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    • JaredBuschJ
      JaredBusch @DustinB3403
      last edited by

      @dustinb3403 said in BitCoin:

      You can't even get into "farming" at this point either. As you're investment into hardware or the rental of hardware will set you back at least 6 figures.

      This is true of bitcoin, but not other crypto currencies.

      1 Reply Last reply Reply Quote 0
      • scottalanmillerS
        scottalanmiller
        last edited by

        You don't really "invest" in currency. Remember this is FOREX, not equities. You are gambling against exchange rates. That you are worried that BC came down 30% this week means you are not understanding how FOREX works. You need your currencies to go up and down to make stable money investing in the market. FOREX is something that you do every day, every minute, not a long term holding like equities.

        Right now people are gambling on new currencies to gain traction and are investing in the hope that their chosen currency sticks. It's a massive gamble.

        I come from a decade on Wall St. working specifically in FOREX.

        1 Reply Last reply Reply Quote 1
        • C
          castellanosjc
          last edited by

          So what cryptocurrencies are you saying is profitable since there are hundreds....

          scottalanmillerS 1 Reply Last reply Reply Quote 0
          • scottalanmillerS
            scottalanmiller @castellanosjc
            last edited by

            @castellanosjc said in BitCoin:

            @dustinb3403
            Your saying this for just bitcoin but what about other cryptocurrencies ?

            The problem is, that by the time you've heard about a currency, it's already pretty late in its investment cycle at this point.

            1 Reply Last reply Reply Quote 0
            • scottalanmillerS
              scottalanmiller @castellanosjc
              last edited by

              @castellanosjc said in BitCoin:

              So what cryptocurrencies are you saying is profitable since there are hundreds....

              The cost of any currency is the value that the market sees in it today. If there were any that were obviously worth more, they'd already be trading at that higher value.

              That there are hundreds almost guarantees that most of them will be worth nothing in not too long. Only so many can reasonably survive.

              C 1 Reply Last reply Reply Quote 1
              • travisdh1T
                travisdh1
                last edited by

                Unless you're going to do something like mining coins on a web-site with lots of visitors, mining coins doesn't make much sense at the moment. I did a short write up on the dark side of the subject recently: https://www.travisdh1.net/cryptocurrencymining

                Investment wise, Bitcoin itself isn't great at the moment (oh, how I wish I would've kept the 5 I had years ago now!) Litecoin and Monero might be worth considering.

                C JaredBuschJ 2 Replies Last reply Reply Quote 0
                • C
                  castellanosjc @scottalanmiller
                  last edited by

                  @scottalanmiller
                  Make sense, but have you "invested" in a cryptocurrency that you have faith will be of some worth down the line. Also what term would you use other that investment?

                  scottalanmillerS 1 Reply Last reply Reply Quote 0
                  • C
                    castellanosjc @travisdh1
                    last edited by

                    @travisdh1
                    Thank you for the recommendation!! I'll look up research on them.

                    1 Reply Last reply Reply Quote 0
                    • C
                      castellanosjc
                      last edited by

                      Also why did BitCoin spike so aggressively ?

                      travisdh1T scottalanmillerS H 3 Replies Last reply Reply Quote 0
                      • JaredBuschJ
                        JaredBusch @travisdh1
                        last edited by

                        @travisdh1 said in BitCoin:

                        Unless you're going to do something like mining coins on a web-site with lots of visitors, mining coins doesn't make much sense at the moment. I did a short write up on the dark side of the subject recently: https://www.travisdh1.net/cryptocurrencymining

                        Investment wise, Bitcoin itself isn't great at the moment (oh, how I wish I would've kept the 5 I had years ago now!) Litecoin and Monero might be worth considering.

                        You also do not really know what you are talking about.

                        There are multiple types of crypto currency that mine in various forms. Monero is an example of one that works like you say, but Bitcoin is one that does not.

                        You cannot generalize things like this.

                        But again, mining does not have a damned thing to do with investing.

                        FFS people.

                        1 Reply Last reply Reply Quote 2
                        • travisdh1T
                          travisdh1 @castellanosjc
                          last edited by

                          @castellanosjc said in BitCoin:

                          Also why did BitCoin spike so aggressively ?

                          The obvious answer is because that's what people will buy a BitCoin for. As to why people suddenly thought they're worth so much more, I don't know.

                          1 Reply Last reply Reply Quote 0
                          • scottalanmillerS
                            scottalanmiller @castellanosjc
                            last edited by

                            @castellanosjc said in BitCoin:

                            Also why did BitCoin spike so aggressively ?

                            The general population heard about it and did what the general population does. First they create a bubble thinking that money is magic (pyramid scheme mentality) then they panic and cause a crash.

                            1 Reply Last reply Reply Quote 4
                            • scottalanmillerS
                              scottalanmiller @castellanosjc
                              last edited by

                              @castellanosjc said in BitCoin:

                              @scottalanmiller
                              Make sense, but have you "invested" in a cryptocurrency that you have faith will be of some worth down the line. Also what term would you use other that investment?

                              Heck no, I think it's a crazy market to get into. Sure the potential gains are large, but the risk is enormous and based on nothing.

                              bigbearB 1 Reply Last reply Reply Quote 3
                              • scottalanmillerS
                                scottalanmiller
                                last edited by

                                Keep in mind that most currencies are useless today. As in, you can't spend them. Some, like BitCoin, have a few places where you can spend them. Most have nothing you can buy with them (nothing legal, anyway.) And BitCoin is losing, not gaining, places that you can spend it because of the volatility. FOr example, Steam used to take BC but doesn't any longer.

                                So you risk the "circle jerk" problem of investing with these currencies.... they are closed systems. You put money in to get the currency, you get nothing back - no way to convert back to usable currency. As long as people will invest, you can keep making money, but the moment that they stop there is literally nothing.

                                It's a currency version of a pyramid scheme in every sense. Only the top tier make anything.

                                S 1 Reply Last reply Reply Quote 2
                                • bigbearB
                                  bigbear @scottalanmiller
                                  last edited by

                                  @scottalanmiller said in BitCoin:

                                  @castellanosjc said in BitCoin:

                                  @scottalanmiller
                                  Make sense, but have you "invested" in a cryptocurrency that you have faith will be of some worth down the line. Also what term would you use other that investment?

                                  Heck no, I think it's a crazy market to get into. Sure the potential gains are large, but the risk is enormous and based on nothing.

                                  Yeah at this point, even if there is still growth to $100k to $1mm, its still not going to be as rewarding as it is for those who stumbled in early and stuck around.

                                  Blind luck, no one could have predicted it.

                                  1 Reply Last reply Reply Quote 1
                                  • S
                                    StorageNinja Vendor @scottalanmiller
                                    last edited by

                                    @scottalanmiller said in BitCoin:

                                    Keep in mind that most currencies are useless today. As in, you can't spend them. Some, like BitCoin, have a few places where you can spend them. Most have nothing you can buy with them (nothing legal, anyway.) And BitCoin is losing, not gaining, places that you can spend it because of the volatility. FOr example, Steam used to take BC but doesn't any longer.

                                    So you risk the "circle jerk" problem of investing with these currencies.... they are closed systems. You put money in to get the currency, you get nothing back - no way to convert back to usable currency. As long as people will invest, you can keep making money, but the moment that they stop there is literally nothing.

                                    It's a currency version of a pyramid scheme in every sense. Only the top tier make anything.

                                    I've got (Some) BitCoin. Bought it a year ago (needed a VPN service and some other things, and threw a few hundred in.
                                    My biggest complaints with it are that...

                                    1. Transaction times/costs are terrible. Lightning MIGHT solve this. Other cryto currencies have.
                                    2. There are fewer and fewer places you can buy things with it. (I've bought a VPN, and mailed a bag of crap to someone).

                                    My speculative holding (That reaches long-term capital gains tomorrow) is based on its value coming from the following things.

                                    1. Greater Fool Theory. (Bubbles last a LOT longer than you would think). I even bought some in the dip the other morning and made a cool 15%

                                    2. Defeating currency controls. Bitcoin Isn't actually as good as other cryptocurrencies out there, but it's the one that money gets brought back thru before it goes to cash. LiteCoin might replace it (because it was designed to not have the transaction/cost issues BitCoin does). With bearer bonds becoming rarer this is a big deal.

                                    1 Reply Last reply Reply Quote 0
                                    • H
                                      Harry Lui @castellanosjc
                                      last edited by Harry Lui

                                      @castellanosjc said in BitCoin:

                                      Also why did BitCoin spike so aggressively ?

                                      People, stupid people that thinks they can make a quick buck. Then stay in it for way too long, and eventually lose their paper money.

                                      In 2000's, we had the housing bubble.
                                      In 1990's, we had the dot com bubble.
                                      In 1980's, we had the Japanese asset price bubble.
                                      In 1970's we had the Gold and Silver bubble.

                                      Now, we have BitCoin/crypto currencies bubbles. Read some finance bubble history before you invest in bubbles.

                                      https://en.wikipedia.org/wiki/Economic_bubble#Asset_Bubbles

                                      DashrenderD computerchipC 2 Replies Last reply Reply Quote 0
                                      • DashrenderD
                                        Dashrender @Harry Lui
                                        last edited by

                                        @harry-lui said in BitCoin:

                                        @castellanosjc said in BitCoin:

                                        Also why did BitCoin spike so aggressively ?

                                        People, stupid people that thinks they can make a quick buck. Then stay in it for way too long, and eventually lose their paper money.

                                        In 2000's, we had the housing bubble.
                                        In 1990's, we had the dot com bubble.
                                        In 1980's, we had the Japanese asset price bubble.
                                        In 1970's we had the Gold and Silver bubble.

                                        Now, we have BitCoin/crypto currencies bubbles. Read some finance bubble history before you invest in bubbles.

                                        https://en.wikipedia.org/wiki/Economic_bubble#Asset_Bubbles

                                        I don't think the BitCoin bubble will be as bad as any of those.

                                        H 1 Reply Last reply Reply Quote 0
                                        • H
                                          Harry Lui @Dashrender
                                          last edited by Harry Lui

                                          @dashrender said in BitCoin:

                                          Gold and Silver bubble.

                                          I would argue the BitCoin Bubble already surpass them in value.

                                          At least property and gold has physical form.
                                          BitCoin is just data...

                                          1 Reply Last reply Reply Quote 0
                                          • B
                                            Baldwin_Cannon
                                            last edited by

                                            Perhaps, but I've heard this opinion for years)

                                            1 Reply Last reply Reply Quote 0
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