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Bitcoin
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Addicted to MacNN
Join Date: Oct 2014
Location: Shaddim's sock drawer
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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.
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"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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Moderator
Join Date: Jun 2000
Location: inside 128, north of 90
Status:
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I never have tried it, but a friend recently noted that their investment had quadrupled.
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Clinically Insane
Join Date: Mar 2001
Location: yes
Status:
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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.
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Moderator
Join Date: Aug 2001
Location: Nobletucky
Status:
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Addicted to MacNN
Join Date: Oct 2014
Location: Shaddim's sock drawer
Status:
Offline
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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.
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"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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Registered User
Join Date: Sep 2000
Location: Irvine, CA
Status:
Offline
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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!
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Addicted to MacNN
Join Date: Oct 2014
Location: Shaddim's sock drawer
Status:
Offline
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"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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Ham Sandwich
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(
Last edited by Ham Sandwich; Apr 23, 2020 at 09:02 AM.
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Registered User
Join Date: Sep 2000
Location: Irvine, CA
Status:
Offline
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Well, a number of months ago, I had the idea to hire someone to buy a bunch of GPUs and start a bitcoin mining farm. I would take a percentage of the profit.
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Clinically Insane
Join Date: Jun 2001
Location: Chicago, Bang! Bang!
Status:
Offline
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Originally Posted by And.reg
So, if I drink the Bitcoin Kool-aid, it's at $10k currently. Which site do I go to invest? Let's say that I set aside $500. How would I "pull out" to get my money back in a year?
I’ve never done it, but in an abstract sense it’s the same as doing it with any other currency.
Let’s say you think Euros will go way up. You find the place which will sell you the most Euros for $500. You hide them under the mattress. When they go way up you find the place which will pay the most per Euro.
I should note, especially with something insanely volatile like Bitcoin, you’re best off doing what’s called cost averaging. Instead of plopping down the $500 at once, it’s better to do a fraction of it in regular intervals (e.g. $50 a month for 10 months). This automatically makes you buy more when they’re cheaper and less when they’re more expensive... which is the whole point of investing.
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Fresh-Faced Recruit
Join Date: Dec 2017
Status:
Offline
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Ham Sandwich
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(
Last edited by Ham Sandwich; Apr 23, 2020 at 09:35 AM.
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Mac Elite
Join Date: Apr 2001
Status:
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(
Last edited by el chupacabra; Jan 5, 2024 at 01:16 AM.
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Fresh-Faced Recruit
Join Date: Dec 2017
Status:
Offline
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How can I find a bitcoin machine close by?
I tried using this banks-nearme but couldn't find ATMs nearby...
I am located in Los Angeles.
Thanks
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Last edited by andi*pandi; Jan 2, 2018 at 06:44 PM.
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Moderator
Join Date: Jun 2000
Location: inside 128, north of 90
Status:
Offline
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Your problem may be that the search engine thinks you are someplace else?
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Posting Junkie
Join Date: Apr 2007
Location: Iowa, how long can this be? Does it really ruin the left column spacing?
Status:
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The problem is that it's probably spam.
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Moderator
Join Date: Jun 2000
Location: inside 128, north of 90
Status:
Offline
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Posting Junkie
Join Date: Apr 2007
Location: Iowa, how long can this be? Does it really ruin the left column spacing?
Status:
Offline
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But it looks like the link is still valid?
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Clinically Insane
Join Date: Jun 2001
Location: Chicago, Bang! Bang!
Status:
Offline
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That’s... surprisingly accurate.
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Clinically Insane
Join Date: Jun 2001
Location: planning a comeback !
Status:
Offline
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Yeah, most cryptos will not make it, because they are based on non-scalable technology (proof of work consensus algorithms).
The whole “coin” and ICO craze was a greed driven bubble.
What will survive are better distributed ledger technologies that don’t require a crypto currency pyramid scheme fueling its viability.
Hedera Hashgraph looks most promising in that regard.
-t
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Fresh-Faced Recruit
Join Date: Aug 2018
Status:
Offline
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Fad about Bitcoin is long gone.
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