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mtmncobb 08-10-2017 06:20 PM

Cryptocurrency
 
Cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. Is there anybody here investing in them or not investing for this reason or that? What are your thoughts? I used to think they were a fad or a scam but I've been watching them for a year and a half and I don't think they are going away.

jvcstone 08-12-2017 03:11 PM

Personally, I don't know much about the "criptocurrencies" and am not really interested in looking into them. My "hedge has been in hard assets--land, equipment/tools, and a bit of precious metal. I have a feeling that bitcoin etc are just digital forms of fiat currency--worth only the faith put into them by the issuers and users.

However, that's just me. Since no one else has bothered to answer, Here is a link to an article, which in terns supplies other links:

[url]http://charleshughsmith.blogspot.rs/2017/08/what-mainstream-doesnt-get-about-bitcoin.html[/url]

JVC

doc 08-14-2017 11:56 AM

[QUOTE=jvcstone;433628] I have a feeling that bitcoin etc are just digital forms of fiat currency--worth only the faith put into them by the issuers and users.

[/QUOTE]

I heard a piece on NPR a few months ago: experts anticipate a rise in value over the short term, but then probable collapse as people realize they have no intrinsic value.

Watcha gunna do when the internet goes down in a real SHTF situation? Even gold may not have a value then. Better to be invested in barterable ( ? is that a word) skills, tools, supplies & materials.

Doninalaska 08-14-2017 05:07 PM

There used to be a guy on the radio--he also wrote a few books--whose name I cannot recall, who advocated just that idea in detail. It was years ago and he was one of the earliest public advocates of "Preparedness Philosophy". He maintained that toilet paper and coats would be the currency immediately after the collapse. That was before the internet and cryptocurrency such as the bitcoin had been invented. Of course, marketable skills will always be in demand.

Michael32170 01-28-2018 11:06 AM

You need to be careful
 
[QUOTE=mtmncobb;433614]Cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. Is there anybody here investing in them or not investing for this reason or that? What are your thoughts? I used to think they were a fad or a scam but I've been watching them for a year and a half and I don't think they are going away.[/QUOTE]

I know several people who have lost a lot of money stolen from their accounts that are supposed to be secure.

MissouriFree 01-28-2018 02:23 PM

Great place to launder money.

the1gman 01-28-2018 03:30 PM

Crypto currencies
 
Bitconnect, which loans Bitcoins is the first to take a major hit. A Bitconnect coin or BCC went from 431.78 on Jan 8, 2018 to 9.06 as of Jan 28, 2018.
Bitcoin went from 19,000.80 on Dec 19. 2017 to 11,603.10 as of Jan 26, 2018.

My advice, I look at it like a casino. I never go into one with any money I can't afford to loose. Some say it is a Ponzi scheme and will eventually crater. If you really want to get into cryptocurrencies, the safest way in my opinion is mining it. Go here first.

[URL]https://www.investopedia.com/terms/b/bitcoin-mining.asp[/URL]

Here is some other links that may help you.
Markets:
[URL]https://coinmarketcap.com/all/views/all/[/URL]
You tube video
[URL]https://www.youtube.com/watch?v=kubGCSj5y3k[/URL]

Be careful and good luck.

Tim Horton 01-28-2018 05:06 PM

Ummmm... From my limited view as an old geezer, my first instinct in any set up like this is it doesn't pass the "possible Ponzie, pyramid, other type outright electronic, or possible "scamable" set up. Not much more trust in the things than you would put in the old 3 nut shells and a pea game of chance.. That includes RSP (US 401K) you name it. But then like said, I'm using old geezer skepticism and logic.

My 5 cents.

Doninalaska 01-28-2018 08:03 PM

I read that a number of large bitcoin accounts were hacked and significant sums were removed. From my point of view, it is just another fiat currency with no government to back it. It seems that that would make it less stable than the other fiat currencies, such as the $USD.

MissouriFree 02-02-2018 11:35 AM

Bitcoin update.
 
Over $100 billion wiped off global cryptocurrency market in 24 hours - CNBC
[url]https://apple.news/AQn0rD8ijRqG0NrF9dIr1Fw[/url]

Selena 02-13-2018 01:25 AM

[QUOTE=MissouriFree;435992]Over $100 billion wiped off global cryptocurrency market in 24 hours - CNBC
[URL]https://apple.news/AQn0rD8ijRqG0NrF9dIr1Fw[/URL][/QUOTE]

Might even be more as more and more credit card issuers are not allowing cryptocurrency to be purchased using a credit card.

I don't consider cryptocurrency to be a long term investment vehicle. Or even a short term investment - not liquid. To me it is Monopoly money. There are better places to stash my cash and better tangibles for me to purchase with my cash.


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