Yes, that’s right. Shorting stocks is especially painful because when you’re wrong, they become a larger and larger part of your portfolio. At least when you make bad decisions buying something, those positions have the courtesy to get less and less meaningful to your net worth.
Also, I am a moron because I somehow forgot that options are priced per share of stock, but sold in contracts of 100. So my, “Yeah, I’ll take a flyer on a couple $1,500 strike puts at $750” would translate to “I’m going to buy $75,000 worth of Tesla puts.” Which is not really something I’m enthusiastic about.
Overcomes what exactly? This is just a failure of OP’s credit union. They say at the end it’s just their credit union declining everything. The barrier to entry to Bitcoin has lessened gradually over the past decade and now it’s insanely easy to get Bitcoin with all of these mainstream apps letting you buy it. Time for OP to change banks.
As far as I can tell, 1 BTC still equals 1 BTC, so it’s serving perfectly well as a safe and stable form of currency.
The fact that the BTC/USD rate has fluctuated so wildly is just more evidence that fiat USD can no longer be viewed as a viable currency, and will almost certainly be replaced by BTC in the coming years.
how many poors are buying bitcoin? In general it seems dubious to imagine that poor people are instrumental in bidding up prices in any bubble. Because they don’t have any money. Subprime mortgage bubble was an obvious exception but I don’t think banks are lining up to give unsecured loans to people to buy bitcoins. I mean maybe, who knows, probably Goldman Sachs has a new investment instrument where they bundle those bitcoin loans together to make a new AAAA bond and use those those bonds to back a new cryptocurrency. What’s the worst that could happen.
I think there a lot of people with some Robinhood-like misconception of Bitcoin being the chance for the working class to get a chance to reset the scales, but yeah that’s not happening and never really had a chance of happening. Rich will continue to get richer.
