How do you know there won't be 3 dead cat bounces before hitting 5-10k lows.
Only spend what you're happy to lose.

Everybody is buying in for the volatility, because it can increase in volume dramatically. But that makes it a bad investment. But if people buy in and it does stabilize, they won't earn much, making it a bad investment.

Either way, it's crap.

Quote:The path of gold GC00, 0.21% in the 1970s can be seen as a historical parallel, he said, and may provide a “road map” for the cryptocurrency.

He noted that it was also a time of distrust in the government and of high inflation — three or four times current levels. Then in 1971 President Richard Nixon ended the fixed exchange rate for gold of $35 per ounce. After going nowhere for four decades, gold surged and by January 1980 it had hit $850 per ounce.

“Subsequently, history has proven that a large portion of gold’s move in the 1970s and early 1980s [was] simply speculative,” O’Rourke said. Gold plummeted below $300 per ounce later in the 1980s. It wouldn’t climb back above $850 until 2008, as O’Rourke notes investors came back to gold during the financial crisis for the same reasons — central banks printing and dysfunctional governments. The commodity’s 45% decline from its 2011 peak to its 2016 trough, opened the door for bitcoin to take over as the “new proxy for dysfunctional governments and central banks,” he said.

The “novelty” of gold’s re-engagement with market dynamics in the 1970s environment created a “perfect storm of positivity for the asset.” The same novelty provided bitcoin with a similar story line for “speculators to embrace amidst the pandemic fears” and fiscal and monetary stimulus, he added.

So where does that leave bitcoin?

O’Rourke cited Warren Buffett’s comments on gold when it was peaking in 2011, as he warned against “assets that will never produce anything,” but are purchased in the hope that someone else will pay more for it in the future. That summary “almost perfectly matches what we have witnessed from bitcoin over the past seven months,” the JonesTrading strategist said.

(MarketWatch)

(May 24, 2021 at 8:43 am)░I░G░N░O░R░A░M░U░S ░ Wrote: How do you know there won't be 3 dead cat bounces before hitting 5-10k lows.
Only spend what you're happy to lose.

You don't, of course. I'm not holding anything right now, I sold off everything after Bitcoin started to tank.

On your second point, yeah of course. It's recreational-gambling level of money to me.

(May 24, 2021 at 9:16 am)Angrboda Wrote: Everybody is buying in for the volatility, because it can increase in volume dramatically.  But that makes it a bad investment.  But if people buy in and it does stabilize, they won't earn much, making it a bad investment.

Either way, it's crap.

Bitcoin is money of the future; actually it is "electric current" harvested to represent money.
In other words; to have more "bitcoin" you need a hell lot of electrical current or real money to purchase harvested bitcoins.

BITCOIN=ELECTRIC CURRENT.

So..no silly rabbit, it's not a bad investment. But it is fought by super powers that use the old economical system that is dependent on printing fake toilet paper called "U.S Dollars".

Bitcoin will demolish the old, corrupt economical system. It is bloated anyways and just needs a "pop".

LOL

No

(May 26, 2021 at 5:44 pm)Jackalope Wrote: LOL

No

Bitcoin is nothing but "spending computing power" to solve a puzzle.
The time your computer takes to solve the puzzle is called "mining".

Since it's so hard and needs huge amounts of computing power, "miners" join together in the solving process, and the revenue gets shared between them.

It's even a better system than "bloated real currency" since every miner has their own bank which is called "the blockchain".

But you need oil, gold, natural resources to harness resources to build computers.
so...

YES.

OK,if you say so.

LOL

Bitcoin is terrible as a currency, though it could work as a store of value (like gold).

All it takes is everyone to agree that it is valuable, and continue in that agreement during good and bad times (and competing technologies).

The verdict is not yet in, and I hope Bitcoin dies.

BTC will die. A graceful death. It's is the first steam powered vehicle which replaced the horse drawn carriage.
It will go down in history as a pioneer.

But bitcoin itself, (neither a coin nor made of gold) is worthless as medium of exchange.. What does have real value is the block chain it sits on.
Block chain is the future as it has utility for many things.

Like all ponzi schemes, you never know it's a ponzi until you've lost it all and look back in hindsight.
But just like the casino, you won't stop people gambling on it.