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That's not investing, that's gambling. Rate of return on paying down credit card debt is 19-30%, which is really good rate of return. And zero risk! So just pa

That's not investing, that's gambling. Rate of return on paying down credit card debt is 19-30%, which is really good rate of return. And zero risk! So just pay down your debt as much as you can.

rblion 9y ago
Here's where I'm stuck... Half of me sees this cryptocurrency boom as the beginning of a bubble that will pop in 2018 or 2019. The other half of me is like what if this is a new era of global commerce and this is the investment of a lifetime? It's hard to know which one will happen. The Internet was a mix of both from the 90's to the 00's to now.
- itamarst 9y ago
  Have you noticed anyone using these currencies for commerce? People use dollars for commerce, and no one invests in dollars unless they live in a country with hyperinflation. So if it's commerce, how is buying the currency a form of investing?
  - rblion 9y ago
    fair point.
- nxsynonym 9y ago
  I have trouble believing that Bitcoin will create any long term wealth for such a large number of people for one reason, it's too easy. When this thing pops (and it will eventually) there will be a number of stories of "rags to riches" that will be in widespread media. What you wont see is the vast majority of people who lost out. Something with this much value involved and so little regulation is bound to cater to a very small number of people. If there is ever a possibility of a large-scale shift to a cryptocurrency as a standard for any currency, I doubt it will be bitcoin. I also doubt that anyone will reap the benefits simply by "being in early". Someone somewhere is pulling strings. You may get lucky and ride the waves that are created by those doing the behind the scenes manipulation, but there's a much bigger risk of getting worked.
  - rblion 9y ago
    This gives me peace of mind. Thanks for the clear logic. I was 10 when the dotcom bubble happened and 18 when the Great Recession started. This is the first time in my adult life where I've had the money and opportunity to 'be part of something big' but I think you're right and that I should just use this money to pay down the last of my debt. I read yesterday that some 40% of the Bitcoin market is controlled by a small handful of hands. This is part of why I am hesitant to invest without asking here first. Glad I asked!
  - wu-ikkyu 9y ago
    >Someone somewhere is pulling strings. From what I understand, isn't there a small minority of users who own a vast majority of BTC, meaning they could crash the market at will?
hjjiehebebe 9y ago
I better get some credit card debt then ;) More seriously I have a 3.5% mortgage. Interest is not tax deductable. So roi is almost 7% pretax paying that bad boy down.

That's not investing, that's gambling. Rate of return on paying down credit card debt is 19-30%, which is really good rate of return. And zero risk! So just pay down your debt as much as you can.

rblion 9y ago

Here's where I'm stuck... Half of me sees this cryptocurrency boom as the beginning of a bubble that will pop in 2018 or 2019. The other half of me is like what if this is a new era of global commerce and this is the investment of a lifetime? It's hard to know which one will happen. The Internet was a mix of both from the 90's to the 00's to now.

itamarst 9y ago
Have you noticed anyone using these currencies for commerce? People use dollars for commerce, and no one invests in dollars unless they live in a country with hyperinflation. So if it's commerce, how is buying the currency a form of investing?
- rblion 9y ago
  fair point.
nxsynonym 9y ago
I have trouble believing that Bitcoin will create any long term wealth for such a large number of people for one reason, it's too easy. When this thing pops (and it will eventually) there will be a number of stories of "rags to riches" that will be in widespread media. What you wont see is the vast majority of people who lost out. Something with this much value involved and so little regulation is bound to cater to a very small number of people. If there is ever a possibility of a large-scale shift to a cryptocurrency as a standard for any currency, I doubt it will be bitcoin. I also doubt that anyone will reap the benefits simply by "being in early". Someone somewhere is pulling strings. You may get lucky and ride the waves that are created by those doing the behind the scenes manipulation, but there's a much bigger risk of getting worked.
- rblion 9y ago
  This gives me peace of mind. Thanks for the clear logic. I was 10 when the dotcom bubble happened and 18 when the Great Recession started. This is the first time in my adult life where I've had the money and opportunity to 'be part of something big' but I think you're right and that I should just use this money to pay down the last of my debt. I read yesterday that some 40% of the Bitcoin market is controlled by a small handful of hands. This is part of why I am hesitant to invest without asking here first. Glad I asked!
- wu-ikkyu 9y ago
  >Someone somewhere is pulling strings. From what I understand, isn't there a small minority of users who own a vast majority of BTC, meaning they could crash the market at will?

hjjiehebebe 9y ago

I better get some credit card debt then ;) More seriously I have a 3.5% mortgage. Interest is not tax deductable. So roi is almost 7% pretax paying that bad boy down.