Gambling or not?

So got involved in a small way last month. Told myself that I have 1K to lose as I do with any other stock I am unsure about. It’s play money to trade or not. Just had some guy on squawk box going on about bitcoin reaching 1 million bucks in 10 years!!! We have seen bubbles in our time and this looks like a classic case of a flaming eruption of all proportions, but the question is, which way?

https://www.finviz.com/quote.ashx?t=RIOT&ty=c&ta=1&a…

1 Like

I gotta tell you.

When Microsoft came out I was like, “Licence software?” “You mean you want me to pay for something I csnnot touch?”

I am like, “Well that business model won’t work.”

Said the same thing about Red Hat
Yahoo
Facebook
Amazon

So with that in mind.

We know that there are only so many Bit Coins that will ever be found.

But how many different coins can there be? What makes one more valuable than another?

While I believe block
chain is awesome. And the computing power we are building to mine coins is awesome. (I own NVDA) I just don’t see it.

Cheers
Qazulight

7 Likes

Riot up another 32% today.
WTF! Never seen anything like this before. Total madness or to the moon?

Semi-madness… :slight_smile:

In 1999, the way to get your company’s stock to jump was to add “.com” to the name. Today, you do the same thing by adding “Blockchain.”

I would take the profit you just made and “bet” it on something like Arista. In fact, I just bought 15 shares about 5 minutes ago.

2 Likes

I am just seeing this thread now. Please be aware that Riot Blockchain was a biotech company that just changed its name to Riot Blockchain in October in an attempt to cash in on the cryptocurrency craze. It also bought a cryptomining outfit for $12M. But this is a company with virtually no expertise in this area. Please proceed with caution!

https://www.bloomberg.com/news/articles/2017-10-04/from-biot…

Matt
MasterCard (MA), PayPal (PYPL), Skechers (SKX) and Square (SQ) Ticker Guide
See all my holdings at http://my.fool.com/profile/CMFCochrane/info.aspx

5 Likes

Thx TMFC…also read up on them.
Sold 80% around 2pm. Nice gain from three weeks ago and do realise how volatile this can be.

Reminds me of Tulip bulbs in Holland in whatever year. Worth more than gold, and then worth less. I don’t understand bitcoins, don’t want to and will avoid. Seems like it will crash to earth, and I don’t fly that kind of airline.