Probably fake. What kind of idiot takes crypto advice from their kid at the height of a rally? After like 18 years of this…
It’s funny how people never post these memes about stocks or the constantly devaluing paper food chips covered in enslavers. Crypto has done extremely well since its invention in 2008, meanwhile the imperial USD has been losing as always for regular people. But somehow people are only mad at bitcoin? Still implicitly defending the imperial USD? That’s a lifetime of indoctrination in action.
Crypto has done well because people invest in it. Its basically a subset of the stock market at this point where its pure gambling with no real products being created as a side effect.
You could also notice the actual economy gets worse the more money is invested in crypto and that relationship may be causal. If it gets banned yes investors will lose out but the economy will only benefit.
Does anyone still invest anymore? I thought the stock market was a mere shadow of it’s former self, what with all the manipulation and insider knowledge diddling going on (for far too long). With cost-accounting being ignored all value is applied by using “gut feeling” or 'whatever the rube will pay" gambits.
I started investing during the corona dip. Best financial decision of my entire life. These days, it’s an extra 20% of effortless household income and the entire portfolio value is up almost 40%.
But even then I felt I was just too late to the party for going into crypto. Thank goodness.
I don’t recommend investing to anyone, because this is absolutely bound to happen. I just say “Hey, I invest via [broker], and mostly in broad ETFs”.
If they want advice, I’ll tell them anything except for names, because the minute I do, they’ll buy, the price will drop and they’ll sell and get angry at me.
Bitcoin was supposed to be a currency, not a investment.
It was designed from the start to be deflationary and a strongly appreciating asset. Tell me that’s not an investment vehicle too
What? That’s completely wrong.
If it was set up as a currency, it was set up entirely wrong. There is a capped amount of bitcoin, and over time bitcoin will dissapear. That means a smaller supply will represent equal value (well not really, since it isn’t backed by anything), meaning it’s deflationary.
Deflationary assets are by definitions bad currency and great investments.
While it is true that Bitcoin is bad at being a currency, it was definitely intended to be one from the beginning. The people who created it and early adopters had weird libertarian beliefs about currency and intrinsic value. Bitcoin was supposed to be like a digital version of the gold standard rather than a modern fiat currency. Of course, this has a lot of problems and there is a reason nobody uses the gold standard anymore, but these people did actually intend for it to be a currency. The whole thing is designed around the ideological belief that scarcity and work are what create value, and that value derived from these is intrinsic. It’s kind of hard to grasp if you’re not immersed in the weird online libertarian culture that created and adopted Bitcoin early on but these are things that people very sincerely believe, although these days most crypto people aren’t into that idea anymore and you see it among people who buy gold and silver
the early plan for btc was to break the spine of central banking cartels and to eventually threaten the reserve status of the greenback. 2008 was still fresh in our minds, and back then it was fashionable to blame fiat currency and the pratcise of fractional reserve lending. The original ‘zeitgeist’ movie was a big influence on the whole scene.
Eventually people began to figure out that btc was most likely a vehicle for oligarchs and elites to shelter their assets from the next financial crash which killed the libertarian enthusiasm for the project. Now btc is exclusively for tech-bros and other finance-adjacent types just trying to personally enrich themselves.
Well, I mean, how you tell it, there’s some logic in it. But it feels like the logic of my 5 year old.
“Currency is not backed by gold anymore, so we simulate finite supply and mining work, in order to establish such a currency again.”
Allright. But…did they ever think about why gold is not a currency anymore and an investment vehicle instead?
Because Tricky Dick said it was only temporary? We only adopted the Keynesian rationale after ending the gold standard.
it feels like the logic of my 5 year old.
This is libertarianism in a nutshell.
Infinitely divisible deflationary assets can be used as currency and savings, if enough large markets like grocers, Walmart, Amazon, etc accepted it as payment the price would stabilize against speculative investment like trading in foreign currency. Right now I think it’s overinflated from speculative investment, but the cryptography is secure and public ledger is an improvement I think.
Literally the opposite for me…
I bought at 7k and listened to my family telling me it’s a scam and I’d be the idiot left holding the bag when everyone sold off so I sold at like 15k or something, I don’t remember exactly what. Double, sure, but every time I see that 100k I get so mad for listening to them…
Meh, I bought a few t-shirts for 3 bitcoins way back when.
Of course, I never would have held on to them till 100k. I would have sold a dozen times over between 10 euros and 100.000 euros.
You know they say 90% of gamblers quit right before their big win.
Who says that, the casinos? The ones who are actually winning big?
/woosh
Here’s the thing. Either it is all speculators and someone will be left holding the bag, or it’s a real investment.
Do you believe now that it’s a real investment? If so, then there’s no reason not to buy in now.
If you don’t believe it’s a real investment, and the price could crash at any point and you lose all your money, then it was as true back then as it is today and selling out was the wise thing to do even if in hindsight you could have made a lot more money.
Many people would compromise though, sell half to get their original money back and leave half. Then sell half again when/if it doubles, etc.
Looking at the operating cost of Bitcoin mining (hardware, maintenance, electricity), which is crucial for its network security, I tend to believe it only continues to work, if money enters the game continually.
It looks more like a kind of pyramid scheme than an investment.
But until it fails, people will have the chance to make money with it and tell about it, drawing in new ‘investors’.it only continues to work, if money enters the game continually.
If i invest in a company, they take that money and at least theoretically make something other people want and turn your money into more money. Periodically all the investors vote on whether they put that money back into the business and try to make MORE money or to split it up and give everyone some cash (dividends). The thought of that potential dividend payout makes people excited and makes the value of having access to that payout go up, and so people that no longer want to wait can sell their shares, making money and leave the system. In this way everyone can win, and everyone can continue with the same belief in the stocks future. the customer get something in exchange for their money, the company gets to grow, the cashing out investor gets money and the new investor gets an opportunity for eventually dividends or to cash out themselves.
Bitcoin doesn’t work like this, there are no dividends at the end of day. OC got 8k from people who believed the market would go up. If both parties agreed with bitcoins trajectory then a transaction would not take place. In this case OC lost and the other investors won, but if OC and everyone like him had known bitcoin would go up then paradoxically bitcoins value would go down since no one could realize its value. Bitcoin will always yoyo forever siphoning money from those with less market knowledge to those with more market knowledge (or ability to manipulate it) until there aren’t enough people in it anymore. They aren’t making money, just moving it around.
Bitcoin will always yoyo forever siphoning money from those with less market knowledge to those with more market knowledge (or ability to manipulate it) until there aren’t enough people in it anymore. They aren’t making money, just moving it around.
I agree with that assessment.
Bitcoin is just another tool to move money from uneducated people with fomo to those who hold the strings.
Technically it’s obsolete, but I’m glad it paved the ground for some innovative approaches to transfer value anonymously or very fast and with cheap transaction fees or even no fees at all.
I had about $2,000 worth of Bitcoin right when it showed up on Big Bang Theory, which I was convinced would make it crash.
It did not but I had a merry Christmas that year.
I hate myself so much for not saving it when I was buying it at $150 when it was new. I just thought it was a cool and niche privacy currency that you could buy drugs with, not something normies would go crazy over…
I was buying weed with Bitcoin when it was at 0.10. I didn’t even bother saving something like 50 bitcoins when moving to a new hard drive
Friend of mine found his old bitcoin wallet that he used to buy drugs online in the 2010s and still had some in it. He’s now buying a house with it lmao
I had a friend who told me to buy Bitcoin when it cost cents. I didn’t, because at the time it required you to send your ID to an unknown entity.
The same friend had previously recommended that I learn Hadoop. I didn’t because I didn’t have the proper setup to host it and when was it going to be relevant to my job? Incidentally my current job relies - and my previous job relied - heavily on HDFS.
I’m extremely sleep deprived and can’t remember the third thing, but there was a third thing that would have been extremely lucrative if I had followed his advice.
Once I recognized the trend I asked him for the next suggestion. He said I should start my own business. I didn’t because I don’t have any ideas.
Maybe I should start a business.
Nah nah nah, you can’t ASK for advice in this trend, it has to be given freely.
Given the nature of his proclivities, I wouldn’t be surprised if he showed up here unprompted and dropped the next nugget of financial wisdom.
That sounds like a good business plan, but I’m not sure I could convince Ryan Reynolds (or Guy) to work with me.
I was going to set up my shit PC to GPU mine in like 2012 or 13 or whenever it was when it was a novelty but I was like “nah, I can’t justify purchasing a video card just for that” (my shit PC had onboard video)
I’d be living in a fucking mansion right now, because the world went nuts. Man, the only time I decide to be responsible…
Ah dude I completely feel your pain. I could have had a nice house and a nice life and now I’m stuck in a crappy home that is falling apart :(
I liked the idea of a privacy focused currency, but at the time it wasn’t accepted at any stores or really anywhere practical, so I didn’t feel the need to hold onto it. It was very much considered a novelty.
In this totally real and not imaginary scenario, the parents would be the idiots for listening to their idiot child saying something idiotic
“Who is more foolish - the fool, or the fool who follows?”
— Obi-Wan Kinobi
I mean, I got mine to do it. No shame personally because I recommended at 40k and made sure they understood the risks. Seems real enough to me.
My statement stands
True lol you got me there
I mean, yeah, buying at an all time high expecting to get rich is beyond stupid.
That said, it remains true that any bitcoin bought and held for 5 years is worth more at the end of that 5 years than it was at the start.
Yeah, the best moment to buy is the moment you start seeing memes about how bad of an idea it was to buy. Like this one. But I recommend waiting for 55k
The best moment isn’t a moment. It’s dollar cost averaging (DCA) over years. Even so-called Bitcoin experts cannot predict the market at all.
Practically the only time, Bitcoin isn’t at an all-time high is when the price is falling. That would be an even worse time to buy
Why would that be a worse time to buy?
Because it will be decreasing in value right after you buy it?
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💩LOL
