The Down Range Forum
Member Section => Down Range Cafe => Topic started by: Big Frank on January 17, 2018, 11:16:43 PM
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Anyone who hasn't been living under a rock for the past year must have heard about cryptocurrencies by now. I won't put any money in them for a few different reasons, one of them being that it has wilder swings than a severely bipolar patient who went off their meds.
Bitcoin is number one and went up some ridiculous amount, 13,000% in a year or something stupid like that. One day it went down $1,000 or more per bitcoin. I don't pay much attention to these things so don't quote me on the amounts.
Second place is Etherium and it's had ups and downs too.
Third place is Ripple. Wednesday morning I saw some news about it online. One of the Ripple co-founders lost 44 BILLION dollars on it in the past 2 weeks. https://www.cnbc.com/2018/01/17/ripple-co-founder-loses-44-billion-on-paper-during-cryptocurrency-crash.html
So, you can make or lose a fortune investing in "currency" that isn't real money, and isn't backed by the government, the majority of the world's banks, or anyone else. You could declare Monopoly money to be acceptable currency and if enough other people agreed with you then you could spend it online and cash it in for real money at ATMs.
Anyone here investing in bitcoin or any of the 1,447 other crptocurrencies? If so, are you a millionaire yet?
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I know some people that have made $$$ and some that lost their ass The idea behind it is good and something most of us would like(ie not being tracked) sadly, it has turned into a gold rush in the last few years. Just like the gold rush, those selling supplies(exchanges, mining hard ware) and big business are the only ones getting rich.
I bought 1 bit coin at 200, sold it when it hit 1000, should have waited, but I was ok with 500% profit.
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Now with people mining bitcoins and such with their computers there's a new problem. Some sites I visit try to infect my computer with an unwanted app called JScoinminer. JScoinminer is a JavaScript cryptocurrency miner that runs in web browsers and consumes enormous CPU resources, making computer use sluggish. The JavaScript is loaded in the browser when the user visits a web page hosting the JavaScript. The JavaScript runs as long as the user stays on the web page. If Norton Security Suite doesn't block it Malwarebytes will and I don't have a problem with it.
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My BIL told me he dropped 30k into bitcoin and within a week sold it for 47k!
UPS driver, retired at a combined SS and pension of near six figures!
He’s an asshole....
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I saw something today where some financial expert was talking about cryptocurrency. He said that dictators and criminals are using it to bypass sanctions and launder money, and because of that the government will start regulating it. That was all I listened to, but that will mostly end the reason for cryptocurrency's existence.
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Tracing the money is very difficult, because of heavy encryption. Unless there is a back door or some one is ready too drop big bucks on the tens of thousands of man hours needed too crack it, it will not happen. It is possible, but it is also possible to win the super lotto and be a 100+ millionare.
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What happens when the internet goes down?
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What happens when the internet goes down?
Yeah you right......what does happen?
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Not sure, but there was a guy that threw away a hard drive a few years back with millions on it, he reportally search the dump of a major city for weeks, but never found it.
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Yeah you right......what does happen?
If all the 1s and 0s disappear you have nothing.
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Another investment advisor said now is the time to buy bitcoin. Apparently it suddenly dropped 45% recently. His advice was to put 1-5% of your investments into it. If it crashes you won't lose the farm, and if it goes up you'll be compounding your interest when you keep it long term.
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Today I read an article that was posted August 24, 2012, and last updated on October 17, 2016. Here are a few choice parts.
"BitCoin is a new-ish form of digital currency. It allows people to perform financial transactions without the need for a bank or central authority and allows for a large amount of privacy. Transactions are currently limited to ones performed online and only by individuals and organizations that accept BitCoin as payment."
"While BitCoin has been a great tool for getting around government and private industry control of our finances, cyber-criminals heavily abuse it. Just like most things designed to help people keep their virtual independence. BitCoin has been used notoriously by cyber-criminals on the black market to buy and sell things like credit card numbers and bot installs. It is also used as a tool for money laundering and keeping law enforcement guessing when it comes to funding Hactivism and “extra-legal” activity."
"However, it is important to realize that as we put more and more of our dependencies, our assets and ourselves in the digital hands of the internet, we are opening the door for cyber-criminals to walk in and take it all from under our noses."
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I just checked the news and my email for the last time tonight and saw this. $534.8 million in cryptocurrency was stolen from Coincheck by hackers Friday.
https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html
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When it comes to Cryptocurrency and financial advisers, I have learned two things: 1. They know a lot about it; and 2. They will not touch it.
A common list I have heard from our financial guy, the one handling all $2.93 or our retirement fund, and others I know or that advise others includes:
1. It is not recognized by any government;
2. It is intangible - only exists in electronic form;
3. Is not backed by anything of value, or anything at all;
4. While it all started based on a lack of trust of currency issued by governments, it's primary use now is money laundering;
5. Its trading is easily masked or hidden;
6. Due to #1, #4 & #5, anyone dabbling in it is suspect by government law enforcement and revenue services.
A high end financial adviser I golfed with last week said the following: "Stay away from it, and if you do play with it, STAY AWAY FROM ME!"
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4. While it all started based on a lack of trust of currency issued by governments, it's primary use now is money laundering;
A high end financial adviser I golfed with last week said the following: "Stay away from it, and if you do play with it, STAY AWAY FROM ME!"
Going to mention that last bit to my ahole brother in law.
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3. Is not backed by anything of value, or anything at all;
In that respect, it is not unlike the U.S. Dollar.
Value by fiat (or, value because someone says so) has never made sense. Back money with gold, and you have money with actual value.
Crusader Rabbit
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If you hire a hit-man on the dark web and pay with bitcoins I don't think it leaves any paper trail. Same thing with buying illegal drugs, weapons, child pornography, or anything else.
Even though the U.S. dollar is a fiat currency, it still has value, until it's replaced as the world’s reserve currency, which might eventually happen, or if states start to secede, which isn't likely. Hyperinflation is possible, with some prediction dates come and gone already, and some saying in another 10-20 years. The most likely reason for it that I can think of is if the mint started cranking out several times more money than they are now.
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I just saw where bitcoin dropped 60% in the last 2 months. Don't put any money in it you can't afford to lose.
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All of this "Bitcoin" and "virtual cyber currency", appears to me to be far too volatile and dangerous for average guys like us who took a lifetime to build a simple modest retirement. Best to avoid, and instead be able to sleep well.
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Out of couriosity I went to Bitcoin.com to read up on it. They don't inspire confidence as only one of the three training videos is actually completed.
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There are currently 1,507 different cryptocurrencies but bitcoin is still the biggest one. It lost BILLIONS of dollars in value then started going up again. It has way too many ups and downs for me. https://coinmarketcap.com/all/views/all/
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There are currently 1,507 different cryptocurrencies but bitcoin is still the biggest one. It lost BILLIONS of dollars in value then started going up again. It has way too many ups and downs for me. https://coinmarketcap.com/all/views/all/
Not that I am an expert, but in the stock market there are those, maybe called "Market Makers" who can influence a very large number of investors. They can trigger a significant drop is a particular stock's price by directing their adherents to sell. As expected the price of that stock will drop dramatically.
Then when it is low, they are all directed to buy again, causing an initial rise by their purchasing at a very low price..and others not associated with them to buy to get on the rising bandwagon.
Of course when the price is high again, the order to sell can go out again making large profits for the early buyers and early sellers..
The very same thing can much more easily happen with Cybercurrency...and I expect it is.
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Everything in the stock market has it's ups and downs but those billions that bitcoin lost were over a 2 month period. I don't have stock in anything at this time, but that seems extreme to me.
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its official, bitcoin down 10k from what it was one month ago.
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Wow. December 16th bitcoin closed at $19,497.40. Yesterday it closed at $8,277.01, about a 58% loss.
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And it gets even worse. December 17th bitcoin hit a high of $20,089.00. That's the highest it's ever been AFAIK. It's under $6,100 right now. What a great investment. ::)
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That's how the "game" works...
The "makers" group buys low and others see the upward movement and buy too...then when it gets high, the group sells...and others fearing a drop is coming, sell and continue the drop....
Just keep repeating...
Now would be the time to buy....just be sure to sell before the mass drop starts.
Disclaimer: I don't invest.
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I'll have to be content earning 0.15% on my savings and 0.10% on my checking at one credit union, and 0.5% on my savings at another one. Getting 0.15% is 5 times better than only getting 0.03% at a bank, but when I was in high school banks were paying 5.25%.
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I'll have to be content earning 0.15% on my savings and 0.10% on my checking at one credit union, and 0.5% on my savings at another one. Getting 0.15% is 5 times better than only getting 0.03% at a bank, but when I was in high school banks were paying 5.25%.
I remember that also...and remember thinking if I won the lottery for 1,000,000 shouild I take it all at once or the $50,000 a year...and thinking that 50,000 is bank interest on that 1,000,000...
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Good luck on 50k in bank interest on a million right now. Money supply will be tightening and interest rates will be going up but 5% from a bank right now is a looking glass number.
You can get 3.5 to 5% dividend return on utility stocks right now. Problem is...in general once bank interest does start going up the utilities are going to look a little like bonds tending to go down in price as people sell to get into banks and other debt dealers to get the relatively safe interest on CD's and money market instruments. So, one needs to be happy with say 4-1/2%+/- dividend on a utility stock (this is NOT advice I like ETR, PPL, EXC, and others) even though bank instruments may be much higher.
So for instance, you buy a $100 stock that pays $5 a year and 4 years later interest is at 10%. That stock may drop down to $50 in value so that the dividend pays an interest rate to a new owner that is 10%...the guy who bought it at $100 is still getting his $5 a year on his investment of $100 which is 5% to him but the people who buy the stock cheaper at $50/share get 10% return on their investment.
This doesn't consider any growth in a company or dividend increases both of which are likely to happen in a growing economy.
For whatever it's worth....
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I just found out that Elon Musk owns 1/4 of a bitcoin that a friend gave him years ago. Other than that he has no cryptocurrency at all. He has a billion dollars but isn't risking any of it on cryptocurrency. I think I'll continue to not risk any of my paltry savings.
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Elon Musk was in the news again. A group of astronomers with a high-powered telescope in Arizona saw his Tesla Roadster in orbit.
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Here's a kind of computer crime you don't see too often. Stealing computers, instead of hacking and using viruses to steal virtual currency.
"REYKJAVIK, Iceland — Some 600 computers used to "mine" bitcoin and other virtual currencies have been stolen from data centers in Iceland in what police say is the biggest series of thefts ever in the North Atlantic island nation.
The powerful computers, which have not yet been found, are worth almost $2 million. But if the stolen equipment is used for its original purpose — to create new bitcoins — the thieves could turn a massive profit in an untraceable currency without ever selling the items."
I think they can now make untraceable "money" indefinitely. https://www.nbcnews.com/news/world/bitcoin-heist-600-powerful-computers-stolen-iceland-n852811
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I am in I.T. and still don't understand how they "make" bitcoins. I guess the medieval alchemists would be proud!
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Bitcoin continues to have its ups and downs. So does gold. I don't know which is a better investment but it seems to me that something you physically have would be a lot better than some information stored on a computer if a SHTF situation ever happens. The richest man in Egypt's brother, the second richest man in Egypt, is putting half of his $5.7 billion net worth into gold. That’s one man buying 68 metric tons of gold. I wonder how much cryptocurrency he buys with the other half of his fortune?
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Another bot....
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I just found out that Elon Musk owns 1/4 of a bitcoin that a friend gave him years ago. Other than that he has no cryptocurrency at all. He has a billion dollars but isn't risking any of it on cryptocurrency. I think I'll continue to not risk any of my paltry savings.
Since then he has talked about Dogecoin, then he converted all Tesla's Cash into Bit Coin hyping the hell out of it then he sold it all last I heard, and was slamming the whole Crypto currency idea.
He's like Newton, 1/2 the time he's brilliant, the other half insane.
YOU try figuring out which is which. ;D
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Pump and dump.
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Unfortunately, I know nothing about cryptocurrency. But I think bitcoin is a very promising currency. And if I had a lot of money, I would invest in it. But now I hove the quickier way to make money and it’s ten bet (https://mr.bet/at/user/bonus). I know a lot of people say it's a questionable way, but I've only had a positive experience. By the way, it helps a lot when money is needed quickly.
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Here we go again!
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Here we go again!
With 28 posts he is not likely to be a "Bot".
Even if he is, you're the only one who getting your panties in a bunch.