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I'm now in the crypto craze

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  • Tabs
    replied
    This happened just a few days ago.

    Another huge chunk of money lost, due to a bug triggered by an "upgrade" that was trying to patch a vulnerability that got exploited, resulting loss in a separate but also fairly large chunk. Again, not saying you can't put money into any of this, but buyers beware indeed.

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  • Spiffster
    replied
    Blowing up today. ATH around 6400

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  • rennigade
    replied
    Bitcoin is now at $5500 today. I remember when it was around $700 and people were going nuts...then it dropped to $400ish.

    Im not touching it with a 10 foot pole and never considered...but those who did hopefully you all made out nicely!

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  • Dahlia
    replied
    Update: BF just withdrew $500 ($493 with fees) from his account. He now has his initial investment amount still in the game.

    We withdrew because the profit of $500 seemed to good to resist, and we didn't want to lose it by being greedy. And we wanted to see what the withdrawal process is like. I've read some scary stuff about not being able to get your money out of the system.

    But we had no problems. BF is applying the $500 to his car payment.

    Fingers crossed cryptocurrency is around to stay.

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  • disneysteve
    replied
    Originally posted by Tabs View Post
    When you take more risk than you can afford, that to me would be gambling (or speculating).
    Speculating isn't defined by how much you put in. It's defined by the nature of the purchase itself. I can be speculating with $1 or $1,000,000. If the "investment" is super high risk, it's speculating.

    That's not to say there's anything wrong with speculating. But it should only be done with a tiny sliver of your portfolio. Certainly no more than 5% of your money should be used for speculation.

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  • Dahlia
    replied
    Thank you! I was not aware that the dark net was pulling out because the currency is becoming safer and more traceable. This is an interesting time to sit and watch. My partner is still in but not in huge amounts.

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  • Tabs
    replied
    Seems to me that there is always some kind of fad at any point in time.... I personally don't see anything wrong with that, but I think it's also important to keep a reasonable perspective at all times.

    Thing is, I just don't know anyone who knows for certain how the future will pan out. Some are certain of it going one way or the other, and like a coin toss, someone is going to be right about it, and someone there is going to be wrong. The important thing to me isn't what the current speculation or fad is, but in how we manage it.

    If someone for example devotes 100% of all of their available money on black, and the roulette table of life lands on black, you win. However, if it lands on red, you lose it all. When you take more risk than you can afford, that to me would be gambling (or speculating). However, if for example, you decide you can only afford to devote 10% of all of your money, then at least you're showing that you know how to manage the risk through appropriate allocations.

    Now, I can't tell you what will happen with cryptocurrency into the future. I can only say for sure that you are not the only one who feels that way, and certainly, you may very well be right and make some money too. For what it's worth, I too am bullish on the long term prospects of cryptocurrency. And hey, don't we all take some kind of meaningful risk in life or with our money somehow? We should, especially if it means something to us.

    Still, the contrarian in me would also caution to consider the possibility that there may be a bubble forming. Cryptocurrency is fiat, not intrinsic. Careful that you don't step too deep into its blast radius.

    As for why it may burst, well consider this more long term thought: The reason why it gained popularity in the first place is because it served a need for those who can't or won't rely on existing, government-controlled fiat currency. However, that same strength is also it's own weakness. In other words, because it can not be regulated by our governments, they will never fully accept or adopt the current crypto as it is right now. Rather, our governments are much more likely to create, integrate, and control their own cryptocurrency.

    Plus, how does one even valuate something people use that is above government regulation? I haven't even the foggiest.... What I do know is that it's one thing if the world wants to share cat pictures and email messages without government regulation. It's quite another if we're talking about taking away a government's ability to apply economic and monetary policies. Cryptocurrency may have a place in the future, but that doesn't mean certain coins can and will endure.

    I've mentioned this before on here, but I'll repeat it here again. I've already heard rumors that a lot of dark net are already leaving bitcoin, largely due to blockchain and law enforcement's ability to follow its paper trail. As you may already know, the dark net is the biggest supporters and users of cryptocurrency, and if THEY are leaving it for something else, then what do you think will happen to bitcoin prices when the mainstream finally finds out? Now, again, I could be wrong here, and you could probably still make a bunch of money before this story is over. Who knows? But me personally, I would not want to place my bet on this one. Now, if you can figure out what they're migrating to, then that's a different story. And if you should happen to figure out that one, please let me know.

    While I'm here though, here's something humorous I just came across. Now that the weather is getting colder, and Ethereum is heating up, here's a device that can help you with both!
    Last edited by Tabs; 10-14-2017, 01:28 AM.

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