Crypto-Currency (BTC, ETH, Etc)

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?

 

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.

 

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.

 

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.

 

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

 

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

 

Is the point of crypto currency to essentially avoid paying taxes and hide your money from the government?

 

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.

 

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.

 

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

 

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

 

Welp, guess I've started my venture into some Alt Coins.

I'm currently into Ripple (XRP) and Tronix (TRX) because of their low price points and recent buzz.

I'm not in for much, in for the kicks and giggles to see what I can do.

 

Another problem I have with cryptocurrency is that digital storage is still problematic.

The top corporations in the world still use a 90 year old technology to archive their digital data. Magnetic tape drives.

Magnetic tape was invented in Weimar Republic, Germany in 1928 and hit their peak in the 1970's and 1980's with audio cassettes, VHS, and 8-track. Nobody uses them anymore except for data storage since nobody in the tech sector can find a more reliable way to archive data. If stored properly, magnetic tape can last a minimum 15 years to a maximum 30 years.

If I truly want my cryptocurrency to remain safe, I'd have to make 2 backups and then backup again 15 years later to ensure that I don't lose my money. It would be easier just to dig a hole in the ground, drop a bag of gold into the hole, cover it up, and dig it up whenever I need it. Gold never corrodes, and nobody will ever find where I buried it.

 

Hey there! I stumbled upon this post and thought I'd chime in.