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Who else is making $$$ off cryptos?

Praesto's picture
Rank: King Kong | 1,076

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.

Comments (203)

Aug 14, 2017

Made a calculated decision a few years ago to avoid it. Probably should have bought some.

Aug 15, 2017

I would like to see those calculations

    • 5
Aug 14, 2017

"Calculated" as in spent a few hours critically thinking about it.

Aug 17, 2017

You're not the only one... I chastised my friend who bought 3 bitcoins and called it his retirement fund. To be fair, he was down on that investment until like 3 months ago when it started shooting up.

Aug 14, 2017

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

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Aug 14, 2017

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

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Aug 15, 2017
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?

Aug 15, 2017

I am going to have to do some research on Iota. I own some BTC & Ethereum, but would like to expand my knowledge of CCs.

Aug 14, 2017

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

Aug 15, 2017
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

Aug 14, 2017

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

Aug 15, 2017

Is there a way to buy it using USD and not Bitcoin? Is one method considered safer than another?

Aug 14, 2017

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

Aug 15, 2017

Gotchya. Have been considering buying in but am not sure I want to commit the value of a Bitcoin yet.

Thanks.

Aug 15, 2017

You can buy fractional bitcoins, doesn't have to be a full BTC.

Aug 15, 2017

Lol - and that is the extent of my CC knowledge!

Best Response
Aug 17, 2017

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.

    • 8
Aug 15, 2017

https://www.reddit.com/r/Iota/ this might help as well

Dec 7, 2017
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!

Sep 12, 2017

You're telling us you have made over $40 M ?

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Aug 14, 2017

Yes

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

    • 1
Aug 14, 2017

Too late to hop on the BTC game, at least for me. I've taken a look at other cryptos, they seem very fishy and I would stay away from them unless you're willing to lose all your money. I would just trade options if you want to (potentially) make similar returns.

Aug 15, 2017

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.

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Aug 18, 2017

NEO is real deal, do that research quick. Im in big at 8 and freeriding to the moon

Aug 14, 2017

Bought a decent amount of bitcoins back in the day where people were using them for the dark web (silk road etc). Saw demand that wouldn't go away and decided to buy in a big way. Bought around 460-500 bucks a bitcoin, best decision ever.

Aug 15, 2017

How much is "decent amount"

Aug 14, 2017

Haha don't feel comfortable disclosing that on a public forum.

Aug 15, 2017

My neighbor, my cab driver, and my dentist. Basically everyone, except me.

Aug 15, 2017

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

Aug 17, 2017

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!

    • 5
Aug 15, 2017

I literally just bought Ethereum because of this post...Let's see about IOTA

Aug 15, 2017

Late as fuck to the game my friend, wouldnt expect any strong gains for a while.

    • 1
Aug 15, 2017

Worst comes to worst I lose $50....

Aug 15, 2017

Threw my entire savings for the summer (1500, yes I am a plebeian) into ethereum when it was at 60 a coin, cashed out between 300-320. One hell of a summer.

    • 2
Aug 17, 2017

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.

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Aug 15, 2017

DOGECOIN is the NEXT BIG THING. It will UPEND and DISRUPT currency as we know it!

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Aug 21, 2017

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."

Aug 16, 2017

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.

Aug 15, 2017

CoinDesk and CoinTelegrah have daily newsletters which are quite good in following the news.

Aug 16, 2017

https://zensystem.io/
I am researching the following crypto currency and would like any opinions on Zen!

"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

Aug 17, 2017

What is unique about it..? Seems like another one of the hundreds of currencies touting the same thing. I liked IOTA because it's a completely different technology

Aug 16, 2017

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

Aug 17, 2017

IOTA passed $1 today, big psychological barrier. Thinking of putting in a couple thousand.

    • 1
Aug 15, 2017

How are you buying IOTA? I don't think Bitfinex is taking US customers anymore. Was wondering if there was another exchange to use.

Aug 17, 2017

Bitfinex still does take US customers for a certain limited time. IOTA is not an ERC20 coin, it is it's own technology. You can deposit BTC or ETH from Coinbase and still purchase until November.

Rumor has it, in November people will be able to use other exchanges to trade IOTA.

    • 1
Aug 16, 2017

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.

Aug 17, 2017

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.

    • 2
Aug 16, 2017

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.

    • 1
Aug 16, 2017

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.

Aug 17, 2017

Yup, invest that in real estate! I am hoping IOTA hits $25+, unless it's velocity is crazy I would exit then and throw all the money into like a 10%+ dividend REIT lol.

Aug 17, 2017

Anyone who invested in IOTA when I made this thread is up 30% and climbing, congratulations! Feel free to cash out now or stay for the ride (I am in until we hit double digits)

Aug 16, 2017

Hey you seem to know your stuff on cryptos. Any thoughts on ethereum long and short term?

Aug 17, 2017

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.

    • 2
Aug 16, 2017

Where can I buy IOTA right now? It looks like it's no longer open to USD for purchase

Aug 17, 2017

Literally walked my cousin through it 1 hour ago. You would have to use something like Coinbase to buy in (Buy Eth or BTC) then send to Bitfinex, sell for USD then buy IOTA. IOTA has no transaction fees but Eth and BTC do (They have to pay the miners) If you would like help let me know via PM.

Aug 17, 2017

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.

Aug 15, 2017

Too bad coinbase doesn't sell IOTA. I am thinking about transferring some of my ETH to bitfinex to buy some IOTA

Aug 17, 2017

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

    • 1
Aug 17, 2017

I hold ETH, BTC, GNT, ICN, TaaS, and REP. I've been thinking about a move into IOTA. Monero has some promise as well.

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Aug 17, 2017

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.

Aug 17, 2017

Crytocurrencies seem to me a bit like dotcom 90s. Yes the technology / idea is probably going to take off but you can't really call WHICH one is going to be successful. The vast majority of super promising tech companies riding the internet wave went bust.

Having said that.... $10k invested in BTC in 2010 is worth over $600m now.

    • 1
Aug 17, 2017

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.

Aug 17, 2017

While this all may be true, anyone with 600MM+ would most likely offload a million or so a day, and cash out through multiple exchanges. Let's be honest if you charged me 50M to cashout my 600MM, I probably wouldn't mind if it ended up in my bank account after that anyways.

Aug 14, 2017

BTC bought my huge flat in upper east side on NYC haha.

Aug 17, 2017

The goal is to get in and know when to get out. Also don't invest more than you can afford to lose. Crypto currencies do not follow fundamental market theory. It is purely a slot machine.

On a different note I have thought about starting a website up for crypto investment discussion, bought the domain www.thecoinboard.com

Aug 17, 2017

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

Aug 17, 2017

Agreed eatmybananas! That is another reason why I like IOTA, currently only on one exchange with many planned in the future (this year). Bittrex is the worst kept secret of IOTA, I believe it should be live there in 2-3 months. Which will have IOTA on 2 of the 3 largest exchanges this year.

Aug 17, 2017

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.

    • 1
Aug 17, 2017

Anyone interested in me trying to add some information on www.thecoinboard.com to make it a resource for cryptocoin investing?

    • 4
Aug 17, 2017

That'd be cool. I'd be happy to help contribute as it seems I'm becoming slightly obsessed with this shit anyway

Aug 17, 2017

Sign-up, make an account and we can chat more.

Aug 17, 2017

There is no point to enter the market at the peak, it was necessary to do this a few years earlier.

Aug 17, 2017

*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.

    • 4
Aug 17, 2017

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.

Aug 17, 2017

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

Aug 26, 2017
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.

Aug 18, 2017

Any experience with Dash?

Aug 18, 2017

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.

    • 1
Aug 17, 2017

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-pla...

Aug 18, 2017

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.

Aug 18, 2017

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.

    • 1
Aug 17, 2017

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!

Aug 23, 2017

I have a buddy who has at least $100k invested in cryptos. He got into BTC when it was around $400. I don't know what else he is invested in.

I am considering buying some ETH. From the minimal research I have done, it seems like ETH has the largest potential for scalability, but again, I am just starting my research process.

Aug 16, 2017

"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

Aug 26, 2017

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.

    • 1
Aug 16, 2017

"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

    • 1
Sep 14, 2017

Sorry I am late to this thread, but anyone interested in learning more about IOTA please PM me! I have been pretty involved in the community for quite some time.

Aug 16, 2017

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

Sep 14, 2017

What a dick China and Dimon have been ...

Nothing is true; everything is permitted.

    • 1
Aug 15, 2017
Ezio Auditore:

What a dick China and Dimon have been ...

Dimon doesn't stand to make any money off Bitcoin so naturally he is upset.

    • 1
Aug 15, 2017

Damn since this thread started a while ago, I have made some amazing returns on alt coins. I was skeptical at first but if you research and really read into it, you can make amazing profits. Though I do invest most of my money on the stock market.

Aug 17, 2017

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.

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Dec 5, 2017

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

Aug 17, 2017

IOTA is up over $4.00, this is up over 400% since I originally posted this thread. Congratulations to all who took advantage!

Aug 23, 2017

Maybe a dumb question, but how do OMG and XLM compare? Sounds like they are both similar (fast, low/no fee payments).

Aug 17, 2017

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.

    • 1
Dec 15, 2017

Quick question for all the crypto bros on here... do you have to pay standard capital gains taxes on all this stuff? Or not really since cryptos are mostly not part of the public markets and they're all just made up?

Dec 15, 2017

in theory you do yeah
probably will start being enforced more in the next year

Dec 15, 2017
SmartThinker:

in theory you do yeah
probably will start being enforced more in the next year

Not sure what you mean by in theory... you either do or you don't, there isn't a middle ground

Aug 23, 2017

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.

Dec 15, 2017

Hah.

Offshore liffe

Dec 15, 2017

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.

Aug 26, 2017

Good question. Bumping this with the hope that some bigger monkey will give us his/her 2 cents

Dec 15, 2017

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.

Dec 15, 2017

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.

Dec 15, 2017

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?

Dec 15, 2017

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.

Dec 15, 2017

bitcoin to the moon

Dec 15, 2017

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.

    • 1
Dec 15, 2017

It really is crazy. As the common sentiment goes: we're all billionaires in hindsight

"It is not our circumstance that controls us, but our thoughts that control our circumstance." -James Allen

    • 1
Dec 15, 2017

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.

Dec 15, 2017

I feel like every day there is a new thread on WSO about Bitcoin reaching a new high. We get it. An unregulated currency is rising. I'm just waiting for the unregulated aspect of this currency to make an impact.

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Dec 15, 2017

Can't wait for it to crash and watch the world burn.

Dec 15, 2017

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.

    • 1
Dec 15, 2017

Probably a totally noobish question here: what is ATH?

"This world, it is a tempest sometimes. But remember, the sun always rises again."
-- Brandon Sanderson

Dec 15, 2017

I'm absolutely unfamiliar with Bitcoin. What are good things to read about it to understand it better?

Dec 15, 2017

Up/down/up/down when speculators start taking their profit the bitcoin is going to have a bit of a hard time. Let the Renmibi strenghten a bit and you will see a lot of people switching out. Long term yes, at those levels no. I took profit at $900 and waiting for it to come back down.

Dec 15, 2017

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.

Dec 15, 2017

What platform are you buying through?

Dec 15, 2017

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

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Dec 15, 2017

Looking forward to this.

I've been buying on and off since it was around the PS100 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.

Dec 15, 2017

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.

Dec 15, 2017

And the hits keep on coming... [5JAN17 Chart]

Bitdoomed

Dec 15, 2017

And THAT'S why I love Bitcoin.

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Dec 15, 2017

Fucking called it! Look at my post from earlier - what a man

Dec 15, 2017

Joe Rogan Experience - Andreas Antonopoulos
Andreas Antonopoulos is a bitcoin entrepreneur, he also serves on the advisory boards of several bitcoin startups and serves as the Chief Security Officer of Blockchain.

1)

2) https://www.youtube.com/watch?v=5wwbzwUXfgc
3)

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Dec 15, 2017

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

Dec 15, 2017

It's more fungible than you might think. You can even print BTC "dollars" to have paper currency to trade.

Dec 15, 2017

Only the real know XMR is where it's at.

Absolute truths don't exist... celebrated opinions do.

Dec 15, 2017

Here's the first part of my new series on Bitcoin:

http://www.wallstreetoasis.com/forums/some-thought...

Aug 15, 2017

Undervalued

Dec 15, 2017

Probably has ~3 days until it drops back down to 2300. Stuff is too volatile for my liking.

...

Dec 15, 2017

There is no value. There are "blocks" of bitcoins that have to be "mined" by computers that try to crack to codes for the block

Dec 15, 2017

How are you convinced they are a bubble when you know literally nothing about them? How can you even rationalize forming that opinion?

Dec 15, 2017
Dec 15, 2017

There is a decent "Things you should know - Bitcoins" podcast that you can download through IPP podcast player app

Dec 15, 2017
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"

Dec 15, 2017

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.

Dec 15, 2017

^^ 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.

Dec 15, 2017

If banks ever get into bitcoin, it would just plain die. I think banks aren't into it now because the whole bitcoin economy has a current value of $9.3B.

Anyway,
What is the difference between currency and fiat money?

Dec 15, 2017
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.

Dec 15, 2017

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.

Dec 15, 2017

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.

Dec 15, 2017

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.

Dec 15, 2017

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.

Dec 15, 2017

Until hookers start taking bitcoins as payment, it's not reputable.

Dec 15, 2017

A fool and his money are soon parted. In this case, there are many fools and lots of money to be parted with.

Dec 15, 2017

if Bitcoin Index beats S&P 500 index why not?

Dec 15, 2017

Tron is shit and I'm hoping to get out of it.
Ripple is good longer-term. The next big play there is when/if coinbase picks it up.
I'm a strong proponent of the tech so I think there's long-term viability and plenty of upside potential. I could be completely wrong, but that's my view.
Bitcoin is down about 40% since its peak but my portfolio is only down about 4% since then. Coins like WTC, NEO and ZRX have mitigated most of the losses on BTC. Oh, and ETH as well.

Aug 26, 2017

Just use Google and find the different community forums. Wikipedia also has good info on the matter. I could write a lot on the subject, but it would be a summary so no depth provided. What you should know, in case you don't, is that there are other crypto-currencies as well, so you might want to check them out as well - e.g. Primecoin, Litecoin, and probably others I am not aware of.

Dec 15, 2017

It's a fiat currency awarded to people who use their computers to solve certain complicated problems. It fluctuates because it's price isn't tied to any significant portion of the overall national or global economy, and there a so few it's easy to corner the market and manipulate the price (either knowingly or unwittingly). Personally, I think that the computing power used in mining these things has been crunching very profitable data sets and the bitcoins were a token award to encourage giving away processing power....or maybe that's a good idea and the next generation of digital funny money will.

Dec 15, 2017

DOGECOIN MASTER RACE

happy to give advice; no asking for referrals please

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