# Bitcoin and other crypto - worthwhile or worthless? **URL:** \ **Category:** Uncategorized\ **Created:** [May 9, 2022, 2:27am UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511 "2022-05-09T02:27:53Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [May 9, 2022, 2:27am UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/1 "2022-05-09T02:27:53Z")
Discuss. Disclosure - I am long BTC but recovered all of my original investment after a big move up 🙂 ---
**Author:** ![branchkin](https://avatars.discourse-cdn.com/v4/letter/b/3d9bf3/32.png) [@branchkin](https://community.clark.com/u/branchkin)\ **Post date:** [May 9, 2022, 12:16pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/2 "2022-05-09T12:16:10Z")
I read where Warren Buffet recently said he wouldn’t give $25 for all the bitcoin in the world. Personally, I don’t invest in stuff I don’t fully understand. Bitcoin doesn’t pass that test. ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [May 9, 2022, 2:03pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/3 "2022-05-09T14:03:37Z")
I think that’s sage advice for ANY asset. ---
**Author:** ![Lavarock](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/lavarock/32/119_2.png) [@Lavarock](https://community.clark.com/u/Lavarock)\ **Post date:** [May 9, 2022, 6:07pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/4 "2022-05-09T18:07:49Z")
Many years ago I bought a small amount of Bitcoin but was required to sell it when I was living in Hawaii. I suspect Hawaii determined crypto was ‘illegal’ because at the time they had no way to tax income from it. So April 11 I read that Hawaii was in the last year of a 3 year test of crypto, I opened an account with Gemini, an exchange set up by the Winklevoss twins (Facebook developers) and bought two different cryptos and was given a small amount of Bitcoin. Total purchases were $200. After transfer fee I was at a portfolio value of about $195. Flash forward almost a month and I am down to $117.59. A loss of about 41%. That is exactly why I didn’t buy a lot, because I KNOW it is not an investment. Sure, there are people who day trade in it and loan their coins for hopefully a profit, but not me. I have fared better in my casino excursions. Crypto at the moment is not in great shape, perhaps because (my opinion) of world events and certain overseas billionaires taking their money out after their loss of their super yachts. I am hopeful that I _may_ be able to recover the money before December, because we may be precluded form owning it again. News last year appears to be that it is not illegal IF the company has applied for a money transmission license. I expect Gemini had because of the following statement: **“Type of License: Gemini is a participant in the Hawaii Digital Currency Innovation Lab, a two-year pilot program, which terminates on December 31, 2022.”.** Then 7 days ago: **HONOLULU (KHON2) — The bill that would have established a program for the licensure, regulation and oversight of digital currency companies in Hawaii was indefinitely deferred Friday afternoon.** **It’s unfortunate news for the cryptocurrency companies participating in the Digital Currency Innovation Lab (DCIL), the state’s first pilot program that allows digital currency issuers to do business in Hawaii without having to first obtain a state money transmitter license.** So I wait to see what our legislature finally decides. I KNOW that they love to tax things as we have the highest tax rate in the country. ---
**Author:** ![ole1845](https://avatars.discourse-cdn.com/v4/letter/o/e495f1/32.png) [@ole1845](https://community.clark.com/u/ole1845)\ **Post date:** [May 9, 2022, 6:29pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/5 "2022-05-09T18:29:20Z")
The problem with crypto is that it serves no real purpose other than to provide a means to pay for things that are illegal. And the anonymity feature is becoming questionable. The promise of crypto is that a greater fool will always pay more. Classic bubble mentality. ---
**Author:** ![H200h](https://avatars.discourse-cdn.com/v4/letter/h/e79b87/32.png) [@H200h](https://community.clark.com/u/H200h)\ **Post date:** [May 10, 2022, 8:57pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/7 "2022-05-10T20:57:46Z")
> [@ratbert2k](#): > > I don’t see everyone deciding crypto is a scam. You could probably say that about anything. It was the secret to P.T. Barnum’s success and a fact well known by every carney barker that ever lived. ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [May 11, 2022, 12:59am UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/8 "2022-05-11T00:59:06Z")
If it’s a bubble, it has been going on for a long time. Most bubbles are over in a couple of years. BTC seems to be a rolling series of bubbles! And financial firms are interested in it… like Fidelity Investments, they now have a wholly-owned company called Fidelity Digital Assets. Fidelity’s main strategist, Jurien Timmer, has written white papers and given talks about Bitcoin. Very interesting. I’m just glad I bought some and got my original money out, so if BTC $0 someday I didn’t lose anything. My aspiration is to sell at $100,000. It got up to $67,000. We shall see. I don’t have the guts to hold onto it until the later years on the chart below where it might be $387,391 according on Timmer’s more conservative model. It could very well be outlawed in a few years. The volatility is truly gut-wrenching. I’m sure many unfortunate people took out loans to buy BTC and have now lost everything. That’s not how you use it… you pay cash, throwaway cash mind you, and just a tiny bit. It’s like a lotto ticket; it’s entertainment. ![Jurien Timmer BTC 2022-04-20](https://us1.discourse-cdn.com/flex016/uploads/clark/original/1X/7401d965524ba7be7fc03fd296ffee6d0931ed1d.jpeg) ---
**Author:** ![kcflyer](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/kcflyer/32/3346_2.png) [@kcflyer](https://community.clark.com/u/kcflyer)\ **Post date:** [May 11, 2022, 12:27pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/9 "2022-05-11T12:27:18Z")
Bitcoin - bah…here’s MY retirement: ![beanie_header](https://us1.discourse-cdn.com/flex016/uploads/clark/original/1X/a91d0a296ab947441ef646edb90dd3e423ec5648.jpeg) ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [May 11, 2022, 12:46pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/10 "2022-05-11T12:46:45Z")
If you tire of them, donate to a children’s hospital ---
**Author:** ![kcflyer](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/kcflyer/32/3346_2.png) [@kcflyer](https://community.clark.com/u/kcflyer)\ **Post date:** [May 11, 2022, 2:27pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/11 "2022-05-11T14:27:41Z")
Are you kidding??? That’s my kid’s inheritance. ---
**Author:** ![ole1845](https://avatars.discourse-cdn.com/v4/letter/o/e495f1/32.png) [@ole1845](https://community.clark.com/u/ole1845)\ **Post date:** [May 11, 2022, 2:28pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/12 "2022-05-11T14:28:23Z")
Uh oh. Looks like some are missing their tags. You better go back to work! ---
**Author:** ![H200h](https://avatars.discourse-cdn.com/v4/letter/h/e79b87/32.png) [@H200h](https://community.clark.com/u/H200h)\ **Post date:** [May 13, 2022, 8:25pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/13 "2022-05-13T20:25:28Z")
> **[Scammers Stole $14 Billion in Crypto in 2021. Here’s How Investors Can...](https://time.com/nextadvisor/investing/cryptocurrency/common-crypto-scams/)** > > New crypto investors should beware an influx of cryptocurrency scams. These are the cybersecurity risks that crypto investors should know about. ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [May 14, 2022, 11:04am UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/14 "2022-05-14T11:04:13Z")
Some crypto holders are now totally wiped out (Luna). The real issue is some people borrowed money to buy crypto and/or they owned too much. 1% of your portfolio to crypto is probably the maximum you should spend on it, and 0% on “alt coins”. ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [November 27, 2022, 2:31pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/15 "2022-11-27T14:31:13Z")
Crypto postscript - I got out with a 2.5x profit on Bitcoin early in 2022, $10,000 in, $25,000 out in 18 months. It was OK, but not what I was expecting, was expecting $100,000. I hope no one got badly hurt by the recent FTX implosion (I was not using them). I remain unshaken in my belief the cryptocurrencies and NFTs will revolutionize the entire financial industry and businesses from top to bottom, in the same way the Internet has revolutionized, well, everything. It will be a continued growth path, and more use cases will be found, and some very large players will either get on-board or literally die-off quickly because they get dis-intermediated (think - KODAK). I mean if you think about it, what money is, and how we create it in the US and the World, it’s really an antiquated steaming pile of Scheisse, best decribed in this book: “Beyond Blockchain: The Death of the Dollar and the Rise of Digital Currency by Eric Townsend”. It’s ripe to be replaced by newer technology. As far as individual “coins”, like Bitcoin or Ethereum… I don’t like the wasted energy of Bitcoin. I think I have moral arguments against owning it again. I had some Ethereum, bought it at $250, gave it to my kids for Christmas, and gave some as a Wedding gift they sold at $4,000. Best Christmas present ever Dad! Maybe if Ethereum trips back to $250 I’d buy it again. Owning these early individual coins was sort of fun, but not a priority for me now. I’m rolling Treasury Bills. ---
**Author:** ![Dwivagg1976](https://avatars.discourse-cdn.com/v4/letter/d/a3d4f5/32.png) [@Dwivagg1976](https://community.clark.com/u/Dwivagg1976)\ **Post date:** [March 15, 2023, 3:59pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/16 "2023-03-15T15:59:07Z")
Many people don’t know that the sole value of the crypto asset is the cryptographic nature of it. Also, you can even have a paper wallet. You get a private key and a public key which is a 3d barcode, or a string of characters. I think it’s just neat, but someone will buy it for the cryptography of it. The other value of the bitcoin is the lack of centralized nature. Some disadvantages would be all of the people who have forgotten their private key then that money of theirs is in the ledger but no one could get it. What percentage of the bitcoin is no longer claimed? How will they deal with this? Ultimately the amount of unclaimed bitcoin will approach 100%. However, if you have the ledger on your computer, you may condone transactions. ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [March 15, 2023, 4:42pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/17 "2023-03-15T16:42:25Z")
Blockchain and software built on top of Ethereum are going to change the world, but first we have to get through the **crypto stupidity phase** , analogous to [pets.com](http://pets.com) geocities altavista netscape in 2001, and on to more feasible projects. ---
**Author:** ![ole1845](https://avatars.discourse-cdn.com/v4/letter/o/e495f1/32.png) [@ole1845](https://community.clark.com/u/ole1845)\ **Post date:** [March 15, 2023, 5:10pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/18 "2023-03-15T17:10:34Z")
Crypto serves no purpose. It’s a solution looking for a problem. I have lots of ways to pay for things: cash, check, credit card, debit card, PayPal, Venmo, Zelle. The only reason to have crypto is to do something illegal. If I keep money in a bank it’s insured, it collects interest, it’s regulated. Crypto has zero protections. Just a hope that someone will pay more for it than you paid. ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [March 15, 2023, 5:18pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/19 "2023-03-15T17:18:08Z")
Ole, you just don’t understand the possible use cases. The best one that comes to mind is truly secure and private contracts that are totally integrated with the payments. For a business that has to deal with hundred or thousands of vendors, the speed and efficiency gains could be really phenomenal. Same with the medical industry - your complete patient chart, x-rays, MRIs, your payment data (private health insurance or Medicare, whatever), everything handled securely and more or less instantly between you, the doc, the hospital, the payor. How is that not a win? Why do we still have clipboards and faxes in 2023? And legions of people chewing up money shuffling little bits of information around. It’s terrifying the way we do it now. ---
**Author:** ![butler](https://avatars.discourse-cdn.com/v4/letter/b/ac91a4/32.png) [@butler](https://community.clark.com/u/butler)\ **Post date:** [March 15, 2023, 5:20pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/20 "2023-03-15T17:20:05Z")
> [@ochotona](#): > > Blockchain and software built on top of Ethereum are going to change the world, but first we have to get through the **crypto stupidity phase** , analogous to [pets.com](http://pets.com) geocities altavista netscape in 2001, and on to more feasible projects. Agree with your assessment of Ethereum and the blockchain technology that is the foundation. The thesis behind Crypto and NFTs appears to be that someone is willing to pay more for it than you did. No thanks !!! ---
**Author:** ![ochotona](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ochotona/32/293_2.png) [@ochotona](https://community.clark.com/u/ochotona)\ **Post date:** [March 15, 2023, 5:22pm UTC](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511/21 "2023-03-15T17:22:43Z")
NFTs and Coins isn’t how blockchain will change our lives. Those are a demonstration project, and people got caught up in the hype and did stupid things. The real change is to come. People thought the Internet was a fad in 2000. Fortunately, most of them “have assumed room temperature” or they are in a corner sucking on applesauce reveling in being totally wrong. **Newsweek in 1995: Why the Internet Will Fail** [Next page](https://community.clark.com/t/bitcoin-and-other-crypto-worthwhile-or-worthless/511.md?page=2)