Sunday October 29, 2017
Total BTC mined: 0.29798748
Total BTC mined USD: $1775.67 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $115.83
Bitcoin jumped $200 overnight and currently sits just below $6000/coin. As a result my value and ROI jumped significantly as well and I now have an extra $80 on paper that I didn’t have yesterday. Of course Bitcoin could drop $500 tomorrow so I don’t pay too much attention to present value, more on total mined.
With the increase ROI is now at 93.8% and assuming some level of price stability we might hit 100% ROI within the next week. Keep in mind when I originally started, I was projecting early February for break even so this is a huge swing in terms of overall value.
In other BTC news, Warren Buffett made it clear he thinks Bitcoin is in a serious bubble and bemoaned Wall Street firms diving into cryptocurrency. His main argument was that it is a non-value producing asset and that delves into a more serious question of whether Bitcoin is an asset (like real estate) or a currency or some hybrid of both. That uncertainty is partially to blame for why regulatory agencies have struggled to understand and deliver guidance on how to treat it.
I think the problem is that we’re so used to seeing currency and assets as a binary that we have tough time with classifying something can be both and it’s contributing to the fear and negativity coming from many of the top minds in investment banking. In an interesting contrast, disclosure statements from 124 hedge funds revealed that there is a sizable investment presence in crypto and I can only imagine the level of return these firms are achieving at scale.
Today’s picture comes to us from Duncan C