OT Bitcoin and quick wealth

[R3awak3n]

Originally Posted by Clean39T

And as soon as someone yells "fire" - the whole house of cards will fall.. A few will have profited, the many will have perished. Gotta love late-stage capitalism.

what I always say about crypto, you only love it if you are making money, the ones that missed the boat all hate it and think its dumb haha.

But yeah you are right Dan, however we will see what happens in the future.

[Davist]

As someone working in the data center power industry, where we're spending all kinds of efforts to use less power overall, reduce dependence on diesel generators, investing in and powering via renewable energy through different options, and tying to be more sustainable, it's worrisome that the crypto industry doesn't care about this one whit and gets lumped in with the data centers. I say regulate the snot out of it for that reason alone.. more power consumed than Norway, 10x more than google. Ugh. Here's a chart for reference: https://www.visualcapitalist.com/vis...itcoin-mining/

[BobbyJones]

Was doing some weekend reading in survivorship bias.

Puts conversations like this in perspective.

[EDS]

This past year has been wacky as far as investment returns. My 401(k) has approximately a 50% rate of return over the past 12 months. Definitely not crypto good as far as returns but nothing to cry about either.

This is of course emblematic of the growing wealth gap though - anyone who has investments has done well recently and those that do not have any investments have not shared in that wealth accumulation.

[texbike]

Originally Posted by R3awak3n

lets put it this way.... if you had $1000 of doge in January of 2021, right now you would have over 100k so who knows where this kid put some of this 10k, he might have done some smart moves and be a millionaire.

There's no telling... We've known that he's been playing around with it for the last couple of years. Apparently, he did a paper his freshman year in high school about blockchain which exposed him to cryptocurrencies. When his grandparents gave he and his sister each some money, he took a portion of his and started investing it in crypto. I hadn't really paid attention or asked him questions about it (I usually talk with him about music - he's a great guitarist!). His dad told me earlier this year that the 17 year old made more money in his portfolio in 2020 than the dad made at his real job (around $250Kish). Crazy!

While at a get-together last night, we complimented the Mom on their new Tesla and she said, "Oh, that's not ours, that's Jake's. He used some of his crypto to buy it". That statement was jaw-dropping. I hadn't even considered that a 17 year old would have built out an investment portfolio to the degree that they would be able to buy their own car. Personally, outside of basic blockchain, I haven't really paid significant attention to the crypto market. However, this event really hit home that I should spend some time investigating some of these solutions along with NFTs, and the platforms that support them as potential areas for additional investing.

Good times!

Texbike

[ElvisMerckx]

Meanwhile, Silver is pennies short of an 8 year high today and is up more than 70% in the past year. The trick is simply to invest, not to find the most novel way to easy gains.

[texbike]

Originally Posted by ElvisMerckx

Meanwhile, Silver is pennies short of an 8 year high today and is up more than 70% in the past year. The trick is simply to invest, not to find the most novel way to easy gains.

Inflation hedge?

[.RJ]

Originally Posted by BRad704

but dang if I didn't sell off my original DOGE when it was still 0.05.

I think thats when I bought in.

Who knows where its going to go.

[fiamme red]

Originally Posted by texbike

I'm not exactly sure how he did it, but we have a 17 year-old neighbor kid that just purchased a new Tesla model Y this week with proceeds from some cryptocurrency-related investments. His parents are friends of ours and we haven't got the exact scoop on it yet. However, he's been playing around with Bitcoin and a few other cryptocurrencies like Dogecoin for the last couple of years and started out with $10K that his grandparents had given him. His parents are pretty proud of him for diving in and figuring things out on his own. Apparently, he's built up a nice crypto portfolio. It seems insane, but I'm impressed. I need to pay him to be my crypto mentor.

I know a recent college graduate who speculates in Bitcoin, and he has an admiration for Elon Musk that borders on idolatry. I have a feeling that the Bitcoin and Musk obsessions are connected.

Besides, Musk probably did more than anyone else to raise the price of Bitcoin, so buying a Tesla is an appropriate sign of gratitude.

[Llewellyn]

Cryptocurrencies are just gambling, and terrible for the environment because of the amount of electricity they use.

You might as well go to the casino.

[Louis]

I was going to post that somewhere, Burton Malkiel must be spinning in his grave, but it turns out that he's 88 and still kicking.

So, I wonder what he thinks of this cryptocurrency stuff... Actually, I'm pretty sure I already know.

[tuxbailey]

I missed it long ago that I don't really think about the what ifs. I even sold my graphic card a few years ago for more than its original MSRP during the shortage because of the BTC mining craze.

I just don't have enough disposable income to gamble and feel that it is hard to not look at this as a game of musical chairs.

Also it sucks that one can't buy a decent graphic cards because people keep buying them for mining.

I have much more faith on Vanguard's index fund. And just started to open a second account to buy some more for my daughter's college fund in addition to her 529.

[54ny77]

When the shoeshine guy says he's got a hot tip on dogecoin, then you'll know.

[peanutgallery]

It's a one in billion sort of thing, pretty sure it is all BS. If someone says that they got rich off of it, be suspicious. But encourage them to elaborate. Makes for a good tale

But I've never been to a Tony Robbins seminar either. If someone brings it up, laugh. If you want something, go get it, don't wait around for random electrons. 8 figure payout...pffffft

[mistermo]

Originally Posted by BobbyJones

Was doing some weekend reading in survivorship bias.

Puts conversations like this in perspective.

I'm sure I could google it, but in layman's terms, what is it?