Quote:
Originally Posted by Tony_SS
Hi Woody. I never meant this to be Bitcoin vs Stocks or anything. Like Greg said, Bitcoin is a digital currency. Just like the dollar, its backed by nothing more the the people who use its. The main difference is that Bitcoin can not be artificially distorted by central banking manipulation. It's a peer to peer, open source user driven system. I knew about them and was very skeptical when they were $1 each. When I brought them up here, they were $70. Today they are busting out at $104. This is a direct result of the outright theft that has occurred to the people of Cyprus having their money outright stolen from the Banks they kept their money in. All of EU is debt to the same bankers. Bitcoin at $103 today is still a GREAT deal, I believe, as this mess is only going to get worse in the EU, and people are looking for other options.
As far as Bitcoin being something for "fun" I would agree! But its very real. It valued at more that alot of sovereign currencies are! It's total value topped $1 billion and soon could rival the dollar and euro. And you can always exchange back into dollars at any time just like any other currency. Of course to dive in you need to be tech savy and that right there turns a lot away, or scares them. But we all know the role technology is playing in this future.
As for stocks, the people I listened to seen it coming. I sold my home right before the bust. Because I listened to all the people the "stock" shows were calling "Crazy"... I listen to the guys who proved themselves right by calling out where these bubbles are. They are saying the same thing about the stock market.. it's very much an illusion that's being propped up. We are simply on bought time at this point.
Greg you should just go for some Bitcoin... Get in and out, now is the time... then kick yourself later for now staying in!
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Tony,
I am showing my ignorance about bitcoin because I never did any research before posting. You were discussing in an earlier post how bitcoin moved up from a few cents to $70+ so I was just assuming it was a stock. Just for my knowledge how is bitcoin traded? I know it is not a currency future. Does it trade on an exchange?
I have nothing against speculation as I have done my fair share of speculating in the futures and options markets, but when you were discussing the stock market being risky, it appeared to me that you were comparing bitcoin to be on the same risk scale as the stocks we have been discussing in this thread.
I don't disagree that the stock market is a little scary to invest in after it has run up so much. However, I do not believe in the doom and gloom predictions some are making now. I have seen too many of these guys make claims that they called the top before. In reality, they called the top 2000 points ago and have been wrong for a long time. When the market finally does correct, and it will, they will say that they were right and called the top, but they won't tell you that they have been calling for a top for the last year all the while the market kept going higher. It like the saying "a broken clock is right twice a day".
The other thing I have learned is that sometimes, some of these so-called gurus actually make a pretty good prediction and hit the timing right. Then everyone thinks that this guru knows everything and follows every word they say. The problem is, they are usually never right again.
Just my opinions, not trying to start an argument. I have been pretty silent for a while and thought I might like to be a bit more involved in the discussions for the time being.