Posted on 07/01/2019 9:28:19 AM PDT by SeekAndFind
Bitcoin is one of the few ways (if great, knowledgeable care is taken) that Chinese can now get money OUT of China and not affect their “social score” or otherwise have that act known to the Chinese authorities.
You need Bitcoin to pay ransom to hackers who lock down computer systems. The hackers always want to be paid in Bitcoin.
Fools and their money are soon parted.
Do any financial gurus have an investment opinion on both bitcoin and Facebook’s Libra launch?
I think it does have a utility, the same way tulip bulbs have utility. It’s just not an investment vehicle.
actual lol
I do not at all see why an instantiation of blockchain technology (such as Bitcoin) can be any sort of "investment". It increases in value because ... Why?
Even gold doesn't really increase in value. Gold holds its value in the face of inflation. That is powerful. But gold doesn't truly increase in value the way a hot stock does (or like Bitcoin seems to).
The technology is interesting. But I see this as Tulips in terms of How-Can-I-Get-Rich-Quick?
I think it does have a utility, the same way tulip bulbs have utility. It’s just not an investment vehicle.
***********************************************
Yes, not a reasonable investment, but an excellent way of moving wealth out of the sight of prying eyes.
“Do any financial gurus have an investment opinion on both bitcoin and Facebook’s Libra launch?”
bitcoin is fundamentally a scam, has no intrinsic value, lacks almost all of the properties of a currency, and in terms of “investing”, it’s nothing more than a speculative vehicle ...
Warren Buffet regards cryptocurrencies as a racket.
That’s my thought, however I didn’t think the social media companies were worth a damn when they launched. The Libra launches early next year? I’d roll some FRNs if I had some sound advice.
Sounds like you’re describing every fiat currency ever devised.
It’s not currency. Governments have a monopoly on issuing currency. It’s a means of exchange based on an existing currency. As long as there are people who accept it, thinking that it confers value, bitcoin will appear to be doing well.
Well, at least with fiat currency you have the promise of a government backing it, so you can evaluate it based on the track record and policies of that government, and the stability and prosperity of the nation.
Can’t do that with bitcoin.
Bitcoin has two things going for it... 1. The belief of its participants 2. It isn’t manipulated by any government
Why does it exist? Four little words -- "too big to fail".
“Bitcoin has two things going for it... 1. The belief of its participants 2. It isn’t manipulated by any government”
Bitcoin has two things going for it... 1. The gullibility of its participants 2. It is manipulated by the originals.
I don't like Libra because it's tied to a manipulated fiat currency monopoly, it's owned/controlled by a mega corp., which is in the news for its attempts to manipulate public opinion and that of our elected "representatives", and so forth. That said, I'm considering XRP for its banking connections. I regret not investing in DASH.
Crypto is a phenomenal play for day-traders. This from someone who has also day-traded commodities and stocks. It's hard, stressful work, and I recommend going for the long haul with for those who are around the average age of those who are on FR. There are some great day-trading tools available for for those inclined to do so, however.
I recommend only investing what you can afford to lose and only what keeps it fun. If you find yourself stressing over the amount of money you have accumulated, take some off the table and put it into something else, which is what I do.
I keep it to the top ten cryptos, though I sometimes will buy a rising star, usually to get burned, except for bottom feeding on Bytecoin, which has done well for me.
As always, don't put all of your eggs in one basket and make sure all of the other essentials are covered first and good luck!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.