Anyone invest in crypto currency?

Bitcoin is slow and the transaction fees are high. I still LOVE the idea of crypto currency as there is an actual cost to mining it (big cost) and no BANKS are involved. SMART CONTRACTS will be the future as well, so block chains like Ethereum will be successful.

If you sell your BTC on GDAX, you are selling to another person with money. You need to be verified to withdraw high amounts of cash but that is not hard.

I am excited for all the new money coming in and cannot wait until casuals start to diversify. It's going to look real solid for the OG investors on this site. The price of BTC is ridiculous and sure, it's a bubble. The technology is still the future and there's no reason to not line your pockets. It's Bitcoin's world, we're just living in it.

The price always goes back up as well. Never buy at a peak is my rule or get FOMO, it usually ends poorly. If something goes down, do not sell and chase the money. Let it ride, and all will be well, just takes time.

Welly_59 wrote: »

Any cryptokitty breeders here?

I never heard of these and just read an article on it. I'm speechless...

NetworkNewb wrote: »

I never heard of these and just read an article on it. I'm speechless...

While I have zero interest in cats, let alone digital cats, I do like money. I may have to look into this further, maybe I can sell a couple digital cats for an easy few grand.

JDMurray

Digital pets are one of the few, very desirable things that have less true value than baseball cards. Trading true value for a piece of cardboard imprinted with a picture of a baseball player is study not in microeconomics, but rather in human psychology.

EANx

JDMurray wrote: »

Digital pets are one of the few, very desirable things that have less true value than baseball cards. Trading true value for a piece of cardboard imprinted with a picture of a baseball player is study not in microeconomics, but rather in human psychology.

The same thing can be said for trading anything related to culture, whether it's a Honus Wagner card, Superman #1 or the Mona Lisa.

EANx wrote: »

The same thing can be said for trading anything related to culture, whether it's a Honus Wagner card, Superman #1 or the Mona Lisa.

Yep, humans are definitely a weird species.

JDMurray

A very good cryptocurrency article with links to other good references: A beginner’s guide to getting started in the cryptocurrency world

I think we can all agree that the Crypto currency is headed for a bust, it may be a mature stable currency in the future, but the wild speculation it's experiencing right not can only end on disaster. The Bitcoin futures market has only been online for a few days now and already Litecoins are up 80% in four days. Anyone who thinks 1 bitcoin is really worth 16k, obviously failed history in school. While a would agree bitcoin does have some value in the marketplace, it's certainly no where near the levels they are currently trading at. Now that Wall Street is getting involved, it will greatly speed up it's crash date. My initial strategy with Cyptocurrency was to hold on it long term and see how high it goes, but with Wall street getting into the market, the impending crash is at best a few months, less than a year max away. I plan to closely watch the value of my Litecoins and as they greatly increase in value, I'll sell a few at a time, so I do not take a loss and pull some profits out of the market before the crash. Is anyone else rethinking there Cyptocurrency strategy based on the current changing market conditions?

TechGromit wrote: »

I think we can all agree that the Crypto currency is headed for a bust, it may be a mature stable currency in the future, but the wild speculation it's experiencing right not can only end on disaster. The Bitcoin futures market has only been online for a few days now and already Litecoins are up 80% in four days. Anyone who thinks 1 bitcoin is really worth 16k, obviously failed history in school. While a would agree bitcoin does have some value in the marketplace, it's certainly no where near the levels they are currently trading at. Now that Wall Street is getting involved, it will greatly speed up it's crash date. My initial strategy with Cyptocurrency was to hold on it long term and see how high it goes, but with Wall street getting into the market, the impending crash is at best a few months, less than a year max away. I plan to closely watch the value of my Litecoins and as they greatly increase in value, I'll sell a few at a time, so I do not take a loss and pull some profits out of the market before the crash. Is anyone else rethinking there Cyptocurrency strategy based on the current changing market conditions?

The price will keep going up, I really believe you are right but also wrong on this. The price will go up until the government does something to cause it to have a problem. The price is through the roof, it may crash but will rebound. Long term, I believe this is the technology of the future but I believe the price is not accurate for most crypto currencies. However, there will be plenty of money to be made in 2018 and in 2019 is when I would begin to be nervous about all of this and would consider pulling some funds out. Government moves slow so we have time.

Nope, I still compare it to gold. The only difference I think is Bitcoin is going be more accessible and more easily transacted. There are Bitcoin ATMs already out there... The price is going to go up for long time. Of course with corrections along the way and a lot of people will freak out about those corrections.

Where gold's price went from about 9,000 to 57,000 over the course of decade. Before going on a 3 year long correction and lately has been going back up the last couple years. Bitcoin's rise will just happen faster because the media coverage and hype around it. Which will most likely lead to a large correction, but in the end will just keep going up over time. So yes, I think there will be a somewhat "crash" where it will probably drop 50% sometime in the future. And there could be a stagnate period of time (a year or a couple years) where it doesn't do much after. But then it will rise to new highs again. If anyone can guess on when these moments will happen, they would be billionaires.

Maybe the the large correction, aka "crash", will happen soon like you say, but it could also happen when it hits 50k or even higher.

Edit: There are many who consider gold to be a huge bubble as well too though.

Let look at this another way. The Bitcoin appeal is there is a known supply of bitcoins, the total supply of Bitcoins is 16,734,487 that all there is, that all there will ever be. Now if we compare this to the total dollars in circulation, with is roughly 1.2 trillion dollars and divide it by total number of bit coins, you get a $71,708.20. If bit coins are truly a currency that circulation doesn't change, in theory, this is the value it should be, only increasing in value against the dollar money supply increases.

NetworkNewb wrote: »

Maybe the the large correction, aka "crash", will happen soon like you say, but it could also happen when it hits 50k or even higher.

I'm expecting to hit at least 50k, within a few months. Now that John Q. Public can invest in bitcoins easily, especially with some or all of his IRA or 401k, prices will rise rapidly. While the price of Bitcoins may stabilize eventually, I do not believe this will be anywhere near the current highs they are at.

NetworkNewb wrote: »

Where gold's price went from about 9,000 to 57,000 over the course of decade. Before going on a 3 year long correction and lately has been going back up the last couple years.

Where are you getting these figures from? Gold is currently $1249.50 an ounce currently, It topped out at almost $2,000 an ounce in 2011, and was around $300 in 2001.

TechGromit wrote: »

Where are you getting these figures from? Gold is currently $1249.50 an ounce currently, It topped out at almost $2,000 an ounce in 2011, and was around $300 in 2001.

LOL, sorry was looking at a graph that was given in kgs not ounces.

Crazy story on BTC. Anyone know by chance what exactly becomes of money that is confiscated? Does it just sit with the government forever? Alot of Bitcoin to just be sitting there!

https://www.coindesk.com/bulgarian-government-sitting-3-billion-bitcoin/

I read on a thread that 90% of bitcoins are owned by just 1000 people that could probably call each other.

In another thread i read this guy had analyzed gold vs btc and was claiming btc will reach 140000 thats 140k by 2021.

Priston

Lets look at the math (I hope I did this right...)

If the maximum number of bitcoins is 21 million and the world population is 7.5 billion. The average person in the world would have .0028 bitcoins.

If the average person held $1 USD worth of bitcoin, 1 bitcoin would be worth $ 357.14 USD
If the average person held $10 USD worth of bitcoin, 1 bitcoin would be worth $ 3,571.42 USD
If the average person held $50 USD worth of bitcoin, 1 bitcoin would be worth $ 17,857.14 USD (about what it is today)
If the average person held $100 USD worth of bitcoin, 1 bitcoin would be worth $ 35,714.28 USD
If the average person held $1,000 USD worth of bitcoin, 1 bitcoin would be worth $ 357,142.85 USD

gg pyramid scheme

More and more these cryptos look like a scheme that many of us missed out on lol.

So Litcoin has gone up 146% which is about $150 in 1 week. From 100 to 250 and 335% which is $200 in the past month.

Money out of thin air. My buy order of $200 of Litcoin still showing as pending though, hasnt completed.

Let's see how far they will go.

I kinda wish I brought more Litecoins than the 15.5 I have, but I'm I'll ride the market out and see where it goes. Something i wasn't aware about Litecoins, when i purchased them, Bitcoin transactions take over an hour to clear, where as Litecoins only take 2 minutes. For eCommerce Litecoins are the obvious way to go, no one is going to want to wait an hour online to see if there purchase goes thru.

I guess I'm not immune to the Hype, I picked up another 2.1 LTE for $650 this morning. Even with a Bank account, it takes 7 days to clear. I guess Coinbase wants to make sure the bank will clear the funds and 7 days should be more than enough time. Ideally I'd like to sell this 2.1 before the end of the year, I'm really curious how taxes are handled on profits.

It takes an hour to get confirmed (it really takes more like 15-20 minutes) but anyways I've stayed at hotels and paid in bitcoin. As soon as they see you sent the payment, that is basically it. Kind of how a credit card charge goes into pending I guess. LTC $290, damn.

hurricane1091 wrote: »

It takes an hour to get confirmed (it really takes more like 15-20 minutes) but anyways I've stayed at hotels and paid in bitcoin. As soon as they see you sent the payment, that is basically it. Kind of how a credit card charge goes into pending I guess. LTC $290, damn.

You mean ltc at 450 from your post to my post.

stlsmoore

I'm jumping in on the bandwagon. But I'm only willing to invest 1% of my income and not sure if Bitcoin is going to be on my list of crypto's. Thinking buying Etherum and Ripple twice a month and just holding on for long term +5 years out.

Still long on ARK but going long on REQ too. Paypal 2.0, look into it boys.

Anyone else expecting a huge Bitcoin push once all this altcoin craze settles down?

NetworkNewb wrote: »

Anyone else expecting a huge Bitcoin push once all this altcoin craze settles down?

I read that Litcoin will get a big push as more retail investors get into crypto currencies. The logic is that since Bitcoin is way too expensive for thw average person, most of them will see Litcoin as "cheaper" and throw their money on it.

I have a question on the Coinbase BTC and Litcoin addresses though.

If i copy the address from the QR code section every time I copy the address it gives me a different address. This doesn't make sense to me. Why does the address change? Shouldn't it remain constant since this is your public address? Or am i missing something here?

Phalanx

TheFORCE wrote: »

I read that Litcoin will get a big push as more retail investors get into crypto currencies. The logic is that since Bitcoin is way too expensive for thw average person, most of them will see Litcoin as "cheaper" and throw their money on it.

Noone said people have to buy 1 bitcoin.

si20

I'm one of those who watched bitcoin in 2012-2013 but did absolutely nothing but watch it. How I'm kicking myself...

So my question is: I'm looking at coinbase now. Can someone confirm this for me: Say I put £20 in, and it turns into £500. Can I sell up, and transfer the profit back to my bank account? Is it as easy as that? or is there any catch with coinbase?

si20 wrote: »

Can I sell up, and transfer the profit back to my bank account? Is it as easy as that? or is there any catch with coinbase?

Yep, directly right in and out of your bank account. Can sometimes take 5-7 days for bank account transfers to complete though.

JDMurray

Coinbase transfers money FROM your bank account quite quickly, while money transfers TO your bank account occur very slowly. The entire Bitcoin universe seems to be designed to quickly import cash, but very slowly export cash back to the "investor."