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Yesterday Bitcoin demonstrated that it is a poor parking space. You could wake up and find 30% of your car missing.
by hirundo 5y ago
Yesterday Bitcoin demonstrated that it is a poor parking space. You could wake up and find 30% of your car missing.
- djschnei 5y agoI think the insinuation with "parking space", in regards to money at least, is that it's long term. Even with this week, BTC has been an incredibly profitable place to park money this year, and every year before that. There is not a single person on the planet that has lost money by parking their money on Bitcoin. The only people that have lost have sold.
- danbruc 5y agoThere is not a single person on the planet that has lost money by parking their money on Bitcoin. The only people that have lost have sold. Well, you don't have money to park it indefinitely, at some point you want to spend it, otherwise you could just set it on fire and not worry about parking it somewhere to begin with. So the selling part is non-optional.
- djschnei 5y ago> at some point you want to spend it > the selling part is non-optional That is not true. Bitcoin is best thought of as a block of real-estate on a virtual Manhattan. Some of the wealthiest families in (IRL) Manhattan are wealthy because they've owned a block of land on Manhattan for generations and have never sold. They borrow against their asset to live and the asset keeps appreciating. Bitcoin will be, and already is, no different. There are people that do this exact thing with Bitcoin.
- Mc_Big_G 5y agoThis is an incredibly short-sighted view.
- hirundo 5y agoLong-term view, due to it's volatility and the regulatory and political environments, while it may be an excellent speculative investment, Bitcoin is a poor place to store wealth.