Crypto Currency

darthseinfeld

Groupthink Guru
Messages
31,871
Reaction score
36,326
CowboysZone LOYAL Fan
Hi,

I'm wondering if any of you guys/gals are into crypto and what are your experiences in it.

Thanks
Ive bought Bitcoin and Etherium since Fidelity started offering it late last year. Its been going up, but highly volatile. Its volatility is probably the biggest detraction, but you can make a good amount on it. If you dont want to hold, you can make some pretty good money buy low and selling "high". You can buy low today and sell "high" in two days, its that volatile

I wouldn't put too much into crypto though. Right now I have probably 20% of my holdings in Bit and Etherium. That might even be a little aggressive
 
Last edited:

Captain-Crash

Well-Known Member
Messages
21,052
Reaction score
32,983
Ive bought Bitcoin and Etherium since Fidelity started offering it late last year. Its been going up, but highly volatile. Its volatility is the biggest detraction, but you can make a good amount on it. If you dont want to hold, you can make some pretty good money buy low and selling "high". You can buy low today and sell "high" in two days, its that volatile

I wouldn't put too much into crypto though. Right now I have probably 20% of my holdings in Bit and Etherium. That might even be a little aggressive
I was doing some research on AI cryptocurrency bots, have you looked into any of that?
 

Hardline

Well-Known Member
Messages
20,657
Reaction score
36,181
Crypto is well established and is a real thing. VISA even has debit cards based on crypto.
As soon as you hear that the government is going to regulate it then that will be the kiss of death for crypto.
All the folks that advocate against crypto are those that are mad they didn't invest when it was cheap.
 

gtb1943

Well-Known Member
Messages
2,608
Reaction score
2,634
Crypto is well established and is a real thing. VISA even has debit cards based on crypto.
As soon as you hear that the government is going to regulate it then that will be the kiss of death for crypto.
All the folks that advocate against crypto are those that are mad they didn't invest when it was cheap.
Or are very skeptical that society is yet ready for this on a big scale
 

Creeper

Well-Known Member
Messages
13,829
Reaction score
17,537
I've been mining crypto since 2014. I have seen coins come and go. I have seen exchanges come and go. I've made money, and I have been burned. To be honest, I never thought there would be so many coins available at this point. I always assumed a few would survive and the rest of die but they keep popping up, like a mutating virus. I have never purchased crypto as an investment. Everything I have owned or held I mined and converted to Bitcoin and USD.

I shut down my miners a few months ago because the value of most coins is too low to justify the expense of electricity. In the past I would continue to mine because prices would fluctuate and come back to profitability but I do not see that happening anymore. If you have free energy it might be worth it to mine a few coins but they are mostly pennies a day now.

In my experience if you are going to invest in crypto other than Bitcoin and Ethereum, pay attention to who is controlling the coin. Understand the business plans and future directions. There is a lot of pump and dump because there is not an SEC like agency to regulate schemes like there is with stocks and commodities. Remember too, the government is requiring crypto exchanges to report any transactions over $600 now so the IRS will be aware of even your small trades.

Bitcoins is down right now, but it is far more stable than it was a few years ago. Swings of 50% were not unheard of at times. It all depends on how aggressive governments want to be in regulating or even banning it. And to me, that is the problem. If the US government, for example, were to ban Bitcoin, the price would nose dive and a lot of investors would get burned.
 

BrAinPaiNt

Backwoods Sexy
Staff member
Messages
77,773
Reaction score
40,542
CowboysZone ULTIMATE Fan
I thought I read a blurb that they were trying to have a statewide ban in Florida for a specific version of the crypto or from a specific company.

Some people really made a killing on it early on. I do not know if that is still the case.

You can always invest in gold and silver. It might not be the gamble big chance pay off but it will rarely bite you in the butt either.
 

darthseinfeld

Groupthink Guru
Messages
31,871
Reaction score
36,326
CowboysZone LOYAL Fan
I thought I read a blurb that they were trying to have a statewide ban in Florida for a specific version of the crypto or from a specific company.

Some people really made a killing on it early on. I do not know if that is still the case.

You can always invest in gold and silver. It might not be the gamble big chance pay off but it will rarely bite you in the butt either.
Bit had gone from 16K to 29K from December till recently when it went to 26k, so there are still some solid profits to be made
 

darthseinfeld

Groupthink Guru
Messages
31,871
Reaction score
36,326
CowboysZone LOYAL Fan
I've been mining crypto since 2014. I have seen coins come and go. I have seen exchanges come and go. I've made money, and I have been burned. To be honest, I never thought there would be so many coins available at this point. I always assumed a few would survive and the rest of die but they keep popping up, like a mutating virus. I have never purchased crypto as an investment. Everything I have owned or held I mined and converted to Bitcoin and USD.

I shut down my miners a few months ago because the value of most coins is too low to justify the expense of electricity. In the past I would continue to mine because prices would fluctuate and come back to profitability but I do not see that happening anymore. If you have free energy it might be worth it to mine a few coins but they are mostly pennies a day now.

In my experience if you are going to invest in crypto other than Bitcoin and Ethereum, pay attention to who is controlling the coin. Understand the business plans and future directions. There is a lot of pump and dump because there is not an SEC like agency to regulate schemes like there is with stocks and commodities. Remember too, the government is requiring crypto exchanges to report any transactions over $600 now so the IRS will be aware of even your small trades.

Bitcoins is down right now, but it is far more stable than it was a few years ago. Swings of 50% were not unheard of at times. It all depends on how aggressive governments want to be in regulating or even banning it. And to me, that is the problem. If the US government, for example, were to ban Bitcoin, the price would nose dive and a lot of investors would get burned.
I think a 3% to 6% swing is the norm for Bit/Etherium. And thats pretty much daily
 

nightrain

Since 1971
Messages
14,503
Reaction score
24,338
Crypto is well established and is a real thing. VISA even has debit cards based on crypto.
As soon as you hear that the government is going to regulate it then that will be the kiss of death for crypto.
All the folks that advocate against crypto are those that are mad they didn't invest when it was cheap.
It's cheap now relative to its highs. Still not a buyer.
 

Hoofbite

Well-Known Member
Messages
40,570
Reaction score
11,124
Have a friend who was an early purchases of some random crypto. He could buy-in at $0.01/coin but here's the kicker: He had to hold all of it for 18 months. He bought like $1,600 worth at $0.01

This was about 9 months ago. The price went up, then down, then up again before peaking at $1.44/coin. He basically had $250K he couldn't do anything with and now it's back down to $0.28/coin, which isn't bad return but is nowhere near where his balance got to.
 

Praxit

Well-Known Member
Messages
11,648
Reaction score
12,643
Hi,

I'm wondering if any of you guys/gals are into crypto and what are your experiences in it.

Thanks
..I had converastion with Ranch about this some time ago. Basically, in a nutshell. BC is a rich man's game now.

If you have LOTS of cash lying around, say in figures of $40k up, that wont hurt to lose. Buy BC.

Right now, its hovering around $27K. My advice, dont. Vest elsewhere. The boat passed on that one. If you didnt buy 10 yrs ago, its redundant now.

Of course, nothing is certain. I usually follow the puck, to where it might go.
 

rags747

Well-Known Member
Messages
7,557
Reaction score
8,049
Have a friend who was an early purchases of some random crypto. He could buy-in at $0.01/coin but here's the kicker: He had to hold all of it for 18 months. He bought like $1,600 worth at $0.01

This was about 9 months ago. The price went up, then down, then up again before peaking at $1.44/coin. He basically had $250K he couldn't do anything with and now it's back down to $0.28/coin, which isn't bad return but is nowhere near where his balance got to.
He made 28 times his investment. You only need a couple of hits like that in your lifetime to set yourself up for life. Unfortunately he only invested $1,600. Still a wonderful return.
 

gtb1943

Well-Known Member
Messages
2,608
Reaction score
2,634
He made 28 times his investment. You only need a couple of hits like that in your lifetime to set yourself up for life. Unfortunately he only invested $1,600. Still a wonderful return.
Risk big and you either lose big or win big.

Or break even....

Or a little bad or a little good...

so many possibilities and most of them not good
 

Reality

Staff member
Messages
30,478
Reaction score
69,399
CowboysZone ULTIMATE Fan
He made 28 times his investment. You only need a couple of hits like that in your lifetime to set yourself up for life. Unfortunately he only invested $1,600. Still a wonderful return.
I think it has only been 9 months so he has to hold it 9 more months before he can sell.

There are likely people who got in before him (such as the creators, founders, etc.) also whose 18-month restriction (assuming they have that as well) will expire before his.

As they always say, you never gain or lose money in the stock or crypto markets until you sell.
 
Top