Let's say you have 10-20% of your liquid assets in BTC. Enough that losing it wouldn't ruin you, but it would hurt a lot. It seems like cold storage may be overkill vs. something like a software wallet. Of course if that 15%~ turns into 30%+ cold storage will probably end up looking a lot better.
Just the idea that you think all you need to do is own a few bitcoin and retire by age 30 is beyond me. You've tapped into something so game changing that even Wall Street doesn't understand it. The Bitcoin community is a CULT, and you've tapped into a ponzi scheme.
More Bitcoin have been STOLEN than actually used for legitimate purposes. And this idea that Bitcoin is "scarce". Which is why there's a Bitcoin Gold, Diamond, Cash, and I'm sure there are more by now. Not to the mention the 2000+ other cryptos that all do pretty much the exact same thing. Not even that, but literal 14 year olds are stacking satoshi's. Financial geniuses, or caught up in a scam?
As long as they cash out and diversify their portfolio it doesn't matter. Obviously if it all falls apart or tumbles like a ponzi then it'll suck for those that get stuck. My only mistake was thinking it was a fad when the mining was easy. I thought it was stupid, 10k btc for a pizza? I'll just buy a pizza with cash. If only I just did it for the hell of it... Anyway.... some real money has been made. Again, I'm not suggesting anyone invests crazy money at this point or ever.
Most people go through a learning curve with Bitcoin. The first thing they learn is what they see on the news. Giant spikes in value, teenagers driving lambos, all that nonsense. If you dig a little deeper, you find the utility in Bitcoin/Crypto as a more efficient and safer way of trading for goods and services. Looking even further, you find it is a much better and more resilient store of value than almost any other method, which is usually where the real hook is for getting involved. Wall Street understands it. Some of them fear it, some of them are hedging with it, some of them are fully on board. If Bitcoin is a ponzi scheme, then so is USD, or any other fiat currency. Most people who don't understand it have the opinion you have. I encourage you to learn more. Well, yeah, it's a new technology. There will be a learning curve. There will be a steep climb to adoption and ease of use. Crypto gets stolen and destroyed by human mistakes. Know where else that happens? Everywhere. As for scarcity, copycat coins are just a byproduct of the success of the technology. It's a wild-west phenomenon where there's no regulation or guidelines, so with a super low barrier to entry, coins will be popping up all over the place. You're confusing alt coins with bitcoin though. Alt coins have little to no impact on Bitcoin's value or scarcity (it's the other way around it seems, as Bitcoin goes, they go). Scarcity in Bitcoin is pre-built into the technology, which is one of the more elegant things about it. There will only ever be 21 million Bitcoins generated. Full stop.
capital flight from China, Bitcoin is the only asset that is impossible to inflate or censor, and difficult to confiscate
I hope somehow someway that country does get f’d over. I feel bad for their citizens. The two times I’ve been there. They seem to be depressed and say constantly.
I'm reading a book right now about China's economic decline, currency manipulation and move to replace the US dollar with Bitcoin to remove the American economic advantage. Of course being a techno-thriller there are rogue plans to manipulate it's value and vast covert server farms mining it.... and the eventual war, ha.
