Budget Be Damned

[pt49]

Originally Posted by daletournier

When do you sell, how do you decide that?

A conservative person would sell about 50% at the previous all time high of US$20,000, but personally I am holding out for a much higher figure.
This investment is unique in that there is a definite finite supply and potentially unlimited demand in time.
Total max supply ever will be 21 million... now consider the fact that there are over 35 million millionaires already in our world and hardly any of them have even heard of this asset class.
If you can wrap your head around the fact that at this stage its only the geeks and now the early adopters buying Bitcoin, then you should see the huge potential here.
Institutional investment groups are beginning to get set up to move a small portion of their portfolio into Crypto, and when that happens the limited supply problem will really kick in.
My price prediction is $50k by dec 2019 and $250k within 2.5 years...

DO NOT BUY ON MARGIN OR WITH BORROWED MONEY.

[sailorboy1]

Market has been UP still. It has made up 75% of what we have spent cruising so far this year. At that rate (or even 1/4 of it) I can cruise till I'm well into my 100s and I don't really have that much invested (compared to the financial advisor stories you read). That is point of the thread.

[TheRailRoader]

Originally Posted by sailorboy1

Market has been UP still. It has made up 75% of what we have spent cruising so far this year. At that rate (or even 1/4 of it) I can cruise till I'm well into my 100s and I don't really have that much invested (compared to the financial advisor stories you read). That is point of the thread.

Financial advisers, like it or not are employed to make themselves and the company they work for money.

Otherwise they would not have a job, no one works for free.

Again sailorboy, I thank you. Great post('s), they are an inspiration and an education.

RR

[boatpoker]

How much money do you want to die with ?

[a64pilot]

The longer the high is, the longer the low will be.
The question is of course do you have enough to maintain your standard of living during the low?
We would all like it if the market stayed high.
I have more assets now than when I Retired, but don’t expect that to stay that way, the economy is manipulated of course and I don’t know if keeping it high just means that when it falls it falls further or not.
I do know that you can’t take a couple of years and determine the future.

It is good that it’s high though, assuming there will be highs and lows, it’s best that you get to ride a high to begin with and have your assets grow to get thru the bad times

[boatpoker]

I'd love to go back to the days of 20% interest rates.

[a64pilot]

Originally Posted by boatpoker

I'd love to go back to the days of 20% interest rates.

Except that it would trash the economy so bad that if your money is in the market you would lose a lot of it.
I used to think that I would like to see the return of higher rates too, as it would logically seem to help someone with savings and no debt, but maybe not.

[sailorboy1]

Originally Posted by boatpoker

How much money do you want to die with ?

$0.01, because I don't want to die penniless

[MV Wanderlust]

Originally Posted by sailorboy1

$0.01, because I don't want to die penniless

Good point

[letsgetsailing3]

Originally Posted by pt49

A conservative person would sell about 50% at the previous all time high of US$20,000, but personally I am holding out for a much higher figure.
This investment is unique in that there is a definite finite supply and potentially unlimited demand in time.
Total max supply ever will be 21 million... now consider the fact that there are over 35 million millionaires already in our world and hardly any of them have even heard of this asset class.
If you can wrap your head around the fact that at this stage its only the geeks and now the early adopters buying Bitcoin, then you should see the huge potential here.
Institutional investment groups are beginning to get set up to move a small portion of their portfolio into Crypto, and when that happens the limited supply problem will really kick in.
My price prediction is $50k by dec 2019 and $250k within 2.5 years...

DO NOT BUY ON MARGIN OR WITH BORROWED MONEY.

Crypto-currency isn't investing, it's speculation.

[Trimaran Ken]

Originally Posted by TheRailRoader

Financial advisers, like it or not are employed to make themselves and the company they work for money.

If you want a house wall fixed you hire a carpenter. If you want you finances fixed, you hire a financial advisor. Everyone deserves to get paid for their work.

Some people have the desire and skills to learn to do these things themselves, others do not.

Just make sure you understand how your advisor makes their money and that you are okay with it. NOTHING IS FREE!

Ken
===

[Trimaran Ken]

Originally Posted by letsgetsailing3

Total max supply ever will be 21 million... now consider the fact that there are over 35 million millionaires already in our world and hardly any of them have even heard of this asset class..

That is because it is not an asset.
Most millionaires didn't get that way by being stupid. They know exactly what Bitcoin is and know it has ZERO intrinsic value. You can't build anything with it, you can't eat it, you can't hang it on a wall and admire it, and you can't sell it unless you find someone willing to buy it. The moment people stop buying Bitcoins, their value goes to zero.

[a64pilot]

Originally Posted by Trimaran Ken

That is because it is not an asset.
Most millionaires didn't get that way by being stupid. They know exactly what Bitcoin is and know it has ZERO intrinsic value. You can't build anything with it, you can't eat it, you can't hang it on a wall and admire it, and you can't sell it unless you find someone willing to buy it. The moment people stop buying Bitcoins, their value goes to zero.

Sounds a whole lot like the .com bubble doesn’t it.
I knew the .com bubble was going to burst when I found out that realestate.com was worth more than Delta Airlines, yet had no assets.
I don’t even believe they even owned a building ,servers or anything else, they rented what there was.

My Father decades ago told me a story about a poor man who sold a fish, and this fish kept being bought and sold and of course the last guy got stuck, he ate it and it made him sick.
The original seller understood the true value of the fish, the rest of the buyers didn’t.

Many, many people lose their arse with these “bubbles” but a few become Rich, where do you think all that money you lost, went to?

[Trimaran Ken]

Originally Posted by a64pilot

I knew the .com bubble was going to burst when I found out that realestate.com was worth more than Delta Airlines, yet had no assets. I don’t even believe they even owned a building ,servers or anything else, they rented what there was.

At least RealEstate.com had some small chance of turning into a profitable business, as opposed to Bitcoin which can never make money or produce anything.

[cyan]

Originally Posted by Trimaran Ken

That is because it is not an asset.
Most millionaires didn't get that way by being stupid. They know exactly what Bitcoin is and know it has ZERO intrinsic value. You can't build anything with it, you can't eat it, you can't hang it on a wall and admire it, and you can't sell it unless you find someone willing to buy it. The moment people stop buying Bitcoins, their value goes to zero.

Ah, but can you eat, hang, or admire on a wall: Facebook, Google, Netflix? No. Nor can you sell their shares unless someone is willing to buy, and some would say Facebook will be the first of the FAANGs to evaporate one day.

Yes, Bitcoin is all about speculation, as are many of those "more legitimate" vehicles. It suffers from fly-by night scams in with sketchy exchanges and criminals who need anonymity. However, it also brings the possibility of a currency that is truly free of any government manipulation. That's pretty cool on its own, for so many reasons. Conventional bankers and investment firms might not be the best judge of a concept that threatens to disrupt their world.

Maybe it won't work, ultimately. Maybe many people will lose their shirts speculating on it like they did on etoys.com in the 90's. I also remember Amazon getting panned around that time too. Negative revenue for years with an idea to sell books online? No intrinsic value? Ridiculous.

Bitcoin may indeed be a bad play, but not simply because it lacks intrinsic value.