I have been putting together a big article on the news I have been reading about Bitcoin, and I will eventually post it.
I wanted to get this article out there now, though. I know a lot of people who are particularly heavily invested in Bitcoin and a lot who are a little to moderate holdings. None of these people are stock pickers; just engineers and other friends I have not in the finance industry. I have invested $0 in Bitcoin. I have spent some electricity and computer time over the years mining Bitcoin when it was sub $50 and sub $200. I never earned more than a fraction of a coin, and no longer have them. I tried Ethereum last year, but again my high local electricity rates killed the value proposition even at last year’s heights. I have 0 “coins” of any kind other than the real ones from the US Mint.
Now I like gambling. I have been to Las Vegas. I have been to Atlantic City. I have been to several tribal casinos on various reservations. I have played the lottery. My attitude to gambling is that its like going to an amusement park; you go expecting to lose money, and if you don’t so much the better, but you are there for the thrills.
I have also owned several penny stocks. I invested, poorly but with no regrets, in green stocks. I put them in the same place as gambling and Bitcoin. I actually call those stocks my gambling stocks. Wise investing, no, but we all have our pet causes.
I worry about those I know, and dont know who have put too much in Bitcoin. Until you can buy more real things with it in real places, its hard for me to see it as anything other than a tulip.
To be fair, though here is a counterpoint. This is from a pro coin site, but they do make a reasonable argument.