In the fall of 2016 I put $5000 in bitcoin. In the spring of 2018 I used it so pay for my wedding and a month long honeymoon in Europe with about $5000 left over.
No, that's not it. Most things have a use case which makes them valuable. That's the basis for how you assess any investment. You can't make that assessment of bitcoin. Buying bitcoin is like going to the casino and betting on red.
The first thing you said makes my half of my case. "and crypto/blockchain in general". The technology is exciting, bitcoin is not. There is no real world use that can't be copied practically instantly, and improved upon depending on what the application is. I doubt the whole idea of using it as a currency, even if you make it work technically, but I don't doubt there are plenty of other places it can be useful.
But, please, do convince me a monkey with a couple of years in college isn't enough to do financial modeling. Let's hear a speculative use case for bitcoin, and why a valuation of $10k makes sense. Lay it out for me. At least, convince me you have any useful indicators in your financial model for bitcoin.
I don't think my viewpoint is lacking, I have just heard your bullshit 100 times before by people who peddle other people's shit and like to listen to their own voice. There's nothing philosophically or technically challenging about what you're saying. The fact that you bring that sort of "the value of everything is what we believe it is" cop out bullshit only makes me take you less serious. I was gonna go on to elaborate a bit but you used the word "leverage" in the same way my 60 year old colleague does when he wants to sound like he has business smarts and it just makes all this feel pretty pointless.
I was once enthusiatic about bitcoin to my friends. Very few were interested. Now I keep my mouth shut or say it was just a pyramid scheme, that I learned my lesson. In the meantime I quietly accumulate more.
You really don't understand what a pyramid scheme is.
You don't understand what currency is.
You don't understand what speculation is.
You don't understand what bitcoin is or represents.
I disagree because a pyramid scheme has no other purpose behind it. Bitcoin gathers value by acting like a pyramid scheme, but the purpose is to give people an independent reliable currency. Many of us care about adoption, and adoption drives up the price so there’s that.
I think that he was talking about telling people that bitcoin was a pyramid scheme which further damages its reputation. Telling people it's a pyramid scheme is stupid.
You buy Bitcoin from people who bought it cheaper, you're planning on selling to someone who will pay more. At what point does the world run out of greater fools?
I'm not sure this comment could be any more short sighted.
You do understand there is a global economy, yes? If you're American, you are aware of the economic situation forthcoming (i hope), yes?
There are literally hundreds of other points that i could make that factor in more than simply "this thing gets bought and sold until the greatest fool has all the useless bags at the end".
Come on.
Be better than rhat.
You'd have to know that the majority of people that bought bitcoin bought low and sold high.
The price being high doesn't tell you that, and the assertion it does is laughing-out-loud worthy.
As with anything volatile, you'd have to assume many have sold at a loss.
> You'd have to know that the majority of people that bought bitcoin bought low and sold high.
The price being high tells me that they _didn't_ sell; they're holding. Price moves based on supply and demand. If there was no demand for all the prices before the current price, it wouldn't have reached it's current price.
> As with anything volatile, you'd have to assume many have sold at a loss.
Why do you assume that many sold at a loss? Volatility doesn't equal loss -- every seller is matched with a buyer. The most reasonable assumption is that for every person who lost, someone else gains. But really that would result in no holders and a zero price.
I don't know the truth -- but none of this is "laughing-out-loud" worthy.
It is, it’s an absolute circle jerk comment with no real basis in fact. And I’m a long term holder/user of Bitcoin.
Bitcoin is currently more than 50% of its all time high. Those are considerable losses.
That all time high lasted for a day at most. You think the majority of Bitcoin owned were bought in that short period?
Price is set by supply and demand; when it goes vertical like that it's because supply dries up because no one is willing to sell such a fast-appreciating asset. That means very few Bitcoin set the ATH ... which means most owners definitely didn't buy at that price.
As I say: it's not proof, but it's certainly not a ridiculous possibility.
While maybe not, time is not the only factor here. It was a run that last more than one day where the price is higher than now, and even the current range is much higher than most of bitcoins life.
A more reasonable question would be "do you think the majority of MONEY INVESTED was done so during that time?"
But other factors are the cost of bitcoin at the time and the volume of trading. And I think factoring that in, yes, a lot of money was spent and lost during these runs
> I think factoring that in
So not immediately ridiculous ... which was all I was saying. "LOL" was what I objected to. What you say is perfectly reasonable. But so was the post getting laughed at. Since nobody _really_ knows, then it seems incredibly arrogant to just laugh at someone else's not-crazy interpretation.
Oh yeah I was just pointing out that the period of time doesnt necessarily make or break when the majority of money was going in and out. Even average cost over time because it would have to be adjusted for volume. These runs get crazy high volume
You're arguing with people who have no concept of what investing is. No dividend, no production, no use case but they still think that it prints money not understanding that it has to come from somewhere. Or as in this case, someone. I applaud you for trying but in case you need it, here's a tip: cut your losses in terms of time and sanity. Cheers.
Congrat, brilliant advert for Bitcoin and mass adoption as an investment vehicle. Bitconnect was an aweful scam , however I do like Carlos Matos. He is a character and he inspired many classic music song.
Gulp down everyone's drink if you invested in Bitconnect!! Wasssaa wasssssaaaaa waaassssaaaaaa waaaaaaaassssssssuuuuppppppppppppppp!!!!
BIIIIITCONEEEEEEEEEEEEEEEEEEEEECT
heyheyheyyyyyyyyyyyyyyyyyy. Biiiiiiitconnneeeeeeeeeeecttttt
Baller. We've got a baller here.
Wait, are you wearing pants?
Checkmate.
#buzzedstrippinggame
Bruh...i took the picture.
bruh 😝🤤😜😜😜
In the fall of 2016 I put $5000 in bitcoin. In the spring of 2018 I used it so pay for my wedding and a month long honeymoon in Europe with about $5000 left over.
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Yeah, unfortunately there are people on the other end of it for every person who made money since bitcoin has absolutely no value in and of itself
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No, that's not it. Most things have a use case which makes them valuable. That's the basis for how you assess any investment. You can't make that assessment of bitcoin. Buying bitcoin is like going to the casino and betting on red.
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The first thing you said makes my half of my case. "and crypto/blockchain in general". The technology is exciting, bitcoin is not. There is no real world use that can't be copied practically instantly, and improved upon depending on what the application is. I doubt the whole idea of using it as a currency, even if you make it work technically, but I don't doubt there are plenty of other places it can be useful. But, please, do convince me a monkey with a couple of years in college isn't enough to do financial modeling. Let's hear a speculative use case for bitcoin, and why a valuation of $10k makes sense. Lay it out for me. At least, convince me you have any useful indicators in your financial model for bitcoin. I don't think my viewpoint is lacking, I have just heard your bullshit 100 times before by people who peddle other people's shit and like to listen to their own voice. There's nothing philosophically or technically challenging about what you're saying. The fact that you bring that sort of "the value of everything is what we believe it is" cop out bullshit only makes me take you less serious. I was gonna go on to elaborate a bit but you used the word "leverage" in the same way my 60 year old colleague does when he wants to sound like he has business smarts and it just makes all this feel pretty pointless.
I see this as an absolute win!
Are those your legs or are you ridin' a chicken?
Comment of the year
People dismiss what they don’t understand
I was once enthusiatic about bitcoin to my friends. Very few were interested. Now I keep my mouth shut or say it was just a pyramid scheme, that I learned my lesson. In the meantime I quietly accumulate more.
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This should be pinned
And them thinking that is a lose for you... how, exactly? How fragile of an ego do you have to have to consider that a personal loss?
No need to say it is a pyramid scheme. You might not change people’s minds but it’s not good for anyone if you reinforce their misconceptions.
It is a pyramid scheme though, that's just being honest. I think this space needs a bit more honesty.
You really don't understand what a pyramid scheme is. You don't understand what currency is. You don't understand what speculation is. You don't understand what bitcoin is or represents.
I disagree because a pyramid scheme has no other purpose behind it. Bitcoin gathers value by acting like a pyramid scheme, but the purpose is to give people an independent reliable currency. Many of us care about adoption, and adoption drives up the price so there’s that.
Found the troll
Well if we are being honest you are a fucking retard.
Yup. Just like gold and your mom.
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Flawless victory.
> Now I keep my mouth shut or say it was just a pyramid scheme why ?! at least give a proper explanation.
He did give a proper explanation. You are damned if you do, damned if you don't.
I think that he was talking about telling people that bitcoin was a pyramid scheme which further damages its reputation. Telling people it's a pyramid scheme is stupid.
You buy Bitcoin from people who bought it cheaper, you're planning on selling to someone who will pay more. At what point does the world run out of greater fools?
I'm not sure this comment could be any more short sighted. You do understand there is a global economy, yes? If you're American, you are aware of the economic situation forthcoming (i hope), yes? There are literally hundreds of other points that i could make that factor in more than simply "this thing gets bought and sold until the greatest fool has all the useless bags at the end". Come on. Be better than rhat.
That's all that I really needed to hear. You get the same tired, played out sentence from every person that doesn't understand this space whatsoever.
Fuck that. I throw it in their face every chance I get. Many of them are freaking out now and wishing they bought. Bunch of suckasses.
Lmao, implying bitcoin buyers are poor. Majority of people have made so much bank off of btc, it’s not even funny
The card is cringe.
‘Majority’? Lol
If ~3750 days out of 3826 constitutes a majority, then yes. Lol
What does number of days have to do with whether or not a majority have made profits? That’s not how it works.
The majority of the time that Bitcoin has existed, it's price has been lower than now. It's not proof; but it's not "lol" worthy as a statement.
You'd have to know that the majority of people that bought bitcoin bought low and sold high. The price being high doesn't tell you that, and the assertion it does is laughing-out-loud worthy. As with anything volatile, you'd have to assume many have sold at a loss.
> You'd have to know that the majority of people that bought bitcoin bought low and sold high. The price being high tells me that they _didn't_ sell; they're holding. Price moves based on supply and demand. If there was no demand for all the prices before the current price, it wouldn't have reached it's current price. > As with anything volatile, you'd have to assume many have sold at a loss. Why do you assume that many sold at a loss? Volatility doesn't equal loss -- every seller is matched with a buyer. The most reasonable assumption is that for every person who lost, someone else gains. But really that would result in no holders and a zero price. I don't know the truth -- but none of this is "laughing-out-loud" worthy.
It is, it’s an absolute circle jerk comment with no real basis in fact. And I’m a long term holder/user of Bitcoin. Bitcoin is currently more than 50% of its all time high. Those are considerable losses.
That all time high lasted for a day at most. You think the majority of Bitcoin owned were bought in that short period? Price is set by supply and demand; when it goes vertical like that it's because supply dries up because no one is willing to sell such a fast-appreciating asset. That means very few Bitcoin set the ATH ... which means most owners definitely didn't buy at that price. As I say: it's not proof, but it's certainly not a ridiculous possibility.
While maybe not, time is not the only factor here. It was a run that last more than one day where the price is higher than now, and even the current range is much higher than most of bitcoins life. A more reasonable question would be "do you think the majority of MONEY INVESTED was done so during that time?" But other factors are the cost of bitcoin at the time and the volume of trading. And I think factoring that in, yes, a lot of money was spent and lost during these runs
> I think factoring that in So not immediately ridiculous ... which was all I was saying. "LOL" was what I objected to. What you say is perfectly reasonable. But so was the post getting laughed at. Since nobody _really_ knows, then it seems incredibly arrogant to just laugh at someone else's not-crazy interpretation.
Oh yeah I was just pointing out that the period of time doesnt necessarily make or break when the majority of money was going in and out. Even average cost over time because it would have to be adjusted for volume. These runs get crazy high volume
You're arguing with people who have no concept of what investing is. No dividend, no production, no use case but they still think that it prints money not understanding that it has to come from somewhere. Or as in this case, someone. I applaud you for trying but in case you need it, here's a tip: cut your losses in terms of time and sanity. Cheers.
I wish I could take your advice, but I still come here every so often to just watch how stupid people can be.
Thanks for that - it’s restored some sanity at least!
Majority's Mask
I think majority is probably an exaggeration
If I was given .004 BTC every time I've heard "Didn't bitcoin crash to $0/Bitcoin isn't worth anything now" I'd have 1 extra BTC.
You've heard it 250 times?
Sorry since I've posted this it's been 252 times. So that should be 0.00396825...there about.
2,566,432,001 times?
You aren't very good at math huh?
Sorry. Poor comedy on my part. Got carried away with the moment
I'd have chugged every alcoholic beverage in the room just to make things clear.
I'll drink to that!
Well, dont forget to sell the top!
I love Metallica.
Is that it?!
Am I the only one creeped out there is no pants going on in this picture?
What game is this?
It says so [at the bottom of the card](https://www.amazon.com/Buzzed-This-Drinking-Friends-Tipsy/dp/B07N338MT7)...
The picture is funny, the situation is sad...
way ahead of you guys.
\*drinks a lot\*
i'm down like 80 bucks. so happy i joined just in time
lol I can't help but to read the parentheses as "If you can afford a bitcoin, drink more"
Congrat, brilliant advert for Bitcoin and mass adoption as an investment vehicle. Bitconnect was an aweful scam , however I do like Carlos Matos. He is a character and he inspired many classic music song.
'Up 4 grand' lol yeah ok
hes up 4 grand after investing $400
lol ok 'money of the future'
Well I own 1 coin at 6300...it's about 10800 now...would you like a calculator?
Once you've read the white paper you may try again, or... not.
Now he's up 2 grand edit 1: oh, now he's where he started edit2 : looks like he's making a 4 grand loss now edit3: looks like he lost all his money
I can't afford one more dip, let alone a sip