Oh it’s a bubble for sure. The question is when? Also, 45% of all BTC is owned by 1000 people. Just let that sink in.
I plan to start mining Monero soon. My power bill is supposedly going to increase by around $100 month, but I'm going long on the cryptocurrency, so while I may lose in the short term, I should be ok in 5-7 years (theoretically). I read a blurb a couple of weeks ago where a dude spent 100,000 bitcoin on 2 large pizzas in 2010 . Today those bitcoin would b3 worth $170M.
What's your plan? Are you buying suped up workstations that are dedicated to this effort? I thought I read that a single bitcoin today goes for approx $16,000. If so, he'd be looking at about $1.6B if I did my math right. Serious question, if someone did have that many bitcoins, could they live a luxurious lifestyle? I don't think there's any service out there that could convert that much to cash. It seems like technically, you could have a lot of buying power, but what exactly could you buy? I'd be worried sick that they could be stolen from my digital wallet by a hacker or that I'd wake up one morning to find their value plummeted overnight and now they're practically worthless.
If you have a valuable asset there will be a way to convert it to other valuable assets. I don't think you can buy stocks with bitcoin but ypu could probably buy property. Then if you wanted you could sell some of the property and use that money for other investments giving you a safer and more diversified portfolio.
Are you going to let it all ride on the next spin of the wheel or what? I think that in a situation like that I would adopt a strategy of taking half the money out and let the other half ride. From that point on you are playing with house money.
Thats the thing, the value is in US dollars. People are using BTC as an investment and at this point it is 80% or more speculative. The recent news and made people flood to the exchanges. Its the coins/tech that are working with companies to solve problems, like XRP, that I think are good investments. To answer your questions, exchanges charge hefty fees to "cash out" and I have read on Reddit, when massive tanks happen, the exchanges can "lock up" due to network traffic.
XRP will be getting added to Coinbase in 2018 and Ripple is supposedly going to announce some major partnerships... Holding on for a while.
