Bitcoin discussion

That’s my biggest concern.

That and KYC requirements most banks seem to love, no doubt to also demand buy-vs-sell prices (for tax purposes).

This is the guy you need to listen to. He speaks the truth.

Home Depot takes it. And Bitpay will convert it to Amazon gift cards. Home Depot and Amazon pretty much cover anything I could want to buy. But you are correct that I should keep my investing in the range of what I could spend at those places.

idk. He’s some random internet guy. I have a degree in Business with a minor in Economics. :stuck_out_tongue:

Any thoughts or ideas about what economic or business factors are involved with the exchange rate?

What determines the value of these “coins”—it went up over $4k in just the past 2 weeks.

i don’t have the formal education, but i have 40 years of experience with high negative returns on my savings and nest-egg money several times in stock market investments, both with “professional” advice (Merrill Lynch) and on my own research.

High risk, High reward. This is finance 101. Anything that goes up so fast, can and will go down equally fast.

Sorry about your loss kennybobby.
Bitcoin is like the stock market, the people that want a share of it are bidding against each other.
They are both volatile, but the ‘useful’ thing is that their volatility is somewhat reversed… Meaning investors tend to choose with each dollar they invest, do I want a piece of the future economy (stocks), or do I want to disconnect from the economy (bitcoin). So with the US Gov. printing more money to pump out, they are watering down the value of existing money. All while the chances of a full economy reboot are looking harder and harder. So for these reasons (and a few others) the current Bitcoin surge is for real-world reasons rather than the 2018 FOMO craze.
My decision to experiment with Bitcoin is just diversification, not the pursuit of profits. Your traditional view is that the a savings account is the safest place for your money. But these days your savings account effectively shrinks ~15% per year. Can you afford to lose that?

I should clarify too- Bitcoin is not an alternative to savings. It’s an alternative form of investing. Never invest more than you are willing to lose.

Bitcoin atm is TOO volatile to invest in now safely, if you invested early on when the price was low then its all uphill. But now with how it fluctuates in my opinion not worth the risk. Better to invest in index funds they have a fairly strong history with returns and generally double investment in 10 years give or take with an average of 7% annual dividend payouts that are reinvested.

And that’s solid thinking. But the economic situation is primed to give Bitcoin the credibility it needs in the year to come. IF it gains that cred, today will become the day it was a bargain. And the peak-and-fall that will inevitably come will both stay above today’s price. Today then becomes the “if you invested early” you mentioned.

PSA I am not a financial adviser. My opinions are only that, opinions. :smiley:

Well, I have day traded off and on for 12 years. I got into crypto about 3 1/2 years ago. There is a lot of money to be made in crypto. Don’t let anyone tell you different. Long term, “investment”, I’m not sure. Day trading crypto is awesome. 24/7 365 market, and no settlement waiting period. But it sick that being in the USA, we can’t short or trade in crypto. (I had a VPN so I didn’t live in the USA ;))
The most stable and trustworthy exchange I have found for US traders is Coinbase. When I started on there they only had four pairings.
But don’t be fooled by the recent spike. It had been three years coming. It’s been a bear market, and I suspect it will correct again after the first of the year. Altcoins are my thing. They tend to follow BTC.

I would say educate yourself as much as possible! I am mostly a fibonacci/Elliott wave trader.

I could go on all day about this. I would say find a successful crypto trader and start learning. Look at different traders, different strategies, all that.

Learn learn learn.
Then, learn some more. I’m still learning.
Many experts say gold and silver and yada yada are bad investments. People get into gold in case of the collapse of FIAT. Thats all bologna. We aren’t going to use precious metal as currency again. If there was a collapse, I believe crypto will be the safety net. Blockchain is robust, secure, and anonymous. You can already use it as legal tender at many places across the country, (stores and whatnot), and they have been rolling out ATM machines for a few years where you can withdraw real money out based on current exchange rate.
Now, in my opinion, it does fluctuate too much currently to be a viable, spendable currency for sure.
I would encourage you to explore it.

Ok, I’ve rambled long enough. Lol

Sounds like you made your mind up.
Go DEEP!
and good luck.

Stuff is VooDoo to me, can’t see it, smell it, etc.
Ya I know, so is faith in whatever brand of spirit/idol/book you do/do not subscribe to.
So it goes.

Oh and one more thing.
Open a free TradingView account and I think you can paper trade on there on the computer, but not the app.

I wish. I’d buy on the dips.

@DSTdrummer, thanks for the ramblings, I wish I had learned more about it in the past. I just never had any interest in it until now.

@Muto, I did! I bought $100 just before opening this thread. lol. I opened the thread in hopes of learning more and considering buying more.

In terms of places you can spend it, Bitrefill has a pretty good reputation for exchanging it to gift cards - and they give 1% back, which is better than nothing.
And FastTech accepts Bitcoin as a payment method! So you can actually go straight from Bitcoin into flashlights, haha.

[quote=Joshk]
@DSTdrummer, thanks for the ramblings, I wish I had learned more about it in the past. I just never had any interest in it until now.

Yeah, I have to be careful cuz I’ll yammer on and on about it. Lol

Good luck to ya!

It will be only be true if there is a real collapse and you can’t use the internet. Most people are just mad that so many early investors became millionaires for a ridiculously low amount of money,

@DSTdrummer, so you are day trading alt coin? What are the returns on that? Does it pay the bills? I don’t know anything about it myself, and I’m interested if you want to share :slight_smile:

I’m not trading at the moment, but I did for a while. Me and the wife are focusing on starting a brick and mortar business.
And yes, it can pay the bills. Notice I said CAN not WILL. You can lose a loooot of money. Day trading skill is something that takes time to hone. I was just talking to a buddy of mine the other day, actually the guy that got me into it. He said he looks back and realizes how little he knew when he got started.

There are a ton of, “rules”, to learn. But the most important I can say are-
-Learn analysis.
-When you actually get in to trading. Set up your trade. Do it on paper if you have to. Know when you think you want in, and set when you’ll get out. Don’t deviate. If the price goes higher than you thought, it is what it is. Don’t chase it!
-Which leads me to, don’t get caught up in FOMO. (Fear Of Missing Out).

There is way, WAY too much to get into here. If you don’t know anything about trading, like I said before. Check YouTube. Lots of good traders teaching analysis on there. But look at many different traders. They will all have different ways of going about things, and use different indicators and so on. But you can test them on paper and see what works for you.
I followed a very successful trader that goes by Philakone. Hes in Canada so he can short and all that, but he’s really, REALLY good at it and become a multimillionaire in like a couple of years. He has had issues and was a hot mess for a while and might still be, lol. He was doing drugstore and calling folks out and all kinds of drama. But that was a different kind of fun to watch. Lol

Anyhoo, if you don’t know anything at all about trading, take the time to soak up knowledge. If you do know about trading, take more time to soak up knowledge about crypto.
Again, I can’t even scratch the surface here.
I wish you good luck, and I would encourage anyone to at least give it a shot.

Donnie