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Has it been discussed here before?   Anyone make a pile of cash, lose a pile of cash? 

Or are you completely baffled that a currency can be worth something because a group of computers "mine" coins and collectively state their worth?

On the weekend I chatted with a computer geek about it. His contention was that it would go down now because more and more people will start using them and they have or will soon stop issuing them.  I said, so the reverse of supply and demand.  Which made him wonder if he got it right.

It sure makes me feel old and out of touch.  But then again the Dot Com Boom was a new economy that didn't follow the old rules. Well right up until they followed the old rules. 

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4 minutes ago, NaturallyAspirated said:

I bought one for $100 and sold it for $1000, right during the price run up.  Should have held out a few months longer!  :lol:

Neal

Ya made money. No one will ever pick the exact perfect time to buy and sell. A profit is a profit and profit buys groceries.

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12 minutes ago, NaturallyAspirated said:

I bought one for $100 and sold it for $1000, right during the price run up.  Should have held out a few months longer!  :lol:

Neal

When you make 10 times on an investment it should be amazing.  Was it that bitcoin that climbed to $19,000.00 before Christmas and dropped to $14,000.00 recently? Or was it another crypto currency?

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27 minutes ago, revkevsdi said:

Has it been discussed here before?   Anyone make a pile of cash, lose a pile of cash? 

Or are you completely baffled that a currency can be worth something because a group of computers "mine" coins and collectively state their worth?

On the weekend I chatted with a computer geek about it. His contention was that it would go down now because more and more people will start using them and they have or will soon stop issuing them.  I said, so the reverse of supply and demand.  Which made him wonder if he got it right.

It sure makes me feel old and out of touch.  But then again the Dot Com Boom was a new economy that didn't follow the old rules. Well right up until they followed the old rules. 

Usually its when the naive start jumping on something they know little about.  Lots of retail investors (sheep) putting money into the markets now blindly buying stocks, they will be future bagholders who always buy high and sell low.:lol:

 

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3 minutes ago, revkevsdi said:

When you make 10 times on an investment it should be amazing.  Was it that bitcoin that climbed to $19,000.00 before Christmas and dropped to $14,000.00 recently? Or was it another crypto currency?

I bought about 20K of Apple back in around 95 at $10 and sold it when it hit $20.:lol:

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11 minutes ago, steve from amherst said:

Ya made money. No one will ever pick the exact perfect time to buy and sell. A profit is a profit and profit buys groceries.

But do you understand it?   I'm not being an ass with that question, I just find the whole thing hard to justify.

Sure people say there is nothing really propping up other currencies, but that's not completely true about a country because we have resources, gdp, people who own houses, businesses etc. 

If Venezuela can crash that hard, a crypto currency that went from $500.00 to almost $20,000.00 in one year can go to nothing just as fast.

 

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Just now, ArcticCrusher said:

I bought about 20K of Apple back in around 95 at $10 and sold it when it hit $20.:lol:

You would have been proud of that investment if they went the way of RIM.

On your other comment regarding understanding markets.  Do you understand Bitcoin?

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4 minutes ago, revkevsdi said:

But do you understand it?   I'm not being an ass with that question, I just find the whole thing hard to justify.

Sure people say there is nothing really propping up other currencies, but that's not completely true about a country because we have resources, gdp, people who own houses, businesses etc. 

If Venezuela can crash that hard, a crypto currency that went from $500.00 to almost $20,000.00 in one year can go to nothing just as fast.

 

No I don't understand it. That's why I don't play with it. My nephew does and I told him to be carefull.

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8 minutes ago, ArcticCrusher said:

I bought about 20K of Apple back in around 95 at $10 and sold it when it hit $20.:lol:

Ooops!

7 minutes ago, revkevsdi said:

But do you understand it?   I'm not being an ass with that question, I just find the whole thing hard to justify.

Sure people say there is nothing really propping up other currencies, but that's not completely true about a country because we have resources, gdp, people who own houses, businesses etc. 

If Venezuela can crash that hard, a crypto currency that went from $500.00 to almost $20,000.00 in one year can go to nothing just as fast.

 

In reality all currency is crypto currency now anyway. I see no real difference in this except its no t in the control of big banks.

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3 minutes ago, revkevsdi said:

You would have been proud of that investment if they went the way of RIM.

On your other comment regarding understanding markets.  Do you understand Bitcoin?

I got stung with JDS.

I have some idea of Bitcoin but would never have a large % of my investments in it and I no longer buy individual stocks.

I think the money has been made and it will trade sideways for a while before heading down.  I believe I heard the founders are getting out, so that could be worrysome.  You thinking of getting into it?  Heard of a new fund starting that will hedge bitcoins.

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10 minutes ago, ArcticCrusher said:

I got stung with JDS.

I have some idea of Bitcoin but would never have a large % of my investments in it and I no longer buy individual stocks.

I think the money has been made and it will trade sideways for a while before heading down.  I believe I heard the founders are getting out, so that could be worrysome.  You thinking of getting into it?  Heard of a new fund starting that will hedge bitcoins.

I always heed the advice of the Shoe Shine boy. When my 17 year old asked me about Bitcoin I said stay away now.

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My 13 year old kid was telling me to buy bitcoin when it was $3,000. I was like, "Are you fucking nuts, kid? Im not spending $3,000 for a bitcoin." Then it hit $10,000 shortly after and he gave me the "Told you". Im not a gambler, i always try to bet on the sure thing. Stuff like this just isnt for me. 

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1 minute ago, Arctic Cat Destroyer said:

My 13 year old kid was telling me to buy bitcoin when it was $3,000. I was like, "Are you fucking nuts, kid? Im not spending $3,000 for a bitcoin." Then it hit $10,000 shortly after and he gave me the "Told you". Im not a gambler, i always try to bet on the sure thing. Stuff like this just isnt for me. 

My old medic got out at the same time I did and wanted me to move up to the twin cities and partner in his crypto currency consulting company... Pretty sure I laughed when he offered. Whoops. He came down to toss some white boi money for New Years in his new Land Rover. 

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6 minutes ago, Arctic Cat Destroyer said:

My 13 year old kid was telling me to buy bitcoin when it was $3,000. I was like, "Are you fucking nuts, kid? Im not spending $3,000 for a bitcoin." Then it hit $10,000 shortly after and he gave me the "Told you". Im not a gambler, i always try to bet on the sure thing. Stuff like this just isnt for me. 

Its 1000% pure speculation.

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Just now, xtralettucetomatoe580 said:

My old medic got out at the same time I did and wanted me to move up to the twin cities and partner in his crypto currency consulting company... Pretty sure I laughed when he offered. Whoops. He came down to toss some white boi money for New Years in his new Land Rover. 

D'oh!

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1 minute ago, ArcticCrusher said:

Its 1000% pure speculation.

of course it is thats why im not comfortable with it. I dont spend my days hawking that shit so its not worth it for me to fuck with. 

You know what i did buy yesterday tho? Amazon! Fuck Walmart! :bc:

 

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5 hours ago, steve from amherst said:

No I don't understand it. That's why I don't play with it. My nephew does and I told him to be carefull.

Is he able to talk about in any way that makes sense?  They use words like mining for bitcoin. But in reality it's using a shit ton of computing power and electricity to conjure a virtual currency. Gold doesn't make sense most of the time but you can mine it and it has some commercial and cosmetic value. 

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Just now, revkevsdi said:

Is he able to talk about in any way that makes sense?  They use words like mining for bitcoin. But in reality it's using a shit ton of computing power and electricity to conjure a virtual currency. Gold doesn't make sense most of the time but you can mine it and it has some commercial and cosmetic value. 

He lost me about 3 minutes in. I'm just glad I was able to get the point across that one only gambles with gambling money. Not mortgage money.

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5 hours ago, ArcticCrusher said:

I got stung with JDS.

I have some idea of Bitcoin but would never have a large % of my investments in it and I no longer buy individual stocks.

I think the money has been made and it will trade sideways for a while before heading down.  I believe I heard the founders are getting out, so that could be worrysome.  You thinking of getting into it?  Heard of a new fund starting that will hedge bitcoins.

With Bitcoin as far as I know the creator has not been identified. There is speculation that Elon Musk was behind it.  The founder you may be talking about is the co-creator of Bitcoin.com which is a website. He sold all his holdings. So yeah it's hard to believe in it.  There were lots of people that made a fortune on BreX. Also a lot the held on too long and got screwed.  That was crypto gold in the end. 

4 hours ago, xtralettucetomatoe580 said:

My old medic got out at the same time I did and wanted me to move up to the twin cities and partner in his crypto currency consulting company... Pretty sure I laughed when he offered. Whoops. He came down to toss some white boi money for New Years in his new Land Rover. 

So if anyone can go ahead and find a crypto currency, that tends to devalue all of them.  

 

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1 hour ago, revkevsdi said:

With Bitcoin as far as I know the creator has not been identified. There is speculation that Elon Musk was behind it.  The founder you may be talking about is the co-creator of Bitcoin.com which is a website. He sold all his holdings. So yeah it's hard to believe in it.  There were lots of people that made a fortune on BreX. Also a lot the held on too long and got screwed.  That was crypto gold in the end. 

So if anyone can go ahead and find a crypto currency, that tends to devalue all of them.  

 

Yup, that is what I read, the actual creator is still at large.

I see Bitcoin a lot like BreX knowing its fools gold and don't be the last one holding it.

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Bitcoin sinks 20%

Bitcoin tumbled as much as 20% Tuesday.

The price of the volatile digital currency dipped below $12,000, its lowest level in more than a month, according to data from CoinDesk.com.

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