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I'm now in the crypto craze

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  • #16
    I know my brother had a little bit of bitcoin from years ago when he had a tip jar on his blog and had arrangements for bitcoin tips. I hope if he still has it, he takes his profit while it is real.
    "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

    "It is easier to build strong children than to repair broken men." --Frederick Douglass

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    • #17
      Tulips, er Bitcoin is up to 17k. Probably going to cash out more very soon. Got cars I want to pay off, saving the rest until... I dont know, perhaps pay off mortgage balance. 401k and Roth maxed out so not really all that motivated to invest in other areas.

      Update: Pulled out $15k to pay off remaining balance on cars. Feeling sketched out with relentless upswing. Still have much more than that in the game. All of it has been house money since about June.
      Last edited by Spiffster; 12-07-2017, 07:55 AM.

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      • #18
        Anything you invest your money into is gambling. You either gain or lose money. So technically, it is gambling. Although, it's essential that you know what project you're investing into. Similar to stocks , where you invest into the companies to ultimately get nice returns. Same concept , although, the crypto market is much more volatile and has made tons of millionaires.

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        • #19
          Eh, no, I disagree. Not literally everything you put your money into is speculating. I mean, what about bonds (backed by some government or corporate entity) or even gold coins (backed by the government down to your local pawn shop)?

          Even if it's stocks, you have all kinds, like for example, Waste Management (WM) which should be around short of a nuclear holocaust. WM even pays a dividend (almost 2% at the time of this writing) if that will make you happy. A lot of stocks also have a real track record (WM has risen from $35 in 2013 to $85 in 2017).

          Also, this has already been mentioned but what about intrinsic value? Even gold at least has some commercial use.

          And finally, many stocks have a lot of fundamentals behind it. You can check their books and cashflow, you can check their track record, you can check their management team. Cryptocurrency has none of that.

          Look, if you want to buy some cryto, go ahead. I'm not going to judge. But saying everything out there is the same as spinning a roulette wheel, then no, that is just incorrect.
          Last edited by Tabs; 12-26-2017, 05:44 PM.

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          • #20
            The U.S. government isn't putting its foot down on Bitcoin (that I've heard) but the IRS is.

            The IRS has ruled any cryptocurrency to be property and must follow the same rules and taxation as buying and selling stocks or bonds. I recently heard that they're starting a court case against one company that is refusing to turn over records regarding sales--and more will probably follow.

            Given one of the benefits of Bitcoin (to some) is the ability to launder money and evade taxes, this is going to be an interesting war between the companies and the IRS.

            Might need extra popcorn before it's all done.

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            • #21
              I'm betting Uncle Sam will win the taxation case.

              The dark net is already moving on from bitcoin due to blockchain.

              Speculations come and go. Currently, it's cryptocurrency. Before that was precious metals due to the housing bubble burst and recession. Before that was the housing bubble (remember all those people flipping houses because they have claimed that housing prices have never gone down before). (Edit: Around post-9/11, there was also a bubble of sorts for anything related to the military, security, and firearms, etc.) Before that was the tech stocks. I mean it just keeps going.

              What I find interesting isn't so much as what the latest fad is, because history has shown that there is always going to be something. Rather, I'm more interested in why people follow them and even insist on them.
              Last edited by Tabs; 12-26-2017, 05:39 PM.

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              • #22
                Definitely a bubble that will soon burst. I believe its too late to enter now, and won't do until there is some regulation safety otherwise its just like gambling.

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