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It seems inevitable that the Bitcoin story will have a very sad ending. When one read reports that Uber drivers are taking on credit card debt to invest in something, it is a dangerous thing.
I’m sure a Bitcoin crash will shake the confidence of many, yes. It’s all to easy to take on excessive risk when a market seems destined to rise forever.
It seems inevitable that the Bitcoin story will have a very sad ending. When one read reports that Uber drivers are taking on credit card debt to invest in something, it is a dangerous thing.
If your going to say Bitcoin is going to have a sad ending you should at least back up that statement with some reasoning. I'm not even gonna disagree with you on the point maybe it will, but again at least provide some reasoning behind that statement.
I think 99% of people would agree whether it's Bitcoin or the stock market your an idiot if you take on debt to invest.
Bitcoin may not always be the biggest crypto on the block but blockchain and cryptos are here to stay.
Will Bitcoin shake up people's idea of investing? Not anymore than the 2008 crash.
Bitcoin is owned by a fraction of 1% of the populace, so the notion that Uber drivers are buying Bitcoin in huge quantities is a farce. The media seizes on 1 or 2 stories of some poor idiot mortgaging his house to buy Bitcoin and suddenly every Bitcoin owner is a clueless Millennial Uber driver.
Bitcoin is owned by a fraction of 1% of the populace, so the notion that Uber drivers are buying Bitcoin in huge quantities is a farce. The media seizes on 1 or 2 stories of some poor idiot mortgaging his house to buy Bitcoin and suddenly every Bitcoin owner is a clueless Millennial Uber driver.
I definiately will admit the Bitcoin community as a whole, or at least many of the Redditors who are probably 18-25 I would imagine are a bit overly enthusiastic and think Bitcoin can never do anything but go up. I see people refusing to take any gains, refusing to take out initial investments and even "cheering" when it crashes because they can buy more, I definitely do agree among some there's a foolishness in regards to not seriously looking at this as an investment in the way they should, however like you said that's a small but vocal part of the Bitcoin community. Less than 1% of internet users as you said use Bitcoin so to say everyone is rushing out taking out second mortgages and maxing out cards is definitely false. There's been a few stories of people doing this like that Dutch guy and his family who are living in a campground so they can throw all their money into Bitcoin. I think the vast majority of Bitcoin holders have a couple hundred bucks in.
In regards to Bitcoin "Crashing" it would be for one of a couple reasons IMHO...
1. Network becomes so congested it become unusable ie fees almost outweigh what's being sent. This could happen if it continues to grow and Core team doesn't seriously focus on scaling.
2. Government regulation, doesn't have to be government "banning" Bitcoin, could be regulation on exchanges which could crash price. Or government says Bitcoin is used for terrorist financing, what they fall back on for anything they want to ban or regulate.
3. Coinbase gets hacked, they have way too much power, it's way too centralized and that would shake confidence in the entire crypto system.
Well, crypto is actually what got me interested in actively investing this year. I have some money in etfs and iras, but never had enough confidence to put money in one single stock. I watched crypto closely and knew it was going to go up. Even after the dip, I still currently have 300% in gains, and that was only in six months. Even AMZN only made 55% gains this year. I know this rise isn't going to last forever, and I'll probably pull out once it hits a certain number, but even as a beginner, I knew to put in only what I could afford to lose.
Well, crypto is actually what got me interested in actively investing this year. I have some money in etfs and iras, but never had enough confidence to put money in one single stock. I watched crypto closely and knew it was going to go up. Even after the dip, I still currently have 300% in gains, and that was only in six months. Even AMZN only made 55% gains this year. I know this rise isn't going to last forever, and I'll probably pull out once it hits a certain number, but even as a beginner, I knew to put in only what I could afford to lose.
And yes, I am a millennial.
you do realize that an etf is an investment and an ira is an investment vehicle, right?
Yes but they're passive investments. Note how I said "actively investing".
Yes I did note that and I also noted how your response confirms you don't know what you're talking about and any shred of credibility that your post might have had has now evaporated.
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