What do you think about cryptocurrencies like bitcoin?

Discussion in 'General Chit-Chat' started by Ammonite, Apr 7, 2018.

  1. Ammonite

    Ammonite New Member

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    Anyone has an experience with them? Is it possible to earn money with them at all?
     
  2. Ozarks Mountain Brew

    Staff Member

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    if there sending mass emails out to buy, its just a scam to get cheap investors, the real money was made hush hush, don't even bother unless your loaded and know someone
     
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  3. jeffpn

    jeffpn Well-Known Member

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    That’s what I was thinking. You had to get in on that years ago, right?
     
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  4. Hawkbox

    Hawkbox Well-Known Member

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    The best term I've seen for it is Dunning Krugerrands.
     
  5. Nosybear

    Nosybear Well-Known Member

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    Answer 1: Everything will be something like Bitcoin - cryptocurrency - at some point. Money is always worth what we believe it's worth, even the gold standard relies on what we believe gold to be worth. So cryptocurrency or some currency based on something like the blockchain will eventually be real money.
    Answer 2: It's possible to make money on anything that fluctuates in value, think the Dutch tulip craze, there's always the possibility that you can buy low and sell high. Mining bitcoin takes incredibly fast computers and large amounts of energy and like any rush, mineral or otherwise, the miners don't generally make the money, the people who provision the miners do. With Bitcoin, it's pure speculation, hoping someone wants your bitcoin more than you do, that makes money. But it's speculation. Don't bet your nest egg on it.
    Answer 3: I agree with above: Anything sent out to you in a mass mailing should be immediately disposed of. Someone else will make the money on that.
     
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  6. Trialben

    Trialben Well-Known Member

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    YeP I've not any experience with stocks but that Bitcoin horse bolted years back. Man I remember where I was living and company I was working for when I first herd about Bitcoin being floated on the stock market. The thought crossed my mind of a purchase but I stuck with the nay Sayers that it would be short lived. Ah well I'll continue to keep my money in my pocket and earn it the hard way:oops: blood sweat and tears :).
     
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  7. NeonSun

    NeonSun New Member

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    Yes, you can really earn money with them, it's not a scam but reminds gambling strongly because as I know everything is based on their prices and they aren't stable, change really fast an unpredictably so every time you make operations with them you can various profit and sometimes even nothing at all :confused: It also depends on a certain strategy you choose for making money from them, the most popular ones are trading & buying and mining. In case of first one you simply buy bitcoins for example for lower prices and then seel them for higher ones and mining is based on making calculations and building a blockchain. The second ones also demands rather expensive equipment for all that calculations and electiricty will cost you much too so it's better to have a good start capital before investing money in it. Also cloud mining is a popular strategy too, it's the same as classic one but in this case all that calculations are made by a certain company with which you sign up a contract, in this case your general profit can be higher. On the other hand fees for some companies are really high too and as I know there are not so many really safe companies in this case (sadly scam is widespread for them), according to serious resources about mining only such companies as Eobot, Hashflare http://hashflarecode.com/ , Hashing 24 and Genesis Mining are really trustworthy.
    Considering all these things I think that cryptocurrencies are a good additional resource for investing but becoming very rich with them is a rather rare thing.
     
  8. Hawkbox

    Hawkbox Well-Known Member

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  9. Nosybear

    Nosybear Well-Known Member

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    I'd add, highly speculative. To the extent if I had a choice between Bitcoin and a trip to Vegas, I'd consider the latter a good investment.
     
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  10. Hawkbox

    Hawkbox Well-Known Member

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    At least with Vegas you can have drinks.
     
  11. Trialben

    Trialben Well-Known Member

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    or wake up in a strange room staring at a monkey smoking a cigar thinking how did i get here and who is that there sleeping next to me:eek:!

    man i cant think of that movie title youse know the ones...
     
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  12. Lil guy

    Lil guy Member

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    Cryptos are the enigma at the moment. On one hand the government loves Cryptos because they produce monetary velocity. On the other hand it stands to compete with the currency they endorse that comes out of the FED. There are advantages to using cryptos that defy banking practices, but carry inherent risk to the volatility of speculators. I am just using a single well researched one to stash away some cash that if I lost I wouldn't miss. That is the whole premise to me. If I am depending on that cash for something I need to have it in hand. In my hand the pace in which the greenback devalues is still slower than a volatile crash in a speculative market. I would say metals is still the best option to hedge against the greenback.
     
  13. AlexBrown

    AlexBrown New Member

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    #13 AlexBrown, Oct 14, 2019
    Last edited: Oct 15, 2019
    I'm skeptical about cryptocurrency in general. It has always been a giant gamble. But 100 dollars worth of bitcoin from 2007 would be worth 15 million today. So.. I say, take the gamble. Man up. But keep yourself informed by reading resources like crуptоlinks.cоm
     
  14. Melanie123

    Melanie123 New Member

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    Personally I believe in cryptocurrency. When my friends suggested me buying BItoin several years ago, I thought it was scam. Of ourse, I regretted it later. According to the forecasts, Bitcoin might reach $20k in the end of 2020. And I hope it will happen as I've recently invested money in it. In general, the amount of services that accept cryptocurrency has been increasing. Having looked through the reviews written by other crypto users https://revain.org/projects/bitcoin and found out their thoughts, I noticed that there are less skeptics that don't believe that cryptocurrency has a big future.
     
  15. Hawkbox

    Hawkbox Well-Known Member

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    The bot likes bitcoin, who woulda guessed?
     
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  16. Craigerrr

    Craigerrr Well-Known Member

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    Tim Hortons, now accepting bitcoin!
    Following is an excerpt from a Tim Hortons drive thru experience.

    "Welcome to Tim Hortons, may I take your order?"

    "Yeah, could I please get 42,000 large coffees with cream and sugar on the side? Oh, also 6 lbs of sweetner, and 6000 dozens of assorted doghnuts"

    "That will be one bitcoin please, see you at the window"

    "Oh hey, how's it going Marci?"

    "Just great Jim, and you?"

    "I'm good thanks, oh, hey, sorry, I forgot, could I add 2000 steeped teas to that order.?"

    "You bet Jim, coming right up, just park your tractor trailer over there we'll bring it out in a minute"
     
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  17. Craigerrr

    Craigerrr Well-Known Member

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    pretty sure melanie isn't a bot, she has had some good input on different threads on here
    haven't seen her for a little while mind you
    good to have ya back mel!
     
  18. Hawkbox

    Hawkbox Well-Known Member

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    I have my doubts about an account that has existed for 3 days.
     
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  19. Trialben

    Trialben Well-Known Member

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    Yeah sometimes they come write some random posts sometimes in old threads like this then vanish. Bots must have a shot lifespan maybe there is cyber Covid 19 :eek:.

    But as you said Craig if @Melanie123 ain't a bot I'd be sure to offer an written apology:).
     
  20. Craigerrr

    Craigerrr Well-Known Member

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    Maybe I have me melanies mixed up
     
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