Bitcoin

IrishCannon

IrishCannon

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If you bought $1k worth in 2010 and sold in 2017 at peak, you would have had about $30mil.

Apparently it's at it's lowest volatility in a long time and expects a short term rally.

Hmmmmm...

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IrishCannon said:
If you bought $1k worth in 2010 and sold in 2017 at peak, you would have had about $30mil.

Apparently it's at it's lowest volatility in a long time and expects a short term rally.

Hmmmmm...

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The chances of you still having it is unlikely as most exchanges back then we're hacked including MTGOX
 
IrishCannon said:
I used to think that too when I knew little about it. I'm not quite so sure now.

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I know a lot about it.

Go back and check its performance (financially speaking) in the last 12 months compared to what it is worth today.

It is BS, just like tulips.

But hey, if it works for you, good on you.

I’d rather speculate with a hard asset (gold, silver) or even AT&T stock or anything that is liquid.

To each his own.


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IrishCannon said:
I used to think that too when I knew little about it. I'm not quite so sure now.

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then buy a lot!
Buy it up, as much as you can afford, you'll be a millionaire in no time!
 
I don't know about the sustainability of bitcoin in particular, but I think cryptocurrencies are here to stay. A platform (not the specific cryptocurrencies) will also eventually emerge and be the Google, but tough to figure out which one since you don't want to invest in the askjeeves and others that don't make it.

In the US, not many use cryptocurrencies outside of those buying illegal drugs or guns. This makes it tough for a lot of Americans to see the point. But in third world countries where their currency could easily become worthless the day after a paycheck, it has had a much higher utility. A refugee escaping to another country, for example. I know guys that went to Nepal and saw a lot of bitcoin ATMs.
 
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Sevenshot said:
I don't know about the sustainability of bitcoin in particular, but I think cryptocurrencies are here to stay. A platform (not the specific cryptocurrencies) will also eventually emerge and be the Google, but tough to figure out which one since you don't want to invest in the askjeeves and others that don't make it.
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I think there is real demand for a medium of exchange that is secure, private, and outside nationstate regulation or surveillance, that can be used in long distance transactions.
 
noway2 said:
I think there is real demand for a medium of exchange that is secure, private, and outside nationstate regulation or surveillance, that can be used in long distance transactions.
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So here's the thing...

This is what it was designed to be, but not what it is anymore. I think we can all agree that the world will eventually create a universal currency, unfortunately we are heading in that direction. It will certainly NOT be private.

My reservation about Bitcoin is actually that I think this may become that currency...so to that effect, it actually MAY be worthless to invest in as some form of government correction may take place, or they may create their own version that you must use, making your Bitcoins worthless.

Listen, I'm not talking about investing tons for the long haul, I'm literally talking about investing in a small amount as a gamble. So you guys being smartasses about it can chill out, you're not talking to a moron that hasn't taken care of his finances.

You could have asked if it was a profitable investment in 2010 and every year after, and the answer would have been yes, with the exception of buying at its peak.

I do think that when it finally does come to a crashing halt, a lot of people will be holding the bags and be SOL.

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IrishCannon said:
Listen, I'm not talking about investing tons for the long haul, I'm literally talking about investing in a small amount as a gamble.
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Nothing wrong with that. There are some US exchanges but they are regulated as financial institutions and must “verify your identity” in order to use it. This means uploading a picture of your drivers license. At the dollar values you’re talking your transactions won’t be “reported”. Also some CC issuers won’t let you purchase bitcoin, so you may have to send a check. Of course you can use a foreign exchange. More risk, but it skips Uncle Sugar.
 
ncav8tor said:
Bitcoin is fool’s gold. I got some really hot tulips for sale as well...


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There are those that might not know the tulip story. I find the "creation" or "mining" of Botcoins very odd. Perhaps I truly do not "understand" the process of how something of zero intrinsic value, created by the exchange of no tangible assets in commerce, guaranteed by the faith and credit of no government, usable in only limited marketplaces with questionable ethical practices...can be the subject of such great interest.

Again, perhaps I will never "get" it. But until I see Warren Buffet buying, my money aint going there.

https://www.cnbc.com/2018/05/01/warren-buffett-bitcoin-isnt-an-investment.html
 
@Alfred i don't entirely get it either, but it is basically brute force cracking of the encryption algorithm to find combinations that create valid "coin" units.
 
Alfred said:
There are those that might not know the tulip story. I find the "creation" or "mining" of Botcoins very odd. Perhaps I truly do not "understand" the process of how something of zero intrinsic value, created by the exchange of no tangible assets in commerce, guaranteed by the faith and credit of no government, usable in only limited marketplaces with questionable ethical practices...can be the subject of such great interest.

Again, perhaps I will never "get" it. But until I see Warren Buffet buying, my money aint going there.

https://www.cnbc.com/2018/05/01/warren-buffett-bitcoin-isnt-an-investment.html
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Again, it is tough for us as Americans to understand because of all of the above. For people in third world countries or fleeing refugees, faith of government and the rest aren't something they normally have with their paper currency either.
 
I'll say this much. I had the chance and seriously considered investing $3,000 into bitcoin in 2010. I thought long and hard about it. In the end I didn't because I thought it was a dumb idea. Honest to god's truth.

How do you think I feel right now? I literally become sick to my stomach when I think about it. Farts are starting right now... SMH
 
Alfred said:
There are those that might not know the tulip story. I find the "creation" or "mining" of Botcoins very odd. Perhaps I truly do not "understand" the process of how something of zero intrinsic value, created by the exchange of no tangible assets in commerce, guaranteed by the faith and credit of no government, usable in only limited marketplaces with questionable ethical practices...can be the subject of such great interest.

Again, perhaps I will never "get" it. But until I see Warren Buffet buying, my money aint going there.

https://www.cnbc.com/2018/05/01/warren-buffett-bitcoin-isnt-an-investment.html
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Clearly I am in the No Bitcoin camp. Others can do as they please, of course and certainly if ya'll want to drop large money into the gaping maw of persons unnamed, by all means, go for it. I mean that sincerely, as I don't know everything there is to know about investing or I'd be posting this from my yacht in the Mediterranean instead of from my Lazy Boy recliner.

But IMHO when you have any "investment" ( differentiated from speculation or outright gambling) where asking "How does this work ?" results in a foggy response that is hard to understand but smells a lot like a pyramid scheme, I'm out. No matter the technology, the old saying "Pigs eat, Hogs get slaughtered" still applies.
 
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Thought this was fitting


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Alfred said:
Clearly I am in the No Bitcoin camp. Others can do as they please, of course and certainly if ya'll want to drop large money into the gaping maw of persons unnamed, by all means, go for it. I mean that sincerely, as I don't know everything there is to know about investing or I'd be posting this from my yacht in the Mediterranean instead of from my Lazy Boy recliner.
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What if in an alternate world you have that yacht in the Mediterranean.........With that lazy boy on the deck.

BOOM I blew the minds of all those in Heavy debate about decriminalization thread.
 
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