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Lee Marvin
16-02-2021, 01:40 PM
Would have thought there would have been a thread on this.

Bitcoin hit $50k today. I dont have any, but I work in the Investments Industry and have a few friends who invest in this market.

What are peoples thoughts - bubble or buy buy buy?
Jim44
16-02-2021, 01:46 PM
Would have thought there would have been a thread on this.

Bitcoin hit $50k today. I dont have any, but I work in the Investments Industry and have a few friends who invest in this market.

What are peoples thoughts - bubble or buy buy buy?

I assume that the Bitcoin business is kosher, but I keep reading about instances of well known celebrities having their names fraudulently used to recommend and advertise investing in Bitcoin. Is that a scam side to the business?
CloudSquall
16-02-2021, 02:10 PM
I think the difference to previous runs is that institutions are buying bitcoin, first it was Micro Strategy and now Tesla has bought also.

It's always going to be prone to volatile drops which buyers have to accept, so it's best to invest with a "buy and forget" mentality with money you can afford to lose if the worst comes to the worst.

With the involvement of more and more institutions however it looks like it has a lot of upside remaining.
Lendo
16-02-2021, 02:27 PM
There is a thread discussing it on the Private Members forum.

I use Etoro to invest. Got a small amount in Bitcoin, Ethereum and Cordano ADA. Making a nice wee profit just now (ADA up over 100% in the last two weeks) but under no illusions that the arse can drop out of it at any point.
JeMeSouviens
16-02-2021, 03:49 PM
I think the difference to previous runs is that institutions are buying bitcoin, first it was Micro Strategy and now Tesla has bought also.

It's always going to be prone to volatile drops which buyers have to accept, so it's best to invest with a "buy and forget" mentality with money you can afford to lose if the worst comes to the worst.

With the involvement of more and more institutions however it looks like it has a lot of upside remaining.

But NOT the password! :wink:

https://www.businessinsider.com/bitcoin-owner-who-lost-password-made-peace-potentially-huge-loss-2021-1?r=US&IR=T
pollution
16-02-2021, 05:48 PM
Only invest/speculate if you can afford to maybe lose your money.

99% of traditional bankers would not go near this, me included; although I was a money broker.
Ozyhibby
16-02-2021, 05:55 PM
Digital tulips.


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Chuck Rhoades
16-02-2021, 06:09 PM
Digital tulips.


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Constructive as ever.
lapsedhibee
16-02-2021, 06:35 PM
Constructive as ever.

Digital tulips is fair comment.
Lee Marvin
16-02-2021, 06:40 PM
Only invest/speculate if you can afford to maybe lose your money.

99% of traditional bankers would not go near this, me included; although I was a money broker.

Exactly this. I see it more akin to gambling than investing.

Some people will (and have) made a lot of money, however many will lose a lot of money too. As long as you can afford to lose the capital and crypto does not make up a large part of your investment portfolio, I say go for it if you like to take a punt.
1van Sprou7e
16-02-2021, 06:40 PM
Digital tulips is fair comment.

Not really, the crypto world is vast and varied and cryptocurrencies offer many real life practical uses

Yes you can say it's a bubble but then so is our entire financial system
Lee Marvin
16-02-2021, 06:41 PM
Constructive as ever.

It is actually quite constructive, tbh. Doesnt mean it is right, but it is a relevant opinion
calumhibee1
16-02-2021, 07:31 PM
Digital tulips.


Sent from my iPhone using Tapatalk

Not at all. The same thing has been said for years. Crypto is here to stay and will become more and more widely used imo.
ballengeich
16-02-2021, 07:35 PM
I don't understand where the value of a cryptocurrency exists. All currencies are inherently valueless, but traditionally their value lies in the underlying economy of the issuing state. I don't see the equivalent background for a cryptocurrency.
CropleyWasGod
16-02-2021, 07:43 PM
I don't understand where the value of a cryptocurrency exists. All currencies are inherently valueless, but traditionally their value lies in the underlying economy of the issuing state. I don't see the equivalent background for a cryptocurrency.

The "issuing state" is, as I understand it, the global economy. Like conventional currencies, it's a "promise to pay". That promise will be fulfilled at some stage in the future. And don't forget that much of the underlying economy is based on large-scale illegality.

I struggle with the concept as well, and at times it does feel like the South Sea Bubble. However, once it is recognised by a major economy, IMO that's when it will really take off.
ballengeich
16-02-2021, 07:53 PM
The "issuing state" is, as I understand it, the global economy. Like conventional currencies, it's a "promise to pay". That promise will be fulfilled at some stage in the future. And don't forget that much of the underlying economy is based on large-scale illegality.

I struggle with the concept as well, and at times it does feel like the South Sea Bubble. However, once it is recognised by a major economy, IMO that's when it will really take off.
Alternatively, could a major economy conduct a massive shorting exercise? Hey Rishi - the best ideas are on HibsNet.
CropleyWasGod
16-02-2021, 07:59 PM
Alternatively, could a major economy conduct a massive shorting exercise? Hey Rishi - the best ideas are on HibsNet.

Shhh... 😆

Tom Cruise to star in the movie. The Wee Short.
Colr
16-02-2021, 08:55 PM
Digital tulips.


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A good time to re-read J.K. Galbraith’s Short History of Financial Euphoria.