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Thread: Do you trade cryptocurrency?

  1. #11



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    Quote Originally Posted by I_royalty_I View Post
    The stock market is something I want to learn more about and get into. I just downloaded this app called Stash the other day. It basically lets you invest in different ETFs on whatever scale you want. It's pretty interesting. I've only put a little bit into it so far, so not sure how it's going to work.

    I feel like I'd have better luck trading cryptocurrencies on an exchange like Poloniex or similar. The ship definitely has not sailed on bitcoin. Not completely. It was at like $950 a month or two ago. Then it shot up to $2800. It's back down to $2400 and is fluctuating basically all day everyday. It's driven by speculation. If they FTC approves the measure to regulate bitcoins in an ETF, the price would shoot up crazy high. Keep an eye out for that. It was denied the first time but I have a feeling it will be brought up again.
    I'm signing up for Coinbase now and going to do some research into Ethereum

  2. #12
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    Quote Originally Posted by ohfyk1 View Post
    I'm signing up for Coinbase now and going to do some research into Ethereum
    I'd definitely suggest that. I'm apprehensive to buy now as it's at $180/coin, but I feel like if it sits there long enough it will go up. There are lots of things in the works.
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  3. #13
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    Quote Originally Posted by I_royalty_I View Post
    They are backed by Microsoft too. The list of corps that are currently involved with them is pretty darn impressive. It seems their blockchain can be applied to literally everything. I have seen predictions that it could get to a price point higher than bitcoins eventually. Insanity.

    He would just run the mines off of usbs? I'm sure that would work somehow but I have no idea how. Mining bitcoins now a days is definitely not worth it. There are professional operations out there that spend TONS of money. We can't compete with them. It would be cool to mine ethereum though. I looked into it a bit but couldn't find anything to help out with the "how".
    Yeah they are powered through USB, though you can literally use any computer powerful enough to mine. Back then a small device plugged into your USB could handle the mining... but today? I doubt a small device would be sufficient. I really have to read up on mining for today.
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  4. #14



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    I do it through my bank. I don't day trade, only play for long term. In Canada we have tax-free savings accounts we can put a certain amount in per year, so I put that into the market. I have mixed between some companies I like and a bunch of ETF's/index funds.

    Just hearing 'bought for 7$ and they are 215$ now' made this worth looking into LOL. I mean small investments can get very lucrative if online currency can be that volatile.

  5. #15
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    Quote Originally Posted by ohfyk1 View Post
    I do it through my bank. I don't day trade, only play for long term. In Canada we have tax-free savings accounts we can put a certain amount in per year, so I put that into the market. I have mixed between some companies I like and a bunch of ETF's/index funds.

    Just hearing 'bought for 7$ and they are 215$ now' made this worth looking into LOL. I mean small investments can get very lucrative if online currency can be that volatile.
    That's pretty nifty. I have to look into whether we have something similar in the US. I know there are IRA funds but it gets confusing when you consider what is taxed, when it's taxed, etc.

    I started my coinbase account when I got my new job. I tossed $100 into Ethereum just for fun. Put another $100 in when it about doubled. I wish I put more in but hey.. I'll take what I can get and call it a win. The price basically shot from around $40 to over $200 in just a few weeks. That was when the Ethereum ETF was rejected too. So just imagine how much it will shoot up if that were approved and/or more corporations seriously took on the blockchain in a production scale. Right now they are just tinkering around with it but if it can be applied -oh boy!
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  6. #16

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    It's essentially a penny stock pyramid scheme. It's backed by absolutely nothing other than speculation of the people who trade it. The only reason it snaked by to be deemed a "real currency" is because (thus far) it doesn't fall below $5 per share, as penny stocks do. Yet it shares all the other qualities of similar ponzi schemes.

    Currency desperately needs to be backed by something tangible, whether it be gold or federal credit. Bitcoin is backed by absolutely nothing which is why the price can fluctuate hundreds of dollars in an hour (you know, when the guys sitting at the top need to buy more cup noodles.)

  7. #17
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    Quote Originally Posted by champloo View Post
    It's essentially a penny stock pyramid scheme. It's backed by absolutely nothing other than speculation of the people who trade it. The only reason it snaked by to be deemed a "real currency" is because (thus far) it doesn't fall below $5 per share, as penny stocks do. Yet it shares all the other qualities of similar ponzi schemes.

    Currency desperately needs to be backed by something tangible, whether it be gold or federal credit. Bitcoin is backed by absolutely nothing which is why the price can fluctuate hundreds of dollars in an hour (you know, when the guys sitting at the top need to buy more cup noodles.)
    You look at it from an interesting angle, for sure!
    Unlike a pyramid scheme, there really aren't any "people at the top". It's decentralized, so by nature it's not backed by anything. It's backed by whatever value everyone gives it. So as more and more people accept it as a form of payment, it will hold value. I don't think it will ever be a standalone currency but as long as people are willing to pay USD/CAD/Euros/etc, it will be valuable.

    Some coins, like the Ethereum project, are more than just a coin and a form of currency. The blockchain concept is very interesting and while trying to read about it I had more questions than answers. It's very exciting to think about how it can be applied.
    What's my definition of success?
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  8. #18

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    Quote Originally Posted by I_royalty_I View Post
    You look at it from an interesting angle, for sure!
    Unlike a pyramid scheme, there really aren't any "people at the top". It's decentralized, so by nature it's not backed by anything. It's backed by whatever value everyone gives it. So as more and more people accept it as a form of payment, it will hold value. I don't think it will ever be a standalone currency but as long as people are willing to pay USD/CAD/Euros/etc, it will be valuable.

    Some coins, like the Ethereum project, are more than just a coin and a form of currency. The blockchain concept is very interesting and while trying to read about it I had more questions than answers. It's very exciting to think about how it can be applied.
    The problem with "it's not backed by anything" is it eventually will be backed by something. Remember how easy it used to be to farm bitcoin if you were an average person? Now there's entire businesses doing it, and I believe one hundred percent they are working to manipulate this currency so it rises or falls whenever they need it to. I don't know precisely how, but if it's profitable enough to attract those sorts of people then there must be a way.

    In that sense I believe it operates a lot like a ponzi scheme. People at the bottom slave away for the people at the top, so the people at the top (with tons of bitcoin) can cash out whenever they want. The people at the bottom think they're getting a great deal, paying $300 of real money for bitcoin, which they later cash out for $315 or something. Meanwhile the people at the top get the bitcoin back and the money, paying only $15. And remember, this value can crash or rise based on nothing.

    I used bitcoin very briefly but I could detect immediately I was being had.

  9. #19
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    Quote Originally Posted by champloo View Post
    The problem with "it's not backed by anything" is it eventually will be backed by something. Remember how easy it used to be to farm bitcoin if you were an average person? Now there's entire businesses doing it, and I believe one hundred percent they are working to manipulate this currency so it rises or falls whenever they need it to. I don't know precisely how, but if it's profitable enough to attract those sorts of people then there must be a way.

    In that sense I believe it operates a lot like a ponzi scheme. People at the bottom slave away for the people at the top, so the people at the top (with tons of bitcoin) can cash out whenever they want. The people at the bottom think they're getting a great deal, paying $300 of real money for bitcoin, which they later cash out for $315 or something. Meanwhile the people at the top get the bitcoin back and the money, paying only $15. And remember, this value can crash or rise based on nothing.

    I used bitcoin very briefly but I could detect immediately I was being had.
    Well the people at the top, who are mining MASS amounts of bitcoins are paying millions of dollars to do so. Some are paying millions every single day to cover the electric they use, the computers and such that provide the processing power. It's not cheap for them, they just do it on a much bigger scale. So the average user will get the same return as the big guys, at the same rate at least. The more you put in, the more you will get out.
    I don't think it will ever be backed by anything as that's how it was built. It won't one day switch to being back by USD or anything like that. It isn't just the big guys selling their bitcoins either. On the exchanges, everyday people are trading the majority of bitcoins each day. Sites like coinbase charge a fee to trade there, but that's worth it (imo) for the convenience. You don't have to worry about dealing with any sketchy folks. You can cash out whenever you want. Easy.

    No one person/corporation can manipulate the currency enough on their own considering the market cap is almost $40,000,000,000 in value. They may be able to flood the market with their coins. That would cause the price to drop a bit, but then it would cause buyers come swoop in and buy it all up, pushing the price back up to what it used to be. It's all a guessing game though unless there's big news relating to the issues.
    What's my definition of success?
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    Being brave enough to dream big
    Grindin' when you're told to just quit
    Giving more when you got nothin' left

  10. #20




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    I'm looking into getting some Ethereum when the price drops. It looks like profit is very promising in the long term. Is it similar to stocks where you can easily buy/sell?

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