Some stats on the crypto bloodbath

[89th]

I'm not doing it but I think bitcoin is worth a buy. I think it will become a digital haven when the US debt and/or Trump-influenced Fed eventually catch up to reality in a few years. For me, I bought like $15k in crypto during COVID and have seen it go up to $35k but now it's back to about even again. Like a few things I have it in my "set it and forget it...until 2035" mentality. eVTOL (electric drone helicopters) stocks are similar (JOBY, ACHR).

[Mik]

I do not subscribe to set it and forget it, especially with things so volatile. You could have been $35K ahead, put it into mutual funds and maybe been $50k ahead.

[blondie]

@jon-nyc Thanks for posting that. It’s a good article.

[LuFins Dad]

Like I said, I put in a neighborhood poker game buy-in. Last summer I took out my initial buy-in + 25%. The balance right now is about 25% less than my total buy-in, but it’s house money. I’ll let it sit.

[89th]

@Mik said in Some stats on the crypto bloodbath:

I do not subscribe to set it and forget it, especially with things so volatile. You could have been $35K ahead, put it into mutual funds and maybe been $50k ahead.

The key is to not actually forget it, btw.

[jon-nyc]

I never bought crypto because it’s always seemed like a pure speculative play. There still is no convincing use case besides money laundering and drugs. While the ‘store of value’ argument could someday be true it has not behaved that way to date, even the best behave like a risk asset.

I could imagine the ‘store of value’ case becoming true some day for BTC and owning some for that reason (and forgetting about it). But I’m just not motivated to do it. Maybe if I had a longer investment time horizon I would.

[89th]

I thought NFTs via Ethereum had more potential. Maybe they still do. The idea that you can essentially "tag" a digital asset with an NFT (like a fingerprint on it) could prove immensely valuable in this world of digital duplications and AI fakes.

[jon-nyc]

Imagine you’re married, and everybody and their brother is banging your wife, and there’s nothing you can do to stop it. But you have the official marriage certificate.

That’s an NFT.

[Horace]

I’d like to have some btc. No interest in any others. My broker doesn’t allow btc to be directly bought last I checked. But I think there is an ETF. Maybe I should dip in now.

[jon-nyc]

@Horace Thats part my ‘not motivated to do it’ reasoning. Vanguard doesn’t allow it, I think they even block the ETFs, so I’d have to open a new account, move money, etc. If I could just buy some coins in my IRA and forget about it I’d be more likely to do it. And this week wouldn’t be a bad time.