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Should I invest in Bitcoin?

When I first noticed Bitcoin, it was hovering around $11 in 2012. I tried to start mining, but quickly realized my Macbook Pro’s processing power wasn’t sufficient to justify the time and energy it would take to get up and running. I never mined a single Bitcoin, but I did quite a bit of research.
I rapidly read articles on Bitcoin, its past and its future.
I watched tutorials on how to mine Bitcoin and the mechanics of its payout system.
I browsed all the major forums, for opinions from Bitcoin owners.
This isn’t me trying to brag about my foresight in spotting Bitcoin before it became big. As a technology enthusiast, this was just one of the many tech crazes I explored. Many of these failed quietly or haven’t yet satisfied the hype (3D printing).
If there was one consensus among Bitcoin owners in 2012, it was that they truly believed in Bitcoin. Enthusiasts foresaw the potential revolutionary impact of a de-centralized currency. Libertarians hoped for an end to the monopoly of the dollar. Despite its problems, the future looked bright, and early adopters invested on that premise.
Today, many purchase BTC with no basis other than the gargantuan number beside the ticker and an exponential price chart. With every sharp increase, more and more speculators purchase BTC, with nothing but a hunch as vindication. Answers appear on Quora, where writers ‘guarantee’ BTC will rise to $25,000+.
Yesterday, I talked to someone who purchased 1 BTC, at ~$12,500. He excitedly revealed that he had earned a 25% return within 24 hours, as BTC rose to $16,500. I interrupted to ask what had prompted him to buy BTC in the first place. His only response was that he saw the pattern of BTC’s growth and didn’t believe the profits would end anytime soon.
My friend is normally a rational, intelligent person, whose opinions I seek and respect. As such, I was astounded to hear his speculation was based solely on a hunch.
My response was simple. I showed him a chart of an even bigger growth stock than BTC, at the height of the tech bubble in 2000. At the height of its powers, Cisco was the largest company in the world. Like Bitcoin, for over a decade the stock had been exponentially rising, posting a 265,100% return between IPO and peak price.
But then the party stopped and the bubble burst. From 2000–2002, Cisco lost 88% of its value. The stock never fully recovered, and still lingers as a shadow of its former formidable self.
Cisco isn’t an isolated example. History is filled with examples of ‘the next best thing’ with an astounding growth record but without the fundamentals to back up these crazy valuations. Tulipmania, the South Sea company and the Mississippi company are just some of these precedents.
I then asked another simple question, to forget about the share price, and to imagine he could never sell the stock on an exchange. If he had to buy BTC at $16,500 and could never sell it on any exchange, would he be happy to hold BTC, as an investment which he could only use as a currency in shops, as he would the Euro or the US dollar? Would he be happy to use BTC for its intended purpose, not just to make a quick profit.
I invite you to ask yourself the same question. BTC is currently worth a collective $267 billion. Do you believe that BTC could buy $267 billion worth of items, either online or in brick and mortar stores?
You may strongly believe BTC will become accepted as a fiat currency, but even then what makes you believe each BTC will be worth more than it is today?
Is it not already priced into the market?
Considering the lack of assets or government guarantor to act as collateral, why is BTC worth more than the paper clip on my desk?
These are all questions you have to ask before purchasing BTC. We’re in the middle of a 9 year bull market, the 2nd longest in history. Markets have been rising so long, they’ve all but forgotten the possibility of a crash. People are buying a ticker, without any consideration for the underlying asset.
Ultimately, BTC is at its current price because no-one is certain it will go up or down. I believe it's grossly overvalued, and the underlying asset doesn't deserve a value of $267 billion. That's why I can't recommend investing in BTC.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Have you ever talked to your parents / older folk about investing in Bitcoin? How to combat FUD among older skeptical folk?

I figure most of us have parents in their 50's, 60's or 70's and might have something to contribute in this post. My dad has been investing and buying stocks since his 20's but is skeptical of Bitcoin/Crypto in general. When I bring up Bitcoin he is dismissive of it. Here is an email he sent me today after I sent a link to the CNBC clip that surfaced on bitcoin the other day. He's usually a 2 sentence email reply kind of guy, so I think he's annoyed.
I have a hard time buying into the Bitcoin craze. In fact, any cryptocurrency seems contrived to me. From my point of view it's a completely fabricated market with no underlying value. Also, from my research it appears the only thing that gives it value is the fact that more and more people are buying into it. It reminds me of the tulip bulb craze in Holland in 1634, where people were investing huge amounts of money into tulips. If you got in early and got out before the bubble eventually burst you made money, but in the end, it all became worthless.
Don't get me wrong, I don't put my faith into fiat currency, but right now it's the accepted standard. I still like gold and silver. They are commodities that are universally valued and withstand the demise of fiat currencies. I know that's not an exciting investment, it goes up and down slowly, it pays no dividend, but then again, I am only thinking about putting a small percentage of my portfolio into these precious metals. No matter what the markets do, gold and silver are always worth something.
In the end, what gives anything value? Why is a Honus Wagner baseball card with $100,000, why is a stamp with an upside down airplane worth $1,000,000? Because of the value society places on them, so Bitcoin is valued right now, and may continue in popularity and value. What is the market liquidity on Bitcoins?
I guess there's nothing wrong with putting a small percentage of your assets into it, but not more than you can afford to lose. I would still advise you to invest most of your financial assets into the stock market. There's an interesting article in a recent World magazine about how many countries, especially Sweden, are becoming almost cashless. This gives more control to the government, which I am very skeptical of. I'll try to bring it with me when we come down next week and we can talk more about it then.
Love, Dad
I know the counter points to his arguments, not necessarily looking for those (but they're welcome).
TL;DR I'm more wondering if anyone has been in a similar situation with a parent or a friend who is dismissive of bitcoin. I feel like older people are more skeptical of Bitcoin, wondering how to combat FUD in general amongst older folk.
submitted by modulemodule to Bitcoin [link] [comments]

I consume more than 50 hours of informational content per week. Here is my story.

Hello all, first time poster and have never really utilised a social platform before and normally keep many of my thoughts private, but it is time I share my words and you make of it what you will. I’d firstly like to reach out to the guys running something like this despite so few of the amazing stories that are shared here, I’d like to become one of those empowering tales. Whether this becomes a historical text that began the utilisation of the power of the people back through the things used to control us or perhaps I’m sharing a vision that is undoubtedly out of reach.
Before I begin I would like to announce that I am qualified in nothing, I’m a first year teaching student in Victoria, Australia at 23. What I would be certified for, if there was one is being able to manipulate the knowledge I consume and use it to share better information with others. So what right? That’s what we all do!? Yes, but I’ve developed a habit of listening to more than 15 hours of YouTube Red, TedTalks or any Informative Audio content... in half a day. Quick Math. Instead i try to listen to all my content on x1.25 or x1.5 speed therefore being able to consume an hour clip in 40 minutes. So saving 20 minutes per hour? That means if Normal hours were represented by HN=60/60=1 normally, my hours equation would look more HM=60/40=1.5... So on 1.5x speed I can show that HN(1)x12=12 but for me it would look like HM(1.5)x12=18 hours. So I can listen to up to 18 hours of content in a 12 hour day which normally happens when I’m having my day off, or on walks, in the gym, driving, pretty much all the time I’m not working. Over the last few months I’ve been in deep contemplation as I cycled through different path of life, spending hundreds of hours on certain topics in the matter of months. If we were use school hours, of which there are roughly 4 hours of classes per day then I’d say I’d spend the equivalent to 4 school days learning my own topics each day. In 4 days it is possible to get over 60 hours of pure learning on anything i want. So when I say the last few months, I’m talking weeks where I could have 80 hours of content under my belt. It allows to you take a very broad perspective of many interrelated topics which basically lets you understand why things are the way they are by all definitions of the phrase.
I will explain to you why I don’t want to return to University this year and why I’m going to be proud to say so once I have passed on this message. My problem with the education system is that you are not truly taking a class that will allow you to reach your full potential as they teach the way the system currently is. The system is always being innovated, so even the most up-to-date Universities struggle to keep up with where the world is but 5 years down the road, the information being taught isn’t relevant for when people graduate. Learning things even 3 years old is basically taking history classes in a world that is never switched off. Here I would like to invoke a time old phrase “He who controls the past controls the future. He who controls the present controls the past.” I would like to add here something that could be the missing part of the puzzle in our steps moving forward as well as make it a little more socially more tolerable in the attempt to remove any bias with what I share. The rephrasing follows: “All who control the past, control the future. All who control the present, control the past. And all who learn from the past, control the present.” So here is where the education system struggles, by learning about what is currently happening in the world, rather than what is wrong with it you aren’t really learning from the past, just about the past. Learning about the way things are rather than the ways the could be is where we have lost our capacity to dream quite literally about a better future. As we toil away in a rat race towards bigger better things that provide a fleeting moment of satisfaction, we often spend our resources into our materials and what we own, and forget to invest in ourselves for a sense of deeper and prolonged satisfaction.
For me this journey has just begun and there is so much to learn about anything you want to do. School is outdated and the education system needs to change. But first I want to see what we can learn from the past. Originally the school system would have been designed to help teach people how the workings of society are so they can become a part of the cogs that keep the world turning. Things were simple back then, before the technology boom, in the 17th century. That was the quickest way to information back then. Since then we have been blessed with instant communication and a computer in our pocket that can teach you anything, imagine what sorcery this would have seemed like when the modern schooling system was going mainstream 300 years ago :O. With our technological capacities these days we can always be learning. Imagine if the news stopped sharing crap that means nothing in the greater scheme and instead helped to develop life skills. This is all but a dream for now, or is it. For those that have heard of bitcoin, or cryptocurrency may have heard the bubble has burst. The technology of cryptocurrency is a little shrouded so in short it takes power away from banks, as long as they don’t control most of the money again. You are your own bank, teller, and loan manager, have your own transaction history, and in mere seconds you can become a shareholder in any industry you please through the currency you own. Cryptocurrency is one of the topics that i wish to discuss as I really don’t see many introducing the idea that crypto is the fricken’ power to the people as long as we don’t screw up this opportunity.
Now I do want to continue but I want your support to continue. I don’t plan on leaving my bitcoin wallet code and aren’t after donations or anything past a nice comment, i want you to support me by telling me where I’m wrong, then telling me what’s right. , I want to know everything that I’ve got misconceptions about, and from that we can learn. By learning from what the past can teach we can improve the present, you improve the present and you improve your future past. Future past? That’s from the future present. Let’s learn together about where we need to improve for a greater living standard and to take control of our future. We are at a pivot point in history on many fronts and we have a chance to change the cards we’ve been dealt. So do I continue? Am I in over my head? Am I missing the point? Please share this message as I feel I can make a difference, and could be the start of a much bigger journey for us all.
submitted by Ironstein23 to InterestingAF [link] [comments]

BIP39 Words list

Nothing special, just a copy of the current list (for the future) of what can be found at https://github.com/bitcoin/bips/blob/mastebip-0039/english.txt
submitted by lowcarbjc to btc [link] [comments]

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When Will the Bitcoin Bubble Burst? Why Bitcoin is Going to Crash

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