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So, Who Is Buying Into Crypto?

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andrewfi:
Just thought I'd ask.

I have been kicking around the idea of buying into some crypto for a while. The actions of the Chinese government have been interesting because I thought that it might give the market a real pasting, but it hasn't. The thing is kinda bobbling along as though risk from that source is priced in but the next push back up hasn't yet happened.

Spent a little money a few days ago and seeing a small increase but the market does seem flat at the moment.

So, anyone else out there taking a punt? OK I don't really see it as a gamble but there is still a downside risk and it might be a gamble on which one can lose a chunk of money. I confess I REALLY wish I'd pulled the trigger a few months ago when the idea first started to stir. I bottled out in May and could've doubled my money if I hadn't!

Manny:
We are talking Bitcoin here?

As with many things, the rule is by the time every man and his dog is buying in, it's the time to sell.

I've never taken the trouble to understand it too deeply. But I'm interested to read the opinions of those who have.

andrewfi:
Not just Bitcoin, although that is what I have been buying.

Ethereum and Litecoin are earlier along their growth path and so may have early explosive growth to come that we have already seen with BRC.

As to the piling in thing, well, yes and no. You see there's a limit on the total possible number of Bitcoins, although, of course, one is usually dealing with sub-coin transactions when used for purchases or even when buying to hold.
This means that the price will tend to rise as more people buy in. Right now institutional investors are starting to get involved and that's going to put a lot of upward pressure on prices because they will be big buyers in a small market. That's exactly why the institutions (pension funds and the like) are buying, it is a source of a higher rate of return than pretty much any other investment they could make.

Also, of course, we are very, very, far from every man and his dog buying in! But at that point, given that Bitcoin is not a 'thing' but is, a medium of exchange with investment opportunities (similar to gold) once the network effect takes hold then whilst prices might plateau it is unlikely that prices will collapse because the network will tend to prevent it.

Personally, I am buying to hold. I was going to buy a lump sum but have decided to go for a price averaging strategy and am buying a small amount every few days, basically if I see a dip at the time I am in a place to buy I am buying a small amount.

Markje:
I sure as hell wish I'd bought bitcoin when it was still $80 per coin, or even 500 per coin.

It sits over 3000 now.

I know lots of IT-guys already got their pension secured because of BTC trading.

andrewfi:

--- Quote from: Markje on September 22, 2017, 03:51:07 AM ---I sure as hell wish I'd bought bitcoin when it was still $80 per coin, or even 500 per coin.

It sits over 3000 now.

I know lots of IT-guys already got their pension secured because of BTC trading.

--- End quote ---

Tell me about it. If only I'd put even a little bit of fun money into it when I first knew about it and had stopped being sceptical. That said, it seems to me that, absent government intervention on a huge scale, that the upside is huge over the next few years, much bigger upside than downside in money terms. 

Conceptually I am with the program but now I am trying to find my way to the best/most cost effective way to proceed. At the moment I know I am overpaying and that there must be better ways of doing it than I am currently doing. Longer term it will not matter but at the moment the spread is against me.

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