Sold out this morning after doubling down last December. To all that doubted you would have cost me a ton of money.
I’m now out of the market and made a profit.
- Never invest in it. You buy hoping that next guy buys at price higher than you bought. And so on. It is bound to crash.
- I like diversification, i am not all in. Who told you the dollar will be around tomorrow and there won’t be any super inflation?
You can’t feel the power of crypto in the western world yet, but look at Venezuela? Bitcoin has proven to work where traditional financial system fails.
Also, banks are a joke. I am better off stashing cash under my mattress. Banks don’t give interest. My money will equally depreciate in the bank and under the mattress. The latter will provide me with full access to my money at all times as opposed to the former.
- @bazzingaa diversification is good. You will know if dollar is not going to be around tomorrow before it happens. It won’t disappear in a day. Oil trades in dollars. We have to wait until it stops trading in dollars. Venezuela has hyper inflation and economical and political crisis. I hope people from Venezuela doesn’t loose all their money in bitcoin. It’s hard to buy anything in large amount using bitcoin. I don’t see anyone accepting bitcoin payment for 2million dollar worth home. They will want the amount in dollars because they don’t know what’s it worth would be the next moment deal happens. How are you going to use it as a main currency if it’s value itself keeps changing. Well banks worh that way. If you get more interest for you money then you have to pay more interest to borrow it. You can get 8-9% interest rate on your money in india but you don’t know how much the currency will depreciate against dollar and you may not make any money on dollars. I think there are many ways of diversification but stashing cash under your mattress is not one of them