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Your thoughts on Bitcoin?

Discussion in 'Bitcoin Forum' started by Spencer-Ho, Oct 14, 2020.

  1. Spencer-Ho

    Spencer-Ho New Member

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    Got invested in bitcoin a few days ago, the CME contracts. Not sure if that's the best vehicle for it since I'm looking at it as a long term play, maybe sell if it spikes to 50K, or 100K. But now I have to constantly roll over the contract. Also, the initial margin wasn't that much different from the current value of it, so why not just buy actual bitcoin? Wondering a few things:

    1. Did I make the right move to invest in Bitcoin? I don't know alot about it from a fundamentals perspective. I undrestand it's different than fiat currency in that they can't print more of it that causes it to get devalued, and unlike gold it can easier be used as money, and it's getting easier to use it as such, if I understand, or am I wrong? The fact that there's a CME futures contract for it is saying something about its staying power perhaps. Also, won't people in countries that suffer from high inflation be more likely to use more Bitcoin? Saw an article today related to Venezuelans' increase use of bitcoin. Do I understand this correctly? Secondly, there is a culture, tone, passion, not sure what it is, but something about it seems good and cool to me. I like the tone and spirit behind it. Maybe it reminds me of dotcom era, maybe the early phase of smartphones, or the rock and roll of 1960s. There's good power and passion in those things. You can't easily kill that sort of culture. Also, in determining the trends of usage and laws regarding it, it's might be important to consider not just what my age group thinks (44yrs), or older, but what younger generations will do.

    2. Did I invest in the right vehicle for bitcoin? Some concerns here are security, trouble of rolling over contract, and being able to use margin. Is the CME contract more secure? Should I invest using another method? What if it get's hacked?

    3. What about other cryptocurrencies? Is some other crypto better than Bitcoin? Bitcoin has name recognition, which is important. But often in products there is a powerful alternative, like Coke and Pepsi, Apple and Android, etc. Wondering what you think might be the other product that might be the powerful alternative? And how would you know? If you can find the potential powerful alternative before it get's huge it might be a good investment as well.

    Anyways, would like to know your thoughts about it, where you think Bitcoin will go, why, etc.
     
  2. Vdubman

    Vdubman Well-Known Member

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    If you bought cme contracts you did not invest in Bitcoin, you are gambling like buying options of securities.

    if you want to invest in Bitcoin, do it like gold and buy physical. You will get margin called and wiped out in a day trading futures of crypto. It’s like playing with fire and having a pack full of liquid methanol on your back.
     
    Syynik likes this.
  3. Maja Cortes

    Maja Cortes New Member

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    Here is what I believe that I learned from AstroTrading.co: bitcoin is a store of value like gold however in digital type. As a digital store of value, it is well unpredictable to bring in significant long-term investors now. The wonderful we have actually seen this year is being sustained mainly by speculative people.
     
    #3 Maja Cortes, Nov 4, 2020
    Last edited: Nov 9, 2020
  4. IramStein

    IramStein New Member

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    Hi Maja, did AstroTrading.co tell you how long does it take to mine 1 Bitcoin?
     
    #4 IramStein, Nov 5, 2020
    Last edited: Nov 9, 2020
  5. Virtuozzo

    Virtuozzo New Member

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    i think in crypto is no coin with better potential than bitcoin :)
     
  6. internationalstocks

    internationalstocks Active Member

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    $20,000 by this weekend highly likely
     
  7. rolexian

    rolexian Member

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    This pandemic showed that bitcoin really isn't a store of value or a crisis asset. It is a speculative asset that largely follows the market trend.
     
    Syynik likes this.
  8. hacker

    hacker New Member

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    Bitcoin is an enigma, wrapped in a puzzle, understood by no one, waiting to be explained.

    To begin, the bitcoin is backed by nothing. That means you cannot just take it to whoever issued it and request your money back.

    In order to get currency from a bitcoin you must sell the bitcoin to someone who gives you currency for it. Like maybe you could sell it for dollars or pesos.

    So, if it has nothing backing it, how come it keeps going up, meaning
    how come people keep paying more for it? Maybe a better question is
    "why did tulips keep costing more back in the 1600s?" At the height of
    the market, the rarest tulip bulbs traded for as much as six times the
    average person's annual salary.
    link:
    https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp

    Actually tulips had some backing, tulips were real property, that you could hold, plant, and watch them grow.
    The bitcoin has no real property that you can hold in your hand, or eat, or even look at it.

    History shows that people have paid money for completely worthless stuff, so how do we know if bitcoin is another worthless stuff?

    I guess we can't know if it is worthless. Time will tell, but how much time? Will take it 500 years to determine how much a bitcoin is worth?

    Okay, so it is worth nothing, in so far as you can cash it in to whoever issued it. Does that matter? So far it has not mattered too much.

    Why does the bitcoin go up?

    There is a segment of society that loves the bitcoin. Who are they?
    The answer, criminals. Criminals love them because they can stash
    their earnings there in secret. A drug dealer can buy a 100,000 in
    bitcoin, and then he has a 100,000 that the government cannot see.
    They can't make him pay taxes on it. They can't use it as evidence
    he is selling drugs.

    The main thing that keeps it going, in my opinion, is crime.
    Criminals love it, because they can hide money there. They
    don't care all that much that it can move up or down in a
    heartbeat, they only care about keeping their profits hidden
    and staying out of jail. Lots of scams employ bitcoin because
    if they can get the sucker to pay off in bitcoin, no one can
    trace it. If ever anyone is offering you something, and they
    want paid in bitcoin, you should know immediately you are
    dealing with a criminal. True, some legit operations take
    bitcoin, but if your seller REQUIRES bitcoin, you are being
    scammed.

    The fact that bitcoin is going up probably means that crime
    is increasing.

    Think of bitcoin as the criminals bank. The criminals are
    the ones who stand behind bitcoin. They back it up. So
    in a sense the bitcoin does have backing. It is backed by
    millions of people who want to remain unknown.

    So how is it most likely to fail? Maybe government could
    make it illegal. But wait, maybe the politicians are using
    it it to hide their illegal dealings. Maybe they don't want it
    taken out.

    So where is bitcoin going? No one knows, but we can guess.
    My guess is that it goes to zero, and I don't know how it will
    do it, but it is really an illusion, it is people selling each other
    nothing. How much is nothing worth? Seems to me, at some
    point it has to crash to it's real value, zero, but then who knows?
     
    #8 hacker, Jan 12, 2021
    Last edited: Jan 13, 2021
  9. T0rm3nted

    T0rm3nted Moderator
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    Stocks are crashing? Most are making ATH's...
     
    Syynik likes this.
  10. StockJock-e

    StockJock-e Brew Master
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    The fact that every single bitcoin evangelist says "just hodl, it can only go up and you never have to sell because it will be $100k or $1M or even higher..." should concern everybody.

    Sure it may go to $100k, but there will also be a point of peak bitcoin that nobody tends to talk about.
     
  11. brickjames

    brickjames New Member

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    Completely agree with you. It's like a lottery where expectations are far from reality. I earn a lot of money with BTC and https://nakitcoins.com/
     
    #11 brickjames, Jan 22, 2021 at 8:25 AM
    Last edited: Jan 26, 2021 at 4:27 AM
  12. Samuel65

    Samuel65 New Member

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    As it turned out, you did very well to invest in Bitcoins.
     
  13. BigPear

    BigPear Member

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    I haven't bought it recently, otherwise I'm bankrupt.
     
  14. andyvds

    andyvds Member

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    i can not understand people that compare bitcoin to gold. gold has a high value over thousands of years.

    bitcoin has not proved anything yet - and is the technology even relevant in 20 years? what is in the source code? there is only a white paper with some basics. And who is Satoshi Nakamoto????

    for me bitcoin is dutch tulips 2.0 - it will go up very sharp (maybe over 500,000), because of systematic shortage of the coins.
    and then it will come down hard in panic with all the digital wallets etc. crashed. a complete mess.

    and then the governments don't like bitcoin. they''re just waiting now - and then take action. buy a porsche with your bitcoin? they will ask some nasty questions. nobody likes to pay taxes - but it's just part of the game.

    no - i like to invest in good companies. stock may go down on some days - but since over 100 years this system has always worked to make people rich. yes - even after taxes. (in austria you always pay 27,5% over payout gains in stock)

    but crypto is great. stable coin: yes, bitcoin: no.

    just my 50ct.
     
    #14 andyvds, Jan 23, 2021 at 4:40 AM
    Last edited: Jan 23, 2021 at 7:20 AM
    T0rm3nted likes this.
  15. orbitw

    orbitw New Member

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    Crypto is not stable and I still think it is a hoax
     
  16. Abhishek

    Abhishek New Member

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    Bitcoin still has room on upside & thinking that it is risky to buy. I would always suggest use simple channels to get the demand zone. Recent fall from 42000 highs as of 7th Jan2021 looks corrective in nature & resting on the rising channel which can go crazy in the next leg upside & crossing 42000- It can travel to 55000/62000.
     

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