Well, I've heard about asteroid mining where they could potentially mine unlimited supply of gold too. Probably won't happen in my lifetime but something to consider for your kids/grandchildren. While cryptocurrency supply can be unlimited. Those that are useful are limited. This is reflected at why bitcoin is at 5k+ usd a coin and why xyz coin is worth peanuts.
%% Bitcon is a joke. But i did change my mind on IBKR founder saying ''bitcon has no fundamental value'' Bitcon has value for shorts LOL; may not be fundamental value LOL
%% I think you missed my point on bitcon, Jonarb. A real estate appraiser said i dont use a spell checker 'caus i know what i meant. As far as cons go , OK did paid a small fee to watch a con once ; it was movie con named ''The Sting'' Youre welcome NOT saying anyone else should pay a small fee to watch a con; that movie was really a waste of time but fun LOL
Murray, my experiences investing in bitcoin (cryptos) is on the extreme contradiction of what you've stated. I've reaped vast returns on my investments and have spent tens of thousands of $ using bitcoin in hundreds of transactions. Obviously, I''m 100% long position currently, so wanted to track how someone like you would be performing if you initiate a short position at this level. Anyway, when you decide to go short, please do announce the entry price. Thanks.
%% I think you again missed my bit con point Jon arb. Its like the real estate appraised said; i dont use a a spell checker 'cause i know what i meant . Glad you know much more about bitcon than me or IBKR founder, really .AS far as a position; long tech ETFs .............. but thats in a legal tax free account, reported to IRS. I did not mean to imply buying a con-cant make money in a con. The con movie ''The Sting'' did really well for a few LOL-true
I didn't miss your spelling of bitcoin is missing an I. It's been the way you spell it for a long time now. I guess you can say I misunderstood your meaning when you said "you've changed your mind as IBKR founder enlightened you that bitcoin has value for shorts", if it has value for shorts as you say, it would behoove you to initiate a short position. Anyway, I get it now, you're not going to short bitcoin. It's not for everyone Some people have convictions to risk $$$ on the line based on their opinion and analysis.
%% My main point Jonarb,on bitcon, its a con Pineapples sold for $8000 when new, its a downtrend now NOT saying i would short pineapples or a bit con is worth a can of pineapples.LOL[ I did tell you a tax free ETFs position of mine+ dont have to do that] For all i know, you might be the founder of IBKR; he know it has no fundamental value; but makes money off bitcon both ways.
Bitcoin margins are still high and it's one thing to be bearish on something based on fundamentals but shorting it requires understanding the short term psychology of (often dumb) investors - they are swayed easily when it comes to anything trendy. Secondly, while waiting for a crash of something, your capital could be deployed elsewhere more effectively. Thirdly, some are not comfortable with the idea of having a position go against you for months or years as you wait for the inevitable. Those are my reasons for not shorting it, I'm already struggling to be sufficiently capitalized - more ideas than funds.
Yes and no. We live on a water planet but only a fraction is drinkable. The potable portion is getting scarcer each day. Your analogy holds in that more crypto can be created just like fiat. It does take some resources to produce it, maintain it, secure it, grow it and create value for it - some consensus algorithms are structurally and fundamentally better than others and resistant to bad actors and the darker elements of humanity. Like it or not, crypto is here to stay. It just provides too much value to a new generation of investors that are jaded against the status quo. It has a low barrier to entry, maybe not for grandma but for the tech savvy younger generation that grew up in the internet, meme’s and mobile phones. Larger institutions have signaled interest in the space and taking active steps to do so. Whether BTC retains the crown is missing the point. It does have weaknesses and there are a lot of different projects and offerings that address them, many more with hype than substance. The crypto bear market is a prime hunting ground for quality offerings and if one isn’t actively accumulating what quality is out there,... oh well. Perhaps in tandem, the question to ask whether BTC is the new gold; what will be the new oil?