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Classic car bubble


d3c0y

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1 hour ago, NickF said:

 10000 coins traded for $40 for 2 pizzas worth  $850,000,000 today 

 

Yes, I recall living in Europe after the GFC and reading about BitCoin early in 2010 and I was very intrigued by it. I had no idea how to start using it or buy into it but I was tempted to start using it then. 2015 I was going to buy some at $900 a coin (probably 2) but was talked out of it by my then manager at Google.

Truth be told I probably would have cashed in during the 2017 price boom, but I still regret not buying back then!

I also contemplated buying again at the start of Covid when the world's banks started their massive QE program, but I was nervous about allocation my money into it at the time because I was unemployed and had a child on the way and was starting to pay a mortgage and nobody was hiring (I left my job to move back to Melbourne at precisely the wrong time)..

Anyway if I had of bought at those times I would have done well. But I'm quite conservative with risk taking and only gamble what I'm willing to lose.

But my advice to young people is don't bother saving into a traditional savings account. Instead buy into a stock  / index fund instead. And just HODL during the market dips / crashes..

I made the mistake of saving money via bank deposits for several years.

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hindsight is a wonderful thing gav! I think we all wish we bought Bitcoin! I’m much the same, conservative risk appetite. All this crypto business reminds me of the dot com bubble when people were pouring money into anything internet related, half the companies weren’t actually doing anything. 20 years later only a few companies still exist. chance of choosing the right company....slim...

I think there’s still a place for savings accounts, in that if your goal is to save a deposit for a house, you don’t exactly want all your money at risk in the market. For example it took 20 years for the US market to recover to its old high after the Great Depression. 

but I agree, index funds for the win

 

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37 minutes ago, 240ZBUILTBYME said:

All this crypto business reminds me of the dot com bubble when people were pouring money into anything internet related, half the companies weren’t actually doing anything. 20 years later only a few companies still exist.

Yep I remember those times well...

https://en.wikipedia.org/wiki/Pets.com

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