james22

I say leave it open. If only so I can say "I fucking told you so!" next year.

I appreciate it, John, thank you. And likewise, of course.

I'm out. Enjoy being poor.

How does one make money trading an asset with a certain valuation? Reasonable people can disagree on valuations. That's what makes a market. And supply and demand always apply. You bough into the early Google/Amazon/etc. stories? That's for you to figure out. That's what investing is. The first issue is understanding why you dismiss the explanation that bitcoin is backed by the world's most powerful computer network?

Nothing is easier for me to value than bitcoin. I understand it is objectively a better form of money than anything else. Unlike any company, I don't need worry about competition. Only speed of adoption. Luckily, there's an opportunity to make money because others don't see its coming adoption.

Consider investing in bitcoin like Pascal's Wager.

Remember, you needn't determine the a very exact value for bitcoin, you only need determine that it is worth more than it is being traded at today (by significant margin to make worth the effort).

1. There'd be no return if valuation where easy, yeah? 2. Maybe this isn't for you and your hammer? 3. How do you think growth investors value companies? 4. Consider rate of adoption and catalysts. Extraordinary performance comes only from correct nonconsensus forecasts. If you really want to see information asymmetry, check out the MSTR thread. Value investors insist on considering NAV alone.

You conflate two things, Buckeye. What makes Bitcoin go up is its adoption, yes. But its adoption is driven by its being of higher long-term value compared to other assets, not because those who own it "get" more people to adopt it. Like I said: Now, do I benefit from faster adoption? Sure. But I've ZERO efficacy. No one I convince here will move the needle. The needle will be moved by nation-states and institutions. I can only repeat that we're early. Hopefully that might benefit someone here. As I benefit from pushback.

Oh, there is. You just don't recognize him yet. His name is Michael Saylor.

And I mean it when I say you should care. Even those pounding the table for Fairfax or Joe wouldn't argue they might be life-changing investments. Unless you are convinced there's ZERO chance of bitcoin becoming a recognized asset class, you should invest some time studying it. Because if it does, it will be life-changing.

Seriously, if you really care (and you should), there's a wealth of info out there. The questions you ask are not new and have been answered many times elsewhere. Could start with the crypto and MSTR threads here. As to whether BTC is a Trump trade or not, that's been answered today, hasn't it?

You might be a little more appreciative that I'm taking time away from influencing nation-state and institutional heads to try and convince you lot. Low ROI, sure, but Satoshi writes my checks, so . . .

Proof of Satoshi's genius: If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

I was one of those internet millionaires. Yet I haven't let the experience prevent me from recognizing opportunity when I see it. (In fact, it taught me the best protection from a crash is to participate in the run-up.)

We were very, very naive. https://pjmedia.com/eddriscoll/2014/03/16/cronkite-n258467

Here's another: what's the value of the strongest computer network in the world?

Here's a metric: what BTC trades at.

You miss the point. But go back to rehashing the election. Maybe you'll be able to overturn the results? And bashing bitcoin. Maybe your "value-oriented" investment returns will beat mine by year's end?

I find it perplexing that value-oriented investors haven't looked at the returns of growth over the last ~15 years and questioned if they aren't missing something. Munger: All intelligent investing is value investing. There's a saying that "to a man with a hammer, everything looks like a nail." The widely discussed distinction between value and growth made some people believe they only had hammers, when in fact they potentially had access to a whole toolbox. Now we live in a complex world where a range of tools is required for success. https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf

President-elect Trump

*checks* +$1,227,383 OK, anyone want to answer: Bitcoin adoption will happen. And it won't be because of any table pounding of mine.

If given the choice of what money to accept, people will accept the money they believe to be of highest long-term value, and not accept what they believe to be of low long-term value. If not given the choice and required to accept all money, good and bad, they will tend to keep the money of greater perceived value in their own possession and pass the bad money to others. https://en.wikipedia.org/wiki/Gresham's_law Where's the payment?