Post
Topic
Board Economics
Topic OP
Bitcoin - The investment of the year
by
BCEmporium
on 09/09/2011, 13:43:13 UTC
Bitcoin had been undoubtedly the investment of the year.
The late panic people is missing all the points and point out the major issues of bitcoin, the mind of many bitcoiners;

- When you do an investment for a year, 2 years, 5 years. Yet bitcoiners seams to want to do a 5 minute investment... with profit.

If you invested in bitcoins last September you'd bough them at 0.2 USD each, selling 1 year after you would get 5.37 USD, 5.35 USD of profit on each coin.
Now go to your bank and ask about the best investment for 1 year. You're looking at what? 5%? 6%? Not even gold got this up trend during the year, to not mention for gold you would need a lot more starting cash to get in.
And how about if you need the money 6 months from now? Ouch! You'll loose all interest and even pay a penalty.
«Oh! But my bank is warranted to give 5% interest» Is it? Read carefully the small letters, you may come in to a small surprise like "previous earnings are not a warrant of future earnings" or so (this means, last year we paid 5%, we expect to pay 6% this year, but... you may get 4% or even -something%).

- "Mining" difficulty. It simply DOES NOT matter, it goes down when "miners" switch off their rigs and up when they switch it on. To the best this measures the trust of a few nerds on bitcoin. To not mention many or most of them fit within the "5 minutes with profit investment" portfolio.

Now, seeing the current price plummeting of bitcoin, I've to say I'd been waiting quite long time for this. Time to ditch out the bad seeds, the "5 minute profit" traders and the massive deflation and inflation they caused. Time to built, finally, a bitcoin economy! I'm looking at all the projects I've on hold since btc jumped from 1 to 3$ then to 30$ USD.