This is my view from a complete noob: I've known about Bitcoin since it was <$1 and occasionally followed the story. Having dealt with online sales for a while, I realized the potential of electronic payments without exorbitant fees when using PayPal so it's why it kept me interested. I just kept following it and it's growth until I realized I was making a mistake not riding the wave. What I've got in it is mostly drinking money. Sure I could play it safe with a tried and true method, but there's a bit of wishing this technology succeeds. So I finally pulled the trigger at $900 and been buying it since. I dabble in shitcoins in the exchange and realize not knowing enough has backfired at times.... The strategy was to spread some money across the coins with the biggest market cap and wait. I now know that market cap changes all the time depending on what flavor of the week traders feel like pumping. I think crypto is an amazing opportunity for traders who can afford to sit in front of a screen all day, but not so much for investors who aren't willing to do some learning. That's to say, some of these alt-coins offer tremendous technology advantages while many are simple clones. I realize these things aren't going anywhere without massive adoption and am conscious of the fact that I'm relying on people using it as a vehicle to move wealth and/or avoid taxes. The question I keep having is, can we have a perpetual bubble? Gold seems to indicate that yes to a point, until a better vehicle of wealth storage comes along. I suppose I don't foresee Bitcoin ever going away now, but rather crashing and surging much like gold has. The biggest threat of course is the dilution through a never ending supply of competition, but much like in any free market, the winners will rise and the losers will sink. One thing that I believe threatens these coins is needing consensus to make them competitive by implementing new technology, unfortunately this also threatens its decentralisation. I'm also mining ethereum at the moment and the return is better than owning a rental, but I've got into it mostly from needing a nerdy hobby and learning a few things. For what it's worth, I've made quite a bit of money buying into the companies who make the hardware (Nvidia, micron), and realize there's potential there (hardware sales). The real winners here are the mining software developers, and often pondered hiring a team of math undergrads to make me one. Tl;Dr, I will listen to the skeptics because I'm no zealot, but people willing to take a risk should dabble for shits and giggles. Trading has a very low entry cost.
I tried Googling but could not find any other Bitmex besides the Bitmex exchange. Could you provide a link or additional info?
You have lived in your pimped up prison you've forgotten what freedom feels like, the fractional reserve banking system is the biggest ponzi scheme in the world, and bitcoin is the pin thats popin that bubble. Open your eyes, think. What would happen if everyone at barclays withdrew their cash, and did not deposit it in another bank? How would your government know how rich you are? How would they tax you? What would barclays stock look like???
Rickards says this is the only subject which he agrees with Jamie Dimon, he calls it "a ponzi with no one in charge".
Boy was this a long post and it is actually offtopic... 1. So you are a crypto investor. 2. Just the opposite, most active crypto traders either lose money or make much less than just buy and hold. You kind of contradicted yourself because I bet you have been doing much better with your dollar cost averaging than the average crypto trader. But again, nothing you said contributed anything to the topic of bitcoin being a ponzi or not. Anyhow I congratulate you if you made good money, don't forget to cash out. (my bad, too late?)
Man that's an old Post. Yes, I've come to realize buying and holding would have been a better alternative. The gains I made trading sometimes were pretty damn good, but so were some of the losses. Couple to that the taxes accrued from short term holding as opposed to long term capital gains and it's a loser's game to try and beat the rallying (I don't know if there's humans that can beat a year litecoin rally for instance). Cost averaging worked pretty well as I didn't feel it as much in my pocket book. What's helped offset some of my boneheaded moves has been diversifying... I'm probably 1/6 BTC at this point in my holdings. Not ready to cash out, but may end up diluting that remaining BTC to new promising coins. I've got this theory that BTC is a sped up economy and while we may see economy crashes every 10 years, the same happens in BTC every few months.... But just like the economy, it keeps chugging along after recovery. This is of course not backed by anything but gut feeling from looking at the chart this past few years.
Looks like Dimon is walking it back: https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html