Bitcoin

[xander756]

Anybody able to take advantage of the most recent Bitcoin run? What do you think the ceiling will be for it before it corrects? It's at the ATH now.

[elli]

In October 2019, I bought $70 of Bitcoin and Ethereum each, just for funsies. The fintech company I worked for offered $25 to employees if they invested in their Crypto product; it was super easy, so I did.

After the recent spike, I now have nearly $400 in unrealized gains... just from an initial $140 investment. Of course, I wish I would've bought more BTC. :P

It has to reach a ceiling at some point. It's approaching $30k per coin. I think I might put in another $100 right now to see.

What do you think?

[HoudiniDerek]

I keep getting spammed with Bitcoin people. I find it hard to trust them that there is all upside and no downside.

[elli]

Dec 28, 2020 12:55:20 GMT -8 HoudiniDerek said:

I keep getting spammed with Bitcoin people. I find it hard to trust them that there is all upside and no downside.

The downside is that the value of cryptocurrencies is purely speculative, and not backed by anything. Their value only persists as long as a bunch of computers agree on that value. The value of Bitcoin could completely crash tomorrow, for example, and there wouldn't be anything anyone could do about it. In short: very volatile, high risk, assume any crypto investments you make will be lost.

[HoudiniDerek]

Dec 28, 2020 15:09:49 GMT -8 elli said:

Dec 28, 2020 12:55:20 GMT -8 HoudiniDerek said:

I keep getting spammed with Bitcoin people. I find it hard to trust them that there is all upside and no downside.

The downside is that the value of cryptocurrencies is purely speculative, and not backed by anything. Their value only persists as long as a bunch of computers agree on that value. The value of Bitcoin could completely crash tomorrow, for example, and there wouldn't be anything anyone could do about it. In short: very volatile, high risk, assume any crypto investments you make will be lost.

That's what I assumed, but there are a lot of people, including trusted financial advisers telling me it's worth the risk.  I'm trying to do more research...not that I would bet the farm regardless. 

[Retread]

Dec 28, 2020 12:09:22 GMT -8 elli said:

In October 2019, I bought $70 of Bitcoin and Ethereum each, just for funsies. The fintech company I worked for offered $25 to employees if they invested in their Crypto product; it was super easy, so I did.

After the recent spike, I now have nearly $400 in unrealized gains... just from an initial $140 investment. Of course, I wish I would've bought more BTC.

It has to reach a ceiling at some point. It's approaching $30k per coin. I think I might put in another $100 right now to see.

What do you think?

I think with anything this volatile, it's tough to predict which way it will go next. But looking at the history and present value, I'd be inclined to think we're looking at another steep drop soon. There might be considerable gains prior to that, but I doubt you could time it properly to extract value before it drops well below the current trading levels.



www.coindesk.com/price/bitcoin

Eventually Bitcoin will become another Beanie Baby. I wouldn't even think of it as a long-term investment. But if you guess right on when to get in and when to get out, you might be able to extract value.

I think this would be the time to cash out, then buy back in after the bubble pops.

I could be totally wrong ... (but I don't think so!)
Cuz it's a jungle out there ... a jungle out there.
(e-cookie for the first person who cites the reference)

[HoudiniDerek]

Anyone here used Coinbase? Is it reliable and trustworthy?

[elli]

Dec 31, 2020 11:40:40 GMT -8 HoudiniDerek said:

Anyone here used Coinbase? Is it reliable and trustworthy?

I haven't used Coinbase, so not sure. I've been doing my trading through SoFi, which is where I worked. Their Invest product is pretty good imo.