Crypto Sold my house and put it all into bitcoin.

Bitcoin is really Plan B

 

Of course! I have a plan but don’t count on selling any significant amount till 500k!

 

Admire the conviction

 

Gold has many industrial applications, is in just about any PC and many electronic devices.
He has no clue what he's on about.
I'd call it a big load of bull ****, but bull **** also has more intrinsic value than bitcoin as it contributes to putting food on the table a great deal.

 

Microstrategy, Grayscale, Square, Paypal, Harvard and Yale Universities, and even the City of Miami would disagree with you...

Miami Mayor Open to Putting Part of City Treasury Reserves in Bitcoin

US Universities Are Investing in Cryptocurrency Hedge Funds

They are all billion dollar organisations with very smart advisers. They obviously see something positive in cryptocurrency.

 

While gold has industrial applications, this is certainly not what gives it its current valuation level.

 

They also bought billions of subprime mortgage bond that were rated AAA by S&P.

 

Now roughly 400% up on initial investment. Hoping for a bit of a pull back soon as I will have a little more money to invest. We’re definetly due for a correction soon I would think. Market has felt a little toppy and overly bullish. Thinking it may be getting close to an intermediate top.

 

I don't know how you keep your nerve. I would have cashed out long ago, and regretted it!

 

Haha. Well I’ve decided I don’t sell anything unless I need to. So I will always hold bitcoin and just sell when I need. Hopefully with recent announcements like Tesla and MasterCard accepting bitcoin most companies will follow suit and I will just pay with bitcoin. It is the hardest money and best store of wealth in my opinion, it’s crazy to sell!

 

You are a brave man and you have done well. Fortune favours?

 

I haven't read the thread but BC had no fundamental purpose for staying upright so to speak, so in turn, has no floor, unlike the Euro etc etc. so why would anyone bother to throw a life jacket when it starts to sink?

 

I’m not sure I understand what your trying to say? Can you elaborate?

 

You really need to look into this in more details, you seem to be missing key elements here if you see no fundamental purpose.
Plus Bitcoin has been sinking for years and is doing quite well without any life jackets

 

But can't more and more cryptos be started?

When people have had enough of Bitcoin and the high prices, they just gravitate to the cheaper ones and bid the prices up, rinse and repeat (until if/when it ends in tears).

 

Yes anyone can create a crypto, you can create the Lacrim coin, done.
But what is going to make people want to migrate to this? What is it offering? Any developers working on the code and improving on it?
Bitcoin is the world’s largest and most powerful computer network - are these miners going to migrate to securing the Lacrim coin’s network instead of Bitcoin?
Do you see institutions injecting some cash to get exposure to Lacrim coin?

If you look at space a bit more closely you’ll see that money does not drain away from Bitcoin into alts, but rather quite the opposite, when alts have had a run up, bags get dropped and it flows into BTC.

It really is such a wide subject that it is not easily addressed in a few sentences, but the ability to create a crypto currency has no impact on the valuation of other established cryptos. A business analogy is barriers to entry vs business moat.

 

I am sorry but if you actually knew the TRUTH about how the financial markets REALLY worked, you would not seriously invest in BC. Just goes to show how little you know about " this type" of investment

 

How do they REALLY work? Also what fundamental purpose does the euro etc. etc. have to stay afloat?

 

It's coming upto a 1 trillion dollar market cap, 10+ year history trending upwards. Investments from nasdaq companies, universities, state governments.

You tell me how it works from this point on.

 

Well, looks like you know it all and have nothing to learn from anyone.

For fun, here is today’s front page of the Financial review:


Why Crypto Craze 3.0 is different
Bitcoin and other cryptocurrencies are surging again, but can they evolve into a genuine store of wealth.

• How to invest in cryptocurrencies
• ASIC open to a bitcoin-linked ETF listing on the ASX
• Six key cryptocurrencies and how they work