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Bitcoin

Bitcoin has treated me quite well.

Back in 2018 I bought in excess of 1400 new hospital grade power cords with the C13 female end from a local manufacturing company for next to nothing. Put them on the bay, and people who built bitcoin mining machines bought them sometimes 50 at a time. What I thought would be a lifetime supply is nearly gone.
 
Bitcoin/USD was trading at 16586 @ Thursday 29 December 2022 @ 1:31 p.m. PARIS TIME, an increase of 0.46 percent since the previous trading session.

Over the last four weeks, Bitcoin has gained 2.94 percent.

Over the last 12 months, Bitcoin/USD has declined by 64.80 percent.

Looking ahead, analysts predict Bitcoin/USD to be priced at 15247 by the end of Q4/2022 and at 11332 by around the start of Q4/2023.

1. BITCOIN/USD AS OF 1:31 p.m. PARIS TIME @ 29 DECEMBER 2022
BC @ 1.31pm PARIS 29 DEC 2022.JPG
2. TODAY'S USD VALUE AND PREDICTED USD VALUE @ Q4/2022, Q1/2023, Q2/2023 & Q3/2023
price signal q4-22 q1-23 q2-23 q3-23.JPG

NB: A value of 11332 USD would return the value of a single Bitcoin to its value as of 28 September 2020.
 
RobRoy said:
A friend of my brother's is a huge Bitcoin believer. I just found out last week that the reason for it is that he really has no (very little) SS, no pension, and no other sources of retirement income. So all of his eggs are in the Bitcoin basket. It's all or nothing for him. He's still ok because he would still sell at a profit today (he's been in for quite a while). But though I bought fairly cheap, he was unable to afford to buy very much. Shoulda sold at $70k.

I'm not a fan. It's only strength is blockchain, which is really something else that can be applied to many other things. It gets ALL of its value from faith. You can't even plant it to produce a tulip.
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Blockchain has no real use. That’s just BS these tech bro charlatans have been pushing in order to fleece folks out of billions. Your brothers friend is going to be one of many left with nothing.
 
BitCoin and all other "crypto Currencies" along with BlockChain are solutions in search of a problem.

I suspect Jamie Dimon is exactly correct with his comment "Pet Rocks". No value, no backing, and everyone thinks "new so it's not regulated" -- on the assumption that regulations are bad (note: they aren't).

Stay far, far away.
 
Lazarus Long said:
Blockchain has no real use. That’s just BS these tech bro charlatans have been pushing in order to fleece folks out of billions. Your brothers friend is going to be one of many left with nothing.
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I think you are right. The key to investing in a ponzie scheme is to get out before the fact it's a ponzie scheme becomes common knowledge. Sadly, a lot of early investors will still either make very little or lose money. And some (who bought at $70k or so) and stay in for the long haul will be jumping out of windows.
 
Tom Brady, lol! Dumped a fortune of his own money into FXT and it went "poof".

There are other very bad effects from things and rise exponentially in price that have no inherent value, and the current surge in inflation is partially driven by enormous increases in the money supply outside of the control of the Feds -- like a digital image of a piece of paper with coded dots on it (like BitCoin) being "valued" at $60k. The more dollars there are out there the more everything costs in dollars -- the reverse using the Gold Standard where there is a fixed amount of gold at a fixed value, so the more things there are (or more wheat or corn there is) the LESS it can cost because there is a limited number of dollars....

Crypto won't be around much longer.
 
Like any pyramid scheme if you got in early your were good later not so much. Most money moves electronically anyway so I stick with the dollar. 401k has done great lately
 
19 February @ 6:44 am Eastern Time:

19 FEB 6.44 EASTERN.JPG

- This is the highest price (per USD) since November 2021.
- Its value has tripled since January 2023.

What might be driving this surge:

1. Positive sentiment surrounding the introduction of dedicated US exchange-traded funds.
2. Anticipation of the upcoming halving, which will reduce the token's supply growth.
 
Or it's like tulip mania.

I love the invest in gold commercial that tells you if you would have invested 12,850 in 1976 it is worth 135,000 now. What they didn't say was if you put that 12,850 in the S&P 500 and I'll even spot them a few years and only use 10,000 invested in 1980 as of 2022 you would have 1,26 million
 
I don't trust Bitcoin so I don't own it. It looks more like a derivative bet than an asset. And I'm worried about the myriad ways one can simply lose it --i.e. forgot password!
 
If was 20 years old I'd put every dime I had into Bitcoin. But at 76 I wouldn't put one dime into it. Musical chairs.
 
10010111011011101010111011111000000101011100101110011000110010111001110000110001111100011100111100011100000000011111100101101111001000.

Lets start the bidding at $47,286. Its a deal at $15,000 less than a Bitcoin and its unusable at the stores just like bitcoin.
 
I have a nephew that is a fincial advisor and sells crypto currency. I’m 60yrs old and am able to retire whenever I want atvthis point. He wants to “talk” to me about investing in crypto currency. He’s already caught a couple of other uncles and I’m hoping he just forgets about it. I think it’s a pyramid scheme that will crumble. I don’t want any part of it.
 
El Rubio said:
I have a nephew that is a fincial advisor and sells crypto currency. I’m 60yrs old and am able to retire whenever I want atvthis point. He wants to “talk” to me about investing in crypto currency. He’s already caught a couple of other uncles and I’m hoping he just forgets about it. I think it’s a pyramid scheme that will crumble. I don’t want any part of it.
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A good Financial Advisor assesses a client’s risk tolerance and is also aware of the amount of acceptable risk at the different stages of life. Your nephew should recognize your risk tolerance should not be too high at this stage and does not push crypto as being part of your portfolio.
 
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