Discussion in 'Channel 19' started by skyraider, Dec 26, 2017.
Anyone investing in bitcoins??
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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 ?
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.
I was excited back when in the late 70’s /early 80’s I had money markets doing 17-18%
Ahh, I remember those days
I remember most of them, LOL
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
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..
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
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.
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
This is a long video, but it is intersting and eye opening,,give this a chance just for learning info...
Bitcoinity.org was at 13070 about 4 days ago...
Yup, I added to my position around there. Now price is back up to $16,600
Price changes wildly and fast.
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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.
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
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.
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