Crypto currency

[Ari Gold]

I am being pressured by two gym acquaintances to invest in bitcoin. They are young and have no dough. I am older and have plenty. I have resisted their efforts thus far. Have seen too many get rich quick schemes and conventional investments are doing well so far.

I certainly wouldn't recommend investing anything in BTC that you aren't willing to lose most of. It's not likely of course, but could happen. It's about as speculative of an investment as you can make. I held out forever, finally got in when it was around $7,500 and thought that was "too late". Now I'm glad I got in.

 

[kisaj]

I am being pressured by two gym acquaintances to invest in bitcoin. They are young and have no dough. I am older and have plenty. I have resisted their efforts thus far. Have seen too many get rich quick schemes and conventional investments are doing well so far.

This is far from a get rich quick scheme. Blockchain and crypto currency are the future.

But, it is not for everyone at this point. It is somewhat difficult to understand if you aren't technically savvy at all and it is a risk that requires a lot of guts to stay put on.

I originally got in and rode the dips to buy and sell. In the last few months made a nice sum of additional money. Took that money and bought in big. Now I have a few BTC, BCH (bitcoin cash), and a couple hundred coins split amongst Ethereum, DASH, Litecoin, and Golem. Now I am sitting on it and will wait for the next dip so I can buy a couple more BTC.

 

[kisaj]

It's risky of course, but there's some good money to be made. I'm using USI Tech to invest my Bitcoin and they pay out a percentage of profit for it. How it works basically is this: You go and buy some Bitcoin from someplace like Coinbase with USD and they give you some Bitcoin for it, depending on how much you invest. You can buy as little or as much $ USD as you'd like. Then you transfer this Bitcoin to USI and buy "packages" which they then use to mine/invest/etc. and pay you out a percentage of their profit. While Bitcoin is going up, you're essentially double dipping on the value of the BTC plus the profit they pay you out. There's a minimum time frame they need to hold your BTC, so be aware of that. I believe it's 140 days. Check it out: https://netwide.usitech-int.com/enrollment.html

Full disclosure, this is a referral program where I'd get a small portion of profits that your packages earn. Costs you nothing, you don't make less from using that link either. If you're against that, go to USI Tech directly and find the enrollment link. Makes no difference to me, I just like you guys to be aware of the opportunity here rather than just sitting on Coinbase and getting only a portion of the profit you could be getting.

At least you are honest about it. I've lost count on how many people on various boards that all are looking to add referrals for USI Tech so they can move up the levels. Not sure if it's a very good model if you are planning to make money just off your investment and not add up all the referrals. In many industries it would be, with an approximate 140% return in about 4 months, but that's not much with crypto.

Let's say someone bought in to one of their packages for the price of a BTC 4 months ago. That would have been about $4k. So they would be cashing out around $5600 minus any fees today. But that same person that bought a BTC and kept it in their wallet would be getting $9700 today. So essentially you are trusting someone else to hold your money and profit off of it, while you get a portion of it. Make no mistake that they are making a ton of money off of your investment, so why would someone choose to earn 40% off their money when they could earn 200%+?

In this day and age I can't imagine handing over large sums of money to any business trusting them. Everyone that gets into this should be taking full responsibility to manage their money, set up and exchange, an online wallet for quick currency exchanges, and at least 2 offline hardware wallets to store for long term. One on you somewhere safe and another in a safe deposit box. A third somewhere else would be even better.

 

[rascal14]

Another show I watched tonight was talking about Crypto currencies lol

 

[rascal14]

Also, I’m kind of hoping for a dip once BTC hits $10k so I can get some more.

 

[Whisky]

This is far from a get rich quick scheme. Blockchain and crypto currency are the future.

But, it is not for everyone at this point. It is somewhat difficult to understand if you aren't technically savvy at all and it is a risk that requires a lot of guts to stay put on.

I originally got in and rode the dips to buy and sell. In the last few months made a nice sum of additional money. Took that money and bought in big. Now I have a few BTC, BCH (bitcoin cash), and a couple hundred coins split amongst Ethereum, DASH, Litecoin, and Golem. Now I am sitting on it and will wait for the next dip so I can buy a couple more BTC.

Hey bro, i have a question. I'll be the first to admit I dont fully understand the full technical process of bitcoin but i feel i get the gist of crypto and i always believe it will be the future of currency (although think we are 20-30 years from it replacing normally currencies).

Whilst i understand people the limited number of bitcoin that can be produced creates a 'value' and the price is increasing based on people speculating about what they might be worth in the future is driving the price up, what i dont understand is why is bitcoin seen as so much more valuable than eth for example?

As btc isnt anything tangible (like gold) presumably its value is defined by what it can buy? If vendors started to accept eth, ltc etc as well as btc why would the delta in value between btc and others exist? What makes it special?

Incidently i threw about $1,000 at eth, ltc and gnt earlier this month just to play around and wish i done more.

 

[kisaj]

Whilst i understand people the limited number of bitcoin that can be produced creates a 'value' and the price is increasing based on people speculating about what they might be worth in the future is driving the price up, what i dont understand is why is bitcoin seen as so much more valuable than eth for example?

As btc isnt anything tangible (like gold) presumably its value is defined by what it can buy? If vendors started to accept eth, ltc etc as well as btc why would the delta in value between btc and others exist? What makes it special?

Incidently i threw about $1,000 at eth, ltc and gnt earlier this month just to play around and wish i done more.

I am offering full disclosure that I am no expert on the topic, but I have theories based on the research and studying I've done and what I already knew about blockchain prior to buying in.

1) BTC is the original digital currency and has the most awareness.
2) The cap is lower than most any other coin at 21mil.
3) It is the most accessible and every exchange and wallet supports it.
4) Merchants have begun accepting it more and more.
5) It was originally designed as a currency to spend but now has been realized as a store of value. The transactions are slow and expensive, which makes it a poor choice for day to day use for currency. Other alt coins are much better and scale to offer benefits for this. So the holding (hodl) of the bitcoin increases it's value. When people sell them off, then the price drops. When people buy and hold, it increases.

With the mining algorithm becoming increasingly long and complex, it will be slower and difficult to approve further blocks and support the holding of them and not selling. Combine this with the beginning of mainstream awareness and acceptance. This is in part how the "experts" are predicting $50k, 100k, 500k per coin in the next 5-10 years.

We are in the early adoption phase regardless of the price. Next year at this time people will say, "I wish I got in while bitcoin was cheap at $10k". But, I really recommend diversifying and reading up on alt coins. They can make you some really nice money.

On top of the coins I have mentioned before, I would recommend anyone looking at alt coins to look at Waves. I think they are on to something big, they are Ethereum based, and gaining acceptance. Last year they were .16 each and now at about $5 each, but I really feel they could be $100+ each before long. I put $1k on them today and gonna see what happens.

 

[rascal14]

I didn’t get to read much, I’m super busy with a lot of projects due at the end of the week. Is Waves an exchange, wallet, and coin?

Also, I don’t think my hopes of a dip after $10k are coming true.. lol

 

[kisaj]

This is a good read.

http://https://arstechnica.com/tech-policy/2017/11/how-bitcoins-became-worth-10000/

 

[JulzRulz]

11K!!!

 

[kisaj]

$10k was so yesterday.

 

[kisaj]

Everything is up. DASH, LTC, Eth, BCH- everything!!!

I just checked my wallet and made $13k while I slept last night!

 

[00A]

Everything is up. DASH, LTC, Eth, BCH- everything!!!

I just checked my wallet and made $13k while I slept last night!

Congrats man wish I invested instead of spending on supplements..

 

[kisaj]

Meh, my co-worker just texted me that he may retire next week and he is dead serious. He got in last year and used his bonuses and RSUs to buy a bunch, when we all laughed at what a moron he was. Was.

 

[tyga tyga]

Should have bought into this when I had the chance lol

Buying into LTC and ETH this coming weekend.

 

[kisaj]

Look at DASH, I'm telling you.

 

[tyga tyga]

Look at DASH, I'm telling you.

Looking.

I may DM you later. I’ve been doing some reading on blockchain/crytocurrency but it’s a little overwhelming at points.

Appreciate the heads up!

 

[Ari Gold]

At least you are honest about it. I've lost count on how many people on various boards that all are looking to add referrals for USI Tech so they can move up the levels. Not sure if it's a very good model if you are planning to make money just off your investment and not add up all the referrals. In many industries it would be, with an approximate 140% return in about 4 months, but that's not much with crypto.

Let's say someone bought in to one of their packages for the price of a BTC 4 months ago. That would have been about $4k. So they would be cashing out around $5600 minus any fees today. But that same person that bought a BTC and kept it in their wallet would be getting $9700 today. So essentially you are trusting someone else to hold your money and profit off of it, while you get a portion of it. Make no mistake that they are making a ton of money off of your investment, so why would someone choose to earn 40% off their money when they could earn 200%+?

In this day and age I can't imagine handing over large sums of money to any business trusting them. Everyone that gets into this should be taking full responsibility to manage their money, set up and exchange, an online wallet for quick currency exchanges, and at least 2 offline hardware wallets to store for long term. One on you somewhere safe and another in a safe deposit box. A third somewhere else would be even better.

Agreed - I keep only a portion of my total BTC at USI for that reason. While BTC is exploding, its better to keep in BTC. Right now, in my mind at least, I've locked in some of my BTC profit into a virtually guaranteed return.

 

[Whisky]

I am offering full disclosure that I am no expert on the topic, but I have theories based on the research and studying I've done and what I already knew about blockchain prior to buying in.

1) BTC is the original digital currency and has the most awareness.
2) The cap is lower than most any other coin at 21mil.
3) It is the most accessible and every exchange and wallet supports it.
4) Merchants have begun accepting it more and more.
5) It was originally designed as a currency to spend but now has been realized as a store of value. The transactions are slow and expensive, which makes it a poor choice for day to day use for currency. Other alt coins are much better and scale to offer benefits for this. So the holding (hodl) of the bitcoin increases it's value. When people sell them off, then the price drops. When people buy and hold, it increases.

With the mining algorithm becoming increasingly long and complex, it will be slower and difficult to approve further blocks and support the holding of them and not selling. Combine this with the beginning of mainstream awareness and acceptance. This is in part how the "experts" are predicting $50k, 100k, 500k per coin in the next 5-10 years.

We are in the early adoption phase regardless of the price. Next year at this time people will say, "I wish I got in while bitcoin was cheap at $10k". But, I really recommend diversifying and reading up on alt coins. They can make you some really nice money.

On top of the coins I have mentioned before, I would recommend anyone looking at alt coins to look at Waves. I think they are on to something big, they are Ethereum based, and gaining acceptance. Last year they were .16 each and now at about $5 each, but I really feel they could be $100+ each before long. I put $1k on them today and gonna see what happens.

Hey bro really apprecriate you sharing your knowledge. Of course everyone should do their own research and be comfortable with the risks that align to the possible rewards (same as taking ph's/sarms/aas in that regard) but its really good of you to provide the info you have.

Im not likely to ever risk significant sums but as part of a balanced portfolio definitely feel crypto has a place for me.....

 

[Whisky]

Lol, its on its way back down a little so now might be the time to jump in

 

[kisaj]

haha, everyone looked around and thought what have I done and started unloading. It will probably correct into mid 9000s and go back up. That jump over night was completely artificial.

 

[rascal14]

Coinbase transfers aren't working right now, awesome. Lol

 

[kisaj]

You mean to sell?

 

[rascal14]

You mean to sell?

No I was trying to transfer BTC and LTC to GDAX, then to my Exodus wallet. But it says Coinbase transfers are currently paused or something like that.

A lot of people are also having issues of them buying BTC when it dropped to around $8k, but they were never completed and/or they canceled them and so they lost the $2k profit because of it.

 

[kisaj]

Yeah, that is something that is definitely nerve racking and needs to improve. The exchanges are woefully ill equipped to handle these bursts of high volume.

 

[rascal14]

It's a shame because there is really no way around them. I finally got a small amount of LTC to Gdax.

I finally got to read some on DASH, and I really like it so far.

 

[kisaj]

Of course I realize it is speculation, but I love reading what is predicted for our alt coins in 2018. 2017 was the year of Bitcoin and no doubt will be for the foreseeable future, but the alts are going to break out.

Prediction for $2500 DASH- https://www.profitconfidential.com/cryptocurrency/dash/dash-price-prediction-2018-dash-hopes-replace-bitcoin/
$7k-9k Ethereum??? I've read 3 articles that believe with all the ethereum based work coming in 2018, it will go through the roof and all are predicting VERY high returns. - https://www.profitconfidential.com/cryptocurrency/ethereum/ethereum-coin-breaks-out-price-objective-mind-boggling/

BTW- Trezor wallets are on sale and available now on Amazon. They've been back ordered for the last month or so and now back in stock but will probably sell out again before Christmas. Just a tip as you definitely want to store your riches away from your computer.

 

[rascal14]

If things blow up in 2018 like you say then I will definitely move to a Trezor.

I am hoping to pick up some DASH and more BTC while it is down here soon.

What exchange do you like for DASH? I am already verified on Bittrex so may go with that.

 

[kisaj]

I love Exodus and think they have one, if not the best, UI out there. I leave a sum on there, but my comment is regarding fairly substantial amounts for an offline wallet.

I like Kraken for trading some of the alt coins, but their exchange trades slightly lower, so I wouldn’t use it for the big coins where I’m holding more money.

 

[rascal14]

Scheduled maintenance started literally 5 minutes after I sent the remainder of my funds to my offline wallet.. I wonder how long it's gonna take for me to see that now. Lol I even did a test run right before and it only took a few minutes.

 

[tyga tyga]

If you use coinbase, Anyone leave their currency on their platform? Or are you guys transferring them straight to a wallet?

 

[Whisky]

If you use coinbase, Anyone leave their currency on their platform? Or are you guys transferring them straight to a wallet?

I leave it on coinbase but thats more through ignorance about wallets than any other reason......i intend to let everything sit for a while so keen to know what would be a good safe wallet to store it all in....

 

[kisaj]

Do not leave your money on Coinbase, you have to move it to a real wallet. Their wallet is a hybrid, meaning that a portion of your money is stored offline, which is good, but a portion remains online, which can be hacked and they have been hacked before. Also, they are getting so flooded with people signing up, that their site is inaccessible sometimes and you don't want your money held hostage by not being able to get to it.

 

[kisaj]

I leave it on coinbase but thats more through ignorance about wallets than any other reason......i intend to let everything sit for a while so keen to know what would be a good safe wallet to store it all in....

Exodus is the best online wallet going. Trezor is the tried and true, best of the best hardware wallet.

 

[tyga tyga]

Balls. I’ve got mine in coinspace. Will have to make due.

Going to guy ETH once it dips again, hopefully.

 

[rascal14]

I had all of mine in Coinbase up until their issues wth the high traffic load, which scared me to putting everything into a different wallet that I control everything for.

Exodus is really easy and has awesome service as well as good tutorials.

It looks like I missed my chance to buy back ito BTC at the $9k drop, due to a hectic schedule. I’m waiting t out again as I think it will drop back closer to $10k. I will then put in somenibto BTC, Monero, and DASH. I plan on putting in extra to turn a profit on half my second round of investment hopefully.

Iota seems to be about to break through from what I’ve read as well.

 

[kisaj]

Futures start on 12/10, so that will be interesting. As we know, every time Bitcoin is in the news it either spikes or drops as people hear about it, buy it, then trade it. That might be your time.

 

[rascal14]

Futures start on 12/10, so that will be interesting. As we know, every time Bitcoin is in the news it either spikes or drops as people hear about it, buy it, then trade it. That might be your time.

I haven’t heard of Future’s at all. I’ll see what it is, but I’ll wait it out until then and see what happens.

 

[kisaj]

Bitcoin futures. Basically placing a bet on a future price and then making or losing depending on if the number is reached.

 

[rascal14]

Bitcoin futures. Basically placing a bet on a future price and then making or losing depending on if the number is reached.

Interesting.

Is there a Discord server or anything similar for Crypto? I don’t know if we’d have enough people from here to justify creating one, but it would be kind of cool.

 

[NoAddedHmones]

Bitcoin futures. Basically placing a bet on a future price and then making or losing depending on if the number is reached.

You are describing a binary option there. A futures contract is an instrument that derives its value from an underlying asset (bitcoin in this instance), Its price will be highly correlated to the spot price of bitcoin but will allow for someone to go long or short. The sheer majority of futures contracts aren't held till expiry because you would then be liable to either receive or deliver physical bitcoin. Most people will take the opposite position for the same size to close out their net position or roll into a future dated contract.

 

[rascal14]

Also, for anyone that doesn't know, you can use the Blockfolio or Coin Stats app to input your holdings to see the daily fluctuations and the increased or decreased profit. I started with Blockfolio but switched to Coin Stats as I like it much better.

You are describing a binary option there. A futures contract is an instrument that derives its value from an underlying asset (bitcoin in this instance), Its price will be highly correlated to the spot price of bitcoin but will allow for someone to go long or short. The sheer majority of futures contracts aren't held till expiry because you would then be liable to either receive or deliver physical bitcoin. Most people will take the opposite position for the same size to close out their net position or roll into a future dated contract.

This made absolutely no sense to me.. Lol

 

[kisaj]

Yeah, what you said is what I meant.

 

[NoAddedHmones]

Also, for anyone that doesn't know, you can use the Blockfolio or Coin Stats app to input your holdings to see the daily fluctuations and the increased or decreased profit. I started with Blockfolio but switched to Coin Stats as I like it much better.



This made absolutely no sense to me.. Lol

Haha my bad, I work in the industry. Basically differs by also giving a person with access to the market the opportunity to take short position (sell bitcoin) if you think the price is going to fall. its a shame I haven't been sold on a product that has absolutely no fundamental backing to it, to justify me investing coin back in 2012 when i first heard of it, would be a very rich man.

 

[kisaj]

Haha my bad, I work in the industry. Basically differs by also giving a person with access to the market the opportunity to take short position (sell bitcoin) if you think the price is going to fall. its a shame I haven't been sold on a product that has absolutely no fundamental backing to it, to justify me investing coin back in 2012 when i first heard of it, would be a very rich man.

Or like me who bought it to buy things online back then because I saw no future in it. I had 20 or so.

 

[Whisky]

Or like me who bought it to buy things online back then because I saw no future in it. I had 20 or so.

Someone i know had quite a few left over when silk road got taken down (he only had them to buy from there). He had a bit of a lifestyle change and as they were only worth about $300 roughly at the time he pretty much forgot about it.

Best mistakes hes ever made lol

 

[rascal14]

Haha my bad, I work in the industry. Basically differs by also giving a person with access to the market the opportunity to take short position (sell bitcoin) if you think the price is going to fall. its a shame I haven't been sold on a product that has absolutely no fundamental backing to it, to justify me investing coin back in 2012 when i first heard of it, would be a very rich man.

I think we all would.. I got $1 to open a Coinbase account a couple years ago, I never went through with it as I didn't want to wait a week to order my product with Bitcoin. That $1 was worth $20 when I logged in a couple months ago. Lol

 

[kl1234]

I am invested in crypto as well... and think it has huge potential- but is anyone worried about the capital gains taxes?

 

[Whisky]

I am invested in crypto as well... and think it has huge potential- but is anyone worried about the capital gains taxes?

I appreciate my attitude to this night not go down well with everyone but my view is what they don’t know I ain’t telling them.....

I get hammered for tax on so many other things I feel I more than pay my dues (ironically I also spend a shed load on my health with keeps me out of the nhs so I pay more tax but use less public services lol).

The final straw for me was being told I’m now paying tax on the interest I pay for the mortgage on an investment property (was already paying tax on the amount coming off the mortgage itself). The interest however is going towards the banks profit, on which they are also paying tax. So in theory the same bit of money is being taxed twice.

Honestly if the uk government butt ****s me anymore I’m going to be wearing adult diapers before I’m 40!

 

[kisaj]

Let's put it this way- there is no way to really know who is making what on crypto and it would rely on honesty, but this won't last. In the US, 4 of the largest exchanges have been asked to provide information on users who made more than $20k in transactions between 2013 - 2015. That will just be the start. For now, Coinbase has said they won't do this as it goes against the entire point of cryptocurrency, but we'll see. As it becomes more mainstream, you know governments will want their share.