Bitcoin / Cryptocurrency

cgrutt · Feb 15, 2021

Unfortunately no experience with it but guy I used to work with was begging me to invest back in 2012 when they were $150 ea. $15,000 investment would be $4.5 million today story of my life lol. Anyway have recently become interested again just last week was looking online for some good books. Good luck.

togmaster · Feb 15, 2021

@SigSweet

spat · Feb 15, 2021

Defilade said:
Anyone had any experience with purchasing any Crypto? It looks as if Bitcoin is going through the roof and self made Millionaires are a thing with it. I would like to play around with it, turns out the browser I use allows you to purchase it using Blockchain tech. I also am looking to transfer my mutual IRA to a precious metal IRA.. Who has experiences with Crypto??

Browser I use---> Brave and Binance Partner to Bring Cryptocurrency Trading Directly Into the Browser

When it makes the news that it's going through the roof is usually not the time to buy.

technicalgadget · Feb 15, 2021

I think the time for Bitcoin has past, but there's always Dogecoin.

Jmac00 · Feb 15, 2021

better understand what "block-chain" is and how it works, i leave this to people with nothing to lose

HIghlander · Feb 15, 2021

What good is it if you can't get it exchanged to cash? Am I missing a step or 3?

technicalgadget · Feb 15, 2021

Bitcoin is about the only cryptocurrency that you can exchange for cash, goods and services. For now....

Calculon · Feb 15, 2021

Binance.us does not open accounts for NYers. Not sure if monkeyface is extorting them (like insurance) to be sold in NY or if Binance just not interested in NY for other reasons.

If you buy Bitcoin or Etherium be sure you know if you hold the coin (and can transfer it) or if the broker/dealer holds it for you. As an example you can own crypto through Coinbase but if you buy through PayPal and Robinhood they hold the crypto and give you the value less spread. You can not transfer the coin to a cold storage wallet or even another broker if you want to consolidate - you'd have to sell then rebuy at the destination platform.

Bitcoin and etherium have value as they are backed by "something." Alt coins like Dogecoin are backed by nothing and thus subject to manipulators. Doge was started as a joke. "Pump and dump" schemes are all the rage right now where people who own huge amounts of a particular coin at fractions of a penny convince others that the coin is going "to the moon." Waves of buyers drive the price up to a few pennies ( a huge increase if you bought at fractions of a penny) and the large holders cash out leaving the noobs holding the bag. Rinse and repeat. Just like the old penny stock scams. Stay away from alt coins.

Carlos Hathcock · Feb 15, 2021

I have about as much a grasp on this concept as I do of what makes a woman happy.

I'm still focused on investing in precious metals......lead, copper, and brass.

holdover · Feb 15, 2021

Platinum is the sleeper. It has hit 2300 back in 2003 . I bought a few oz, last summer for 865. it sits at 1300 now. it has good room to grow yet .
The only place I can get any now is kitco vault. which I may do tomorrow. I went to Jack Hunt a few days ago, and he said he only had one left. I went there and he sold me two. He said he had more but didnt want to sell it . Its really tough to get now.

Silver is good if you buy through kitco vault. otherwise the premiums are brutal. I asked Jack Hunt about the premiums , he told me they were placed by the US mint . They are discouraging people from buying. which means that silver would likey drop in the next few months which he agreed.

MothMan · Feb 16, 2021

8:07a ET 2/16/2021 - Editor's Picks
Bitcoin Trades Above $50,000 for First Time

Mentioned:

BK MA TSLA

By Paul Vigna and Caitlin Ostroff
Bitcoin topped $50,000 for the first time Tuesday, doubling in less than two months as the digital currency continued its run higher.Bitcoin traded as high as $50,203.53, up 4.2% for the day and more than 73% for the year. The total market value of bitcoin in circulation rose to $940 billion.The $50,000 level is an "emotional level for people in the space," said Brian Melville, head of strategy at trading firm Cumberland. But it is also a simple result of supply and demand, he said.From August through December, about 150,000 new bitcoins were minted, he estimated. The firm calculated that about 359,000 bitcoins were bought in the same period, and that imbalance has continued in 2021. "It's a really important metric to watch."That buying demand has brought not only a price rally, but a big expansion in terms of acceptance and recognition for an asset that was once an object of derision for regulators and lawmakers.In February alone, Bank of New York Mellon Corp. said it would start treating bitcoin like any other financial asset. Mastercard Inc. said it would integrate bitcoin into its payments network this year. And Tesla Inc. said it purchased $1.5 billion worth of the cryptocurrency for its corporate treasury and plans to start accepting it for payment.Additionally, billionaire investors such as Paul Tudor Jones and Stanley Druckenmiller have jumped into the space, attracting further attention. Interest from financial professionalsâ??investors and institutionsâ??has become a key driver of the rally.Write to Paul Vigna at paul.vigna@wsj.com and Caitlin Ostroff at caitlin.ostroff@wsj.comBitcoin Trades Above $50,000 for First Time

holdover · Feb 16, 2021

I bought my first $100 of etherium on Paypal today! They only sell the major four coins, but I could not get my coinbase account to take money from my bank . So its easy to buy with a paypal account to get started. ITs fractionalized so you can buy $50 bucks of Bitcoin if you want.

BerettaGuy · Feb 20, 2021

This thread was started on Monday, Feb 15th Bitcoin was $46,251 if we had bought just 100 dollars worth you would own 0.002162 bitcoin. That amount of bitcoin today is now worth $123.00 a 23 percent gain in a week. From what I can tell the FOMO has not even started yet. (Fear of Missing Out)
What did happen in the past few days was Corporate Buy-In. Corporations with huge cash reserves are watching their cash reserves disappear due to the Fed printing money.
Elon Musk pointed out to them that if you have 1 million in cash today without doing a thing that 1 million will be 900,000 next month. and so on. Meanwhile, Bitcoin is going up by 23% a week or in reality 200 percent a year for the past ten years. What is the fed doing with all this printed money, pouring it into stocks.
That is why your 401ks and IRAs are so flush now. Everybody is feeling pretty rich.
The sad thing is that is all an illusion and when the balloon pops, and your IRA goes down 80 or 90 percent. there is going to be a lot of pissed-off people.
If you think the pussy hat-wearing BLM ANTIFA twenty-something children can riot, you ain't seen nothin' yet.

You can buy Bitcoin in small amounts and work your way up. You can buy silver or gold one coin at a time. Last by certainly not least you can buy Ammo. Whoops, check that.
Ammo has already been squeezed. Think of it this way. There are only 21 million bitcoins so one dollar divided by 21 million is 0.00000004761904761904760. This has buying power of $0.0027142857142857100000 BTC. One dollar divided by infinity is zero.

BerettaGuy · Feb 20, 2021

holdover said:
I bought my first $100 of etherium on Paypal today! They only sell the major four coins, but I could not get my coinbase account to take money from my bank . So its easy to buy with a paypal account to get started. ITs fractionalized so you can buy $50 bucks of Bitcoin if you want.

The problem is rules and regulations. Most bank transfers that 3 to 5 days to settle. We in New York State have it even worse. We can use Coinbase, Gemini, PayPal or SoFi, or Square. PayPal and Square will buy for you but you can only spend it on PayPal or square. When you sell it you run into Tax issues. I just recently discovered SoFi and I am trying to get my grandsons to leave Robinhood for SoFi. either way plan on about a 3 to 5 days before you can actually start buying unless you use a credit or debit card. I highly suggest starting off with a hundred bucks, If it goes down buy with another hundred if it goes up use another hundred. Dollar-cost average. there are projections from 200 k to 1 million as a price for Bitcoin, a 100 dollar purchase today at 57k would mean $350 at 200K and $1755 at 1 million.

BerettaGuy · Feb 20, 2021

Defilade said:
Im seeing big heavyweights investing huge amounts of money in it. It is raising my eyebrow. I think in the short term the Dollar is toast and a Internet currency in going to take over. and of course invest in Silver.

Jay Z and Twitter CEO Jack Dorsey want to make Bitcoin the 'internet's currency'

They want to start development in Africa and India, where some cryptocurrencies have been banned.

www.cnet.com

Tesla Buys Bitcoin. We Should Have Seen It Coming.

Elon Musk tweets, Tesla buys Bitcoin — this is what inevitability looks like.

www.bloomberg.com

I totally agree with you. but the real enemy is the Central Bankers and the Fed. Look what happened to Sadem Huesin when he decided he was no longer going to use dollars for oil. He was going to use Euro's and paid the price. The dollar is backed by the "Full Faith and Credit of the United States". It's kinda like saying we live in the land of the free. Dollars are backed by the military might and willingness to use that might. We live in a land where we are free to follow orders.

BerettaGuy · Feb 20, 2021

cgrutt said:
Unfortunately no experience with it but guy I used to work with was begging me to invest back in 2012 when they were $150 ea. $15,000 investment would be $4.5 million today story of my life lol. Anyway have recently become interested again just last week was looking online for some good books. Good luck.

It's not too late to start, even start off low.

holdover · Feb 20, 2021

I just started. Paypal. and coinbase.

holdover · Feb 20, 2021

BerettaGuy said:
The problem is rules and regulations. Most bank transfers that 3 to 5 days to settle. We in New York State have it even worse. We can use Coinbase, Gemini, PayPal or SoFi, or Square. PayPal and Square will buy for you but you can only spend it on PayPal or square. When you sell it you run into Tax issues. I just recently discovered SoFi and I am trying to get my grandsons to leave Robinhood for SoFi. either way plan on about a 3 to 5 days before you can actually start buying unless you use a credit or debit card. I highly suggest starting off with a hundred bucks, If it goes down buy with another hundred if it goes up use another hundred. Dollar-cost average. there are projections from 200 k to 1 million as a price for Bitcoin, a 100 dollar purchase today at 57k would mean $350 at 200K and $1755 at 1 million.

Shit, what do you mean I can only spend it on paypal? I cant cash it out? Can I transfer my coins to another exchange to cash out?

BerettaGuy · Feb 20, 2021

holdover said:
Shit, what do you mean I can only spend it on paypal? I cant cash it out? Can I transfer my coins to another exchange to cash out?
[/QUOTEAs of this time. you can use it to purchase from a vendor that accpets paypal the way I understand it

holdover · Feb 21, 2021

That sucks dicks. In order to get cash I have to buy gold or silver + eat the premiums and cash out .I dropped about 2k the other day,lesson learned. Ill hold it for a while until I can overcome the losses of cashing out. I was thinking of dropping another 8K . but not now.

Calculon · Feb 21, 2021

Right now stay away from PayPal and Robinhood for crypto. They buy on your behalf and hold it. You can’t transfer it anywhere else like a cold storage wallet or just to consolidate on one platform. You give up control for convenience. Coinbase is pretty easy.

A note on cold storage wallets if you’re unfamiliar. A cold storage wallet allows you to take your crypto “off” the network to avoid being hacked/stolen. The anonymous nature of crypto means if someone steals it there’s no way to prove it’s yours kinda like cash. When you set up a wallet you will be given 12 keywords that you have to remember EXACTLY and in order to reclaim that wallet if your storage device fails (eg store on an external hard drive). There’s a guy who has something like $200 million (probably 400 now) that lost his keywords and can’t access the storage device. He has 2 of 10 guesses left.
So if you use a cold storage device keep keywords in an extremely safe place. There is no password reset.

BerettaGuy · Feb 21, 2021

Here is a video on exchanges that may help. When I got into Crypto, I spent many hours on YouTube educating myself.

tirwin1 · Feb 21, 2021

I'm still not convinced about bitcoin. Money is a medium of exchange that elevates us from bartering. It's good as long as it is accepted. Almost all money is backed by governments. What is the ultimate backer of bitcoin? As far as I can tell its only value is based on scarcity and a predertimined finite supply. But liquidity seems to be an issue. And as mentioned above if you take it off the network in a digital wallet you've got all kinds of passwords to remember. What happens if the SHTF and there is no power and/or no internet? I have a hard time seeing how it replaces the dollar. I could be wrong and missing something but until my local grocery store starts accepting it I am not touching it.

holdover · Feb 21, 2021

I have zero faith in cryptos. For me its a gamble , not an investment. Theres insane amounts of money to be made . but only for a time. If I can get out with a profit, I win. if not not , I lose. I dont see this ever replacing the dollar. All the government has to do is make it illegal and issue thier own .

spat · Feb 21, 2021

holdover said:
I have zero faith in cryptos. For me its a gamble , not an investment. Theres insane amounts of money to be made . but only for a time. If I can get out with a profit, I win. if not not , I lose. I dont see this ever replacing the dollar. All the government has to do is make it illegal and issue thier own .

It's true, but I don't have much faith in fiat currencies either.

At least you don't have to worry about some economically illiterate leftist trying to print their way out of their problems and destroying it.

Bitcoin / Cryptocurrency

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