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Anybody into Crypto Currency
Rhamlin
Posts: 8,913 ✭✭✭✭✭
I never got in on Bitcoin when it was less than a 100$ a coin now it’s 54,000$ a coin.
I didn’t get into ETH in December when I was tipped about it at 1$ a coin now it’s almost 2,000$
So I said screw it I’m getting in it. Starting out small and trying to learn.
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Not yet, but it seems to be the currency of the future along with precious metals since the dollar is nothing more than a note. This might be a good new thread.
Have you checked with @peter4jc on that?
Maybe if we combine asking for help deciding which Cuban cigars to buy with your Bitcoins, I could see my way clear to approval. Maybe.
Just what you can afford to lose without crying/ unless you'll be crying if you don't sink everything you have and it rises up to $1,000,000, lol.
https://www.fool.com/investing/2021/02/19/should-you-add-at-least-a-little-bitcoin-your-port
Elon Musk seems to be on board. He invested 1.5 billion in it recently.
I read recently about a guy who paid for a pizza with Bitcoin. What he paid is equivalent to 63 million dollars now.
It’s such a volatile market. Changes by the minute. I was up then down now up again. There’s a couple I’m watching hoping they will drop big time so I can buy in.
Yep. I’m not wanting to loose everything yet. Maybe when I think I know what I’m doing I’ll stake everything.
Everything took a dip but it’s going back up. Finally bought a piece of Bitcoin
If you want less volatility with exposure to crypto you can chk out grayscale. GBTC ticker.
I would also look into coinbase once it goes public. It is the largest US crypto currency exchange. I will be a buyer for sure.
There are many ways to play bitcoin without getting roasted.
"I ain't got no Opus's"
LLA - Lancero Lovers of America
2016 Gang War (South)
May I assss u a ?
Coinbase is who I’ve been using.
The more I learn the less I understand this stuff.
Well one of the coins I bought has gone up $1,000 since I bought it a month ago. Wish I d got two of them. Some people think it might actually go up to $10,000 so I guess I’ll get a couple more and keep my fingers crossed.
So far I’m up about $1500 in a month.
Of course it bounces up and down like crazy. Worse than the stock market. I blame the day traders.
Many years ago I was fully prepared to buy a bitcoin for $5. I changed my mind an bought a pack of smokes instead... Now I have to fight the urge to buy every new coin as they come out...
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
Yep that’s me. Hoping one will be the next bitcoin
Well one of my coins has almost doubled since I bought it. The second one is up by 500$. Wish I’d have bought both the first time. But still I’m up $2200 in a month. The prediction is its going to go to $10,000. Some think possibly $20,000 by next year. I’m sorely tempted to just go all in with my savings.
I have a feeling that once everybody starts dumping tons of money into it, the bottom will fall out.
Trapped in the People's Communits Republic of Massachusetts.
Sounds very much like a pyramid scheme, doesn't it? I mean, a legitimate currency should represent something, if only that a nation has some kind of gross national product. It's bad enough that there's no longer any kind of gold, silver, nickel, copper, lumber, whatever standard, but to simply "agree" that a "coin" is worth whatever it's trading for at the moment? That other shoe keeps getting higher, sooner or later it's got to drop. I can't buy into it.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
I haven't decided whether I agree with it or not, and I haven't bought any cryptocurrency myself, but here's the theory from a pro crypto person's point of view, as it was explained to me:
The dollar and a cryptocurrency both have the same value, aka nothing but the trust of the citizens that it's worth something. The other belief that's proving true is that more and more companies will accept cryptos as payment, making it a liquid asset instead of a long term one.
If I have $10,000 in a savings account that I'm keeping liquid and saving for a rainy day when something like a new car purchase comes along, I have 2 choices:
1) Leave that money in dollars, while the federal government just prints money whenever it feels like it, therefore devaluing it and making the $10,000 worth less in 3 years than it's worth now.
2) Buy $500 worth of 20 different coins in order to diversify and limit risk. Each of these coins has a fixed supply, without more getting "printed", therefore removing inflation. In 3 years when I need to spend it, I just spend it the same as I would cash, because my car dealership will be accepting crypto the same as cash by that point, or I'll have an app on my phone to cash out my coins. That $10,000 is also worth much more by that time, and there's no loss of convenience.
Obviously, if I know I won't need that money for 3 years, there's more options for what I can do with it to invest it. If I want it liquid though, it's hard to argue about the crypto value point of view.
How does one get started? I'm not saying I am yet, but I need to do a little research and figure out if I should or not. Definitely will not go all in with my savings.
Sounds like every free market ever created for a finite supply of something.
But now even the biggest companies are getting into crypto. It’s all about the blockchain, which to be honest is over my head but it’s proving to be something they never knew they needed. Each coin is designed to actually do something in the tech world. The things these things are doing now is mind boggling.
First do a little reading. There’s tons of groups on fb. Then of course you need crypto platform. I use Coinbase at the moment. But I’ll have to use a couple more because I’m interested in some coins that Coinbase doesn’t support. But the good thing is you don’t have to buy a whole coin. You can invest whatever amount you want for a piece of it.
But like I said this stuff is still over my head. I mostly read lots of posts especially by the guys who are right more than they are wrong. There’s one guy on FB that if he says buy if I can I buy. It might take awhile but he’s almost always right.
Pretty much described the stock market.
More and more companies are accepting crypto as payment. Some companies are now offering payments to employees.
Except that in free trade one may have a situation where I have Corn and you have Tobacco and we trade it. If we don't, we still have our corn and tobacco. And the Stock Market is investment in an entity that produces goods or provides services, versus the Bitcoin which is imaginary currency.
It is true that our national currency is largely imaginary, which is why I mentioned the Gold Reserve notes etc. above, but at least we had the power of a government guaranteeing that it's worth something. Bitcoins worth is also a case of "because I said so", but, who said so?
Meanwhile, y'all do you. Some people do make money in a pyramid scheme, might be you. Or, maybe you'll just be the one holding the bag when it all turns to dust.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
I wasn't criticizing you, brother. I said this was like a free market, not free trade. In a free market, people buy and sell items in a marketplace without the restrictions of government oversight.
You may not get cryptocurrency. F***, I don't get it either. But it's not imaginary. You're paying for a finite digital resource. It's the same as buying a digital subscription to a newspaper or buying hard drive space online in the cloud to store your photos. No you can't touch it. No you can't see see the physical properties of it. But it exists!
With traditional currency, you used to get a note that represented a gold bar or a silver bar in a federal bank somewhere. When that went away, you were buying a country's promise to back the currency, which in reality is as good as a gold bar sitting somewhere. People may have varying degrees of faith in that system, but I have a varied degree of the price or worth of a gold bar too. Either way, that's a wash--for me.
Cryprocurrency is the same thing. But instead of buy ing a country's promise to back a currency, you're buying based on the demand of that currency of the open market and the promise of the creator to not make anymore out of thin air.
Same thing, it's a promissory note. It's definitely a paradigm shift because you're now entrusting a private entity with something you used to trust a government for. But that's not a new concept either.
@VegasFrank , no problems. I didn't take it as a criticism of myself. I agree, the "dollar" as we know it today is merely another set of 1's and 0's stored in a chip somewhere. All I have to go on is the promise of a fickle government that it's worth something, and the current government believes that the faster they run a printing press, the more "money" they have. Heck, if they coined Bitcoin in aluminum, or better yet titanium I might be tempted. A real substance. When it comes to the promises of Man, I'd rather have a tangible.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
There is absolutely nothing regulating the rise or fall of crypto value. Musk, institutional investment, etc. could trigger a freefall in a microsecond. High gain and high risk. When you see people like this fellow...
https://www.forbes.com/sites/ninabambysheva/2021/05/03/ethereums-27-year-old-co-creator-is-now-the-worlds-youngest-crypto-billionaire/?sh=5d717d347c94