Anyone end up investing in Bitcoins?


#1061

Looks like things are moving up.


#1062

Litecoin pay and the upcoming fork drove that up big this week.

PS: Back up to over 100% return on my investment. Glad I didn’t bail out at the crash. Gotta pull some profit at some point this time though because there’s no return just holding forever.


#1063

#1064

yes sir! Don’t make the same mistake as me! Cost me close to 100 g’s. After doing some reading, I pull profits from every 25% gain on an investment.


#1065

The thought process is bitcoin will rise up until the G8 summit


#1066

alrite @LZ1 June 8th and 9th! I have to research as to why this is important for bitcoin.


#1067

It’s just a general opinion from a lot people since the market reacts to shit like that.

They’re discussing crypto at the G8


#1068

this likely impacts me. TD is a Top 2 bank in Canada and a Top 10 in North America (their branch network is larger in the US than in Canada). My visa is with them and it was connected to coinbase so i assume i wont be able to do this anymore.

this is probably a good thing in general but i wonder what prompted it. maybe people were calling in to file chargebacks when they bought in high and lost?


#1069

I doubt it’s charge backs because you can’t dispute a charge you actually made. I’m guessing it’s because of all the idiots who bought crypto, “because it can’t go anywhere but up” with no way to pay off the balance on the card at the end the month and now the card companies are finding these customers aren’t even making the minimum payment now that their $10k worth of bitcoin is worth $5k.

Buying crypto on credit is probably one of the dumbest things I can imagine investment wise. It’s one thing if you’re doing just because it was quicker and you had the money in the bank to cover the purchase but I bet a lot of people did it with no where near the money to cover the credit card bill at the end of the month.


#1070

Until very recently there were, and still are, very few ways in Canada to get into this other than through a credit card. the transaction fees are similar to other methods of entering the market anyways plus this way you get the reward points instead of just transferring $ into an exchange and paying their fees.

credit card purchases are instant, transfers take days or weeks with sketchy results at times.

but i’m a guy who never carries a balance so maybe im in the minority.


#1071

Same, in fact I have a spreadsheet I track my card rewards on and it hit $6k this month after starting to play the rewards game in 2012. Paying in full every month definitely puts us in the minority though. Last car I bought the dealer said they’d allow up to $5k on a credit card so yep, $5k down on the card. Only qualified for 1% but that’s still $50 for doing nothing other than delaying the down payment I was going to make with cash anyway a month. Other than small businesses where I try to use cash I put everything on my card.

The moves are above all in the banks’ self-interest. As Fortune previously reported, the mania surrounding cryptocurrency late last year appears to have motivated many retail investors to use credit cards as leveraging tools, buying more cryptocurrency than they could afford. With Bitcoin down roughly 50% from December highs, many of those investors are likely underwater right now, and may not be able to pay off their initial Bitcoin purchases soon, if ever.

So yep, too much risk because people in general are dumb.


#1072

Coinbase now has instant bank account buys, I did like using my card tho so I could get the reward points. Oh well.


#1073

Sell on the way up, dollar cost average on the way down.


#1074

lol from outta nowhere @Nikuk


#1075

Remember when @nermoria was posting every couple hours about how every AltCoin had nowhere to go but up? Those were the good old days.


#1076

^^ I’m actually starting to worry that instead of living the dream, the dream is living him… :uhh:


#1077

i’m just sitting over here still mining away…anyone have an video cards for sale? lol


#1078

I think Nemoria is gone.


#1079

LoL no doubt where did he go!!!?!


#1080

@nermoria you here bro?