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Cryptocurrency Investment

by RandPruitt
41 replies
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Cryptocurrency has taken over the new age lately. What do you think about bitcoins and bitcoin mining?
Do you think this is another shenanigan or truly a path to financial freedom??
  • Profile picture of the author hardraysnight
    i think all shenanigans are truly a path to financial freedom

    have a good look at tulips
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    • Profile picture of the author MeelisM
      For the people that think it's just a path to financial freedom i advise to not buy any tokens because you will lose money.

      You need to look past the hype and understand what is really going on.
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      • Profile picture of the author GordonJ
        Originally Posted by MeelisM View Post

        For the people that think it's just a path to financial freedom i advise to not buy any tokens because you will lose money.

        You need to look past the hype and understand what is really going on.
        SkyNet. Hundreds or thousands of satellites circling the earth. Once pure science fiction.

        Millions of computers connected on a network, a pipe dream of the 1980s.

        An unprecedented securtiy of a blockchain, inpenetrable, unhackable...Until it is.

        AI, HAL, the stuff of Hollywood. Your logorithm a secret? Just wait.

        It is Sept. of 1929, when the barber was giving his customers advice on which stocks to get into.

        Oct. 24, 1929 was the start. Cryptocurriences are the wild speculation of today.

        The fact Warriors are hyping it, should be all the red flags anyone needs.

        Keeping the gold in the coffee can buried under the dog house, as always.

        GordonJ
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  • Profile picture of the author Mark Lovett
    Bitcoin and blockchain technology are the wave of the future. Get on board or get left behind!
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    • Profile picture of the author OptedIn
      Originally Posted by Mark Lovett View Post

      Bitcoin and blockchain technology are the wave of the future. Get on board or get left behind!
      You'll soon be renting out my basement. :-)
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      • Profile picture of the author whateverpedia
        Originally Posted by OptedIn View Post

        You'll soon be renting out my basement. :-)
        Make sure he doesn't pay his rent in bitcoins.
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        • Profile picture of the author OptedIn
          Originally Posted by whateverpedia View Post

          Make sure he doesn't pay his rent in bitcoins.
          Good ol' American greenbacks are the coin of my realm.
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          • Profile picture of the author MeelisM
            Good old papers backed by nothing and printed out with no maximum cap 24/7 at high speed.

            $1 in 1930 is worth $0.07 today. That's a loss of value of 93%
            Sounds like dream money - hold it and you will lose value.

            In the other hand, $1 in BTC (at$0.07 per BTC) in 2010 today is worth $128000. That's a rise in value of 12800000%

            I wonder which one has worked out better
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            • Profile picture of the author OptedIn
              Originally Posted by MeelisM View Post

              Good old papers backed by nothing and printed out with no maximum cap 24/7 at high speed.

              $1 in 1930 is worth $0.07 today. That's a loss of value of 93%
              Sounds like dream money - hold it and you will lose value.

              In the other hand, $1 in BTC (at$0.07 per BTC) in 2010 today is worth $128000. That's a rise in value of 12800000%

              I wonder which one has worked out better
              Yes, and Apple has been going out of business since 1986. When I take a dollar into a store, I leave with a dollars worth of merchandise. The rest is tripe.

              The only thing I can do with Bitcoin is print out a picture of it and wipe my ass with it.

              Thank you!
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              • Profile picture of the author MeelisM
                That's the only thing you can do with bitcoin.

                People that are open minded and understand the tech can do a lot more with btc and blockchain protocols.
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                • Profile picture of the author OptedIn
                  Originally Posted by MeelisM View Post

                  That's the only thing you can do with bitcoin.

                  People that are open minded and understand the tech can do a lot more with btc and blockchain protocols.
                  Yes - I'm certain that all three of those people can do just that. :-) I wish them luck.
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                  • Profile picture of the author tagiscom
                    Originally Posted by OptedIn View Post

                    Yes - I'm certain that all three of those people can do just that. :-) I wish them luck.
                    Yes, tulips, Pineapples the stock market in 1929 and Bitcoin all have the same thing in common at their height,.....denial.

                    Nothing new to see here.

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                    • Profile picture of the author MeelisM
                      The thing here is that there have been drops just like this one ~20 times during the history of bitcoin. It came back every time and is going stronger each time.

                      Like you said, nothing new to see here.
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                      • Profile picture of the author OptedIn
                        Originally Posted by MeelisM View Post

                        The thing here is that there have been drops just like this one ~20 times during the history of bitcoin. It came back every time and is going stronger each time.

                        Like you said, nothing new to see here.
                        True. This will end in the same sad way that they always do. Tears and gnashing of teeth. :-)
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                  • Profile picture of the author MeelisM
                    I guess it's fair to say here that ignorance is bliss. Have fun with your worthless paper money that is losing value
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            • Profile picture of the author Odahh
              Originally Posted by MeelisM View Post

              Good old papers backed by nothing and printed out with no maximum cap 24/7 at high speed.

              $1 in 1930 is worth $0.07 today. That's a loss of value of 93%
              Sounds like dream money - hold it and you will lose value.

              In the other hand, $1 in BTC (at$0.07 per BTC) in 2010 today is worth $128000. That's a rise in value of 12800000%

              I wonder which one has worked out better
              most of those bitcoin people had in 2009/2010 have been permanently lost i think the last figure was about 1/3 of bitcoins are lost do to loss of the hard drive they where on or even forgetting the information to online wallets .

              currency is not meant to be held it is meant to be circulated ..to avoid a few eventually having all the money then exchanging it for gold so then the money become worthless ..or to protect the value of the money kill anyone who tries to get to much with the intent to get all your gold.

              with the fiat system and the USD being the reserve currency.. it is backed up by thousand of nuclear bombs and the best armed military in the world.. threaten the value ..and your government gets toppples and you end up hanging in a courtyard .

              the only backing of bit coin is it's speculative promise ..the short supply doesn't matter now that there are thousands of other cryptocurrencies ..and banks and countries will get on board with block chain and issue their own currencies..the bitcoin owners has a target on their head ..
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              • Profile picture of the author OptedIn
                Originally Posted by Odahh View Post

                the bitcoin owners has a target on their head ..
                READY, AIM, FIRE!
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              • Profile picture of the author MeelisM
                USD is backed by nuclear bombs? So it's backed by nothing by threats of violence? Sounds like the real deal.

                Bitcoin is backed by a huge network of decentralized nodes. You literally cannot mess with it. You cannot print new ones out of thing air like USD.

                Also bitcoin's characteristics don't make it useful as a currency anymore with this vast userbase. Bitcoin is a store of value. Look at the way the price has grown and you see it's better store of value than anything else in human history. For payments there are better currencies that don't have the high fees and confirmation times as bitcoin.

                I disagree with the only backing of bitcoin being speculative promise. It costs thousands of dollars to mine 1 bitcoin. The price will not drop below the cost to create. Why does mining matter? Because mining is essentially confirming all the transactions that happen on the bitcoin network.

                USD is bound to fall from the status of being the reserve currency of the fiat system. Look at the inflation and USD printing rate. Which way do you see the value of USD going?
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                • Profile picture of the author OptedIn
                  Originally Posted by MeelisM View Post

                  USD is backed by nuclear bombs? So it's backed by nothing by threats of violence? Sounds like the real deal.
                  Whatever works. I'll take the power of a nuclear bomb over that of a graphics card, any day of the week.
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                • Profile picture of the author Odahh
                  Originally Posted by MeelisM View Post

                  USD is backed by nuclear bombs? So it's backed by nothing by threats of violence? Sounds like the real deal.

                  Bitcoin is backed by a huge network of decentralized nodes. You literally cannot mess with it. You cannot print new ones out of thing air like USD.

                  Also bitcoin's characteristics don't make it useful as a currency anymore with this vast userbase. Bitcoin is a store of value. Look at the way the price has grown and you see it's better store of value than anything else in human history. For payments there are better currencies that don't have the high fees and confirmation times as bitcoin.

                  I disagree with the only backing of bitcoin being speculative promise. It costs thousands of dollars to mine 1 bitcoin. The price will not drop below the cost to create. Why does mining matter? Because mining is essentially confirming all the transactions that happen on the bitcoin network.

                  USD is bound to fall from the status of being the reserve currency of the fiat system. Look at the inflation and USD printing rate. Which way do you see the value of USD going?
                  USD is a currency not a speculative or long term asset clash ..all fungible currencies on this planet at the moment are fiat ..so comparing bitcoin to usd .. bitcoin is like gold .. but unlike gold there is no real world use and you need the network to keep bitcoin valid..

                  And not being a speculative asste class or holding it's value .. so it held on to 20,000 usd per bitcoin real well ..

                  and the history does not matter if someone didn't start buying bitcoins until they where 5,000 ,10,000 , 15,000 or more ..

                  from the 12,000-8,000 thousand range it has been trading in the last month.. if someone gets in now.. or even when it dips below 9,000 without a massive speculative burst like it had the end of the year ..

                  Outside buy hold and hope it goes up .. or the risks and rewards of the volatility makeing bitcoin a traders dream .. what gives bitcoin it's value ..

                  You put 100,00 or 1000.00 dollars Usd in some ones hand .. there is many options of things to buy now .. or assets to buy .. many different things ..because the purpose of fiat currency is that it gets spent not saved ..so usd is not an asset class it is just cold hard cash .. that most normal people understand losses its value over time .. which is why the low savings rate.

                  10 or 20 years .. cryptocurrency will probably replace much of the fiat system we have ..as at least the USA has already gone mostly cashless as only 3 percent of the currency is in paper bills or coin form
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            • Profile picture of the author DRP
              Originally Posted by RandPruitt View Post

              Cryptocurrency has taken over the new age lately. What do you think about bitcoins and bitcoin mining?
              Do you think this is another shenanigan or truly a path to financial freedom??
              At this point, only fools gamble with Crypto. That ship has sailed and the bubble will pop before too long.

              Originally Posted by Mark Lovett View Post

              Bitcoin and blockchain technology are the wave of the future. Get on board or get left behind!
              Wow....I don't have words to describe how foolish that sentiment sounds.

              Originally Posted by MeelisM View Post

              Good old papers backed by nothing and printed out with no maximum cap 24/7 at high speed.

              $1 in 1930 is worth $0.07 today. That's a loss of value of 93%
              Sounds like dream money - hold it and you will lose value.

              In the other hand, $1 in BTC (at$0.07 per BTC) in 2010 today is worth $128000. That's a rise in value of 12800000%

              I wonder which one has worked out better
              You don't understand economics very well...or basic arithmetic. Crypto isn't a currency either - it's a commodity...and a garbage one at that.
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              • Profile picture of the author Marx Vergel Melencio
                Originally Posted by DRP View Post

                At this point, only fools gamble with Crypto.
                That ship has sailed and the bubble will pop before too long.
                DRP
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                >> That which is asserted without evidence will be dismissed without evidence. <<
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      • Profile picture of the author Marx Vergel Melencio
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        • Profile picture of the author OptedIn
          Originally Posted by Marx Vergel Melencio View Post


          * Or he'll soon become a major investor in your t-shirt business, who knows?
          * I mean, just like you who doesn't know how to start a small business as you said in your post below, enough to push you to try and look for help from others who might have significant experience in what you're trying to do as you also mentioned in your post:
          Don't think you read my post, properly. I'm formally retired and was contemplating doing t-shirts more for fun, than for profit. I have made my money and am quite comfortable. I thought I needed to battle the boredom and what I said was I had no experience in that type of business.

          I decided to pass as I am committed to learn how to enjoy retirement and I have decided to return to my first love in life, my passion some might say, of raising rare tropical fish.

          I think I believed that I had to work, even though I retired, simply because I kept telling myself that, reinforcing the belief.

          That's over. lol I'm getting used to it. I started selling Cloverine Black Salve, door-to-door when I was 8 years old. I'll be 70 in a few months. I'm learning how to give myself permission to stop working. Like everything else, it's a process.

          That being said, even though I could afford to gamble a nice chunk o' change in the Bitcoin game, retirement didn't make me stupid or crazy.

          Only a very small number of people are destined to make a killing in cryptocurrency. The rest are going to GET killed.

          You'll see. :-)
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          • Profile picture of the author Marx Vergel Melencio
            Originally Posted by OptedIn View Post

            Don't think you read my post, properly. I'm formally retired and was contemplating doing t-shirts more for fun, than for profit.
            https://www.warriorforum.com/main-in...fo-needed.html
            Originally Posted by OptedIn View Post

            3. Perhaps someone could recommend an excellent course or WSO. I am no where near as concerned with the income potential as I am the challenge, implementation and use of my brain from the site and shirt design standpoint, going forward. If it even almost pays its own way, I will be more than happy. If it winds-up costing me a few bucks every month - it's cheaper than therapy!
            I am serious and ready to take action, so your so your investment in a wee-bit of time to point me in the right direction will not be wasted.
            * Yes sir, you were quite clear in that post of yours when it comes to you being formally retired; but
            * No sir, you didn't come across in that post of yours as someone wanting to sell t-shirts more for fun, at least for me, but rather someone serious enough to consider selling t-shirts as a "cheaper therapy" either for boredom, or retirement depression.

            Originally Posted by OptedIn View Post

            I thought I needed to battle the boredom and what I said was I had no experience in that type of business.
            https://www.warriorforum.com/main-in...fo-needed.html
            Originally Posted by OptedIn View Post

            1. I don't know if I should build my own site, (I am fluent in WordPress and Woo Commerce as well as having my own server with managed WP hosting), or use one of the services that currently exist.
            Yes, I Googled it. Information overload. Besides, all the smart people are here, correct?
            3. Perhaps someone could recommend an excellent course or WSO. I am no where near as concerned with the income potential as I am the challenge, implementation and use of my brain from the site and shirt design standpoint, going forward. If it even almost pays its own way, I will be more than happy. If it winds-up costing me a few bucks every month - it's cheaper than therapy!
            * Yes sir, your post came out a bit clearer regarding that, though I don't think it'd just be exclusively for selling t-shirts online, but rather a significant part of Web sales and marketing as a whole.

            Originally Posted by OptedIn View Post

            I'll be 70 in a few months.
            I started selling Cloverine Black Salve, door-to-door when I was 8 years old.
            I have made my money and am quite comfortable.
            * Yes sir, I think that comes naturally for most hardworking people - They get enough money through time, and you had around 60 or so years to do it anyway.

            https://www.warriorforum.com/main-in...fo-needed.html
            Originally Posted by OptedIn View Post

            2. I do not believe in the term, 'passive income,' but I would like as close to a set-it and forget it system as possible.
            That being said, even though I could afford to gamble a nice chunk o' change in the Bitcoin game, retirement didn't make me stupid or crazy.
            Only a very small number of people are destined to make a killing in cryptocurrency. The rest are going to GET killed.
            * Yes sir, that clearly explains your perspective and opinions on speculative commodity trading.
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    • Profile picture of the author Alexpaul
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  • Profile picture of the author DWolfe
    You will be spending more money by mining bitcoin than you will make. Can you compete with large farms or afford the electric costs, and equipment that becomes obsolete in about a years time. Sell the tools to the miners just like the gold rush. Imho

    As far as investing in bitcoin if you like scary roller coasters are looking for a lottery score. Don't bet more than you can afford to lose ! Shane has a good deal on tulips I heard.
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  • Profile picture of the author tagiscom
    Originally Posted by Mark Lovett View Post

    Bitcoin and blockchain technology are the wave of the future. Get on board or get left behind!
    Left behind? Last l looked at Bitcoin charts it was going up and down, and down more than up.

    When it baselines, and you don't invest then you may be left behind.

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  • Profile picture of the author Bamm
    Not really into crypto stuff but this video, at the very least, has helped me get a grip if its viable or not.

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  • Profile picture of the author Kay King
    I wonder which one has worked out better
    Do you pay your own bills? Buy your own groceries, clothing, etc?

    Do you do that with Bitcoin?

    Why do I think the answer to all three questions...is 'no'?
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    • Profile picture of the author MeelisM
      Why would i need to do that with bitcoin? This is a store of value which has shown exponential growth in price through it's history, not digital cash.

      Do you pay your rent and pay for groceries in gold bars?
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      • Profile picture of the author OptedIn
        Originally Posted by MeelisM View Post

        Do you pay your rent and pay for groceries in gold bars?
        Can you eat Bitcoins?
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        • Profile picture of the author MeelisM
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    • Profile picture of the author discrat
      Originally Posted by Kay King View Post

      Do you pay your own bills? Buy your own groceries, clothing, etc?

      Do you do that with Bitcoin?

      Why do I think the answer to all three questions...is 'no'?
      Got to start somewhere. And this definitely should make more people take a second look. Cuban has a pretty damn solid track record of finding things that can technically drive the economy. And actually it's not Bitcoin but the technology behind in a.k.a Blockchain that have the prudent investors and adopters excited.

      Not saying with Cuban's actions here it s is going to explode the adoption of Cryptocurrency but it should definitely make more people curious about it and do more research on it. Who knows it could be the biggest thing since Internet or maybe just a flash in the pan. Quite honestly I am leaning more towards the former just from the research and people I have talked with. But I would only suggest that people start investing in Crytpto only that amount that they can afford to lose and piss away. God, please do not take out a second mortgage.

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  • Profile picture of the author Kay King
    When it comes to some of these discussions...more like

    Ready....fire....aim

    I can fully understand people investing in BitCoin, etc - taking our their initial invesment....taking some profit and then taking a chance with the rest of the money.

    I've talked to many people who have 'bought into' BitCoin - not one has cashed out anything The initial investment is still at risk - they have seen profit only on paper.

    To me the greatest risk is that the majority of the 'currency' is owned by a very small handful of very wealthy people. If they decide to sell off - the currency will crash quickly. When it is said 40 of BC is owned by only 1000 people - the potential for 'manipulation' is high.

    Good article about that:

    40% of the world's bitcoins are held by just 1000 people - Business Insider
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    • Profile picture of the author Odahh
      Originally Posted by Kay King View Post

      When it comes to some of these discussions...more like

      Ready....fire....aim

      I can fully understand people investing in BitCoin, etc - taking our their initial invesment....taking some profit and then taking a chance with the rest of the money.

      I've talked to many people who have 'bought into' BitCoin - not one has cashed out anything The initial investment is still at risk - they have seen profit only on paper.

      To me the greatest risk is that the majority of the 'currency' is owned by a very small handful of very wealthy people. If they decide to sell off - the currency will crash quickly. When it is said 40 of BC is owned by only 1000 people - the potential for 'manipulation' is high.

      Good article about that:

      40% of the world's bitcoins are held by just 1000 people - Business Insider
      Yeah and a good amount of the 17 million bitcoins have been permanently lost ..and only a small portion of the total bitcoins are traded every day ..

      but the part that only 21 million can be mined ..is negated by the small part of the equasion..that you can have thousands of other cryptocurrencies..and over time some will actually be currencies that you can by stuff with at multiple place..and prices will stay the same.. like the tend to do with markets based on fiat currency ..unless there is a huge problem in the government

      If a person is making money with a business in the real world or has high enough income to invest in bitcoin or what ever crypto currency they wish .. but look on yout tube for the thousands of people who where led to the slaughter and lost huge amount in bit connect or with the dropp in value of bitcoin and other crypto;s in the last few month ...

      so if you are a long term buy and hold investor.. or you are a skilled day trader ..who has money to risk.. bitcoin and other cryptos are great ..

      but a lot of people wandering into cryptos because of the hype ..are neither and they are gambling and and losing life saving .. and buying bit coins on credit cards or mortgaging their houses ..
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  • Profile picture of the author mybtc24
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  • Profile picture of the author jasyoung8118
    Bitcoin has a promising future, it awareness is increasing geometrically, few years from now more countries will adopt it as medium of transactions which will increase it worth. Investing in it will a nice one and profiting.
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    • Profile picture of the author pearlie
      Originally Posted by jasyoung8118 View Post

      Bitcoin has a promising future, it awareness is increasing geometrically, few years from now more countries will adopt it as medium of transactions which will increase it worth. Investing in it will a nice one and profiting.
      I think so too. I think Bitcoin is really very reliable cryptocurrency. Do you mine it these days, by the way? I would like to try some of them cloud mining services like those which offer promo codes here http://topminers.net/mining-promo-codes/ccg-promo-code/ Have you ever tried such things for you? Maybe you will find it interesting too.
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  • Profile picture of the author Klark Devlin
    I invested in the crypto currency Ethereum
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    • Profile picture of the author OptedIn
      Originally Posted by Klark Devlin View Post

      I invested in the crypto currency Ethereum
      You have my deepest condolences.
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  • Profile picture of the author professorrosado
    Like Discrat said and like Cuban knows, this issue is far greater than bitcoin and crypto-currency: it's the BLOCKCHAIN!


    If you understand the BLOCKCHAIN and can see its future applications, you will then comprehend the inherent value of crypto-currency (particularly Bitcoin).
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  • Profile picture of the author tagiscom
    Yeah, wave of the future...

    Facebook, Google, Twitter and Yandex, are banning crypto ad,s, with Russia, China and South Korea, (l think that there is a pattern there) and a few other countries having kittens.

    https://cryptonews.com/news/three-co...rypto-1473.htm

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  • Profile picture of the author h8ter
    I'm a big fan of Request Network personally, might be correlated to my hate towards Paypal who know.
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  • Profile picture of the author tagiscom
    A small town in AU has recently made Crypto currency a currency you can use to pay for a lot of consumer stuff.

    Probably so they can get on the map for being stupid?

    What happens when l have enough to pay for a hotel and it drops by 50%, before l pay up, or the hotel owner gets paid just before his payment is drastically cut?

    If they allow payment with Tulips or Pineapples l am in.
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