Aren't people getting tired of the asset bubble by now?
I understand that in the past year it has enabled people to easily make a lot of money. I personally made a lot of money (relatively speaking that is, as I'm a student) in the past year. But it's just so tiresome to read about it all the time.
Asset X goes up, asset Y comes back down. Rinse and repeat. It wears me out.
My emotional state of mind is not great at the moment, because of lockdown & loneliness, but I think this long lasting asset bubble would've made me tired regardless of my state of mind.
Maybe I'll just do ETFs, maybe I'll just quit for the year.
Prices are still high so it's safe to say that people aren't tired. It's also hard to determine how much of what's going on is a bubble and how much is just the new normal. There's a lot of money floating around and it has to go somewhere - stocks, crypto, property etc.
If you aren't feeling great mentally, it might be good to not get emotionally involved in daytrading, speculation or anything related to crypto. Just park the money in a fund, don't touch it, don't check prices, and make sure that the rest of your life is okay.
I feel you. I started feeling "can we not have a crazy bull run now please" when it was clear 20k was broken for this cycle. I completely quit trading after the 2017 bubble, though. If I had placed bet on the promising small-caps (defi projects) I worked with through work over the past couple of years, I would have been wealthy now.
But I have no regrets, it has allowed me to detach mentally and emotionally from the price swings and I find my mental health worth more than the chance to get dirty rich (or lose it all). I see the prices of a lot of assets I hold during my daily work, but they're just numbers now.
I still have significant (to me) crypto holdings, but I take a longer-term perspective now and am fine with the fact that their market price may very well crash to 10% of now during the year.
But yeah, the goddamn media. Can we stop talking about price please? It's just so uninteresting.
I always see situations like this as a personal problem. Perhaps by viewing it that way too, you can find a way to feel better. For example, you say "But it's just so tiresome to read about it all the time," so why don't you just stop reading about it?
The past year has been far and away the best year of my life, and that feeling continues today. I credit that to being mindful of how I live my life and making sure that I'm very careful to not live life in a way that becomes self-destructive.
I feel similarly. I have done well but it’s mentally draining and I’m compulsively checking balances. If I sold everything and moved into an ETF I’d pay a lot of short term cap gains but I still probably will.
Part of the growth of the narrative is that new people are getting brought in and act like you and I did when we first got in. Meanwhile we are being quietly worried at this point.
Everybody is tired of it. Except for the central bank that is causing it. As soon as central banks stop printing money the whole crypto verse will die like a fad. But so will your passive investments like ETFs. That can't happen therefore the printing continues.
Coinbase’s fees are ridiculously high. By this is a symptom of a lack of competition and immaturity of the cryptocurrency space.
The second issue is that cryptocurrency is akin to a religion. This is also true. Most people buy and hold Bitcoin on the belief it will go up but there isn’t much of a reason for it to go up except a lot of people continuing to buy in and hold. As Peter Shiff and others have made clear Bitcoin is a naturally occurring Ponzi scheme.
Lack of competition? Outside of the US you get 5+ times lower fees with an exchange with 9x the volume and offerings (Binance). Even in the US you can use e.g. Kraken which has lower fees.
This author in particular didn't think it 'was worth the effort' to even use the actual market which offers 0.50% fees on Coinbase and went with the 1click solution that charges 1.49% for the convenience.
You’re quoting a guy who has become a laughing stock. I liked Shiff back in 2008 when he was right about the housing bubble, but it’s become apparent now that all he is now is a shill for gold, which his living depends on. I feel bad for all the people who followed his advise on bitcoin
Peter Schiff FUD has traditionally been a buy signal. Funny that you can buy gold from him on SchiffGold.com with crypto. I wonder what he does with it.
You're looking at retail - their much bigger "wholesale" business has to compete on tighter margins. For example, when Tesla bought $1B via Coinbase, off market.
Competitors are showing up fast.
New opportunities are opening up in altcoins, staking and more.
If Bitcoin showed one thing, it's that we can have a way to transact ownership of bytes from one address/wallet to another with a shared network without intermediaries and implicit trust of parties. IMHO it's a very big PoC and the number of people participating over the years makes it a success to me.
If you are dismissing crypto because you don't like bitcoin or proof of work (mining) then it may worth trying to look past that and reevaluate. Immutable ledgers, namely Ethereum, are transforming finance and that is just the low hanging fruit for this technology.
Right... I was thinking the other day, crypto ain't no solution for everything, so is no gold and fiat is just bad in long-term. The entiry economy is so broken, corrupt and one big scam and only the rich get richer and the poorer get poorer. I'm in crypto since 2015, so with gold and stocks. Made tons of money and yet I still think that the economy is one big scam. I don't trust money, I don't trust gold and neither do I trust crypto, and whilst we can say that these resources are very secure, they can be manipulated with very badly.
Crypto would possibly be great, not until the big players got in and now it no longer is money but rather investement thing. (Hold for 5 years get rich!) wtf?
Right, I also hold bags, but it has just taken very different approach.
It has a competitor, it's just sadly afraid of being in the US so it pulled out most of its offerings from there recently. Only Coinbase gets the preferential treatment.
Binance has 9x the volume of Coinbase, 5-10 times less fees, much more offerings and its 'stock' is at least an actual cryptocurrency rather than a US IPO.
>I was wrong, spending about $1,200 on those trades at a commission rate of 1.49%.
Anyway, the author could've had 0.50% fees even on Coinbase (still 5x higher than the lowest Binance fees) by switching to Pro which is free. The author for some reason thinks "it wasn't worth the effort". Well, if you don't want to spend the 10 minutes to use the market rather than the 1click solution, I dont see how its the exchange's fault.
This article is all over the place. It takes an obviously negative stance right from the start by complaining that Coinbase has frequent outages and poor customer support (that hasn’t been my experience as a long time happy Coinbase customer), then it switches completely to the author complaining about how they didn’t research the fees, and got surprised by high fees that earnestly reflect the cost of operating the business. This is somehow better than the way brokerages fund zero fee retail investing transactions, but also somehow vaguely dishonest and predatory at the same time?
It’s a very weak, meandering article with no significant point. I usually expect better from Bloomberg on financial topics, but I guess it’s just the usual trendy anti-cryptocurrency drivel.
In addition to that, it is a perfect tool for Western people to buy drugs, weapons and other contraband (Silk Road and its countless successors), for sending large sums of money across borders, and soon-ish to buy Tesla cars.
Basically, there are many people and governments with massive stakes in keeping Bitcoin operable and its dollar value somewhat high-ish.
>In addition to that, it is a perfect tool for Western people to buy drugs, weapons and other contraband (Silk Road and its countless successors), for sending large sums of money across borders, and soon-ish to buy Tesla cars.
Cryptocurrencies are. Bitcoin is outclassed by e.g. Monero in that niche and sadly, the constant international busts of DNMs have made buying drugs online an ordeal with markets having very short lifespans currently.
Sounds like there might soon be many governments with stakes in making Bitcoin inoperable. If it's funding Iran, North Korea nukes, and drugs, then why shouldn't the US ban it? If that happens, why wouldn't the price go into the trash, given that no institution on the right side of the law will want to touch it?
Crypto is getting super interesting, and bitcoin isn't going anywhere. This video from a professional YouTuber helped me feel a little more in the loop:
Not mentioned in the video, I've recently observed people noticing that Bitcoin Cash has decent transaction fees. (I don't remember where - maybe on twitter or in a forum)
And they are likely to keep printing it. And interest rates are stupid low. If you are already in the stock market there is not really anywhere else to go with your money if you want big growth. To me it makes sense to have at least some of your investments in crpyo. Especially if you are young.
I'm interested in this take, as I'm hearing it a lot lately and it seems quite plausible. Is there evidence that the price increase of bitcoin is causally related, in any reliable way, to inflationary activity at The Fed?
If so, why isn't this the headline of the past month?
[+] [-] float4|5 years ago|reply
I understand that in the past year it has enabled people to easily make a lot of money. I personally made a lot of money (relatively speaking that is, as I'm a student) in the past year. But it's just so tiresome to read about it all the time.
Asset X goes up, asset Y comes back down. Rinse and repeat. It wears me out.
My emotional state of mind is not great at the moment, because of lockdown & loneliness, but I think this long lasting asset bubble would've made me tired regardless of my state of mind.
Maybe I'll just do ETFs, maybe I'll just quit for the year.
Any people here who feel the same?
[+] [-] superbcarrot|5 years ago|reply
If you aren't feeling great mentally, it might be good to not get emotionally involved in daytrading, speculation or anything related to crypto. Just park the money in a fund, don't touch it, don't check prices, and make sure that the rest of your life is okay.
[+] [-] 3np|5 years ago|reply
But I have no regrets, it has allowed me to detach mentally and emotionally from the price swings and I find my mental health worth more than the chance to get dirty rich (or lose it all). I see the prices of a lot of assets I hold during my daily work, but they're just numbers now.
I still have significant (to me) crypto holdings, but I take a longer-term perspective now and am fine with the fact that their market price may very well crash to 10% of now during the year.
But yeah, the goddamn media. Can we stop talking about price please? It's just so uninteresting.
[+] [-] silicon2401|5 years ago|reply
The past year has been far and away the best year of my life, and that feeling continues today. I credit that to being mindful of how I live my life and making sure that I'm very careful to not live life in a way that becomes self-destructive.
[+] [-] faeyanpiraat|5 years ago|reply
[+] [-] ZitchDog|5 years ago|reply
[+] [-] twiceaday|5 years ago|reply
[+] [-] FriendlyNormie|5 years ago|reply
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[+] [-] sprash|5 years ago|reply
[+] [-] bhouston|5 years ago|reply
The second issue is that cryptocurrency is akin to a religion. This is also true. Most people buy and hold Bitcoin on the belief it will go up but there isn’t much of a reason for it to go up except a lot of people continuing to buy in and hold. As Peter Shiff and others have made clear Bitcoin is a naturally occurring Ponzi scheme.
[+] [-] Tenoke|5 years ago|reply
This author in particular didn't think it 'was worth the effort' to even use the actual market which offers 0.50% fees on Coinbase and went with the 1click solution that charges 1.49% for the convenience.
[+] [-] sixQuarks|5 years ago|reply
[+] [-] mavhc|5 years ago|reply
3rd reason is the difficulty goes up if more people mine.
[+] [-] wtf_is_up|5 years ago|reply
[+] [-] asah|5 years ago|reply
Competitors are showing up fast.
New opportunities are opening up in altcoins, staking and more.
[+] [-] unknown|5 years ago|reply
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[+] [-] mjfl|5 years ago|reply
[+] [-] pferdone|5 years ago|reply
[+] [-] bujak300|5 years ago|reply
[+] [-] the-dude|5 years ago|reply
But Bloomberg is not to be trusted anymore ( The Phony Hack ), especially on subjects which may partially compete with its own core business.
[+] [-] dls2016|5 years ago|reply
https://www.bloomberg.com/news/articles/2021-02-27/coinbase-...
[+] [-] cslarson|5 years ago|reply
[+] [-] regularjack|5 years ago|reply
[+] [-] ccsnags|5 years ago|reply
That’s just good branding.
[+] [-] 3np|5 years ago|reply
[+] [-] anon112122551|5 years ago|reply
Crypto would possibly be great, not until the big players got in and now it no longer is money but rather investement thing. (Hold for 5 years get rich!) wtf? Right, I also hold bags, but it has just taken very different approach.
[+] [-] erwinh|5 years ago|reply
[+] [-] Tenoke|5 years ago|reply
Binance has 9x the volume of Coinbase, 5-10 times less fees, much more offerings and its 'stock' is at least an actual cryptocurrency rather than a US IPO.
>I was wrong, spending about $1,200 on those trades at a commission rate of 1.49%.
Anyway, the author could've had 0.50% fees even on Coinbase (still 5x higher than the lowest Binance fees) by switching to Pro which is free. The author for some reason thinks "it wasn't worth the effort". Well, if you don't want to spend the 10 minutes to use the market rather than the 1click solution, I dont see how its the exchange's fault.
[+] [-] rglullis|5 years ago|reply
[+] [-] unknown|5 years ago|reply
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[+] [-] mlthoughts2018|5 years ago|reply
It’s a very weak, meandering article with no significant point. I usually expect better from Bloomberg on financial topics, but I guess it’s just the usual trendy anti-cryptocurrency drivel.
[+] [-] mschuster91|5 years ago|reply
Bitcoin is more than a cult, for what it's worth. Bitcoin has value for rich Chinese to circumvent yuan capital export restrictions (https://www.scmp.com/economy/china-economy/article/3098981/c...), for Iran to sort-of bypass international sanctions (https://observers.france24.com/en/middle-east/20210203-in-ir...) and for North Korea to fund their nuke program (https://www.nasdaq.com/articles/un-says-north-korea-funded-n...).
In addition to that, it is a perfect tool for Western people to buy drugs, weapons and other contraband (Silk Road and its countless successors), for sending large sums of money across borders, and soon-ish to buy Tesla cars.
Basically, there are many people and governments with massive stakes in keeping Bitcoin operable and its dollar value somewhat high-ish.
[+] [-] Tenoke|5 years ago|reply
Cryptocurrencies are. Bitcoin is outclassed by e.g. Monero in that niche and sadly, the constant international busts of DNMs have made buying drugs online an ordeal with markets having very short lifespans currently.
[+] [-] dash2|5 years ago|reply
[+] [-] ccsnags|5 years ago|reply
[+] [-] asah|5 years ago|reply
[+] [-] ramphastidae|5 years ago|reply
[+] [-] benatkin|5 years ago|reply
https://youtu.be/YHt1Cd1m8VQ
Not mentioned in the video, I've recently observed people noticing that Bitcoin Cash has decent transaction fees. (I don't remember where - maybe on twitter or in a forum)
[+] [-] unknown|5 years ago|reply
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[+] [-] celticninja|5 years ago|reply
[+] [-] wtf_is_up|5 years ago|reply
[+] [-] jgalt212|5 years ago|reply
[+] [-] mberning|5 years ago|reply
[+] [-] jMyles|5 years ago|reply
If so, why isn't this the headline of the past month?
[+] [-] devoutsalsa|5 years ago|reply
[+] [-] unknown|5 years ago|reply
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[+] [-] unknown|5 years ago|reply
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