If you had bought a bitcoin on 11/02/21

[multigraincracker]

You paid $63,152. Then if you sold it today for $38,730, you'd lost $24,422.

On just one coin.

[orwell]

1. Tulip craze...

...South Sea Bubble...

Rinse and repeat...

[WA-03 Democrat]

2. Me thinks BitCoin

Should be renamed to PutiCoin

It is nothing more than a money laundromat for the global crime syndicate. It like all things, does not operate to everyone’s benefit without regulation.

[unblock]

6. Money laundering is easier with US dollars

That's not to say it can't happen with crypto, but it's easier with dollars. By far the vast majority of all money laundering is done with US dollars

[unblock]

3. Well... yeah, but if you bought it for $10,000 in February 2020, you still more than doubled

So, yeah, it's very volatile.

Tesla is down around 20% from its peak. Not as volatile as btc, but still very volatile.

[multigraincracker]

5. A little history of the price....

The Bitcoin price in 2009 was barely above zero. Real adoption of Bitcoin began to take place about two years later, and a major Bitcoin price surge happened for the first time.
In 2011, the Electronic Frontier Foundation (EFF) accepted BTC for donations for a few months, but quickly backtracked due to a lack of a legal framework for virtual currencies.
In February of 2011, BTC reached $1.00, achieving parity with the U.S. dollar for the first time. Months later, the price of BTC reached $10 and then quickly soared to $30 on the Mt. Gox exchange. Bitcoin had risen 100x from the year’s starting price of about $0.30.


Not many got in on that 30 cent deal, but that would have been the time to buy one.

[brush]

4. Crypto currencies are a crapshoot. If you don't have money to burn...

or double, don't go there. If you do go there, pay attention and be ready to get out on the up swings. Don't delay hoping for an even bigger return because they will go down again.

[unblock]

7. Yes it's highly speculative.

You're not only betting on acceptance of crypto, you're also betting on which crypto becomes the standard, and you're betting that no future crypto is going to come along and replace it.

Never mind where supply and demand push the actual price to.

Personally I mostly use btc for very temporary transactions. If a vendor will give a discount for btc so they avoid merchant fees, usually. So I buy btc and immediately send it. I have maybe a couple hours of btc risk at a time and I make a big as often as I lose a bit.

Lately I've been keeping a few hundred dollars worth in my wallet, not as an investment, just to cut down on the exchange hassles. Not going to lose sleep over maybe $40 I lost since November. I probably made double that last year and it's all noise anyway.

[3Hotdogs]

8. But look at the tax writeoff you would'a gotten.

[progree]

9. I don't worry my pretty little head off about the gargantuan amount of electricity this

madness uses, because, well, I'm not concerned that the atmosphere's CO2 level has increased 50% since pre-industrial times, and that the temperature is up by 1.1 deg C (2.0 deg F) and that we're clearly headed for a global climate disaster.

That's because I'm the type of Democrat that is a Democrat only because I think of it as the "free stuff" party, not one that has some progressive values like thinking about others and the planet as a whole.

So if I can make a little money off this and hide transactions, that's perfect.

/sarc

I read the Environment and Energy group daily so as not to delude myself.

[multigraincracker]

10. Not perfect.

Live in a tiny house, vote for progressives and most important to the future or the Earth, I didn't reproduce. So, my carbon footprint ends soon.