Cryptocurrency

[RaiderHaters Revenge 4,376]

I understand the concept of investing. I don’t understand spending non-discretionary income on a high risk/high reward commodity like cryptocurrency.

 

because you are secure with your income, you dont need to make a quick score. Someone with less money is stoked to play it quick. People with money can go long and short. People with little money and just to use Tan since the example was out there, might be able to turn 100$ (by recycling, not going to fast food) into 500-1000 which is a huge score.

 

hes saying he has 3,000$ in credit (and Tan word of advice dont use credit to do it, you are already facing an uphill battle around 25%) and I agree that is a bad idea, hes looking at the score, but a huge gain annually is 12%, normally in the market, but now he needs to make at least 37% annually to make it worthwhile

 

better to scrap together a c-note and put it all on 1 crypto (whats great about crypto is that unlike stocks you can buy partials) so you could by .20 ETH. Its averaging 12% a day, and even if it drops to 8% or so a day, after 10 days, you have 200$

[tanatastic 2,062]

Thanks RaiderHater, all well said. Thats interesting you can buy partial. I know Id be fighting the interest, but Im seeing everyone rave about 500% gain with thousands potentially and it makes me see stars and want to look past the interest. Thats of course a bigger risk though obviously.

 

That said, Pen mentioned high risk high reward but wheres the risk? Seems its all candy land and roses. Bitcoin goes up eleventy thousand percent and then here Ethereum is doing the same. Wheres this risk people speak of? Its all fairy dust parties and magical celebration from what I can see.

[tanatastic 2,062]

I see some guys who invest ETH say they think it could go to 1000 by end 2018 and even way higher in 5 years or so.

 

What about litecoin? Its still pretty cheap at 84.

 

I dont want to be the guy who was scared to buy bitcoin because it was hitting new highs and waiting for it to go down when it just soars instead.

[penultimatestraw 473]

because you are secure with your income, you dont need to make a quick score. Someone with less money is stoked to play it quick. People with money can go long and short. People with little money and just to use Tan since the example was out there, might be able to turn 100$ (by recycling, not going to fast food) into 500-1000 which is a huge score.

 

hes saying he has 3,000$ in credit (and Tan word of advice dont use credit to do it, you are already facing an uphill battle around 25%) and I agree that is a bad idea, hes looking at the score, but a huge gain annually is 12%, normally in the market, but now he needs to make at least 37% annually to make it worthwhile

 

better to scrap together a c-note and put it all on 1 crypto (whats great about crypto is that unlike stocks you can buy partials) so you could by .20 ETH. Its averaging 12% a day, and even if it drops to 8% or so a day, after 10 days, you have 200$

I get it. I was mostly commenting on the idea of using credit to buy it, which you illustrated nicely in your example.

[penultimatestraw 473]

Thanks RaiderHater, all well said. Thats interesting you can buy partial. I know Id be fighting the interest, but Im seeing everyone rave about 500% gain with thousands potentially and it makes me see stars and want to look past the interest. Thats of course a bigger risk though obviously.

That said, Pen mentioned high risk high reward but wheres the risk? Seems its all candy land and roses. Bitcoin goes up eleventy thousand percent and then here Ethereum is doing the same. Wheres this risk people speak of? Its all fairy dust parties and magical celebration from what I can see.

A lot of people think cryptocurrency is a bubble, and with the number of new “products” cropping up some are bound to crash hard.

[RaiderHaters Revenge 4,376]

I see Bitcoin as the Google personally, but I see Ethereum as the Amazon. Simply because Ethereum exists and has a practical use

 

I mean we invested in Google and made fortunes, but really they didn't have a product other than internet services

[tanatastic 2,062]

A lot of people think cryptocurrency is a bubble, and with the number of new products cropping up some are bound to crash hard.

Ah I see. I feel like ETH has not hit wide mainstream attention yet but with this new high it possibly could, and soar as a result. Thats why Im considering a credit useage, in case it jumps and makes the apr hit worthwhile.-

[iam90sbaby 2,646]

Haha.. this.

You pulled out to early. Told ya.

 

When I messaged you about Ethereum earlier in the year it was at $10-$20 a pop. A simple $1,000 investment would be worth over 30k now. And by the end of 2020-22 we might be talking about a million dollar investment.

[iam90sbaby 2,646]

You can tell cryptos are becoming more mainstream, now all the dummies want a piece of the pie. This is awesome.

[iam90sbaby 2,646]

Also I want to say, anyone that invests now is still super early. Even if you invest in the next 4-5 years I still think that will be considered extremely earlier down the road.

 

Just somethings to keep in mind:

 

There are around 24 millionaires in the world, there will only be 21 million bitcoins in existence. There arent even enough bitcoins for all the millionaires in the world. By owning one youre ahead of the curve. Also (as of a few months ago I am sure this has gone up but not by much) only 1% of the population is invested in cryptos.

 

2017 solidified cryptos. The oh its just fake money and it wont ever take off or anything of that nature is done. All those people have to eat their words now. The cat is out of the bag these things arent going anywhere.

[Alias Detective 1,418]

Also I want to say, anyone that invests now is still super early. Even if you invest in the next 4-5 years I still think that will be considered extremely earlier down the road.

Just somethings to keep in mind:

There are around 24 millionaires in the world, there will only be 21 million bitcoins in existence. There arent even enough bitcoins for all the millionaires in the world. By owning one youre ahead of the curve. Also (as of a few months ago I am sure this has gone up but not by much) only 1% of the population is invested in cryptos.

2017 solidified cryptos. The oh its just fake money and it wont ever take off or anything of that nature is done. All those people have to eat their words now. The cat is out of the bag these things arent going anywhere.

Dude, I'm a millionaire and I'm confident you didn't count me as 1 of your 24.

[RaiderHaters Revenge 4,376]

um there are I think more than 24 millionaires in the world

 

Every NFL team has more than that

[IMMensaMind 462]

I understand the concept of investing. I dont understand spending non-discretionary income on a high risk/high reward commodity like cryptocurrency.

Cryptocurrency is one of those topics where the less is understood by the person giving the opinion, the more 'high risk' it appears to be.

 

I think it would serve posters like Tanatastic well to learn as much as they possibly can about what crypto currencies actually are. It is only through that understanding that you can give yourself the needed foundation to make a speculative risk.

 

People max out credit cards to start businesses. What makes that investment any more 'risky' than this one? Fact is: 'risks' are calculations. You have either done the work researching, or you haven't. You either believe what you believe, or you don't.

 

I believe in cryptocurrency. Not every one of them - which is something you figure out when you do your research.

 

PS: there are about 24 million millionaires in the world; that number will likely double this this same time next year. 90's point is perfectly sound.

[iam90sbaby 2,646]

Dude, I'm a millionaire and I'm confident you didn't count me as 1 of your 24.

24 million millionaires.

[iam90sbaby 2,646]

Cryptocurrency is one of those topics where the less is understood by the person giving the opinion, the more 'high risk' it appears to be.

 

I think it would serve posters like Tanatastic well to learn as much as they possibly can about what crypto currencies actually are. It is only through that understanding that you can give yourself the needed foundation to make a speculative risk.

 

People max out credit cards to start businesses. What makes that investment any more 'risky' than this one? Fact is: 'risks' are calculations. You have either done the work researching, or you haven't. You either believe what you believe, or you don't.

 

I believe in cryptocurrency. Not every one of them - which is something you figure out when you do your research.

 

PS: there are about 24 million millionaires in the world; that number will likely double this this same time next year. 90's point is perfectly sound.

And to add to my point BTC and other cryptos only deflate, so the available Bitcoins will only become more scarce.

[tanatastic 2,062]

Yea Im all aboard and ready to accept 90sbaby as my true god. I signed up for coinbase and gonna see what I can throw into it. If I have to use some credit, Ill see if I can get a low apr.

 

Great point from Mensa, people max out their credit just to start crappy businesses that project to profit in what, 3 years if they do t go under first? How is this worse assuming I think it will go up?

[iam90sbaby 2,646]

Yea Im all aboard and ready to accept 90sbaby as my true god. I signed up for coinbase and gonna see what I can throw into it. If I have to use some credit, Ill see if I can get a low apr.

Download Coinbase.

 

Buy an offline storage USB: https://m.newegg.com/products/9SIAAK96G29189?ignorebbr=1&ignorebbr=true&nm_mc=KNC-GoogleMKP-Mobile&cm_mmc=KNC-GoogleMKP-Mobile-_-pla-_-Memory+(USB+Flash+Drive)-_-9SIAAK96G29189&gclid=EAIaIQobChMI5Kb09O7c1wIVUW4bCh33eQy_EAkYASABEgIPIvD_BwE&gclsrc=aw.ds

 

Move them offline.

 

Throw the USB in a safe and forget about it. Open it on that day 5 years from now.

 

Buy mansion.

 

 

 

I got something in the works right now which is essentially an affiliate program based around cryptos. I have to setup my sales funnel and get everything running efficiently but once I get all the kinks worked out and I know its sound I will share what I am doing. We all could build a network and there are enough people here to get the ball rolling. We could make some serious extra side cash. Ill keep everyone posted once I feel everything out.

[tanatastic 2,062]

I have great credit, I could sign up for a 0 apr for 21 months type of deal and just use that to put a few grand into coinbase. That wouldnt be any different than if I had the cash, Im just paying off the card. Few grand is a manageable monthly payment.

 

Citi simplicity card has 21 months no apr.

 

Update: Ok I got approved for 4K on the citi card, should arrive in a week or so. At that time I tentatively plan on investing around 3k. Its obviously not much, I dont have Drobeski money, but its something.

[penultimatestraw 473]

Cryptocurrency is one of those topics where the less is understood by the person giving the opinion, the more 'high risk' it appears to be.

 

I think it would serve posters like Tanatastic well to learn as much as they possibly can about what crypto currencies actually are. It is only through that understanding that you can give yourself the needed foundation to make a speculative risk.

 

People max out credit cards to start businesses. What makes that investment any more 'risky' than this one? Fact is: 'risks' are calculations. You have either done the work researching, or you haven't. You either believe what you believe, or you don't.

 

I believe in cryptocurrency. Not every one of them - which is something you figure out when you do your research.

 

PS: there are about 24 million millionaires in the world; that number will likely double this this same time next year. 90's point is perfectly sound.

Thanks for the unsolicited lesson in calculated risk.

 

So far crypto currencies look legit, but I guess we'll see if the profound "understanding" you guys have is correct.

[Reality 3,121]

Thanks for the unsolicited lesson in calculated risk.

 

So far crypto currencies look legit, but I guess we'll see if the profound "understanding" you guys have is correct.

Jesus, you're such a fkn doooshbag...

 

Honestly, you are probably the most smug person that frequents this site. Feel free to fock off.

 

Mensa is simply offering up an alternative viewpoint based on Tan's circumstances. I don't condone going into debt to buy this stuff but, occasionally, the risk is worth it. This may be that time, or it may not be.

[tanatastic 2,062]

Thanks for the unsolicited lesson in calculated risk.

 

So far crypto currencies look legit, but I guess we'll see if the profound "understanding" you guys have is correct.

His post helped me realize a few concepts I hadnt considered before. Just because he quotes you doesnt mean its just for you. Have to consider not everyone is a trancendant risk/reward, investment wunderkin.

[IMMensaMind 462]

Jesus, you're such a fkn doooshbag...

Honestly, you are probably the most smug person that frequents this site. Feel free to fock off.

Mensa is simply offering up an alternative viewpoint based on Tan's circumstances. I don't condone going into debt to buy this stuff but, occasionally, the risk is worth it. This may be that time, or it may not be.

IIRC, he was the one calling my posts 'condescending' or something like that.

[penultimatestraw 473]

Jesus, you're such a fkn doooshbag...

 

Honestly, you are probably the most smug person that frequents this site. Feel free to fock off.

 

Mensa is simply offering up an alternative viewpoint based on Tan's circumstances. I don't condone going into debt to buy this stuff but, occasionally, the risk is worth it. This may be that time, or it may not be.

I'm the dooshbag? Mensa's response prompted mine.

 

He should have just given an example of a calculated risk, rather than his insulting opening line.

[IGotWorms 4,060]

I have great credit, I could sign up for a 0 apr for 21 months type of deal and just use that to put a few grand into coinbase. That wouldnt be any different than if I had the cash, Im just paying off the card. Few grand is a manageable monthly payment.

 

Citi simplicity card has 21 months no apr.

 

Update: Ok I got approved for 4K on the citi card, should arrive in a week or so. At that time I tentatively plan on investing around 3k. Its obviously not much, I dont have Drobeski money, but its something.

At least you were smart enough to use a 0% apr introductory rate.

 

Be careful though, this is how people get in over their heads.

 

If the whole thing crashes youre not only out the investment you also owe tons of interest on it. You can move it around with balance transfer deals but someday its time to pay the piper.

[penultimatestraw 473]

His post helped me realize a few concepts I hadnt considered before. Just because he quotes you doesnt mean its just for you. Have to consider not everyone is a trancendant risk/reward, investment wunderkin.

Sorry, I guess I overestimated your knowledge base. I thought what he said was common sense, and effectively called anyone suggesting cryptocurrencies high risk ignorant.

[tanatastic 2,062]

Sorry, I guess I overestimated your knowledge base. I thought what he said was common sense, and effectively called anyone suggesting cryptocurrencies high risk ignorant.

It is common sense and the concepts on their own Im very familiar with. Im not an idiot. But he put it in a way that made me consider it in ways I hadnt before. From different angles and applied to this topic (investment) which I am not knowledgeable about.

[kutulu 1,686]

[Reality 3,121]

I'm the dooshbag? Mensa's response prompted mine.

 

He should have just given an example of a calculated risk, rather than his insulting opening line.

You have zero self awareness. Absolutely zero.

[penultimatestraw 473]

It is common sense and the concepts on their own Im very familiar with. Im not an idiot. But he put it in a way that made me consider it in ways I hadnt before. From different angles and applied to this topic (investment) which I am not knowledgeable about.

Fair enough. He could have posted the exact same message without the first line, which was a direct jab at anyone calling cryptocurrencies high risk (myself included).

 

To restate, I don't think cc are a bad investment. But nothing is guaranteed, and they are a bit murkier than the average stock IMO. If I were in your situation I would follow Raider Hater's advice, rather than gambling with borrowed $.

[Reality 3,121]

Mensa's opening statement was absolutely spot on, pen is just extremely sensitive and got his feelings hurt.

[penultimatestraw 473]

Mensa's opening statement was absolutely spot on, pen is just extremely sensitive and got his feelings hurt.

It is patronizing to anyone with an ounce of common sense, and insulting to those who think cc are high risk.

[mmmmm...beer 809]

It is patronizing to anyone with an ounce of common sense, and insulting to those who think cc are high risk.

Yup... agreed. Much too volatile.

[IMMensaMind 462]

I'm the dooshbag? Mensa's response prompted mine.

It always does. And you always manufacture offense and use it to justify hypocritical demonstrations.

 

He should have just given an example of a calculated risk, rather than his insulting opening line.

 

 

Hemophiliacs don't bruise so easily.

[tanatastic 2,062]

Fair enough. He could have posted the exact same message without the first line, which was a direct jab at anyone calling cryptocurrencies high risk (myself included).

 

To restate, I don't think cc are a bad investment. But nothing is guaranteed, and they are a bit murkier than the average stock IMO. If I were in your situation I would follow Raider Hater's advice, rather than gambling with borrowed $.

Whats murky about it? We have bitcoin which went up godly amounts and now Ether which has gone up a ton in a year. People often say if a stock rises 10% a year they are thrilled. These things are going up thousands of percent. I know nothing is guaranteed but where is the history of volatility and murky outlook here?

[IMMensaMind 462]

Fair enough. He could have posted the exact same message without the first line, which was a direct jab at anyone calling cryptocurrencies high risk (myself included).

'Jab'? It is a response to those who consider the concept 'high risk'. It is a response to contextualize your fear, which is clearly at least partially - if not nearly entirely - based in a fundamental lack of understanding, and ignorance of the implications of cryptocurrency. To those who understand the concept of employing mathematics to encode algorithms into block chains, and the cryptocurrencies (ETH is beyond that; it is more of an open-source programming language - platform which encodes processes and practices in a way no one had every previously devised; in a way that technology never before allowed - the fact that it is also a currency itself is just one aspect of what makes it so brilliant) they spawn, they are - to people like me - a disruptive technology.

 

A disruptive technology. You simply need to understand what it disrupts.

 

Cryptocurrencies are the ultimate 'Fock You' to BigGov intrusion; to counterfeiting; to a host of other societal ills. And that means that what it really is...is opportunity.

 

Cryptocurrencies are an effective end around against power brokers. Around central bankers. Around the misery they've historically created. That's what they are. Gold arose in value as a currency because it was scarce, extremely hard to counterfeit, durable, and engendered confidence. Gold did not provide sufficient control in the eyes of those looking to grant themselves power and influence, so fiat currencies were born, under the guise of 'liquidity' and 'economic expansion'. Instead of a fungible asset backing the value of our currency, the power brokers piggybacked upon the people themselves: the "full faith and power of the United States". They fooled the people into giving up a major aspect of their autonomy.

 

Which has been since badly abused. I'm guessing you're rolling your eyes about now - but it's only a guess.

 

There would never have been such an opportunity to create abuse, IMO, if society had the computing power necessary to birth cryptocurrencies 150 years ago. They are de facto confidence and privacy assuring vehicles of exchange commerce in a way that paper could never be. They cannot be counterfeited; they cannot be inflated; they cannot be traced (or controlled: taxed).

 

They are, in every way, the greatest fear of totalitarians. Cryptocurrencies introduces - in a way never previously possible - a new twist on the word 'free' in 'free enterprise'.

 

People who love freedom and understand the implications are really drawn to this investment.

 

 

To restate, I don't think cc are a bad investment. But nothing is guaranteed, and they are a bit murkier than the average stock IMO. If I were in your situation I would follow Raider Hater's advice, rather than gambling with borrowed $.

If you had restrained your comment in that manner, I would have felt no real need to respond at all. But you didn't. I also vehemently disagree with your comment about 'murky'; I think that you use that word - again - because you don't understand the implications. Characterizing something which can be corrupted and manipulated makes something 'murky'.

 

The stock market can be manipulated. It may be the most manipulated entity on Earth.

[penultimatestraw 473]

Whats murky about it? We have bitcoin which went up godly amounts and now Ether which has gone up a ton in a year. People often say if a stock rises 10% a year they are thrilled. These things are going up thousands of percent. I know nothing is guaranteed but where is the history of volatility and murky outlook here?

They are a vehicle which facilitates purchasing illegal stuff, with no insurance backing or fraud protection (aside from their basic construct/encryption). Don't get me wrong, I love the idea of of circumventing our fiat currency and fvcking the banking industry, and considered investing in them myself. I just think it is foolish to accept high interest debt (after the introductory APR) to invest in a newish, poorly regulated market whose bubble may burst at any time.

[vuduchile 1,945]

What app/site has the most up to date price info for cryptos?

 

Specifically, Id be targeting ETH if and when it drops back around 250.

 

Do you guys have alerts set up to let you know when theres a run going on either direction?

[Reality 3,121]

Anyway, back on topic... We're on fire right now..

 

Tough to purchase at ATH's, you have to kind of figure out that stuff on your own.

[Reality 3,121]

What app/site has the most up to date price info for cryptos?

 

Specifically, Id be targeting ETH if and when it drops back around 250.

 

Do you guys have alerts set up to let you know when theres a run going on either direction?

Coinbase will let you set alerts on either side. It also has an easily accessible ticker for BTC, ETH, & LTC.

[tanatastic 2,062]

Anyway, back on topic... We're on fire right now..

Tough to purchase at ATH's, you have to kind of figure out that stuff on your own.

Seems a risk either way, it’s not guaranteed to drop that low again and could keep climbing. I’m wondering if it’s best to jump all at once or stagger investments in case it drops to get that better price.