OT: Investing - Stocks/Mutual Funds/Bonds/Crypto

[SupremeHustle]

It's now down 30%.

I'm not investing in bitcoin or any other cryptocurrencies. I don't trust it at all. But like anything, if people want to give it a shot, more power to em.

Just like when I gamble on sports, I'll put in an amount I can afford to lose. I put $300 into cryptocurrencies. We'll see if I'm a billionaire soon or out of 300 bucks.

[humanrefutation]

It's now down 30%.

I'm not investing in bitcoin or any other cryptocurrencies. I don't trust it at all. But like anything, if people want to give it a shot, more power to em.

Just like when I gamble on sports, I'll put in an amount I can afford to lose. I put $300 into cryptocurrencies. We'll see if I'm a billionaire soon or out of 300 bucks.

Sure, I get why people gamble on it.

[humanrefutation]

https://gizmodo.com/bitcoin-crashed-and-took-the-whole-market-down-with-it-1821529613

Some of the whales have even publicly announced their moves. Litecoin’s founder dumped all of his litecoin holdings this week. An anonymous whale recently announced they’d be giving away $86 million worth of bitcoin to charity through an organization they call the Pineapple Fund. When I asked the founder by email if they recommend that the charities hold the bitcoin or cash out, they told me, “We encourage charities to convert bitcoin to their national currency ASAP, as they shouldn’t be engaging in speculation!” They also added, “On a personal note, I do expect bitcoin and all cryptocurrencies to crash in the immediate future.”

[HaroldinGMinor]

All the bitcoins seem to be falling big today. If you think you can time this roller coaster...well, good luck. I may hop in at some point but it will be like playing DraftKings for $3 every Sunday during NFL season. Investing in the blockchain companies is more my speed.

[ReasonablySober]

Coinbase is freezing all transactions today. This seems like something that should be illegal.

[HaroldinGMinor]

Coinbase is freezing all transactions today. This seems like something that should be illegal.

They halt trading on the big indicies all the time.

[MartyConlonOnTheRun]

All the bitcoins seems to be falling big today. If you think you can time this roller coaster...well, good luck. I may hop in at some point but it will be like playing DraftKings for $3 every Sunday during NFL season. Investing in the blockchain companies is more my speed.

Yeah, everyone over estimates their own knowledge. The geniuses on the board saying "I told you it has no value and will crash" are the same geniuses that would've posted "I told you it has no value and will crash" when it crashed five years ago valued at a couple hundred. There's a lot of unknowns out there and it should be seen as gambling. Problem is we don't know who the house is.

I also don't get the "no tangible value" argument. What tangible value does a C-Note have? What tangible value does a Birkin bag have? Basically, any brand company has an intangible value component to it. BTC is no different where there is some intangible value and tangible value to it.

[MartyConlonOnTheRun]

Its back up to 13k. Over the past month, its up 60%. It's like person winning the lottery and freaking out the need to pay taxes. Its still up overall and you knew going in it would be a bumpy ride

[humanrefutation]

Coinbase is freezing all transactions today. This seems like something that should be illegal.

They halt trading on the big indicies all the time.

"All the time" is a bit of an exaggeration.

https://www.washingtonpost.com/news/wonk/wp/2015/07/08/a-very-brief-history-of-stock-markets-being-shut-down/?utm_term=.112724eaf770

[averageposter]

A lot of whales got out at the end of a fiscal year here. I'm not terribly surprised by the timing.

[ReasonablySober]

Read on Twitter

LOL

[RogerMurdock]

I opened a couple crypto wallet accounts yesterday just to play around - I have my eye on one of the cheap currencies - but it looks like it's going to take a long time for them to verify me so I can actually put money in. I have some cash in a stock brokerage account that has just been sitting doing nothing, so I might use it to seed my ascension to crypto oligarch.

I did some research on Bitcoin a few years ago for an article I wrote and came close to buying when it was at $10. My big mistake was being open and honest and telling my wife I wanted to put $1000 into it. I had recently lost money on a poker stock (this article was poker-related), so my wife forbade me. Not wanting to sneak around with our finances, I never invested. Oops.

Lesson: don't tell your significant other of your get-rich-quick schemes.

[paulpressey25]

I also don't get the "no tangible value" argument. What tangible value does a C-Note have? What tangible value does a Birkin bag have? Basically, any brand company has an intangible value component to it. BTC is no different where there is some intangible value and tangible value to it.

In the case of a Birkin bag, at the end of the day I can still carry stuff around in it as Mad Max will do in the post apocalyptic world.

In the case of the US $100 bill, I can exchange it in most places in the world for goods and services. And at the end of the day, the US government will enforce the value and security of it here at home while it sits in my wallet. In the case of bitcoin, I'm relying on some guy like "Kim.Dotcom" in New Zealand to assure me my ownership interest is valid. I'll take the US government.

[MartyConlonOnTheRun]

Read on Twitter

LOL

This is the new "I lost my money in franchises that were a sure bet" 30 for 30

[MartyConlonOnTheRun]

Lesson: don't tell your significant other of your get-rich-quick schemes.

My wife saw my account at $1,500 in coinbase when I looked at my phone. She snapped at me for putting that much money in. She calmed down after I told her I started with $150.

Lesson 2: Don't let you wife find out about the get-rich-schemes by herself. Keep them hidden like your Justin Bieber pandora history.

[MartyConlonOnTheRun]

I also don't get the "no tangible value" argument. What tangible value does a C-Note have? What tangible value does a Birkin bag have? Basically, any brand company has an intangible value component to it. BTC is no different where there is some intangible value and tangible value to it.

In the case of a Birkin bag, at the end of the day I can still carry stuff around in it as Mad Max will do in the post apocalyptic world.

In the case of the US $100 bill, I can exchange it in most places in the world for goods and services. And at the end of the day, the US government will enforce the value and security of it here at home while it sits in my wallet. In the case of bitcoin, I'm relying on some guy like "Kim.Dotcom" in New Zealand to assure me my ownership interest is valid. I'll take the US government.

Solid point. May have been a little obtuse arguing for my bubble-related investments.

[sidney lanier]

In the case of the US $100 bill, I can exchange it in most places in the world for goods and services. And at the end of the day, the US government will enforce the value and security of it here at home while it sits in my wallet. In the case of bitcoin, I'm relying on some guy like "Kim.Dotcom" in New Zealand to assure me my ownership interest is valid. I'll take the US government.

Certainly a reasonable position to take, even if "full faith and credit" has lost a little luster lately.

I would borrow, knowing that if the economy crashed, you could make a deal. And if the economy was good, it was good. So, therefore, you can’t lose.

[paulpressey25]

Certainly a reasonable position to take, even if "full faith and credit" has lost a little luster lately.

Yes, the US was downgraded by S&P in 2011 from "AAA" to "AA+".

But yes, on the merits the fiat money system in any country is subject to great risk. Many world currencies throughout history have gone extinct during times of political and social turmoil. The US dollar being fiat money is always at risk. So to diversify, land ownership can be a buffer and strong inflationary hedge.

In the end though, land ownership is only upheld by "the government" hence why we see so many commercials for gold. Gold is the only thing that has held some intrinsic value in society for 5,000 years. Something in the human DNA on it. But that too may change.

[skones]

Bitcoin is only going to get exposed even further. Transaction speeds are slow and expensive. The more traffic they're attracting, the worse it'll get. Bitcoins role in all of this was to give rise to better constructed cryptocurrency.

Sent from my Pixel 2 XL using RealGM mobile app

[sidney lanier]

But yes, on the merits the fiat money system in any country is subject to great risk. Many world currencies throughout history have gone extinct during times of political and social turmoil. The US dollar being fiat money is always at risk.

The reliability of our money seems like a William Jennings Bryan-era issue, but it isn't really. Google "Nixon Shock" for how the issue surfaced in my lifetime (and yours if you're over 46). Gold at $35 an ounce, and US currency convertible to gold? Those were the good old days.