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Bought Bitcoin and can't stop !!!

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  • Avatar burritos 
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    Are we at the floor yet? Should I get in now?

    #167883 Reply
    CordMcNally CordMcNally 
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    Joined: 01/03/2017

    Are we at the floor yet? Should I get in now?

    Click to expand…

    The floor is $0.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #167884 Reply
    Liked by MaxPower, Peds
    Avatar burritos 
    Participant
    Status: Physician
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    Joined: 04/23/2018

    Are we at the floor yet? Should I get in now?

    Click to expand…

    The floor is $0.

    Click to expand…

    It wasn’t for priceline. Close but not zero. I remember feeling sorry for William Shatner.

    #167885 Reply
    Avatar Raddoc123 
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    Status: Physician
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    Joined: 07/03/2016

    Anyone buying?  It’s wildly speculative but it has lasted more than 10 yrs, there is more institutional money flowing in, gray scale bitcoin trust is bringing in millions in assets, millennials and younger investors prefer over gold.

    If it overtakes gold (even partially) as a digital portable store of value, adoption as an asset class by institutions, and more widespread acceptance by younger generations then the sky is the limit.  If not, zero is the floor since it has no intrinsic value.  A .5% wager for long term seems reasonable being ok with losing all or most.

    #216900 Reply
    Avatar G 
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    If it overtakes gold

    Click to expand…

    “Optimistic” is perhaps an inadequate adjective here. 😉

    #216902 Reply
    wonka31 wonka31 
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    Joined: 03/24/2018

    I think that bitcoin is an amazingly interesting technology, however $0 of mine will be invested in it.

    #216905 Reply
    Avatar Raddoc123 
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    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.

    #216908 Reply
    Liked by docnews
    wonka31 wonka31 
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    Joined: 03/24/2018

    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.

    Click to expand…

    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.

    #216913 Reply
    Jaqen Haghar, MD Jaqen Haghar, MD 
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    Status: Physician
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    Joined: 07/27/2017

    Why buy now?  Because there was a huge run-up and it’s all over the news?  I’d say if you wanted to speculate, the time to buy was when it was in the $4,000s and everyone hated it and it was panned in the news.  Now you’re just chasing after a run-up.  But…  that is the classic trading reflex.

     

    Anyone buying?  It’s wildly speculative but it has lasted more than 10 yrs, there is more institutional money flowing in, gray scale bitcoin trust is bringing in millions in assets, millennials and younger investors prefer over gold.

    If it overtakes gold (even partially) as a digital portable store of value, adoption as an asset class by institutions, and more widespread acceptance by younger generations then the sky is the limit.  If not, zero is the floor since it has no intrinsic value.  A .5% wager for long term seems reasonable being ok with losing all or most.

    Click to expand…

     

    #216919 Reply
    Avatar Raddoc123 
    Participant
    Status: Physician
    Posts: 109
    Joined: 07/03/2016

    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.

    Click to expand…

    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.

    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     

    #216921 Reply
    wonka31 wonka31 
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    Status: Physician
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    Joined: 03/24/2018

    You should buy it then. I don’t think it’s worthless like some, however I don’t see the boom. I’ll take the chance on being wrong.

    #216922 Reply
    Avatar Tangler 
    Participant
    Status: Physician
    Posts: 375
    Joined: 08/23/2018

    part of my Investing policy philosophy: Never buy something you don’t understand. Know why you own it. It is not investing, but regardless, how many really know / understand what this crap is? I think betting on sports would be more entertaining if you want to gamble. I will pass.

    #216924 Reply
    Liked by snowcanyon
    Avatar jacoavlu 
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    Joined: 03/01/2018
    Splash Refinancing Bonus

    “millenials prefer bitcoin over gold”  are smart people really using that as an argument?

    that could be rephrased as “millenials prefer this digital thing over this analog thing they weren’t really interested in anyway”

    The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA

    #216925 Reply
    Avatar Dont_know_mind 
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    Status: Physician
    Posts: 979
    Joined: 11/21/2017

    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.

    Click to expand…

    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.

    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     

    Click to expand…

    I think the supply of digital coins is potentially unlimited.

    Hence I think the long term expected return will be very low.

    I would rather buy a lotto ticket.

     

    #216959 Reply
    Liked by snowcanyon, Zaphod
    Avatar Raddoc123 
    Participant
    Status: Physician
    Posts: 109
    Joined: 07/03/2016

    Who said anything about investing?  It’s a wager.  It has huge upside gains for a relatively small bet. It’s certainly not going anywhere, been 10 yrs now, and only gaining traction.

    Click to expand…

    Sure, but if you make a small bet, your upside is also relatively small. Say you take $50k and wager it. Say it goes back up to $20k/bitcoin (now it’s about $8k/bitcoin). Congrats, you’ve made $75k pre-tax.

     

    That doesn’t buy you the private island. I’ll take the money, don’t get me wrong, but it doesn’t drastically change my life. If you want a little play money, that’s fine, but the upside is not huge unless you bet huge.

    There is a small <5% chance that bitcoin will be digital gold.  If you believe some of the arguments on the internet (written by some really smart people who know it’s a long shot), then we’re talking >100k a coin or much more.

    Remember there’s only a finite supply.  It’s estimated only about 1 mil coins are in circulation and others are held long term by relatively few people or lost.   This equilibrium may also take many years, but there has been some progress like institutional dollars flowing in and a lot of interest in creation of ETFs,  gray scale bitcoin trust, and many millennials preferring it over gold.  Agree though that it’s more likely to go no where but worth a wager in my opinion given the potential.

     

    Click to expand…

    I think the supply of digital coins is potentially unlimited.

    Hence I think the long term expected return will be very low.

    I would rather buy a lotto ticket.

     

    Click to expand…

    How about gold?  An intrinsically worthless metal with few practical applications.  More keeps getting uncovered.  There is an abundant supply of metals, but people assign more value to gold over others.  Somehow people have been valuing gold for centuries?   The bubble of gold never burst.

    #216974 Reply

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