So is anybody else investing/trading or buying the hype?

My cousin just got me into it today and told me that Sunday is a huge day for it. It's wild how much it has risen the past few days, but it has its doubters too. Doubters include Warren Buffett from years ago saying its a bubble, but here we are years later and it's still

So?

Should've got them when they were so cheap. Now look at it. It's almost at Apple and Google levels.

It's as dead as Dillinger. Get out now!

I'm no financial expert, nor on cryptocurrencies. But if the media, and some expert suggest, it will crash. I don't think you do need to an expert to recognize the maina and FOMO surrounding bitcoins rising value.

Considering the complexity and sheer apparent value of bitcoin, I would think it will crash and burn. And from it, whatever comes next will be a more standardized, accessible and a more realistic in value form of decentralized digital currency.

I'm not biting because I don't really understand it, what the advantage it has over dollars or Euros or whatever are, and ultimately it has to be converted back to an existing currency before you can use it anyway so what's the point?

I sort of understand that you have your computer crunch numbers and that at some point will probably result in your getting a fraction of a Bitcoin but I can't quite get my head around how it's actually supposed to work or be a self-sustaining system.

It keeps going up, but so did housing back in 2006 everyone was super duper sure prices on real estate would never go down either.

Valve's Steam dropped bitcoin due to volatility. I am on the similar front. But when it comes to investing and terms of risk being 1-10. I am about a 4.

When I can invest in it as part of my 401K then I will go with it.

Dec 11, 2017 15:24:42 GMT theend said:

Valve's Steam dropped bitcoin due to volatility. I am on the similar front. But when it comes to investing and terms of risk being 1-10. I am about a 4.

When I can invest in it as part of my 401K then I will go with it.

A big part of the problem is that it's not supposed to be an investment. It's supposed to be currency. Saying you can put it as part of your retirement plan is like saying you'll invest in like Swiss francs or something -- it's not unheard of but it's not exactly what you're supposed to do with them.

My hangup with it is that Bitcoin isn't -- well, it isn't anything. It's currency not backed by any government or physical assets, you earn money by having your computer solve math puzzles related to Bitcoin, I hear that as Bitcoin is getting bigger and bigger the puzzles get more and more complex to prevent fraud, I don't get it at all. And if I don't get it, I wouldn't invest in it.

I think Michinokudriver said it best, it isn't anything.

" Numerous companies involved in the cryptocurrency industries have seen dramatic increases in share price following the spectacular performances of bitcoin and many other cryptocurrencies during 2017. " - news.bitcoin.com

" In late October, an Essex-based company saw a 394% spike in its share price after announcing that it would change its name from On-line Plc to Blockchain Plc. The jump in price comprised the “biggest one-day gain for the small-cap company since its December 1996 listing,” and was fuelled by “trading volume that… [was] equal to more than 16 times the entire year’s trading before the last two days.” The dramatic rally appeared to be driven by little more than hype associated with the word ‘blockchain’, as the company “caution[ed] investors that the development of its blockchain product is still at an early stage. " - news.bitcoin.com

Remember kids, this is make believe money produced by a computer solving math problems, invented by someone who refuses to reveal their identity. 

If I were to offer a diversified investment fund that would spread money across different cryptocurrencies I bet I could sell it to people.

Everyone's doubled up their money if they invested 5 days ago. Say what you want about it, but people are getting paid. For example, if you put in $500 on all 3 choices (Bitcoin, litecoin and etherium), litecoin blew up so much that your $1500 investment just got you another $1500 so you're at $3000+ right now.

So a 2x win in 5 days is not something to run away from. It's a chance you're taking. If you aren't putting your life savings into it, then it's better to be rich then be left in the back.

Really interesting to read about how bad the pollution is in China mining something that doesn't exist.

Dec 13, 2017 2:54:54 GMT KING KID said:

Everyone's doubled up their money if they invested 5 days ago. Say what you want about it, but people are getting paid. For example, if you put in $500 on all 3 choices (Bitcoin, litecoin and etherium), litecoin blew up so much that your $1500 investment just got you another $1500 so you're at $3000+ right now.

So a 2x win in 5 days is not something to run away from. It's a chance you're taking. If you aren't putting your life savings into it, then it's better to be rich then be left in the back.

I mean, it's your money and I'm some goof on the Internet who isn't a financial adviser so you do you. I'm more risk averse so I'm more inclined towards the Warren Buffett-ish approach of 'know what it is you're buying.' (You don't have to answer this, it's a rhetorical question and for all I know you do have solid answers to this but) What is Bitcoin, anyway? How is it obtained? What is it used for? In what way is it better than existing currency? What are its strengths and weaknesses? What makes you believe in Bitcoin? And if you can't answer that, then why the F--- are you putting one penny into it?

The way I see it, Bitcoin has gone up too fast too quick to be sustainable, or even to hold its current value. Society, by and large, isn't using it so you still have to convert it into local currency to access its value. It's difficult to convert, as the network is overloaded and due to the way I understand it works it should only get worse as more people get on board. So if you got in early, you have $3 million and decided it's time to cash out, can you do it? If you can't; if the exchanges won't let you take your money out then you're just a millionaire on paper and it doesn't matter how much of it you have if you can't spend it.