Bitcoin and Other Cryptocurrencies

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Originally Posted by HipoGear

If the government can eliminate cash, they will be able to track and control everyone a bit easier. Wonder what the drug dealers will use?

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History shows that people will use durable goods as currency. In Germany, post WWII, cigarettes, liquor, chocolates, nylons, etc. were used as mediums of exchange. In the Communist times, blue jeans and coffee could get you almost anything.

For a thread I knew nothing about, I have made numerous posts. In my research on this topic this was found. Very impressive.

If you bought $100 of bitcoin 7 years ago, you'd be sitting on $72.9 million now after new record high

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Originally Posted by Patriot76

For a thread I knew nothing about, I have made numerous posts. In my research on this topic this was found. Very impressive.

If you bought $100 of bitcoin 7 years ago, you'd be sitting on $72.9 million now after new record high

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I heard that. I have regretted not buying when I first thought I should buy. I did buy ethereum about three months ago for $10 a coin. It is at $170 a coin at this point. I cashed out 8 coin at $43 a coin and basically doubled the fiat I put in.

There's an interesting dvd and/or video out there entitled 'The Rise and Rise of BitCoin' that explains the history of BitCoin.

https://reason.com/archives/2016/11/...erous-world-of

Venezuelan Bitcoin Mining

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Originally Posted by ryanw

Hey I haven't been to the forum in awhile, but I am deep into cryptocurrencies now. Don't sell any more ETHER! Keep it, seriously. In 10 years you will be glad you did. I am invested in several different currencies, and am mining a couple. My brother has set up an Etherium mining rig as well. I didn't jump in as early as you, but my investment has increased 20X, and I'm in for the long haul. At minimum, I will consider selling around 5 years from now, unless some target prices are met before then, and I cash some out. I started a thread about a coin I think is special here: https://www.scrapmetalforum.com/off-...ive-space.html

I can say that I'm on the fence about investing into it vs other currencies, but it's cheap to buy right now at about 1 cent each, and easy to mine. The community is what got me hooked on it.

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Ryan my good buddy when you become a multi-millionaire off cryptocurrency don't forget about your lowly friends here at the SMF.........Hope you do well!!!!!!!!!!!!!!!!!!!

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Just an update and a reminder that any currency is vulnerable.

Now bitcoin is crashing as technology stocks drop

Physical assets we can control, currency is another story.

$400 in 1 day ... ouch !

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Originally Posted by Patriot76

Just an update and a reminder that any currency is vulnerable.

Now bitcoin is crashing as technology stocks drop

Physical assets we can control, currency is another story.

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For Bitcoin to "crash", it would have to drop below $1,000. How much did the market drop today? How is the dollar doing? How has copper? Gold? Silver? Aluminum? done? Just sayin'.

Kind of hard to judge the value of bitcoins since very little actually gets cashed out and used. Small quantities cashed out are no problem, but once more is cashed then people want to purchase the value drops like a rock (just like stocks that are worthless until somebody wants to buy yours).

Lets say you did make $1M in bitcoins over the years, exactly how are you going to cash it in without the taxman robbing you blind (can you prove you didn't get it selling drugs?)? Eventually you need to hit a bank or buy something pricey from a store that uses the currency (not that many do).

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Originally Posted by unknownk

Kind of hard to judge the value of bitcoins since very little actually gets cashed out and used. Small quantities cashed out are no problem, but once more is cashed then people want to purchase the value drops like a rock (just like stocks that are worthless until somebody wants to buy yours).

Lets say you did make $1M in bitcoins over the years, exactly how are you going to cash it in without the taxman robbing you blind (can you prove you didn't get it selling drugs?)? Eventually you need to hit a bank or buy something pricey from a store that uses the currency (not that many do).

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Originally Posted by ryanw

A big reason for the volatility in cryptocurrency is the current market size. All it takes is a couple big players to move prices substantially. Bitcoin's market cap is around $45billion....I read that just Apple's market cap hit $800billion last month. Once the cryptocurrency markets get larger and mature, theoretically the volatility will start evening out as well.

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Ok, guys. I am not trying to get you to throw the retirement fund into Bitcoin, but you may want to consider a couple hundred just for $hit's and giggles. If you are anything like me, I waste a couple hundred bucks on beer and bullcocka in a very short time. It may pay out and there is a good chance it will. I think the run up is just starting. If every person in the U.S. wanted one Bitcoin, there are not enough Bitcoins to satisfy the demand. If $200 is the rent money, don't gamble. But if you piss away money like a lot of people do, take a shot. You have a lot better chance than the lottery.

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another drop today... Bitcoin plunges nearly 20 percent after record run

Ethereum crashed from $319 to 10 cents in seconds on one exchange after

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Originally Posted by hobo finds

Ethereum crashed from $319 to 10 cents in seconds on one exchange after

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Folks are very upset that they lost $$$ from gambling ( speculating ) in virtual currency - to the point that these people want guarantees that their "investment" can't lose value.

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Originally Posted by RLS0812

Folks are very upset that they lost $$$ from gambling ( speculating ) in virtual currency - to the point that these people want guarantees that their "investment" can't lose value.

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I did hear that a guy bought it on the glitch drop at $.10 and now he has millions as the price corrected itself

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