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Title: Wut do? Post by: Shining Path on November 20, 2013, 05:28:26 PM Wut do?
Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: stompix on November 20, 2013, 05:28:59 PM Poor cat!
Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: laowai80 on November 20, 2013, 05:42:18 PM Fiat is still used to buy things, so no wonder people have faith in it. It would take dramatic changes like what happened recently in Zimbabwe for people to completely lose faith in fiat, and even then some of them would still cling to it, in hopes that somehow things can return to normal.
Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: stompix on November 20, 2013, 05:44:57 PM Fiat is still used to buy things, so no wonder people have faith in it. It would take dramatic changes like what happened recently in Zimbabwe for people to completely lose faith in fiat, and even then some of them would still cling to it, in hopes that somehow things can return to normal. Fiat is still used to buy bitcoins in the first place!!!! Without people using fiat , u got no bitcoin users. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: JekyllIsland on November 20, 2013, 05:51:03 PM Fiat is still used to buy things, so no wonder people have faith in it. It would take dramatic changes like what happened recently in Zimbabwe for people to completely lose faith in fiat, and even then some of them would still cling to it, in hopes that somehow things can return to normal. Fiat is still used to buy bitcoins in the first place!!!! Without people using fiat , u got no bitcoin users. People are buying bitcoins with houses and cars. Don't forget some subways also accept satoshis. Fiat may be relevant now, but bitcoin will be much easier to spend in 2-3 years. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Hyena on November 20, 2013, 05:54:06 PM I get this asked a lot: "So you can cash out whenever you want?".. So I asked the guy who asked me this "What would you do if you had a lot of money? What would you do with it?" and guess what he answered - "I'd put it in a bank to earn interest on it."
So this is our common intelligence out there. I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D But about the topic - it would be interesting to see a growth chart of pretty much everything on it. I'd like to see how gigantic is bitcoin compared to every other asset and what not out there. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: stompix on November 20, 2013, 05:54:50 PM Fiat is still used to buy things, so no wonder people have faith in it. It would take dramatic changes like what happened recently in Zimbabwe for people to completely lose faith in fiat, and even then some of them would still cling to it, in hopes that somehow things can return to normal. Fiat is still used to buy bitcoins in the first place!!!! Without people using fiat , u got no bitcoin users. People are buying bitcoins with houses and cars. Don't forget some subways also accept satoshis. Fiat may be relevant now, but bitcoin will be much easier to spend in 2-3 years. Can you please elaborate that satoshi part? Cause it sounded like satoshis are a different currency than bitcoins. :D Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: wachtwoord on November 20, 2013, 05:58:38 PM I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D No? This is what I was thought as a child. You wouldn't believe what portion of the people in my country who think all the stock market is is a casino. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Equus on November 20, 2013, 06:04:19 PM People are buying bitcoins with houses and cars. The fact that this is true scares me a little. Don't invest more than you can afford to tell your wife you lost. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: stompix on November 20, 2013, 06:06:21 PM I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D No? This is what I was thought as a child. You wouldn't believe what portion of the people in my country who think all the stock market is is a casino. Well , isn't it? :) Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: wachtwoord on November 20, 2013, 06:13:36 PM I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D No? This is what I was thought as a child. You wouldn't believe what portion of the people in my country who think all the stock market is is a casino. Well , isn't it? :) Of course not. If you properly value companies, only buy at the right price and hold long term. I wish I was taught this stuff in school instead of having to find it out myself at age 24. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: antimattercrusader on November 20, 2013, 06:26:05 PM Fiat is still used to buy things, so no wonder people have faith in it. It would take dramatic changes like what happened recently in Zimbabwe for people to completely lose faith in fiat, and even then some of them would still cling to it, in hopes that somehow things can return to normal. Fiat is still used to buy bitcoins in the first place!!!! Without people using fiat , u got no bitcoin users. I must disagree. I do not buy bitcoin with fiat (anymore), I mine, and work (sell products and services) for bitcoin. Most of which I create, or purchase components of with bitcoin. COingig and bitmit, as well as the market here, are all excellent means of doing this. I realize most investments at this time comes in the form of fiat and that is what holds the price of bitcoin relative to fiat, but bitcoin's value could also be measured with a purchasing power index without regard to fiat. Bitcoin and fiat relation is a convenient way to judge value with respect to what we are familiar - but it is not a required matrix. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Bitbuy on November 20, 2013, 06:28:53 PM I get this asked a lot: "So you can cash out whenever you want?".. So I asked the guy who asked me this "What would you do if you had a lot of money? What would you do with it?" and guess what he answered - "I'd put it in a bank to earn interest on it." So this is our common intelligence out there. I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D But about the topic - it would be interesting to see a growth chart of pretty much everything on it. I'd like to see how gigantic is bitcoin compared to every other asset and what not out there. Again Hyena; A lot of things you post sound like things I can REALLY agree with ;D But on-topic: I think it's the magnitude of Bitcoin that also scares away new adopters. I had a friend email me today: "Dude; you're into this Bitcoin thing, ain't you? If I would have known; I would have bought some as well...But now it's too late, opportunity is over" And then I start explaining that in reality, it's quite the contrary.... Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: David Rabahy on November 20, 2013, 06:29:42 PM But about the topic - it would be interesting to see a growth chart of pretty much everything on it. I'd like to see how gigantic is bitcoin compared to every other asset and what not out there. http://coinometrics.com/Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: notme on November 20, 2013, 06:30:07 PM People are buying bitcoins with houses and cars. The fact that this is true scares me a little. Don't invest more than you can afford to tell your wife you lost. And if you have no wife? Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: antimattercrusader on November 20, 2013, 06:30:59 PM People are buying bitcoins with houses and cars. The fact that this is true scares me a little. Don't invest more than you can afford to tell your wife you lost. And if you have no wife? The financial world will be your oyster lmao! Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: wachtwoord on November 20, 2013, 06:34:02 PM People are buying bitcoins with houses and cars. The fact that this is true scares me a little. Don't invest more than you can afford to tell your wife you lost. And if you have no wife? ALL IN! Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: laowai80 on November 20, 2013, 06:35:29 PM I had a friend email me today: "Dude; you're into this Bitcoin thing, ain't you? If I would have known; I would have bought some as well...But now it's too late, opportunity is over" And then I start explaining that in reality, it's quite the contrary.... And he'll probably wait and wait to buy, thinking it's too late, and then, when bitcoin hits 4-5 digit numbers, he'll finally buy at the top and bitcoin corrects the next day, and all the hate will be directed at you. So be careful suggesting to your friends to invest in something, even if it's something cool as bitcoin. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Bitbuy on November 20, 2013, 06:37:38 PM wise words...I had friends who asked me "I'll give you money, you buy Bitcoin with it and come back to me with profit"
First off; it's not only about "profit" and second of all; I ain't touching that hot potato.. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Equus on November 20, 2013, 06:44:42 PM People are buying bitcoins with houses and cars. The fact that this is true scares me a little. Don't invest more than you can afford to tell your wife you lost. And if you have no wife? Buy, hold, and go find a hobby that doesn't involve sitting alone in front of your computer. Actually, my problem is explaining to my wife how I can read millionaires' posts all day without becoming one myself. Maybe I should get my daughter's college fund working for us... Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Rygon on November 20, 2013, 06:50:21 PM I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D No? This is what I was thought as a child. You wouldn't believe what portion of the people in my country who think all the stock market is is a casino. Well , isn't it? :) Of course not. If you properly value companies, only buy at the right price and hold long term. I wish I was taught this stuff in school instead of having to find it out myself at age 24. The stock market is a complicated game were the rules keep changing and some people have massive advantages. Which is part of an even more complicated monetary system. I'm not anymore likely to suggest to a friend to invest in the stock market than I am to suggest bitcoin. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: wachtwoord on November 20, 2013, 06:51:57 PM I would have never thought that regular Joes are so stupid that they would hold their fiat in a bank as an investment or something :D No? This is what I was thought as a child. You wouldn't believe what portion of the people in my country who think all the stock market is is a casino. Well , isn't it? :) Of course not. If you properly value companies, only buy at the right price and hold long term. I wish I was taught this stuff in school instead of having to find it out myself at age 24. The stock market is a complicated game were the rules keep changing and some people have massive advantages. Which is part of an even more complicated monetary system. I'm not anymore likely to suggest to a friend to invest in the stock market than I am to suggest bitcoin. Then how do you save money? In a deflationary fiat currency stored at a bank "accruing interest"? Let me know how that works out for you. Seriously, the biggest idiot in the world can dollar cost average buy an index fund. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: roadsterreplica on November 20, 2013, 06:52:34 PM If you could predict the market then economists would be out of a job and everyone would be equally rich...
Buy and hold is a good long term strategy. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: JimboToronto on November 20, 2013, 06:52:48 PM Can you please elaborate that satoshi part? Cause it sounded like satoshis are a different currency than bitcoins. :D Soon we'll all be talking in satoshis, once bitcoins are worth too much to be used in general commerce. Title: Re: What you just witnessed was a dead cat bounce... of government fiat Post by: Equus on November 20, 2013, 07:36:02 PM Then how do you save money? In a deflationary fiat currency stored at a bank "accruing interest"? Let me know how that works out for you. Seriously, the biggest idiot in the world can dollar cost average buy an index fund. It took me about five years to graduate from a savings account to GICs to bank mutual funds then finally to ETFs, and along the way I had to learn a whole new vocabulary: dollar cost averaging, risk management, management expense ratio, tax-efficiency, diversification, rebalancing. I had to do my own research every step of the way, and if I wasn't interested in it I would still be paying my marginal tax rate on interest that doesn't cover inflation to begin with. I totally agree with you that financial literacy should be taught in schools. As it is, most people I know "learn" about investing from the banks' salesmen. |