Bitcoin and Other Cryptocurrencies - Page 2

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

111111

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.

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!!!!!!!!!!!!!!!!!!!

111111

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.

111111

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).

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.

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.

111111