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I have had multiple affluent friends who are absolutely non-tech non-geek ask me what are the hot coins. They're shoveling tens of thousands of dollars into Bit
by throwaway9980 9y ago
I have had multiple affluent friends who are absolutely non-tech non-geek ask me what are the hot coins. They're shoveling tens of thousands of dollars into Bitcoin, Ethereum, and Ripple based entirely on the fact that there's a run up happening. They have no understanding of what it is and the intention is sell to the greater fool after another 10x move.
Maybe it isn't a bubble, but it sure does walk like a duck and talk like a duck.
- prostoalex 9y agoTens of thousands of dollars can be shovelled into low-probability high-risk outcomes nightly at a single Vegas table, of which there are many, at a single casino, of which there are many. The state lottery jackpot can swell by tens of millions of dollars in a single day when the potential payout reaches nine digits. This is just high-stakes gambling, it's not a systemic bubble until pension funds, university endowments or state sovereign funds get significant exposure.
- lsseckman 9y agothis is a great point. And given market caps I doubt there are any sizeable funds invested, which may point to no bubble at all.
- loblollyboy 9y agoare these guy all gonna sell at 10k? I'm not rich and love the idea of BTC, but the gambler in me is looking to 10k - mainly b/c I think thats what the ppl with real money on the table are looking to
- dennyis 9y agoPlease do yourself a favor and invest in other things too. I'm also a bitcoin believer, but it's a relatively small part of my holdings, which are mostly in real estate.