Crypto Currency - Who's into this?

Discussion in 'Lifestyle' started by Skins, Jul 5, 2017.

  1. Skins

    Skins Head Nigga in Charge Staff Member

    Who's into this stuff? @DonTravolta @jspill get in here.

    I've been researching this stuff and it makes my head spin. Can someone explain this for a simpleton such as myself?

    Basically I want to know how easy is it to get in/out of something like bitcoins. How can I spend this overseas? Cash out and wire to my bank account then use an ATM card? There's no "bitcoin card" right? Jspill mentioned paying a whore with bitcoins lol. Curious how that works.

    Basically I'm interested in banking offshore and I'm exploring my options.
     
  2. tc_pattaya

    tc_pattaya Legendary Member

    I thought this podcast was a good overall intro, still researching myself.

     
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  3. Skins

    Skins Head Nigga in Charge Staff Member

    Cool I'll check that out.
     
  4. Mikefox

    Mikefox Well-Known Member

    I looked into bitcoin breifly before the idea is it gives you anonimity so in london you can buy bitcoin with cash via machine and then you have a digital wallet to store them in but I never actually did it though.

    The thing that would worries me if I put a fare amount into them is these currencies seem to very volatile which can be both good or bad I guess and some fucker hacking my wallet.

    In that book I mentioned to you he got hacked for a lot of money but he made so much it didnt matter.
     
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  5. Skins

    Skins Head Nigga in Charge Staff Member

    Thanks I just bought that on kindle so I'll be reading it soon.

    I only get into shit I understand. Stocks and bitcoins... I don't really get it so I don't put money into it. But maybe I can be convinced.

    Another thing to consider is the way these currencies have taken off recently. The charts are insane. There must be a lot of "dumb money" going into them now that they are becoming more mainstream and they could be due for a strong correction. But then again, I don't know shit about these currencies.

    I bought a lot of silver back in the day when it was around $12. A few years later everyone was talking about silver investing. It was in the news and random construction workers were talking about buying some. The "dumb money" had arrived. When it spiked past $40 I said "oh shit time to sell." Sure enough it touched $50 and crashed back down. Got to stay one step ahead.
     
  6. tc_pattaya

    tc_pattaya Legendary Member

    As I understand it, secure storage, market volatility, and popularity are big issues with these currencies. Bitcoin has been popular for a while but has issues with the finite number of coins (good for storing value, too expensive to buy coffee with) that has created an opening for Ethereum, which has some interesting new features (smart contracts). This stuff is still very speculative and can crash quickly.

     
    Last edited: Jul 5, 2017
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  7. Skins

    Skins Head Nigga in Charge Staff Member

    I'm not really interested in investing. Just using it as a way to safely store money and be able to cash out in different currencies around the world. Perhaps a traditional dollar account would be best...
     
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  8. Ghengis

    Ghengis Well-Known Member

    You're right about the smart money/dumb money. I haven't been tracking bitcoin but just listening to people talk about it and the way it's been going up,now wouldn't be the time to get in. To quote The Oracle of Omaha, " Be fearful when others are greedy and be greedy when others are fearful ".
     
  9. Blackfyre

    Blackfyre Well-Known Member

    I think I bought $100 worth of btc in late 2015 through coinbase. In early 2016, I went up a little bit. So I went and bought some chocolate on overstock just to see if the online merchant took btc. They took it and I got my chocolate. Flash forward 2017, my initial $100 shot up to $850. How can you not have regret and kick yourself for not putting more money?

    A friend sent me an article abou btc the other day. Article said that if you invest $100 in btc in 2010, you'd be sitting on $62,000,000 today. I felt sick. Back in 2010 I was a gold and silver bug. Ugh....


    I've been hearing people talking about ethereum another cryptocurrency. I think it's sitting around $270.
     
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  10. tc_pattaya

    tc_pattaya Legendary Member

    There are stories of people digging through garbage dumps to find hard drives containing bitcoin worth millions of dollars :eek:
     
  11. DonTravolta

    DonTravolta le spicy memer

    There's the same amount of stories about people losing that much for trashing their hard drive lol.
     
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  12. DonTravolta

    DonTravolta le spicy memer

    It's pretty easy these days. There's bitcoin master cards now so you could buy spend them on whatever you want. In SEA you can buy/sell btc at 7-11 for cash (in certain countries and certain stores). Philippines is definitely the btc friendliest country. Manila has atm's where you can withdraw cash with btc etc.

    Tell me what you exactly need and i can tell you how you can get it ;)
     
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  13. jspill

    jspill Well-Known Member

    There are bitcoin cards yeah but I haven't tried one yet.

    In the Philippines you can take out cash from an ATM (security bank ones) without a card or Filipino bank account, if you just have some bitcoin in a coins.ph account and cash it out with the egivecash option. So to pay a hooker yeah you'd give her the code, she goes to the ATM and gets the cash. Or get it yourself. Can use it to top up your phone and pay certain utility bills too.

    They have that ATM thing in thailand too but at the moment only for Thais. They have the phone top up and bill payments though.

    Then there's things like local cash pickup, meeting a trader in person, or trading bitcoin for paypal, so various ways to get money in different countries without needing a bank account anywhere. Or say your friend / a hooker has a bank account you just do a quick bitcoin for VND trade online, using their bank details, and the money is in their account in minutes. Localbitcoins.com is the main site for that kind of thing

    The dumb money kinda has come in already, bitcoin was at 3000 and ethereum 420 at one point now they're 2500 and 270 as said. I was lucky to buy at 650 and 40....

    I think of it as like another bank account in case anything happens to my money, and as long as I make more than say 10% thats better than I could hope to make with a high interest savings accounts, stocks, metals etc.

    I'd probably buy ethereum, golem, dash, litecoin, higher percentage gains than bitcoin because they're worth less. Apparently bitcoin is losing market share and is only worth the most because it was first, others like ethereum will eventually overtake it, some say

    It's really easy to get into it. I wrote about how to buy it here

    http://nomadphilippines.com/buying-cryptocurrencies/
    http://nomadphilippines.com/investing-in-ethereum/

    You can opt to get your thaifriendly affiliate payments in bitcoin each month instead of paypal, and get raped less by paypal. Then convert that bitcoin into different alt coins on shapeshift.io and store in exodus.io or jaxx.io wallets

    Some things give you a discount for paying in bitcoin, because there are lower transaction costs. Afinilexpress.com ordering modafinil to thailand, gave me 10% off
     
    Last edited: Jul 5, 2017
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  14. ezinho

    ezinho Active Member

    Anyone know why Litecoin has been poppin' the last week or so? Was it added to another exchange or something? I'm usually on top of these thing but I didn't see Litecoin jumping like this.

    I'm mostly out of cryptos at the moment, waiting to see what will happen on August 1st. Although I might get a little Litecoin now if it dips.
     
  15. tc_pattaya

    tc_pattaya Legendary Member

    These are the most promising cryptocurrencies right now


    http://mashable.com/2017/07/07/most-promising-cryptocurrencies/
     
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  16. Skins

    Skins Head Nigga in Charge Staff Member

    Now this is interesting. Just what I was looking for. I want to have one offshore account just for living expenses. I want to have a card that I can easily use at ATMs and buying shit online. Now I use my schwab card for this but I'm looking for another option. I will research these bitcoin cards further.

    Sounds like bitcoin is the most stable of the bunch. Is that right? I'm not looking to speculate here. Just use it as a checking account.
     
  17. evo

    evo Active Member

    I am heavily into cryptocurrencies. Personally, my primary cryptocurrencies are Bitcoin, Ethereum, and Ripple. My secondary ones are Dash, Monero, Zcash, and Siacoin.

    As I continue to prepare for the permanent relocation to SEA, one of my top priorities has been to move all my long term investments into crypto. Each country has different tax laws for withdrawal of crypto to fiat. For example, Australia recently declared all cryptocurrencies to be completely tax-free for withdrawal. In the US, the IRS has declared it an asset so you still have to deal with capital gains. I've never used it as a form of payment in life, aside from the occasional money owed to friends, who are into crypto too.

    I don't want to take people away from this fine forum, but a while back, I started a dedicated Cryptocurrency Forum because all my friends kept exploding my phone with questions wanting to get into cryptocurrencies. So I setup a forum that's focused on the entire world of cryptocurrencies and is focused on making it very approachable, with how to guides, discussion of the latest changes in this world, etc.

    If you have any questions about cryptocurrencies, I'm happy to help.

    Cheers!
     
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  18. Skins

    Skins Head Nigga in Charge Staff Member

    Very cool! I see you use Xenforo as well. We should compare notes about running a forum sometime.

    I think these crypto currencies are here to stay. Despite the fact that they have spiked hard recently I still think they will continue to rise. Your average person doesn't even know WTF a bitcoin is, how to buy them, sell them, etc. Shit I don't even know haha.

    Just imagine when half the population jumps on board. Maybe I will dip my toes into this world and see how it goes.
     
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  19. Mia The Devil

    Mia The Devil Well Known Member

    Check the market today.

    Me atm: Love me some cheap coins.:D
     
  20. tc_pattaya

    tc_pattaya Legendary Member

    https://www.bloomberg.com/news/arti...or-0x00a651d43b6e209f5ada45a35f92efc0de3a5184
     
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