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Dimon compares bitcoin to tulip mania, predicting a collapse Still, he says, it’s a good option for murderers, drug dealers An unbiased, balanced outlook. Me

Dimon compares bitcoin to tulip mania, predicting a collapse Still, he says, it’s a good option for murderers, drug dealers An unbiased, balanced outlook. Meanwhile, fewer and fewer people can afford a whole coin. I think now would be a nice time to buy. The best time is after a crash, so articles like this are usually a leading indicator that we may be bottoming out of the current slide. Even if Bitcoin is nothing more than tulip mania, tulip mania caused a vast transfer of wealth. You won't lose if you don't play, but you won't win anything either. If you think it's going to continue going down, put some money on that! It's pretty easy to put in a short sell and test your hypothesis. But people tend to ignore that.

dlp211 9y ago
Or you can invest in low-cost index funds and match market returns instead of playing a game of economic Russian Roulette.
- sillysaurus3 9y ago
  A lot of people don't know how to do that, but if you'd like to link to a simple guide then that'd be valuable. Emphasis on "simple." People put money into Bitcoin because it's simple to understand and to do. The volatility is the tradeoff.
  - derekp7 9y ago
    Go to your bank, ask to speak with an investment specialist. Have then set up an automatic transfer every 2 weeks on your payday, to a Vanguard S&P 500 index fund.
  - pedrocr 9y ago
    >People put money into Bitcoin because it's simple to understand and to do. If there are really people that are using Bitcoin as an investment because indexing isn't easy enough the situation is scarier than most people thought. Both because investing in index funds is very easy and because you have to be extremely bullish on Bitcoin to consider it more than a small percentage of your total retirement investments. If that really is the case then that's a reason to consider Bitcoin to be overpriced. The value is being propped up by the buying pressure of people who don't know how to do a simple stock purchase and have finally found a way to invest again after their experience with beanie babies.
    - sillysaurus3 9y ago
      Well, most people don't have any investment training whatsoever. And by "any," I mean "literally nothing." It's not something you learn in school, and it's not something your parents teach you.
      - pedrocr 9y ago
        Which is why having those people "invest" in Bitcoin is crazy and risky both for them and for Bitcoin.
        sillysaurus3 9y ago
        How could it be risky to Bitcoin? Also, Bitcoin isn't investing. It's speculation. But everyone knows that.
        pedrocr 9y ago
        >How could it be risky to Bitcoin? By creating a bubble that bursts and drains all confidence from it. >Also, Bitcoin isn't investing. It's speculation. All the more reason for people that don't even know what index investing is to stay well away from bitcoin. >But everyone knows that. I've seen plenty of people defending bitcoin as an investment.
        sillysaurus3 9y ago
        Well, considering how many people got rich off of Bitcoin, they're not wrong. I disagree that bubbles are dangerous to Bitcoin. It's just the opposite: Bitcoin is defined by bubbles. I still remember selling five Bitcoin at the peak of $32/coin and feeling smug because it crashed to ~$12 after. That will happen, always. The world keeps turning. It doesn't matter if you ban it when people can participate via localbitcoins in person. So there doesn't appear to be any way for people to stop it or control it. I agree that putting your retirement money into it is a bad idea, but there's a wide range between that and putting in $2.
      - 9y ago
antr 9y ago
Why is now "a nice time to buy"? What is underlying value that makes the current price attractive? I'm really curious to know
- BlackjackCF 9y ago
  Bitcoin's value just tanked a whole bunch because China's halted trading at its cryptocurrency exchanges. I think it's plummeted by a good 20% or something in the last few days. People are guessing that the value of Bitcoin will come back up, so they think it's a good time to buy.
- optimuspaul 9y ago
  If enough people say it's a good time to buy then the price goes up. In reality there is never a good or bad time to buy into BTC. To say there is or isn't is speculation or manipulation in my opinion. But full disclosure, I think bitcoin is ripe with fraud and I don't see it having a long term future without it being regulated by some entity. Will it survive regulation?
sever5 9y ago
>a whole coin As far as I know there's nothing special about 1.0 coin.

dlp211 9y ago

Or you can invest in low-cost index funds and match market returns instead of playing a game of economic Russian Roulette.

sillysaurus3 9y ago
A lot of people don't know how to do that, but if you'd like to link to a simple guide then that'd be valuable. Emphasis on "simple." People put money into Bitcoin because it's simple to understand and to do. The volatility is the tradeoff.
- derekp7 9y ago
  Go to your bank, ask to speak with an investment specialist. Have then set up an automatic transfer every 2 weeks on your payday, to a Vanguard S&P 500 index fund.
- pedrocr 9y ago
  >People put money into Bitcoin because it's simple to understand and to do. If there are really people that are using Bitcoin as an investment because indexing isn't easy enough the situation is scarier than most people thought. Both because investing in index funds is very easy and because you have to be extremely bullish on Bitcoin to consider it more than a small percentage of your total retirement investments. If that really is the case then that's a reason to consider Bitcoin to be overpriced. The value is being propped up by the buying pressure of people who don't know how to do a simple stock purchase and have finally found a way to invest again after their experience with beanie babies.
  - sillysaurus3 9y ago
    Well, most people don't have any investment training whatsoever. And by "any," I mean "literally nothing." It's not something you learn in school, and it's not something your parents teach you.
    - pedrocr 9y ago
      Which is why having those people "invest" in Bitcoin is crazy and risky both for them and for Bitcoin.
      - sillysaurus3 9y ago
        How could it be risky to Bitcoin? Also, Bitcoin isn't investing. It's speculation. But everyone knows that.
        pedrocr 9y ago
        >How could it be risky to Bitcoin? By creating a bubble that bursts and drains all confidence from it. >Also, Bitcoin isn't investing. It's speculation. All the more reason for people that don't even know what index investing is to stay well away from bitcoin. >But everyone knows that. I've seen plenty of people defending bitcoin as an investment.
        sillysaurus3 9y ago
        Well, considering how many people got rich off of Bitcoin, they're not wrong. I disagree that bubbles are dangerous to Bitcoin. It's just the opposite: Bitcoin is defined by bubbles. I still remember selling five Bitcoin at the peak of $32/coin and feeling smug because it crashed to ~$12 after. That will happen, always. The world keeps turning. It doesn't matter if you ban it when people can participate via localbitcoins in person. So there doesn't appear to be any way for people to stop it or control it. I agree that putting your retirement money into it is a bad idea, but there's a wide range between that and putting in $2.
    - 9y ago

antr 9y ago

Why is now "a nice time to buy"? What is underlying value that makes the current price attractive? I'm really curious to know

BlackjackCF 9y ago
Bitcoin's value just tanked a whole bunch because China's halted trading at its cryptocurrency exchanges. I think it's plummeted by a good 20% or something in the last few days. People are guessing that the value of Bitcoin will come back up, so they think it's a good time to buy.
optimuspaul 9y ago
If enough people say it's a good time to buy then the price goes up. In reality there is never a good or bad time to buy into BTC. To say there is or isn't is speculation or manipulation in my opinion. But full disclosure, I think bitcoin is ripe with fraud and I don't see it having a long term future without it being regulated by some entity. Will it survive regulation?

sever5 9y ago

>a whole coin As far as I know there's nothing special about 1.0 coin.