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    • Chris
      Chris MacAskill

      I have some good friends who went all in on crypto and Bitcoin at the beginning of last month. I don't follow all the fluctuations but it seems like there is some pretty significant news.

      #1: The big payment processor Stripe ended support for Bitcoin payments.

      #2: Facebook bans ads for Bitcoin and other cryptocurrencies.

      What's your view on the future?

    • PJ

      I’m in the financial advisory industry and we had a few clients asking about it and how to get in... in my opinion that’s a clear sign it’s a bubble.

      Now it’s not scientific at all but usually when the general public starts asking and want to get in it for fear of “missing out” that usually means it’s gotten a lot of press, and the first in are just about ready jump out.

      For the clients that did ask we kind of gave them this advice.. if you have money you’re literally willing to never see again go ahead and buy some. But if it’s money you’re counting on for your livelyhood it wouldn’t be prudent to get involved.

      That doesn’t mean you will definitely lose any or all of the money it just means it’s pretty volatile and the risk of losing a good chunk is up there.

      I had read that squares cash app (which I’m a big fan of) has opened up buying and holding bitcoin in their latest update... now I didn’t read any further and don’t know how it works but that kind of wide spread access could certainly be dangerous. I’m sure there are all kinds of disclaimers before you sign up but idk.

    • Chris

      Interesting, PJ. I have some friends like that lately and it kindof rattles my nerves. 😬

      And now we have a children's book, sort of: My First Bitcoin. Great illustrations by the design team at Square.

    • cvdavis

      The current crop of cryptocurrencies are headed for the scrap heap until they can start being useful as an actual currency, faster transactions and without consuming so much energy. Right now they are just speculative gambling in my opinion. I'm sure some new type of blockchain technology will eventually replace current banking systems though the banks and credit card companies will figure out a way to stay in the game. Apple pay doesn't seem to be putting any current credit companies or banks out of business.

    • cvdavis

      Someone explain to me why cryptocurrency mining (and the whole sytem that allows it) is a worthwhile thing for humans to spend our money, energy and resource on.

    • Chris

      Well this conversation started as "quite a month for Bitcoin." Now it's quite a quarter. Off by 50%. Ow.

    • cvdavis

      Yeah if he actually knew that for sure he'd dump all of his holdings and invest it all into Bitcoin. Nothing is inevitable.

    • PJ

      Maybe some would argue now could be a good entry point into some of the crypto-currencies... once again solely if you have money you are willing to lose.

      I personally wouldn't buy into any of them, but certainly wouldn't buy into bitcoin at this time. Perhaps some of the cheaper ones as a wing and a prayer... but as I said I wouldn't touch it.

      It doesn't surprise me it's declined as much as it has, with anything else once the "free" market gets a hold of it prices start to level off and maybe even make a bit more sense.

      Bitcoin was original driven by lack of supply and feverish demand. Now that there are a few other ways to take positions or bets on it you are seeing it come back down to a place where it starts to make more sense. I'm not sure if any of the bitcoin ETFs got off the ground as I really don't waste brain space reading about it, but I know a few markets allow option trading based on the value.

    • Chris

      Dunno if you saw Naval's tweet about blockchains, but this is how I feel too. I've been involved in technologies before that were the right thing to do but you had to keep working on the execution before it finally broke through.

    • et

      Totally agree with you. This looks like the early stage of many other tech projects - computers, internet, and EV just to name a few. I remain very hopeful of blockchain and I believe it is a promising technology that is just getting out of its infancy. Back to work sounds like a good plan.

    You've been invited!