Crypto Currency - Who's into this?

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

  1. ezinho

    ezinho Well-Known Member

    If it makes you feel better, I first learned about bitcoin back in 2012 (I think it was mentioned on the dollar vigilante website) but I didn't end up buying my first bitcoin until the end of 2015! If I would have just bought some back in 2012 I'd be a millionaire today. I wouldn't even be reading this site, I'd be retired in Angeles City barebacking 18 year old twins at the ABC hotel!

    There was an article yesterday that predicted bitcoin will be at $10k in 6 months or so. It's never a bad time to buy bitcoin in my opinion but it's gone up so fast that I'd wait until it dips a bit, to be honest I'm not sure why it's gone up so much so fast.

    But I understand your apprehension to getting in now. Maybe start out by buying some ethereum or litecoin to get started?
     
    Skins likes this.
  2. ryan754326

    ryan754326 Well-Known Member

    I want to jump in badly, but I’m a very strong believer in the “if it seems too good to be true” philosophy.
    I still can’t figure out what really gives it its value, and the amount of new cryptos popping up makes me more wary still. I’m confident it will go up a bunch more, and I will kick myself in the ass for not buying, but I am so terrified that if I buy and hold now, I will wake up one morning and be broke.
    At least if gold goes to zero I can melt it down and make a cool necklace.
     
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  3. jspill

    jspill Well-Known Member

    Wouldn't the safest thing to do be to have some cryptos, some metals, and some fiat currency?

    I mean there are things to be fearful about for everything - if you have physical gold you can be robbed, if you don't then some say you 'don't really own the gold', as for fiat currency your bank accounts could be hacked.

    And what really gives paper money its value? People just decided to let pieces of paper represent value, now they are doing it with a digital currency with lower transaction costs.

    Some say fiat will eventually collapse because governments keep printing unlimited amounts of it, whereas bitcoin is designed to be limited.

    Spreading your money out over lots of things should be the logical course of action for someone playing it safe.
     
    Last edited: Oct 13, 2017
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  4. Monger88

    Monger88 Well-Known Member

    Bitcoin will suddenly drop when people actually start using cryptos for payments.

    Then they will realize there are much better cryptos out there, such as Dash and all the money currently in Bitcoin might be siphoned in those user-friendly cryptos very quickly.
     
  5. ryan754326

    ryan754326 Well-Known Member

    I agree, being diversified is most important.

    In my mind, what gives paper money it’s value is that it’s the legal tender of whatever country is printing it. All of the people in that country who produce real goods that I might actually want to buy, have no other real option for payment unless they want to barter with me.
    If bitcoin, or any other crypto, was issued by a company who made something that I want to buy, and they guaranteed that I could always use it to buy their products at a certain rate, then I’d feel a lot more secure in it. Right now, a lot of companies are accepting Bitcoin for real goods, but the biggest part of that is they want to cash in on the rise, and in the end, exchange it for fiat... Or am I missing something here?
     
  6. jspill

    jspill Well-Known Member

    bitcoin, ethereum, dash, litecoin, monero

    Then could have a punt on one that's very cheap because if it pops you make a lot - IOTA, omisego, ripple, quantum
     
    Mikefox likes this.
  7. ryan754326

    ryan754326 Well-Known Member

    So is there any limit to the number of different cryptos? It seems like anyone can create one out of thin air and sell it.
    How many of these coins are actually accepted by retailers, and how many are simply a speculative asset that is being pumped up in the hopes of it becoming the next big one.
     
    Skins likes this.
  8. jspill

    jspill Well-Known Member

    I just ignore those random tiny ones. Not sure either but this offers some reasons why there's so many

    https://bitcointalk.org/index.php?topic=412201.0
    https://www.reddit.com/r/explainlikeimfive/comments/6hz8os/eli5_why_are_there_so_many_different/

    The ones I mentioned are in the top 15 on this list by market cap, just stick to the main ones https://coinmarketcap.com/
     
    Skins likes this.
  9. Skins

    Skins Head Nigga in Charge Staff Member

    That long term strategy is a good one. Just buy the dips and only use money you don't need. Then just hold it for the long term. I'm convinced that cryptocurrencies are here to stay and it will continue to go up as more people start to use them.
     
    Mikefox likes this.
  10. pet21

    pet21 New Member


    I am using bitcoin and have card (using on ATM and POS) so look around , use Google, since I am not sure can I post links here. Basically just pick good bitcoin operator , they will give you a prepaid card and you can use like you are using real money, actual bitcoin is "real" money those days...
     
    Skins likes this.
  11. Zero_Gh0st85

    Zero_Gh0st85 Well-Known Member

    I bought Ethereum at $145 and recently invested into Walton Chain (WTC). I spend a bit of time lurking through various Reddit subs about ethereum and crypto. Only place I know where you can make 300% returns in a few weeks.

    Ethereum
    NEO coin
    LINK coin
    OMG coin
    Walton Chain coin

    Google those and hit up reddit. Ethtrader subreddit is good.

    Edit. I think the biggest misconception I see among newcomers is thinking that every "coin/token" was created to be a currency. Bitcoin is, the rest really aren't.
     
    Skins likes this.
  12. Dale

    Dale Well-Known Member

    If bitcoin is currency, and the rest really aren't....my logic says the following:

    I know too little about this stuff to dabble, but if all the others are not currency ....then it is just speculation.
    And if everybody is talking about it, and lots of people are jumping in....then the guys at the top that are running the show wait till they have enough suckers in the game, then pull the big money out (pull the carpet from under the feet), and at the same time co-ordinate when to short the stuff and make exponential gains.

    Is this too simplistic, is it probably the way it is going to play out , or should I just follow the herd and start collecting these coins?
     
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  13. Zero_Gh0st85

    Zero_Gh0st85 Well-Known Member


    Whales have been known to do a pump and dump. I urge you to read a bit about, let's say, Ethereum. I jumped in based off of hype. I "felt" the hype was surrounding the technology was true. Great development team. I could have sold out, doubling my investment after 2 months. I'm holding for the long term. Look at a coins market cap. Look at its team. What are they trying to achieve.

    Reddit.com/r/ethtrader

    Of course it's all speculation. That's what a majority of investing is.

    Only invest what you can lose. Or go big and get yourself a lambo.
     
    Dale likes this.
  14. Dale

    Dale Well-Known Member

    I recon if I use Zero_GhOst85 as the password, I will be able to hack your account....and get myself a lambo ;)
     
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  15. Zero_Gh0st85

    Zero_Gh0st85 Well-Known Member

    Password? Lol

    I have all my coins stored in a cold wallet that can only be opened with a special encrypted file which I keep on a thumb drive in a safe deposit box at the bank. Then you enter my password. Then I use Google Authenticator linked to said wallet which randomly generates a code every 15 seconds you must enter. :)

    If anyone reading does have any amount of coins, I suggest storing them off the exchange you purchased them from and enable Google authenticator via your smart phone.
     
  16. Dale

    Dale Well-Known Member

    Heh - I just got that last piece of cryptic info I needed to hack your wallet....I want to send you pictures of my Lambo
     
  17. Skins

    Skins Head Nigga in Charge Staff Member

    This is the point in my research where my head starts to spin and I say fuck it... I'll just buy some gold coins or something.
     
  18. Zero_Gh0st85

    Zero_Gh0st85 Well-Known Member

    Hehe, it's not complicated as it sounds. The wallet provides everything. You download Google authenticator from the app store and link whatever accounts you want, even Gmail.
     
    Skins likes this.
  19. BL010181

    BL010181 Well-Known Member

    It’s worked for thousands of years...
     
    Skins likes this.
  20. Ramblin' Man

    Ramblin' Man Well-Known Member

    Until a band of brigands comes by and kills you for it.
     
    jspill likes this.
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