Anybody making $$$ with cryptocurrencies?

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?
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  • mrbigbluelightmrbigbluelight Posts: 7,501
    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.






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  • tonybtonyb Posts: 29,537
    I dunno John, personally I have a hard time investing in things with no real value attached to it.
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  • soundfreak1soundfreak1 Posts: 2,822
    I have a bridge for sale! Just saying
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  • DerfDerf Posts: 178
    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.

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  • tonybtonyb Posts: 29,537
    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.
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  • nooshinjohnnooshinjohn Posts: 18,044
    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.
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  • aboroth00aboroth00 Posts: 1,025
    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.
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  • tonybtonyb Posts: 29,537
    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.
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  • GatecrasherGatecrasher Posts: 1,596
    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.
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  • jeremymarcinkojeremymarcinko Posts: 3,152
    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.
    Oh, Listen here mister. We got no way of understandin' this world. But we got as much sense of this bird flyin in the sky. Now there is a lot that bird don't know, but it don't change the fact that the world is happening to him all the same. What I am tryin to say is, is that the course of your life, well its changing, and you don't even see it- Forest Bondurant
  • kharp1kharp1 Posts: 2,450
    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.
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  • tonybtonyb Posts: 29,537
    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.
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  • heiney9heiney9 Posts: 23,827
    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.

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  • polkfarmboypolkfarmboy Posts: 5,724
    Once you get hacked your bit coins are gone.
  • NightfallNightfall Posts: 7,545
    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.
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  • pitdogg2pitdogg2 Posts: 10,538
    edited June 2017
  • K_MK_M Posts: 1,026
    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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  • Jimbo18Jimbo18 Posts: 1,785
    Well, if you get serious about investing, this guy in Charlotte can help you out.

    https://charlotte.craigslist.org/ele/6151852374.html
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  • nooshinjohnnooshinjohn Posts: 18,044
    edited January 6
    Woulda, coulda, and shoulda.... one of the currencies I was looking at was Ripple, and going in big. Today I looked at it again and want to throw up. The 25k I was going to go in with would today be worth well north of 2,000,000!!!!!!!

    What kept me from pulling the trigger then was the complete lack of understanding how they work, and today I must confess I know even less....
    The Gear... Carver "Statement" Mono-blocks, TriangleArt Reference SE with PS Audio NuWave Phono converter, Walker Precision Motor Drive, ClearAudio Stradivari v2 cartridge and Origin Conquerer Mk3c tonearm, Polk Audio "Signature" Reference Series 1.2TL with complete mods, Pass Labs X1 two channel preamplifier Signed by Poppa himself, PS Audio PerfectWave DAC MkII, Krell Evolution 525a CD Player, Pioneer Elite SC-65, Oppo UDP-205 Blu-ray , Sony XBR70x850B 4k, Polk audio AB700/800 "in-wall" surrounds

  • jeremymarcinkojeremymarcinko Posts: 3,152
    Yes many have become very wealthy on the crypto currency. As they say, the best time to plant a tree was twenty years ago, the second best time is today.”

    However, the growth potential isn’t near what it used to be IMO. These are intangible assets and their worth/value are nothing more than goodwill. The more recognition, buzz and popularity the currency gains the higher its value. But now that the currency has gained global recognition, which has caused the most recent gains, the concept will start losing the attention the media provided. The gains are going to plateau.

    The plateau is a very risky place for goodwill assets. Then if the asset does not develop some/more utility...how you can use the asset...then owners will look to dump it ASAP. Again the tree analogy applies.

    My two cents...don’t bet your lunch money. But, if have spare change you can still have some fun with it.
    Oh, Listen here mister. We got no way of understandin' this world. But we got as much sense of this bird flyin in the sky. Now there is a lot that bird don't know, but it don't change the fact that the world is happening to him all the same. What I am tryin to say is, is that the course of your life, well its changing, and you don't even see it- Forest Bondurant
  • kevhed72kevhed72 Posts: 3,271
    edited January 6
    I believe the value of Bitcoin is all based on speculation....I may have missed this on the thead. I just recall the huge hack in the EU by organized crime not long ago. I wouldnt hold it as a long term investment myself.
  • kharp1kharp1 Posts: 2,450
    Yes, the whole Ethereum vs Ethereum Classic did me in. When I saw how it could so easily be manipulated and how the purists wanted NO form of protection I knew it wasn't for me. I did, however, invest in block chain technology and did well.
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  • Yep2Yep2 Posts: 1,197
    edited January 6
    Theoretically, isn't the very definition of "Crypto" a secret? B)
  • afterburntafterburnt Posts: 4,425
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  • kevhed72kevhed72 Posts: 3,271
    Yep2 wrote: »
    Theoretically, isn't the very definition of "Crypto" a secret? B)
    Listen to the above link....it is a bit long. If its true....pretty mind blowing.
  • Yep2Yep2 Posts: 1,197
    edited January 6
    I Googled "Crypto IRS" & this thread popped up! :p
  • kevhed72kevhed72 Posts: 3,271
    I just hide all my money in Bermuda...problem solved!
  • soundfreak1soundfreak1 Posts: 2,822
    Woulda, coulda, and shoulda.... one of the currencies I was looking at was Ripple, and going in big. Today I looked at it again and want to throw up. The 25k I was going to go in with would today be worth well north of 2,000,000!!!!!!!

    What kept me from pulling the trigger then was the complete lack of understanding how they work, and today I must confess I know even less....

    I ain't buying anything named after that pink crap I drank as a teen.
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  • txcoastal1txcoastal1 Posts: 9,870
    Woulda, coulda, and shoulda.... one of the currencies I was looking at was Ripple, and going in big. Today I looked at it again and want to throw up. The 25k I was going to go in with would today be worth well north of 2,000,000!!!!!!!

    What kept me from pulling the trigger then was the complete lack of understanding how they work, and today I must confess I know even less....

    I ain't buying anything named after that pink crap I drank as a teen.

    LOL...you made me gag just bringing that up. I'd forgotten about Ripple :s

    Here's the whole list of childhood ewww...LOL

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