Bitcoin and Other Cryptocurrency

[c.d.]

Absolutely incredible how the price of Bitcoin has skyrocketed. Investing in it is very tempting but as it has been pointed out it has no intrinsic value and is driven by supply and demand. Right now demand is out of control. My gut feeling is that a good many investors are going to lose their shirts.

Your thoughts?

c.d.

[Abby Normal]

Absolutely incredible how the price of Bitcoin has skyrocketed. Investing in it is very tempting but as it has been pointed out it has no intrinsic value and is driven by supply and demand. Right now demand is out of control. My gut feeling is that a good many investors are going to lose their shirts.

Your thoughts?

c.d.

Don’t do it

[c.d.]

Hello Abby,

Yes, good advice. I think I would only do it if the price drops down to say $100 or so with the intent of holding it for a long time. It has been likened to the tulip bulb mania and Beanie Babies.

c.d.

[Robert]

Well I'm not interested in Bitcoin but surely no money has intrinsic value?

[Mayerling]

Well I'm not interested in Bitcoin but surely no money has intrinsic value?

Well no, but if you are a numismatist (like myself) you may find the design and artistic variation on coins (and paper currency) of great interest. Otherwise, you'd have to follow closely the value of the metals used. Gold, silver, and platinum are (and always will be) popular for their sheen and rarity, but nickel, copper, and zinc? All are useful in industry, but by themselves?

Jeff

[c.d.]

There are apparently very few places here in the U.S. where you can use Bitcoin to pay for goods and services. Even if you can, because the price is fluctuating so wildly that six pack of beer you bought could end up costing you $1,000 at some point if you bought it with a Bitcoin.

c.d.

[sdreid]

Crypto-pyramid scheme?

[GUT]

Seems bitcoin has been a boon for scammers too.

[c.d.]

I just read an article that says people who cannot afford it are taking out mortgages and using the money to invest in Bitcoin. Bad idea.

c.d.

[jason_c]

90% of the mainstream financial press have been negative about Bitcoin's long term future. I am becoming more certain by the day the financial media know nothing. Bitcoin sure looks to have all the elements of a bubble but none of us have a damned clue where it's price is heading.

[Mayerling]

It is beginning to look like the "Tulip" Mania in Holland in the 1630s, or the "Mississippi Bubble" in France and the "South Sea Bubble" in England in the early 1700s.

Jeff

[c.d.]

It is beginning to look like the "Tulip" Mania in Holland in the 1630s, or the "Mississippi Bubble" in France and the "South Sea Bubble" in England in the early 1700s.

Jeff

Don't forget Beanie Babies.

c.d.

[GUT]

It is beginning to look like the "Tulip" Mania in Holland in the 1630s, or the "Mississippi Bubble" in France and the "South Sea Bubble" in England in the early 1700s.

Jeff

Funny Jeff, tulips were the first thing to cross my mind.