Bitcoin

[nopain1234]

Are we all going to fee like idiots for not going all in when it hits 100k in 12-18 months?

---

Members don't see this ad.

 

[sethco]

No

 

[sevo00]

There is already a cryptocurrency thread

 

[gasdoc77]

No more than I feel like an idiot for not having just bought a Powerball ticket.

 

[deleted1116990]

100k? Did you add an extra zero or 2 in there?

I'm baffled how anyone can look at crypto and not conclude that this is the 10 year cyclical bubble we are due for (junk bonds 80s, dot com 90s, subprime mortgages 00s). How is crypto obviously not the next thing that is going to implode and take the whole market with it?

We have all the same hallmarks. Everybody pumping crypto now and getting rich off it are the same shady people who have been pumping whatever the scam of the day is for the past few decades. Do we really not know how this turns out by now? The shoeshine boy indicator is off the charts with everybody screaming, but wait, really, this time it really is different!

In retrospect, obviously valuations for worthless internet companies was insane.
In retrospect, obviously giving million dollar adjustable rate mortgages to bartenders and plumbers was insane.
In retrospect, investing in a virtual currency that nobody uses for trade and is based on a never ending increase of computing complexity that consumes the power equivalent of small nations was... totally normal and going to last forever? Really?

 

[deleted1116990]

Ok, after I posted this, there was an ad on the screen, that I am looking at now as I type that literally says

"What if bitcoin was powered by harnessing the energy OF VOLCANOES."

That's it. This is prophetic. I'm pulling the rest of my money out of the market and buying some puts.

 

[chessknt]

I

Ok, after I posted this, there was an ad on the screen, that I am looking at now as I type that literally says

"What if bitcoin was powered by harnessing the energy OF VOLCANOES."

That's it. This is prophetic. I'm pulling the rest of my money out of the market and buying some puts.

Im almost certain some South American country is literally doing this as the foundation of their entire economy

 

[GravelRider]

Ok, after I posted this, there was an ad on the screen, that I am looking at now as I type that literally says

"What if bitcoin was powered by harnessing the energy OF VOLCANOES."

That's it. This is prophetic. I'm pulling the rest of my money out of the market and buying some puts.

Tomorrow Elon Musk is going to be tweeting about MagmaToken and dumping them as soon as the likes on his tweet levels off. Harnessing geothermal energy to transfer wealth into the pockets of billionaires.

 

[ValentineD]

See I saw Matt Damon on the TV shilling for crypto and that solidified for me that it was a bad investment.

 

[pgg]

See I saw Matt Damon on the TV shilling for crypto and that solidified for me that it was a bad investment.

I gotta give the guy credit though. Doing commercials and extracting money risk free from suckers in the crypto world is great. The man's selling shovels to the gold miners before they go bankrupt digging.

 

[Ronin786]

Just look at who thinks they're getting rich off bitcoin and ask yourself when "common folk" ever were in a position to access a financial material that would change their fortune in the history of the universe and succeeded. That is enough for me to stay away.

 

[deleted1116990]

Just look at who thinks they're getting rich off bitcoin and ask yourself when "common folk" ever were in a position to access a financial material that would change their fortune in the history of the universe and succeeded. That is enough for me to stay away.

Exactly. The rich cash out and leave the working class stiff holding the bag. Every single time. What did you do when your wife's hairdresser is telling you she just bought 3 investment properties with interest only mortgages and she comes to you and asks if you think you should get in on it too?

We are basically at that point. It's not just the 30 year old Ferrari-driving, steroid-pumping crowd that blows 20k in Vegas once a month that is trading crypto any more. Regular people are buying it now. The music is going to stop right... about......

 

[nopain1234]

Lots of FOMO ITT 🤣

 

[RadOncDoc21]

Bitcoin looking better then most of my Motley Fool stocks at this point in time. Don’t get me wrong, pretty much everything I have money in has been beaten up badly. I might just start putting money under my mattress at this point.

 

[pgg]

Bitcoin looking better then most of my Motley Fool stocks at this point in time. Don’t get me wrong, pretty much everything I have money in has been beaten up badly. I might just start putting money under my mattress at this point.

Ever since Motley Fool's ridiculous "Foolish Four" went down in flames, something like 20 years ago, I thought everyone regarded their stock analysis as ... well, about what you'd expect from a medieval court jester. Maybe a couple notches below that hack Cramer.

Nobody, nobody should've been losing money in the last decade. That these "experts" have been so good at losing money for people in this historic bull market really speaks to the truth that they don't know anything at all.

 

[chessknt]

Ever since Motley Fool's ridiculous "Foolish Four" went down in flames, something like 20 years ago, I thought everyone regarded their stock analysis as ... well, about what you'd expect from a medieval court jester. Maybe a couple notches below that hack Cramer.

Nobody, nobody should've been losing money in the last decade. That these "experts" have been so good at losing money for people in this historic bull market really speaks to the truth that they don't know anything at all.

Arguably you should short these stocks…I imagine that’s what these people are doing

 

[gasdoc77]

Bitcoin looking better then most of my Motley Fool stocks at this point in time. Don’t get me wrong, pretty much everything I have money in has been beaten up badly. I might just start putting money under my mattress at this point.

Interesting article in MF about this alternative to crypto. If there was a LANDcoin backed by productive farmland, wouldn't that actually be everything crypto wants to be. Thoughts??

Forget Bitcoin: I'm Buying This Under-the-Radar REIT | The Motley Fool

This real estate investment trust offers similar benefits to investing in Bitcoin, with less volatility.

www.fool.com

 

[RadOncDoc21]

Interesting article in MF about this alternative to crypto. If there was a LANDcoin backed by productive farmland, wouldn't that actually be everything crypto wants to be. Thoughts??

Forget Bitcoin: I'm Buying This Under-the-Radar REIT | The Motley Fool

This real estate investment trust offers similar benefits to investing in Bitcoin, with less volatility.

www.fool.com

I actually own a fair amount of that stock. One of the few of mine that hasn’t been sinking the last few weeks.

 

[gasdoc77]

I actually own a fair amount of that stock. One of the few of mine that hasn’t been sinking the last few weeks.

Fascinating. I am very interested but the chart shows it's near all time highs. Not sure if waiting for a pullback would equate to trying to time the market. Ahhh, the psychology of investing.

 

[RadOncDoc21]

Fascinating. I am very interested but the chart shows it's near all time highs. Not sure if waiting for a pullback would equate to trying to time the market. Ahhh, the psychology of investing.

It’s been steady for me which for now is all I can really ask for right now. I started investing a good amount of money around August of last year and went into tech, high growth stocks at their peaks. I also have a few ETF’s and micro caps.
Fortunately, most of money is in my 401k, and Roth IRA accounts managed by a financial advisor I’ve had since I was a resident. I’m am glad I didn’t start managing those accounts like I was planning to do, even though I still feel like they are also ripping me off. Still new to the game but this hasn’t been a fun experience for me.

 

[GassYous]

It’s been steady for me which for now is all I can really ask for right now. I started investing a good amount of money around August of last year and went into tech, high growth stocks at their peaks. I also have a few ETF’s and micro caps.
Fortunately, most of money is in my 401k, and Roth IRA accounts managed by a financial advisor I’ve had since I was a resident. I’m am glad I didn’t start managing those accounts like I was planning to do, even though I still feel like they are also ripping me off. Still new to the game but this hasn’t been a fun experience for me.

What can they do that you can't do yourself? As a medical student I talked to some douchebag at northwestern mutual who wanted to take 2%. You a hedge fund bro? "My kids need to eat too". Yeah no, get a real job and I'll keep buying vtsax with a 0.15% fee and let my kids eat instead.

 

[deleted875186]

What can they do that you can't do yourself? As a medical student I talked to some douchebag at northwestern mutual who wanted to take 2%. You a hedge fund bro? "My kids need to eat too". Yeah no, get a real job and I'll keep buying vtsax with a 0.15% fee and let my kids eat instead.

2% is criminal. What type of promises are they making to try and get people to sign up for that s**t? They should be required to show a schedule of how much money 2% of a certain investment over 10, 20, 30 years ends up being, similar to a finance charge they show when you get a loan.

 

[RadOncDoc21]

Definitely agree. At the time, I just didn’t have the time to look into more and this year I decided I would learn about investing and becoming financially independent. I decided I would take my extra money that wasn’t being used and invest it with a little help from the motley fool. Now maybe it’s the timing of my investment which I know hasn’t been 6 months, but I’m already down 20% from where I started. Looking at the stocks though, I do see almost every sector except energy and finance has gone down a lot so maybe it’s just the start of a repositioning or a true bear market.

I guess my thing now is what should I expect going forward? Right now I’m just saving, still investing but definitely not at the pace I was at before. Hopefully, I will be able to control all my other assets but having those accounts controlled by my financial advisor actually saved me from myself. I was never taught anything about finances.

 

[deleted875186]

Definitely agree. At the time, I just didn’t have the time to look into more and this year I decided I would learn about investing and becoming financially independent. I decided I would take my extra money that wasn’t being used and invest it with a little help from the motley fool. Now maybe it’s the timing of my investment which I know hasn’t been 6 months, but I’m already down 20% from where I started. Looking at the stocks though, I do see almost every sector except energy and finance has gone down a lot so maybe it’s just the start of a repositioning or a true bear market.

I guess my thing now is what should I expect going forward? Right now I’m just saving, still investing but definitely not at the pace I was at before. Hopefully, I will be able to control all my other assets but having those accounts controlled by my financial advisor actually saved me from myself. I was never taught anything about finances.

Invest regularly, when the market goes down invest more.

 

[anaesthetic]

Definitely agree. At the time, I just didn’t have the time to look into more and this year I decided I would learn about investing and becoming financially independent. I decided I would take my extra money that wasn’t being used and invest it with a little help from the motley fool. Now maybe it’s the timing of my investment which I know hasn’t been 6 months, but I’m already down 20% from where I started. Looking at the stocks though, I do see almost every sector except energy and finance has gone down a lot so maybe it’s just the start of a repositioning or a true bear market.

I guess my thing now is what should I expect going forward? Right now I’m just saving, still investing but definitely not at the pace I was at before. Hopefully, I will be able to control all my other assets but having those accounts controlled by my financial advisor actually saved me from myself. I was never taught anything about finances.

First thing you need to do is to spend a weekend reading White Coat Investor (as well as the entire website), The Millionaire Next Door, and other financial education staples. You’ll see that it’s not at all complicated and that your financial advisor has been robbing you this entire time. Whatever cut they are taking from you will never beat the 0.04% from VOO or other index funds, and over 20-30 years, that amount will be equal to nearly mid-six figures, if not more. It’s borderline unethical.

If you’re too lazy to read those books, the keys are: max out your 401k contributions, max out your Roth IRA if you still qualify, pay down your high interest debt (>3-4%), keep 3-6 months’ worth of expenses (12 if you’re risk-averse) in cash, and then once you do all of that, you can throw the rest of your money into the market (index funds and bonds). Your asset allocation will depend on your age and risk profile but usually higher stock/bond ratio when you start out (90/10) and decrease that ratio/risk as you get older. For index funds, may be worthwhile to diversify further than the S&P 500 with foreign markets, emerging markets, and small cap funds. If you want to gamble on individual stocks or crypto, then keep that allocation to 5% or less.

That’s it. Congrats. You just saved a few hundred thousand dollars by doing a few hours worth of reading. Best ROI you can make.

 

[sevo00]

Agree with above Great overview of investing for docs. Financial advisors are not worth it.

 

[RadOncDoc21]

I figured I would wait this year to transition out from my financial advisor due to the Roth requirements and didn’t want to risk anything prior to maximizing my contributions for this year and next year. As far as the 401k, I max out with my employer matching and it’s already established so I’ll likely take over everything including my roths later this year. I just wasn’t expecting things to go south so fast over the last few months. I paid off my student loans, no debt except for my home mortgage. I’m not struggling but definitely need to save more.

Thank you all for the helpful advice.

 

[GassYous]

Definitely agree. At the time, I just didn’t have the time to look into more and this year I decided I would learn about investing and becoming financially independent. I decided I would take my extra money that wasn’t being used and invest it with a little help from the motley fool. Now maybe it’s the timing of my investment which I know hasn’t been 6 months, but I’m already down 20% from where I started. Looking at the stocks though, I do see almost every sector except energy and finance has gone down a lot so maybe it’s just the start of a repositioning or a true bear market.

I guess my thing now is what should I expect going forward? Right now I’m just saving, still investing but definitely not at the pace I was at before. Hopefully, I will be able to control all my other assets but having those accounts controlled by my financial advisor actually saved me from myself. I was never taught anything about finances.

???
bear market?
it's been up 10% in the last 6 months

 

[RadOncDoc21]

???
bear market?
it's been up 10% in the last 6 months

Ok, yes.. I will be the first to admit I’m wrong. I will say things wrong because again I’m new to investing. I said either the beginning of a re-positioning or a bear market or whatever this is called… either way I’ve lost a good amount in a short time. What’s a good word for a personal bear market?

 

[nimbus]

In recent years, all of these “crashes” have rebounded in 4months. Let’s revisit in 4 months.

 

[nimbus]

Invest regularly, when the market goes down invest more.

In the words of Warren Buffett, “buy, don’t sell.”

 

[We'llBeDoneIn15Minutes]

Crypto is a real head scratcher. Of all the Ponzi's this one has a complete zero intrinsic value. I mean, even the Tulip bulb, the granddaddy Ponzi of them all, at least you could plant the dam* thing. There's absolutely nothing you can do with a crypto once the suckers disappear.

 

[coffeebythelake]

Crypto is a real head scratcher. Of all the Ponzi's this one has a complete zero intrinsic value. I mean, even the Tulip bulb, the granddaddy Ponzi of them all, at least you could plant the dam* thing. There's absolutely nothing you can do with a crypto once the suckers disappear.

I think of it like the art world. Lots of grossly inflated numbers. Lots of fraud.

 

[We'llBeDoneIn15Minutes]

Are we all going to fee like idiots for not going all in when it hits 100k in 12-18 months?

No.
Not because it can't hit 100,000. It might.
But because its fundamental value is zero and has a date with destiny to reach that point.

 

[deleted875186]

No.
Not because it can't hit 100,000. It might.
But because its fundamental value is zero and has a date with destiny to reach that point.

Fundamental value is zero??

Why don’t we abandon all currency then?

Crypto has been around for over 10 years. How long before we accept it as legit?

 

[nimbus]

Fundamental value is zero??

Why don’t we abandon all currency then?

Crypto has been around for over 10 years. How long before we accept it as legit?

It’s value is a consensus opinion, whatever it last traded for. Just like Yeezys or the hot new NFT.

 

[RadOncDoc21]

Right now I’m treating every investment as speculation. I might just buy a ton of baby swap and call it a day.

 

[coffeebythelake]

Fundamental value is zero??

Why don’t we abandon all currency then?

Crypto has been around for over 10 years. How long before we accept it as legit?

FUNDAMENTAL analysis of cryptocurrency has no value. It is artificial scarcity built into computer code. And while I think the idea of blockchain technology and its security applications is interesting, it isn't worth anything near the value of cryptocurrency trading market. Blockchain technology hasn't actually been used for its actual purpose. It has no sales, no profits, no PE ratios, nothing that is used to gauge a fundamental value.

Now, there is a TECHNICAL analysis based on supply and demand for cryptocurrency which is tied to popularity and consensus, but value here is the same thing that led to the all sorts of speculative bubbles in the past.

 

[GassYous]

Fundamental value is zero??

Why don’t we abandon all currency then?

Crypto has been around for over 10 years. How long before we accept it as legit?

Yeah that's why I used it to buy a sandwich last week
oh wait no i didn't, I used my credit card

 

[We'llBeDoneIn15Minutes]

Fundamental value is zero??

Why don’t we abandon all currency then?

Because the government says our currency is legal tender and that's good enough value for me. When Bitcoin disappears it will make for nice stories and no one will care. When currency of the US government is worth zero we are in some seriously big trouble.

 

[deleted875186]

Yeah that's why I used it to buy a sandwich last week
oh wait no i didn't, I used my credit card

I feel like this only confirms the theory that a universal digital currency makes sense ….

 

[deleted875186]

Because the government says our currency is legal tender and that's good enough value for me. When Bitcoin disappears it will make for nice stories and no one will care. When currency of the US government is worth zero we are in some seriously big trouble.

I geuss we will see what happens with Venezuela

 

[We'llBeDoneIn15Minutes]

I geuss we will see what happens with Venezuela

Exactly. And we are heading in that direction.

 

[coffeebythelake]

I feel like this only confirms the theory that a universal digital currency makes sense ….

i think that a digital currency makes sense, i don't know if a universal one would work.
look what happened with the euro and greece

 

[coffeebythelake]

Exactly. And we are heading in that direction.

 

[deleted1116990]

Crypto has been around for over 10 years. How long before we accept it as legit?

The part that really makes me think this will never happen is the intrinsic complexity of transacting it. The blockchain records every exchange in its history and that record is used in every new exchange. How long until quadrillions of exchanges eventually result in a ledger that has grown exponentially enough to the point that the energy and computing resources needed to buy a gallon of gas with bitcoin make it impossible to use. Furthermore, how do you audit something with more information contained in it than stars in the sky?

Fundamentally, this seems like Achilles' heal. I have yet to hear a good explanation of how this isn't really a problem.

 

[Intubate]

The part that really makes me think this will never happen is the intrinsic complexity of transacting it. The blockchain records every exchange in its history and that record is used in every new exchange. How long until quadrillions of exchanges eventually result in a ledger that has grown exponentially enough to the point that the energy and computing resources needed to buy a gallon of gas with bitcoin make it impossible to use. Furthermore, how do you audit something with more information contained in it than stars in the sky?

Fundamentally, this seems like Achilles' heal. I have yet to hear a good explanation of how this isn't really a problem.

You clearly don't understand how it works, and you confidently state that your false impression is the reason it will fail. Unless by achilles' "heal" you meant it was fine.

 

[RadOncDoc21]

The only part I care about is if I put money into something—will more money come out? I measure crypto, stocks, etc on how it compares to the dollar and thus far like all of my investments the last 6 months, my dollar continues to lose value, even when I put it under the mattress.

Anybody know of any NFT’s that’s going to shoot up soon?

 

[We'llBeDoneIn15Minutes]

The part that really makes me think this will never happen is the intrinsic complexity of transacting it. The blockchain records every exchange in its history and that record is used in every new exchange. How long until quadrillions of exchanges eventually result in a ledger that has grown exponentially enough to the point that the energy and computing resources needed to buy a gallon of gas with bitcoin make it impossible to use. Furthermore, how do you audit something with more information contained in it than stars in the sky?

Fundamentally, this seems like Achilles' heal. I have yet to hear a good explanation of how this isn't really a problem.

As well as the creation of a new crypto practically every week that immediately shoots up in price. That defies having real value and smells of momentum plays.

 

[We'llBeDoneIn15Minutes]

You clearly don't understand how it works, and you confidently state that your false impression is the reason it will fail. Unless by achilles' "heal" you meant it was fine.

Yeah, this time it will be different....
😂🙄