Sign up for The Wire Newsletter!

Bitcoins

Discussion in 'Channel 19' started by skyraider, Dec 26, 2017.

  1. skyraider

    skyraider Veteran Expediter Retired Expediter US Navy

    Joined:
    Mar 27, 2009
    Messages:
    6,956
    Trophy Points:
    355
    Ratings:
    +1,436 / 5 / -0
    Anyone investing in bitcoins??


    Sent from my iPhone using EO Forums
     
  2. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

    Joined:
    Dec 23, 2006
    Messages:
    2,373
    Trophy Points:
    430
    Ratings:
    +2,464 / 15 / -1
    If you are, please explain the program.
    Who backs them ?
    I have faith in the FDIC.
    At least for isolated incidents.
    If US Currency seriously devalued today, would Bitcoins help tomorrow ?
     
    • RoadTime
      Paranoid

      RoadTime Veteran Expediter Owner/Operator

      Joined:
      Jun 30, 2008
      Messages:
      5,012
      Trophy Points:
      905
      Ratings:
      +7,948 / 10 / -0
      Carrier:
      Load One
      Vehicle:
      Sprinter
      I am, and BrokCanadian. But he has disappeared as of late, I hope he is ok. Anyone hear from him?
      Hopefully, he retired off of his Bitcoin.
       
      • Like Like x 3
    • BigStickJr

      BigStickJr Veteran Expediter Retired Expediter

      Joined:
      Dec 23, 2006
      Messages:
      2,373
      Trophy Points:
      430
      Ratings:
      +2,464 / 15 / -1
      I was excited back when in the late 70’s /early 80’s I had money markets doing 17-18%
       
      • Like Like x 2
    • RoadTime
      Paranoid

      RoadTime Veteran Expediter Owner/Operator

      Joined:
      Jun 30, 2008
      Messages:
      5,012
      Trophy Points:
      905
      Ratings:
      +7,948 / 10 / -0
      Carrier:
      Load One
      Vehicle:
      Sprinter
      Ahh, I remember those days ;)
       
      • Like Like x 2
    • BigStickJr

      BigStickJr Veteran Expediter Retired Expediter

      Joined:
      Dec 23, 2006
      Messages:
      2,373
      Trophy Points:
      430
      Ratings:
      +2,464 / 15 / -1
      I remember most of them, LOL
       
      • Like Like x 3
    • RoadTime
      Paranoid

      RoadTime Veteran Expediter Owner/Operator

      Joined:
      Jun 30, 2008
      Messages:
      5,012
      Trophy Points:
      905
      Ratings:
      +7,948 / 10 / -0
      Carrier:
      Load One
      Vehicle:
      Sprinter
      Depending on what brokerage or wallet you use. Most are FDIC insured and/or have protection insurance against isolated incidents on their end, or if the company should become insolvent. Isolated incidents on your end, hacking, fraud, etc. is not covered.

      I don't have much insight on this, but do believe as digital currency is being accepted by more and more places, it is the future. When banks and investment firms start buying it up, I'd say the odds are it's not going away anytime soon ;)
       
    • skyraider

      skyraider Veteran Expediter Retired Expediter US Navy

      Joined:
      Mar 27, 2009
      Messages:
      6,956
      Trophy Points:
      355
      Ratings:
      +1,436 / 5 / -0
      Some folks , unless it is a rumor, are making millions,,Idunno,,,Dave Ramsey says he likes the idea but is holding off investing for now...I need to study this/ask my accountant for starters..
       
      • Like Like x 1
    • RoadTime
      Paranoid

      RoadTime Veteran Expediter Owner/Operator

      Joined:
      Jun 30, 2008
      Messages:
      5,012
      Trophy Points:
      905
      Ratings:
      +7,948 / 10 / -0
      Carrier:
      Load One
      Vehicle:
      Sprinter
      I'm actually a little surprised to hear he's interested at all given his conservative investing style. He must be having a inner battle over this one lol.

      Millions? For some who got positioned at the right time, with enough invested, definitely not out of the realm of possibility. Even with my very small amount invested, last week I would have made $20K on one my cryptocurrency trades, had I not closed it out 3 days before it took off. I'll be whining about that one for a while :rolleyes:

      Reminds of the surging stock market right now. People keep saying it's going to bust, but it keeps going higher. Only faster with more volatility. What will happen next year? No clue, but plan to be apart of it.
       
      • Like Like x 1
    • BlindSquid
      Crappy

      BlindSquid Active Expediter Owner/Operator US Army

      Joined:
      Oct 25, 2017
      Messages:
      164
      Trophy Points:
      30
      Ratings:
      +128 / 1 / -0
      Carrier:
      FedEx cc
      Vehicle:
      Transit 350
      Yes that is surprising! Can't mess with it myself. Its not tied to anything of value, just other's "perception" of value.
      Kinda like the stock market without stock. Which in my view is way overblown, though I do invest.

      Computer trading generates "churn" on miniscule margins to create larger gains. I can't compete (let alone comprehend) with that. Aka bitcoin
       
      • Like Like x 1
    • skyraider

      skyraider Veteran Expediter Retired Expediter US Navy

      Joined:
      Mar 27, 2009
      Messages:
      6,956
      Trophy Points:
      355
      Ratings:
      +1,436 / 5 / -0
    • skyraider

      skyraider Veteran Expediter Retired Expediter US Navy

      Joined:
      Mar 27, 2009
      Messages:
      6,956
      Trophy Points:
      355
      Ratings:
      +1,436 / 5 / -0
    • skyraider

      skyraider Veteran Expediter Retired Expediter US Navy

      Joined:
      Mar 27, 2009
      Messages:
      6,956
      Trophy Points:
      355
      Ratings:
      +1,436 / 5 / -0
    • RoadTime
      Paranoid

      RoadTime Veteran Expediter Owner/Operator

      Joined:
      Jun 30, 2008
      Messages:
      5,012
      Trophy Points:
      905
      Ratings:
      +7,948 / 10 / -0
      Carrier:
      Load One
      Vehicle:
      Sprinter
      Yup, I added to my position around there. Now price is back up to $16,600

      Price changes wildly and fast.


      Sent from my P00I using EO Forums mobile app
       
    • Sandra James
      Adorable

      Sandra James New Recruit Researching

      Joined:
      Dec 5, 2018
      Messages:
      8
      Trophy Points:
      1
      Ratings:
      +3 / 0 / -0
      Yes, my husband used to invest in bitcoins before. He had earned a decent amount of profit from it, but one of his friends lost a vast amount, and hence he ended up giving up on bitcoin. He didn't have a lot of experience in cryptocurrency and had just taken it up because it was something new. He is used to trading in the stock market and knows the share market basics pretty well. This was the first time I saw him falter. Cryptocurrency seems tricky but can be very profitable if you know how the market works. I would call it gambling and the smartest is the one that can earn extreme profits. It is also global, and it is limited in number. When something is limited and you know it will run out, that thing becomes precious with its prices going higher everytime. If you would want to invest, then I would ask you to go ahead and try your hand but also to be careful. 2018 is the year Bitcoin has seen a new low. Hope you are successful in trading.
       
      • Like Like x 1
    • RoadTime
      Paranoid

      RoadTime Veteran Expediter Owner/Operator

      Joined:
      Jun 30, 2008
      Messages:
      5,012
      Trophy Points:
      905
      Ratings:
      +7,948 / 10 / -0
      Carrier:
      Load One
      Vehicle:
      Sprinter
      I've been out of bitcoin as far as investing since early this year when it started its huge decline, so I was pretty lucky in that sense.

      The biggest thing I didn't like about using it as just a digital currency for buying things was the price fluctuations.
      Sure it was great to see the account value go up almost everyday like it did in 2017, but what if it went down like this year? If your just using bitcoin as a way to buy/pay for things, using a unstablised digital currency can be hazards. As more retailers have begun to accept bitcoin as a payment option, I really don't see how bitcoin can rise above or equal more traditional forms of payment, until it becomes a stabilized currency.

      My most recent and final bitcoin experience (unless things seriously change) was last month.

      The plan seemed ok at the time, buy a little bitcoin, save a little money and pay for what I wanted with bitcoin and be done.
      Well that plan didn't work out to well.
      Even though I have used coinbase for bitcoin transactions in the past, my deposit was placed on a 20 day hold before I could even use or withdraw it.

      Ok, a little inconvenient, I guess I can wait, what could happen in that short time?

      Well lucky me, after months of fairly stable (although low) bitcoin prices, the price tanks +40% during my 20 day hold period. And all I can do is watch my account balance drop.

      I thought about just riding it out, but in the end I said screw this, and transferred the remaining money back out.
      Which after transaction fees was now sitting at a 50% loss from when I started.

      So much for trying to save a few bucks :rolleyes:

      Had I been able to use the bitcoin immediately, or pretty darn sooner, the result would have been less harsh.

      Which brings me back to the point, that if bitcoin wants to become a main stream form of payment.

      Stabilizing this wild digital currency is a must.
       

    Share This Page