Quote:
Originally Posted by Tony_SS
Heck yeah it's high risk, and there's a good chance it's a bubble and will pop for now... but I'll risk what I can loose.  Whatever happens remains to be seen, but it sure is fun watching so far. |
Ya know -- the people around me that thought flipping houses was fun too.... right up until they lost their ass and moved into an apartment. Then their refrain is --- "I should have seen it coming".
Personally - I don't care what anyone invests in -- or does with their money... but this is INVESTING 102 and people need to understand there is investing and there is gambling. I think Bitcoin is gambling. Since your currency really can't be used to buy very much... you can't take them or transfer them to a real bank account and go buy a car... or food... (you'll no doubt argue that you can, in fact, buy these things -- but I'll argue that even if you could - it would be difficult at best)... so the real intrigue with this "currency" is trading it and watching (hopefully) it go up. Whether it's a bubble or not won't be known - so I wouldn't speculate on whether it is or not. What I'm saying is that things that have no intrinsic value other than someone pays more for it - tend to have very bad outcomes.
It may be that Bitcoin becomes so wildly owned that everyone will take them as payment for anything --- in other words -- just like a US dollar.... It really doesn't matter to me whether the dollar is in fact nothing more than a printed piece of paper... what matters is that if I have enough of them I can buy goods and services and that ANYONE will take my money. That's all that really needs to happen. End of story. Perhaps Bitcoin makes it to that point.
My Grandfather - who lived in Carson City, Nevada for 50 years - used to point out that "most people" are, at some point, perhaps 10% ahead at some point in their gambling while in a casino... and that most people would be happy with a 10% return on their money ANNUALLY... yet these people are up 10% in an hour or two, or day or two.... yet most gamble until they've spent whatever it was they brought to gamble with. He also pointed out that they didn't build those big casinos with the money they earned from the winners.... but I'm sure the losers had a great time. They're still losers.