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@VegasFrank said:

@CalvinAndHobo said:

@CalvinAndHobo said:

@silvermouse said:
Why do people buy high and sell low? Greed and fear?

Going to move this conversation over here out of respect for the meme people. But I've always been fascinated by bitcoin, and the concept of inflation proof money. I've never actually put my money where my mouth is though, so I couldn't tell you why people do that. It is funny though how Jim Cramer is just wrong about everything all the time. He has his own reverse ETF that someone made, where you can invest in it, and it picks the opposite of whatever he says. It's very profitable so far from what I understand.

I don't know that Bitcoin is in inflation proof currency because I don't know that Bitcoin is inflation proof and I don't think that it's a currency. To me, Bitcoin is like collecting pokémon cards.

I think that if the US dollar ever falters to the point where it's not a reliable currency, then we're all going to be in the **** bread line man. It's going to be 1929 all over again. I'm not saying we won't get there, I'm just saying that having Bitcoin is probably not going to make your life appreciably better.

I think that that if you want to inflation proof yourself and protect against some destabilization event, your best bet is probably gold if you can afford it or silver if you can't.

Pro tip: buy gold and silver that you hold yourself. Don't buy from some broker who's going to keep it in a vault for you because chances are he has sold that same **** piece of gold 26 times over. The piece of paper will be worthless. The easiest way to do this is to go to your local coin shop and buy old quarters and half dollars (silver) for six times the currency price, or gold coins at market price.

Edit....

I forgot to add the Bitcoin going from a hundred grand to 97 Grand in a day is not a big deal (Cramer notwithstanding, lol). A chart with a y-axis of 3% makes a 3% loss look devastating. Start that axis at zero and see what the chart looks like. Straight line.

It's probably still a great investment if you're looking to prospect. I'm guessing that that freaking thing will just keep going up a lot more before the bottom falls out, if it ever does.

Yup we're on the same page. I already have my emergency rainy day money in physical gold that I unfortunately lost in a boating accident. That's the nice thing about being a landlord also though. Whatever we're using for currency in 30 years, I'm still going to get approximately 33% of it from each tenant. There's an incredible peace of mind in that, and not having to worry about recessions or inflation in the same way that everyone else has to. If society drastically changes, then my rent just changes, because people always need a place to live. It's definitely been worth the extra work just for the fact that I don't have to stress about my future like I used to. I have always been fascinated by the concept of inflation though, and how people have to invest their money into things to avoid having it become worthless over time. That's why I bought my place in the first place, instead of just buying a normal house. If there was a risk free way to store value and beat an index fund without putting in any time and energy, then the billionaires would already be doing it.