the severely impoveished, vs a pool that stays roughly the same size of those investing in stocks.Not a lot, a majority of people trade with it, which adds stability. Look at all the past years, it’s been climbing steadily, because a lot people buy low and sell high with it. And the number of people doing that and the money involved has increased. But the amount of traders give me a lot of confidence that’s it’s not going to crash and burn, since once it drops 10% they’re all over it.True. I don’t think it’s ever gonna go back down to anything below 1000 in a crash. Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality. A lot of foreign folks use it or other cryptos to send money back to families across boarders. You can use it on sites like overstock to purchase. Amazon added a couple crypto domain names, so they are starting to pay attention. Even if they don’t accept straight bitcoin there’s sites you can go on to exchange BTC for amazon gift cards. You can use it like a mini savings account since it’s unhackable technology, and as of now has a ridiculously awesome interest rate haha. They even have BTC debit cards, and BTC ATMs now.
I still recommend that everyone get precious metals. But billions of billions of people around the world can’t even afford the smallest quantities of precious metals. And if global crises hits, or some country has an economic collapse, or even just a hard recession. They’re gonna be enough people running to it that’s going to skyrocket the price. Banks all over the world, including US banks, are all ready to either just take money from their customers or go with negative interest rates on savings accounts to force people to spend. People who don’t trust what their respective countries crazy economic policies are defiantly view bitcoin as at least an option, maybe even trust it more than their own currency.
It’s getting ready to go up on the CME, that’s gonna add more faith to it, as well as inject a shit ton more money. That could lead to a domino effect of the rest of Wall Street joining the party, which will further inject more money into it.
I really think it’s all just beginning. And the people who think that too, have been laughed it since it went up to 2000. The bears keep calling it a bubble every milestone it hits. I just think they’re too used to thinking in terms of stocks and the stock market. If it was a stock doing this I’d definitely agree with them, but it isn’t, it’s a wildly new concept we’re just not used to.
Anyway put a 100 or so in. Play around with it. It’s at the very least wise to dip your toes in now.
Bitcoin is kind of an asset/hedge/stock as well as currency all mashed in one. It does have practicality.
Practicality? How much is used to buy goods/services?
How practical is a currency that goes up or down 10% a day?
People complain about the dollar going down 2% a year.
But like I said before there’s BTC debit cards and BTC ATMs, and people do use it peer to peer. Overstock accepts it as well. I don’t think places like amazon are going to adopt it in the near future...but maybe they should. Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month, with the way things are going. It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it. 32% of millennials preferr trading it over stocks. It’s easy to get into, and you don’t have to make over 50,000$ a year to get into it, like stocks. Friggen sweat shop workers can get into it.
Again, it’s wise to dip your toes in at the very least. Either this is a bubble, and you loose maybe 20% of the money you don’t mind loosing that you put in...or maybe these guys we’ve been calling crazy, who keep getting proven right, are also right that it’s gonna keep going up, and this is the very beginning of a larger parabolic curve. Only 2% of the world is currently using it, and a vast majority have less than 100 usd into it...what happens when it’s 3%? What happens when it start getting traded on Wall Street? What happens when economic crises strikes again?
Not a lot, a majority of people trade with it, which adds stability.
A currency, not being used as a currency, adds stability? What stability?
it’s been climbing steadily, because a lot people buy low and sell high with it
Ummmm.....if you buy low, you bought from someone selling low.
If you sell high, you sold to someone buying high.
Someone buying a 30$ toaster now with BTC, well that 30$ in bitcoin could turn into 50 if they wait a month,
Or the $30 in bitcoin could turn into $15.......
It could come crashing back down, but I don’t think so. Not when Coinbase is adding 100,000 New users a day, and people in China and India are freaking loving it.
Yes, adding more lemmings does extend the scheme.
you don’t have to make over 50,000$ a year to get into it, like stocks.
Friggen sweat shop workers can get into it.
Wasn't there a story about a shoeshine boy giving Joe Kennedy some stock tips?
is is the very beginning of a larger parabolic curve.
And we all know parabolic curves never end......
There’s millions of people who’ve wanted to get into bitcoin who just never got around to it, millions who are on the fence about it. The confidence in it just keeps rising and rising, and more and more will buy it. It’s still early in the first inning.
I’m sure you or many people who don’t play the lottery will buy a ticket when the jackpot is huge. Just because, what the hell, it’s only 5 bucks. This has better odds than the lottery, and if it doesn’t work out, the chances of you loosing all of your money are astronically low. So what it you only get 3 of your 5 bucks back?
It’s like I’m telling you guys you could buy shares for cheap for what could turn out to be the next google or Facebook. Maybe it won’t be, sure, but I think it’s worth the risk. A small risk I might add, again I’m not saying pour your savings into it. Dip your toe in. Or not, and I’ll keep posting like a gitty teenage girl when it keeps going up. Or you could be right, and I already made my money back, so I’m at least nuetral. That happened in about a month and a half, and I thought I bought in late at the time.
but the bears of bitcoin have been calling for it to crash since it hit 2000, and have a been saying the same thing every single “unrealistic” milestone it has hit. Why have they kept getting it wrong?
Chinese people trying to get their wealth out of Yuan keep piling into Bitcoin.
It’s because they are thinking of it like it’s a stock, in the market.
I don't think it's a stock. It has no earnings. Pays no dividends. More like a chain letter.
It’s more like a brand new stock market, that a street chicken vendor in India can get it on, with only 3 or 4 big companies in the market.
Yes, when unsophisticated poor people buy into a new fad nothing bad ever happens.
It’s like I’m telling you guys you could buy shares for cheap for what could turn out to be the next google or Facebook.
Exactly!
It could turn out to be Google ($19 billion annual net income) or
Facebook ($10 billion annual net income).
Never said it was buying into google stock at 19billion, just said it could be LIKE buying into google back when the shares were cheap. Here’s the difference, when another recession comes, it’s gonna be the “safe” stocks that take a hit. Bitcoin could get a big boost. It did after Crete, it did after Greece. It’ll probably happen after the Venezuela tire fire finally collapses, you got Argentina pretty much right behind it. We’re due for another correction (I should just say correction since we fought off the one we should’ve let happen in 2008). If that happens, not only are we in bad shape, but so is Europe and China, so that’ll send ripples through their markets, and may even collapse the weaker markets of Europe, Italy, Spain, Greece. Greece who was playing around with the idea of switching over to crypto during their last crises.
Not saying BTC is a sure thing. I’m loving the trend though, loving that naysayers keep eating crow, love that I’m making money.
Again the reaction from a lot of people here is a little over the top. It’s kind of amusing. Again not saying dump your saving. Just play with it. 10 20 50 whatever. Blockchain is the future, for many things, not just in crypto currency either, probably time to familiarize yourself with it. Maybe bitcoin isn’t the future, but I’m thinking it’s gonna go for a pretty fun ride. What it had done so far is nothing short of incredible. And it’s not slowing.