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Thread: CryptoCurrencies

  1. #1

    CryptoCurrencies

    Do any of you have cryptocurrencies? I believe (perhaps foolishly) that it is the future of currency. The concept of a currency existing outside of Government control (again I believe the Government will eventually want to stop it, but I'm not sure how they can) and existing without borders or central management is very appealing to me. I have made a few thousand this year which led me to invest a few thousand more.

    Currently, I hold:
    • Verge Coin
    • Bitcoin / BTC
    • Monero
    • NavCoin
    • LiteCoint
    • Etheum
    • LiteCoin
    • NEO
    • IOTA



    I'm trying to figure out if I should invest in newer coins (which are riskier) or just keep buying BTC which I believe is certain to continue to climb over time.
    "My heart shall cry out for Moab..." Isaiah 15:5

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  3. #2
    I had some Bitcoin a few years ago when it was cheap and intelligently sold it before it's value skyrocketed

  4. Likes rockgremlin, DiscGo liked this post
  5. #3
    How is this working out for you @DiscGo? When you first posted this I almost called you and asked how do I buy a couple thousand dollars worth of BitCoin, and I've been kicking myself in the ass ever since for not doing it.

  6. #4
    @Iceaxe- My only complaint is not having invested sooner :). I invested about $300 last year and was kind of shocked to find out it was worth a few thousand in July. I have invested about 8k overall (6 in the last 5 months) and it is now worth 29k.

    My belief is that BTC (Bitcoin) is similar to Altavista. It is the first major crypto-currency but won't remain the industry leader. I believe that Google (the future Crypto-Currency leader) has been created and has not yet distinguished itself from the rest of the pack. So I have been investing in alternative coins believing that if I invest in the right coin now, it will pay out a better yield later.
    "My heart shall cry out for Moab..." Isaiah 15:5

  7. #5
    I still think Bitcoin is heading towards a spectacular crash similar to the Dutch Tulip Bubble. There is really no reason for it to be so high and nothing in the way of hard assets to back it's value, but I also said the same thing about Facebook so what do I know. The only reason I considered investing in BitCoin is I've watched enough financial bubbles in my life to know those getting in early and out before the crash can really bank some coin.

    Dutch Tulip Bubble
    https://en.wikipedia.org/wiki/Tulip_mania

    When you're wildly rich remember to invite me onto your yacht :-)

  8. #6
    From a technological standpoint, I have never seen or heard anyone tech-savvy find anything bad about the technology. I believe that the $15 an hour minimum wage is going to greatly reduce the value of the U.S. dollar and I expect that within 5 years. I also expect a price crash but I expect it to be more like the tech bubble in the early 2000s. The value will drop but the coins (websites) that make it, will be worth a ton more in 20 years. The real bummer is that if Crypto crashes AMD, NVIDIA, & INTEL are all going to crash hard with it.
    "My heart shall cry out for Moab..." Isaiah 15:5

  9. #7
    Last week I had $2000 in LiteCoin and this week I have $4400. It isn't too late to get in on LTC :)
    "My heart shall cry out for Moab..." Isaiah 15:5

  10. Likes stefan liked this post
  11. #8
    Great post on Reddit about Cryptocurrency:

    "I'm sure this will sound pedantic but with all the excitement lately, I'm seeing a lot of post from people in their 20's and even teens talking about investing large sums in crypto. Please keep in mind that this is high risk.That's not to say you shouldn't take some of your hard earned money, do your research and get involved. This community is amazing, dynamic and there's a ton of potential to make great returns. However, high risk investment should never be your whole portfolio. It should be the smallest part.

    Make sure that you're setting aside money in a Roth IRA, contributing to your 401k, Vanguard funds, etc. The boring stuff. The stuff that grows slowly over a lifetime. Don't just diversify your coins, diversify your whole portfolio. It's something I certainly wish I'd tackled at a much younger age. Believe me, you'll thank me later."

    If you've made any money in this market you probably feel invincible. Do yourself a favor - don't necessarily quit while you're ahead, but do take some off the table. People invest in stocks because those are actual businesses making actual money that they actually give out to their shareholders. And even those are considered incredibly risky investments.

    Right now in crypto, if you've only been playing the game for a couple of months, you've only known winning. At least take out your initial investment now that you're 5x up and play with the house money. And if it gets to be a huge % of your investable money, like, more than 10%, sell some and spread that around to some other investments too."


    https://www.reddit.com/r/CryptoCurre..._investing_in/
    "My heart shall cry out for Moab..." Isaiah 15:5

  12. Likes devo_stevo liked this post
  13. #9
    Good advice there.

  14. #10
    Quote Originally Posted by DiscGo View Post
    I believe that the $15 an hour minimum wage is going to greatly reduce the value of the U.S. dollar and I expect that within 5 years.
    FYI - This will also jack up the value of gold. When the dollar struggles gold shines.
    Do as you would be done by.

  15. Likes DiscGo liked this post
  16. #11
    Just a heads up: At the time of this posting, $5,000 USD was worth 1 million verge coins. Those 1 million verge coins is now worth $50,000+ USD
    "My heart shall cry out for Moab..." Isaiah 15:5

  17. #12
    Quote Originally Posted by DiscGo View Post
    Just a heads up: At the time of this posting, $5,000 USD was worth 1 million verge coins. Those 1 million verge coins is now worth $50,000+ USD
    So get a loan and get rich. What's the catch?
    Do as you would be done by.

  18. #13
    Quote Originally Posted by rockgremlin View Post
    So get a loan and get rich. What's the catch?
    A correction / crash is expected at some point. You don't want to be the one left standing at the end of musical chairs. It all comes down to not investing more than you can afford to lose. 2017 was an amazing year for Cryptocurrency but 2018 is the unknown.

    Over the last year I was aggressively following the coins and trying to stay ahead of the pack. I am now diversifying through the top 20 coins I believe have promise (shotgunning it really) and plan to hold for the next 3 years. I won't be at all surprised if you come back and laugh at my losses in 5 months to 2 years but I'm swinging for the fences and hoping for the best.
    "My heart shall cry out for Moab..." Isaiah 15:5

  19. #14
    Quote Originally Posted by DiscGo View Post
    A correction / crash is expected at some point. You don't want to be the one left standing at the end of musical chairs. It all comes down to not investing more than you can afford to lose. 2017 was an amazing year for Cryptocurrency but 2018 is the unknown.

    Over the last year I was aggressively following the coins and trying to stay ahead of the pack. I am now diversifying through the top 20 coins I believe have promise (shotgunning it really) and plan to hold for the next 3 years. I won't be at all surprised if you come back and laugh at my losses in 5 months to 2 years but I'm swinging for the fences and hoping for the best.
    No laughing here. In fact, I have major respect for you. It takes some pretty large cajones to put hard earned money into an untested investment. I only ask that you remember me when you become filthy rich. I mean...I've got bills, ya know? I'm so broke I can't even afford to be a Bogley Bigshot Lifetime member. In fact, I used to be a Bigshot but then I got demoted somehow.
    Do as you would be done by.

  20. Likes DiscGo liked this post
  21. #15
    https://youtu.be/g-zIbVEjVpQ


    This is the first one of his videos which I really feels applies to me. I wonder if CrossFitters & Vegans feel as misunderstood by this guy as I do right now :)
    "My heart shall cry out for Moab..." Isaiah 15:5

  22. #16

    CryptoCurrencies

    CryptoKitties? Are you collecting these @DiscGo



  23. Likes DiscGo liked this post
  24. #17
    Quote Originally Posted by accadacca View Post
    CryptoKitties? Are you collecting these @DiscGo
    Nope! :)
    "My heart shall cry out for Moab..." Isaiah 15:5

  25. #18
    Bitcoin listed among top investor threats in 2018

    http://www.ksl.com/index.php?sid=46232182&nid=1070

  26. #19
    Quote Originally Posted by Iceaxe View Post
    Bitcoin listed among top investor threats in 2018
    Last year Bitcoin accounted for 65% of Cryptocurrency. Not it is about 35%. I believe there is a bubble, but it isn't bursting yet. Bittrex & Binance (the top most popular exchanges in the U.S.) both suspended new memberships last week because they were overwhelmed with new members trying to get into Crypto. The problem in Crypto world is that everyone wants to get rich quick and so people invest in low cost coins hoping for overnight skyrocketing evaluations (similar to the dotcom bubble in which at one point Pharmacy.com had a greater evaluation than Walgreens despite a huge disparity in sales numbers).

    This may be more than you guys want to know but here is more info:

    Every cryptocurrency has its own "white paper" where people spell out the purpose of their coin. Some coins are what we call "Pump & Dump" where you make a super altruistic or exciting sounding white paper to get people excited about your coin. The market value skyrockets and those who pumped it up are then able to sell out and really abandon the project.

    Other coins have actual visions how to prepare for and/or interface with the future. There are currently about 10 coins (out of hundreds) which actually have meaningful partnerships or working products which bring true value to their coins (example: Ripple is partnered with 3 of the top 5 largest banks in the world, Stellar Lumens has partnered with IBM, IOTA has partnered with Bosch, etc.) but everyone is looking to get rich overnight, so people are investing in the crap coins with low evaluations hoping for their overnight rocket-ship to the moon.

    I have a friend who started with $2,000 USD in Crypto and is now pushing $50k. I started with $20k and am sitting around $90k. My friend has taken a lot more chances and I have been a lot more conservative. From an investment perspective, I can see how crypto could fail but from a technological standpoint, I believe blockchain is the real deal. In short, I believe there is a chance to invest in the Amazons, Googles, & Facebooks of Blockchain technology right now in their infancy and it is worth the risk.
    "My heart shall cry out for Moab..." Isaiah 15:5

  27. #20
    BTW- If anyone does plan on getting into Crypto, please use my signup link: https://www.binance.com/?ref=10720809 :)
    "My heart shall cry out for Moab..." Isaiah 15:5

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