Anyone here interested in cryptocurrency?

Kamillio

How is it in your country? I know the average age of a person here is not low 20s so I am curious to know.

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370z

BGTV8

Well, on another car forum I frequent, a 30-something re-mortgaged his house and purchased at ~AUD26K and is currently well out of the money.. He is down nearly 6 figures.

Those who have never lived thru a harsh recession and/or who assume it can only continue to rise are most at risk.

NVSTR

Highly recommend if you hold any cryptocurrency to NOT publish it to the general public. Just makes you a target.

Zoren 370

What you gained easily you’ll lose easily!

The Dimer

My friends and I all have a couple hundred in there just to see what happens but I don't trust it enough to try and retire young or anything like that. Number one rule has always been don't invest what you're not willing to lose. I'm just riding the roller coaster.

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SouthArk370Z

I have some satoshis that I got when BTC was much cheaper. Use it mainly to donate to charities, software developers, political campaigns, etc. I didn't invest in BTC expecting to make any money.

It has been difficult spending BTC and the recent volatility makes it even harder. Nobody in South Arkansas takes BTC and very few places on The Internet that I'm interested in shopping at do.

As far as investing in BTC, I think The Dimer has the right idea - "don't invest what you're not willing to lose".

Converting BTC into fiat money can be a royal PITA, especially if you are concerned about privacy and/or having your financial info hacked.

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ltullos

For anyone curious to learn more about why cryptocurriences and blockchain technology will be transformational to our future, I'd encourage you to watch this video Intro to Bitcoin.

Kamillio

So I see everyone has a little bit different opinion, most made different drastic (friend who lost the six figures) or tiny investments in it though.

None of you mentioned mining (which will later change to "proof-of-stake") of coins that exist now. I think that may be more up the alley of people here because you invest in a machine (physical or in the cloud) that's using its computing power to earn cryptocurrency which is worth dollars.

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370z

Rusty

I'm an investor. I made enough to retired early though mutual funds, 401K, and stocks. I've read both sides about bitcoin and others like it. My feeling is that it's in a bubble right now like the tech stocks was years ago. Remember the dot.com bust? It's all speculation that drives the price. People are holding on to it. Not spending it like money. Treating it like stocks. The idea behind bitcoin is that there is ONLY so many to be mined. It's not an infinite number. The rumor is that the creator of bitcoin is holding a couple million bitcoins. Waiting for the right time to dump them. Making a killing on them and breaking everyone else. Bitcoin has no real assets. Nothing that you can touch. If a solar flare or EMP takes down the grid. What are you going to to? Like it was said before. It's hard to change bitcoin to cash. And not many places will take it.

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Zoren 370

Government is also watching people invest or laundering money with bitcoin, they want a whole chunk of the money too for tax.

The Dimer

That's one thing I've noticed as I see people get swept up in the crypo scene, be it bitcoin, ethereum, litecoin, etc. Many of the people getting into it during the hype phase we're in right now don't even think about paying taxes and when someone reminds them they should report it come tax season, they dismiss it.

You want the government to to come down on currencies? Not pay taxes on your earnings is probably that fastest way to get that to happen.

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Kamillio

I agree with you. Bitcoin itself actually uses outdated technology in comparison to other cryptocurrencies. Some individual coins have potential while 95% of them will disappear after the initial big boom for coins that is happening now because they won't have a real world use. Some of the coins are developing actual products that will or will not be accepted in the future. Even if USA places heavy taxes there is still the rest of the world to decide whether or not they will be accepted.

With regards to the bubble. I agree that it is a bubble now because there are thousands of new people buying into crypto and holding for now. One thing I want to point out is that the total money held in crypto now is only 750 Billion while NYSE alone is 21 trillion. So is it really still a bubble? Would it be considered a small one if so? I am too young to remember the dot com bubble details and numbers to be able to compare.


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370z

Rusty

With the new tax code for 2018. You will be paying taxes on transactions with bitcoin and others. Don't have the details on how that will work. The gov't is able to see each transaction some how. Other gov'ts are cracking down too. They see a new a tax revenue. In the end. It's going to be taxes as Capital Gains. China has raided exchanges. With those raids. They got the books on transactions. So they know who is doing what. Also there have been big hacks on the exchanges. A few of the exchanges have been wiped clean over in Asia. North Korea is the biggest hacker of the exchanges.

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ZeeingAround

Back about 7 or 8 years ago if I remember right, you could get a physical Bit coin, but those are gone now and worth more than just the face value.
There were some advertising stuff and surveys giving bit coin away, and I never paid attention. looked at it a bit when it jumped to $12 from $3. I should have just took a chance at that time, but Mt Gox and the drug dealer busts were enough to keep me away.
I guess getting into the mining business would have been good back then too if you stuck with it.

If anyone wants to know some more info and has no idea what bit coin is, they should have a look at this interview with Roger Ver.
https://www.youtube.com/watch?v=N6NscwzbMvI

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Rusty

Just read about North Korea and a few other rogue actors mining for bitcoin.

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