Anyone end up investing in Bitcoins?


#941

@JayS he traded all his bitcoin for Titcoin and is now on life support at ECMC


#942

I’m still holding my litecoin which is still stagnent.


#943

Eventually I would think once crypto becomes more mainstream (hopefully), exponential growth within a matter of days will be a thing of the past. I just don’t want to get in the habit of losing my mind IF the price doesn’t go up 50% every day.


#944

Well then why you mess with crypto currency if you didn’t think it was going to 5x 10x 100x in a week.

Unless you truly believe its some replacement for currency or serves an actual purpose.


#945

Am I naive to think that one of these could evolve into currency?
The cost of payment and moving money is ridiculous.
If I own a business and started accepting bitcoin as payment i no longer have to worry about bullshit customer protection taking money back that I’ve already been paid.
No more international fees when spending money out of the country.

So yea i’m investing because i think the value will explode but i think the value will explode and then level off and stabilize as it becomes used by everyone.


#946

Sure crypto could takeover you think retail companies are going to accept 500 types of coins?

1-3 could be accepted and used world wide there just isn’t a place for all of them long term. So right now some random company starts a coin, gets funding, people make money but there is no long term path.

Some have specific goals that are unrelated to purely buying things like the medical ones, kodak is doing a digital rights one, etc

Everyone who is riding this crypto wave right now is doing so to make money and not out of the goodness of some massive USD replacement. If one of these did become super mainstream it’s not going to fluctuate in price so “investing” doesn’t get you anywhere.


#947

This. Nobody is buying bitcoin to use it as “future currency”, they are buying it to obtain “current currency” in the form of USD.

I’d like to go on record as saying that over a decade ago, I was the father of the original “alt coin”…Becks.


#948

Go look at https://coinmarketcap.com/ and see if there is a place in the world for every single one of those coins?

It won’t be Bitcoin based on how fast they can process transactions unless they do some fork/code change. Bitcoin could be a good store of a value like gold we shall see.

Ripple(XRP) claims to replace SWIFT…No bank if going to replace SWIFT with some random new/unproven tech anytime soon they could create some closed blockchain to do the same thing.

The market cap for DOGE coin which was a fucking JOKE based off a meme has a market cap of 1,446,260,758 USD


#949

:clap:


#950

omg i needed that :slight_smile:


#951

How did I miss this, Disney has a crypto call Dragonchain. Was doing very well. Available on Kucoin. (Kucoin is also doing well as a crypto like BNB)


#952

@LZ1 I’m def in it to make money, but after making a couple 1000% I’m just saying I can’t wake up every day and expect that, it’d def be nice and welcomed though.

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Also @LZ1 I’m not 100% sure if Ripple will truly replace swift, but aren’t all these cryptos aiming to replace something? Things that have been in place for decades.


#953

Banks are generally risk adverse why do banks want to replace SWIFT with a brand new technology?

Blockchain is still very immature not to mention quantum computing and things coming out down the line.

Why wouldn’t a company(or banks band together like SWIFT) and make a private blockchain and do the same thing? You’re going to put Ripple in control of their future?

I’m not saying this stuff is a bubble but look at technology firms once the internet took off…Every one with an idea was funded and the majority failed, got aquired, and a handful were successful. At one point in time AOL was amazing and quickly got stamped out because of how fast the internet was evolving. The same thing is and will happen in the blockchain space someone will be a step ahead or out engineer someone else and lots will fail.

How many of you are reading business plans, technical documents, road maps, and everything else todo with these coins? Fully understanding what they’re trying to do, if there is a market, and if its at all possible?

Like I said before look at the market cap on DOGE coin which is a joke :lol:

I have money invested in this but its mainly smart gambling sure a handful of these will do something useful but the vast majority meh


#954

No different from the stock market(in reply to “smart gambling”). “Smart” investors at some point thought holding on to Amazon was stupid. Looking at the history of this market, there are the 1000% percent gain weeks and the 30% loss weeks. People who have $40k+ to dump into this and play with are making a killing. I don’t see how you can do anything but that.

I think trying to predict the outcome of this is a fools errand and anybody who says they know what will happen is a fool. What we have here is something that has never happened before. New “projects” being started with a complete global penetration without the need of stock brokers etc. is a first of its kind. There is not one thing and has never been that if 4 billion people in the world wanted to buy into, they could\can.

Who can say how many people it takes to make one coin or another viable? As you say with DOGE coin. Complete useless made as a joke etc. but enough people like it that it is valued at what it is. Because “the community have come to love it”. Huh?

I mean look at the US economy, it thrives when people buy crap that they don’t need. That would seemingly be the ultimate bubble. At what point do people realize they don’t need a new iPhone, or tv or toy etc. etc. every single year? Yet it always comes down to “Let’s put more money back into the pocket of the consumer to stimulate economic growth”. So we are stuck with a healthy economy that relies on enough people spending their money in a fashion that is devoid of all logic.

These “bubbles” run on human psychology and will never change, there is a retreat and then an upward swing at some point again. It’s interesting that many of the same people who pound on all of this are also there to pick it up when it’s all good and cheap. Warren Buffet is quick to say that this will all end bad except he’s the one that always said he loves when the markets are down and crashing etc. because that is when he can buy up things cheap. The stock market is filled with hundreds if not thousands of DOGE’s(Globally)

CEO of Binance interview. Interesting.


#955

Buffett said this will end poorly because there is no tangible asset backing the “currency” and they don’t offer a dividend or insanely preferential warrant. Comparing stocks with a mature exchange to this wild west, bleeding edge stuff is absurd. Anyone calling this an “investment” is IMO fooling themselves. If you want to gamble, gamble and fully own the risk. The hype and level of kool-aid out there makes this paying off long term highly improbable. That said I’ve been trading some here and there, momentum and liquidity are there…why not.


#956

Some of these are no less an investment than the Teslas, Snapchats and Facebooks of this world. Just a different medium of doing so. How is it different from other companies that go public? I’m not talking about the maturity level, of course this has ages to go before the infrastructure etc. is close to that of the stock market. If what I am saying was absurd, VC firms wouldn’t be freaking out. If this had no long term potential, why in the world would the Government of Russia, Estonia, Japan etc. be getting actively involved? Why would a company like Disney put its brand name on the line? Or are we going to claim that we are smarter and have a better insight into this than they do?

Why is buying 100 shares of Tesla at $359 not a gamble? The company can be Solyndra in a week… At the moment of course the stock market is a more secure place to park your money. That doesn’t mean it’s not a gamble and any of these listed companies are worth what their stock prices are.

Lol then again what do I know? :smiley:


#957

Crypto vs. Warren Buffet is like Trump Supporters vs. @Paulo lmao

Why couldn’t I have just ignorant of the real world and be born into money.


#958

The problem with cryptos (or currencies in general I guess, at least in foreign currencies you can earn a risk free rate) is that you expect the next person to pay you incrementally more than what you paid for it since there is no cash flow generation. You can say the same for tesla the difference is they produce something that sells and you expect in the future to receive some residual of that. What cash flows or economic purpose to these have? The problem with a piece of code is that it is easier to duplicate than just about anything by a company with a ton of money (dollars) which is why I don’t see why bank would need to buy ripple. Than being said I’m here for the wild west ride.


#959

It’s not about bubbles its about the simple fact that vast majority of crypto will end up failing at some point…Its the life cycle of quickly changing technology. Look back in time AOL was amazing and controlled everything and it got out paced and whammy same thing with MySpace and a list of a thousand other companies.

Just like tech companies in the first .com boom…just like the web 2.0 boom and venture capital being tossed at everything.

Yea drop examples like Apple, Microsoft, Amazon, etc look how many companies failed so that handful could rise up.

The vast majority of people screwing around with crypto are doing so to get rich quick and couldn’t tell me the first thing about how the technology works or what problem it solves doing something new and novel.

I’m sure a handful of these will be the next Amazon but when there are 1000+ and new ICOs every week :lol:

People invest in Facebook, Google, and Instagram because they had a workable user base and a product before they went public…People are investing in a bunch of alt cryptos because on the road map a year from now it says “solve all the problems”

I have money tied up in a bunch of alt coins purely for making money not standing on the fact they will all become successful and solve some problem.


#960

I’ve stopped calling this stuff “currency” because it’s not. I have not spoke to one single person that buys and sells this stuff that has actually used it for purchasing something other than other coins. This is just electronic Pogs. I get the whole get rich quick trading crap but you’re not going to change anyone’s mind about actual “real” money until these things stop looking like nerd collector status and more like general population currency with real purchasing power.