-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
Bitcoin. Seven. Thousand. Dollars. Update: ~$15k
- Thread starter Vex
- Start date
It sucks, but I see it the same way as any other missed investment.
No one had any idea it would take off or keep going the way it has. Choosing to ignore it a couple of years ago was a totally valid choice with the information we had at the time. There's no use kicking yourself for not being able to see into the future.
Don't be so hard on yourself about it. You had no way of knowing it would turn out like this, much like how you have no real way to be sure that any super volatile investment will shoot up like this.
No one had any idea it would take off or keep going the way it has. Choosing to ignore it a couple of years ago was a totally valid choice with the information we had at the time. There's no use kicking yourself for not being able to see into the future.
Don't be so hard on yourself about it. You had no way of knowing it would turn out like this, much like how you have no real way to be sure that any super volatile investment will shoot up like this.
$40 bitcoin buyer here. (summer 2013) Never too late. This is going to $10, 000 and beyond that who knows. It is not too late to buy in.
not only is this stupid toy helping destroy the environment for no good reason it has driven up the price on graphics cards. which, I think we can all agree, is the real crime.
I've always viewed any kind of investing as just upper-class gambling and have always shied away as it being another mug's game. Fair play to those who do profit from it, but I'm a simple guy and I like to know that the number in my account is what I truly, definitely have. Hell, I only started using a credit card as our weird society has determined that you need to get into some kind of debt to prove you can pay it back, rather than just never be in debt at all.
That doesn't mean reading stories like this doesn't occasionally make the idea tempting, but Bitcoin sounds almost like a pyramid scheme at this point and I'm quite happy to sit on the sidelines and just watch how it all plays out. Can't miss what you never had.
That doesn't mean reading stories like this doesn't occasionally make the idea tempting, but Bitcoin sounds almost like a pyramid scheme at this point and I'm quite happy to sit on the sidelines and just watch how it all plays out. Can't miss what you never had.
The whole point of cryptocurrency is that it's impossible for anyone to steal your virtual money, unless you give away your private key - which would be like giving someone all your banking information. A private key employs 256-bit security. It'd take many times longer than the age of the universe to crack one key - and no, faster computers in the future won't cut it. It'd still take longer than the age of the universe if they were a billion times faster.
So can you buy a small percentage of a bit coin? Like I could buy one percent of one now for about 70 dollars? I'd be interested in doing that and just seeing where it goes. If it really does end up blowing up to ridiculous figures I'll be very happy. If it fails it's only 70. I'm piss poor and have no savings etc.
Also will they ever adjust the amount a bit coin is worth. Seems crazy talking about 1 coin when that is worth so much. Feels like they should readjust so 1 coin is maybe turned into 10,000 coins so it's easier to quantify their value.
Also will they ever adjust the amount a bit coin is worth. Seems crazy talking about 1 coin when that is worth so much. Feels like they should readjust so 1 coin is maybe turned into 10,000 coins so it's easier to quantify their value.
yeah. people just hack exchanges and drain their bitcoins so anything you had floating is gone.
BUX. CFD Trading. You can start with FunBUX, just a fun currency but you can switch to SeriousBUX, real money, whenever you feel like it.
I'm almost certain you will get another chance if you want it. Bitcoin engages in a lot of price exploration. So, since it went up from $4000 to 7000, at some point it's going to thoroughly see how the market feels about $6000, $5000, and maybe $4000 again. That's just how crypto works.
Last edited:
I understand that the tech is incredibly hard to crack, but haven't there been stories about corrupt exchanges robbing masses of users and just disappearing with the money?
I thought one of the issues of the unregulated nature of cryptocurrency is that if someone finds a way to steal your money, there's no authority that can help you. You're SOL, right?
Bitcoin's just one piece of the pie though.
Ethereum was $12 in February. It's $300 now. Market Cap: 28 Billion.
OmiseGO was $0.50 in July. It's $6.50 now. Market Cap: 640 Million.
NEO was $1 in June. It's $26 now. Market cap: 1.7 Billion.
Walton was $1 in September. It's $5 now. Market cap: 124 Million.
Fortunes are made every week in this space - these are wild, wild times.
That's true, you're right, so the safest thing to do is to hold bitcoin on your own wallet. I understand some people must keep them on exchanges to day trade or what-have-you. I think those stories are relatively rare. On almost every exchange you can enable 2FA - I think a lot of people who have coins stolen are very bad with their own security (crackable passwords, don't use 2FA, victims of phishing schemes, etc.). But you're right that there's no authority to help folks out, it's admittedly a problem.
Ethereum was $12 in February. It's $300 now. Market Cap: 28 Billion.
OmiseGO was $0.50 in July. It's $6.50 now. Market Cap: 640 Million.
NEO was $1 in June. It's $26 now. Market cap: 1.7 Billion.
Walton was $1 in September. It's $5 now. Market cap: 124 Million.
Fortunes are made every week in this space - these are wild, wild times.
That's true, you're right, so the safest thing to do is to hold bitcoin on your own wallet. I understand some people must keep them on exchanges to day trade or what-have-you. I think those stories are relatively rare. On almost every exchange you can enable 2FA - I think a lot of people who have coins stolen are very bad with their own security (crackable passwords, don't use 2FA, victims of phishing schemes, etc.). But you're right that there's no authority to help folks out, it's admittedly a problem.
Yes, just create an account on Coinbase and you can buy any percentage of BTC you want.
Where do you view these things and how does one start investing in them? Would love to throw $10-20 at one of them and just see what happens.
Coinbase is probably the quickest and easiest way, if someone Refers you and you buy $100 worth you can get $10 for free.
https://coinmarketcap.com to look at coin values.
And an exchange of your choice to purchase Bitcoin (which can then be used on other exchanges to purchase other digital coins or assets) - Coinbase, Kraken, Gemini, Bitfinex - you'd have to google it, depends on where you live and what you want to buy.
Please be careful and do thorough research - well, maybe not with $10-20, haha, that's kind of safe. But you know what I mean - these things go up, but they could totally come down. Some projects are scammy (Dogecoin somehow has a market cap of $127million), others solve real world problems (example: A recently released token, Modum, records the temperature and conditions of pharmaceutical products during transportation in a tamper-less blockchain, and could later be extended to secure many Internet of Things use-cases).
But again, be careful! Even if a project looks great, it could come crashing down if this crypto market ever goes belly-up like the dot-com bubble burst in the early 2000s. I hope that doesn't happen, but....it could happen.
Thanks, are you actually utilizing crypto exchange services like Changelly or do you just do straight cash transactions?
I'll wait 'til financial institutions make bitcoin ETFs. I like the idea of investing in bitcoin but I don't want to be the one using a bitcoin trading account. I'm too paranoid about being hacked.
That said, I really only see bitcoin price rising in the future since the mining reward gets smaller while demand goes up.
That said, I really only see bitcoin price rising in the future since the mining reward gets smaller while demand goes up.
I don't personally use Shapeshift or Changelly, they seem cool but I don't know too much about it myself. What I do is buy Bitcoin and then purchase other things using BTC on exchanges (since few besides Bitcoin are actually traded against the US dollar, though this may change in the next year). I primarily use Binance, HitBTC, and Bittrex - but I used Gemini to actually wire my initial funds into an exchange to first purchase Bitcoin. If I want to sell a digital asset, I sell it for Bitcoin, which I could either hold or use to buy something else - and if I want to be extra safe, I can sell the Bitcoin for dollars.
As a rule, please never invest more than you can lose - Bitcoin especially has gone up so so much in this past year, and there is some complicated news ahead (an upgrade to Bitcoin that doesn't have full consensus among people running the network) that the price very well could crash significantly - or not. No one knows. And for strange reasons that don't really sit well with me, every other asset is sort of tied to bitcoin's success or failure (definitely a problem in the crypto space, and has more to do with human psychology than anything else). Bitcoin skyrocketing these past couple of months led to investors selling off everything else so they could buy back into the ol' standard - it's not like those hundreds of other projects suddenly had less potential, but many certainly did drop about 50% in a week.
Google's your friend too - and I sincerely don't mean it to be rude - it's a necessity to navigate this space. There's a tremendous amount to learn, and new coins and tokens coming out every week. You don't want to be tricked by other people into buying them, one has to read as much as possible if you're gonna invest serious money into this.
In what way is it a commodity? What can you "do" with bitcoin other than buy or sell it? I guess you could use it to buy drugs or pay of the dudes who encrypted your HDD, but that sounds an awful lot more like a currency than a commodity.
Unfortunately for BTC, it's a currency which isn't accepted in any major markets at the moment. That might change in the future, but right now it's simply a curiosity... A curiosity worth 7000$ due to speculation. I would call that the definition of a bubble. Hence why I think people should be wary unless you have some capital which you wouldn't mind throwing at an extremely high risk prospect.
There have been rumors going around that Amazon might soon accept BTC as payment, but who knows.
Can you actually sell a bit coin to someone for $7000 cash right now?
How do you convert your bitcoins to cash?
How do you convert your bitcoins to cash?
I think it's useful to buy other blockchain assets but that use will be irrelevant within a year as more decentralized exchanges appear (Kyber, Loopring) and folks will be able to purchase any asset with any other asset. At that point...I honestly don't see the point of the thing. It's so damn slow, it's a power hog as that other topic points out...yeah, I don't really get it.
After all my time spent researching things in this space, I have a much easier time understanding assets with some direct real-world connection than something like Bitcoin which at the moment seems wholly speculative and partly dependent on other people's need for the thing to acquire other assets. Using OmiseGO as an example I brought up earlier - this company runs a payment processing network like Alipay. They're planning to plug in the OmiseGO token into this network next year, which will allow customers to use digital currencies from any wallet to seamlessly pay for things not traditionally supported by that wallet (hypothetical: using Starbucks points to buy a Big Mac, or Bitcoin to buy a new TV. They do require partners to help this take off - their partnership with McDonalds Thailand announced in August caused a major jump in the token's price). Holders of OmiseGO tokens will stake them to help run the network and will receive a proportion of the network's transaction fee in relation to how many tokens they hold - that's a real-world value, the tokens should derive their value from the size of this network in some reasonable proportion and speculation towards its growth. If the network's a bust, an OmiseGO token should be $0. They have value now because people think this network will be a success and want to get in early.
But Bitcoin? It's just.... ?????
Through a market exchange or meet someone through localbitcoin
I hate my life right now. I bought 1 bitcoin a few years ago when it was about $250. Needless to say I spent it and never paid much attention to bitcoin after that. But at that time I had about 2k I could have invested If I wanted. So I could have bought 8 bitcoin and only a few years later had 56k from my 2k investment. Shoot me now :(
The old site had a great cryptocurrency OT.
Has anyone started something similar on ERA?
My Bitcoin is worth 25 bucks! I had a fragment of a coin a couple years ago. I kick myself. I setup myself on binance last night. My friend is heavily invested in substratum and expects it to go from 10 cents to 50 by February. I might throw a little bit into it.
It doesn't act or meet any definitions of a currency. It acts a lot more like commodity in how it's used and traded. Just it's volatility alone removed it from the pool.
People don't want bitcoins at the end of the day. They want USD. Laundering sites on the dark web regardless, they're still trying to get back to USD as well.
That could change, but they'll need some fundamental shifts in the market to make it so. Right now it's just another type of asset to be bought and sold, and a volatile and unregulated one at that. Buyer beware.
I wish I knew how to get started with all of this. I'd invest a bit in some of these. People are making fortunes right now...
So this is the thread where we moan about how dumb we were?
I had 4 bitcoins and sold them when I thought the market had topped out around $500. Ugh. The bubble has got to burst soon. (I've been saying this for over a year, lol)
Edit - HOLY SHIT. JUST CHECKED A WALLET I HAD FORGOTTEN ABOUT.
I've got about 400 bucks sitting in there. Suuuuuweeet
I had 4 bitcoins and sold them when I thought the market had topped out around $500. Ugh. The bubble has got to burst soon. (I've been saying this for over a year, lol)
Edit - HOLY SHIT. JUST CHECKED A WALLET I HAD FORGOTTEN ABOUT.
I've got about 400 bucks sitting in there. Suuuuuweeet
It sounds like you have a firm understanding of cryptocurrency...
Bought in 2012 when they topped out at 1k. A few weeks later they dropped to like $300. Told myself I just lost all of my money or bitcoin is going to rebound. Who's laughing now?
As with any investment, only invest what you can afford to lose should the worst happen.
And don't get greedy, if it continues to climb, make sure you cash out your initial investment.