Bitcoin, will you join the pyramid scheme and get rich?

[DaveyRS]

I reckon it will crash big time, it may be a viable online currency but as a get rich quick/investment strategy it's destined to disappoint.

More and more people are turning to it. No doubt the growth will stabilise at some stage but with limited bitcoin available it will be the global currency at one point

 

[Down at K Park]

More and more people are turning to it. No doubt the growth will stabilise at some stage but with limited bitcoin available it will be the global currency at one point

Just a matter of time before it crashes and becomes worthless. It’s inevitable. If you haven’t already jumped on and made your money you have missed the boat.

 

[DaveyRS]

Just a matter of time before it crashes and becomes worthless. It’s inevitable. If you haven’t already jumped on and made your money you have missed the boat.

Disagree. Will get to at least $50k this year imo. Plenty of upside still

 

[Gene Simmons]

Lol at all the idiots missing out. You really think this will go away?

They're probably the same ones who thought the internet was just a passing fad....

 

[Down at K Park]

Disagree. Will get to at least $50k this year imo. Plenty of upside still

Time will tell.

 

[Gene Simmons]

You're damned if you do, damned if you don't..

FOMO got the better of me and I dropped $200 onto some Ripple mid-December @ 0.98, it's currently hovering around the $3 mark so I can't complain at x3 growth in a couple of weeks..

My plan is just set & forget and see where it leads...

I know that that there is 2 possible outcomes from here;
1) I'll be spewing that I only invested $200
2) I'll be happy that I only invested/lost $200

 

[Down at K Park]

You're damned if you do, damned if you don't..

FOMO got the better of me and I dropped $200 onto some Ripple mid-December @ 0.98, it's currently hovering around the $3 mark so I can't complain at x3 growth in a couple of weeks..

My plan is just set & forget and see where it leads...

I know that that there is 2 possible outcomes from here;
1) I'll be spewing that I only invested $200
2) I'll be happy that I only invested/lost $200

If you can afford to lose it it’s not even an issue. I heard of one bloke who sold his house to buy in. So risky.

 

[maryjames]

I reckon it will crash big time, it may be a viable online currency but as a get rich quick/investment strategy it's destined to disappoint.

Throw in $1000 for shits and giggles and see where at this time next year.
Go reddcoin. I’ll bookmark this post for 2019.

 

[Geelong Dynasty]

Disagree. Will get to at least $50k this year imo. Plenty of upside still

it may get to 50K, who would know, but it may also get to 50k and a year later be worth zilch, that's the risk of investing in Ponzie schemes

 

[El Dubya]

Having bought things online with it years back, I'm not especially disappointed with my choice.

 

[DaveyRS]

it may get to 50K, who would know, but it may also get to 50k and a year later be worth zilch, that's the risk of investing in Ponzie schemes

Same could be said for the share market

 

[Wojcinski]

I've made a bit of cash with cryptos, the best part about it is cryptocurrency trading is a zero sum game - thanks for the cash you dopey, late investing, profit chasing hairdressers and tradies!

 

[A Cut Above]

Having bought things online with it years back, I'm not especially disappointed with my choice.

Hope you didn't inject and/or smoke them all at once.

 

[Geelong Dynasty]

Same could be said for the share market

If you buy shares in a company you have shares in a company that is operating and making money (unless you're a bad investor). There are people running the company and working for it to make profit, it also has assets worth money.

Bitcoin is nothing like it, if one day something happens and people s**t themselves about it crashing and decide to bail out, good luck.

 

[David Schwarz]

Having bought things online with it years back, I'm not especially disappointed with my choice.

Dank alias confirmed

 

[Geelong Dynasty]

They're probably the same ones who thought the internet was just a passing fad....

A better analogy is, they're the same ones who didn't get sucked into the DotCom bubble and invest in businesses with no revenue or assets to speak of.

 

[A Cut Above]

invest in businesses with no assets to speak of.

 

[Down at K Park]

Only you could take a thread about cryptodollars and turn it into something about the cats. The obsession is getting severe. Seek help.

 

[DaveyRS]

If you buy shares in a company you have shares in a company that is operating and making money (unless you're a bad investor). There are people running the company and working for it to make profit, it also has assets worth money.

Bitcoin is nothing like it, if one day something happens and people s**t themselves about it crashing and decide to bail out, good luck.

How did that go for Lehman Brothers etc?

 

[Chief]

More and more people are turning to it. No doubt the growth will stabilise at some stage but with limited bitcoin available it will be the global currency at one point

From what I can see, it is not a good currency.

If you spend $100 in bitcoin (and pay god knows how much in fees so it will be processed within days) you are essentially spending what you think will be $120 worth in months.

Why would you use it to BUY anything when it is appreciating so rapidly?

 

[DaveyRS]

From what I can see, it is not a good currency.

If you spend $100 in bitcoin (and pay god knows how much in fees so it will be processed within days) you are essentially spending what you think will be $120 worth in months.

Why would you use it to BUY anything when it is appreciating so rapidly?

In its current format is more an investment than a currency. Once the price stabilises though it would be no different to trading in gold or USD/AUD which both fluctuate in price

 

[Chief]

In its current format is more an investment than a currency. Once the price stabilises though it would be no different to trading in gold or USD/AUD which both fluctuate in price

I see nobody accepting Bitcoin for anything but drugs.

 

[DaveyRS]

I see nobody accepting Bitcoin for anything but drugs.

There was a story the other day that someone bought a house with bitcoin. A growing number of places are accepting it as payment. Surely a tech guru yourself you’ll be accepting bitcoin for platinum memberships soon

 

[Chief]

There was a story the other day that someone bought a house with bitcoin. A growing number of places are accepting it as payment. Surely a tech guru yourself you’ll be accepting bitcoin for platinum memberships soon

Oh yeah, if only as a low-cost way to get on and sell the coins on to idiots ASAP.

 

[maryjames]

A better analogy is, they're the same ones who didn't get sucked into the DotCom bubble and invest in businesses with no revenue or assets to speak of.

Just like Uber. They own no cars. Imagine that. Airbnb.. don’t own any property. Wtf.. the world is changing fast. Catch up and don’t miss out I say. Dotcom has nothing on the rise of bitcoin. Bitcoin has gone up 6000 percent faster then Dotcom bubble.. wtf. This is a new ball game playing out right now.