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    • C
      castellanosjc
      last edited by

      Hello everybody, Does anybody have any recommendation for crypto currencies ? I have been considering to invest in some bitcoin but seeing how it dropped 3000 thousand dollars in 3 days is a little worrysome. I just want to see what cryptocurrencies people are investing in and why.

      1 Reply Last reply Reply Quote 0
      • DustinB3403D
        DustinB3403
        last edited by

        Investing is not something you can even do at this point. 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.

        C JaredBuschJ 3 Replies Last reply Reply Quote 0
        • C
          castellanosjc @DustinB3403
          last edited by

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

          scottalanmillerS 1 Reply Last reply Reply Quote 0
          • JaredBuschJ
            JaredBusch @DustinB3403
            last edited by

            @dustinb3403 said in BitCoin:

            Investing is not something you can even do at this point.

            Umm, no that is not how investing works. You can get into investing at anytime for anything. You simply research options and make a guess by buying into something that you think will increase in value.

            1 Reply Last reply Reply Quote 0
            • 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.

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