KeithE
Yamadori
Hard to believe there are no discussions on Bitcoin. I guess after a decade or so, I'm still just a young whippersnapper around here. Any other crypto investors?
This whole cryptocurrency thing is just weird. Where does it get its value? I guess it's being traded on the futures market now. I miss the gold standard.
Well, GE stocks do have intrinsic value, representing a portion of the cash value of GE. Bitcoin, I'm not so sure.It has value because enough people have agreed that it has value. Otherwise, it's pixie dust on computer servers.
It is modeled after a tangible material, ...let's say gold.
It is "mined" with computers. Computers sort through some number stuff which results in "unearthing" new bitcoin. Like a real mine shaft, the more that it's mined, the harder it is to get and slower it's retrieved. New bitcoin is therefore being "mined" progressively slower. It will eventually all be in circulation, with no more to be mined.
It has no basis in anything tangible. As soon as nobody wants it it will be worth zero. When you put it like that, it should be a bit more relatable. Other than dividends, what good is GE stock? Can you ever redeem your stock for a chunk of the building? Or some airplane rivets? Or do you transfer it back to cash? And why is it worth anything at any given time? In large part, because enough people agree that it does.
Well, GE stocks do have intrinsic value, representing a portion of the cash value of GE. Bitcoin, I'm not so sure.
Sounds like regular old earned income or short term capital gains?I'm not sure either, which is why I only gambled $100.00.
It kinda sorta makes to call your dollars something else, make your transactions in the shade, trade out with willing buyers and then call it dollars again. If you want to remain relatively undetected.
When I cash out, I guess I'll just tell my accountant that I....."invested in bitcoin", and he'll do the rest? What do you even call that? I don't think Coinbase is going to be sending me a statement on this stuff. Seems like it would defeat the whole purpose.
Ride the wave!It's funny that out one side of their mouth, JP Morgan said they wanted nothing to do with it, and then promptly got into it.
I like the aesthetic of a currency that "the man" can't control. I like that it's not on their respective leashes, but at the same time they can't resist the prospect of these kinds of irrational profits. Whores.
I hope entities like JP Morgan lose their asses. Meanwhile, if it goes to a million, I'd leave with 20k. If it tanks, I lost 100 bucks.
I am in a "little" bit deeper. Which is why I took the original investment out. Now only gambling with the profit, which I would not have had without investing anyway.I'm not sure either, which is why I only gambled $100.00.
me. won. But not insanely like some with 5000% profits.but yes some lucky bastards win and the majority pays.
me. won. But not insanely like some with 5000% profits.
And there's all these kids on reddit who talk about having bought a $1,000 and cashing out at $1200 back when it was worthless. That's gotta sting.