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Bitcoin
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Cap'n Tightpants
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Aug 4, 2017, 08:15 AM
 
Anyone here into cryptocurrency? I've been playing with it for a while, buying some here and there, and even putting resources into mining some (mostly ETH and ZEC). Until recently I didn't take it too seriously, but now the numbers are really starting to climb and the coins that I acquired 4-5 years ago as curiosities are turning into some serious $$. A part of me still feels that it's an elaborate pyramid scheme, but if it was going to implode I believe it would have happened by now, and with some analysts claiming values will increase by as much as 100x over the next few years, this could be the opportunity savvy investors (and even regular people looking to diversify their portfolios) are looking for.
"I have a dream, that my four little children will one day live in a
nation where they will not be judged by the color of their skin,
but by the content of their character." - M.L.King Jr
     
andi*pandi
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Aug 4, 2017, 10:37 AM
 
I never have tried it, but a friend recently noted that their investment had quadrupled.
     
besson3c
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Aug 4, 2017, 02:15 PM
 
The problem with Bitcoin is that as it gets more and more expensive to mine, and as the distributed ledger continues to grow and grow in size, it will have scalability issues. I think the currency is valuable now because Bitcoins are rare, and enough people like the idea of assigning value to Bitcoins, but I'm concerned that over time as these tech issues become insurmountable people will grow tired of Bitcoin and the currency will be devalued.

The other thing is digital currency is not really regulated, and the technology is designed for people looking for privacy given the anonymity it provides. I think it could become an increasingly large target for money laundering investigation. It seems to exist in a rather legal gray area right now.

There have been digital cash attempts that are backed by actual banks, but these have problems as well. I kind of think that there is a future in a digital currency, but there are things to sort out here (e.g. law enforcement, bank involvement, etc.). I also think that people are really locked into their credit cards and fiat currency, so it seems like there is a lot (i.e. consumer adoption) working against the growth of any new digital cash and/or cryptocurrency.

TL;DR: there is a novelty factor here, but I'm not sure it will last in its current form.
     
Thorzdad
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Aug 4, 2017, 07:45 PM
 
BTW, Bitcoin was recently forked.
     
Cap'n Tightpants  (op)
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Aug 12, 2017, 02:58 PM
 
When I made the OP bitcoin was at $2250, now it's at $3837. That's a +$1600 (60%) increase in 8 days, and by the end of the year it will (in all likelihood) reach $7000 (because major funds are buying in and that's the target they're shooting for by year's end, maybe even more as other funds climb on board). This is a great opportunity, people who are smarter than all of us are saying that mBTCs (1000th of a bitcoin) will trade @$20 by the end of 2018, with mBTC and uBTC (1 millionth of a bitcoin) starting to see widespread use in retail channels. IMO, this is the big one, buy some bitcoin now. Join coinbase, or wherever (I just mention CB because they're super easy to work with and have low fees), and just get $100 worth /month. The upside potential is currently greater than anything else out there (by an order of magnitude), and I think you'll be very pleased within a couple years, if you do.
"I have a dream, that my four little children will one day live in a
nation where they will not be judged by the color of their skin,
but by the content of their character." - M.L.King Jr
     
mindwaves
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Aug 13, 2017, 09:22 PM
 
I've thought about mining it and even have the funds to buy some nice AMD GPUs for the job, but it is still a thought!
{{{ mindwaves }}}
     
Cap'n Tightpants  (op)
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Aug 14, 2017, 09:20 AM
 
At $4300 now.
"I have a dream, that my four little children will one day live in a
nation where they will not be judged by the color of their skin,
but by the content of their character." - M.L.King Jr
     
   
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