You know they say 90% of gamblers quit right before their big win.
Comment on Buttcoin
Asafum@lemmy.world 1 day ago
Literally the opposite for me…
I bought at 7k and listened to my family telling me it’s a scam and I’d be the idiot left holding the bag when everyone sold off so I sold at like 15k or something, I don’t remember exactly what. Double, sure, but every time I see that 100k I get so mad for listening to them…
Zorcron@piefed.zip 1 day ago
HeyThisIsntTheYMCA@lemmy.world 21 hours ago
Who says that, the casinos? The ones who are actually winning big?
WorldsDumbestMan@lemmy.today 15 hours ago
/woosh
Tar_alcaran@sh.itjust.works 18 hours ago
Meh, I bought a few t-shirts for 3 bitcoins way back when.
Of course, I never would have held on to them till 100k. I would have sold a dozen times over between 10 euros and 100.000 euros.
Semi_Hemi_Demigod@lemmy.world 1 day ago
I had about $2,000 worth of Bitcoin right when it showed up on Big Bang Theory, which I was convinced would make it crash.
It did not but I had a merry Christmas that year.
Dave@lemmy.nz 1 day ago
Here’s the thing. Either it is all speculators and someone will be left holding the bag, or it’s a real investment.
Do you believe now that it’s a real investment? If so, then there’s no reason not to buy in now.
If you don’t believe it’s a real investment, and the price could crash at any point and you lose all your money, then it was as true back then as it is today and selling out was the wise thing to do even if in hindsight you could have made a lot more money.
Many people would compromise though, sell half to get their original money back and leave half. Then sell half again when/if it doubles, etc.
zergtoshi@lemmy.world 19 hours ago
Looking at the operating cost of Bitcoin mining (hardware, maintenance, electricity), which is crucial for its network security, I tend to believe it only continues to work, if money enters the game continually.
It looks more like a kind of pyramid scheme than an investment.
But until it fails, people will have the chance to make money with it and tell about it, drawing in new ‘investors’.
saigot@lemmy.ca 11 hours ago
If i invest in a company, they take that money and at least theoretically make something other people want and turn your money into more money. Periodically all the investors vote on whether they put that money back into the business and try to make MORE money or to split it up and give everyone some cash (dividends). The thought of that potential dividend payout makes people excited and makes the value of having access to that payout go up, and so people that no longer want to wait can sell their shares, making money and leave the system. In this way everyone can win, and everyone can continue with the same belief in the stocks future. the customer get something in exchange for their money, the company gets to grow, the cashing out investor gets money and the new investor gets an opportunity for eventually dividends or to cash out themselves.
Bitcoin doesn’t work like this, there are no dividends at the end of day. OC got 8k from people who believed the market would go up. If both parties agreed with bitcoins trajectory then a transaction would not take place. In this case OC lost and the other investors won, but if OC and everyone like him had known bitcoin would go up then paradoxically bitcoins value would go down since no one could realize its value. Bitcoin will always yoyo forever siphoning money from those with less market knowledge to those with more market knowledge (or ability to manipulate it) until there aren’t enough people in it anymore. They aren’t making money, just moving it around.
zergtoshi@lemmy.world 10 hours ago
I agree with that assessment.
Bitcoin is just another tool to move money from uneducated people with fomo to those who hold the strings.
Technically it’s obsolete, but I’m glad it paved the ground for some innovative approaches to transfer value anonymously or very fast and with cheap transaction fees or even no fees at all.