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Old 12-07-2017, 02:04 PM   #1
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Bitcoin - I don't get it.

Is it just me? I just don't get the whole bitcoin mania.
Warren Buffett once said, "Never invest in something you don't understand", or something to that effect. Wise words in my opinion.
When that bubble bursts, there are going to be a lot of unhappy people wondering what the hell happened.
I'll stick to regular stocks and mutual funds. My only fear is that if some funds buy into this madness without me knowing about it.
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Old 12-07-2017, 02:14 PM   #2
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I don't get it either.

I remember when Domain names where being sold (like "Whitehouse.com" or "e-store.com") and I said to my self, how can anyone (any business) sell these names? What rights do they have to sell them?

This is some sort of con - I'm not falling for it. Count me out.

Well it was legit. And those smart people that bought domain names (by the dozens or hundreds) started reselling them and they where going for tens of thousands.
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Old 12-07-2017, 03:03 PM   #3
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You can listen to Bloomberg TV for free...I tune in at 4AM CST. The topic has been discussed at length this week. I liken it to the Dutch tulip bulb mania. Human greed is the one consistent factor.
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Old 12-07-2017, 03:08 PM   #4
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Reminds me of the Beanie Baby craze in the 90's, where people were betting their retirements on stuffed animals. Makes about as much sense.
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Old 12-07-2017, 03:25 PM   #5
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I had never heard about bitcoin, until a few months ago, and I am in the investment business.
I listen to a financial guy on my drive in every morning (Dan Celia). He says that there are a lot of millennials purchasing bitcoin. He also feels it will likely be a big boondoggle and strongly advises that investors not purchase bitcoin.

I would be surprised if any significant mutual fund company jumps on the bitcoin bandwagon.
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Old 12-07-2017, 03:56 PM   #6
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Quote:
Originally Posted by baraff View Post
Is it just me? I just don't get the whole bitcoin mania.
Warren Buffett once said, "Never invest in something you don't understand", or something to that effect. Wise words in my opinion.
When that bubble bursts, there are going to be a lot of unhappy people wondering what the hell happened.
I'll stick to regular stocks and mutual funds. My only fear is that if some funds buy into this madness without me knowing about it.
And you can bet that when the bubble bursts, those same people will be hollering bloody murder for the Gov't (read taxpayers who were too smart/or too poor to invest) to bail them out . . . . and then some politician will submit a bill . . . and us poor smucks who didn't invest because it was too risky will end up footing the bill anyway.
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Old 12-07-2017, 04:10 PM   #7
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I hope my fund managers never put it in any accounts that I have shares in.

But... I actually screwed up. I bought a few grand of Bitcoin when it was $400 (per bitcoin) and sold it all at $700, thinking I did good. So... I looked at a quote just yesterday and see it was just under $20,000 (per bitcoin). What the heck?

This far exceeds the dot.com craze in the early 2000's where an owner of a computer in the basement could draw up a prospectus stating all kind of potential, go public, and become an instant millionaire.

I think I'll go right to selling tulips. . It worked once before.
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Old 12-07-2017, 04:18 PM   #8
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Didn't Bitcoin surface a while back only to completely burst and burn?

Is this the phoenix of bitcoin arising from it's ashes?
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Old 12-07-2017, 04:25 PM   #9
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Iím another who doesnít get it.

A bunch of coworkers were on the Dinar (Iraqi currency) craze a few years ago. They were convinced buying $1,000,000 Dinar for under 2k US would make them rich when the countryís currency stabilized. So far, it looks about the same to me as if theyíd had a million Confederate bucks in 1880.

Iím expecting this to continue for a while, and those who bought early will sell (at least, my opinion is they should be selling right about now), and many more people will be stuck holding Bitcoins worth a fraction of whatever theyíre paying for them now.
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Old 12-07-2017, 04:38 PM   #10
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I have considered putting a little money into a computer to "mine" for Bitcoins. As I understand it, it is a non-stop cycle of computations until a correct result is found. Very time and power intensive so I'm of sure it's worth it.
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Old 12-07-2017, 04:46 PM   #11
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I have considered putting a little money into a computer to "mine" for Bitcoins. As I understand it, it is a non-stop cycle of computations until a correct result is found. Very time and power intensive so I'm of sure it's worth it.
I'm not 100% sure, but I think you will spend more in power consumption than what you might make mining. It takes some pretty intense computer processing power today to get a tiny amount of bitcoin. That was not always the case.

It looks to me that the value is based on the fact that it becomes increasingly more difficult to mine. Scarcity drives its value.... (just like the tulip craze).
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Old 12-07-2017, 05:07 PM   #12
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I don't get it either.

I remember when Domain names where being sold (like "Whitehouse.com" or "e-store.com") and I said to my self, how can anyone (any business) sell these names? What rights do they have to sell them?

This is some sort of con - I'm not falling for it. Count me out.

Well it was legit. And those smart people that bought domain names (by the dozens or hundreds) started reselling them and they where going for tens of thousands.
Just a bitcoin of advice (see what I did there?).....DO NOT click on whitehouse.com unless you are searching for porn! You probably meant to say whitehouse.gov.....I'm assuming!

Don't ask me how I know!
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Old 12-07-2017, 05:16 PM   #13
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I'm not 100% sure, but I think you will spend more in power consumption than what you might make mining. It takes some pretty intense computer processing power today to get a tiny amount of bitcoin. That was not always the case.

It looks to me that the value is based on the fact that it becomes increasingly more difficult to mine. Scarcity drives its value.... (just like the tulip craze).
Exactly. Good stories on the total power consumption eclipsing many countries.

https://arstechnica.com/tech-policy/2017/12/bitcoins-insane-energy-consumption-explained/
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Old 12-07-2017, 06:17 PM   #14
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Not sure but I believe Bitcon is like Monopoly money. You can only use it to pay for a purchase online. I may be wrong. In any event I bought Gold and Silver American Eagle coins. I can sell them at anytime for at least the value of the metal. Not sure what the future value of a Bitcon will be.
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