[Diablo]

I'm curious...what made you buy it? what do you think the potential is for it? Does it scare you at all?
Its been an amazing investment for many, but its not something I can wrap my head around and would like to know more about it. While the tax free aspect is very interesting, I always thought of it as the currency people used to buy drugs with on Silk road lol....

 

[Granny Gremlin]

No ... but I did just notice the other week that the corner bodega now has a bitcoin ATM (that's a bit , no pun intended, confusing, cuz I don't get why that would be required since it's not a physical currency and you can do it on your phone or comp, but there it is).

 

[keto]

I've listened to dozens if not hundreds of hours of discussion on CNBC on the subject, and have some online friends who were fairly early miners on another forum.

I still don't really understand it. One analyst yesterday said the likely top is about double from where we are, in around a year.

My daughter texted me yesterday that her friend (she's 23, assume friend is about same) became a millionaire Weds night due to bitcoin.

 

[Diablo]

I've listened to dozens if not hundreds of hours of discussion on CNBC on the subject, and have some online friends who were fairly early miners on another forum.

I still don't really understand it. One analyst yesterday said the likely top is about double from where we are, in around a year.

My daughter texted me yesterday that her friend (she's 23, assume friend is about same) became a millionaire Weds night due to bitcoin.

that's amazing, because even with its huge run, she would have still had to buy a lot of it (for a young person) at some point. I hope she takes some off the table, just in case.

I cant say I understand its value going forward ie does it have any legal/legit purposes beyond buying drugs, or smuggling wealth between country borders? And then theres the hacking potential. It kind of feels like a big pyramid scheme. sometimes regulation is a good thing...but that would defeat its purpose.

 

[laristotle]

I heard a story on the radio a coupla' weeks ago about a guy who went to the dump to try and find
his old computer that he tossed out because he forgot that he had a shitload of bitcoin on it.

 

[butterknucket]

I was sitting in a pub with some acquaintances last night who were well invested in it.

Apparently it made quite a jump yesterday.

 

[High/Deaf]

My daughter texted me yesterday that her friend (she's 23, assume friend is about same) became a millionaire Weds night due to bitcoin.

Well, not unless she's sold it.

I've known people who were rich for a few months and then ............ not so much. And there is not much backing this up, from what I can tell. No buildings to sell, no patents to farm out, no IP to lease. If I owned any, I would have never made it this far without bailing, TBH.

But, alas, I couldn't buy any. I'm still trying to unload some tulips.

 

[ZeroGravity]

I thought about it a while back, but it was just about the time that dedicated mining rigs were hitting the market and people were starting to get serious about it setting up big operations and they still weren't all that valuable. At the time the return on investment for mining rigs, power etc the uncertainty around security and it starting to attract government scrutiny didn't seem worth the effort. Guess I missed the boat but hindsight is 20-20

 

[Diablo]

I thought about it a while back, but it was just about the time that dedicated mining rigs were hitting the market and people were starting to get serious about it setting up big operations and they still weren't all that valuable. At the time the return on investment for mining rigs, power etc the uncertainty around security and it starting to attract government scrutiny didn't seem worth the effort. Guess I missed the boat but hindsight is 20-20

I'm in the same boat...too many concerns and too late in the run. But I'm fascinated by it. My dental hygienist and her hubby bought some a few years ago and thinks they'll be able to pay for their kids educations with it.

 

[High/Deaf]

Of course, the question is how long to stay in. Without anything besides 'belief' backing it up, if/when it collapses, it will go quickly. I'd be looking at the market every few seconds if I held any.

But there's me, thinking about technical aspects in finance. I have a buddy quite into it that tells me that's a very flawed way of looking at the value of a company. But that's the only way that makes sense to me. And that's why no one ever comes to me for financial advice.

 

[knight_yyz]

When I hear bitcoin I think of the dark web. Or hostage sites, we have your info locked, pay up or lose it. And I forget how many Ashley Madison emails I got(after they were hacked) requesting bitcoin or else. LoL

 

[Chitmo]

I read a story the other day about a guy that paid something like 10000 bitcoin or something for 2 pizzas back in the day. They'd said it would be worth like a billion dollars now. Talk about buyers remorse

 

[Granny Gremlin]

But, alas, I couldn't buy any. I'm still trying to unload some tulips.

ROFL!

 

[keto]

So, CBOE futures trading in bitcoin starts Sunday 6 pm Lots of CNBC talk today about what that could do to is value, from stabilizing it as has happened with some commodities when futures started trading, to encouraging more hacking to try drive down the value as this is the first time you can short it (via options).

They also talked about other virtual currencies, one analyst just got back from Europe and was paid in and paid for most things with Etherium (sp?), and saw almost no bitcoin exchanged. And there are many others.

It’s not bitcoin itself that gets hacked, but the wallet (storage) and exchange sites that get hacked and ripped off.

Still tempted to do some mining for one of the lesser valued coins, on spec. More research required.

 

[jb welder]

I cant say I understand its value going forward ie does it have any legal/legit purposes beyond buying drugs, or smuggling wealth between country borders?

The only legit reason I've seen for it (unless you're the tax evasive type) is if you're in some backwater country where the real legit currency could fold tomorrow. Then supposedly you'd be safe because you had bitcoin instead.
Of course the bitcoin could fold tomorrow too.

 

[Moosehead]

Don't know too much about this stuff but thats not gonna stop me from riding the wave.
I bought some dogecoin and litecoin recently and made a good return over the last 24 hrs with the litecoin. very volitile stuff and you never know when to hold or when to fold em. and it trades 24 hrs a day. there have been some late nights lol. bitcoin is too expensive now, altcoins are your ticket.

Where are you guys trading on? I found this site coinsquare, great interface, fees are a bit steep I find when I get a quote to sell.

 

[Alex]

From what I've read, the engine software behind the Bitcoin is the key asset and will derive into something valuable.

The concept is good: eliminate bank and financial institution fees when trading. Think about buying and selling gear with a US resident - no currency conversion fees and getting full purchasing power with your money.

One fear I heard is that governments, similar to the financial institutions, will regulate Bitcoin which will take away the main attraction of Bitcoin and removing an intermediary in a transaction.

I think the concept is interesting (I do not own any Bitcoin) and with the power of people and being fed up paying transaction fees, some cryptocurrency concept will eventually come to fruition. The risk with Bitcoin and like many other new platforms, is that the 1st ones coming out of the gate typically don't make it and someone else comes in with some tweaks and a more accepted platform (Facebook comes to mind).

 

[GuitarsCanada]

I studied it a lot in the early days trying to understand it, I got a fairly good idea about what it is, how it's attained (mined) and how it's used or traded. It is true that in it's early days the drug trade took full advantage of it. But it has been cleaned up a lot over the past few years and is slowly becoming a legitimate way of doing business. Exchanges are popping up all over the place and it is possible now to just buy tiny pieces at a time. ATM's are becoming more popular and it's now getting much easier for legitimate businesses to accept it as payment. The massive rise in the value of them is being driven mainly by speculators right now and it's when that stops should you start to worry. It's going to settle at some point, when is the question. Same as the dope stocks. They are insanely over valued and sooner or later will come back to reality. There will be millionaires made, but there will be more that lose everything. It's not something to play with unless you really know what you are doing and are willing to gamble and pay attention to what's happening. Like everything else, the government will eventually get involved. They will not sit back and be cut out of the action. Once that happens it will kill the speculative nature of it's value. It will still be a great way to complete transaction globally, but the investment/speculating side of it will be gone.

One thing I learned many years ago (the hard way) was that there is a big difference between investing and speculating. It's two separate games.

 

[Adcandour]

I may be wrong, but I think that's the currency you use to buy stolen guitars, artwork, slaves, and babies to screw?

 

[Adcandour]

That comment wasn't a thread ender, was it?



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