Cryptocurrency

[retiredguy123]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.

[JMintzer]

You "fully understand" the Stock Market?

If so, you're the only one! ;)

[JP]

I agree with you except this Bankman guy and his "girlfriend" need serious jail time. You can't transfer money from one business to another especially this crypto baloney.

[tophcfa]

Ever since crypto crashed there has coincidentally been a large increase in the amount of lightly used Teslas available on the market. Read between the lines on that!

[Aces4]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.


I feel the same way about people who lose money in the stock market, they should know better and that, IMHO, it’s a Ponzi scheme. No sympathy here.

[manaboutown]

Dropping Like Coin Prices: 3 Crypto Billionaires Have Died in the Last Month (https://www.breitbart.com/tech/2022/11/30/dropping-like-coin-prices-3-crypto-billionaires-have-died-in-the-last-month/?utm_source=facebook&utm_medium=social&fbclid=IwAR1DayasPXaGPP5sjd6PMfq13fB-Oi9WYAqlsv4j4NjasnN78xOgqA4rvmI)

[Caymus]

I agree with you except this Bankman guy and his "girlfriend" need serious jail time. You can't transfer money from one business to another especially this crypto baloney.


Any jailtime for FTX's "Environmental & Social Initiatives Adviser"- Gisele Bundchen? FTX did not have a Board of Directors, but they had her.

[Dotneko]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.

Wow. No sympathy? It's unfortunate that there are some people who aren't as all knowing as you. Careful, falling off that high horse can be painful.

[Blackbird45]

Cryptocurrency today something else tomorrow. The old saying "If something is too good to be true, then it's not true". Everyone wants to make money on their money, but there comes a point when the payoff defies reality. Cryptocurrency is just one in a long line of scams where people were enticed by their own greed, and it won't be the last.

[mkjelenbaas]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.
I am wondering what you point is?

[jljl62040]

FTXs demise had no affect on the price of Bitcoin or other crypto currencies. Those who held crypto in their "wallets" did not lose money because of the FTX scandal. Those who invested currency or crypto with FTX lost money.

[retiredguy123]

Wow. No sympathy? It's unfortunate that there are some people who aren't as all knowing as you. Careful, falling off that high horse can be painful.
I have no sympathy because I think the people who lost money were a victim of their own greed.

[msilagy]

The no sympathy comments = no empathy. Not anyone I would want to know.

[mikeycereal]

Spoke with my financial advisor several months ago about cryptocurrency and he said some people don't understand that it gets taxed like any other earnings. He said he had to thoroughly explain that to some holders because they thought otherwise.

And then there's OBJ who decided to take his NFL paycheck in cryptocurrency which then proceeded to drop and he lost a lot of money.

[Babubhat]

It’s a faith that requires endless suckers to pay a higher price. Just another version of Ponzi scheme. Remember the Tulips

[Captainpd]

FTXs demise had no affect on the price of Bitcoin or other crypto currencies. Those who held crypto in their "wallets" did not lose money because of the FTX scandal. Those who invested currency or crypto with FTX lost money.

Holding something in your "wallet" that is backed by nothing, is still worth nothing. If bitcoin failed today and went bankrupt, there aren't any assets to siez

[Larchap49]

Ever since crypto crashed there has coincidentally been a large increase in the amount of lightly used Teslas available on the market. Read between the lines on that!

Crypto did not crash. One exchange crashed. Similar to one crooked stock brokerage stealing investors money and crashing.

[mydavid]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy. US currency is best bet
ar

[retiredguy123]

I am wondering what you point is?
I'm also wondering what your point is. It's an open forum called "investment talk" where people share opinions.

[midiwiz]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.

Thanks for the rant, by the way, that so called scam happens to not be and as well make me quite a nice tidy sum of profit. But for those that think everything is a scam or conspiracy.... have a nice one.... oops sorry I forgot

Good Afternoon!

[Caymus]

US currency is best betn
ar

For what? For a guaranteed loss due to inflation? Over the long term nothing is better than diversified equities and/or real estate.

[Mrfriendly]

I have no sympathy because I think the people who lost money were a victim of their own greed.

Take a $100 bill out of your wallet, look at it and say, “wow I just lost 8% of my money to inflation in only one year.”
If you don’t invest then you just lost money

[retiredguy123]

Take a $100 bill out of your wallet, look at it and say, “wow I just lost 8% of my money to inflation in only one year.”
If you don’t invest then you just lost money
I invest. But, when you buy stock in a company and make a profit, the company gets your invested money to grow the company and to sell more products. So, everyone benefits. I don't see the same comparison with money "invested" in cryptocurrency.

[MidWestIA]

When you buy crypto you buy a piece of paper hoping that a bigger fool comes along and pays you more for just a piece of paper. With stock you own a fractional piece of something.

[Dotneko]

I am wondering what you point is?

Proving superiority

[nn0wheremann]

I agree with you except this Bankman guy and his "girlfriend" need serious jail time. You can't transfer money from one business to another especially this crypto baloney.
You can do whatever you want to do in an unregulated business environment. Some people demand less government, less regulation, and less “red tape.” They got that for which they asked.

[nn0wheremann]

When you buy crypto you buy a piece of paper hoping that a bigger fool comes along and pays you more for just a piece of paper. With stock you own a fractional piece of something.
What piece of paper? Cryptocurrency is nothing more than digital vaporware, an imaginary image of value.

[Matzy]

I think i am missing something - Are you just making your opinion public or you want to tell us something?

[rsibole]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.

Reading a history of Bitcoin, when Bitcoin started out there wasn’t really a price for it since no one was willing to buy it. The first time Bitcoin actually gained value was on October 12, 2009 when Martti Malmi, a Finnish developer that helped Satoshi work on Bitcoin, sold 5050 Bitcoins for $5.02. This gave 1 Bitcoin the value of $0.0009.

Reading further, the first transaction using it in the USA was a pizza shop accepted 9-Bitcoin in exchange for a large cheese pizza. At today’s “value”, a single Bitcoin is “worth” a little over $16,000 USD, down from its all time high of $67,567 on November 8th, 2021.

In other important financial news and just in time for Christmas, the Golden Gate Bridge is once again for sale after recently being purchased by a resident in The Villages for $99.95.

[retiredguy123]

I think i am missing something - Are you just making your opinion public or you want to tell us something?
Just expressing an opinion.

[Fastskiguy]

Reading a history of Bitcoin, when Bitcoin started out there wasn’t really a price for it since no one was willing to buy it. The first time Bitcoin actually gained value was on October 12, 2009 when Martti Malmi, a Finnish developer that helped Satoshi work on Bitcoin, sold 5050 Bitcoins for $5.02. This gave 1 Bitcoin the value of $0.0009.

Reading further, the first transaction using it in the USA was a pizza shop accepted 9-Bitcoin in exchange for a large cheese pizza. At today’s “value”, a single Bitcoin is “worth” a little over $16,000 USD, down from its all time high of $67,567 on November 8th, 2021.

In other important financial news and just in time for Christmas, the Golden Gate Bridge is once again for sale after recently being purchased by a resident in The Villages for $99.95.

$0.009 to somewhere around $16,000 per since 2009 is a pretty good return. Obviously there has been some volatility between then and now but still.

Joe

[tophcfa]

Crypto did not crash. One exchange crashed. Similar to one crooked stock brokerage stealing investors money and crashing.

Hmmm, Bitcoin is down 68.5% year to date. If that’s not a crash, explain what is? Some of the Crypto exchanges both crashed, and burned.

[Joe C.]

Hey, remember the Star Registry? You sent them money, and a particular star somewhere up there would be named after you. Really?
Crypto currency has about as much solid backing as that.

[FormerHeadhunter]

How Crypto Currency works… an analogy in layman’s terms.
Not long ago a merchant found a lot of monkeys that lived near a certain Village. One day he came to the Village saying he wanted to buy these monkeys. He announced that he would buy the monkeys at $100 each.
The Villagers thought that this man must be crazy. How can somebody buy stray monkeys at $100 each?
Still some People caught some monkeys and gave it to this merchant and he gave $100 for each monkey.
This news spread like wildfire and People caught monkeys and sold them to the merchant.
After a few days, the merchant announced that he will buy monkeys at $200 each.
The lazy villagers also ran around to catch the remaining monkeys. They sold the remaining monkeys at $200 each.
The merchant then announced that he will buy monkeys for $500 each.
The villagers start to lose sleep. They caught six or seven monkeys which was all that was left and got $500 each.
The Villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each! He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.
The Merchant went on holiday.
The Villagers were frantic and very sad as there were no more monkeys left for them to sell at $1000 each as was promised by the Merchant.
Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.
The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey. The next day the Villagers queued up near the Monkey Cage.
The Employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys.
The Villagers took care of their monkeys and waited for the Merchant to return. However nobody came! Then they ran to find the Employee. However he was not to be found.
The Villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them.
This Monkey Business is now known as Bitcoin!

[OhioBuckeye]

I’ll stay with our good ole U. S. Currency!

[PJackpot]

The first time I heard about cryptocurrency, I decided that I would never invest any money in it. It had "SCAM" written all over it. I have no sympathy for those who recently lost their money investing in it and being scammed. And, I don't care whether or not Sam Bankman-Fried is ever arrested and prosecuted. I only invest in things that I fully understand and that clearly have the potential to add value to the overall economy.

Once I read Warren Buffett said "he wouldn't purchase all of the Bitcoin in the world for just $25 if he had the opportunity"....that was enough for me to stay far away.

[sowtime444]

Sure there are a lot of scams in cryptocurrency. But saying they all have zero value is also like saying the SWIFT network has zero value, the Moneygram network has zero value, the computer networks that keep track of stock market trades and execute them in the right order have zero value, and the spreadsheet software on google docs has zero value.

[Scorpyo]

Reading a history of Bitcoin, when Bitcoin started out there wasn’t really a price for it since no one was willing to buy it. The first time Bitcoin actually gained value was on October 12, 2009 when Martti Malmi, a Finnish developer that helped Satoshi work on Bitcoin, sold 5050 Bitcoins for $5.02. This gave 1 Bitcoin the value of $0.0009.

Reading further, the first transaction using it in the USA was a pizza shop accepted 9-Bitcoin in exchange for a large cheese pizza. At today’s “value”, a single Bitcoin is “worth” a little over $16,000 USD, down from its all time high of $67,567 on November 8th, 2021.

In other important financial news and just in time for Christmas, the Golden Gate Bridge is once again for sale after recently being purchased by a resident in The Villages for $99.95.

Say what? Who bought my bridge? I didn't sell it!

[ithos]

The Bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.

But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?

Per CNBC

1. Plug your cold storage device into your computer.

2. Download the software provided with your cold storage wallet.

3. You’ll be given a seed phrase or backup code.

4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.

5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.

[jimjamuser]

You "fully understand" the Stock Market?

If so, you're the only one! ;)
The stock market details and ups and downs can NOT be predicted / "understood" in the short term. An investor can NOT pick an Individual stock and invest ALL their money because they got some TIP from a TV financial show or a friend who knows someone high up in some company or industry. That amounts to gambling, not investing. People get TIPS on long-shot stocks and act on them. That is a good way to lose hard-earned money.

There is a way (a method) to use the market to accumulate wealth over TIME. You MUST have 20 or 30 years of TIME. Which most seniors do NOT have.......but their GRANDCHILDREN do! The reason having TIME works so well is because the US stock market and that of most western countries have a graph that (OVER TIME) goes from lower left to upper right. Barring a nuclear holocaust over TIME the market ONLY goes IP
........to be continued

[tophcfa]

Take a $100 bill out of your wallet, look at it and say, “wow I just lost 8% of my money to inflation in only one year.”
If you don’t invest then you just lost money

Look at the value of you bitcoin holdings on January 1, 2022, then look again this morning, look at it and say, "wow i just lost 68.5% of my money before I even consider that I lost another 8% on top of that to inflation in less than one year." If you simply put your money in a money market account you would now be earning close to 4% and you wouldn't have lost 68.5% of your initial investment.

[Fastskiguy]

The stock market details and ups and downs can NOT be predicted / "understood" in the short term. An investor can NOT pick an Individual stock and invest ALL their money because they got some TIP from a TV financial show or a friend who knows someone high up in some company or industry. That amounts to gambling, not investing. People get TIPS on long-shot stocks and act on them. That is a good way to lose hard-earned money.

There is a way (a method) to use the market to accumulate wealth over TIME. You MUST have 20 or 30 years of TIME. Which most seniors do NOT have.......but their GRANDCHILDREN do! The reason having TIME works so well is because the US stock market and that of most western countries have a graph that (OVER TIME) goes from lower left to upper right. Barring a nuclear holocaust over TIME the market ONLY goes IP
........to be continued

Looking forward to part 2!

[jimjamuser]

The stock market details and ups and downs can NOT be predicted / "understood" in the short term. An investor can NOT pick an Individual stock and invest ALL their money because they got some TIP from a TV financial show or a friend who knows someone high up in some company or industry. That amounts to gambling, not investing. People get TIPS on long-shot stocks and act on them. That is a good way to lose hard-earned money.

There is a way (a method) to use the market to accumulate wealth over TIME. You MUST have 20 or 30 years of TIME. Which most seniors do NOT have.......but their GRANDCHILDREN do! The reason having TIME works so well is because the US stock market and that of most western countries have a graph that (OVER TIME) goes from lower left to upper right. Barring a nuclear holocaust over TIME the market ONLY goes IP
........to be continued
So, here is how it works. You get your 20-year-old grandchild to start investing because they have the KEY ingredient in a method to use the stock market to build wealth. It can be called the Warren Buffet method or some call it "buy and hold". To use this method you need time (20 or 30 years) and patience and investible funds. Then, what you CAN'T do is pick only one stock to buy and hold for 20 years. Won't work - the chance of loss is too great. You can't even buy 10 stocks - the chance of loss is still too great. You must buy ALL the stocks in the market, actually MOST all.

So how the He__ do you buy most of the US stock market? Before 1993 you could NOT. Then Electronic Traded Funds ETFs were created to mimic the S+P 500, which was basically the WHOLE US stock market.......available for purchase at a low overhead cost to investors big or small. There are several call letters for different companies that cover the S+P - (SPY), (VOO), and (IVV).............. (google those)
........You can't beat the market, but you can buy the market and go with it............upward.........over time

[Worldseries27]

how crypto currency works… an analogy in layman’s terms.
Not long ago a merchant found a lot of monkeys that lived near a certain village. One day he came to the village saying he wanted to buy these monkeys. He announced that he would buy the monkeys at $100 each.
The villagers thought that this man must be crazy. How can somebody buy stray monkeys at $100 each?
Still some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey.
This news spread like wildfire and people caught monkeys and sold them to the merchant.
After a few days, the merchant announced that he will buy monkeys at $200 each.
The lazy villagers also ran around to catch the remaining monkeys. They sold the remaining monkeys at $200 each.
The merchant then announced that he will buy monkeys for $500 each.
The villagers start to lose sleep. They caught six or seven monkeys which was all that was left and got $500 each.
The villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each! He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.
The merchant went on holiday.
The villagers were frantic and very sad as there were no more monkeys left for them to sell at $1000 each as was promised by the merchant.
Then the merchant’s employee contacted them and told them that he would secretly sell them some monkeys at $700 each.
The news spread like wildfire. As the merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey. The next day the villagers queued up near the monkey cage.
The employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys.
The villagers took care of their monkeys and waited for the merchant to return. However nobody came! Then they ran to find the employee. However he was not to be found.
The villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them.
This monkey business is now known as bitcoin!
found a couple of branches

[jedalton]

Same here

[MidCapeCodder]

Bernie Madoff had a great pedigree and promising portfolios...there's thieves and swindlers everywhere as well as victims.

[Boston-Sean]

Once I read Warren Buffett said "he wouldn't purchase all of the Bitcoin in the world for just $25 if he had the opportunity"....that was enough for me to stay far away.

Once I read that Warren Buffet said that technology companies like Apple were risky investments and he didn't understand the business.

Luckily I ignored him or I'd still be working today.

[Normal]

Congress has the push now to to regulate all cryptocurrencies as nothing more than a fancy. After the crash too many are complaining and something will be done to stifle it into nothingness.

[JMintzer]

The stock market details and ups and downs can NOT be predicted / "understood" in the short term. An investor can NOT pick an Individual stock and invest ALL their money because they got some TIP from a TV financial show or a friend who knows someone high up in some company or industry. That amounts to gambling, not investing. People get TIPS on long-shot stocks and act on them. That is a good way to lose hard-earned money.

There is a way (a method) to use the market to accumulate wealth over TIME. You MUST have 20 or 30 years of TIME. Which most seniors do NOT have.......but their GRANDCHILDREN do! The reason having TIME works so well is because the US stock market and that of most western countries have a graph that (OVER TIME) goes from lower left to upper right. Barring a nuclear holocaust over TIME the market ONLY goes IP
........to be continued

I can barely wait...

[JMintzer]

So, here is how it works. You get your 20-year-old grandchild to start investing because they have the KEY ingredient in a method to use the stock market to build wealth. It can be called the Warren Buffet method or some call it "buy and hold". To use this method you need time (20 or 30 years) and patience and investible funds. Then, what you CAN'T do is pick only one stock to buy and hold for 20 years. Won't work - the chance of loss is too great. You can't even buy 10 stocks - the chance of loss is still too great. You must buy ALL the stocks in the market, actually MOST all.

So how the He__ do you buy most of the US stock market? Before 1993 you could NOT. Then Electronic Traded Funds ETFs were created to mimic the S+P 500, which was basically the WHOLE US stock market.......available for purchase at a low overhead cost to investors big or small. There are several call letters for different companies that cover the S+P - (SPY), (VOO), and (IVV).............. (google those)
........You can't beat the market, but you can buy the market and go with it............upward.........over time

Except when it crashes...

[PJackpot]

Once I read that Warren Buffet said that technology companies like Apple were risky investments and he didn't understand the business.

Luckily I ignored him or I'd still be working today.

But he does understand the world of finance.

As far as Apple goes....."Buffett started as an AAPL skeptic, stating that technology was a risky field, and he didn’t understand the business well enough to predict its future potential. He later changed his mind, explaining that he now views the company more like a consumer or fashion brand with a huge amount of brand loyalty. By 2018, he had completely reversed his position, and declared that he’d buy the company outright if he could." Berkshire Hathaway currently owns 5% of Apple's stock.

[Fastskiguy]

So, here is how it works. You get your 20-year-old grandchild to start investing

Your logic is irrefutable but that first step can be a tough one.

Joe

[spinner1001]

The Bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.

But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?

Per CNBC

1. Plug your cold storage device into your computer.

2. Download the software provided with your cold storage wallet.

3. You’ll be given a seed phrase or backup code.

4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.

5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.

For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.

[PJackpot]

But he does understand the world of finance.

As far as Apple goes....."Buffett started as an AAPL skeptic, stating that technology was a risky field, and he didn’t understand the business well enough to predict its future potential. He later changed his mind, explaining that he now views the company more like a consumer or fashion brand with a huge amount of brand loyalty. By 2018, he had completely reversed his position, and declared that he’d buy the company outright if he could." Berkshire Hathaway currently owns 5% of Apple's stock.

But here's the other thing...if you had invested in Berkshire Hathaway instead of Apple, you would probably would have retired a lot earlier.

[Fastskiguy]

For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.

It's true. Most people kinda need a bank. Which means it can't be anonymous and somebody has to get paid. Anonymity and zero cost are the cornerstones of what makes crypto great. It's just not exactly user friendly.

Joe

[ithos]

For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.

100% agree. But that is one of the dilemmas that owners are faced with. The other option is also risky. Look at how many people have lost their crypto by letting third parties control them.

But since crypto has been glorified by so many traditional news outlets including CNBC, many folks have been completely oblivious to many of the risks. I guess ratings and advertising revenue are far more important to them than objective reporting.

Cramer called SBF the JP Morgan of this generation.

[JMintzer]

But he does understand the world of finance.

As far as Apple goes....."Buffett started as an AAPL skeptic, stating that technology was a risky field, and he didn’t understand the business well enough to predict its future potential. He later changed his mind, explaining that he now views the company more like a consumer or fashion brand with a huge amount of brand loyalty. By 2018, he had completely reversed his position, and declared that he’d buy the company outright if he could." Berkshire Hathaway currently owns 5% of Apple's stock.

Only took him 30 years to change his mind... Well after Apple had far surpassed anyone's expectations...

A bit late to the party, if you ask me...

[collie1228]

Here is how Wikipedia explains blockchain: "The bitcoin blockchain is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a cryptographic hash of the previous block up to the genesis block[ in the chain. A network of communicating nodes running bitcoin software maintains the blockchain.:  Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications." Now that you understand what it is, you can invest your life savings with confidence!

[Boston-Sean]

Here is how Wikipedia explains blockchain: "The bitcoin blockchain is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a cryptographic hash of the previous block up to the genesis block[ in the chain. A network of communicating nodes running bitcoin software maintains the blockchain.:  Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications." Now that you understand what it is, you can invest your life savings with confidence!

Actually, understanding how blockchain works is what made me jump into crypto. There are lots of youtube videos that illustrate how it works. Elegant is the word I would use to describe it.

And I only invested what I could afford to lose.

[Worldseries27]

the bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.

But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?

Per cnbc

1. Plug your cold storage device into your computer.

2. Download the software provided with your cold storage wallet.

3. You’ll be given a seed phrase or backup code.

4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.

5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.
you should catch the episode of billions where all that happened

[jimjamuser]

Except when it crashes...
Interesting actually. I SKETCHED out a proven method of creating wealth using the stock market. It was aimed at and would be useful for a neophyte young investor (such as a Villagers children or grandchildren that have the advantage of TIME. It is a SKETCH, not a fully formed Rembrandt. For me to cover each and every detail of investment theory such as how to deal with investments during a recession or market crash, I would have to write a BOOK. And that would not be helpful anyway because many good investment books have already been written.

Warren Buffet found his own mentor by reading a book titled, "The Intelligent Investor" by Ben Graham. There are also several books written about Warren Buffet and his investment philosophies. A Villager's children or grandchildren could START with my simple SKETCH and read their way into becoming their own investment Rembrandts.
..........Incidentally, a recession or "market crash" is a disaster for some, and a GREAT OPPORTUNITY for others! Everyone says, "buy low and sell high" but not everyone has the patience and mental toughness to actually SAVE money during the good times (high market) AND the guts to BUY during the bad times (recession and market crash). In general, that would fall under the heading of "market timing".

And I appreciate everyone that stuck around to read my "to be continued" post.

[Caymus]

The Bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.

But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?

Per CNBC

1. Plug your cold storage device into your computer.

2. Download the software provided with your cold storage wallet.

3. You’ll be given a seed phrase or backup code.

4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.

5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.

Many people had their Bitcoins on deposit at FTX because of the impossibly high interest rates they offered.

[Aces4]

Congress has the push now to to regulate all cryptocurrencies as nothing more than a fancy. After the crash too many are complaining and something will be done to stifle it into nothingness.

Just for clarity, are you talking about crypto currencies or the American dollar? The premise for both is the same. :shrug: Something for absolutely nothing.

[waterflower]

Research who his family is...History repeats itself...2008---

[jimjamuser]

Only took him 30 years to change his mind... Well after Apple had far surpassed anyone's expectations...

A bit late to the party, if you ask me...
I can't see this as a PUTDOWN of Mr. Buffet. It shows that he stuck to his investment principles for 30 years (note he is the world's greatest LONG TERM investor). He merely waited for Apple to get out of the dangerous high growth period for any company and become large and stable and diverse enough to meet his high standards. It is NOT like he was falling into poverty by not investing in Apple for 30 years. I believe his LIFETIME track record speaks for itself.

It also proves that he is FLEXIBLE enough to change to meet new conditions. Also not let his EGO get in the way!
Look at all the anguish that BitCoin investors are going through. Berkshire Hathaway investors can sleep more soundly at night than their counterparts, the cryptocurrency investors (gamblers)!

[Aces4]

I can't see this as a PUTDOWN of Mr. Buffet. It shows that he stuck to his investment principles for 30 years (note he is the world's greatest LONG TERM investor). He merely waited for Apple to get out of the dangerous high growth period for any company and become large and stable and diverse enough to meet his high standards. It is NOT like he was falling into poverty by not investing in Apple for 30 years. I believe his LIFETIME track record speaks for itself.

It also proves that he is FLEXIBLE enough to change to meet new conditions. Also not let his EGO get in the way!
Look at all the anguish that BitCoin investors are going through. Berkshire Hathaway investors can sleep more soundly at night than their counterparts, the cryptocurrency investors (gamblers)!

Anyone invested in the stock market or uninsured investment is a gambler.. no difference.

[jimjamuser]

100% agree. But that is one of the dilemmas that owners are faced with. The other option is also risky. Look at how many people have lost their crypto by letting third parties control them.

But since crypto has been glorified by so many traditional news outlets including CNBC, many folks have been completely oblivious to many of the risks. I guess ratings and advertising revenue are far more important to them than objective reporting.

Cramer called SBF the JP Morgan of this generation.
Several experts on the Fast Money shows were bullish on cryptocurrency as it 1st became popular. Maybe they got out in time. If the average person was an expert like those on Fast Money then MAYBE (?) they got out in time. If you are buying risky stocks then "timing the market" is essential. When investing in the short term, you must remember that for every winner, there must be a loser.

[jimjamuser]

100% agree. But that is one of the dilemmas that owners are faced with. The other option is also risky. Look at how many people have lost their crypto by letting third parties control them.

But since crypto has been glorified by so many traditional news outlets including CNBC, many folks have been completely oblivious to many of the risks. I guess ratings and advertising revenue are far more important to them than objective reporting.

Cramer called SBF the JP Morgan of this generation.
When I 1st started investing, I would watch Jim Cramer's show......he was boisterous and entertaining. But slowly I came to find out that his stock picks were wrong about 50% of the time. I felt more confident watching other shows like Fast Money on CNBC.

[JMintzer]

I can't see this as a PUTDOWN of Mr. Buffet. It shows that he stuck to his investment principles for 30 years (note he is the world's greatest LONG TERM investor). He merely waited for Apple to get out of the dangerous high growth period for any company and become large and stable and diverse enough to meet his high standards. It is NOT like he was falling into poverty by not investing in Apple for 30 years. I believe his LIFETIME track record speaks for itself.

It also proves that he is FLEXIBLE enough to change to meet new conditions. Also not let his EGO get in the way!
Look at all the anguish that BitCoin investors are going through. Berkshire Hathaway investors can sleep more soundly at night than their counterparts, the cryptocurrency investors (gamblers)!

Or, trying to save face (due to his ego perhaps?)... Anyone with a pulse would have said that Apple was a great company in 2018...

[jimjamuser]

Sure there are a lot of scams in cryptocurrency. But saying they all have zero value is also like saying the SWIFT network has zero value, the Moneygram network has zero value, the computer networks that keep track of stock market trades and execute them in the right order have zero value, and the spreadsheet software on google docs has zero value.
I believe that I saw a show on TV that reported that the servers required to make all the cryptocurrency trades are located in HUGE WAREHOUSES that require LARGE amounts of electrical energy. I don't know any details about this, but if someone could write a post about this, it might be interesting to myself and others.

[JMintzer]

I believe that I saw a show on TV that reported that the servers required to make all the cryptocurrency trades are located in HUGE WAREHOUSES that require LARGE amounts of electrical energy. I don't know any details about this, but if someone could write a post about this, it might be interesting to myself and others.

Let Me Google That (https://letmegooglethat.com/?q=electricity+required+to+mine+bitcoins)

[jimjamuser]

Let Me Google That (https://letmegooglethat.com/?q=electricity+required+to+mine+bitcoins)
Thanks, I appreciate that. I see that the subject is VERY comprehensive and difficult to understand. It's nice to get information and different opinions about crypto on this forum. Now I wonder if Mr.Crypto SB-F will be required to testify before Congress like Mark Zuckerberg, who was able to outwit the Congress-people that did NOT understand how dangerous his computer software algorithms REALLY are at keeping people locked into his site. Facebook software pushes impressionable (usually young) alienated people through the emotion of hatred toward like-minded hateful people. For the average normal well-centered person Facebook is useful and non-dangerous. Most are NEVER aware of the danger to unstable individuals and even to society as a whole. An activist in Indonesia has written a BOOK that details the dangers to all countries......."How To Stand UP To A Dictator" by Maria Ressa.
SB-F will also likely outwit the Congress-people

[jimjamuser]

Or, trying to save face (due to his ego perhaps?)... Anyone with a pulse would have said that Apple was a great company in 2018...
I must have had a pulse years ago (not sure today) because I bought Apple (AAPL) at about $ 25 and sold it at around $ 50. I bragged to everyone about how smart I was. Then, it began doubling and I was no longer smart.

[Boston-Sean]

I believe that I saw a show on TV that reported that the servers required to make all the cryptocurrency trades are located in HUGE WAREHOUSES that require LARGE amounts of electrical energy. I don't know any details about this, but if someone could write a post about this, it might be interesting to myself and others.

It's the mining that takes up all the energy. Not the trading. Once all of the bitcoins have been mined (about 120 years from now) most of that disappears. FYI, only 2 million more bitcoins will ever be mined. 19 million have already been mined.

El Salvador is working on mining bitcoins using thermal energy from volcanos. They are close to issuing Bitcoin backed bonds referred to as "volcano bonds".

More and more mining is done using excess energy that gets wasted otherwise. Flared gas from drilling, excess hydro power that can't be used, etc.

No doubt it uses a lot of energy though.

[Boston-Sean]

I must have had a pulse years ago (not sure today) because I bought Apple (AAPL) at about $ 25 and sold it at around $ 50. I bragged to everyone about how smart I was. Then, it began doubling and I was no longer smart.

I started buying apple around 2005. Usually as it was running up. I then got to feel stupid as it dropped back down below my purchase price. That seemed to happen every time I bought more. But I held on and now I'm writing covered calls and cash secured puts when my shares get called away. Working great so far.

[JMintzer]

I must have had a pulse years ago (not sure today) because I bought Apple (AAPL) at about $ 25 and sold it at around $ 50. I bragged to everyone about how smart I was. Then, it began doubling and I was no longer smart.

https://media4.giphy.com/media/j32q2SqWmOCiM2XN01/giphy.gif

[Boston-Sean]

Just for clarity, are you talking about crypto currencies or the American dollar? The premise for both is the same. :shrug: Something for absolutely nothing.

Not the same when it comes to Bitcoin. There is a limit to how many Bitcoins will be created.

[Aces4]

Not the same when it comes to Bitcoin. There is a limit to how many Bitcoins will be created.

True, that would make Bitcoin more valuable.

[tophcfa]

It's the mining that takes up all the energy. Not the trading. Once all of the bitcoins have been mined (about 120 years from now) most of that disappears. FYI, only 2 million more bitcoins will ever be mined. 19 million have already been mined.

El Salvador is working on mining bitcoins using thermal energy from volcanos. They are close to issuing Bitcoin backed bonds referred to as "volcano bonds".

More and more mining is done using excess energy that gets wasted otherwise. Flared gas from drilling, excess hydro power that can't be used, etc.

No doubt it uses a lot of energy though.

Please explain, how is something that doesn’t physically exist get mined? I get mining materials such as metals from the earth, but not a digital entry?

[ithos]

Please explain, how is something that doesn’t physically exist get mined? I get mining materials such as metals from the earth, but not a digital entry?

They do it for the same reason that bitcoin is graphically depicted as a coin made of gold. To create the illusion that is a rare precious asset that has intrinsic value.

It does have some real world uses but they are not exclusive to bitcoin. That is why altcoins market cap is about the same as Bitcoins.

[jimjamuser]

It's the mining that takes up all the energy. Not the trading. Once all of the bitcoins have been mined (about 120 years from now) most of that disappears. FYI, only 2 million more bitcoins will ever be mined. 19 million have already been mined.

El Salvador is working on mining bitcoins using thermal energy from volcanos. They are close to issuing Bitcoin backed bonds referred to as "volcano bonds".

More and more mining is done using excess energy that gets wasted otherwise. Flared gas from drilling, excess hydro power that can't be used, etc.

No doubt it uses a lot of energy though.
In a world with many energy problems such as having a finite amount of fossil fuel and a growing world population with no moderation in sight - most of Europe facing harsh freezing winter conditions - Russia being in control of Ukraine's largest nuclear plant with fighting all around it. It seems to me like a bad time to be wasting large amounts of energy on the competition to mine more cryptocurrency at the fastest rate for a relatively small number of investors in a product that may not even be a useful product and might just be techno-gambling.

Obviously, I am not a crypto expert and never saw a need to be one. But, the more I read about it the more I think that people should run away from the concept and that governments should regulate cryptocurrency.

[ithos]

In a world with many energy problems such as having a finite amount of fossil fuel and a growing world population with no moderation in sight - most of Europe facing harsh freezing winter conditions - Russia being in control of Ukraine's largest nuclear plant with fighting all around it. It seems to me like a bad time to be wasting large amounts of energy on the competition to mine more cryptocurrency at the fastest rate for a relatively small number of investors in a product that may not even be a useful product and might just be techno-gambling.

Obviously, I am not a crypto expert and never saw a need to be one. But, the more I read about it the more I think that people should run away from the concept and that governments should regulate cryptocurrency.

I agree. It is a monumental waste of natural and human resources that has made just as many people poorer than more wealthy. Caveat emptor.

[DylanTodd]

Hi everyone,

Thank you for sharing your thoughts on bitcoin & cryptocurrencies in general and a special thank you to those who posed insightful & thoughtful questions.

Did you know we have a crypto currency club here in the Villages? We have an active member base that welcomes beginners & intermediates. There are 3 ways to get involved:

1. Happy hours! We actually have one tomorrow from 3pm to 5pm on Sunday Dec 4th at Glenview country club. Every two weeks we rotate around to a different country club to catch up and chat in person.

2. We hold virtual meeting every Saturday morning from 8am to 930am covering important crypto news articles for the week.

3. We hold monthly in person meetings at a rec center. Currently Water Lily and transitioning to Ezell in the new year.

If you would like further information reach out to me at dylanwaynetodd@gmail.com

[JP]

You can do whatever you want to do in an unregulated business environment. Some people demand less government, less regulation, and less “red tape.” They got that for which they asked.

This goofball broke the law that was in place and deserves jail time along with his girl friend.

[Boston-Sean]

But here's the other thing...if you had invested in Berkshire Hathaway instead of Apple, you would probably would have retired a lot earlier.

Just pulled up a chart of BRK-A for the last 20 years. On June 1st 2005 the price was $83,150.

It closed on Friday at $477, 403 which is 5.75X the price in 2005. Are there special dividends that Berkshire issues or some other compensation to shareholders I'm missing that would make that 5.75X return come close to Apples return?

[Caymus]

This goofball broke the law that was in place and deserves jail time along with his girl friend.

Congress will hold hearings shortly - see if he shows. Reports claim that his "girlfriend" is on her way to Dubai (no extradition treaty).

[ithos]

you should catch the episode of billions where all that happened

I looked up and watched a condensed version of the video.

BITCOIN on TV Show BILLIONS: Entire Episode is About an Attorney General Trying to Get Access to a Billionaire'''s Bitcoin Cold Storage...were they successful? Watch : Bitcoin (https://www.reddit.com/r/Bitcoin/comments/u194nz/bitcoin_on_tv_show_billions_entire_episode_is/)

I am sure they took creative license in the show.

But I am curious how many would be willing to put a substantial part of their savings in such a device? To acquire the crypto and storing the device along with the seed phrase seems to be more risk and hassle than most would want to deal with.

Perhaps someone is out there that could make a compelling argument for cold storage.

[Pilodent]

Imho?

[Pilodent]

Backed by what?

[Aces4]

Backed by what?

Please link your posts by quoting them so we can follow the train of conversation.

[JMintzer]

Imho?

Are you asking what that means?

If so: In My Humble/Honest Opinion...

[manaboutown]

Just pulled up a chart of BRK-A for the last 20 years. On June 1st 2005 the price was $83,150.

It closed on Friday at $477, 403 which is 5.75X the price in 2005. Are there special dividends that Berkshire issues or some other compensation to shareholders I'm missing that would make that 5.75X return come close to Apples return?

Well I bought some BRK (BRK-A now) at about $3,000/share back in the mid 1980s. I also bought some Apple a little later. No complaints about either one. I am happy with both!

[PJackpot]

Only took him 30 years to change his mind... Well after Apple had far surpassed anyone's expectations...

A bit late to the party, if you ask me...

The key words being "surpassed anyone's expectations", implying most investors did not think Apple would be that successful, if at all. It's easy to Monday morning quarterback new startup companies after the fact. Buffett jumped into Apple at roughly $40 a share, once he realized their market potential and understood the business they were in . He also was late to the party, as probably is your opinion, with Amazon at $94 a share. Both solid investments at the time he got in, and have had substantial returns since then; but those companies could have crashed just as easily as they blossomed (It took Amazon a number of years before they were showing a profit). You call him late to the party, I call him cautious; but if you're one of those that are willing to accept the risks you take jumping in early, good for you. Go for it. When I was younger before I started to listen to guys like Buffett, I invested in what I thought was a solid spin off from At&t by the name of Lucent Technologies. Thought it was a solid tech stock. What could go wrong, right? Yeah, that worked. $140 a share to under $2. Fortunately, I was younger and able to work through the loss. Not so much these days. Say what you will about Warren Buffett, but his advice is as solid as his track record and his current class A stock price, which is over $470,000 a share. Certainly, one of the most successful investors in my lifetime. I'd take his comments very seriously before jumping into something that hasn't yet been established, especially when it comes to things like cryptocurrency, and I'm glad I have. And, that's all I have to say about that. :smiley: