Board 8 > So... BitCoin.

(+) Yeah! (+)

It hit 10k on some exchanges.
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So would it be worth it to buy $200 worth of these and just leave it there for a while
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ExThaNemesis posted...

So would it be worth it to buy $200 worth of these and just leave it there for a while

That's basically what I did four years ago, and it's worked out reasonably well (so far, haven't cashed out yet)

So long as you're comfortable with the very real possibility it goes to zero before you can cash out.
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SmartMuffin posted...

So long as you're comfortable with the very real possibility it goes to zero before you can cash out.

It's certainly a better investment than the $150 or so I've lost playing DraftKings this season.
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Throwing 200 for a fraction sounds a hell of a lot more appealing than throwing 10k for one.
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Inching closer to 10k on Google's price tracker

omg I might be able to afford an Ariel Christmas ornament from Disneyland this Saturday, IT HAS ALL COME FULL CIRCLE
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So is it a viable strategy to go to Coinbase, link a bank account, drop 200, and then just let it sit?
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If by "strategy" you mean "entertaining way to gamble with $200" then yes.

This market is a complete unknown. It could continue to increase by orders of magnitude. It could wipe out everything. It could boringly fluctuate from 9,000-11,000 for the next decade. There's really no way to tell.
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Worse ways to gamble, that's for sure.
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If nothing else, having a tiny bit of skin in the game might actually motivate someone to do the research they otherwise would not have done. That's what I told my brother this morning when I encouraged him to drop $333 into each BitCoin, Ethereum, and LiteCoin.
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Is this wall coming down today?
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SmartMuffin posted...

This market is a complete unknown.

The one thing that is known is that this market is extremely safe from dying.

There's millions of people who want to buy bitcoin but don't understand the technology to buy it. That means it can really only go up, since demand and participation is exponentially going up, which absorbs and defeats any price drops. Other stocks are about 50/50 in/out and don't have that luxury, if their price goes down it's super hard to recover.

The worst case is something like 2014 where it crashed from $1200 to $200. So if you're comfortable with $12000 crashing to $2000, and riding that wave out until it reaches $100000, then it's a stupidly safe investment.

Actually the worst case is the cryptography is cracked but we will have farrrrrrrr greater problems in that case.
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There's no one scenario of Bitcoin to Zero that's very likely, but there's a whole bunch of scenarios wherein it becomes functionally valueless that are all pretty unlikely individually, but add up to a reasonable probability

And this includes things like "Coinbase vanishes in a puff of smoke, which if you're casual is probably where your money was at"
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None of the doomsday scenarios (except the crypto being broken) bring it to 0. It's just not very likely at all. You might be thinking of a fork taking over as the main coin or something, but forks by design give everyone an equal amount on the new chain, so it's not like anything is lost.

Or maybe you're holding out for all world's government and fiat currency to become so perfect and benevolent and humanitarian that a decentralized currency has no demand or inherent value anymore? L M A O

SmartMuffin posted...

which if you're casual is probably where your money was at

Which is part of the technological problem of bitcoin adoption. Educating people that you shouldn't leave your coins on Coinbase and transfer them to a personal wallet that you control instead.

But again, the analogy to Coinbase vanishing would be 2014's mtgox vanishing... which did not send bitcoin to 0 and only took ~3 years to recover from and blast 1000% further.

USD on the other hand is still having trouble recovering from a crash in 1929.
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But again, the analogy to Coinbase vanishing would be 2014's mtgox vanishing... which did not send bitcoin to 0 and only took ~3 years to recover from and blast 1000% further.

It sent your personal value to zero if your coins were stored at MtGox.
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My buddy told me about a "Trezor" a couple days ago and I was like "what"
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SmartMuffin posted...

It sent your personal value to zero if your coins were stored at MtGox.

Indeed

What's your point?
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foolm0r0n posted...

The only regret you should be worrying about is when it reaches $20k and you kick yourself for not buying in at $9.5k when you had the chance

this more or less. The only thing is if you think about where it can cap out at this point. 20K is a huge number and that's "only" a doubling of your money. There is probably better places to go in the crypto world right now to get bang for your buck, but if you don't feel like doing any research and just having money in it, it's still a good investment. This huge run up is screaming retrace of the market right now, but it's also causing it to get so much mainstream attention right now it's crazy. Not sure why $9,000 was such a huge psychological threshold for the public at large but every common dude is talking about it the last week. The retrace is still likely inevitable from the current position but its still a long term buy.
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ExThaNemesis posted...

So would it be worth it to buy $200 worth of these and just leave it there for a while

If you want to stand to gain $200 dollars.

If youre playing with figures that small why bother with BTC. Even if it goes to 50,000 you only gained $800. Which isn't bad, but as far as investments go...
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That there are risks associated with crypto that are not associated with other types of risky investments.

If you buy penny stocks, there's a risk that the stock goes to zero sure, but there's not much risk that E*Trade suddenly shuts down and takes all your money and doesn't compensate you.
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foolm0r0n posted...

SmartMuffin posted...

This market is a complete unknown.

The one thing that is known is that this market is extremely safe from dying.

There's millions of people who want to buy bitcoin but don't understand the technology to buy it. That means it can really only go up, since demand and participation is exponentially going up, which absorbs and defeats any price drops. Other stocks are about 50/50 in/out and don't have that luxury, if their price goes down it's super hard to recover.

The worst case is something like 2014 where it crashed from $1200 to $200. So if you're comfortable with $12000 crashing to $2000, and riding that wave out until it reaches $100000, then it's a stupidly safe investment.

Actually the worst case is the cryptography is cracked but we will have farrrrrrrr greater problems in that case.

Pretty much this. The only real worry is crippling government regulation, which is admittedly a real fear.
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SmartMuffin posted...

That there are risks associated with crypto that are not associated with other types of risky investments.

If you buy penny stocks, there's a risk that the stock goes to zero sure, but there's not much risk that E*Trade suddenly shuts down and takes all your money and doesn't compensate you.

That's not a risk associated with crypto, that's a risk associated with being dumb and letting someone else hold your money for you.

You've probably been listening to too much Peter Schiff shilling for gold. Never has that man sounded so dumb than when he tries to shit on crypto. He turns into a babbling idiot.
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SmartMuffin posted...

but there's not much risk that E*Trade suddenly shuts down and takes all your money and doesn't compensate you

Of course there is? At least on the same order of magnitude as Coinbase shutting down and running off.

Besides, there is a 100% guaranteed way to secure your BTC - just take it off the damn exchange. What 100% guaranteed ways do you have to secure your USD? FDIC? Quantitative easing? Tanks rolling into foreign countries to steal oil, and drones patrolling the skies? None of it actually works to keep your investments safe, it only gives the government more control over what your savings are worth.
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HotDogButts posted...

Pretty much this. The only real worry is crippling government regulation, which is admittedly a real fear.

imo that would cause a massive spike in value, after a short dip. That's what happened with the China ban, which no doubt contributed to the current price since China is so big on BTC.

The only option to defeat BTC is to defeat the underlying cryptography, which is why it's such a reliable store of value. You can't defeat math with guns (or even money, in this case).
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Huh, I remember a couple years ago when I debated buying some because they were $500 each.

I don't really feel that bad. I dumped most of my money into other options that ended up going up at least 5 times the worth. Sure, it's not 20 times the worth, but it's safer.
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TomNook posted...

Huh, I remember a couple years ago when I debated buying some because they were $500 each.

I don't really feel that bad. I dumped most of my money into other options that ended up going up at least 5 times the worth. Sure, it's not 20 times the worth, but it's safer.

why is it safer?
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foolm0r0n posted...

HotDogButts posted...

Pretty much this. The only real worry is crippling government regulation, which is admittedly a real fear.

imo that would cause a massive spike in value, after a short dip. That's what happened with the China ban, which no doubt contributed to the current price since China is so big on BTC.

The only option to defeat BTC is to defeat the underlying cryptography, which is why it's such a reliable store of value. You can't defeat math with guns (or even money, in this case).

Yeah that's fair. less of a threat to BTC than Eth and all the ERC20 tokens anyway, which is where my mind naturally goes as that's where i'm mostly invested. The business applications matter way more to the long term eth universe than btc
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I still don't understand how these things are money
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foolm0r0n posted...

HotDogButts posted...

Pretty much this. The only real worry is crippling government regulation, which is admittedly a real fear.

imo that would cause a massive spike in value, after a short dip. That's what happened with the China ban, which no doubt contributed to the current price since China is so big on BTC.

The only option to defeat BTC is to defeat the underlying cryptography, which is why it's such a reliable store of value. You can't defeat math with guns (or even money, in this case).

You make it sound like this stuff is going to be the most important thing in the world. And create world peace. BTC for world emperor!!
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You make it sound like this stuff is going to be the most important thing in the world. And create world peace. BTC for world emperor!!

The funny thing is, virtually everyone who bought in for below $500 did it under this logic pretty much exclusively.
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LOLIAmAnAlt posted...

You make it sound like this stuff is going to be the most important thing in the world. And create world peace. BTC for world emperor!!

I mean it's money

It's kinda important
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LOLIAmAnAlt posted...

I still don't understand how these things are money

What is money?
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Up 10% since I made this topic a day ago. If I knew how to post a GameFAQs emoji, it would go here.
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foolm0r0n posted...

LOLIAmAnAlt posted...

I still don't understand how these things are money

What is money?

You would
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LOLIAmAnAlt posted...

You would

I'm legitimately asking because I don't think you know what money is, or else you would understand how it applies to bitcoin
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another bitcoin before the crash
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Fool, sometimes you are just too much.
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Here's some completely random info that I'm posting for the sake of anyone who might be interested. Could be anyone. Definitely not LOLI cuz he obviously knows this stuff already. In fact he's the one that taught it to me. LOLI-senpai is so smart~

Money is just anything that can store value, and be used as a medium of exchange. Bitcoin is a proven store of value due to its deflationary and secure blockchain system, and you can use that blockchain to exchange the value with anyone else. Thus, money.
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I invested heavily in btc in 2012. It's turned out... well for me.


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You held during the crash?
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thundersheep posted...

voltch posted...

Didn't ngamer mine like 200k's worth of Bitcoin back then?

Is that why he doesn't post as much now? He's out being a millionaire playboy?

Naaaah just got really into Battlegrounds and then we had a busy stretch at work, I should be around more often going forward.

yo is correct however in that I invested some of my earnings into a studio-quality mic to take The Show to the next level in 2018!


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foolm0r0n posted...

You held during the crash?

Yes everyone called me a twice darned fool for holding after the initial tumble from 1k, but we'll see who gets the last laugh...


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My man!
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Ngamer64 posted...

Yes everyone called me a twice darned fool for holding after the initial tumble from 1k, but we'll see who gets the last laugh...

Balls of steel. So stoked for ya dude!
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It may be uncouth to ask how much you made...

So just tell us if you had 200k worth of bitcoin in 2012 and kept it <_<
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I guess I held past the crash as well, but my weak hands got me wounded and I lost about 1/2 of what I had
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Ngamer64 posted...

yo is correct however in that I invested some of my earnings into a studio-quality mic to take The Show to the next level in 2018!

I'm hyped for these higher quality production values for The Show.
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With money like that, I'll be waiting for RHCP to give a live introduction.
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I bought one Ether (is that the term for it?) yesterday and its value has already increased like 6%. And BitCoin is over 11k. This is bananas. I need to buy a wallet and get more heavily invested into this, and convince my brother, who has a ton of money just sitting in the bank, to do the same. Wish I just had a ballsier mentality.
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you def should've bought ETH earlier if you were already sold on BTC
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