How do you think people earned their wealth? They bought when the prices were down, and then sold when they went up. The only risk is buying in at too high a price.
However I find something very funny. People on one hand have a faith in a bright orange & pink future for the bitcoin, but on the other hand they hope and do their best to succeed in getting rich in DOLLARS. So who reigns supreme, the Dollar or the Bitcoin? If all people are into bitcoin just because they are high on the dream of cashing it out at the right moment in dollars? More specifically, its not the desire of "making a better word" through eliminating cash and redistributing wealth in a more honest fashion, but rather its a speculative effort, by no means different than any other speculative efforts such as the TULIP Bubble in Netherlands in the 1600's.
All it takes for dollars to become worthless to crypto buyers are two small things, that are in development by multiple companies as we speak. The first, gateway/escrow/merchant services as widely adopted as Stripe and Square. And two, stable crypto currencies to trade against. Once those are met, the dollar's value will drop fast, as the fed keeps printing money, and less people keep using it. In the meantime, the money invested in crypto is simply betting on this future.
Everyone bringing up the tulip bubble fails to understand a simple thing about tulips, they are perennials which multiply once planted. So it was only a matter of time until all those planted tulips multiplied exponentially and created mass inflation and over supply. Cryptos on the other hand are not being inflated exponentially, and most have a cap on the max supply.
With that said, there are a flood of new shitcoins being dumped on the market and the ICOs are getting out of hand. But if you do your research and have a good sense of where the future is heading with the internet, blockchain and cryptos, you should be safe.
The best comparison is the dot com boom, most of these cryptos will fail, but a few will rise beyond anyone's expectations. We live in a world owned by what the dot com boom started. That world is going to erode and blockchain and crypto will replace the companies that don't move with it.
quite nice answer @theferalone ..we will see...for the moment there is no stability in bitcoin trading, its just another speculative asset that's being traded. More than that, paper contracts (futures) are being issued and played- should I say - gambled on Comex. The "club", "boys", wolves of wall street or whatever you wanna call them, are with their dirty hands up their sleeves into this affair. Don't get me wrong. All my respect for creators/inventors of this mathematically delicious concept of crypto. But when it comes to translating it into practice, creating a better world where the tiger dances with the deer --well, lot of water is still gonna flow down the Mississippi till then...ho, ho, ho, Merry Christmas! (in a related news) :)
I agree, bitcoin itself is very dangerous right now. And unfortunately, it's price dictates the rest of the crypto market. I'm not a fan of wall street and institutional investors coming over to bitcoin. We'll see how this plays out. Never invest your rent and grocery money :D
How do you think people earned their wealth? They bought when the prices were down, and then sold when they went up. The only risk is buying in at too high a price.
However I find something very funny. People on one hand have a faith in a bright orange & pink future for the bitcoin, but on the other hand they hope and do their best to succeed in getting rich in DOLLARS. So who reigns supreme, the Dollar or the Bitcoin? If all people are into bitcoin just because they are high on the dream of cashing it out at the right moment in dollars? More specifically, its not the desire of "making a better word" through eliminating cash and redistributing wealth in a more honest fashion, but rather its a speculative effort, by no means different than any other speculative efforts such as the TULIP Bubble in Netherlands in the 1600's.
All it takes for dollars to become worthless to crypto buyers are two small things, that are in development by multiple companies as we speak. The first, gateway/escrow/merchant services as widely adopted as Stripe and Square. And two, stable crypto currencies to trade against. Once those are met, the dollar's value will drop fast, as the fed keeps printing money, and less people keep using it. In the meantime, the money invested in crypto is simply betting on this future.
Everyone bringing up the tulip bubble fails to understand a simple thing about tulips, they are perennials which multiply once planted. So it was only a matter of time until all those planted tulips multiplied exponentially and created mass inflation and over supply. Cryptos on the other hand are not being inflated exponentially, and most have a cap on the max supply.
With that said, there are a flood of new shitcoins being dumped on the market and the ICOs are getting out of hand. But if you do your research and have a good sense of where the future is heading with the internet, blockchain and cryptos, you should be safe.
The best comparison is the dot com boom, most of these cryptos will fail, but a few will rise beyond anyone's expectations. We live in a world owned by what the dot com boom started. That world is going to erode and blockchain and crypto will replace the companies that don't move with it.
quite nice answer @theferalone ..we will see...for the moment there is no stability in bitcoin trading, its just another speculative asset that's being traded. More than that, paper contracts (futures) are being issued and played- should I say - gambled on Comex. The "club", "boys", wolves of wall street or whatever you wanna call them, are with their dirty hands up their sleeves into this affair. Don't get me wrong. All my respect for creators/inventors of this mathematically delicious concept of crypto. But when it comes to translating it into practice, creating a better world where the tiger dances with the deer --well, lot of water is still gonna flow down the Mississippi till then...ho, ho, ho, Merry Christmas! (in a related news) :)
I agree, bitcoin itself is very dangerous right now. And unfortunately, it's price dictates the rest of the crypto market. I'm not a fan of wall street and institutional investors coming over to bitcoin. We'll see how this plays out. Never invest your rent and grocery money :D