BITCOIN

[Klaus]

Well in fairness, isn't that about the same as 95% of retirement accounts at this point, sans the tax issue. I certainly wouldn't call it "winning", but lost from peak, is lost from peak.

Retirement accounts are not a good comp since you cost average by investing with every paycheck. Plus they are tax advantaged which is a huge difference.

But lets just pretend that you put equal amounts in SPY and BTC on Jan 1 2019 and held until now. This is what your account looks like. Are you up +$41k or down $120k? Both are true.

All of this is theoretical though since very few of the BTC bros are actually up. They bought high and are sitting on losses which is why they engage in magical thinking about what BTC really is or how we will all be really sorry 2 years from now.

	SPY	BTC
Jan-19	$ 10,000	$ 10,000
Peak	$ 18,675	$ 172,700
Current	$ 15,331	$ 51,850
From inception	$ 5,331	$ 41,850
From peak	$ (3,343)	$ (120,850)

 

[Rb0891]

Retirement accounts are not a good comp since you cost average by investing with every paycheck. Plus they are tax advantaged which is a huge difference.

But lets just pretend that you put equal amounts in SPY and BTC on Jan 1 2019 and held until now. This is what your account looks like. Are you up +$41k or down $120k? Both are true.

All of this is theoretical though since very few of the BTC bros are actually up. They bought high and are sitting on losses which is why they engage in magical thinking about what BTC really is or how we will all be really sorry 2 years from now.

	SPY	BTC
Jan-19	$ 10,000	$ 10,000
Peak	$ 18,675	$ 172,700
Current	$ 15,331	$ 51,850
From inception	$ 5,331	$ 41,850
From peak	$ (3,343)	$ (120,850)

This did not convince me of anything. In fact I did something similar to your example. Put around 15K in crypto around this timeframe, but averaged in a little later. Investment went to a bit over 70K at peak. Prior to peak, I pulled around $15K (to pay cash on my GT500) with some left over to pay the taxes (on basically $1 basis). Now I have low 20's. Should have pulled it all out, but whatever - it is a high risk gamble (similar to amc, gamestop, actual gambling). I guess I could have bought baseball cards with all of their usefulness...

Regardles, our combined 401K/IRA's is down more than several hundreds of thousands of dollars. I am not sweating my playing around with crypto...

Are there many losing their ass trying to live of this stuff... sure.

 

[q6543]

To all the members with a bearish take on bitcoin... what are your thoughts about Ethereum??

Do you see the value and use case there?

 

[Silverstrike]

To all the members with a bearish take on bitcoin... what are your thoughts about Ethereum??

Do you see the value and use case there?

Same deal show me what actually backs it other than word of mouth.

 

[Klaus]

This did not convince me of anything. In fact I did something similar to your example. Put around 15K in crypto around this timeframe, but averaged in a little later. Investment went to a bit over 70K at peak. Prior to peak, I pulled around $15K (to pay cash on my GT500) with some left over to pay the taxes (on basically $1 basis). Now I have low 20's. Should have pulled it all out, but whatever - it is a high risk gamble (similar to amc, gamestop, actual gambling). I guess I could have bought baseball cards with all of their usefulness...

Regardles, our combined 401K/IRA's is down more than several hundreds of thousands of dollars. I am not sweating my playing around with crypto...

Are there many losing their ass trying to live of this stuff... sure.

Well done. I will shit talk BTC all day but wont player hate on guys that make money on it. When did you buy and when did you sell?

 

[Klaus]

To all the members with a bearish take on bitcoin... what are your thoughts about Ethereum??

Do you see the value and use case there?

If BTC is Peace Bear

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[Weather Man]

To all the members with a bearish take on bitcoin... what are your thoughts about Ethereum??

Do you see the value and use case there?

Encrypted zero's and one's backed by nothing, rat poison. A Beanie Baby at least has the worth of being held in your hand for a smile when it is worth nothing.

 

[Rb0891]

When did you buy and when did you sell?

Hard to exactly say. I averaged in starting in early 19. Pretty heavy at first and then a smaller amounts on some dips. I pulled out the small amount I think Aug/Sept last year. Actually I just shifted it to a stable coin - cashed it out for the car purchase just this year. I could probably pull up this detail on my coinbase account...

 

[Rb0891]

Encrypted zero's and one's backed by nothing, rat poison. A Beanie Baby at least has the worth of being held in your hand for a smile when it is worth nothing.

Your invested in Beanie Babies?

 

[q6543]

Thanks for your input all!

 

[Klaus]

Your invested in Beanie Babies?

I am not sure how old you are but Beanie Babies were in fact a huge deal. Ebay came about largely as a way to trade them. My wife has an aunt who invested all of her money in Beanie Babies and got wiped out. She still holds on to them thinking they will rebound in value.

Think of the way young male libertarians are into BTC, that is how middle age housewives were into Beanie Babies.

 

[1995COBRA-R]

I am short Bitcoin with BITI.

 

[q6543]

I am short Bitcoin with BITI.

Just checked... it's up 1% since inception.

Crazy that with all the volatility we've been so flat.

 

[Rb0891]

I am not sure how old you are but Beanie Babies were in fact a huge deal. Ebay came about largely as a way to trade them. My wife has an aunt who invested all of her money in Beanie Babies and got wiped out. She still holds on to them thinking they will rebound in value.

Think of the way young male libertarians are into BTC, that is how middle age housewives were into Beanie Babies.

Yes, I remember the Beanie Baby craze. (Didn't that Ty guy go to jail or something). Anyways, wasn't knocking it, just find it funny if that's his hit. I have a good friend who got very deep into star wars figurines some time back. Apparently has several hundred K in these things (sitting in a fireproof safe). He was going to cash some out for an old GT500. I need to check to see if he ever did. He is almost 50 now but I am pretty sure he is not a virgin.

 

[Weather Man]

Your invested in Beanie Babies?

Oh hell no, but it was certainly a mania, and it didn't have the fed pumping trillions into the economy to drive it. That would have been something to see.

 

[mysticsvt]

Remember that one time I put 8K in Shiba and it was at 14K in 8 hours? Good Times.

 

[KilledbyKenne]

Oh hell no, but it was certainly a mania, and it didn't have the fed pumping trillions into the economy to drive it. That would have been something to see.

Just curious...what money was being pumped into the economy back in 2017 when the total crypto market cap did a 250x from 2.2 billion to over 550 billion? Surely there must have been a bunch of stimmie money being given out. Wonder why I didn't get mine. Hrmph

 

[lOOKnGO]

Talk for months, getting closer to reality. Australia's lost.

Australian Senator Proposes Crypto Bill Targeting China's Digital Yuan

Australian politician Andrew Bragg wants to prepare the country for the widespread use of China's central bank digital currency, the digital yuan,...

markets.businessinsider.com

 

[jvandy50]

Just bought some more bitcoin tonight @ 19,416 usd.

Still in a global liquidity crisis for now, that's why we are seeing correlation across all classes, FED this week.

Too bad we couldn't print buy/sell candles for 03 cobras.. it would look like SPY too.

I’m curious what you think will make it decouple from the SPY, if anything. also if the amount owned by institutions is a concern to you at all?

 

[MG0h3]

To all the members with a bearish take on bitcoin... what are your thoughts about Ethereum??

Do you see the value and use case there?

Nope.

But I forgot I had 3k in my Robinhood and when you yahoo’s started blabbing about some event happening with ETH, I threw the 3 k at it.


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