Investment Options ?

John Mercier · 10-30-2021, 05:39 PM

People can create other formats of cryptocurrency... to date, I don't know of anyone that can ''create'' gold.

LoveLakeLife · 10-30-2021, 11:12 PM

Quote:

Originally Posted by John Mercier

People can create other formats of cryptocurrency... to date, I don't know of anyone that can ''create'' gold.

Rumplestiltskin! Or any other qualified alchemist. ha

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FlyingScot · 10-31-2021, 08:44 AM

Quote:

Originally Posted by John Mercier

People can create other formats of cryptocurrency... to date, I don't know of anyone that can ''create'' gold.

Great point--no one except the inventor of a particular cryptocurrency has any idea how much of that currency will be created and when. The buyers are simply hoping the supply will be optimal. A sucker's game for all but a few

winterh · 10-31-2021, 10:40 AM

Quote:

Originally Posted by FlyingScot

Great point--no one except the inventor of a particular cryptocurrency has any idea how much of that currency will be created and when. The buyers are simply hoping the supply will be optimal. A sucker's game for all but a few

Actually, at least in the case of Bitcoin everyone knows exactly how much will be created. It is set in stone how much and when. I completely understand why many on this forum view it as some kind of a Ponzi scheme. The folks on here, myself included, tend to skew a bit older and more conservative. I was equally skeptical but have relatives who work in the industry and have been somewhat educated (I still don't completely get it and never will) and convinced of it's value and future. Invest in what allows you to sleep at night and never invest more than you can afford to lose but do not be so quick to dismiss a tech that you probably do not understand. It may not be Bitcoin but eventually paper money will be gone and currency will be digital just like everything else.

FlyingScot · 10-31-2021, 11:08 AM

Quote:

Originally Posted by winterh

Actually, at least in the case of Bitcoin everyone knows exactly how much will be created. It is set in stone how much and when. I completely understand why many on this forum view it as some kind of a Ponzi scheme. The folks on here, myself included, tend to skew a bit older and more conservative. I was equally skeptical but have relatives who work in the industry and have been somewhat educated (I still don't completely get it and never will) and convinced of it's value and future. Invest in what allows you to sleep at night and never invest more than you can afford to lose but do not be so quick to dismiss a tech that you probably do not understand. It may not be Bitcoin but eventually paper money will be gone and currency will be digital just like everything else.

True that Bitcoin has posted that no more than 21 million coins will be mined. But completely uncertain that they will adhere to that cap. It is also completely uncertain who "they" are or what possible safeguards are in place to enforce the 21 million ceiling. Of course, there is a gigantic incentive for Bitcoin to increase the cap as soon as it is hit...

My fundamental problems with Bitcoin are:

It's easy to be skeptical of governments and banks, but it's absurd to think anonymous coders are more trustworthy.

The only transactions for which Bitcoin are intrinsically better than dollars are illegal transactions. For any other transaction, the fees and friction of dollars and big banks are nothing compared to the daily price volatility of crypto

Descant · 10-31-2021, 12:23 PM

I think I'm about 95% digital without Bitcoin. My receivables go directly to my bank account. My bills go to the same bank for autopay. I buy stuff online or in a retail store with a credit card, which is on autopay. Occasionally, a vendor will say, "Cash only. I'm saving for retirement."
I expect the creators of Bitcoin are at least as trustworthy as Congress and the Fed when they want to create more money.
I could buy Bitcoin which is certainly volatile, or something like MRNA which increased in value 500% September to September. At least a company like Moderna has physical assets that could be sold to pay debts. Bitcoin has no such assets.

winterh · 10-31-2021, 09:34 PM

Quote:

Originally Posted by FlyingScot

True that Bitcoin has posted that no more than 21 million coins will be mined. But completely uncertain that they will adhere to that cap. It is also completely uncertain who "they" are or what possible safeguards are in place to enforce the 21 million ceiling. Of course, there is a gigantic incentive for Bitcoin to increase the cap as soon as it is hit...

My fundamental problems with Bitcoin are:

It's easy to be skeptical of governments and banks, but it's absurd to think anonymous coders are more trustworthy.

The only transactions for which Bitcoin are intrinsically better than dollars are illegal transactions. For any other transaction, the fees and friction of dollars and big banks are nothing compared to the daily price volatility of crypto

No offense but there is so much wrong with your comment that it is clear you have at best a superficial understanding of Bitcoin or how it works. I can absolutely understand why some are skeptical but so many of the arguments I hear people make against it show a complete lack of understanding. Best to just say I don't get it and it's not for me.

John Mercier · 10-31-2021, 09:40 PM

The problem with Bitcoin is that it is not the only cryptocurrency.

FlyingScot · 11-01-2021, 03:39 PM

Quote:

Originally Posted by winterh

No offense but there is so much wrong with your comment that it is clear you have at best a superficial understanding of Bitcoin or how it works. I can absolutely understand why some are skeptical but so many of the arguments I hear people make against it show a complete lack of understanding. Best to just say I don't get it and it's not for me.

Please correct me on the specifics

John Mercier · 10-31-2021, 02:19 PM

It is not the amount of any specific cryptocurrency that I was speaking of... it was the ability to create another cryptocurrency.

winterh · 10-31-2021, 10:42 AM

Quote:

Originally Posted by John Mercier

People can create other formats of cryptocurrency... to date, I don't know of anyone that can ''create'' gold.

Gold can be created but the process is not yet financially viable

10-31-2021, 12:23 PM	#6
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,454 Thanks: 1,374 Thanked 1,651 Times in 1,079 Posts	Digital currency? I think I'm about 95% digital without Bitcoin. My receivables go directly to my bank account. My bills go to the same bank for autopay. I buy stuff online or in a retail store with a credit card, which is on autopay. Occasionally, a vendor will say, "Cash only. I'm saving for retirement." I expect the creators of Bitcoin are at least as trustworthy as Congress and the Fed when they want to create more money. I could buy Bitcoin which is certainly volatile, or something like MRNA which increased in value 500% September to September. At least a company like Moderna has physical assets that could be sold to pay debts. Bitcoin has no such assets.

10-30-2021, 05:39 PM	#1
John Mercier Senior Member Join Date: Jun 2021 Posts: 3,526 Thanks: 3 Thanked 626 Times in 516 Posts	People can create other formats of cryptocurrency... to date, I don't know of anyone that can ''create'' gold.

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10-31-2021, 09:40 PM	#8
John Mercier Senior Member Join Date: Jun 2021 Posts: 3,526 Thanks: 3 Thanked 626 Times in 516 Posts	The problem with Bitcoin is that it is not the only cryptocurrency.

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BroadHopper (11-02-2021)

10-31-2021, 02:19 PM	#10
John Mercier Senior Member Join Date: Jun 2021 Posts: 3,526 Thanks: 3 Thanked 626 Times in 516 Posts	It is not the amount of any specific cryptocurrency that I was speaking of... it was the ability to create another cryptocurrency.