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1. Let's get to the FACTS ?
"but there are plenty of reasons to see that bitcoin is way stronger than gold in terms of each of the monetary characteristics... including in the neighborhood of 1,000x better." - please state the arguments that will prove your PROPOSAL ?
I have already stated enough reasons. You can believe it or not, and you can choose your investments according to your beliefs. Also, this is not a gold versus bitcoin thread, so there is no need to get into those kinds of details, more than I have already referred to the various characteristics of money and that it seems pretty apparent that bitcoin beats gold in all of the areas, whether bitcoin merely catches up to gold (thus increasing in price 20x to reach gold parity in terms of market cap) or bitcoin goes 10x, 100x or even 1000x higher than gold is still to be seen... but you know the various measures (and you can go through them yourself) of scarcity, verifiability, transportability, divisibility, unit of account and costs in terms of needs for 3rd party involvement and problems with physicality... and perhaps gold's various industrial / jewelry uses distracts from its monetary value too.
As I already noted several times, we also can also clearly see that BTC has greatly outperformed gold, even if we might take away the earliest years of bitcoin (because of the unfair advantage of brand new adoption), but still if we measure from 2013 to present, we can see that bitcoin has done around 200x better performance than gold, and bitcoin has gone from just below 0.1 ounces of gold to 20 ounces of gold currently.. which continues to show the direction that we are going and likely to continue to go.. you can believe it or not. and you can invest accordingly.. hopefully you are not going to put very much value into gold relative to bitcoin, perhaps 10% of the size of your BTC holdings at most...and even that is likely to be a losing portion of your portfolio, but if you feel like hedging into gold maybe limit that size to 10% or less... and surely in the end these are personal choices and you are free to do what you like, including having fun staying poor.
https://www.longtermtrends.net/bitcoin-vs-gold/2. "If you are in cryptocurrency then you are pretty vague about what you are in and what you are talking about.
here we are talking about bitcoin, so maybe you would like to focus your selfie a wee bit moar better?
So maybe you want to clarify... Have you been in bitcoin since 2014? Are you still in bitcoin? And can you show me where on the doll that bitcoin has hurt you?"
Let's emphasize your assumptions with the phrase "and it seems to me that" first, and then your fantasy. Otherwise it looks like a narrative that you are just trying to attribute to me
I answer - personally I have NOT lost, because I approach the question from the point of view of an investor who assesses risks. Moreover, I have earned money, and very well. And I continue to earn. But the problem is that 99% of ordinary people do not behave this way, unfortunately. if everyone were smart - everyone would earn, but as practice has shown - only a few people earn money on
crypto.
First of all, how many times do I have to repeat myself that we are talking about bitcoin here, not crypto. Sure, there is no problem to weave crypto into the topic to the extent that it might be relevant to make certain points, but the thrust of the discussion is about bitcoin and if you have grievances and/or gripes about bitcoin, then state them clearly in terms of bitcoin rather than speaking in gobbledy gook, and yeah maybe I can infer that you are talking about bitcoin when you say "crypto," but surely it is not as clear as if you were to just use the right word (bitcoin) in order that we might be a bit more clear about what you are talking about.
Second, I don't really have any problem with the idea that some portfolios perform better than others, and portfolio performance is not completely measuring whether the portfolio had been successful in terms of protecting against downside risks... So sure, I will grant you that there are needs to mitigate risks; however, you could still mitigate risks and still be invested in bitcoin, and even in 2014, there are ways to get into bitcoin, at even 1% of your investment portfolio, and still you would have had sufficiently mitigated risks... but if you stayed mostly on zero and you traded in and out of bitcoin, you likely fucked up over the past 9-ish years.
A mere
$35 per week (right around $5 per day) over the past 9.5 years would have resulted in right around $17.5k invested and an accumulation of right around 14.7 BTC (average cost per BTC of right around $2,400 and current value of $643k.. which is right around 37x difference between the amount invested and the current value ($643k/$17.5k)), and surely the amount would have been potentially reasonable, and sure if you have a smaller budget then the amount could be adjusted to your budget in order to recognize and appreciate that there is power in long term investing that that might even allow for the mitigation of risks by investing ONLY an amount that is fairly easily within your budget.
3. "There is no need to diversify into gold ... especially if you have bitcoin. there is also no need to diversify into shitcoins...."
Diversification is one of the key rules for life and not only for investors. Anything that has potential can be a diversified asset. Anything you can get your hands on that is investable can and should be used to create a diversified portfolio. This is normal. Of course, I agree that you shouldn't spread yourself across 100500 assets. I have chosen a limited list of assets for myself - real estate, currencies, gold, cryptocurrencies (which in the medium term have the potential to grow) and some others. And this model shows itself very well, even in my country where the economy is unstable, because my country is now suffering from a terrorist war unleashed by a neighboring state.
I probably already sufficiently and adequately addressed this, and surely people have differing opinions on when, or into what, and/or how much to diversify, so I am not against the idea of diversification.
For example, there is likely no need to diversify for the mere sake of it, if someone is starting out investing $35 per week, there may well be no need to diversify until reaching a certain level of investment. Also before anyone should invest at all, it is likely better to make sure he builds an emergency fund that is 3 to 6 months of income and/or expenses, and having an emergency fund is a form of diversification; however, with bitcoin, I frequently suggest that people get started right away, and they can build their emergency fund at the same time that they are investing into bitcoin... so there could be some challenges with a person who might ONLY have around $35 per week of extra income to both build his emergency fund and his BTC investment at the same time.
Of course if you already have an investment portfolio that is about 25% to 5x the size of your annual income/expenses, then you are are at more luxury to start to diversify, and at what point would it be justified to start to diversify is a discretionary question, and then we get into what to diversify into and how much into each.. NO problem with those ideas, but people are still not going to necessarily agree on the specifics, yet I am going to argue to the death that diversification is not necessary for a brand new investor, and he may even be at liberty and even in a better position to not be diversifying until at least getting to a place in which his investment portfolio is reaching at least 25% of his annual income/expenses.
