Bubble, what bubble?
We're not saying BitCoin (GBTC) is dead, just because it fell 30% this week. That seems to happen to it every few months and it hasn't happend since September, so it was overdue for a correction. We sold our BitCoins and BitCoinCashes(?) as $18,500 and $3,500 seemed kind of silly to me but we're still accepting GreenCoin until the end of the month as payment for our 2018 Annual Memberships and they are cheap today at 0.000285 while we're converting at 0.00044 so close to a 50% discount on the exchange!
We bought our 4 BitCoins 2 years ago for $600 each and we traded two for 150M GreenCoins (GRE) and let the other two ride. Last week, as BitCoin raced up towards $20,000, we managed to get out at $18,500 so a nice 2,983% return on our investment but, even at just 0.000285, our 150M GreenCoins are now $42,750 – so doing better than BitCoins for now! There are lots of small, alt currencies out there – GreenCoin is simply the one we decided to play with but, keep in mind, we're in them for $1,200 (not even counting the BitCoin profits) – not really a make or break trade!
The fact that we're trying to get more of them is a sign that we don't think crypto is going away but that doesn't mean we want to buy a BitCoin for $13,000 or $10,000 or $5,000 or $3,000. Now $1,000 I'll buy 10 or 20 (still with the profits from our first 4) but what makes a BitCoin worth more than a GreenCoin other than BitCoin is more popular at the moment? Well, I don't think BitCoin is likely to get more popular but the sky is the limit with GreenCoin and, even at a penny, we'll be Millionaires – so it's a much more fun gamble, isn't it?
Yesterday, the Long Island Iced Tea Corp (LTEA) said they were changing their name to the Long Blockchain Corp or some such nonsense and the stock jumped 346%. For those of you who remember the pet food seller, Pets.com, this is the kind of nonsense you see at the height of a speculative bubble – people just trying to associate themselves with the…