Author Topic: The Cryptocurrencies Thread  (Read 22384 times)

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Offline MinistroRaven

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The Cryptocurrencies Thread
« on: February 02, 2021, 02:00:19 PM »
Anyone here into cryptocurrencies?

Some time ago I got $15 USD in doge, but it seems to be going down and down every day.

Now, a friend told me to get Nano, which I can't do for now, and he asked me to get a Natrium wallet and told me that he would send me some Nano just to try it. I set up the Wallet sent him the wallet address and in less than 1 second I received 10 NANOs.

It was sooooo fast, but also FEELESS. This doesn't depend on miners and it is also eco-friendly. He shared this address: https://nano.org/ I am reading it now, Elon Musk tweeted about Nano the other day, do you think this can be the future? Does it have a chance?

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #1 on: February 02, 2021, 02:11:24 PM »
I think if you have disposable cash that you don't care at all if you lose it then knock yourself out.  Otherwise I'd stay away from it.  Too risky and unregulated.   Of course, I'm almost 57 so my days of taking risks with my retirement money are long behind me.

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #2 on: February 02, 2021, 02:18:08 PM »
I think if you have disposable cash that you don't care at all if you lose it then knock yourself out.  Otherwise I'd stay away from it.  Too risky and unregulated.   Of course, I'm almost 57 so my days of taking risks with my retirement money are long behind me.

Yeah, sincerely I am not into it because I don't have the means, if I would, probably I would get some of them, and yeah, I know it's risky as hell.

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #3 on: February 02, 2021, 11:38:11 PM »
I wish I knew more about this. I have a bit of mad money* laying around, and we have plenty of funds set aside in our IRAs/traditional investments. So I tossed some coin at DOGE and XRP.


*meaning money that my wife and I keep to each of ourselves outside of our joint account. I rarely spend any money on myself for anything. It all goes to the kids or my investments.
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Offline ErHaO

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Re: The Cryptocurrencies Thread
« Reply #4 on: February 03, 2021, 08:56:25 AM »
On the internet there are a lot of people hyping it up constantly, increasing demand of their own investments and thus value. But while I most certainly feel you can make a lot of money, I am still skeptical of the long term future. What will governments do when crypto gets too disruptive in their economies?

The first links when googling anything cryptocurrency are usually all kinds of cryptobro sites in whose best interest it is to mark it up as much as possible. At least, that is how it appears to me, I really am not sure what to trust or believe in this regard.

Still, if I had more savings, I wouldn't rule out dropping some money to see where it leads on the long term. But never a too significant amount.

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #5 on: February 03, 2021, 12:50:09 PM »
Well, the hype is at least partially well-earned.  Bitcoin in particular has had a pretty incredible run.  It's made many people very rich, so there is a lot of potential there, but like all high-return investments it comes with a fairly massive amount of risk. 


Found a pretty good article from Forbes.com that explains the risks.
https://www.forbes.com/sites/forbesfinancecouncil/2018/12/05/the-top-10-risks-of-bitcoin-investing-and-how-to-avoid-them/?sh=f70b1b72407e

Online Stadler

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Re: The Cryptocurrencies Thread
« Reply #6 on: February 03, 2021, 12:58:32 PM »
On the internet there are a lot of people hyping it up constantly, increasing demand of their own investments and thus value. But while I most certainly feel you can make a lot of money, I am still skeptical of the long term future. What will governments do when crypto gets too disruptive in their economies?

The first links when googling anything cryptocurrency are usually all kinds of cryptobro sites in whose best interest it is to mark it up as much as possible. At least, that is how it appears to me, I really am not sure what to trust or believe in this regard.

Still, if I had more savings, I wouldn't rule out dropping some money to see where it leads on the long term. But never a too significant amount.

"Cryptobro".  :) :) :) :)

Funnier thing is, I knew EXACTLY what you meant.   :)

Online Chino

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Re: The Cryptocurrencies Thread
« Reply #7 on: February 04, 2021, 04:41:50 AM »
Glad I finally got my $500 into $doge yesterday morning. I'm holding a $0.036 average. Looks like we might see some fun today. :metal
« Last Edit: February 04, 2021, 05:00:22 AM by Chino »

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #8 on: February 04, 2021, 11:14:05 AM »
Glad I finally got my $500 into $doge yesterday morning. I'm holding a $0.036 average. Looks like we might see some fun today. :metal

More after Elon tweeted about it

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #9 on: February 04, 2021, 06:19:52 PM »
I "made" more in my crypto accounts in this past week than I did at my job in the month of January. Strange world.
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Online Chino

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Re: The Cryptocurrencies Thread
« Reply #10 on: February 08, 2021, 06:18:04 AM »
I've now thrown more than I care to admit into the doge realm.

To the moon!!

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #11 on: February 08, 2021, 08:29:59 AM »
Just remember you haven't "made" or "lost" anything unless you sell what you've purchased.  What separates the n00bs who blow half their savings on stupid investments from the more experienced people who don't ruin themselves is patience.    If you throw $20k at something and it goes down 30% the following week you HOLD it.  The last thing you want to do is panic-sell.  Bitcoin and really any modern cryptocurrency is no different, except the risks are much higher, especially on the emerging currencies that haven't established a track record yet.


I had to eat some Cisco stock for about 6 years before it FINALLY came back after I made a large purchase and there was a HUGE Cisco router hack about a month later that caused their stock to plummet like 40%.  I bit my tongue (and a few other things, lol) and I rode it out.  And it took 5 years to get to a break even point.  Then it went up a bit and I liquidated my position at a 9.5% profit.  That was the last stock trade I ever made, probably 5 years ago now.


I *almost* bought Bitcoins way back in the beginning.  If I had bought them I'd be rich now, assuming I'd have held on to them all this time.  Woulda, Coulda, Shoulda  :loser:


I don't know, to me it takes a certain kind of balls to make investments like this and I've never had the ability to handle that much risk.   

Online cramx3

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Re: The Cryptocurrencies Thread
« Reply #12 on: February 08, 2021, 08:43:22 AM »
My little $40 I threw into Doge last week seems to be doing well, but for me, Doge isn't a spot where I want to put money.  I just don't believe in it.  It's a joke crypto that people are inflating.  Fun to throw a few bucks in and follow, but I don't have enough disposable income to seriously get involved in something I have no faith in at all.

Bitcoin however I can see where there is "value" as in, there's a finite amount of them.  It could be seen similar to gold so based on limited availability, there could be perceived value. Also Elon just made a huge bitcoin investment and it's now skyrocketing.  I have around $2500 invested in bitcoin right now and I'm not against putting more into it, but at this point I'd wait until it dips again.  It's so volatile that even though it's doing well right now, it'll probably come back down again soon enough.

Online Chino

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Re: The Cryptocurrencies Thread
« Reply #13 on: February 08, 2021, 08:46:34 AM »
My little $40 I threw into Doge last week seems to be doing well, but for me, Doge isn't a spot where I want to put money.  I just don't believe in it.  It's a joke crypto that people are inflating.  Fun to throw a few bucks in and follow, but I don't have enough disposable income to seriously get involved in something I have no faith in at all.

Bitcoin however I can see where there is "value" as in, there's a finite amount of them.  It could be seen similar to gold so based on limited availability, there could be perceived value. Also Elon just made a huge bitcoin investment and it's now skyrocketing.  I have around $2500 invested in bitcoin right now and I'm not against putting more into it, but at this point I'd wait until it dips again.  It's so volatile that even though it's doing well right now, it'll probably come back down again soon enough.

There's not a finite amount of doge, but there's a finite amount how how much can be mined in a year. It'd take over 20 years of mining to unlock the equivalent of what's currently out there, so there is still some kind of a ceiling.

Online cramx3

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Re: The Cryptocurrencies Thread
« Reply #14 on: February 08, 2021, 09:19:05 AM »
My little $40 I threw into Doge last week seems to be doing well, but for me, Doge isn't a spot where I want to put money.  I just don't believe in it.  It's a joke crypto that people are inflating.  Fun to throw a few bucks in and follow, but I don't have enough disposable income to seriously get involved in something I have no faith in at all.

Bitcoin however I can see where there is "value" as in, there's a finite amount of them.  It could be seen similar to gold so based on limited availability, there could be perceived value. Also Elon just made a huge bitcoin investment and it's now skyrocketing.  I have around $2500 invested in bitcoin right now and I'm not against putting more into it, but at this point I'd wait until it dips again.  It's so volatile that even though it's doing well right now, it'll probably come back down again soon enough.

There's not a finite amount of doge, but there's a finite amount how how much can be mined in a year. It'd take over 20 years of mining to unlock the equivalent of what's currently out there, so there is still some kind of a ceiling.

I may have been confused with Ethereum (?), but regardless, I still find Doge to not be a serious crypto.  Of course that doesn't mean money won't be made or lost, just my personal thoughts are that I don't want to put anything of value in it. I'm not that risky, but then again it took me years to come around to bitcoin so maybe my thoughts will change. 

Online cramx3

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Re: The Cryptocurrencies Thread
« Reply #15 on: February 08, 2021, 09:57:26 AM »
Just saw Mark Cuban posted this on twitter

https://twitter.com/mcuban/status/1358811975074131975

Quote
When a Forbes reporter asks me about #dogecoin and whether it’s a bad look for crypto when people are buying it


Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #16 on: February 08, 2021, 10:59:14 AM »
Elon Musk just put over a billion dollars into Bitcoin and now says Tesla may end up accepting Bitcoin as payment for their vehicles.


Dude has ice water running through his veins and brass balls the size of an elephant.  Imagine having the kind of money where you're willing to risk a fucking billion dollars  :eek

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Re: The Cryptocurrencies Thread
« Reply #17 on: February 08, 2021, 11:11:19 AM »
I dont understand why anyone would make a purchase with bitcoin though.  Like I understand why a company would accept that payment these days, but why spend it?

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #18 on: February 08, 2021, 11:58:40 AM »
All the days of my life I ask the Lord why I was born on this side of the world? Why I didn't learn about finance and investments earlier in my life. Why I didn't take the bullet and purchase Bitcoin back in 2011 when I was presented with the opportunity to throw a $100 bucks into it?

Man, I fucking hate my life right now.

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Re: The Cryptocurrencies Thread
« Reply #19 on: February 08, 2021, 12:01:56 PM »
Can't think of investments like that though.  Anyone can say the same thing.

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #20 on: February 08, 2021, 12:38:24 PM »
I dont understand why anyone would make a purchase with bitcoin though.  Like I understand why a company would accept that payment these days, but why spend it?


It would make sense if you were an early adopter and had realized some huge profits.  Why not dip into it a bit to get some cool stuff if you turned a $20k investment into $2 million over the course of 5 years?


Otherwise, I agree you hold it long term.  I'm just saying there's nothing wrong with taking a little off the top when you've made a killing already.

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #21 on: February 08, 2021, 12:45:58 PM »
Have you heard of ADA by Cardamo?
It seems to be doing really good too!

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Re: The Cryptocurrencies Thread
« Reply #22 on: February 08, 2021, 12:56:56 PM »
I dont understand why anyone would make a purchase with bitcoin though.  Like I understand why a company would accept that payment these days, but why spend it?


It would make sense if you were an early adopter and had realized some huge profits.  Why not dip into it a bit to get some cool stuff if you turned a $20k investment into $2 million over the course of 5 years?


Otherwise, I agree you hold it long term.  I'm just saying there's nothing wrong with taking a little off the top when you've made a killing already.

I'm not sure I even follow with that train of thought, unless you just don't have any cash because it's all tied up in bitcoin.  OR if you felt the bitcoin value would go down.  Right now, it's rising more than the dollar so you are likely vastly overspending by paying with bitcoin over dollars. Just seems like you are paying with something that's limited vs. cash that can be printed.  Maybe I'm completely wrong on this, but that's how I see it.

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #23 on: February 08, 2021, 01:19:14 PM »
I dont understand why anyone would make a purchase with bitcoin though.  Like I understand why a company would accept that payment these days, but why spend it?


It would make sense if you were an early adopter and had realized some huge profits.  Why not dip into it a bit to get some cool stuff if you turned a $20k investment into $2 million over the course of 5 years?


Otherwise, I agree you hold it long term.  I'm just saying there's nothing wrong with taking a little off the top when you've made a killing already.

I'm not sure I even follow with that train of thought, unless you just don't have any cash because it's all tied up in bitcoin.  OR if you felt the bitcoin value would go down.  Right now, it's rising more than the dollar so you are likely vastly overspending by paying with bitcoin over dollars. Just seems like you are paying with something that's limited vs. cash that can be printed.  Maybe I'm completely wrong on this, but that's how I see it.


If I invest $10 in a pound of dog shit tomorrow and the value of a pound of dog shit skyrockets over the next 5 years to where my original investment is now worth $100,000 you can bet your ass that I won't hesitate to spend a bit of that on a nice guitar or something like that if my local music store started accepting Shitcoins as payment.  Not sure why dipping into profits is spinning you out, but OK?

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Re: The Cryptocurrencies Thread
« Reply #24 on: February 08, 2021, 01:47:34 PM »
It's not about dipping into profits, my thoughts are based around spending a limited currency on something that has a set value.  I'll spin myself out  :yeahright

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Re: The Cryptocurrencies Thread
« Reply #25 on: February 08, 2021, 02:31:38 PM »
I'm not taking sides here, but Marc, I think I see your point.   I'm not 1000% sure I agree with it, but I see it.  If I understand you correctly, you're saying this:   If I buy a $1000 guitar, why give them bitcoin, when that bitcoin could be $1100 that afternoon, or $1500 next month.   And that's true, but it could be $800 that afternoon, or $500 next week.   I hear you saying why actually use the bitcoin as your currency, as opposed to old fashioned cash.

I don't know; maybe I'm old school - too old school - but the whole idea feels like a game to me.  If my $25.00 turns into $25,000, I'm in line with Barry to buy a guitar (I want a wine colored Les Paul, myself) but I'm paying cash for it.

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Re: The Cryptocurrencies Thread
« Reply #26 on: February 08, 2021, 02:49:01 PM »
I'm not taking sides here, but Marc, I think I see your point.   I'm not 1000% sure I agree with it, but I see it.  If I understand you correctly, you're saying this:   If I buy a $1000 guitar, why give them bitcoin, when that bitcoin could be $1100 that afternoon, or $1500 next month.   And that's true, but it could be $800 that afternoon, or $500 next week.   I hear you saying why actually use the bitcoin as your currency, as opposed to old fashioned cash.

I don't know; maybe I'm old school - too old school - but the whole idea feels like a game to me.  If my $25.00 turns into $25,000, I'm in line with Barry to buy a guitar (I want a wine colored Les Paul, myself) but I'm paying cash for it.

Yes, this is my point and I agree, it COULD go down, I mean, it WILL as it's extremely volatile, but it seems very likely not to over the long run.  Which is why I personally believe these companies are starting to accept it as payment, they will hold onto it and make out in the long run over the guy who spent it on something that 100% for sure devalued over time.  My reason for thinking this is based on the limited availability of bitcoin, if you could just print or mine this forever, I'm not sure I'd feel the same way.  And once again I'll say that I'm not an expert here and could be completely wrong with my thoughts.

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #27 on: February 08, 2021, 08:28:16 PM »
I've now thrown more than I care to admit into the doge realm.

 :lol This is where I am at. I sunk a few grrr in to it a few weeks ago along with a couple other cryptos, but only after I maxed out our Roth allotments for this year and added to our other investments.

All the days of my life I ask the Lord why I was born on this side of the world? Why I didn't learn about finance and investments earlier in my life.

Not sure where you hail from, but why do you think this is a regional thing? I am pretty sure here in the US personal finance isn't taught at all in schools. You need to either learn it yourself or hope your parents give you the skills and knowledge. I didn't learn a thing from my dad and he was an accountant for most of his life.
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Re: The Cryptocurrencies Thread
« Reply #28 on: February 09, 2021, 08:29:29 AM »
I didn't know dick about stocks or investing until I went to GE (people talked about the GE stock then like they talk about Tom Brady and Trump today), and even then I didn't get the gist until I got my MBA.   I still don't know the day-to-day in's-and-out's, but I know more than enough.

It's shocking and startling how little people know about stocks, their purpose, their trading, and what the various indicators mean.   When it starts to impact decision-making (and it does) it borders on embarrassing.  As a general proposition the sale/trade of stocks is not gambling, even though there is uncertainty, though day-trading is straight up gambling, and like with casinos, there IS a house (there is a reason - actually multiple ones, and this is one of them - that long-term capital gains are taxed differently, lower, than short-term capital gains). 

I'm going to go a little too far out on a limb for this thread, maybe, but suffice to say, there are those (hint: I'm not talking about the usual suspects here, THE RICH, THE BILLIONAIRES, or THE TRADING HOUSES) that want and need us to stay relatively uninformed about how the stock market works.  Lack of knowledge facilitates the victim culture.

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #29 on: February 09, 2021, 10:56:28 AM »
I've now thrown more than I care to admit into the doge realm.

 :lol This is where I am at. I sunk a few grrr in to it a few weeks ago along with a couple other cryptos, but only after I maxed out our Roth allotments for this year and added to our other investments.

All the days of my life I ask the Lord why I was born on this side of the world? Why I didn't learn about finance and investments earlier in my life.

Not sure where you hail from, but why do you think this is a regional thing? I am pretty sure here in the US personal finance isn't taught at all in schools. You need to either learn it yourself or hope your parents give you the skills and knowledge. I didn't learn a thing from my dad and he was an accountant for most of his life.

You are right, it seems I was just frustrated and didn't think well my thoughts before posting.

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #30 on: February 10, 2021, 11:00:26 AM »
PSA: go get some $NANO

https://nano.org/


Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #31 on: February 10, 2021, 11:46:40 AM »
Got any inside dope to back that up?  :)
"Nostalgia is just the ability to forget the things that sucked" - Nelson DeMille, 'Up Country'

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #32 on: February 11, 2021, 12:10:40 PM »
Got any inside dope to back that up?  :)

Well I got 22 $NANO from a friend at $22 dollars and the thing has been moving pretty well the last couple of days. Now my 22 are worth 137 dollars, I know, I know, it's not much, but if the thing keeps going up I can say it was a good investment.

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Re: The Cryptocurrencies Thread
« Reply #33 on: February 11, 2021, 12:12:58 PM »
I've now thrown more than I care to admit into the doge realm.

 :lol This is where I am at. I sunk a few grrr in to it a few weeks ago along with a couple other cryptos, but only after I maxed out our Roth allotments for this year and added to

I ended up getting out during a little spike yesterday. I made just shy of a grand and walked away.

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #34 on: February 11, 2021, 01:21:47 PM »
I've now thrown more than I care to admit into the doge realm.

 :lol This is where I am at. I sunk a few grrr in to it a few weeks ago along with a couple other cryptos, but only after I maxed out our Roth allotments for this year and added to

I ended up getting out during a little spike yesterday. I made just shy of a grand and walked away.


This pretty much captures the essence of what I was saying earlier.  You invested.  It went up, you took some profit.  Nothing wrong with that.  In fact, that's like, the point.