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    Cryptocurrency

    Nowadays many peoples are starting their business in cryptocurrency exchange field...This is really a good idea?...Kindly give your suggestions...

    #2
    NO. Absolutely bad idea.

    Speculative fever died down, #HODLGANG held at $6000 for a while, but now, even that support has collapsed, with BTC at $3,656 at the time of this writing. HODL and those who bought back in thinking there is fundamental support got severely burned.

    Even at $6000, dedicated miners were already abandoning ship, and now, the mining field is not even remotely profitable. So much so that it even impacted both nVidia and AMD's own quarterly outlook.

    Even Novogratz, crypto's perma-bull, has tempered his own outlook. Novogratz.

    My question that I keep posing to crypto-bulls is this: If you believe there will be a comeback, what is the thesis for this comeback?

    Bakkt? They are an exchange desk, so of course they are going to cheer for it. All the while, don't forget they are still under the watchful eye of Sauron I mean the Chinese government.

    Dark net? Bitcoin is merely one of many intermediary coins now. Much of the value store is now being tumbled into much more "secure" coins that law enforcement supposedly can not trace.

    Venezuela? I think Maduro will basically use anything and everything under the sun to try to create the magical illusion of value, and try to halt hyperinflation. Last I heard, he's still failing miserably at that. Please remember that crypto is still just another form value store, but if there is next to no value to store to begin with...

    This is just my personal opinion of course, but I've been warning people ever since $20,000 BTC, when bulls argued that it would shoot to $100,000. But even at $3600, I will continue my bearish outlook. Why? Not because of the numbers, but because I just don't see or understand how it would rebound. I am willing to listen to evidence, data, or at least some sensible explanations that suggests otherwise, but those seem to be difficult to come by?

    And this is coming from a guy that firmly believes that cryptocurrency technology will become a part of fiat some day. Some day out there, just not the way things currently look.
    Last edited by Tabs; 01-11-2019, 12:34 PM.

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      #3
      Bitcoin just hit $13,000 today.

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        #4
        Originally posted by Tabs View Post
        Speculative fever died down, #HODLGANG held at $6000 for a while, but now, even that support has collapsed, with BTC at $3,656 at the time of this writing. HODL and those who bought back in thinking there is fundamental support got severely burned.

        And this is coming from a guy that firmly believes that cryptocurrency technology will become a part of fiat some day. Some day out there, just not the way things currently look.
        You should have bought some BTC when it was at $3,656, it's almost at $20,000 now...

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          #5
          I currently have 1/2 a bitcoin, about $10,000 worth. Bought it in the $8000 - $10,000 range (purchased in small increments such as $1000, $2000, etc).

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            #6
            It's about time the IRS will Click image for larger version

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              #7
              Worth mentioning.... I just checked today and BTC is up to $27,000 / 1 bitcoin. Pretty freggin crazy number....

              Greed, FOMO, & volatility are probably the best (3) terms to explain the most recent meteoric rise of BTC. At these prices, I'm a bit nervous even to experiment with BTC. Wonder what will happen from the Ripple vs SEC lawsuit. I heard all the crypto's were down except for Bitcoin, upon the large lawsuit news.

              Anyway you paint it, crypto currencies are interesting. I'll be honest.... I have no idea how these will inevitably shake out. I just hope it doesn't result in a HUGE portion of the investors, left, holding the bag while a few behemoths pump & dump and get out of dodge.

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                #8
                My BTC is holding is .4291117528, I wish I had bought more.

                Coinbase account.
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                Cash app account.

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                I had a Robinhood account but cancelled it. Robinhood only allows buy/sell. Coinbase & Cash app allows send/receive, big difference.
                Last edited by QuarterMillionMan; 12-27-2020, 10:18 AM.

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                  #9
                  I love reading some of the older bitcoin posts around here. Lol. I started mining alts and buying btc in 2017. Everyone who bought the top got a bad taste in their mouth during this past multi year bear cycle, but it wasn't like the exact same cycle had not occurred at another time in the past. It was funny that people didn't consider that or wrote it off as nothing. And at this point in it's current bull cycle, the fundamentals couldn't be better. A lot of people should have used those few years between 2018 and the summer of 2020 to actually learn how Bitcoin works from a technical perspective. I believe that more would understand the value to the us dollar if they took the time to comprehend it's qualities, properties, and inner-workings. Humanity is getting a refresher course on the meaning of scarcity right now.

                  All of that said, many still consider it to be a speculative asset. No doubt that extreme drops to us dollar value have happened in the past and will probably happen again in the future. I however, have not considered it a speculative asset for several years.

                  Coinbase or CashApp is the way to go. Robinhood and Paypal won't let you withdraw your btc to a wallet that you hold the private keys to, so you don't even have the option of owning the btc on chain. Those who have been around for awhile know why this is important. Not your keys, not your crypto.

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                    #10
                    Every time it dips I buy more. For instance when it was $45k and dropped to $35K, I bought $500. Then $35k to $33K, I bought another $600. Then $33k to $31K, I bought another $500. Today it's about $37K which I'll eat popcorn and sit on the sidelines for now but should it drop let's say $5, I'll buy more. I won't bet the farm on it but glad I dipped my toes into it. My unrealized gain is about $15k profit thus far. If I sold at $45k, I could have profited $20k but coulda, shoulda, woulda.

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                      #11
                      Yeah, you're doing it the right way. I wouldn't bet the farm on anything and I have other longer term investments outside of the crypto space. I have taken out what I put into it back in 2017 when I bought all of that mining hardware. At current value, I'm left with enough to pay the remainder of my mortgage off, and pay the long term capital gains tax that I would owe. I'm going to wait out the rest of this year before I sell any more of it though. It has taken me nearly four years to get to this point. I no longer have fears that it will be banned, go to zero, ect. I've heard about every argument against Bitcoin known to man, but when you understand the underlying protocol that the asset exists on, those arguments are invalidated. There is a learning curve for sure, even for someone in my shoes who has spent nearly twenty years in the information technology industry. It has been very much worth spending months of my evenings back in this past bear market to understand what it is and why it is important.

                      Even though I feel the level of comfort that I do, it still really is a speculative asset. Dollar cost averaging or buying dips in price with a small percentage of your total investment portfolio is the way to go for anyone wanting a little exposure. Some go into it thinking they will double their money overnight, and then get disappointed when they get caught in a bear cycle. It isn't a casino. If you're going to go into it, go in with a 3-5 year time horizon.

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                        #12
                        Hello. I'm sure that's a good idea. Because everything goes to the fact that the main currency will be the crypt. I have a good fortune and I'm thinking about where to invest the money. And recently I decided that I will invest in bitcoin or some other cryptocurrency. But the most important thing is to invest money wisely. I found this article Bitlocity Review and learned a lot of new and useful things about how to invest in cryptocurrency, how it grows in price, how it falls. You can even watch a video where they talk about driving patterns. I invested my first amount half a year ago and have already earned 5 thousand dollars from this.
                        Last edited by VirginiaBlack; 03-21-2021, 07:25 AM.

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                          #13
                          Originally posted by QuarterMillionMan View Post
                          I currently have 1/2 a bitcoin, about $10,000 worth. Bought it in the $8000 - $10,000 range (purchased in small increments such as $1000, $2000, etc).
                          This is amazing. Are you using cash app? Maybe I should start dipping into cash app to buy them versus something else more traditional. But if I ever lose cash app I'll scream. I have friends who need to power up their old phones because they have bit coin on some phone or computer. They have no idea where but they need to start digging.
                          LivingAlmostLarge Blog

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                            #14
                            Originally posted by LivingAlmostLarge View Post

                            I have friends who need to power up their old phones because they have bit coin on some phone or computer. They have no idea where but they need to start digging.
                            They should have a 12 or 24 word seed phrase that was generated when the software wallets were created on phone or computer, providing that it's not a custodial wallet. If they kept it, the devices themselves are not necessary. The wallets can be restored to another device.

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                              #15
                              Check the price of BTC today.

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