Anybody making $$$ with cryptocurrencies?

nooshinjohnnooshinjohn Posts: 15,886
I am looking at crypto-currencies as an investment vehicle after blowing my invite to join BitCoin way back when. Does anyone here have any experience with these platforms?

Comments

  • mrbigbluelightmrbigbluelight Posts: 7,027
    Real world experience ? No.
    But one of my tinfoil sites had an hour interview with John McAffee who is rather involved in the bitcoin sector, Rather interesting, IMO.

    Here's a random link mentioning his involvement with bitcoin "mining"

    https://www.cryptocoinsnews.com/john-mcafee-led-mgt-capital-mining-90-bitcoins-month/

    I'll see if my tinfoil site has his interview posted on Youtube. The Be-All-End-All, Fount-Of-All-Knowledge source ? No, but he has some pretty interesting insights into issues regarding cybercurrency security, etc.






  • tonybtonyb Posts: 27,210
    I dunno John, personally I have a hard time investing in things with no real value attached to it.
  • soundfreak1soundfreak1 Posts: 2,586
    I have a bridge for sale! Just saying
  • DerfDerf Posts: 31
    Does anyone here have any experience with these platforms?
    No experience, but when it comes to investing in something like this PLEASE be careful and remember, don't put too many eggs in one basket.

  • tonybtonyb Posts: 27,210
    Derf wrote: »
    Does anyone here have any experience with these platforms?
    No experience, but when it comes to investing in something like this PLEASE be careful and remember, don't put too many eggs in one basket.

    John's a big boy, he knows the risk/rewards. He's asking for experience with said to avoid perceived pitfalls.

    Every financial instrument/currency has pro's and con's to it. That said, and only speaking for myself, the bitcoin idea along with other digital currency options is designed to move others out of fiat currency. To move everyone into a digital currency future.

    .....as much as we can talk about the ups and downs of both schools of thought between digital and fiat, I'm uneasy with the push of a button wiping out your life savings in a fraction of a second or creating wealth in the same manner....at the hands of an elite base that controls them yet.

    There's a reason why "old money " as we like to say, is old.
  • nooshinjohnnooshinjohn Posts: 15,886
    The reason for my interest is due to Bitcoin... I thought like you Tony on this phenomena. I was invited to join way back when and purchase mined "coins" for about 500 bucks. Those coins today would be worth an 8 figure payday if I held them that long. How nothing can be worth so much shocks me, but I declined then because I feared loosing the money when my wife needed it for school.

    Today, we have some discretionary funds, but I want to understand more about how this game works before I play.
  • aboroth00aboroth00 Posts: 979
    The reason for my interest is due to Bitcoin... I thought like you Tony on this phenomena. I was invited to join way back when and purchase mined "coins" for about 500 bucks. Those coins today would be worth an 8 figure payday if I held them that long. How nothing can be worth so much shocks me, but I declined then because I feared loosing the money when my wife needed it for school.

    Today, we have some discretionary funds, but I want to understand more about how this game works before I play.

    A friend told me a little about how he's investing in Bitcoin as of late. I understood it best when he tied bitcoin's value to trends in soft currencies issued by government. Digital currencies aren't tied to any government or country and thus not tied to a government's instability. So similar to gold to me, people find value in something that isn't tied to soft currencies as the political climate nowadays is very uncertain.
  • tonybtonyb Posts: 27,210
    The reason for my interest is due to Bitcoin... I thought like you Tony on this phenomena. I was invited to join way back when and purchase mined "coins" for about 500 bucks. Those coins today would be worth an 8 figure payday if I held them that long. How nothing can be worth so much shocks me, but I declined then because I feared loosing the money when my wife needed it for school.

    Today, we have some discretionary funds, but I want to understand more about how this game works before I play.

    I hear ya John, and frankly I don't know all the ins and outs of it. It's only natural to want to get in on the ground floor of the next big thing to come along.

    When it comes to money, anything not rooted in something of value can disappear as quickly as it's made. Hence my reference to "old money", which stood the test of time being invested and re-invested in things of value.

    We all know the "gambler", the guy who touts how much he's made at the casino, but never tells you about how much he's lost either. Sometimes the marketing of these new things reminds me that when you want to sell something your going to accentuate the good and bury the bad. Bitcoin has gone through a few crashes since their inception, just like fiat money does. I can't stand on one side or the other with the digital currency trend, all I can say is, be careful.
  • GatecrasherGatecrasher Posts: 1,554
    I am looking at crypto-currencies as an investment vehicle after blowing my invite to join BitCoin way back when. Does anyone here have any experience with these platforms?

    It's a Ponzi scheme just like Bitcoins is.
  • jeremymarcinkojeremymarcinko Posts: 2,597
    There seems to be potential there if you get in and cash out early. Otherwise regulations will choke it to death before its allowed to compete with fiat currency.

    It comes with its fair share of risk though. Not being backed by any reputable government there is no real protection of the asset as they have no real benefit other than capital gains. It's success threatens the value of foreign and domestic currency, and for that reason alone it will not succeed long term.
  • kharp1kharp1 Posts: 1,066
    I poured some money in to a bitcoin/blockchain tech company recently and it promptly dropped 25% before shooting up to almost double. I took the profit and let the rest ride. I don't have any faith or trust in bitcoin, or any of the other cryptocurrencies, especially after what happened between Ethereum and Ethereum Classic and the uproar over returning hijacked monies to it's rightful owners. The uproar over locking the money down and returning it after the hack proved to me that they don't care about the right thing, rather, having complete autonomy to do whatever they want with no oversight. No thanks, I want no part of the dark net when it comes to banking.
  • tonybtonyb Posts: 27,210
    kharp1 wrote: »
    I poured some money in to a bitcoin/blockchain tech company recently and it promptly dropped 25% before shooting up to almost double. I took the profit and let the rest ride. I don't have any faith or trust in bitcoin, or any of the other cryptocurrencies, especially after what happened between Ethereum and Ethereum Classic and the uproar over returning hijacked monies to it's rightful owners. The uproar over locking the money down and returning it after the hack proved to me that they don't care about the right thing, rather, having complete autonomy to do whatever they want with no oversight. No thanks, I want no part of the dark net when it comes to banking.

    Bingo pal, reminds me of the old get rich quick schemes, Airplane and pyramids. The people at the top always made money and just about when you were ready to move into a position to start collecting, it crashes.

    There is nothing of value backing up digital currencies. Which is why their value goes up and down so much.
  • heiney9heiney9 Posts: 23,341
    Bitcoin was and it's "payoff" were a bit of a fluke. If you aren't prepared or can't afford to lose it all, then don't play the high risk game.

    But if you can afford to lose all your principle and not even blink, then those are the investments for you.

    H9
  • polkfarmboypolkfarmboy Posts: 5,713
    Once you get hacked your bit coins are gone.
  • NightfallNightfall Posts: 6,843
    There's a documentary type show on Bitcoin John, it's on Netflix or Hulu I can't remember which, it goes into all of this in depth.
  • pitdogg2pitdogg2 Posts: 6,579
    edited June 22
  • K_MK_M Posts: 787
    Ponzi Scheme.

    Low risk, make lots of money, but no explanation how this money just keeps coming.
    Basically a pyramid.
    It is a scheme to get some to make a fortune, some to make a nice amount, and to bilk some completely, all based on when they invested.
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