I’ve invested in some. My main holdings are in Bitcoin, Bitcoin Cash, and Ethereum. I also have some Dogecoin and a smattering of other stuff I suppose I’d call “hobby coins”.
I certainly wouldn’t put my life’s savings in them, they could tank at any moment.
Overall I’m ahead. That’s in spite of the recent dips, but I do wish that I had sold my BTC when it was at 65k.
I would probably hold on to Bitcoin for a bit longer. It will probably gain more widespread institutional acceptance, which could push the price higher.
I still think Bitcoin will have a reckoning, but that might take a while.
That’s pretty much my thinking. Bitcoin was the pioneer, and as such it has revealed some problems with efficiency, scaling, and cost which make it inappropriate for day to day commerce. Instead it’s become a store of value, but based on what?
Newer cryptos are trying to learn from this and improve on it.
Ethereum is interesting with it’s smart contracts which have led to things like defi,and NFTs, and the easy creation of custom tokens, but the gas fees are becoming too high.
The thinking is that there will eventually be solutions to Bitcoin’s carbon footprint. Right now about 70% of global BTC mining is in China, which has a Malthusian problem and also doesn’t like the idea that China’s billionaires can sidestep the government and conduct large transactions outside their domain.
My concern with Bitcoin is that it’s not as practical for everyday use as cash. When I carry cash or a debit card, I don’t have to remember my key. Cash is instantly liquid. Governments can also just shut down or confiscate bitcoin (and gold for that matter).
I personally think that Bitcoin is mostly rich people dodging taxes, illegal activity, and 20-somethings trying to get rich overnight.
For the record, I’m in none of those categories. My small amounts are for fun and financial gain. My BTC are in Robinhood so I couldn’t avoid taxes even if I wanted to.
As a retired developer I’m fascinated by Etherium’s smart contracts, which appear to be similar to Javascript. I may play around with some, at least on one of the test nets.
The cops closed down a bitcoin mine not far from me. They thought it was a cannabis factory because of the heat they were generating and the theft of electricity.
Officers had been tipped off about the site on the Great Bridge Industrial Estate, Sandwell, and raided it on 18 May, West Midlands Police said.
Instead of cannabis plants they found a bank of about 100 computer units.
They closed it down for stealing electricity. It’s not illegal to mine bitcoin, but there’s no way they could have mined bitcoin profitably with that area’s electric rates, so they stole the electricity.
These guys were idiots and thieves.
It’s also worth noting that the cops were flying a drone around, presumably looking for hot roofs, to seek out cannabis farms