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Author Topic: Bitcoin  (Read 65128 times)

jesmu84

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Bitcoin
« on: November 29, 2017, 03:11:34 PM »

Dr. Blackheart

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Re: Bitcoin
« Reply #1 on: November 29, 2017, 03:57:43 PM »
There are no closer seats for Jiggsey to move up to.  So no

Stronghold

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Re: Bitcoin
« Reply #2 on: November 29, 2017, 04:06:02 PM »
I got $100 in Bitcoin as a gift several months ago which turned out to be about 0.04 Bitcoins.  It is now worth over $500 lol.  Pretty fun to check Coinbase and see it go up nearly every day.  Other cryptocurrencies have done even better in the last year as far as % increase goes (see Ethereum and Litecoin).

Hards Alumni

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Re: Bitcoin
« Reply #3 on: November 29, 2017, 04:15:17 PM »
I got $100 in Bitcoin as a gift several months ago which turned out to be about 0.04 Bitcoins.  It is now worth over $500 lol.  Pretty fun to check Coinbase and see it go up nearly every day.  Other cryptocurrencies have done even better in the last year as far as % increase goes (see Ethereum and Litecoin).

a few years ago I mined 3 or 4 litecoin thinking they'd never amount to much.  Holding onto the hard drive and my wallet on it seems like a good idea.

jesmu84

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Re: Bitcoin
« Reply #4 on: November 29, 2017, 07:11:53 PM »
If I was gonna drop $1k in a crytocurrency as an investment, is bitcoin the best choice?

Anyone with more than casual insight?

Lennys Tap

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Re: Bitcoin
« Reply #5 on: November 29, 2017, 07:27:36 PM »
If I was gonna drop $1k in a crytocurrency as an investment, is bitcoin the best choice?

Anyone with more than casual insight?

The cryptocurrency space is a little like the 3D printing and cyber security spaces were a few years back. A winner (or more likely a few winners) will emerge but most will fall by the wayside.

Tugg Speedman

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Re: Bitcoin
« Reply #6 on: November 29, 2017, 08:06:32 PM »
If I was gonna drop $1k in a crytocurrency as an investment, is bitcoin the best choice?

Anyone with more than casual insight?

Why do you think it will go up?  Why do you think it hit $10k today?

Answer those and they will tell us what you should do.

jesmu84

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Re: Bitcoin
« Reply #7 on: November 29, 2017, 08:20:41 PM »
Why do you think it will go up?  Why do you think it hit $10k today?

Answer those and they will tell us what you should do.

Oh. My bad. I didn't know it wasn't allowed to ask for advice on this board as plenty of have done before. Thanks for your push towards self-reliance.

Tugg Speedman

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Re: Bitcoin
« Reply #8 on: November 29, 2017, 08:51:19 PM »
Oh. My bad. I didn't know it wasn't allowed to ask for advice on this board as plenty of have done before. Thanks for your push towards self-reliance.

No, you misunderstood

Do you believe that crypto-currencies have a legit future?  Or are you taking a punt because they are going parabolic?

No wrong answer.  How you view them will determine what you should do.

----

I own more Ethereum than bitcoin (3x more Ethereum).  I find they behave according to basic technical analysis so I buy and sell them based on support/resistance, retracements etc.

I also think they are a massive bubble.  I do not think that is a bad thing as the price could still go way higher.  And I think they are legit longer-term as they are going to become a legit store of value and a medium of exchange.  A massive bubble will cause the adoption of them to come faster than it would otherwise.

They will do to banking what Uber did to Taxis.  Governments cannot ban them because governments do not control the internet.

They could be the biggest disruptor since the internet itself.


Tugg Speedman

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Re: Bitcoin
« Reply #9 on: November 29, 2017, 08:59:00 PM »
Mike Novogratz on Bitcoin and Cryptocurrencies:

“This whole revolution came out of a breakdown of trust. It came out of the ’08 financial crisis when people said we no longer trust financial institutions, we don’t trust governments and, in parts of the world, today still. If you’re in Venezuela, it’s really hard to trust the central bank, or in Zimbabwe. So, the decentralized revolution, which Bitcoin is really the poster child of, is a response to the breakdown in trust.”

I would add that year of 0% interest rates also helped the adoption of Crypto-currencies.  No lost opportunity if you get nothing in a traditional bank account.

(Mike is a hedge fund manager that started a crypto-fund about two years ago.  On paper, he is a billionaire. I should have listened to him two years ago.)


Tugg Speedman

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Re: Bitcoin
« Reply #10 on: November 29, 2017, 09:05:49 PM »
Bitcoin story today ...

Coinbase had a record traffic day on its website,  It has bogged down their site all day.  It was down for a portion of the morning.  Coinbase is the largest source of BUYING (they 13 million retail accounts, Schwab has 10.6 million for comparison).  This lack of buying is being cited as the reason for the sell-off once it hit $11,400.


Additionally, Fidelity has a crypto-wallet.  You cannot buy/sell crypto-currencies on Fidelity but you can connect it to coinbase account and track them.  Coinbase traffic today was so huge that it even bogged down fidelity's website as well.



This is the story going around today.

jesmu84

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Re: Bitcoin
« Reply #11 on: November 29, 2017, 09:15:41 PM »
Thanks for the info, Jiga

Herman Cain

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Re: Bitcoin
« Reply #12 on: November 29, 2017, 10:42:46 PM »
I will be watching from the sidelines. Hope everyone else does well though.

Vote for Pedro

MU82

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Re: Bitcoin
« Reply #13 on: November 29, 2017, 10:48:55 PM »
I do some financial writing, but bitcoin is not in my wheelhouse.

I wish good fortune to all who give it and similar currencies a whirl.

My only advice: "Investor, know thyself."

Know your own risk tolerance. Know how you personally can handle wild price swings. Know how you would feel if your investment lost 90% - I am NOT saying this will happen, but every investor needs to know such things about themselves.

And learn about exactly what you're investing in. I have made the mistake of investing in things I don't really understand. It rarely ended well, and it wasn't fun.
« Last Edit: November 29, 2017, 10:50:58 PM by MU82 »
"We understand that for some reason, to people with money, to people who fund political campaigns, guns are more important than children. Today we stand for Lexi, and as her voice, we demand action."

-- Kimberly Rubio, whose daughter Lexi was among 19 schoolchildren slaughtered in Uvalde, Texas

Benny B

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Re: Bitcoin
« Reply #14 on: November 29, 2017, 11:25:33 PM »
https://finance.yahoo.com/news/mark-cuban-bitcoin-collectible-currency-152121444.html

Unless any of you are NBA officials, you might want to listen to what Mark Cuban has to say on this one.

Main takeaway: “It’s going to be very difficult for it to be a currency when the time and expense of doing a transaction is 100 times what you can do over a Visa or MasterCard, right?”
Wow, I'm very concerned for Benny.  Being able to mimic Myron Medcalf's writing so closely implies an oncoming case of dementia.

Hards Alumni

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Re: Bitcoin
« Reply #15 on: November 30, 2017, 07:33:18 AM »
https://finance.yahoo.com/news/mark-cuban-bitcoin-collectible-currency-152121444.html

Unless any of you are NBA officials, you might want to listen to what Mark Cuban has to say on this one.

Main takeaway: “It’s going to be very difficult for it to be a currency when the time and expense of doing a transaction is 100 times what you can do over a Visa or MasterCard, right?”

Bitcoin = secure, anonymous transactions

credit market = not so much.

MU82

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Re: Bitcoin
« Reply #16 on: November 30, 2017, 08:08:15 AM »
"We understand that for some reason, to people with money, to people who fund political campaigns, guns are more important than children. Today we stand for Lexi, and as her voice, we demand action."

-- Kimberly Rubio, whose daughter Lexi was among 19 schoolchildren slaughtered in Uvalde, Texas

Tortuga94

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Re: Bitcoin
« Reply #17 on: November 30, 2017, 09:14:57 AM »
I mentioned in the last thread that I owned both Bitcoin and Ethereum, I bought them through coinbase.
I also purchased shares of GBTC in my Roth IRA. I sold that 2 days ago will probably buy it again when it comes back down. It has gone up way too fast in a very short time frame. I bought the GBTC shares in October for $680 and sold for $1510. A rise like that in such a short time frame is usually not sustainable so I took my profits, figured if it continues to go up I do own a some through Coinbase.


Benny B

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Re: Bitcoin
« Reply #18 on: November 30, 2017, 09:41:17 AM »
I mentioned in the last thread that I owned both Bitcoin and Ethereum, I bought them through coinbase.
I also purchased shares of GBTC in my Roth IRA. I sold that 2 days ago will probably buy it again when it comes back down. It has gone up way too fast in a very short time frame. I bought the GBTC shares in October for $680 and sold for $1510. A rise like that in such a short time frame is usually not sustainable so I took my profits, figured if it continues to go up I do own a some through Coinbase.

Investing in cryptos is analogous to buying the VIX... there are going to be spikes and dips in the short term, which makes it possible to turn a serious profit (or loss), but over time, it's a losing proposition because of one simple fact:

THEY HAVE NO INTRINSIC VALUE (except possibly as a hedge against the major currencies, which I'll say it again... if the world banks all go to hell, people aren't going to give two sh|ts about bitcoin or ethereum... they're going to more interested in how many pounds of grain or iodine tablets you have to trade).

Cryptos are essentially the laserdiscs and HD-DVD's of currency trading... even though they will never win out, certainly, they have utility; the question is for how long.
Wow, I'm very concerned for Benny.  Being able to mimic Myron Medcalf's writing so closely implies an oncoming case of dementia.

TSmith34

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Re: Bitcoin
« Reply #19 on: November 30, 2017, 09:41:44 AM »
Bitcoin = secure, anonymous transactions

credit market = not so much.
This, exactly. Which, in addition to pure speculation, is why the value is rocketing: it is the new medium for money laundering.  Dirty money goes in, anonymously, and then gets sold back for crisp, clean, cash.

There is a reason Putin and other oligarchs are huge backers of bitcoin
Pooba of Biggot Buffons

Hards Alumni

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Re: Bitcoin
« Reply #20 on: November 30, 2017, 09:43:09 AM »
This, exactly. Which, in addition to pure speculation, is why the value is rocketing: it is the new medium for money laundering.  Dirty money goes in, anonymously, and then gets sold back for crisp, clean, cash.

There is a reason Putin and other oligarchs are huge backers of bitcoin

Also, buying illegal things on the dark web.

TSmith34

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Re: Bitcoin
« Reply #21 on: November 30, 2017, 09:48:37 AM »
Also, buying illegal things on the dark web.
I'm thinking Manafort and others are cursing that they didn't use bitcoin instead of Wilber Ross's Bank of Cyprus.
Pooba of Biggot Buffons

MU82

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Re: Bitcoin
« Reply #22 on: December 01, 2017, 07:14:00 AM »
Bitcoin crashed nearly 20% yesterday.

It's still up significantly this year, but yesterday is a classic example of the currency's volatility and the reason I repeat: "Investor, know thyself."
"We understand that for some reason, to people with money, to people who fund political campaigns, guns are more important than children. Today we stand for Lexi, and as her voice, we demand action."

-- Kimberly Rubio, whose daughter Lexi was among 19 schoolchildren slaughtered in Uvalde, Texas

Hards Alumni

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Re: Bitcoin
« Reply #23 on: December 01, 2017, 08:39:01 AM »
Bitcoin crashed nearly 20% yesterday.

It's still up significantly this year, but yesterday is a classic example of the currency's volatility and the reason I repeat: "Investor, know thyself."

Not really a fair assessment, considering the low point yesterday was at $9400ish.... the same price it was three days earlier.

MU82

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Re: Bitcoin
« Reply #24 on: December 01, 2017, 08:57:41 AM »
Not really a fair assessment, considering the low point yesterday was at $9400ish.... the same price it was three days earlier.

I wasn't trying to be fair or unfair. I merely presented a fact and some reasonable advice for any investor.

Fact: It crashed nearly 20% yesterday.

Reasonable advice: Investors should be in tune with their risk tolerance before investing in bitcoin - or anything else.

Not sure how one could take issue with any of that.

"We understand that for some reason, to people with money, to people who fund political campaigns, guns are more important than children. Today we stand for Lexi, and as her voice, we demand action."

-- Kimberly Rubio, whose daughter Lexi was among 19 schoolchildren slaughtered in Uvalde, Texas

 

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