Good news keep coming: Bitcoin plunges below $24,000 | Page 5 | Investing | Discussion forum

Alexandre said
  

It is ironic that the mugger isn't using an NFT gun to rob the victim.

A bit of perspective: Bitcoin was 30 cents at the beginning of 2011. And huge % corrections even larger than the latest one so far have occurred before. Must be lots of people who have made, and lots who have lost, a lot of money on this gamble, though I personally haven't met any. A relative was in a card game with locals in a poor small South American country and the other participants were actively trading it on their phones while playing cards.

That a significant 20%+ of adults are involved with cryptocurrency is not surprising. Speculative bubble situations do draw lots of people in who are looking for easy profits.

Lots of people were drawn into dot-com stocks just before 2000. Same with real estate just before 2008.

Can work either way, i.e. if Bitcoin had soared son would not be happy with dad, never hear the end of it. If anyone but especially my kids ask for my opinion on a specific investment I just mumble something along the lines of "well, I s'pose it could go up, might go down though too, you never know......."

Bill said
Can work either way, i.e. if Bitcoin had soared son would not be happy with dad, never hear the end of it. If anyone but especially my kids ask for my opinion on a specific investment I just mumble something along the lines of "well, I s'pose it could go up, might go down though too, you never know......."  

I stay out of my kids' investing decisions as well. I have pointed them to educational resources like https://www.financialwisdomforum.org/forum/index.php and its resident finiki https://www.finiki.org/wiki/Main_Page but I don't want to be the one influencing them on their decisions.

AllanB said
If you think about it Bitcoin promoters are acting to overthrow the financial system. The college kids who buy into it are too stupid to understand. They want to get rich off a collapse of government issued currencies we all use. And, they still want the freedom to exchange in hard currency.  

Wouldn’t be the first time someone acted to overthrow the financial system. President Nixon famously succeeded in 1971 with the introduction of fiat money.

One could have a strong argument that the financial system changed again in the last couple of years when some central banks were given the new objectives relating to social cohesion, greenhouse gases, etc.

Great post above! The one thing fans of crypto like is the sense of anonymity and the perceived ability to move capital without government being aware. It likely has an element of ongoing money laundering occurring though. It would be interesting if it ever became regulated and mainstream, such as mentioned above, problem with that is, it then becomes more difficult to remain anonymous and governments will find a way to take their pound of flesh (cut) in the process.

if the zero - 30 yr olds love the new fresh hip idea of crypto they can easily keep digital crypto alive and more and more usage. I have a land line I don't use but wont get rid of. My kids will never have one. I love the newspaper, I'm guessing my sons will go through life without buying one. The new generation wants a lot of freebies we cant afford. They vote in governments that will provide them. I wont touch the horror of public education but I spend time each night unprogramming them. If the new up and coming generations want crypto, whether I think its just a pile of nothing backed by nothing, it doesn't matter. its here to stay!