Greed.
It’s not even real money backed by anything.
The love of money is a root of all kinds of evil.
He’s betting his family and their well being on bitcoin.
That’s worse (IMHO) than betting it all on red or black at the roulette wheel.
I remember when 1 bitcoin wasn’t even worth a dollar
Cue the envious. More risk than I’d be willing to take, but it worked (or has so far) for him and his family. All the more power to him!
Being one click or swipe from being back in total poverty yet again is hardly something to be proud about. Reminds me when daytrader-ing was all the rage.
I’m glad they called it a bet rather than an investment.
I have no idea how this bitcoin works. Is it like Monopoly money only people buy using real cash? Why?
Looks like they got them some of that white privilege goin’ on
bkmk
Some people buy lottery tickets, and even some win millions, a good friend did.
That doesn’t mean I buy lottery tickets.
I’m a registered advisor, just took some CE credits today, did some regulatory stuff. The risk of crypto is so high that my national clearing firm and broker dealer doesn’t allow us to engage in that stuff for clients.
I would think that bitcoin would be a fine tool to use as a pass-through when sending 10s of thousands of $$ offshore. But then, I wouldn’t know about any of that stuff.
It’s the villain from Kindergarten Cop!
You only win or lose when you sell.
Back when I was in my 50s, I limited myself to 5% on what I called speculative investments which would include stuff like bitcoin or pink sheet stocks. 90% (or more) of these investments went bust.
One of the pink sheet stocks became Shopify (symbol: SHOP) and reached $80 per share before I sold most of it and made a $30,000 profit. The two shares I kept just for fun are now worth about $1,000 each. I could have had around $375,000 extra had I kept them all.
“They’re valuable because people believe they’re valuable”
Pretty much sums up capitalism.
Great for this family. But foolish to advertise your wealth while traveling the world?
I don’t understand the whole crypto craze so I’ll stay out of it. Once the governments figure out they can seize it and manipulators can cause swings up and down so drastic something stinks.
The next Mt. Gox will completely unwind not just BC but all crypto, and it won’t be an accident.
I bought 25 bitcoin in 2013 for about $86 apiece.
It might not be real money, but it bought a shit-ton of gold, and new truck. And I paid a ton of taxes on this non-existent thing...
Trust me, the IRS KNOWS its real.
I bought stocks. I have seen them go up and up and know that I have cash. Bitcoin is vapor. Poof, all gone.
Cash in one third, or cash all and run.