Some stats on the crypto bloodbath
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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.
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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.
@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.
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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.
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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.
@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.
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@jon-nyc LOL on the joke.
Other than wishing I would have bought some crypto money 20 years ago when it was like $0.01/coin, I am not smarter now about it than I was then.
When ever someone tries to tell how great crypto is, I offer to give them a challenge.
We each get $XX for a month. Me in USD (or the currency of my choice) and you the equivalent in crypto money. We will see who will have a better month living. The rule is that you have to spend your currency directly. No conversion.
So, if I go into a store and buy something, I have to pay with USD. You go to a store, get a taxi, pay your electric bill, rent, etc., you HAVE to pay with crypto money. No exchanging into USD. We will see how well you do.
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Paying with crypto in a random store would be about as difficult as paying with gold bars, or Apple stocks. This is not a good test whether something has value.
Also, there's a category of stores in the Internet that are often on the borderline of being legal where you can only pay with crypto.
