Cryptocurrency Blood Bath

[grampahol]

I finally bought a whopping $20 in 4 different cryptocurrencies on the first of the month. $5 each through PayPal.. I'm now a 30aire..actually a $30.21aire.. $10 in 9 days?  I may just buy $10 every month for awhile and see how it goes.. Soon as I'm a gazillionaire I'll buy the bengals and fire Hobson..

[WeezyBengal]

(01-09-2021, 11:13 PM)grampahol Wrote: I finally bought a whopping $20 in 4 different cryptocurrencies on the first of the month. $5 each through PayPal.. I'm now a 30aire..actually a $30.21aire.. $10 in 9 days?  I may just buy $10 every month for awhile and see how it goes.. Soon as I'm a gazillionaire I'll buy the bengals and fire Hobson..

Best way to invest in crypto and to mitigate the risk is to invest in companies like Paypal and Square. They both have their hands in crpyto but its not their main point of business. 

[fredtoast]

I took classes on economics in college.

Before becoming an attorney I passed both the Series 7 and Series 63 exams in order to be licensed as a financial advisor.

And I still have no idea how the value of bitcoin is determined.

All I know for sure is that "Cryptocurrency Blood Bath" sounds like a bad ass name for a band.

[XenoMorph]

(01-09-2021, 11:13 PM)grampahol Wrote: I finally bought a whopping $20 in 4 different cryptocurrencies on the first of the month. $5 each through PayPal.. I'm now a 30aire..actually a $30.21aire.. $10 in 9 days?  I may just buy $10 every month for awhile and see how it goes.. Soon as I'm a gazillionaire I'll buy the bengals and fire Hobson..

invest in a side retirement plan....  Incase buying funny money doesnt pan out

[grampahol]

Hey, still $4.72 ahead since my first $20 investment.. The second I'm a gazillion bucks ahead I'm selling it all. I'm never going to gamble my life savings on it or anything, but I can afford to lose all $20 at this point.. 

[KillerGoose]

(01-23-2021, 12:43 PM)grampahol Wrote: Hey, still $4.72 ahead since my first $20 investment.. The second I'm a gazillion bucks ahead I'm selling it all. I'm never going to gamble my life savings on it or anything, but I can afford to lose all $20 at this point.. 

Better to make a small profit than to lose a small fortune. You could always set up an automatic buy somewhere if you wanted. You could have it buy, say, $5 of Bitcoin per week/per month and it just automatically takes care of it for you. Or, just roll with your $20. Happy moons!

[Dr.Z]

[kalibengal]

(01-17-2018, 12:32 PM)Au165 Wrote: The internet and .com bubble were "sketchy" too at first but after the initial collapse of all the pop up companies it now is every day life. The technology behind bitcoin and most cryptos in general is solid and and getting better. You will see block chain and similar technologies used going forward in other avenues of our every day life eventually. Where bitcoin and other cryptos fall apart as a currency is their volatility. You can't have a currency that is so volatile otherwise no one will use it or accept it. It has become more of a wealth container to most which actually damages the use of it in a functional manner. 

What made Bitconnect different is they created a coin as an escape plan for their ponzi scheme investing business. They promised people crazy returns on their bitcoins they loaned them because of a "proprietary" trading bot that would use their coins to play the ups and downs in the bitcoin market making everyone money. Well as most can see from that explanation it is the script of basically every ponzi scheme in the world. The coin was simply the way they paid people out from their scam and so by doing that they were able to double dip selling the coins and taking the investments. One red flag you should always look at when dealing in crypto is coins that are "preminned" meaning the company can release them freely into the market, that was the case here. Bitcoin and many other coins require people to mine the coins in order to control the influx of coins into the market. This decentralized process of creating currency is actually one of the tenets of crypto being a good currency in the future.


The reality is there are coins that have tangible uses and are still in line with the original vision of decentralized transaction tools. These are the things I tend to invest in because they have actual used even outside of being every day currency, but many many many coins have no use and are inf act scams. Buyer beware, treat all of them as investments your willing to lose though as an unregulated market can always get sideways quick.

Thank you for explaining further...I still have alot of doubt in the Crypto investments just because after reading a book on it and then seeing how guys like Elon Musk can have such a dramatic effect on it..makes it scary. I still do not completely understand the "mining of coins" etc. Im not a software guy, Im a Civil Engineer.   

[Au165]

(05-19-2021, 01:39 PM)kalibengal Wrote: Thank you for explaining further...I still have alot of doubt in the Crypto investments just because after reading a book on it and then seeing how guys like Elon Musk can have such a dramatic effect on it..makes it scary. I still do not completely understand the "mining of coins" etc. Im not a software guy, Im a Civil Engineer.   

One of the issues is they aren't treated like securities, which means they can be manipulated somewhat easily. There is no market to halt in the event of a crash like with traditional markets. They are property and so a guy like Musk can talk about them and move them without risk of running afoul of market manipulation rules. There are no "wash trading" rules which can create some heavy manipulation instances, potentially like we saw today.

You mine based on two components in the case of bitcoin, you verify 1MB of transactions (which helps the flow of traffic) and then you have to come up with the proper hash for the work. Essentially everyone is trying to guess a 64 digit hexadecimal number. The first person who verified 1MB of transactions AND guessed the hash gets rewarded with bitcoin. 

[grampahol]

I'm right about where I started with crypto @ about $50. I should have sold it all a few weeks ago when it doubled in value, but it's just play money I bought 5 bucks worth here and there..Not much different than if I'd bought a couple cartons of cigarettes and smoked every one of them in a week.. That wouldn't be the first time..

[grampahol]

(01-11-2021, 02:26 PM)XenoMorph Wrote: invest in a side retirement plan....  Incase buying funny money doesnt pan out

Too late for that..I'm working again. Retirement? The closest I'm going to get to that will involve a box with nails..and the spelling of box will begin with a C and end with an N.. a few Fs in it too..lol

[fredtoast]

(05-23-2021, 09:39 AM)grampahol Wrote: .and the spelling of box will begin with a C and end with an N.. a few Fs in it too..lol

So you are going to be cremated and put your ashes in a "coffee can".

[grampahol]

(05-24-2021, 10:24 AM)fredtoast Wrote: So you are going to be cremated and put your ashes in a "coffee can".

I'm fine if they send my dead carcass to the Hormel food plant.. Personally I prefer to be tossed in the ocean and eventually recycled at a Mrs Pauls fishstick plant.. I have a box of my dad's ashes and bone fragments..Too much for a small coffee can..
You know what the term for cremation remains are called? Cremains! Sounds too much like a hearty breakfast cereal..
Try a delicious bowl of cremains for breakfast! 

[XenoMorph]

(05-24-2021, 01:02 PM)grampahol Wrote: I'm fine if they send my dead carcass to the Hormel food plant.. Personally I prefer to be tossed in the ocean and eventually recycled at a Mrs Pauls fishstick plant.. I have a box of my dad's ashes and bone fragments..Too much for a small coffee can..
You know what the term for cremation remains are called? Cremains! Sounds too much like a hearty breakfast cereal..
Try a delicious bowl of cremains for breakfast! 

heard Maine was thinking about allowing Viking style Pyre's for funerals

[grampahol]

(05-24-2021, 05:12 PM)XenoMorph Wrote: heard Maine was thinking about allowing Viking style Pyre's for funerals

I bet that makes the neighborhood smell great..burning human flesh!  Smells like teen spirit!  

By the way..my crypto is back up to $65.. WOOHOO! I'm a thirtyaire! 
A friend offered to give me 10 bitcoins back when they were about a buck each.. Dumbass me turned it down. He's either a multi millionaire now or forgot his password..That would plain suck wouldn't it? .

[grampahol]

I'm done with crypto currency. I sold off what was left  before I had to take a complete loss, but I did make a whopping profit of about 20 bucks over about 5 months.. Yeah..that was worth the risk..
I should have bought lumber last year instead..

[jfkbengals]

(05-26-2021, 06:34 PM)grampahol Wrote:
I bet that makes the neighborhood smell great..burning human flesh!  Smells like teen spirit!  

By the way..my crypto is back up to $65.. WOOHOO! I'm a thirtyaire! 
A friend offered to give me 10 bitcoins back when they were about a buck each.. Dumbass me turned it down. He's either a multi millionaire now or forgot his password..That would plain suck wouldn't it? .

There is a crematorium more or less next door to the Newport News Shipyard where aircraft carriers and subs are made.  As you drive up or leave the yard, if you see smoke, you immediately roll the windows up...

[jfkbengals]

(01-23-2021, 01:17 PM)KillerGoose Wrote:
Better to make a small profit than to lose a small fortune. You could always set up an automatic buy somewhere if you wanted. You could have it buy, say, $5 of Bitcoin per week/per month and it just automatically takes care of it for you. Or, just roll with your $20. Happy moons!

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[grampahol]

(05-30-2021, 11:30 AM)jfkbengals Wrote:
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