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Author Topic: So, Who Is Buying Into Crypto?  (Read 19259 times)

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Offline dcguyusa

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Re: So, Who Is Buying Into Crypto?
« Reply #75 on: March 05, 2018, 06:09:48 PM »
In 24 hours, you lost the lotto jackpot several hundred times. :money:

Yep.  The funny thing is, if I cashed out now, I am still dollar positive across the board, and would make what would be regarded in other areas of endeavor, as a tidy profit.  But because it's crypto it's "OMGEEEEE!  IT'S THE END OF THE WOOOOORLD!!!"

And so it goes.

B/B

I just did some computations on a stock that I owned for almost 20 years.  It fell below $1 per share in March 2009 and then rocketed up to $68 a share at the end of last year.  Had I made a six figure purchase at the nadir in 2009 and cashed out at the peak last year, I would have made over 68 times my investment. That is going from a 6 figure buy turning to 9 figure sell.  More than what I have earned since working over the decades in just over 8 years.  Even with tax payments for capital gains, I would be way ahead. That would move me up to the top 2% in the country.   :thumbsup:  But, you have to act at the right times.  So I will have to wait for the next crash.   :snivel: :(
An uninformed opponent is a dangerous opponent.

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Offline dcguyusa

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Re: So, Who Is Buying Into Crypto?
« Reply #76 on: April 25, 2018, 05:51:41 PM »
An uninformed opponent is a dangerous opponent.

"Y'all be makin shit up" ~ Markeith Loyd

Offline Mr strange

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Re: So, Who Is Buying Into Crypto?
« Reply #77 on: September 07, 2018, 06:52:04 PM »
So Andrewfi any news? It's been a while since the last post here.


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Offline Tom Cat

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Re: So, Who Is Buying Into Crypto?
« Reply #79 on: November 24, 2018, 02:10:27 PM »
Looks like the crypto market is continuing it's downward trend.


https://www.nytimes.com/2018/11/21/technology/cryptocurrency-price-drop.html
Don't shoot the messenger, links to articles posted, don't necessarily reflect my personal opinion.

Offline dcguyusa

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Re: So, Who Is Buying Into Crypto?
« Reply #80 on: August 30, 2019, 03:43:22 PM »
An uninformed opponent is a dangerous opponent.

"Y'all be makin shit up" ~ Markeith Loyd

Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #81 on: August 30, 2019, 04:00:14 PM »
I have been adding a bit. Overall, still up. Better than in the bank.
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Online Guile

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Re: So, Who Is Buying Into Crypto?
« Reply #82 on: August 31, 2019, 02:21:36 AM »
forget crypto..buy stocks.

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Re: So, Who Is Buying Into Crypto?
« Reply #83 on: May 06, 2020, 08:28:59 PM »
A group would like to monetize fine art.

https://en.m.wikipedia.org/wiki/Ethereum

Any thoughts or opinions of this platform and concept.
“If you aren't in over your head, how do you know how tall you are?” T.S. Eliot

Offline Manny

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Re: So, Who Is Buying Into Crypto?
« Reply #84 on: May 06, 2020, 11:32:48 PM »
forget crypto..buy stocks.

What I’m doing at the moment.
Read a trip report from North Korea >>here<< - Read a trip report from South Korea, China and Hong Kong >>here<<

Look what the American media makes some people believe:
Putin often threatens to strike US with nuclear weapons.

Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #85 on: May 07, 2020, 01:15:43 AM »
Looks like there was a big spike in crypto purchases in the US when the bribe checks went out. One of the online crypto exchanges published a chart of purchases for exactly $1200 the other day. The spike was huge. No doubt what was going on.

Anyone buying at that time has made over 30% return since then.
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Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #86 on: November 29, 2020, 11:04:24 AM »
Just learned something interesting about Bitcoin.
It seems that over 95% of all Bitcoins are held in just 2% of accounts.

https://www.bloomberg.com/news/articles/2020-11-18/bitcoin-whales-ownership-concentration-is-rising-during-rally

Of the coins in 'general circulation' a large proportion seem to be owned by the same group of large account holders. More than 70% of accounts hold less than 0.01 Bitcoin.

I think this has serious implications for Bitcoin as a concept and for its use and value in the future. For those who bought and held small quantities, like myself, this seems to be a good thing. On the downside, this may tend to reduce its value as a digital currency as there might not be enough liquid entire coins or Satoshis for mass uptake.

However, given that there's 100,000,000 Satoshis in a Bitcoin if the value of Bitcoins increases enough it may be that the Satoshi becomes the unit of exchange rather than the Bitcoin. That's encouraging, but implies a huge transfer of wealth from either small holders who sell up (as has been happening the past couple of weeks) or people who buy into Bitcoin at the Satoshi level to fund transactions in crypto currency.

I am giving this some thought. However, having increased my holding slightly, earlier in the year, I'm considering dropping in again if the price pulls back a tad in the next few days.

Any thoughts?
...everything ends always well; if it’s still bad, then it’s not the end!

Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #87 on: November 30, 2020, 09:14:35 AM »
Earlier today Bitcoin just topped its previous record high.

Somebody doesn't like Janet Yellen!
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Online Markje

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Re: So, Who Is Buying Into Crypto?
« Reply #88 on: December 02, 2020, 01:44:02 AM »
The surge in bitcoin is interesting...it's basically hit an all time high. but i don't trust buying it on an exchange.  think Mt Gox.  if it gets hacked you lose all your money.
Cryptocurrency = cash
Mt. Gox and exchanges = Bank.
usb-stick with bitcoin = Wallet.

And like cash, you can store your currency local (usb stick = wallet) and it can not get hacked.
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Online Guile

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Re: So, Who Is Buying Into Crypto?
« Reply #89 on: December 02, 2020, 12:40:46 PM »
Markje, I know that.  But if you want to buy or sell bitcoin you need to go through an exchange. Which may not be secure.

There have been many stories of people who had a ton of bitcoin on a usb or old hard drive and they threw it out or reformatted it by mistake.  Then it's gone for good.  Like money, most people would rather leave it in a bank.  No one carries $100k in cash around the house unless you are a gambler or drug dealer or just stupid rich.

The exchange rates on those bitcoin sites are a rip off too.

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Re: So, Who Is Buying Into Crypto?
« Reply #90 on: December 02, 2020, 02:37:18 PM »
Markje, I know that.  But if you want to buy or sell bitcoin you need to go through an exchange. Which may not be secure.

There have been many stories of people who had a ton of bitcoin on a usb or old hard drive and they threw it out or reformatted it by mistake.  Then it's gone for good.  Like money, most people would rather leave it in a bank.  No one carries $100k in cash around the house unless you are a gambler or drug dealer or just stupid rich.

The exchange rates on those bitcoin sites are a rip off too.

Yes , you mst not store bitcoins on an USB stick forever, it will get lost. However nowadays most people have "cloud storage" (i.e. google-drive, azure-attach-disk, etc.) and you can put a zipfile with password on it that contains your bitcoins. They will be safe unless you forget your password.

And yes, the moment your put your bitcoins online on an exchange to do some trading they are vunerable to hacking. I heard the average transaction now costs 3-5 days which is the time to clear a consensus and revalidate your wallet.

After completion, withdraw and store again in your zip on cloud storage.
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Online Guile

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Re: So, Who Is Buying Into Crypto?
« Reply #91 on: December 02, 2020, 09:14:54 PM »
I'll stick to my stocks and index funds investments. Where the dividends go straight into my account and I can see the capital gains exactly. And get tax writeoffs on losses.

Some people have made a fortune on bitcoin, others lost everything.  Much like the stock market.

If I buy or sell a stock it is instant.   In essence bitcoin is just like another stock that fluctuates wildly.  There is no intrinsic value to it.   

Offline Manny

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Re: So, Who Is Buying Into Crypto?
« Reply #92 on: December 03, 2020, 12:46:51 AM »
There is no intrinsic value to it.

Like most currencies then.

I've not dabbled in Bitcoin as the system of buying and selling seems unregulated and insecure as noted above. The system isn't mature enough yet.
Read a trip report from North Korea >>here<< - Read a trip report from South Korea, China and Hong Kong >>here<<

Look what the American media makes some people believe:
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Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #93 on: December 03, 2020, 09:51:44 AM »
Stocks have no intrinsic value. Gold doesn't either.

A thing is worth no more, or less, than the next buyer is willing to pay. Value is, at its core just a shared belief.

Cryptocurrencies have utility, as do gold and silver. The utility of crypto currency is increasing over time.

Taking a profit from an increase in the shared belief about the value of a thing makes a deal of sense. That's why people buy shares in Tesla. The valuation has little basis in underlying value of assets.

At its simplest, most.forms of investment are a kind of game of pass the parcel. I buy the 'thing' in the hope that it's price will increase. I hope to sell at a price higher than I paid. Of course, buyers hope to buy from me at a price that is lower than it will be in the future. Problem is that most things in which we invest do go down in price from time to time. The guy who buys what I sell and sells at a lower price than he paid is the one who ends up losing the game.

By the way, people who claim that major Cryptocurrencies are illiquid, or that transactions take a long time. That's not true.

When I buy, or sell, crypto I get the crypto in my account within seconds or the proceeds of the sale in my account, again, within seconds. Essentially instant.

When I buy products or services using crypto, which I do from time to time, the goods and services are available to me just as they would be if I paid by credit card or PayPal. The transaction is faster than most, but not all, bank transfers.

What is interesting about Bitcoin is the substantial inflow of very large buyers. That's going to stabilise price movements. The ability of relatively small transactions to influence the market price is decreasing. One thing I note is that I was, it seems wrong in my hunch that Bitcoin would see a big pullback in value. Perhaps it will happen. Over time I am sure that it will to some degree, but ownership is consolidating so we are less likely to see big plunges. Maybe the current price will be a new floor. That'd make me happy as that means a very big real return for me over a relatively short period.
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Offline Contrarian

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Re: So, Who Is Buying Into Crypto?
« Reply #94 on: December 03, 2020, 09:30:05 PM »
Physical gold and silver have real value and likely always will.

Anyone who says otherwise is playing word games.

Stock in a great company also has real value.

Bitcoin is still highly speculative.

Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #95 on: December 03, 2020, 10:57:48 PM »
Nope, you're wrong.
Nothing has any value other than what the next buyer is willing to pay.
There's no little price tag on a gold nugget dug out of the ground.

Gold has been valued historically for two reasons:
1) it is in limited supply and therefore scarce as over time the supply of new gold did not significantly increase. That enabled it to be used as a store of value similar to Bitcoin.

2) The metal does not tarnish so it was relatively easy to store without loss. Iron would have made a terrible store of value as it oxidises and is relatively easy to come across and refine.

Your belief, Confederate, merely illustrates the point I was making. Value, in terms of price and money, is a social construct. It exists because, as a group, we believe that it does. When the belief changes the value changes.

If you are correct Confederate please tell us what the intrinsic value of gold is in dollars? Can you share why the price changes from that intrinsic value on a second by second basis?
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Online Guile

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Re: So, Who Is Buying Into Crypto?
« Reply #96 on: December 03, 2020, 11:23:04 PM »
All I know is that my investment accounts show some nice profits, good enough for a few christmas gifts!

If you can buy a pizza or Mcdonalds Big mac combo on bitcoin let me know.

Warren Buffett doesn't touch crypto.  He only dabbles in a few stocks and companies  :chuckle: :chuckle:

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Re: So, Who Is Buying Into Crypto?
« Reply #97 on: December 04, 2020, 10:41:00 AM »
All I know is that my investment accounts show some nice profits, good enough for a few christmas gifts!

If you can buy a pizza or Mcdonalds Big mac combo on bitcoin let me know.

Warren Buffett doesn't touch crypto.  He only dabbles in a few stocks and companies  :chuckle: :chuckle:

 :thumbsup:  :thumbsup:

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Re: So, Who Is Buying Into Crypto?
« Reply #98 on: December 04, 2020, 01:35:34 PM »
Bitcoin is easy to access cause all you need is a credit card and you can buy it online.  Tons of teenagers were basically buying this stuff on pure credit and trying to make a quick buck.

You can't set up an investment account unless you have actual cash first. And be of age.

I still think bitcoin is gonna be a big bubble that bursts rather than shooting to the sky. We'll see in about 20 years lol or maybe sooner.


Online andrewfi

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Re: So, Who Is Buying Into Crypto?
« Reply #99 on: January 02, 2021, 07:48:55 AM »
Welp, Bitcoin just crossed $30 and is right now at a little over $31k.

I'd held since I purchased back in 2017 with a greater than 400% return. I've bought some stuff from my holdings and bought a bit more Bitcoin along the way. I kinda wish I'd bough more earlier in the year and seen even more value for money.

Whats been happening recently is big money poring in. Not so much of the little guy wondering if he can get rich with his life savings of $50.

I'm glad I don't need the money and I'm happy to leave the coins on my account.

I'll be surprised if the price does not fall back but each peak is higher than the last. At some point it is going to get hard to resist the temptation to sell up. I'll give it a couple of years of upping and downing.

One thing I've decided to do is make regular, small, purchases to average out the peaks and troughs while capturing the longer term returns. If we were to see another 300% rise year on year then I'll be a happy bunny come next New Year.
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