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Anyone here invest in Bitcoin? XD I splurged a few weeks ago and made a nice profit so far. But I'm having my doubts about the long-term.
Blind- 12/08/2017 05:56 PM
Posts 
Sooz
They told me I was mad when I said I was going to create a spidertable. Who’s laughing now!!!
5354
CloseYeah a notoriously unstable, energy-inefficient currency that's not supported by the vast majority of retailers and is mostly just used for illegal activities DOES have a few clouds around its future, one must admit.
Paper or realized gains? Some people can make paper gains but then LATEST_BITCOIN_SERVICE_HERE gets hacked (or "hacked") every month and people lose their buttcoins and have nothing to show for it except their electricity bills and maybe some dehydrated strawberries. I'm not sure what's the baseline for converting paper to realized gains are since there's ~$20 transaction fees because lol bitcoin can only process about 7 transactions per second... theoretically. Practically isn't it something like 3?
Also there is no long term with bitcoin. It's entirely a speculative bubble at best with a healthy mix of money laundering mixed in. Something that gains 50% one day and loses 30% another is not something you invest in long term, you try and make money short term and get out before you're left holding the bag when the speculative bubble bursts. Only put in what you're comfortable losing and convert gains into real money regularly.
Nicehash got hacked something like two or three days ago and all the wallets associated with it were lost for example. Or one of the knockoffs, Ethereum I think?, had huge piles of wallets and coins in them rendered completely inert because of an idiotic implementation of their wallet system when something deleted(?, idr) their wallet.
Cryptocurrencies are a waste in every sense of the word. If you can make money (real money / realized gains) then nice but don't get suckered into them.
Also there is no long term with bitcoin. It's entirely a speculative bubble at best with a healthy mix of money laundering mixed in. Something that gains 50% one day and loses 30% another is not something you invest in long term, you try and make money short term and get out before you're left holding the bag when the speculative bubble bursts. Only put in what you're comfortable losing and convert gains into real money regularly.
Nicehash got hacked something like two or three days ago and all the wallets associated with it were lost for example. Or one of the knockoffs, Ethereum I think?, had huge piles of wallets and coins in them rendered completely inert because of an idiotic implementation of their wallet system when something deleted(?, idr) their wallet.
Cryptocurrencies are a waste in every sense of the word. If you can make money (real money / realized gains) then nice but don't get suckered into them.
Blind
2262
author=GreatRedSpiritYeah, that was exactly my mindset.
Cryptocurrencies are a waste in every sense of the word. If you can make money (real money / realized gains) then nice but don't get suckered into them.
I only invested a few hundred dollars initially, that I didn't mind losing if things went sour. I've "cashed out" the interest I've made in the following weeks, keeping a small investment and watching the cycle continue. But I don't see that trend lasting indefinitely, at least not when the major stock exchanges introduce Futures and more legitimate trades of Bitcoin.
I'll leave aside the morality/utility of it, because I'm sort of indifferent about it. XD I'm not sure if I ever see it stabilizing as a currency.
Then yeah, sounds like you're fine. Just keep being careful since this is Internet funnymunny territory and recourse options are, uh, few.
(to answer the question in the status, no I don't invest in bitcoin if it wasn't obvious
)
(to answer the question in the status, no I don't invest in bitcoin if it wasn't obvious
I think Ether is more promising in the long run (in terms of security, energy-efficiency and heck, even practical use) but I thought I might as well make some easy money off this Bitcoin bubble while it lasts. I only bought in last week when BTC hit $10k, because I am slow, so I'll probably cash out when it hits $20k.
IF being a big maybe. IF it hits 20k. Y'all just be careful. I think the whole thing is a scam with only those at the top benefiting.
Blind
2262
author=InfectionFiles
IF being a big maybe. IF it hits 20k. Y'all just be careful. I think the whole thing is a scam with only those at the top benefiting.
At this point, considering the trends, I think it's almost a mathematical certainty. The bigger question is if it has an existence beyond that. XD
Dyhalto
7536
Uh oh. Everyday ordinary folks are talking about making money trading bitcoin.
It's time to dump everything I have.
It's time to dump everything I have.
author=SgtMettool
I'm fairly sure that Professor Fonsworths Funbucks are more viable than Bitcoin.
Duh. I don't even carry cash anymore. I funbuck it all the day.
bicfarmer
3601
its because people are turning bitcoin into one of those mlm direct sell schemes. you know how those tend to go
Sooz
They told me I was mad when I said I was going to create a spidertable. Who’s laughing now!!!
5354
So far I haven't seen too many obnoxious facebook posts about how amazing and life-changing bitcoins are and I'm holding a bitcoin party everyone come you'll love it it's super great did I mention how much I love it
So they're not trying hard enough yet
So they're not trying hard enough yet
turkeyDawg
195
The bottom of this page for me right now has an ad for "Free Crypto Masterclass - Expert Reveals Top Cryptocurrencies Set To Overtake Bitcoin".
e: and after posting the ad now has "Ignore Bitcoin - The Big Money - No One's Talking About". Apparently the real money is being made with "penny cryptos" :o
e: and after posting the ad now has "Ignore Bitcoin - The Big Money - No One's Talking About". Apparently the real money is being made with "penny cryptos" :o
author=InfectionFilesWho is "the top"? Bitcoin is a decentralised currency.
IF being a big maybe. IF it hits 20k. Y'all just be careful. I think the whole thing is a scam with only those at the top benefiting.
And a currency is all Bitcoin is: Its worth is determined by the people who buy it. Calling it a scam would be like calling Pound Sterling a scam simply if its value against USD increased several thousand-fold.
Housekeeping
3571
The thing that irks me about Bitcoin is the idea that some basement-dwelling neet who mined Bitcoins early might become rich from doing essentially nothing, so I can never support it.
Blind
2262
author=Housekeeping
The thing that irks me about Bitcoin is the idea that some basement-dwelling neet who mined Bitcoins early might become rich from doing essentially nothing, so I can never support it.
True. But on the other hand, there's a certain poetic justice about a random smuck benefiting from it, versus the usual Wall Street crooks who have exploited our financial system for decades.
Sooz
They told me I was mad when I said I was going to create a spidertable. Who’s laughing now!!!
5354
author=Yellow Magic
Who is "the top"? Bitcoin is a decentralised currency.
Presumably those with access to the power and equipment needed to mine.
ETA:
author=Blind
there's a certain poetic justice about a random smuck benefiting from it, versus the usual Wall Street crooks who have exploited our financial system for decades.
Yeah! Instead it's crooks who have only exploited this financial system for a few years! So much better!
Dyhalto
7536
author=Yellow Magic
And a currency is all Bitcoin is: Its worth is determined by the people who buy it. Calling it a scam would be like calling Pound Sterling a scam simply if its value against USD increased several thousand-fold.
No, it's very much not a currency. Please don't start this debate here :/
