Anonymous
12/16/2024 20:34
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
I have given up. It is amazing how people hold on to their fiat. You cannot get them to part with any of it. Not even with $100 for a chance for it to be a million 10 years from now.
I have given up and simply collect excuses now. The main claim is that they have no money (yet just came back from the mall) and #2 is that have to do the research, which they never do.
Bitcoin for me is like savings account. I put in $29k in August 2023 and that has collected $77k in interest.
How do I tell my kids 10-15 years from now that I had millions, but half a Bitcoin was too much so here are some government bonds.
I have given up and simply collect excuses now. The main claim is that they have no money (yet just came back from the mall) and #2 is that have to do the research, which they never do.
Bitcoin for me is like savings account. I put in $29k in August 2023 and that has collected $77k in interest.
How do I tell my kids 10-15 years from now that I had millions, but half a Bitcoin was too much so here are some government bonds.
Anonymous
12/16/2024 20:25
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?
Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?
Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?
How is it a store of value? A house is a store value because somebody can live in it. Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin? OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??
All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up.
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up.
I’m the PP you responded to. Note that I did not mention gold because I agree that gold doesn’t have much value either. I mentioned real estate and stocks as assets that do have value.
Regarding fiat currency (the dollar), it has value because it is backed by the world’s #1 superpower and is the reserve currency used in transactions throughout the world. Of course, it’s not good if it is endlessly printed, but I can’t make a leap from that to accepting that Bitcoin is the solution or that I should part with $100,000 of my hard-earned money to buy one Bitcoin.
Real estate doesn't have much value. Watch Saylor videos. He explains if very well.
Should people sell RE and buy Bitcoin, would he do this if he had RE? I want to find an example of someone holding RE for investment and selling it to buy Bitcoin
Grant Cardone sold his Miami mansion. He has a whole video about it on youtube. I sold two properties and family sold one.
I'm renting and not planning to buy any time soon. If any, borrow against Bitcoin.
I was going to sell them anyway actually, but Bitcoin sped it up. I should have never even bought them.
I'd still be paying for the properties, but my mstr and bitcoin did 8x vs 3x right after I bought them.
Got some Tesla too and that did 10x.
Anonymous
12/16/2024 18:59
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:I don't like trying to convince people on the merits of bitcoin. Rather than tell people to "buy bitcoin" I prefer to tell them to "learn about bitcoin" -- that usually results in people who take the time to do so ending up buying some.
The best reference I can think of is the book "The Bitcoin Standard". If you're open-minded and want to understand how something has gone from zero to a 2 Trillion USD asset over the course of about 15 years, that's the place to start.
100%
Anonymous
12/16/2024 18:44
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
We have a total of about $2.5 million invested in various accounts, taxable and non-taxable, non in Bitcoin. I bought about $100 in BTC in 2017 but sold it later that year because I didn't want to be even a tiny bit responsible for the ludicrous energy consumption involved at the time. I guess now I've given up about $900 in gains as a result, but I'm OK with that.
I did open a crypto wallet in 2010 and for a minute a few years ago thought I had obtained about $10 worth of BTC back then, which would be worth a decent amount now. But when I was able to find the password for the wallet, it was empty. I guess either I never got any bitcoin back then or it got stolen in the interim.
I did open a crypto wallet in 2010 and for a minute a few years ago thought I had obtained about $10 worth of BTC back then, which would be worth a decent amount now. But when I was able to find the password for the wallet, it was empty. I guess either I never got any bitcoin back then or it got stolen in the interim.
Anonymous
12/16/2024 18:27
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
I don't like trying to convince people on the merits of bitcoin. Rather than tell people to "buy bitcoin" I prefer to tell them to "learn about bitcoin" -- that usually results in people who take the time to do so ending up buying some.
The best reference I can think of is the book "The Bitcoin Standard". If you're open-minded and want to understand how something has gone from zero to a 2 Trillion USD asset over the course of about 15 years, that's the place to start.
The best reference I can think of is the book "The Bitcoin Standard". If you're open-minded and want to understand how something has gone from zero to a 2 Trillion USD asset over the course of about 15 years, that's the place to start.
Anonymous
12/16/2024 17:54
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:
Interesting meta fact: BTC is up 7% in the 7 days that this thread has existed.
(~$98,700 to ~$106000)
OP here. Good observation. I bought more today. Like many people on this board, I used to be very skeptical. I’m still cautious- I take calculated risks but also play it safe and very diversified. So I’ve been struggling with how much to own. I think it’s totally plausible that it becomes a 20 trillion asset class in time and I simply don’t want to miss out.
Anonymous
12/16/2024 17:43
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Interesting meta fact: BTC is up 7% in the 7 days that this thread has existed.
(~$98,700 to ~$106000)
Anonymous
12/16/2024 17:35
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?
Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?
Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?
How is it a store of value? A house is a store value because somebody can live in it. Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin? OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??
All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up.
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up.
I’m the PP you responded to. Note that I did not mention gold because I agree that gold doesn’t have much value either. I mentioned real estate and stocks as assets that do have value.
Regarding fiat currency (the dollar), it has value because it is backed by the world’s #1 superpower and is the reserve currency used in transactions throughout the world. Of course, it’s not good if it is endlessly printed, but I can’t make a leap from that to accepting that Bitcoin is the solution or that I should part with $100,000 of my hard-earned money to buy one Bitcoin.
Real estate doesn't have much value. Watch Saylor videos. He explains if very well.
How does real estate have little value? People need a place to live. They don't need Bitcoin.
People need to eat. Land is the way to grow food and raise animals for food.
What basic human need does Bitcoin solve?
Saylor didn’t really say RE had no value. The PP is taking his words out of context. He said Bitcoin is paying the same role as RE and gold, becoming the new world reserve currency.
Ooof, ok then. I was getting rather stressed out as most of my investment is RE, and I was considering getting BTC to make up 2% of our total NW, but buying at the height now feels like jumping into a bandwagon that is fueled by the incoming administration fluffing up crypto.. When something is getting so hyped up I am generally cautious.
A small allocation still makes sense in the event it goes way up due to a real shift in the financial architecture of the world.
Anonymous
12/16/2024 17:33
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I’m actually glad to see so many against bitcoin. This forum is probably reflective of the sentiment of a lot of “DC urban moms and dads” who haven’t caught on that Bitcoin is the part of the future of finance. You’re a good sample set of a subsection of America’s public. Your hesitancy shows we have a way to go. Prices have not yet begun to reach their zenith. I’m going to keep buying bitcoin. Even through the impending crash or pullback. Thanks, all.
OP here - yes, the replies here suggest how early we are. Financially sophisticated people still have virtually no understanding of it. Any rational long term investor should have at least some allocation. Risky sure but Upside potential too immense
My husband manages a hedge fund and we own zero bit coin. But I'm sure you are much more financially sophisticated than him. He has never thought of crowd sourcing financial advice from DCUM, so that's obviously shows how little he knows about the stock market and the economy.
Don't waste your time arguing with crypto clowns. It's like talking to someone who watches Fox News. You quickly see a trend, and the trend is zero substance.
Why the snottiness? Bitcoin is now worth $2 trillion. Anyone who has invested in it before a few weeks ago has either made good money or tremendous money. You would think it might make sense to do more listening and less lecturing. An asset that has grown from zero to $2 trillion in 15 years with millions of owners globally - pretty dumb to just dismiss it as nonsense no?
It is precisely why I am apprehensive about it. What exactly made it go from 0 to 2 trillion? What was it other than hype and mutual decision of some people that it represents monetary value? All that is needed is for the token to be mutually agreed on as holding "value" and then those holding or "mining" it would become richer and richer as bottom feeders are feeling FOMO (which is like MLM scheme). It's a weird asset class if you think of it. It was conceived as "currency" and touted as digital gold. But it behaves as a volatile stock.
What is its future? If it becomes currency then there needs to be liquidity, holding it and not having enough sales volume will hamper it from becoming currency. Another token will be needed to use as "money" backed up by Bitcoin, just like USD was once backed up by Gold. If it continues being a speculative asset at some point it will reach the limit of its growth and its growth is propelled by nothing but belief that it's new "digital" Gold.
It’s a final form of money just like any other - like the dollar or gold. It has the advantage of being continuously liquid and supply constrained and ultimately beyond the reach of any single government or actor - it’s an amazing technological innovation- you don’t grow to 2 trillion over 16 years based on pure speculation- as you said there can be other digital tokens- but this is the winner - the digital monetary network everyone uses that works and now has massive liquidity and depth - the question is does it now grow to 20 trillion?
Anonymous
12/16/2024 17:01
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:The idea of a strategic bitcoin reserve is an immensely dumb idea which might well happen because of who controls our politics now.
The value of this reserve now is diddly squat compared to our other reserves and especially compared to our enormous debt measured in tens of trillions. US government routinely throws billions away, it's not a huge commitment to get this proportion of Bitcoin for a major world government. they still own less than other companies and mysterious Satoshi Nakamoto or whatever that made up name is.
Which brings another uncomfortable thought. Will it be allowed to be a reserve "currency" given who now owns most of it and who will stand to own most of it?
Anonymous
12/16/2024 16:49
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I’m actually glad to see so many against bitcoin. This forum is probably reflective of the sentiment of a lot of “DC urban moms and dads” who haven’t caught on that Bitcoin is the part of the future of finance. You’re a good sample set of a subsection of America’s public. Your hesitancy shows we have a way to go. Prices have not yet begun to reach their zenith. I’m going to keep buying bitcoin. Even through the impending crash or pullback. Thanks, all.
OP here - yes, the replies here suggest how early we are. Financially sophisticated people still have virtually no understanding of it. Any rational long term investor should have at least some allocation. Risky sure but Upside potential too immense
My husband manages a hedge fund and we own zero bit coin. But I'm sure you are much more financially sophisticated than him. He has never thought of crowd sourcing financial advice from DCUM, so that's obviously shows how little he knows about the stock market and the economy.
Don't waste your time arguing with crypto clowns. It's like talking to someone who watches Fox News. You quickly see a trend, and the trend is zero substance.
Why the snottiness? Bitcoin is now worth $2 trillion. Anyone who has invested in it before a few weeks ago has either made good money or tremendous money. You would think it might make sense to do more listening and less lecturing. An asset that has grown from zero to $2 trillion in 15 years with millions of owners globally - pretty dumb to just dismiss it as nonsense no?
It is precisely why I am apprehensive about it. What exactly made it go from 0 to 2 trillion? What was it other than hype and mutual decision of some people that it represents monetary value? All that is needed is for the token to be mutually agreed on as holding "value" and then those holding or "mining" it would become richer and richer as bottom feeders are feeling FOMO (which is like MLM scheme). It's a weird asset class if you think of it. It was conceived as "currency" and touted as digital gold. But it behaves as a volatile stock.
What is its future? If it becomes currency then there needs to be liquidity, holding it and not having enough sales volume will hamper it from becoming currency. Another token will be needed to use as "money" backed up by Bitcoin, just like USD was once backed up by Gold. If it continues being a speculative asset at some point it will reach the limit of its growth and its growth is propelled by nothing but belief that it's new "digital" Gold.
Anonymous
12/16/2024 16:25
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?
Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?
Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?
How is it a store of value? A house is a store value because somebody can live in it. Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin? OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??
All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up.
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up.
I’m the PP you responded to. Note that I did not mention gold because I agree that gold doesn’t have much value either. I mentioned real estate and stocks as assets that do have value.
Regarding fiat currency (the dollar), it has value because it is backed by the world’s #1 superpower and is the reserve currency used in transactions throughout the world. Of course, it’s not good if it is endlessly printed, but I can’t make a leap from that to accepting that Bitcoin is the solution or that I should part with $100,000 of my hard-earned money to buy one Bitcoin.
Real estate doesn't have much value. Watch Saylor videos. He explains if very well.
How does real estate have little value? People need a place to live. They don't need Bitcoin.
People need to eat. Land is the way to grow food and raise animals for food.
What basic human need does Bitcoin solve?
Saylor didn’t really say RE had no value. The PP is taking his words out of context. He said Bitcoin is paying the same role as RE and gold, becoming the new world reserve currency.
Ooof, ok then. I was getting rather stressed out as most of my investment is RE, and I was considering getting BTC to make up 2% of our total NW, but buying at the height now feels like jumping into a bandwagon that is fueled by the incoming administration fluffing up crypto.. When something is getting so hyped up I am generally cautious.
Anonymous
12/16/2024 16:14
Subject: Re:If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:I’m in my early 70’s and ultra high net worth. I have nothing in crypto as I’m too old or lazy to study it and then invest. I’m far more into estate planning and all its complications so speculative investments are just not in the cards. If there was an easy way to put $100k in with a reputable dealer I’d certainly consider it just for the fun of it.
You are ultra HNW and sweating about 100k and a "reputable dealer"?
Cool story, bro
Anonymous
12/16/2024 16:11
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?
Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?
Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?
How is it a store of value? A house is a store value because somebody can live in it. Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin? OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??
All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up.
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up.
I’m the PP you responded to. Note that I did not mention gold because I agree that gold doesn’t have much value either. I mentioned real estate and stocks as assets that do have value.
Regarding fiat currency (the dollar), it has value because it is backed by the world’s #1 superpower and is the reserve currency used in transactions throughout the world. Of course, it’s not good if it is endlessly printed, but I can’t make a leap from that to accepting that Bitcoin is the solution or that I should part with $100,000 of my hard-earned money to buy one Bitcoin.
Real estate doesn't have much value. Watch Saylor videos. He explains if very well.
Should people sell RE and buy Bitcoin, would he do this if he had RE? I want to find an example of someone holding RE for investment and selling it to buy Bitcoin
Anonymous
12/16/2024 15:58
Subject: If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Haven't read the whole thread, but I'm mid-40s, around $5M, and have around $30k in BTC.
I made an angel investment in a crypto brokerage a few years ago and started regularly buying BTC to better understand the brokerage and how the market works. I still buy a little each week.
I'm not a 'believer' in crypto. To me it's just an asset like any other and if more people want to buy it than sell it, it will go up. I'll keep a little but not move large amounts of money into it. My sense is that it will keep going up given that supply is limited.
I will add that I just bought a cold storage wallet and am trying to figure out how to move BTC off of an exchange. It is definitely complicated and seems very hackable, even though it is supposed to be safe. It doesn't generate a lot of confidence and in my opinion for this asset to see continued adoption there needs to be better control and management of it by large financial institutions (which i get is what Crypto is trying to bypass).
This is why I just buy IBIT
Way to miss the point. With IBIT you own an IOU.
It’s no more of an IOU than an index fund or ETF is an IOU for shares of stock but no one goes around saying you have to own stocks directly and funds can’t be trusted.