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  • abds abds 
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    Status: Physician
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    Joined: 01/16/2017

    We really need crixus to chime in and stir this pot a little.

    #188735 Reply
    Liked by jfoxcpacfp
    Jaqen Haghar, MD Jaqen Haghar, MD 
    Participant
    Status: Physician
    Posts: 139
    Joined: 07/27/2017

    This thread is as interesting and informative as any that I have ever seen about crypto/bitcoin.

     

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    #188804 Reply
    Liked by Craigy, Peds, Zaphod
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5227
    Joined: 01/12/2016

    My favorite part about crypto is where it tries to solve things that were solved hundreds of years ago and they keep inventing things we already have and basically discover finance. Except they do it much worse and more expensive.

    Well have icos, and well buy and sell to finance projects and such!
    -congrats, you’ve invented equities and capital markets.

    BTW, free instant payment systems using your regular bank already are available all over the world. Just because something doesnt exist in the US for one reason or another doesnt mean it’s not possible or even already here.

    Did you know that most of the world has much faster internet than us as well? Its true, some things aren’t at the potential here.

    #188824 Reply
     allb0003 
    Participant
    Status: Physician
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    Joined: 02/06/2019
    Splash Refinancing Bonus

    Zaphod – You clearly have no interest. You stated your position. Sincerely. Thank you.

     

    1.7 billion people in the world are “unbanked.”  There is an issue.  Bitcoin is not trying to “discover finance.”  Bitcoin is an evolution of finance/money.  We have gone from bartering – minted coins, paper money, plastic money, and now electronic money.  Somebody mentioned all of the bad things that people say about crypto have happened.  There have been over 300 declarations that BTC is dead and gone…its still here.

    #188831 Reply
     Dont_know_mind 
    Participant
    Status: Physician
    Posts: 729
    Joined: 11/21/2017

    Zaphod – You clearly have no interest. You stated your position. Sincerely. Thank you.

     

    1.7 billion people in the world are “unbanked.”  There is an issue.  Bitcoin is not trying to “discover finance.”  Bitcoin is an evolution of finance/money.  We have gone from bartering – minted coins, paper money, plastic money, and now electronic money.  Somebody mentioned all of the bad things that people say about crypto have happened.  There have been over 300 declarations that BTC is dead and gone…its still here.

    Click to expand…

    To me, bitcoin was the best example of a true bubble since the internet bubble.

    That’s what a bubble feels like, smells like, tastes like.

    #188848 Reply
    Liked by Craigy
     Dont_know_mind 
    Participant
    Status: Physician
    Posts: 729
    Joined: 11/21/2017
    Click to expand…

    In 2017 the US spent 3.5 trillion dollars on “healthcare” representing 18% of GDP.  This is approximately 10,700 dollars/person.  We are 22 trillion dollars in debt, therefore, I do not think this can continue for much longer.

     

    Click to expand…

    No offense intended here. Why does this matter in regards to blockchain? How does it address it?

    What do our debt levels have to do with anything? Why can it not go on? How long is much longer and under what circumstances cant it continue.

    Most everyone, this forum included is woefully ignorant of how the monetary system works from basic perspective and sayings invoking debt/gdp/ and it being a problem etc…are pretty big giveaways in that regard.

    The US may have that much debt, but what about its assets? Do you ever worry about debt in isolation or out of context to such things? What about whose asset this debt is? Interesting questions.

    I guess if the US was smart they could have converted the debt to Bitcoin in December and it would have taken care of itself.

    Click to expand…

    Zaphod – Thanks for your questions and comments. Sincerely appreciated.  In my initial post, I mentioned that, IMO, blockchain technology could offer benefits within the health care sector.  I mention the cost of healthcare, because as most experts agree, we spend too much on healthcare in this country.  As physicians, we see the inner workings of the system. We cannot continue to spend 18% of GDP on healthcare and still have an uninsured rate of over 10%.  Blockchain could offer a solution.  I have hesitated to go into the details because it seems that most on here are very skeptical, to say the least, about cryptocurrency and blockchain.  Therefore, explaining how it could help seems to be a moot point. I totally understand the concerns that many of you have mentioned.  It has been helpful for me to see the relative lack of interest.

     

     

    Click to expand…

    You didnt answer any of the questions. Of course we’re skeptical, and we were just as skeptical at 20k, hell I was near giddy, but alas found it to difficult to short.

    People are wondering since there is no endogenous way blockchain automagically does anything to healthcare. Do you know an application where blockchain addition has done anything other than increase costs? It has to do something. Healthcares problems arent solely or majority a technical one.

    Why cant we continue to spend 18% on healthcare? Is there some rule or percent that isnt allowed? We spend what we deem valuable, should these diverge and you have a problem. We are a rich country and if we choose to spend on healthcare so be it, it only seems a natural thing to do in a rich country.

    Click to expand…

    It wasn’t that hard to short. I shorted one at 16k, but I was really sweating how much margin I would need to set aside as it went parabolic. It could have gone to 40k or 80k. I think at the time I was really sweating whether it might go to 500k. Really, it seemed possible.

    I think I have learnt something from it though. First bubble (internet) I bought into the top and on the way down averaging down to oblivion.

    Bitcoin, I shorted before the top which was too risky given my experience and didn’t have the nerve to hold it through the volatility for much profit. I ended up exiting for a small profit instead of riding it out.

    Next time I play a bubble, I am going to short soon before the top with a small size, then scale in as it breaks down. I’m going to zone out all the clatter and just focus on when the euphoria is at a maximum.

    The only real use I see for Bitcoin is for Chinese to move out funds but they are cracking down on access to bitcoin exchanges via the internet in China now.

    #188851 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5227
    Joined: 01/12/2016
    Click to expand…

    In 2017 the US spent 3.5 trillion dollars on “healthcare” representing 18% of GDP.  This is approximately 10,700 dollars/person.  We are 22 trillion dollars in debt, therefore, I do not think this can continue for much longer.

     

    Click to expand…

    No offense intended here. Why does this matter in regards to blockchain? How does it address it?

    What do our debt levels have to do with anything? Why can it not go on? How long is much longer and under what circumstances cant it continue.

    Most everyone, this forum included is woefully ignorant of how the monetary system works from basic perspective and sayings invoking debt/gdp/ and it being a problem etc…are pretty big giveaways in that regard.

    The US may have that much debt, but what about its assets? Do you ever worry about debt in isolation or out of context to such things? What about whose asset this debt is? Interesting questions.

    I guess if the US was smart they could have converted the debt to Bitcoin in December and it would have taken care of itself.

    Click to expand…

    Zaphod – Thanks for your questions and comments. Sincerely appreciated.  In my initial post, I mentioned that, IMO, blockchain technology could offer benefits within the health care sector.  I mention the cost of healthcare, because as most experts agree, we spend too much on healthcare in this country.  As physicians, we see the inner workings of the system. We cannot continue to spend 18% of GDP on healthcare and still have an uninsured rate of over 10%.  Blockchain could offer a solution.  I have hesitated to go into the details because it seems that most on here are very skeptical, to say the least, about cryptocurrency and blockchain.  Therefore, explaining how it could help seems to be a moot point. I totally understand the concerns that many of you have mentioned.  It has been helpful for me to see the relative lack of interest.

     

     

    Click to expand…

    You didnt answer any of the questions. Of course we’re skeptical, and we were just as skeptical at 20k, hell I was near giddy, but alas found it to difficult to short.

    People are wondering since there is no endogenous way blockchain automagically does anything to healthcare. Do you know an application where blockchain addition has done anything other than increase costs? It has to do something. Healthcares problems arent solely or majority a technical one.

    Why cant we continue to spend 18% on healthcare? Is there some rule or percent that isnt allowed? We spend what we deem valuable, should these diverge and you have a problem. We are a rich country and if we choose to spend on healthcare so be it, it only seems a natural thing to do in a rich country.

    Click to expand…

    It wasn’t that hard to short. I shorted one at 16k, but I was really sweating how much margin I would need to set aside as it went parabolic. It could have gone to 40k or 80k. I think at the time I was really sweating whether it might go to 500k. Really, it seemed possible.

    I think I have learnt something from it though. First bubble (internet) I bought into the top and on the way down averaging down to oblivion.

    Bitcoin, I shorted before the top which was too risky given my experience and didn’t have the nerve to hold it through the volatility for much profit. I ended up exiting for a small profit instead of riding it out.

    Next time I play a bubble, I am going to short soon before the top with a small size, then scale in as it breaks down. I’m going to zone out all the clatter and just focus on when the euphoria is at a maximum.

    The only real use I see for Bitcoin is for Chinese to move out funds but they are cracking down on access to bitcoin exchanges via the internet in China now.

    Click to expand…

    No it wasnt hard to short but it was difficult to hedge adequately.

    Next time you first hear bubble, probably a good idea to buy. Then when grandma starts asking about bitcoin at xmas, sell and start shorting. ha

    #188873 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1441
    Joined: 01/03/2017
    There have been over 300 declarations that BTC is dead and gone…its still here.

    Click to expand…

    I think there have been more declarations that it’s going to astronomical heights…but it still hasn’t.

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

    #188955 Reply
    Liked by Zaphod
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5227
    Joined: 01/12/2016

    Also all kinds of proclamations about what it can do and will change, yet zero have happened.

    #188974 Reply
    Drop it into MD Drop it into MD 
    Participant
    Status: Physician
    Posts: 440
    Joined: 09/20/2018

    There is no reason to be so dismissive, condescending, and disrespectful.

    Click to expand…

    If you think Peds is bad wait for FLP to come back.

    #188984 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3954
    Joined: 05/13/2011

    There is no reason to be so dismissive, condescending, and disrespectful.

    Click to expand…

    Expect some shade if your very first post links to your twitter feed.

    Cryptocurrency pops up, now and then.  For exampleOr. Or.

     

     

     

    Click to expand…

    It was an honest attempt to attract “followers” who are physicians and also interested in finance and possibly cryptocurrency.  There are so few people in my community to talk to about these issues. So a few weeks ago, I started using my twitter account to establish lines of communication with people with similar interests.  I understand, however, why this could upset some people on the forum.

    Click to expand…

    It’s not that people are upset by it, it’s that it is against forum rules if the primary purpose of your post, which you admit here, is to promote yourself.

    It’s okay to talk about cryptocurrency here, but you do have to follow the rules.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #189046 Reply
    Liked by Peds
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3954
    Joined: 05/13/2011

    Reminder to the majority of the posters in this thread (many of whom are long-time regulars) but not necessarily the OP. The OP did break a forum rule by posting a self-promotional post (which has subsequently been moderated) but it is also an expectation that forum members will treat each other politely and kindly. Disagree about ideas, not people. If the thread generates more heat than light, it will be closed. But cryptocurrency is certainly an appropriate topic for this forum, even if I think it is a completely speculative instrument I would neither buy nor short and the best example of a bubble so far in my lifetime.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #189047 Reply
    Liked by docnews, Zaphod, Craigy
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5227
    Joined: 01/12/2016

    Zaphod – You clearly have no interest. You stated your position. Sincerely. Thank you.

     

    1.7 billion people in the world are “unbanked.”  There is an issue.  Bitcoin is not trying to “discover finance.”  Bitcoin is an evolution of finance/money.  We have gone from bartering – minted coins, paper money, plastic money, and now electronic money.  Somebody mentioned all of the bad things that people say about crypto have happened.  There have been over 300 declarations that BTC is dead and gone…its still here.

    Click to expand…

    I have lots of interest. I have been following bitcoin for years. Best thing you can do is be rational about it and study from both sides and be very critical. If your ideas dont stand up to criticism either you dont understand them or they are likely bad ideas. Its no different than any other financial idea. Leverage, options, futures, etc…all have pros and cons, and I can tell you about them both for each and where they may or may not be appropriate for certain types of investors, investments and punts.

    If you cant honestly do that with bitcoin or see a way to hedge bets, etc…you really should think about it and study it more. Maybe its pure speculation, but just treat it as such. In my experience while people like to say things like, “only invest what you can lose, etc..” they NEVER mean it or truly believe it. They think they’ll win. Most of the time you dont.

    Put bitcoin on real exchanges with reputable counter parties, give me futures, etp’s, and options and im game.

    You’re not presenting a hypothesis where bitcoin is the missing link that allows you to do something you cant already do. Like many ventures with bitcoin, people put it into the pitch with an otherwise not fleshed out vision hoping it just generates money (a lot of times it does) and then they figure it out in time.

    One of the best parts about this place is throwing ideas up to be told its not so bright and why, which saves us from ourselves at times.

    #189084 Reply
    Liked by billy
    abds abds 
    Participant
    Status: Physician
    Posts: 153
    Joined: 01/16/2017

    This thread is as interesting and informative as any that I have ever seen about crypto/bitcoin.

     

    Click to expand…

    Was really pulling for crixus to chime in (still am) but his second in command will have to do for now.

    #189088 Reply
     allb0003 
    Participant
    Status: Physician
    Posts: 13
    Joined: 02/06/2019

    Zaphod – You clearly have no interest. You stated your position. Sincerely. Thank you.

     

    1.7 billion people in the world are “unbanked.”  There is an issue.  Bitcoin is not trying to “discover finance.”  Bitcoin is an evolution of finance/money.  We have gone from bartering – minted coins, paper money, plastic money, and now electronic money.  Somebody mentioned all of the bad things that people say about crypto have happened.  There have been over 300 declarations that BTC is dead and gone…its still here.

    Click to expand…

    I have lots of interest. I have been following bitcoin for years. Best thing you can do is be rational about it and study from both sides and be very critical. If your ideas dont stand up to criticism either you dont understand them or they are likely bad ideas. Its no different than any other financial idea. Leverage, options, futures, etc…all have pros and cons, and I can tell you about them both for each and where they may or may not be appropriate for certain types of investors, investments and punts.

    If you cant honestly do that with bitcoin or see a way to hedge bets, etc…you really should think about it and study it more. Maybe its pure speculation, but just treat it as such. In my experience while people like to say things like, “only invest what you can lose, etc..” they NEVER mean it or truly believe it. They think they’ll win. Most of the time you dont.

    Put bitcoin on real exchanges with reputable counter parties, give me futures, etp’s, and options and im game.

    You’re not presenting a hypothesis where bitcoin is the missing link that allows you to do something you cant already do. Like many ventures with bitcoin, people put it into the pitch with an otherwise not fleshed out vision hoping it just generates money (a lot of times it does) and then they figure it out in time.

    One of the best parts about this place is throwing ideas up to be told its not so bright and why, which saves us from ourselves at times.

    Click to expand…

    Zaphod – Thank you. Great advice.

    #189093 Reply
    Liked by Zaphod

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