Sell your home and buy them now.

If you sold a car you owned for $30,000 would you rather have bitcoin payment or a certified check from the bank? How about it your sold your home?

...and be left with nothing, while liberals have real USD and investment value from the Biden economy.

There are definitely some trends that are in our favor.

Willing to bet when they lose everything, they'll want a socialist buyout.

...which will do nothing but erode the value of the US dollar. Ironic, because most of his supporters cited inflation as a reason to vote for that shithead.

Of course as usual using other peoples money but he's the only clown I've heard of going BK owning Casino's.

Do I need the cash now or in the near future? Then I will take the cash. Do I want to hold for several years? I'll take BTC.

Everyone on here loves to bash bitcoin. But it is a real investment. Even Jerome Powell calls it digital gold.

Just trying to figure out how Bitcoin worked, I started buying small amts to figure out how to buy it and how to get a wallet. . I only bought about $600 -($20 to $40 deposits here and there) when that $600 became $1200, I spent $300 of it and today it’s almost $1400.

Buy all of those watches you can!!

now worth incredible sums. Sure we can survive people who think like this. Sure we can.

With the price fluctuating so much and so fast, if it's used as currency, either the buyer or the seller gets screwed in virtually every transaction. The only rational reason to use it as a currency is to hide a transaction that could otherwise be tracked. People buy bitcoin with the hope of getting rich when other people buy bitcoin hoping to get rich -- almost like tulips and Beanie Babies, except that those actually have some intrinsic value.

I would never buy bitcoin because it's entirely based on software. After 35 years as a software developer, I've developed a healthy distrust of it. What I would worry about is that someday, some smart person will find a way to hack it, which would immediately make your "investment" worthless. (And if I ever did buy bitcoin, I wouldn't be dumb enough to leave it in a "wallet" on someone else's computer.)

You buy it in the hope that in increases in "value" and, one day, a "greater idiot" will come along and buy them from you.

Nothing is backing bitcoin and this is all speculation on the part of the buyers. IMHO.

It is a legitimate part of a balanced investment portfolio. For some reason, DU hates bitcoin to the point you can't even have a rational discussion about it.

Since you're gambling, not investing, luck is exactly what it takes.

But that's fine. Everyone has a different comfort with risk.

... OR you can hoard bricks of it in hopes of the price going up. While the price might go down due to reduced demand, demand is not going to disappear. Despite those recommendations, I'll continue to believe that anyone who thinks bitcoin is just like gold is incorrect.

Where do you invest in bit coin? on the internet?

Where / who does your money go? Who owns the Bit Coin businesses. Can I just say "Hey I'm selling bit coins, called "Lucky BitCoins" for $50,000 each. Invests now while they are cheap. Eventually as bitcoin investors flock to buy "Lucky BitCoins" I raise the price to $75,000 each. So I get rich selling nothing and when I become a billionaire, I just say whoops, the bottom fell out and your "Lucky BitCoins" are now worthless.

Is that how it works? Sounds like a scam to me.

Sorry if this is a stupid description of Bit Coins, it's just how it sounds to me.

Or super easy - just buy it on PayPal.

It is decentralized. No company or nation state can control it. You control your own money.

To be fair, when I first hear about it 12 years ago, I thought exactly the same thing. It was a fad/scam/ponzi scheme, etc.

It is a different paradigm. I had to really educate myself about the fundamental nature of money and its history to really understand it. We went from trading shells, pretty beads, salt etc to silver and gold. Paper money was more convenient to carry around than gold. Checks even easier than paper money. But both required a central bank or monarch to get paid back. Bitcoin is an evolution of that system and eliminates the trusted middle person (banks, governments). In most of the developed world, our institutions are trusted. But in a billion people live under regimes without consistent rule of law. It is a revolutionary technology in those areas.

a) people relate the value of the currency ( bitcoin ) to the USD ( so which is the real currency? )
b) the value has increased due to speculation rather than decrease over time due to inflation.

So, like many other speculative "bubbles" we are probably getting into another bitcoin bubble.

The biggest scammers will be dumping soon and the novice crypto investors will be left holding the bag.

Last edited Sat Dec 7, 2024, 02:35 PM - Edit history (3)

neither are backed* by gold or other thing of material value. The have whatever value users explicitly or implicitly agree to give or accept for them.

That said, the Dollar can be inflated; BTC cannot.

So long as Trump or his successors continue to view BTC favorably (and I'm not sure how long that will or won't last), i expect BTC to continue to do well.

One downside of BTC, however, is that it takes a lot of research to really understand it and how to use it, at least at this point in the game. I think that's a big part of why it's encountered so much resistance (i.e., a great deal of the resistance has come from people who haven't done that research).

Apart from that, pretty much every criticism ever levelled against BTC is equally true about the Dollar.

(NOTE: Few if any other kinds of crypto share BTC's most important virtues, because unlike BTC, they nearly always ARE centralized and CAN be inflated.)
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* I.e., as a matter of law, convertible into.