It’s rather fitting that a scam trade crushed all others in 2016. It makes total sense, when considering Bitcoin is supported by many VCs and former gold bugs who lost faith in the yellow metal, saddened by the lack of progress in finally getting to audit Fort Knox.
I didn’t even look at the news, but Bitcoins are soaring today, higher by 4%. Maybe the Vinklevoss twins launched another Bitcoin project?
As far as I know, there is one way to play this in the ETF world and that’s through $GBTC.
Like it or not, Bitcoins outperformed all asset classes in 2016 and stands on a pedestal of its own making — built off the backs of each and every one of its buyers — like a pyramid scheme, only much worse.
In theory, Bitcoin is completely retarded. It’s also a bad idea in real life, storing money on a hard drive that can be hacked away and rendered worthless. No thanks.
If you enjoy the content at iBankCoin, please follow us on Twitter
The hedge fund guy from the big short (Eiseman) loves Bitcoin and banks.
Go figure
Regards
Chuck Bennett
Just buy bitcoins here: https://gemini.com/
Then wait for the ETF in the works:
http://seekingalpha.com/article/4029271-coins-launch-will-propel-price-bitcoin
Damn it. I love you Fly, and have enormous faith in what you say. But when you display a lack of knowledge about a subject like Bitcoin it casts doubt in my mind about your other offerings.
Do a little more research in this area please, you will likely profit from it.
What security do you have to prevent your bitcoin vanishing due to a hack?
I use a BIP38 paper wallet locked in a safe deposit box that requires a strong pass phrase to access (which is NOT written down)
I wish Coinbase would go public. Id be on that IPO for sure.
GBTC is horseshit. Overpriced and run by former $GS guy who saw the light and naturally figured out a way to milk the public.
Do just a little bit of work to buy your own coins and hold them in a hardware wallet. KeepKey, Trezor or Ledger Nano will do.
Bitcoin is a wild ride. So was the Internet in the early days. The Internet is unrecognizable from early 90’s. Bitcion will be the same.
Even if you consider Bitcoin a lottery ticket it doesn’t make sense to not hedge just a little bit. If you do, own your coins outright. Don’t store on an exchange or in a fund.
Once you see how easy it is to move money with Bitcoin crypto currencies make a lot more sense.
Also, this: https://ibankcoin.com/en1gma/2016/12/07/this-is-your-final-warning/
So that ETF buys and sells bitcoins?
Basically what I am asking is if that ETF is a risk to being hacked?
Bitcoin is designed to be decentralized. You are your own bank. Your BTC is very safe in your own possession with some simple security precautions.
Exchanges and ETF by default start storing large amounts of BTC so they become big targets. So far the big insurance brokers have been refusing or reluctant to insure these companies.
I buy from coinbase and immediately sweep the coins out of their vaults and into my possession where they are very safe.