Crypto-Currency (BTC, ETH, Etc)

Discussion in 'Open Discussion' started by talkiewalkie, Nov 15, 2017.

  1. talkiewalkie

    talkiewalkie - Rookie -

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    Surprises to see this isn’t an off-topic discussion.

    For those not in the know:

    1. Crypto currency is growing exponentially... current market cap for all currencies combined is over $200 Billion... $100 Billion alone of that is Bitcoin.

    2. There are online exchanges right now that are mindblowingly easy to sign up to and start trading.

    3. Very volatile market due to lack of liquidity but also lots of opportunities for huge profits

    4. Just for reference, Bitcoin was less than $1 per coin in 2010... today it’s over $7,000! Other competitors currencies are also emerging with better features and technology...

    5. It’s an extremely fast growing industry and this is the early adopters phase.

    Here’s a good link to get an idea of what bitcoin is in specific but crypto in general:

    http://lopp.net/bitcoin.html

    For those in the know, what coins do you currently own? What are your recommendations for good long term holds? Also what exchanges do you use and are you strictly BTC or do you dabble in alts mostly?
     
  2. revgen

    revgen - Lakers 6th Man -

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    I don't see Bitcoin as something I'd like to "own" long-term. Its value is determined strictly based its use as an exchange mechanism. Long-term ownership wouldn't make sense unless I was a dealer.
     
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  3. lakerfan2

    lakerfan2 - Lakers Starter -

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    The way I've seen some people manage Bitcoin are like Foreign Exchange traders. They are constantly buying and selling the different forms of currency to try to get more of the other in a short amount of time.

    Like you said, it's been quite volatile as more and more versions start to emerge. I'm not to savvy into the technical details, but the one I heard most recently was Bitcoin Cash, which was a "fork" off of Bitcoin, and it recently took off the past 2 months.

    I would like to personally start myself, but I currently have no time or interest to research it unless someone told me about something early on enough to buy in easily at a low price, as with any trading.
     
  4. sirronstuff

    sirronstuff LB Facebook Editor

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    I had some I bought for my identity change, but after I bought my fake ID and passport and successfully created a new life, I didn't feel it was a safe place for my illegally obtained funds.
     
  5. Savory Griddles

    Savory Griddles Moderator Staff Member

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    Careful with this stuff. There is no government to enforce this. Investing in currency (any sort) is dangerous.
     
  6. John3:16

    John3:16 Moderator Staff Member

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    Bitcoin is at $13,000 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
     
  7. KareemtheGreat33

    KareemtheGreat33 - Lakers Starter -

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    damn I should have invested my money on this instead of Star Wars toys
     
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  8. lakerfan2

    lakerfan2 - Lakers Starter -

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    $16,000 today. There is no way this is sustainable.
     
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  9. John3:16

    John3:16 Moderator Staff Member

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    The news that it hit $13,000 obviously influenced people to buy. You're right. The bubble will pop, but it could get to $20 or 25K beforehand. That's what they are hoping for.

    Imagine investing $1000 in them in 2010. You'd have $16 million today.
     
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  10. sirronstuff

    sirronstuff LB Facebook Editor

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    Is the point of crypto currency to essentially avoid paying taxes and hide your money from the government?
     
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  11. John3:16

    John3:16 Moderator Staff Member

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    I think that's the point, or at least the original goal.
     
  12. sirronstuff

    sirronstuff LB Facebook Editor

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    When I bought my first bitcoin and was at a shop to buy a burner phone (great story for another time), the clientele that came into use the "bitcoin" atm were more than slightly shady. I'm sure some use it to avoid the ups and downs of fiat currency inflation/deflation, but in the US that's not so much an issue. I think it's primarily for illegal activity and now speculation. Pretty interesting.
     
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  13. sirronstuff

    sirronstuff LB Facebook Editor

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    I customize some CRM software, and it's interesting how some vendors are only accepting payment in bitcoin. And payment gateways are buying in to participate in order to charge fees. Pretty sure it's here to stay.
     
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  14. lakerfan2

    lakerfan2 - Lakers Starter -

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    Those Vinklevoss Twin guys from Facebook invested $11M in 2013 when it was at $120/coin.
     
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  15. Kenzo

    Kenzo - Lakers Starter -

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    That's 1.5 billion now (if my math is any good). Damnnnnn
     
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