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by avgDev
1734 days ago
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I was pro bitcoin when it first started. It seemed exciting and I was just getting my feet wet in programming as a hobbyist. When I started my CS degree I sold all my bitcoin(funded a lot of my education). My current sentiment is that bitcoin is an awful way to store money. It is too volatile. Contrary to the popular belief that it is completely untraceable, it is actually more traceable than using cash. It is too easy to get scammed or lose all your bitcoin. There is 0 oversight and regulation. Mt.Gox is a perfect example. My bank account is FDIC insured up to $250k. My investments are in stable index funds. I feel much better now, I woke up several times to watch my money lose half of its value overnight with bitcoin. |
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Years later in the 2017 bubble I took it a lot more seriously, but still not serious enough to put real money in it. I put a very small amount into it and also played with ethereum/solidity coding. I didn't find myself enjoying the coding part of it and I just left the scene after the bubble popped.
Come early 2021 I found the few hundred dollars I did put into btc/eth went up a very decent amount by then, and by this year the industry is a lot more mature and it doesn't feel like it was going to collapse any minute. I put in a lot more money into it (but still keeping it under 10% of my liquid assets) and feel pretty good about the diversity of my liquid investments (i.e. money outside of real estate). I don't think it's right to put 100% (or even 50%) of your money in crypto like the crypto-twitter or wsb crowd always do, but keeping a small percentage (under 10%) seems reasonable as a hedge for my own portfolio. Also I don't take the decentralization/untraceability of bitcoin/crypto very seriously. I just own my crypto through coinbase (a very centralized way to do so) which I'm sure is a disagreeable position for the real crypto proponents.