Bitcoin mania rockets

[cupcake]

I have started five companies in 27 years, so I bet big. I don't gamble though.

This is how I see it, I bet on myself where I can control much of the outcome but won't gamble on something volatile because at the end of the day I am likely to do better with less risk.

 

[cupcake]

I never said anything bad about blockchain tech, feel free to check my post history.

I'm concerned about the bitcoin bubble and people losing money when it crashes.

Good god but bitcoin fans can be thick.

If it does crash it will be bad, I sincerely hope that does not happen because so many people risk it all in situations like this.

At this point though even if it doesn't have a huge crash it is unlikely to have the gains previously seen so considering the risk and learning curve for entry it doesn't seem like a valuable way to invest time or money.

Well done to those who got in at ground level I wish that was me cashing out now who wouldn't want to hit it big.

 

[MrGray]

The difference is using your skills vs rolling a dice.

Keep telling yourself that - don't believe everything the old ballies say at the bar when they want to look like big men, because that's not actually the semantic difference. "Betting" is the specific act of making a contract based on a probable outcome. "Gambling" is the generic term for such activities.

In any case, as for skill - I'd say there is some level of skill involved in spotting the BTC/Crypto trend early and judiciously buying or selling based on your observation of the sentiment and research on fundamentals (just as there is with any other tradable commodity). Personally, I've made in excess of 5000% return in 2-3yrs. Fun fact, I have actually spent ten times more with BTC than the cash I ever actually put in to begin with, and still haven't touched more than 90% of the total original holding.

So yes, I speculate, and I have been lucky, but I also do a lot of research and I'm also increasingly starting to use BTC for making and receiving payments, and you would have to be brain dead not to see how significant this is going to be, or to work out that we're really still in the early days.

Yes, there will be push back from governments and central banks, and one of their strategies will be to try and characterise cryptos as being the realm of drug dealers and money launderers, but actually in the long run there is little they can do to put this genie back into the bottle.

 

[biometrics]

Keep telling yourself that - don't believe everything the old ballies say at the bar when they want to look like big men, because that's not actually the semantic difference. "Betting" is the specific act of making a contract based on a probable outcome. "Gambling" is the generic term for such activities.

In any case, as for skill - I'd say there is some level of skill involved in spotting the BTC/Crypto trend early and judiciously buying or selling based on your observation of the sentiment and research on fundamentals (just as there is with any other tradable commodity). Personally, I've made in excess of 5000% return in 2-3yrs. Fun fact, I have actually spent ten times more with BTC than the cash I ever actually put in to begin with, and still haven't touched more than 90% of the total original holding.

So yes, I speculate, and I have been lucky, but I also do a lot of research and I'm also increasingly starting to use BTC for making and receiving payments, and you would have to be brain dead not to see how significant this is going to be, or to work out that we're really still in the early days.

Yes, there will be push back from governments and central banks, and one of their strategies will be to try and characterise cryptos as being the realm of drug dealers and money launderers, but actually in the long run there is little they can do to put this genie back into the bottle.

That's awesome. I'm happy for you. You got in at the right time.

But anyone buying in now is an idiot and deserves to lose their money.

Btw, did you manage to pay off your house and car with your windfall?

 

[MrGray]

But anyone buying in now is an idiot and deserves to lose their money.

Not so sure about that. There will be corrections, maybe even large crashes. And maybe bitcoin loses its dominance and some other crypto supercedes it. But I don’t think this phenomenon is a fad. There are > 10000 crypto related apps in development on GitHub alone and existing platforms are just starting to incorporate token/crypto/blockchain functionality (e.g Uber trialing btc payments). The mainstreaming of blockchain tech and cryptos is only beginning. Consider that the market cap of all cryptos in circulation at current values is barely an eighth of the market cap of a single company, Apple.

 

[Thor]

You buy bitcoin and you hold it. Swings happen, trend continues.

As long as you use money you can afford to lose then I don't see the issue here.

 

[Swa]

Do you know how they say don't invests with money you cannot afford to lose?

Well, that's exactly what I did - I took R20,000.00 and bought 4 coins. However, it was far too volatile for me and over the next few weeks hovered lower than what I bought them for. The minute it got back to R21,000ish I decided to sell and recoup.

Then, after each jump, I kept telling myself its too late to get back in

You have to ride the waves man, ride the waves. Today was the first time I did it full time and either ended up with more bucks or more BTC. I think if you could do it 24/7 you could go through both the highs and lows and make money.

That is why the general advice is to hold your own keys, dont leave it on the exchange.

The smart advice is to trade it.

You buy bitcoin and you hold it. Swings happen, trend continues.

As long as you use money you can afford to lose then I don't see the issue here.

So you agree the trend may not continue? Otherwise you might as well mortgage the house.