Anyone on the Bitcoin train?

[BowhunterNJ]

Unless you got caught up in the $400,000,000 theft of the bits

I’m not very knowledgeable on crypto currencies but pretty sure if you externalize your wallet (that holds bitcoin) no one can steal it. It’s off the network and on a hardware device like a usb or some non networked medium. Of course then you have the potential to lose it or experience a hardware failure and you lose all your bitcoins that way (or someone breaks in and steals it).

 

 

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[Haskell_Hunter]

I’m not very knowledgeable on crypto currencies but pretty sure if you externalize your wallet (that holds bitcoin) no one can steal it. It’s off the network and on a hardware device like a usb or some non networked medium. Of course then you have the potential to lose it or experience a hardware failure and you lose all your bitcoins that way (or someone breaks in and steals it).

 

 

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The blockchain protects the ledger, there is nothing to protect the wallet.  That is the critical flaw in Bitcoin, and the most widely exploited one.

[1957Buck]

FYI many Vendors and online business have already started to refuse them.  Flash in the pan. I stick with my Master Card thankyou. 

[newjerseyhunter]

No.  Talk about a bubble!

 

Yeah, they haven't been talking about a bubble. They were talking about it at $90, at $400, at $1000, at $4000... you get the picture. According to the Know-it-alls bitcoin was dead a few years ago. 

 

Rule #14 of investing:  If it's something that is popular and everyone is talking about it, it's already too late to invest in it.

 

Never invest in hype.  Never.  Ever.

 

This might be true for your typical investment but it doesn't always ring true when you are talking about a disruptive technology that could cause a paradigm shift. The Blockchain, the technology that Bitcoin is based on, is such a technology. It has the capability to fundamentally change the way currency works. 

 

Anyone who has a solid grasp on the history of currency and how we got into the current situation we are in with the USD and other fiat currencies should see the advantages of decentralized currency outside of gov't control that can guarantee privacy (Bitcoin cannot do the latter at the moment but there are other cryptos that can and will). 

 

I've said it before and i'll say it again.. Bitcoin is fools gold.. The cyber version of a pyramid scheme.. An investment for SUCKERS.. 

 

With that said.. DAM I WISH I BOUGHT SOME A FEW YEARS AGO..    

 

You think it is fools gold because you are looking at it as an investment. It is not. What some bitcoiners like to say, "they come for the profits, they stay for the sovereignty". BTC (bitcoin) wasn't created as an investment vehicle.

 

The next couple of weeks are going to be interesting. BTC is going to start trading on CBOE and CME. The rest of December could be a wild ride which could include a major sell off as well as HUGE gains. I wouldn't be shocked if BTC is 30k by the end of the month. 

 

My advice (which doesn't take into account the next few weeks due to futures trading) to everyone would be to invest in BTC via dollar cost averaging. Just a small amount on a monthly basis. Open a wallet, open an account on Coinbase or some other exchange, buy some BTC. Download some apps or widgets on your phone that alert you for BTC prices. Set it the alert for BTC

[newjerseyhunter]

FYI many Vendors and online business have already started to refuse them.  Flash in the pan. I stick with my Master Card thankyou. 

 

Many have refused or just haven't started accepting them yet? There is a big difference. 

 

There are tons of businesses that do accept them when a few years ago no one had even heard of it. That should tell you something. 

[newjerseyhunter]

The blockchain protects the ledger, there is nothing to protect the wallet.  That is the critical flaw in Bitcoin, and the most widely exploited one.

 

I thought you were a computer guy? Stop spreading bullsh*t. You encrypt the wallet, you store your BTC offline, you get a hardware wallet. Plenty of ways to protect the wallet.

[Axiom]

 

which could include a major sell off as well as HUGE gains

 

 Well if that aint playing both sides of the "coin" I don't know what is...      ​... No matter wich way it goes, you can say " see I told you so "...  

 

Hind sight being 20/20, Yeah Bit coin was a GREAT investment for those who bought it.. But since we don't have the advantage of hind sight going forward, my advice to anybody who owns any would be to SELL SELL SELL!!!!.. ITS A SCAM>> GET OUT WHILE U CAN..!!!.. 

[newjerseyhunter]

 Well if that aint playing both sides of the "coin" I don't know what is...      ​... No matter wich way it goes, you can say " see I told you so "...

 

Hind sight being 20/20, Yeah Bit coin was a GREAT investment for those who bought it.. But since we don't have the advantage of hind sight going forward, my advice to anybody who owns any would be to SELL SELL SELL!!!!.. ITS A SCAM>> GET OUT WHILE U CAN..!!!.. 

 

 I would agree with your statement if you were talking about ICOs or some of the other investment packages people are putting together to try to scam people. Yes, those are scams and you have to be careful.

 

But Bitcoin itself is no scam. 

[Axiom]

 

But Bitcoin itself is no scam. 

 

 

Bitcoin is a figment of some ones imagination.. It doesn't exist.. Its just bits of useless data sold or used as currency.. Its price is driven by supply vs demand.. A supply of NOTHING bought by people who are willing to pay top dollar for NOTHING to sell to someone else who wants to buy NOTHING in hopes that this NOTHING will appreciate in value.. Its a sophisticated pyramid scheme in every since of the word..invented by nerds.. Implemented by nerds.. And subsequently benefiting nerds.. 

 

I have nothing against nerds.. But if they want my money then they have to offer me something of value.. Something Tangible... something that exists.. something usable... Not some worthless stored electron on a memory stick... 

[supr78nova]

Rule #14 of investing: If it's something that is popular and everyone is talking about it, it's already too late to invest in it.

 

Never invest in hype. Never. Ever.

What are the first 13 rules?

 

 

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[Haskell_Hunter]

What are the first 13 rules?

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I think I have them scattered across the site somewhere. I am at a client site all day. If I have a chance, I’ll take the time to make them up.

[hammer4reel]

Cant imagine the people who bought it for 8 cents a share .

Just a grand wpuld bought 12500 shares.

Would be worth over 180 million today

[newjerseyhunter]

Bitcoin is a figment of some ones imagination.. It doesn't exist.. Its just bits of useless data sold or used as currency.. Its price is driven by supply vs demand.. A supply of NOTHING bought by people who are willing to pay top dollar for NOTHING to sell to someone else who wants to buy NOTHING in hopes that this NOTHING will appreciate in value.. Its a sophisticated pyramid scheme in every since of the word..invented by nerds.. Implemented by nerds.. And subsequently benefiting nerds.. 

 

I have nothing against nerds.. But if they want my money then they have to offer me something of value.. Something Tangible... something that exists.. something usable... Not some worthless stored electron on a memory stick... 

 

You basically just described every currency just replace the word "nerds" with "ruling class". Fractional Reserve Baking (our current system) - literally creating money appear out of thin air.

 

Furthermore, your explanation makes no sense. First you claim the price is driven by supply and demand...which last time I checked is how the free market is supposed to work. Then you claim it is a Pyramid scheme, which makes me wonder if you actually know the definition of a pyramid scheme. Note: I'm talking about BTC itself, not some of the ICOs and bullsh*t investments people are packaging together which certainly are pyramid schemes.

 

As for a "supply of nothing" WRONG. The value of any currency is basically what someone is willing to give you for it, usually in terms of work. Fiat currencies have no intrinsic value, they are backed by no physical commodities. 

[1957Buck]

Cant imagine the people who bought it for 8 cents a share .

Just a grand wpuld bought 12500 shares.

Would be worth over 180 million today

Try calling it see what it sells for.  Actually 

[Merkel]

FYI many Vendors and online business have already started to refuse them.  Flash in the pan. I stick with my Master Card thankyou. 

 

I'm not a fan on crypto currencies for a number of reasons but not so sure its a flash in the pan..... while a number of countries have banned them, Wall Street is trying to monetize the currency and  some countries actually regulate it....

 

not for me.... I don't even get PayPal.... which is another conversation . 

 

https://blogs.thomsonreuters.com/answerson/world-cryptocurrencies-country/