OT: Ray, how's your Bitcoin investment going?

[redir]

You guys are killin me

I've done well with Chainlink and I am counting on EOS to do well this year but never bought Bitcoin. If it corrects as I think it will and drops back around 20 then I just might.

[Blown Reek]

Originally Posted by Louis

the .com bubble burst

Was a function of too much money and not enough things to put them into, and valuations be damned. Bitcoin sure feels like the same thing, but instead of the future earnings of companies being traded (many) multiple times over, it's the idea of a finite amount of something that's been afforded legitimacy. It'll be interesting to see how this historically plays out.

[Tony T]

Originally Posted by redir

...If it corrects as I think it will and drops back around 20 then I just might.

So....back to where it was last week

[Tony T]

3 Years ago (when it corrected after approaching 20), I thought of Tulips, but I was wrong.

[Tony T]

35,800

[redir]

Originally Posted by Tony T

So....back to where it was last week

Exactly! LOL.

[Tony T]

37,000

[Tony T]

38,000

[Tony T]

39,000

[MattTuck]

If anyone is familiar with red dot chart for bitcoin, it suggests prices of $100K in the near future.

I personally think bitcoin may be getting ahead of itself in the near term, but who knows. I am not sure I buy the "this is a replacement for fiat money, and democrats are going to print money full brrrrr" argument because we are not witnessing equivalent run ups in gold. The strongest argument I can make that this is not a speculative mania is that the rising price reflects continued adoption of bitcoin as an emerging asset class and more investors are allocating a portion of their portfolios to such assets.

The pro for this argument is that we are witnessing the birth of a new asset class in a time when information flows are instantaneous and money is easy to move because of digital infrastructure. If you look at the birth of stocks (limited liability equity ownership), it took centuries for the median individual to be able to own a stock. And so the allocation of wealth to that asset class was much slower. Even today, less than 50% of Americans own stock directly or indirectly. What we are seeing with bitcoin may be a very accelerated version of the same thing -- a large scale shift in how investors allocate portfolios.

I don't think you can disprove the speculative mania argument -- and there have been plenty of those in the past. The key difference (atleast with regard to Tulips or Dotcoms) is that scarcity is built into the platform.

[Will_s]

It's just like gold. If enough people believe in it....

[Tony T]

40,000

[gngroup]

Well said.

Originally Posted by MattTuck

If anyone is familiar with red dot chart for bitcoin, it suggests prices of $100K in the near future.

I personally think bitcoin may be getting ahead of itself in the near term, but who knows. I am not sure I buy the "this is a replacement for fiat money, and democrats are going to print money full brrrrr" argument because we are not witnessing equivalent run ups in gold. The strongest argument I can make that this is not a speculative mania is that the rising price reflects continued adoption of bitcoin as an emerging asset class and more investors are allocating a portion of their portfolios to such assets.

The pro for this argument is that we are witnessing the birth of a new asset class in a time when information flows are instantaneous and money is easy to move because of digital infrastructure. If you look at the birth of stocks (limited liability equity ownership), it took centuries for the median individual to be able to own a stock. And so the allocation of wealth to that asset class was much slower. Even today, less than 50% of Americans own stock directly or indirectly. What we are seeing with bitcoin may be a very accelerated version of the same thing -- a large scale shift in how investors allocate portfolios.

I don't think you can disprove the speculative mania argument -- and there have been plenty of those in the past. The key difference (atleast with regard to Tulips or Dotcoms) is that scarcity is built into the platform.

[Tony T]

41,000

[redir]

Originally Posted by Tony T

41,000

I'm dyin' in here.