Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this10:18 am
November 20, 2017
Offline
It is almost an inevitable topic.
I wonder if we should start a thread because:
1. Canada is not raising interest rate anytime soon.
2. Some institutions are already decreasing saving rate fast (like WeathOne from 2.5 to 2 immediately NOT EVEN AFTER A DAY following the announcement by bank of Canada) This makes me so angry!
3. We savers are being forced to look all over the place. Why should we be left out, just because we are responsible? Since when being responsible is not being rewarded and instead punished?
4. As long as one only allocate a small percentage to cryptocurrency, nothing wrong with it.
Any other disclaimers and reasons are welcome too if we are to start to share knowledge about cryptocurrency. What do you think?
10:33 am
December 17, 2016
Offline
Bitcoin is NOT a savings platform - it's 100% pure speculation.
People interested in portfolio management of their wealth will have, without a doubt, already looked at cryptocurrencies as an option.
-------
The real problem is there is absolutely NOTHING underlying it - hell, it's not even a real currency:
Bitcoin fees are skyrocketing
The cost to complete a Bitcoin transaction has skyrocketed in recent days. A week ago, it cost around $6 on average to get a transaction accepted by the Bitcoin network. The average fee soared to $26 on Friday and was still almost $20 on Sunday.
https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/
10:47 am
May 28, 2013
Offline
I would not touch Bitcoin, and I do not see a discussion of it being relevant to this forum.
1:09 pm
October 21, 2013
Offline
this has been discussed before.
https://www.highinterestsavings.ca/forum/general-financial-discussion/bitcoin/
1:46 pm
February 4, 2017
Offline
Bitcoin is relevant to this forum. It is commonly referred to as a store of value. Bitcoin futures started trading today.
I congratulate those who had the foresight to invest early.
I've been telling people for years to buy one single bitcoin and hold on to it but they refused. Look at it now.
Best gol darned savings account I ever had.
1:49 pm
November 20, 2017
Offline
It is ironic to see that it has been discussed before.
https://www.highinterestsavings.ca/forum/general-financial-discussion/bitcoin/
Then it was 300$ and now 22000$. Maybe when those Bay street guys warned us they actually got tons. This really gives new perspective.
1:55 pm
December 17, 2016
Offline
mmlt said
Best gol darned savings account I ever had.
Just like we only ever hear from the Bre-X stockholders who ALL got out the day before the stock cratered and the ALL those winners at the Tuesday night church hall bingos.
Haven't heard about how all those winners who bought gold at $1,900/oz back in 2011, are doing?
3:23 pm
November 29, 2017
Offline
Top It Up said
Just like we only ever hear from the Bre-X stockholders who ALL got out the day before the stock cratered and the ALL those winners at the Tuesday night church hall bingos.
Haven't heard about how all those winners who bought gold at $1,900/oz back in 2011, are doing?
Bingo (no pun intended) 
The big Bitcoin backers know it's a bubble. In fact, they're counting on it, and are aiming to pull out at the right time. They don't believe in Bitcoin any more than real estate speculators believe in community living standards. It's just about money. All of the talk about bitcoin being this and that is just to drive up interest. Besides, pretending to have a cause is better optics than just being motivated purely by greed.
The big losers here, as always, will be the folks who reject the fact that they're truly low-risk investors at heart (they feel self-conscious about this), and who will start inching into a space that they have no business being in. They'll get burned, because those people ALWAYS get burned. Basically, they're burned before they even invest their first dollar. It's just a matter of time.
4:27 pm
February 4, 2017
Offline
I've listened to bitcoin doom and gloom since I got into it. It's not my fault people don't fully understand the implications of such technology.
Would I buy bitcoin now? Heck no. The "bubble" could burst at anytime. Bitcoin is famous for meteoric rises only to fall. The big guys do control the market just like anything else.
Anyone who bought btc previous to recent highs has done well. They don't need to tell friends about their big win at the casino only to face skepticism. The numbers are there for all to see.
Please don't hate me for gloating, just a little. It's been a long road with lots of haters.
4:56 pm
November 29, 2017
Offline
I don't hate on you at all -- on the contrary, I congratulate you on playing the game well.
I'm not on some kind of moral crusade against Bitcoin or bubbles. I just think that people need to honestly acknowledge who they are, and also to embrace that fact vs. reject it.
In a lot of corners and especially the financial media, there is an antagonism towards low-risk investors. They're branded as stupid, paranoid...basically, the investment kingdom's equivalent of sloths.
When low risk investors start to buy into this, they slowly but surely start to feel defective. It doesn't happen overnight. It can take years. But eventually, they reach a point where they lunge towards something like Bitcoin -- and they get drilled.
It's actually not about the money. It's psychological. They rejected and repressed what they are, and so eventually, it explodes on them.
There's nothing wrong with being a low risk investor. It's actually quite delightful. Yes, you have to put up with a lot of noise from people (I'm not suggesting you're one of them) who feel obliged to tell us how much money we COULD be making. But then again, we sleep pretty good at night -- and maybe we live a bit longer as well and spend more time doing things we like vs. obsessing over what some insane politician on the other side of the world will do, and how it will impact how much money we have. And we don't need to spend our way out of an anxiety attack because of ebbs and flows in the market -- which aside from being pretty convenient, actually leads to more disposable income. What fun.
I'm glad you did well on Bitcoin. You obviously have the personality to make it work. Many others won't be as fortunate, and some will snap out of it when they lose their life savings and say "what on earth have I been doing?"
4:53 am
October 21, 2013
Offline
Like almost any "investment", it's only worth what you can trade it for in the end. You can't eat any currency, stock, bond, mutual fund, ETF or derivative, although you can at least live in a house.
If I owned bitcoin, I would be in a quandary right now as to whether this was a good time to dump it or whether i should keep it forever. I would not have a clue how to resolve this and it would make me very anxious. So, it's just as well that I don't have any.
Some people collect and trade marbles.
And some people have none (or lost them somewhere along the way).
10:29 am
November 20, 2017
Offline
We could leave the philosophical aside.
I would like to know how to trade with lower fees. I did try to buy some from a BitCoin ATM and noticed that the fee was outrageous. Let's say fine, anything and everything has some fees. What are your experiences? Which Canadian trading platform charges less in CAD? Will the banks (let's say RBC) raise a flag when you sell BitCoin to cash out CAD?
Let's use this to share knowledge without bias as the learning curve is steep.
1:07 pm
July 10, 2011
Offline
BTC protocol is functioning as it should and according to the blueprints.. Markets always correct eventually right?
@2017opinionsmatter use a btc exchange.. or localbitcoins etc.. lots of ways out there..
Please write your comments in the forum.