Quote: (11-13-2013 11:31 AM)Parlay44 Wrote:
Quote: (11-13-2013 11:22 AM)el mechanico Wrote:
Quote: (11-13-2013 10:33 AM)Parlay44 Wrote:What if you spent that 20k on bitcoins instead of that car that day how much would you have now?
Quote: (11-13-2013 10:24 AM)el mechanico Wrote:
You're an engineer? Two guys next to my job are both millionaires. What are you doing with your money?
Rent and child support. Neither is cheap where I live.
I bought a new car recently too. Dropped $20k cash on it.
I hear what you're saying but it's a risky investment. I can buy a few Bitcoins without it breaking the bank. In fact I probably will.
But like I said I'm moving soon. I need like $2k for a deposit plus moving costs. I'm moving to be closer to my kid so I can get him for 1 or 2 overnights during the week. Right now I'm 90 minutes away. My commuting costs will go up a little too after the move. I have to manage my cashflow and still try to put something in the bank when I can. NJ ain't like Florida. The cost of living here is ridiculous. You gotta juggle sometimes.
Maybe bitcoin is the best thing since sliced bread?; however, each of us has to decide the extent to which we can afford any investment and with any investment there can be a lot of i told you so, after the fact.
Also, we know that we do NOT make investments soley based on past performance in an expectation that such past performance trends are going to continue. Instead, we have to look at how much we are willing and are able to lose based on our own life circumstances and comfort in taking the risk and are we sufficiently diversified in our investments in order to be able to lose whatever it is that we are investing.
Spending 20K on a car may be a luxury for some people or it may be a necessity. Recently, I also chose to spend 20k to pay off a car note - b/c I did NOT want that note hanging over my head. Surely, I could have used that 20k to invest, but I have to look at my own whole package.
Guys will come to differing judgements based on their own assessments of how extended they want to be in various regards.
Also, some guys will chose to put all their eggs in a particular investment package - which likely many of us can begin to feel that we are NOT sufficiently diversified.
For less than a week, I have been thinking about bitcoins, and for me, that is NOT enough time to decide to get involved in this particular investment. Even a year later, sometimes, a guy may NOT be comfortable enough with a particular investment vehicle, even though the price may have gone up 10 times in the interim.. but the fact that it went up 10x does NOT necessarily mean that the guy should rush to make his decision.. .he has to reassess that it may have been better to buy a year ago, but maybe at this time the circumstances are different. The fact that the investment possibility went up 10x in the past year, may signal that it is time to sell some of that asset rather than to buy it.
I am looking at the data regarding bitcoins, and surely, it may be the case that this investment vehicle is going to continue to go up to a million dollars per coin, and it is also possible that some kind of crackdown or corruption will occur in order to cause the whole system to fall apart. Several guys have already suggested that there is a learning curve with these coins, and even, you, El Mech mentioned at one point that you do NOT know what you are doing, but you are making money.
In sum, at this point, I'm NOT jumping in based on recent press about the recent trends in the market.... Maybe i will be kicking myself in a week or two or a year later, but maybe NOT.