I still mostly consider my crypto ‘investment’ to be gambling. I keep trying to convince myself there’s value but there are so many scams and meme traders, hard to see through the fog of all that.
Don’t worry, I’ve got a thousand bucks riding on this so I’ll be fine if it goes to zero.
Same. I’m only in for $1,300 just bc it’s fun to watch.
Third and primary reason: Speculation
I view Bitcoin as gambling with potentially a positive expected value. Nobody can know where Bitcoin will go, but my expectation would be that the average is slightly positive. If it was slightly negative I wouldn’t be surprised. Some people will win big. Some will lose a lot, but they can probably come out positive on a long time scale.
I just wish I’d jumped on Bitcoin when it was ~$50 a coin. Thought to myself, hey that’d be interesting to throw a couple hundred dollars into. Alas, I was younger with less money and $200 wasn’t fun money I was willing to throw at the time. To be honest, if Bitcoin was new today I still might not go for it.
Edit: I should read, like, any responses before writing my own.
I remember when Bitcoin was 10 cents. Looked at it, too much trouble to install the mining software.
Its effectively a Ponzi scheme when you get right down to it.
The new entrants are paying for the returns of the older entrants.
If people want to invest in BTC with some fun money (not a big % of their portfolio) thats ok (I wouldn’t personally do it but you can make some money from the volatility)
But what we are seeing today is people investing a big % of their portfolios in BTC because they can’t earn enough income to fulfill life milestones (buy a house, start family etc)
This is a huge red flag.
I am also seeing large scale marketing being done now in the US and abroad of invest in bitcoin to get better returns (vs say a pension with normal investments in stocks and bonds)
Downside risks of this are enormous since we are close to the theoretical limit for issuing BTC, thus the price will be mostly driven by new entrants (so the older entrants keep profiting at the expense of the new), and they will be facing huge losses when the older entrants sell their BTC.
Trump will accelerate all of this because he will invariably try to grab a slice of the grifting pie, so its likely that the SHTF during his term (or just after it).
I own some Solana and part of why it’s doing so well is because so many meme/scam coins operate on it.
I’ve improved from being down 66 to 70+% across my crypto to being down slightly less than 50% I think where it’s becoming more mainstream I will hopefully be able to make a net profit with ok gains in the next couple of years.
This is the main reason why crypto exists. And I would not be remotely surprised if the actual person who designed the BTC algorithm turned out to be a Russian.
Well, it devolves to that.
Just like anywhere that the internet is introduced, porn becomes the main use.
Now down less than 40%
Once upon a time the AO Poker Group wsd offered bitcoin as payment for the black tuesday deal that occurred (froze $ in our accounts). I would have forgot the password by this time if I would have kept mine
One bit of advice in this article was a bit disconcerting , imo (note its european source):
Consider making your investment options in the digital world as well. Modern portfolios usually include an assortment of cryptocurrencies. It’s not hard to get started as all you need is a crypto wallet and a trusted trading platform. Teresa Maria shares on Techopedia, that you can buy Bitcoin with a credit card, PayPal, or even anonymously. After investing, hold for the long term and don’t succumb to the temptation of selling right away. Patience is the key here.
IMO, good way to know you’re not reading a good source. At best, it was a bad submission to a source usually better than that submission.
Do any US cities accept Bitcoin for municipal taxes, etc.?
Was curious. I found this without citation. Crypto Could Be Viable Tax-Payment Method With Proper Education
States currently accepting crypto for payments are limiting the usage to a small area—e.g., tax payments in Colorado and Utah and services under the Louisiana Department of Wildlife and Fisheries.