Who else is making $$$ off cryptos?

With IOTA shooting up over 500% over the last few days and BTC shooting up almost 500% in 12 months, anyone else making big bank off cryptos?

I know the volatility and risk are pretty big but an investment as little as $5K can yield pretty insane results, trust me I know from experience.

 

I probably have $5 in bitcoin. Whats that - oh I made a couple bucks?

Yipee.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

I put in ~3k in Iota back when it was $0.25. Currently loving life and surprised more people don't talk about it on here

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders
 
Max Heiliger:
I put in ~3k in Iota back when it was $0.25. Currently loving life and surprised more people don't talk about it on here

Nice! I recall you linked me to the white paper. You been following cryptos for a while?

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

Not exactly following. I had some leftover Bitcoin from a Silk Road transaction a few years ago that I just remembered with the recent activity. Made a pretty penny but nothing life changing. Decided to reinvest in some of the emerging coins and see what happens. Very happy with my decisions thus far.

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders
 

Buy Bitcoin through Coinbase then transfer it to Bitfinex and exchange directly for Iota.

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders
 

Not that I am aware of. I read something on r/Iota about buying directly from the developers but I haven't done enough research. See MarkBaum comment.

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders
 
Best Response

The step by step directions I was providing to 10+ people via private message are below:

1) Download coinbase mobile app 2) Become a verified user so you can purchase Eth & BTC 3) Purchase the amount you are planning on investing 4) create an account on Bitfinex.com 5) Transfer Eth or BTC to Bitfinex 6) Sell for USD 7) Buy IOTA 8) Download IOTA wallet to your computer 9) Create a your own personal seed (Wallet ID to store IOTA at) 9) Transfer IOTA from Bifinex to your IOTA wallet on your computer 10) Profit???

You can sell the coin for USD before buying IOTA on Bitfinex. That being said, the only three coins I know of that can be purchased directly with USD, with the exception of OTC markets, are BTC, ETH, & LTC.

 
JonnyDrama:
Max Heiliger:
I put in ~3k in Iota back when it was $0.25. Currently loving life and surprised more people don't talk about it on here

I did some research on IOTA and it looks extremely promising. How do US residents buy it now? I don't see any available exchanges

Binfinance - stay away from Bitfinex!

 

Would have to disagree with you on the logic that it is too late to invest. As somebody who has been watching BTC for years now and thought this every time the price exceeded a certain level.

I still hold some BTC (could be a BTC millionnaire if it wasn't for some poor purchasing decisions and premature selling of some of my holding), but when the price next plateaus I will certainly increase my holdings as I really do think we are seeing much wider spread adoption which will drive further demand and price increases.

I'm quite liking the sound of NEO, but admittedly I need to do a little more reading on it before making any decisions.

 

Almost pulled the trigger on GBTC about two months ago when it was $350 (it was at like $800 yesterday). Kicking myself, but honestly I think bitcoin is too risky. Not sure how to invest in bitcoin without buying GBTC

 

I was in Eth for some of the ride and then got out before it topped because it was my first crypto purchase, then I went into IOTA at around .30, followed that with an ICO investment and then added more to IOTA. Currently I am holding IOTA and my ICO which should be listed on exchanges this year.

Honestly, given the average income of the user on this board, I think it's a bad move not to get involved at least on a small scale. The number of coins that could have made people millionaires for a $1K investment is crazy. I currently only have two coins but I am going to let them both sit for about a year + and either I am a millionaire or I lost it all but who cares? The risk adjusted return for the crypto market is well worth the investment. I have already made more money on cryptos in the last 3 months than I have in the stock market over the past 5 years, never having a losing year. The goal here is to buy the well advertised and marketed coins.

I am not recommending anyone buy in because the second you do the market will probably drop. But I am happy with my results!

 

I think any of the following coins are ** relatively ** safe bets: (Read: Relatively safe as opposed to other coins not overall)

Bitcoin - BTC Ethereum - ETH Litecoin - LTC IOTA - IOTA

By safe bets, I mean coins that will go up as the crypto market increases. Overall volatility and risk are still super high. The best chance for gains is on IOTA because standard fundamentals don't mean anything in this market. The fact that is it at .80 - $1 per unit means it can gain the most.

Most of my friends/colleagues have at this point thrown $500 into each of the above. Personally I am only in Eth and IOTA as mentioned earlier. Some people say BTC will hit $100K per unit at some point in the future. I would say I don't believe it but people said they didn't believe $100 when it was less than a penny, people said they didn't believe $1000 when it hit $100, and people said they did not believe $2000 at $1000. This is literally a legal casino with no rational explanation, but it sure is fun as hell to be a part of it.

 

What about SexDungeoneum?

GoldenCinderblock: "I keep spending all my money on exotic fish so my armor sucks. Is it possible to romance multiple females? I got with the blue chick so far but I am also interested in the electronic chick and the face mask chick."
 

Does anyone has a website dedicated to news regarding the blockchain and the crypto? If it had also some analysis it would be perfect. I know roughly what cryptocoins do etc but I have a really hard time keeping track of all the news and usually I just get what goes in the mainstream media only.

 

I found it through a video of one the creators. He said the technology was an advance of Bitcoin. I don't know enough about the crypto language to gauge where Zen stands in comparison to an IOTA, but it was going for 4.34 so I just wanted to buy into something low and early. I will watch the prices for IOTA for 2 weeks and see if it a good fit. Any links to articles talking about it...

"All men are alike in their dreams, and all men are alike in the promises they make. The difference is what they do."— Jean Baptiste Moliere
 

I owned 100 BTC back when it cost around 12$, some 5 years ago. I'm estimating that $10k is not too far away, and it'll just keep rising with demand.

With that said, hindsight is 20/20, and all that. There's been many selling frenzies since then... Lots of people sold everything the first time it hit $1k, and then on every other peak.

I'll probably go into suicidal depression if it ever hits $100k.

 

No need for that, very few people ACTUALLY become bitcoin, or more properly crypto currency, millionaires. The likely hood that someone didn't sell at 10x gains, 100x gains, 1000x gains, 10000x gains, 100000x gains is extremely low. Given that bitcoin was once valued at below a penny 1000x gains means when it hit $1

That being said you still have a great opportunity if you believe it will hit 10k to get in and buy it. I really don't see any value in bitcoin though. It takes 45 minutes to verify a transaction right now and the more adoption it has the worse it gets. If it was as big as a credit card company then it would take days to verify transactions, that doesn't add any value. IOTA on the other hand verifies transactions quicker the more people that use it (due to the tangle as opposed to the blockchain) But we will see! I am going to put more into IOTA for the long haul.

 

Yeah, no doubt. I followed the crypto / blockchain community, and the vast, vast majority sold their stash a long time a ago. At least today, you have some degree of support. Back then, it was 100% speculative business, with most dealings happening client to client, not B2C / C2B.

The only people getting filthy rich, are the early true believers, or early buyers that simply forgot about their wallet.

I think there's money to be made, but you just need to buy for a solid amount, and let it sit. There will probably come some correction, because there's been such huge influx of buyers.

I'll put some money into IOTA, and see how that one goes.

 

I got pretty lucky with Ethereum. Sold my car and put about 1/2 of it in just before it started 'mooning' as the kids call it. Luckiest break of my life.

“Bestow pardon for many things; seek pardon for none.”
 

I use to mine Ethereum. You can find me on the Ethereum forums with the same username. I actually don't personally like Ethereum for the same reasons I don't like Bitcoin. Both networks get jammed up when they get busy. The reason people gravitate towards Eth is because of the lower price point, recent explosion in value, and the smart contract technology.

It wouldn't be a bad purchase but I am moving all of my stuff to IOTA. If you want to play the crypto market as a whole for the short term definitely buy BTC & ETH. For the long term I prefer IOTA because the technology works. IOTA uses a tangle, for Eth and BTC miners verify transactions which take time, in the IOTA tangle each person who makes a transaction has to verify two other transactions which means the network can handle capacity increases without issues.

 

I won a lot of bizarre coins in a data science competition, which I transferred into BTC and cashed them all out. There were people who became millionaires from that competition.

You killed the Greece spread goes up, spread goes down, from Wall Street they all play like a freak, Goldman Sachs 'o beat.
 

I'm' holding VRM, VRC, STX, PAY, DNT, BTC, ETH, IOTA, MTL and OMG. Might buy NEO on this dip. The only one I've lost a little on was VRC because I bought on a peak, which I could have easily avoided if I were more patient at the time. I pretty much plan to hold everything for at least 5 years, or the projects die. Whichever comes first.

First started buying ETH when it was $70. I'm hoping the Plasma project Buterin announced a few days ago is implemented sooner rather than later to speed up transactions. I've also been mining ETH since early June with a 6 gpu rig

Array
 

I personally stick to the coins with stronger communities. I thought about getting into XRP and STR but avoided them because their communities weren't that great. Happy I did as both dropped 70%+ after that.

Most of the coin founders cash out on the ICO and don't work much on development and further use of the coin. When buying these coins try to focus on the coins where the founders are continuing to work hard even after they have cashed out their multi million dollars of ICO revenues.

Good luck selling those $600m and then cashing them out from the exchange. Exchanges charge additional fees for aggressive orders and if you want to avoid it you would need to stand passively on the offer and let me tell you this - you are going to have a bad time standing on the offer with any sizable amount.

You killed the Greece spread goes up, spread goes down, from Wall Street they all play like a freak, Goldman Sachs 'o beat.
 

I'm in BTC and ETH and considering entering other currencies. I think one of the best predictors of a heavy payout is finding coins that are not listed on exchanges (most of them) and get into them before they are eventually offered on exchanges which allow for quicker adoption.

LTC price increased significantly since being offered on Coinbase

 

Agreed Asatar, Praesto, eatmybanana's. I'm slowly making a list of characteristics I see in the altcoin market to better coordinate my strategy. When BTC goes bull, alts drop significantly as funds shift. Chinese markets pop easily, I assume due to FOMO and wider adoption of crypto in general (NEO, OMG). Strong core teams, community, and potential for early adoption/utility are important, but there are still terrible sounding coins that rocket with no mvp, simply due to hype and FOMO (see MCO - CEO and CFO ousted of last company, sued, etc. and not proven product, yet it jumped significantly this week). The crypto market moves fast af...

Wish I had more time to research on upcoming opportunities. smithandcrown.com is a good resource.

Array
 

•Tell that to everyone who invested in Eth at the beginning of this year (Made several hundred % return) •Tell that to everyone who invested in BHC this morning (Made 30% today) •Tell that to everyone who invested in IOTA 2 weeks ago (Made 600%) •Tell that to everyone who invested in OMG 1 month ago (Made 600%)

Let me know which one of your equity market investments returns 600+% in a couple weeks time, or even over the course of a year. The number of coins still making people money is incredible. No doubt there is a ton of risk involved but people look for 8-10% a year in equities which are safer, here it's significantly higher risk, significantly higher return. Literally personally know people who made 6 figures this year purely off of Eth. Bought it at $10 this year and sold it at $350-$400. 3500% to 4000% (35-40x) returns. That means less than 3K would get you 100K.

Lastly people thought Bitcoin was at it's peak at $100, $500, $100, $1500, $2000, $3000. Do you see a trend?

The one point I think you are touching on, and 100% right about, is that it's much harder now and there are way more BS coins. You have to dig and research to make better investments now, and yes you won't get the 20000% returns people got on BTC, IOTA, and ETH anymore. But hell I will take 500% any day. I am making my website purely to sure thoughts so that we can dig through all the noise and find the right investments.

 

Recommendations on what to buy? Thanks...IOTA seems only accessible by a shitty exchange (which isnt open to U.S. customers anymore)....may have to sit on the sidelines for that one, thanks.

 
Praesto:
I think Bitfinex is a pretty good exhange actually (my personal thoughts)

Anyway for non US residents to purchase IOTA?

Also, can we withdraw IOTA to our own cold storage? Those guys got hacked last year so I pretty concerned about security on their end.

 

Tulipmania. All those bitcoin alternatives are just bullshit, there is no non-speculative demand, coin "investors" just trade it among themselves and believe that growth will last forever... Even darknet markets only accept bitcoin.

 

I assume you missed out on making profit on other coins? Bitcoins only purpose currently is the darknet but as more coins come out that might change. It is also worth mentioning that some coins already have real life application and are used in real life on a scale much larger than BTC. Example article linked below:

https://www.cnbc.com/2017/03/01/japanese-banks-plan-to-adopt-blockchain…

 

As far as I am informed, the banks are not actually buying Ripple itself, they just use its algorithms. No doubt blockchain as a technology is legit, and I also presume that at the end 2-3 blockchain-currencies will survive, but current valuation is just bullshit.

 

Didn't see this thread before, but just reposting what I've said about cryptocurrency before:

GDAX is great for Bitcoin, Ethereum, and Litecoin. No to minimal fees for trading and you can use coinbase's wallet to store (it's honestly not a big deal to store crypto in online wallets unless you have a considerable amount)

Bittrex is what you want to use for trading hundreds of altcoins. You can do this by transferring your bitcoins from your Coinbase wallet to your Bittrex wallet and then trading Bitcoins for Altcoins of your choice on the Bittrex trading platform.

If I could name one safe altcoin investment, it would be NEO Antshares. It is basically China's version of Ethereum except it also allows developers to use a common language that their used. Ethereum's developers have to learn a whole new language that is just for Ethereum. The reason I say that this is a relatively safe investment is because NEO is China's premier cryptocurrency that seems to be getting backing from the Chinese government. And if you didn't know, Chinese people love using their own products more than anything. For an example, people in China are using smartphones that you've never even heard of because they rather use that than Apple or Samsung products.

Finally, Ethereum's current marketcap is around $30 billion whereas NEO is only around $1.5 billion, so it has huge upside. Be aware though, because NEO has gone up almost 5x in the last week as it has been getting much more press and media in the western world. My final thoughts are that only invest in cryptocurrencies that you believe in long term and hold onto them even though it is volatile.

BE AWARE: A lot of cryptocurrency "investors" are rookie investors who have never dealt with stocks before. They do not even know what the crypto that they are investing even are, but rather just riding the hype train. Therefore, you will see extreme volatility in the crypto market. But remember, volatility can also be your friend if you are a good trader

Use worldcoinindex and coinmarketcap for a general sense of different coins.

 

All good info here, only thing I'll say is it takes two seconds to store the crypto in your own wallet so for security and comfort if you're going long it might be worth doing. I have been looking st NEO but not sure if my position on it yet. I will look more into it from your recommendation. If you like cryptos sign up at my site cause I enjoy talking about them!

 

Never really had available capital at the right time. But few weeks ago I had a good laugh on the topic: > I always have a notebook on my desk where I write down "To-Do" sh*t and take down important notes on stocks, etc. > While going through an old one I found a note from February (this year), that I should research how Ethereum is mined and possibly do that, at least. > Suppose I would have been rich given I had some capital to utilize instead of having 'mining' as my first thought LOL. > Next time.

 

Junkymunky what are your estimates for the next 6 months on IOTA?

"All men are alike in their dreams, and all men are alike in the promises they make. The difference is what they do."— Jean Baptiste Moliere
 

Update -

As many have pointed out the virtual currency market has run into some pretty strong head winds. Between Dimon and China the market is very unstable, which opens up lot's of profit opportunities if you can afford the time to pay attention. I strongly recommend only two types of strategies for this market right now. The first being an invest and forget strategy, the second is play the intraday volatility. Both of those are pretty obvious but just incase anyone is new.

A few good coins to buy and forget, in no particular order. BTC (Of course..) ETH (Used for many ICOs) OMG (Think of it as Venmo) IOTA (Think of it as currency for cloud computing) PAY (Trying to put together the technology to actually make purchases with any coin anywhere)

Graphically speaking the virtual currency market is in a huge bubble right now, but I will not comment for or against whether or not I feel that is the truth. I will say that I have been working on a project with some friends to bring a token to market. Have spent a lot of time recently researching gathering thoughts. We are moving to the next level soon and if all goes well here will "pre-ico" in the next couple of months. We already agreed that if at any time our research indicates that the project wouldn't benefit consumers we will drop it, so I will keep everyone updated. Full and clear it's still very 50/50 right now.

 

I would like to thank you and others in this thread for shedding light on IOTA. It's really off to the moon these couple of days. I foolishly and accidentally lost the seed to one of my IOTA wallets but luckily still kept the other one. Cheers

 

You should look at XRP & REQ as well. I would have told you XRP yesterday if I had seen this post so PM me next time because I hold XRP and it 3x'd since this post. As I mentioned in a PM to another user, I get into a coin and if it returns me over 100% in a six month period I will usually pull out my original investment and spread it around. If it only returns me ~50% then I might pull out my original and let the 50% ride. Like equities a good strategy is to diversify and add monthly to solid coins.

The new coins I think are worth looking at right now include EOS, REQ

Stable to add to your portfolio and hold - BTC, ETH, BCH, LTC (nothing new here)

I double backed and changed my tune on - XRP

Exit: IOTA for now and buy back lower, or let the gains ride and pull out half of the profits.

 

The IRS recognizes cryptos as assets, so you end up paying capital gains tax on them. The IRS also does not recognize trading cryptos (e.g. BTC for ETH) as like-kind exchanges. This means that, if for example, you buy BTC, it goes up 10%, and then you trade it for ETH, you have to pay capital gains on those 10% gains then, not when you eventually trade the ETH for fiat.

 

Hah. What does that mean exactly?

I read a Forbes article where the writer mentioned in passing that her boyfriend was a bitcoin trader. And I'm wondering if there are now firms (prop shops, funds, what have you) trading cryptocurrencies as an asset-class.

 

I haven't heard of any other than stay at home traders. It doesn't take much capital to get into cryptocurrency trading and lots of movement. If you are interested in trading for yourself some exchanges are Mtgox, btc-e, CampBX. I trade cryptos (a small personal account) and I would advise you to learn more about what drives them and what they seek to do and their development/community support before entering.

Hopefully someone else can add more to this.

 

I haven't heard of any other than stay at home traders. It doesn't take much capital to get into cryptocurrency trading and lots of movement. If you are interested in trading for yourself some exchanges are Mtgox, btc-e, CampBX. I trade cryptos (a small personal account) and I would advise you to learn more about what drives them and what they seek to do and their development/community support before entering.

Hopefully someone else can add more to this.

 

For retail forex traders, there's also AvaTrade (and another one whose name escapes me at the moment).

I understand that the firm Second Market has started an open-ended fund called Bitcoin Investment Trust (BIT).

Still, there are skeptics who think it's all a fad--and will fade away inevitably.

What do you fellow-monkeys think?

 

Indysamra, shame nobody has responded. Maybe one of these topics will help:

  • Some Thoughts on Bitcoin, Part 1 a solid investment. And for the folks who got in at the right price, it certainly is. But you can't ... afford to sleep on Bitcoin, because its volatility will bite you in the ass. And that's the voice of ... you're not going to use your Visa card. That's where Bitcoin came in. Suddenly there was an ...
  • Cryptocurrency has potential to cause crash similar to 2008 cryptocurrency bitcoin short crash ...
  • Cryptocurrency: How to Not Lose Your Life Savings most important aspect of investing in Bitcoin and other cryptocurrencies is to have a basic ... what if you want to start investing in other lesser-known cryptocurrencies? After all there are over ... When looking at ICO projects to invest in you should learn everything you c
  • Is $$$Bitcoin$$$ The Next Tulip Bulb Or The Next Dell? overtake Bitcoin in market capitalization? Are you a current investor in cryptocurrencies? to Friday, ... I would not advocate in investing outside of Bitcoin and Ethereum because other lesser known ... think Bitcoin as it goes further down in price, will be a good investment for the future? Will Ethereum ...
  • I'm a bitcoin specialist cryptocurrencies besides bitcoin are good to invest in, etc. I have software engineering and trading background. Am ... Hello, I'm a bitcoin and cryptocurrencies specialist. I know all the corners of the bitcoin ... I of any use to anyone? Bitcoin ...
  • Guide: How to Short Bitcoins cryptocurrency friend, you can put money where your mouth is and bank on the falling of the BitCoin with New York ... this ever increasing value. Although, you must remember the BitCoin relies on "miners" to ... a dedicated BitCoin rig to switch over to these alternative cryptocurrencies with a lower computing difficulty ...
  • $10,000+ Bitcoin: How might it get there? In a recent article, UBS mentioned The relatively high volume of cryptocurrency turnover, against ... that there is a finite amount of Bitcoin that can theoretically be mined. What do you monkeys think ... cryptocurrencies to make a real-world transaction. After doing some digging, I realized that most proponents of the ...
  • More suggestions...

No promises, but thought I'd mention a few relevant users that work in the industry: vcfr66 thatmonkE lcamps01

You're welcome.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I'm truly jealous of people who got into BTC early. I think the only way to keep my cool is remember that companies pay me to own their stock every quarter. Nonetheless, I've seen rag-to-riches with this Bitcoin.

 

You still can daytrade altcoins. I've seen many people who knows ICOs and do extensive research on cryptos that were worth pennies on the dollar that jumped 5x to 10x. But I'm also regretting not investing in Bitcoin when it was around 5K.

 

Very bullish in the long run. Started investing at $500 price point but think there's still plenty of room to grow as it becomes accepted as a store of value, then as it becomes adopted as a currency. Short-term we may see a retrace after the bubble pops...the fact it's near its ATH is leading to media frenzy again and FOMO from people not familiar with bitcoin.

 

Agreed. Bitcoins ramp (and subsequent dip right now) is largely driven by RMB / Chinese capital controls.

Would look at short Bitcoin till Chinese New Year, then switch to long for after new year as China lets rmb break 7.

 

I'm writing a whole piece on it for next week. Stay tuned.

In the meantime, I've written about it off and on here since about 2013, so if you do a search you'll find some stuff. Here's a couple to get you started:

http://www.wallstreetoasis.com/blog/why-you-should-own-some-bitcoin

http://www.wallstreetoasis.com/blog/someone-just-made-147-million-btc-t…

http://www.wallstreetoasis.com/blog/im-out-of-bitcoin

 

Looking forward to this.

I've been buying on and off since it was around the £100 mark. Primarily for use as currency rather than to speculate/trade it, but made some money by virtue of always being long over the last few years.

A bit of a step away from BTC but working in physical commodities I'm really interested to see if/how/when blockchain tech is used to modernise the industry.

 

In January 2012, I started going to school part-time and found a full-time job that was paying around $55k annually (mostly commission). I started looking at investing in bitcoin in June 2012 (when it was trading around $10), but took advice from a professor to put any extra cash into a mutual fund and buy real estate when I had enough for a down payment.

I fucking kick myself every time I hear where bitcoin is trading. not saying that I would have necessarily had the balls to hold my position through $1,000.

 

Bitcoin sounds great in principle but I think in a lot of the disaster scenarios where gold becomes extremely valuable, Bitcoin is probably worthless or inaccessible. If we see a major war, electric grid gets taken down, etc I'm not sure how people expect to get value for their bitcoins. I guess if we see a "well behaved" hyperinflation it should do at least as well as gold (which is to say, extremely well) but that seems like a pretty narrow set of outcomes.

-Chief Resident Goldbug

 
woodywoodford:

Anybody have a primer or website that explains what they are/how they work in relatively non-technical terms? I'm still convinced it's a bubble and in a couple years people are gonna look back and laugh at it, but I don't really understand them. Fancy computer tech talk tends to go over my head too hence the non-technical. I mean..where does the value come from? What can people buy with them? What's stopping a programmer from just writing into his wallet another 1000 bitcoins? How do you cash in/out on them?

Where does the value in gold and gem quality diamonds come from?

People can buy anything that someone will accept bitcoin as payment for, much like something you may have heard of called "currency."

LOL at "Fancy computer tech talk"

 

The only value Bitcoins have is scarcity, secrecy, decentralized, and that fact that it's sooo "futuristic". It is definitely a huge bubble in my opinion, because soon people will find nothing of value in a digital credit that only exists in hyperspace. People will argue that they are backed up by the electricity that is used to "mine" them. Now this makes no sense, because how does someone use consumed electricity to create value. The productivity though is from it being used on online black markets like The Silkroad. It got busted, but you used to be able to buy all kinds of drugs with these bitcoins. People were forced to get them to buy from Silkroad, and Silkroad was a very popular site. I think that is what initially made them look like there was potential, and now people are just joining in.
I don't know much about the possibility of bitcoins being hacked, but I think we are coming to realize - after all these cyber attacks lately - that anything in cyber space can be hacked. Just as likely as there is a loop hole in a contract. You can buy bitcoins by ordering them online by a company that mines, or holds them. There are ways to cash in bitcoins just like a foreign currency. Hope this helps. If someone can prove me wrong, I'd appreciate a reply to me. I'm only 18, and still don't think I know all of what can be known about this.

 

^^ I think we're basically on the same page on that one, for the most part.

I mean, it's all just fiat money. But the one thing that gives fiat money value is that it's liquid and accepted everywhere. I have a hard time seeing bitcoin catching on with the masses, especially at current values (hence why I see it as a bubble, to the poster who asked). So sure, a bitcoin might be worth $8-900 today, but to who? How many people are actually dropping that kind of cash money for this, and what is their motive- how much of that value is just hype, nerdy types that would drop that money on the latest tech gadget anyway, and speculators?

I don't know. I'm all for new ideas of money, and they're probably onto something with this, but until my bank offers them to me, I'm staying away.

 
woodywoodford:
So sure, a bitcoin might be worth $8-900 today, but to who? How many people are actually dropping that kind of cash money for this, and what is their motive- how much of that value is just hype, nerdy types that would drop that money on the latest tech gadget anyway, and speculators?

This argument is akin to "no one could possible invest in Google because the stock is over $1,000", and even more asinine because you can purchase fractions of bitcoins.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

For sure. It's useless to people without a basic computer also. Also Fiat money is at least backed by the power of the government to force it as a liability to the central bank. (I wont get into that; too much bull crap lol) But I think it's safe to say bitcoins is a bubble.

 

i don't know - i think these things are tulip bulbs. That said, there are a lot of companies out there looking to legitimize it. ex. https://angel.co/robocoin

I am waiting until there is a legitimate derivative market on an index of these, and i'm playing a long straddle. This shit is moving, it's just a matter of what direction.

 

Bitcoin is up to $800 now, was $200 about a month ago. There is also Bitcoin ATMs starting to pop up. A coffee shop in Canada just installed a Bitcoin ATM.

My name is Nicky, but you can call me Dre.
 

So let's look at it like this then. Let's say we're at the extreme end of the spectrum, and bitcoin has replaced all currency leaving us with literally one single world currency. What happens? Central banks are no more, replaced instead by the pure free-market bitcoin exchange? Inflation, exchange rates...? I'm trying to imagine how the world would look in this situation but it's been too long since I took a macro class.

 

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