Cryptocurrencies

[Caseys69]

Has anyone else here gotten involved? Id like to hear other peoples opinions.

[markinnaples]

I have. I've done some research but there is just so much to know. The more you read, the more validity that they have. I believe they are here to say and will be the future of finance since we're now an electronic world without borders, essentially (in the electronic world anyway).

[Caseys69]

The amount of information is insane. Im invested in about 15 different ones, its definitely a wild ride watching them.

[markinnaples]

What exchange are you using? They, themselves aren't the easiest to access, esp if you want to invest cash instead of having to buy BC or ETH elsewhere and then transferring over like I had to do with Binance. Bittrex has halted new members and Coinbase is ridiculously slow at transaction clearing.

[Caseys69]

I use Coinbase, poloniex, and binance. Coinbase blows, to say the least. I transferred what i could to my trezor, which sends quicker. There really is no easy way.

[markinnaples]

Seriously. The first person/group who creates a site that is easy to use, has relatively quick transfers of coins, quick and easy in/out cash, clear coin price monitors, doesn't overload you with every type of graph & data, and has reasonable exchange rates will be the new exchange of choice and make millions.

[Mr70]

If the market doesn't crash first.

[markinnaples]

Each and every block chain coin (Bitcoin) and/or technology (like Ethereum) is going to rise and fall, climb and crash, but that's the nature of this type of product and situation. Early adopters will make a ton, late adopters will lose if they sell when it eventually falls as it most likely will. But, the people who buy and hold for the long term will make money, just like stocks and real estate. At least in my thoughts.

[Rumbleguts396]

I'm more of a COPOcurrencies fan ��

[Caseys69]

Mark, i wish i had the knowledge. Whoever does create that app/website/program WILL be an instant millionaire. You have to be able to handle the downs to see the ups. Ive been in it for 5 months, theres been plenty of both.

Rumbleguts396....copocurrencies are awesome, but WAY out of my league haha

[70 copo]

If you compare Bitcoin to anything else the common denominator is that it takes a minimum of two people to establish a value that is used for trading purposes. Our cars are kind of like this except if there is zero interest (meaning no one wants a ZL-1 at some point in the future) the car still has its lowest value point which is its weight in scrap and recyclable materials.

So the ZL-1 is and never will be worth zero.

Bitcoin can drop to zero and be totally worthless since it is a digital construct built out of the ashes of the 2008 economic downturn.

Forbes has another more detailed explaination and this is a good read:

https://www.forbes.com/sites/jayadkisson/2017/12/28/the-great-bitcoin-scam/#6beceffa5c1e

IMO the people who are going to make out on Bitcoin and other crypto currancies are the people with large holdings that will then jointly agree that the bubble is tapped out and will bail all at once.

[69LM1]

I have set some miners up for customers. They are mining ZCash, Ethereum and a few more of the more obscure ones. It takes about $8,000 to make a competent mining computer. On average, they are making $19 to $32 per day per machine and they use more electricity than a regular computer. In fact, the cases are "open" cases to dissipate heat better (thus using less electricity).

Another thing that I learned is that the mining group that you join is also a big factor in how successful you can be.

Even with the best group, I don't see the upside to mining unless they take off even more than they have. At the current inflated prices, it will still take them a year plus to recover their money, not counting the $800 or so I charged them and the electricity costs.

In China, with subsidized electricity and really cheap electronic components Bitcoin still has to be at ~7500 to be profitable.

Then, rumor is this year that the mining system will be changing, tying into some sort of broker that requires you to own the cryptocurrency to mine it.

All that said, it takes days and sometimes longer to divest of these cryptocurrencies which is a big downside. If a crash starts, you will not be selling your investments quickly.

One of my clients has a $33,000 bitcoin investment that is now worth ~150,000. I am helping him divest of his initial investment and then let the rest ride with "house money". It is not easy to sell, not super hard, but nothing like selling a stock.

And while Bitcoin and some others have a value and are traded, some of the other more obscure ones are not even usable as a currency. How these have value other than "piling on" is beyond me.

Finally, I wonder how the nation based governments are going to go on this one. On one hand this is what I believe that the globalist financial machine has wanted for some time now, an electronic currency and to divest society of printed/coined money. In fact, in global currency concerns about 8% is in actual physical paper/coin. Here in the US, it is even lower, at 3-5% I believe. However, [in America] the ability to print fiat currency at will is something reserved and jealously guarded by the federal government.

One thing for sure, its been a crazy ride. I have a small investment in Ethereum, and sold what Bitcoin I had (we usually keep some for paying off hackers for customers that do not keep good backups and get their systems hacked and encrypted).

That's my .02 on the subject.

Rich

[70 copo]

Rich,

I agree. Universal Basic Income is the end game here and removing Fiat as the king of the hill is the objective and in order to do this you need to first get rid of fossil fuels, because as as a result of Nixon Shock and the collapse of the Bretton Woods agreement the dollar became a form of a petro currency and the balance between committed current and future national debt projections all hinges these days on the estimated oil reserves.

As long as Oil is traded in US dollars-and the U.S. has the largest known reserves in both shale and conventional drilled production-- the Dollar is going to remain king as long as we have oil and the ability and will to explore for it here.

[70 copo]

Bitcoin bloodbath last night... back below 10k right now.

[markinnaples]

Oh yeah, it's ugly. Definitely for the faint of heart.

[Caseys69]

Its rough, South Korea is killing us.

[Mr70]

Bitcoin currently @ $8613... https://charts.bitcoin.com/chart/price

[Caseys69]

Its definitely taking a beating.

[markinnaples]

No question, there are a lot of cryptos hurting now.

Honestly, I think these are growing pains, and I am for at least some govt regulation to keep things honest.

[Caseys69]

Im hoping the same, im staying in the game.

[69LM1]

This is funny "Jimmy gets into bitcoin"



https://www.youtube.com/watch?v=lQegMA_kY9Y

Rich

[Caseys69]

$6600

[markinnaples]

Yep, the crash. Knew it could/would happen. IMHO, growing pains.
I'm in for the long haul, so we'll see how this goes over the next couple years.

[70 copo]

https://www.bloomberg.com/news/articles/2018-02-07/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says


Time to get out??

[markinnaples]

Not in my opinion. It's like any risky investment in a new tech; some will fail, some will survive and just bounce around the middle/bottom, and some will rocket to the moon. Unfortunately we never know which won't make it (AOL & Netscape) and which will (Google & Yahoo). Had to know it was/is risky and takes your chances. Just my thoughts.

[69LM1]

My client that is mining Etherium is down to $9.00 per day Avg.

Rich

[Caseys69]

8700

[Markyodb2]

Litepay announced! wonder if it will rally tonight!

[Caseys69]

Just looked into Litepay, sounds interesting. Im sure that has something to do with the 35% increase over night

[Markyodb2]

well see on the 26th!