Why do you not own Bitcoin?

Cisco
chowy

Go to company page Cisco

chowy
Sep 26, 2021 289 Comments

I’m genuinely curious to hear the perspective of nocoiners. How are you hedging your portfolio for the below facts?

- We have 130% debt to GDP, the highest in history.

- 30% of all dollars in existence have been printed in the last 18 months

- Inflation rate at 5.3% and many expect to go higher

- Real estate, stocks, groceries, used cars, and all sorts of other things skyrocketing in price

- Record corporate debt levels

- Federal reserve keeping interest rates at zero. They tried to raise in 2018 and freaked out and brought them back down to zero again.

Why would you not own Bitcoin, which has a fixed supply of 21 million units? It has a 100-200X upside or more…

Do you feel it’s a scam? Do you believe equities & real estate will keep up with inflation? Do you hold Gold? Are you worried some other crypto will take its place? Are you worried it will crash (again)? Do you think it’s too expensive? Is it just a lack of knowledge? Are you “rich enough” already? You think the government will raise taxes and cut spending? You think the fed will just raise interest rates and everything will be fine?

#investments #personalfinance #inflation

EDIT: thanks for everyone’s responses. It’s really enlightening and interesting to know what is holding folks back from getting into Bitcoin.

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 TOP 289 Comments
  • If you think crypto is surviving an economic crash like a major depression, you're a silly goose
    Sep 26, 2021 11
  • I don’t invest in things I don’t understand.

    And you can hedge with other tools, doesn’t have to be cryptos.
    Sep 26, 2021 6
  • What do you call something with no inherent value and depends on more people buying in to pay out to existing investors? I'm pretty sure there is a name for that. A cylinder scheme?
    Sep 26, 2021 11
  • Because it works by wasting energy, and a lot of it.
    Sep 26, 2021 2
    • Cisco
      chowy

      Go to company page Cisco

      chowy
      OP
      Yeah energy gets a lot of folks worked up.

      Does it concern you that the US Dollar is being backed by the military, which is the #1 fossil fuel consumer on Earth?
      Sep 26, 2021
    • Uber
      dainty_ho

      Go to company page Uber

      dainty_ho
      For the speed and security bitcoin provides in transferring funds, it is far more energy-efficient than any alternative.
      Sep 27, 2021
  • Bitcoin mining is terrible for the environment
    Sep 26, 2021 7
    • Id be more open minded to buying it if the miners switched to 100% renewable.

      But they’re not even at like 25% right?
      Sep 27, 2021
    • Spotify
      huVDHg

      Go to company page Spotify

      huVDHg
      Microsoft, do the research. 50%+ mining happens with renewable energy. Check out bmc (bitcoinminingcouncil)survey.

      More and more oil and gas mining companies are mining bitcoin with the extra gas (extra methane that is usually released into the air or burned into co2) instead of burning it. It is a net positive for the environment. Just search for "oil and gas bitcoin mining".

      Bitcoin mining will go to the cheapest energy source and that happens to be renewable energy.

      > more open minded ... 100% renewable

      Pretty sure you are consuming at least one stuff that uses less renewable energy than bitcoin. Why the double standard? Which industry uses 100% renewable? It takes time to reach there but bitcoin is actively working towards it.
      Sep 27, 2021