Not one person I've discussed bitcoin over the years bought any...
- Thread starter johnarb
- Start date
There were 3 "types" people. In order of most likely to least likely to invest in bitcoin:
1. [price of bitcoin was around $200] Person was interested, has some fiat out of the country, wanted to transfer to the US, but unsure of transfer fees and taxes. Talked for more than an hour. Bitcoin seemed at the time to meet the needs (transfer costs were less than $1 during those times) and the price was stable so also considered the store of value. A few months later, had a chance to talk again, but bitcoin price was much higher and the person didn't buy any.
2. [Most common type] Stock trader/investment-savvy folks. Varied in length of discussions. Some asked for the steps to acquire and the wallet options. Some are more speculative and have experience with options.
3. [Intellectual type/Macro analysts] Good discussions. Hungry for knowledge but never asked for specifics like wallet or purchase methods.
These were face to face conversations and if none of them dared to purchase even 1 bitcoin (by the way, always mentioned it was divisible so it was not required to purchase a whole bitcoin), there's no chance any of the naysayers here can be convinced, either.
1. [price of bitcoin was around $200] Person was interested, has some fiat out of the country, wanted to transfer to the US, but unsure of transfer fees and taxes. Talked for more than an hour. Bitcoin seemed at the time to meet the needs (transfer costs were less than $1 during those times) and the price was stable so also considered the store of value. A few months later, had a chance to talk again, but bitcoin price was much higher and the person didn't buy any.
2. [Most common type] Stock trader/investment-savvy folks. Varied in length of discussions. Some asked for the steps to acquire and the wallet options. Some are more speculative and have experience with options.
3. [Intellectual type/Macro analysts] Good discussions. Hungry for knowledge but never asked for specifics like wallet or purchase methods.
These were face to face conversations and if none of them dared to purchase even 1 bitcoin (by the way, always mentioned it was divisible so it was not required to purchase a whole bitcoin), there's no chance any of the naysayers here can be convinced, either.
I guess I'm a naysayer, but I am actively buying other tokens. Bitcoin price is fueled by Chinese gamblers, not real demand.
Jumping in the leaving train. Simple psychology, same to me. But in my heart when I fall asleep I always cry about that time when I read about BTC in 2010 and didn't by that sh*t.
Bro, you're not a naysayer if you're invested in other cryptos. Over 90% of my portfolio are in non-bitcoin cryptos and the gains have been ok
A caveat when investing in altcoins, some are just bad, and just like with stocks, cut off your losses. I try not to have more than 3 cryptos.
If I will switch, I'll get rid of the laggard, for example switched out fct for another coin after holding for more than a year. Over 300% vs bitcoin, and even higher when measured in $, but that's considered a laggard in crypto space.
Bro, you're not a naysayer if you're invested in other cryptos. Over 90% of my portfolio are in non-bitcoin cryptos and the gains have been ok
A caveat when investing in altcoins, some are just bad, and just like with stocks, cut off your losses. I try not to have more than 3 cryptos.
If I will switch, I'll get rid of the laggard, for example switched out fct for another coin after holding for more than a year. Over 300% vs bitcoin, and even higher when measured in $, but that's considered a laggard in crypto space.
Yeah I'm doing my best to get ahead of the curve on understanding the tech, and buy into the ones that are really bringing something to the table. Of all the garbage out there, there are around 5 that I'm in to. I'm not playing the pump game, looking for long term investments. Although if I had the time, I would definitely short term trade all the garbage too.
A thought here. Most crypto is still too hard to understand for the masses. When that changes, and there are easier ways to move Fiat into crypto, things will go nuts.
http://www.thedailybeast.com/why-is-the-kremlin-suddenly-obsessed-with-cryptocurrencies
Stuff like this is interesting. Governments are starting to take action. If you can figure out the way things will shake out, it could be the investment of a lifetime.
Stuff like this is interesting. Governments are starting to take action. If you can figure out the way things will shake out, it could be the investment of a lifetime.
I'm very sorry to hear that. Fortunes are still being made, though, and baggerlord and Visaria have the right idea to start researching some promising cryptos, who knows? Ethereum, Neo, Ripple and others have 10's of thousands of percent returns. I never invested in those so can't speak for them.
Monero (xmr) is one of my core holdings, the coin mentioned in the imgur link on the OP. I'm fully aware that a huge part of my successes in trading cryptos is because of the adage "bull market makes everyone a genius" and all my holdings can go to zero, but such is life, it's a risk.
Monero is a privacy coin so can't discuss my cost basis
but I can tell you I suck at timing. Monero was trading for months between $0.25 to $0.50 in 2014 (currently priced at near ATH $137'sh) so $500 worth would be worth $137,000 to $274,000 now. I heard of it when it was around $1.50 as I was invested in Darkcoin (now called Dash) and we were getting trolled on the forums by a Monero supporter, but funny thing was when I looked at the arguments, they were all valid so I bought a couple of hundred coins, only to sell within a couple of months as it wasn't doing anything.I got into Monero when big news about adoption in October and my last batch/buy was ATH at the time. Holding cryptos is easy? Monero was down 60% within 2 months from ATH. I got a windfall from another coin a month ago and put a bunch of the profits to Monero. I suck at trading, so guess what? 30% down from the high price within a couple of weeks and NEO is pumping over 100% on certain days. It was difficult watching your coin down that much and not sell to jump to NEO or some other pump coins. I did hold. Now all good.
Monero at $1.50 was fairly valued. At the current price in this environment, $137 price per Monero is a discount. Can't expand on that without talking my book, so leave it at that.
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