SInce Pollievre was blasted for saying bitcoin was worth considering as an investment, it's value has almost doubled.

CdnFox · January 12, 2024

Remember when in Nov 22 polievre said bitcoin was worth considering as an investment and possibly a hedge against inflation? Remember how bit coin fell shortly after and people said how stupid he was and all the papers talked about it?

It's now more than double the value from when he recommended it, and growing.

Did you see all those cbc articles noting that it turned out he was right all along?

Yeah. Me either.

Price nov 22 - 20,494

Price Jan 2024 - 46,314

https://ycharts.com/indicators/bitcoin_price

Isn't it amazing how the left wing media decided not to mention that the fact he was absolutely right and anyone who took his advice would have now more than doubled their money? Justin? Any smart ass remarks? No?

Hmmm.

Aristides · January 12, 2024

Still worth only half of what it was in the fall of 2021. Bitcoin isn't investing, it's gambling but fill your boots.

CdnFox · January 12, 2024

1 hour ago, Aristides said:

Still worth only half of what it was in the fall of 2021. Bitcoin isn't investing, it's gambling but fill your boots.

Have you seen the stock market?

https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart

Exact same thing. Most people claim to be 'investing' in stocks. Pretty common phrase

Any investment is a risk and the bigger the risk the bigger the reward. But - he was right to have said bitcoin was an investment worth considering.

Aristides · January 13, 2024

Depends on what stocks you buy, if you buy dividend paying stocks they still keep paying you when prices are down and you wait for them to recover. Also, not all stocks follow the market, selection is important, some do a lot better than others when the market in general is down.

Edited January 13, 2024 by Aristides

Aristides · January 13, 2024

Quote

Bitcoin is ingenious but it has no unique value at all. It doesn't produce anything. You can stare at it all day and no little bitcoins come out. It's a delusion, basically," Buffett said in a 2019 interview with CNBC, adding it's like "rat poison" for investors.

"What you hope is someone else comes around and pays you more money later on, but then that person has the problem. In terms of value, it's zero.

Warren Buffet

https://www.bnnbloomberg.ca/bitcoin-etfs-what-investors-should-know-1.2021561

Edited January 13, 2024 by Aristides

CdnFox · January 13, 2024

7 hours ago, Aristides said:

Depends on what stocks you buy, if you buy dividend paying stocks they still keep paying you when prices are down and you wait for them to recover.

Sometimes - but that can be a very low or even non existant return - people would have done better with GIC's over the last couple of years if we're going that route.

Don't get me wrong, i believe stocks are a good investment and over time produce well if you can afford to sit on them during bad times.

But - you can very clearly say the same for bitcoin. Looking at its performance it's been great and honestly there's not much you can say about a stock that you can't also say about bitcoin. THey were wrong to slag him for saying it was an option people should consider, and anyone who listened to him has done very well for themselves.

CdnFox · January 13, 2024

7 hours ago, Aristides said:

Warren Buffet

https://www.bnnbloomberg.ca/bitcoin-etfs-what-investors-should-know-1.2021561

Yeah, but it turns out that's not actually true.

The problem is that most things have no intrinsic value. Buffet would point to a stock and say 'ahhh - but a company has value! So at least when you own a stock you own something tangible!"

But in reality the actual value of most companies were it to be dismantled isn't even a fraction of it's share value. And whatever has happened in the past is no guarantee of anything going well tomorrow. Covid saw stock portfolios drop by 50 percent or more.

The problem is that just about EVERYTHING is now based on PERCEIVED value. Not actual value. What is a dollar actually worth? Nothing - we just see it has having value and we've seen currency fluctuate pretty wildly as that perception changes.

Stocks have exactly the same problem buffet noted for bitcoin. And we have seen people wiped out trading stocks many times - funny, anyone who put their money in bitcoin and held it is now richer.

Why is gold and diamonds worth money? We think it's shiny and we think other people will want it and there's a limited supply. Owning a diamond has no intrinsic value - what are you going to do with it?

He's way off base which is why bitcoin keeps growing like a weed and has made a lot of people very rich.

Aristides · January 13, 2024

5 hours ago, CdnFox said:

Sometimes - but that can be a very low or even non existant return - people would have done better with GIC's over the last couple of years if we're going that route.

Don't get me wrong, i believe stocks are a good investment and over time produce well if you can afford to sit on them during bad times.

But - you can very clearly say the same for bitcoin. Looking at its performance it's been great and honestly there's not much you can say about a stock that you can't also say about bitcoin. THey were wrong to slag him for saying it was an option people should consider, and anyone who listened to him has done very well for themselves.

Actually the opposite is true, dividend paying stocks do better than GIC's when interest rates are very low. All you can get from bitcoin is a capital gain or loss when you sell it, same as a stock that doesn't pay a dividend.

I really don't think politicians should be giving investment advice, most are not qualified.

CdnFox · January 14, 2024

22 minutes ago, Aristides said:

Actually the opposite is true, dividend paying stocks do better than GIC's when interest rates are very low.

Interest rates have not been very low in a while, and did better than stock portfolios (average) were there for a bit. So no, the opposite is not true THey CAN do better sometimes and have at some points in history but as i said specifically 'over the last couple of years'

But the point remains the same, they're more volatile and "risky" - of course some stocks more than others. And bitcoin is no different - if anything it's been better.

Quote

I really don't think politicians should be giving investment advice, most are not qualified.

Saying "This should be an option for people to consider" when discussing creating a crypto exchange is not giving 'investment advice' any more than any politician talking about the stock markets - which they all do.

And he was right. It is an investment people should have available and an exchange is still a good idea tho i doubt he'll talk about it again before the election.

All of those who claimed it was the worst idea in history are dead wrong. period. And justin was wrong, he claimed people buying bitcoin would have lost their shirts - reality is they could afford to buy new suits now

Aristides · January 14, 2024

Quote

Saying "This should be an option for people to consider" when discussing creating a crypto exchange is not giving 'investment advice' any more than any politician talking about the stock markets - which they all do.

Actually it is exactly that but I don't think it is much different from a politician bragging about how well the stock market did during their tenure.

Edited January 14, 2024 by Aristides

CdnFox · January 14, 2024

4 minutes ago, Aristides said:

Actually it is exactly that.

It's not even remotely close. Saying everyone should have an option is not saying 'you should do it'. You'd have to be 10 different kinds of stupid to believe that.

Oh.... never mind.