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Bitcoin-Explain to me how to buy these things (1 Viewer)

Beyond my comprehension that based on your other thread they’re worth almost $200 billion. That’s like half of Apple or Amazon, companies making billions in revenue.

Personally, I still think that’s a ridiculous valuation for what is a currency and has no actual entity or value or collateral actually backing it up. Way more like tulips than any other investment. Technology, sure definitely worth it but the currency value is crazy.

That said, congrats to those who bought in low. I missed out because I looked at it like so many of the dot com stocks that I bypassed (unfortunately was in the industry so I knew how many were dogs). Even though most ended up worthless, there was still money to be made dumping those hot potatoes. I knew they’d crash but misread how soon. Oh well. 

 
I've decided I want to invest in blockchain technology without exposing myself to Bitcoin/Ethereum/etc... Unfortunately, outside of pink sheet companies or much larger businesses that only have small exposure to it, I'm finding it impossible. 

Investing in blockchain and not the currencies seems like the safest longterm play to me, unfortunately, as of now, it doesn't look possible :kicksrock:

 
Yeah.  Wouldn't want to expose yourself to massive gains and money like that.  Fc42's doom 'n gloom posts are actually pretty brilliant taken as a buy signal.

Seriously though @fantasycurse42, you might consider investing in ibm.  They partnered with Linux to build HyperLedger.  Will probably be an enterprise blockchain powerhouse.  I'd also find a way to invest in project oaken if it ever becomes possible.  

 
So what's up with segwit2x?    Is this fork going to happen or not?

Edit:  Everything I see says it's dead -- but the communication from Coinbase is .....ambiguous. 

 

Dear Coinbase customer,

There have been a number of developments with Bitcoin Segwit2xsince our last update. No action is required and all funds stored on Coinbase remain safe. 

Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.

We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.

To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.

Scenario 1: Network is unusable
If support for the fork remains at current levels or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario.

If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform. 

Scenario 2: Network is usable
If transactions are being confirmed at a reasonable speed and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.

We will keep customers updated through our blog.

Thank you,

Coinbase Team

 
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Rick James said:
Still plenty of money to be made. If you think of the typical product life cycle, we're still far away from widespread adoption. we're still in the lunatic fringe right now, imo. 
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This.  It hasn't even scraped the surface yet for most of the general population and once it catches on (and it will within a couple years), the entire cryptocurrency market could explode and that's when I would start getting worried about a bubble popping.  Until then, as others have said in this thread, there is still ample opportunity to make money.  

A recent coin I'm investing in is called POWR (Power Ledger).  It's super cheap (trading around $0.22-$0.28 per share), albeit very volatile at the moment, but their concept/idea is interesting if it ever catches on.  Long story, short, a company out Australia is starting a block chain for people to share/trade solar energy costs and are beginning testing throughout 2018 in New Zealand and Australia.  They have plans of expanding their concept to Japan, US, etc, if the trial periods go well.  Not saying it's a sure thing, but google them and check it out, it seems like a pretty good idea that could catch on if they can figure out how to efficiently scale the business.  

 
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Gustavo Fring said:
This.  It hasn't even scraped the surface yet for most of the general population and once it catches on (and it will within a couple years), the entire cryptocurrency market could explode and that's when I would start getting worried about a bubble popping.  Until then, as others have said in this thread, there is still ample opportunity to make money.  

A recent coin I'm investing in is called POWR (Power Ledger).  It's super cheap (trading around $0.22-$0.28 per share), albeit very volatile at the moment, but their concept/idea is interesting if it ever catches on.  Long story, short, a company out Australia is starting a block chain for people to share/trade solar energy costs and are beginning testing throughout 2018 in New Zealand and Australia.  They have plans of expanding their concept to Japan, US, etc, if the trial periods go well.  Not saying it's a sure thing, but google them and check it out, it seems like a pretty good idea that could catch on if they can figure out how to efficiently scale the business.  
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How much bigger could it get without replacing the dollar? If the market cap is already $200 billion, if it’s scraping the surface then it will have enough value to be 10-20% of the US economy. Man, the last guys in are going to lose their shirts. Sell your house in bitcoin and lose half the value the next day.

Also, above product life cycle? What product? This is an investment not a product. It’s not even something like a bond or security that has a body behind it paying interest on what is basically a loan. Even stocks have a company behind them.

I went through the dot com tech bubble and this seems like that. Some Australian company creating a block chain for trading solar energy and the “currency” is a good investment? Everyone and their mother is going to make a coin. In the dot com hey day there were dozens of search engines all worth a bunch of money with no revenue and investment analysts created a measure of eyeballs to justify their market caps. Well, after the crash there’s one named Google and it wasn’t even one of the original kings like Yahoo and Alta Vista and Excite and Lycos and AOL.

There may be one that makes it, but I’m betting the last guy standing is a company not even around yet and it will be more about the company with the technology not the currency. If a crypto currency makes it, it will trade like any other currency and outside of currency traders it won’t be an investment like it is now. 

Lots of money to be made, but when it goes widespread there will be a lot of money lost as well but that will be a small percentage of lots of investors portfolios.

It’ll be fun to watch but man does it remind me of the dot com crash. Australian solar energy trading? It’s getting there quick. 

 
Gustavo Fring said:
This.  It hasn't even scraped the surface yet for most of the general population and once it catches on (and it will within a couple years), the entire cryptocurrency market could explode and that's when I would start getting worried about a bubble popping.  Until then, as others have said in this thread, there is still ample opportunity to make money.  

A recent coin I'm investing in is called POWR (Power Ledger).  It's super cheap (trading around $0.22-$0.28 per share), albeit very volatile at the moment, but their concept/idea is interesting if it ever catches on.  Long story, short, a company out Australia is starting a block chain for people to share/trade solar energy costs and are beginning testing throughout 2018 in New Zealand and Australia.  They have plans of expanding their concept to Japan, US, etc, if the trial periods go well.  Not saying it's a sure thing, but google them and check it out, it seems like a pretty good idea that could catch on if they can figure out how to efficiently scale the business.  
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BATmarine checking in!  We are the BATmarines and we are NOT ####### SELLING!

 
A lot of whispers going on that Bitcoin's price has been inflated by the issuance of fake Tethers.  Tether is a 1:1 crypto that is supposed to be anchored to the price of the dollar.  Ostensibly it's created and balanced with a ledger purportedly equal to its reserves in US dollars, but something like 600 million have been created and the audits aren't really there to back it up.  Almost like a fractional reserve scheme going on or something.  

https://twitter.com/bitfinexed 

I'd be real easy about keeping money tied up in BTC and exchanges that trade in Tether (Bitfinex, Bittrex, etc).  Everything would take a hit if Bitfinex went down but I don't think anything would get hit as hard as Bitcoin. It is sitting comfortably at all-time high right now.  Just sayin 

 
ren hoek said:
A lot of whispers going on that Bitcoin's price has been inflated by the issuance of fake Tethers.  Tether is a 1:1 crypto that is supposed to be anchored to the price of the dollar.  Ostensibly it's created and balanced with a ledger purportedly equal to its reserves in US dollars, but something like 600 million have been created and the audits aren't really there to back it up.  Almost like a fractional reserve scheme going on or something.  

https://twitter.com/bitfinexed 

I'd be real easy about keeping money tied up in BTC and exchanges that trade in Tether (Bitfinex, Bittrex, etc).  Everything would take a hit if Bitfinex went down but I don't think anything would get hit as hard as Bitcoin. It is sitting comfortably at all-time high right now.  Just sayin 
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https://www.forbes.com/sites/ktorpey/2017/09/30/this-u-s-dollar-backed-token-issued-on-bitcoin-and-ethereum-is-a-ticking-time-bomb/#a9f68056a16d

I'd never heard of Tether, but this explains it well.

 
The thing about the Bitcoin/Bitcoin Cash/Segwit2x fork is that Blockstream and the Core developers (who design the client that operates the BTC network) have basically made the formal decision for Bitcoin to be a dysfunctional "store of value," basically abandoning the whole idea of it being a useful means of exchange.  They are set on keeping a 1mb cap on the blocksize, guaranteeing Bitcoin will be high-fee ####coin with excruciatingly slow confirmation times.  

https://i.imgur.com/bBZARNO.jpg

The idea is to move transactions off the blockchain into sidechains using the Lightning Network for payment channels.  Which they have a patent on.  I'm all for trillions of dollars moving into crypto but this is just ridiculous.  It's like the Model T selling for $50k when there are Lambos out there going for $5k.  I don't think first mover advantage will hold up forever.  

 
https://techcrunch.com/2017/11/20/tether-claims-a-hacker-stole-31m/?ncid=rss&utm_source=tctwreshare&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+(TechCrunch)&sr_share=twitter

Tether, a startup that works with bitcoin exchanges, claims a hacker stole $31M

Bitcoin cruised past $8,000 for the first time this week, but it hasn’t been smooth sailing for all after Tether — a company that helps exchanges convert fiat currency to token — said today that a hacker snatched nearly $31 million.

Tether operates USDT, a cryptocurrency asset that it backs via the U.S. dollar. The company said that $30,950,010-worth of USDT was taken from its core treasury wallet “through malicious action by an external attacker.”

In response Tether said it has flagged the tokens — meaning that it will track them and prevent the holder from exchanging them through its service — and that it is working to recover them.

 
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As Coindesk reports, the incident is sure to throw up more questions about the relationship between Tether and the secretive exchange Bitfinex. The duo are rumored to share owners, and have been accused of leaning on each other to manipulate the market. Already, there are theories circulating that suggest this new attack could be an inside job.

 
stbugs said:
How much bigger could it get without replacing the dollar? If the market cap is already $200 billion, if it’s scraping the surface then it will have enough value to be 10-20% of the US economy. Man, the last guys in are going to lose their shirts. Sell your house in bitcoin and lose half the value the next day.

Also, above product life cycle? What product? This is an investment not a product. It’s not even something like a bond or security that has a body behind it paying interest on what is basically a loan. Even stocks have a company behind them.

I went through the dot com tech bubble and this seems like that. Some Australian company creating a block chain for trading solar energy and the “currency” is a good investment? Everyone and their mother is going to make a coin. In the dot com hey day there were dozens of search engines all worth a bunch of money with no revenue and investment analysts created a measure of eyeballs to justify their market caps. Well, after the crash there’s one named Google and it wasn’t even one of the original kings like Yahoo and Alta Vista and Excite and Lycos and AOL.

There may be one that makes it, but I’m betting the last guy standing is a company not even around yet and it will be more about the company with the technology not the currency. If a crypto currency makes it, it will trade like any other currency and outside of currency traders it won’t be an investment like it is now. 

Lots of money to be made, but when it goes widespread there will be a lot of money lost as well but that will be a small percentage of lots of investors portfolios.

It’ll be fun to watch but man does it remind me of the dot com crash. Australian solar energy trading? It’s getting there quick. 
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Huh, I guess MarketWatch is a FFA reader:

https://www.marketwatch.com/story/how-bitcoin-fever-is-like-the-dot-com-bubble-in-one-chart-2017-11-21?siteid=yhoof2&yptr=yahoo

Just posted a couple hours ago. 

 
Welp, sign me up as one of those dead money guys.
Figure I can waste money on a whole host of things, why not crypto?

I presume you can take losses on your taxes when the market tanks.

 
Originally invested 5k in Bitcoin and 5k in Ethereum. Sitting at a little over double my investment in Bitcoin I'm starting to think it's time to exit. I'll end up with my original 10k back and 2k in profit as a bonus. Then I'll sit tight with my Ether and let that be my lottery ticket. Even if Ether goes completely belly up I'll still be up 2k for the whole venture.

Anyone want to talk me into finding some courage to stay in both long term?

 
SkyRattlers said:
Originally invested 5k in Bitcoin and 5k in Ethereum. Sitting at a little over double my investment in Bitcoin I'm starting to think it's time to exit. I'll end up with my original 10k back and 2k in profit as a bonus. Then I'll sit tight with my Ether and let that be my lottery ticket. Even if Ether goes completely belly up I'll still be up 2k for the whole venture.

Anyone want to talk me into finding some courage to stay in both long term?
Click to expand...
Awesome. Congrats. If I had that much in, I'd likely be wanting to cash out too.  But sure is tempting to leave a little in (especially in ETH) and play with house money. 

 
SkyRattlers said:
Originally invested 5k in Bitcoin and 5k in Ethereum. Sitting at a little over double my investment in Bitcoin I'm starting to think it's time to exit. I'll end up with my original 10k back and 2k in profit as a bonus. Then I'll sit tight with my Ether and let that be my lottery ticket. Even if Ether goes completely belly up I'll still be up 2k for the whole venture.

Anyone want to talk me into finding some courage to stay in both long term?
Click to expand...
I bailed a few weeks ago and I regret it. 

I intended to jump back in assuming it would shave off 20% at some point. It hasn't.

 
10k today.  

This is completely sustainable. Anyone who follows memecoins knows that after a coin goes up 20% in a week, that the coin will never possibly be a lower price ever again. It is basic science.

 
10K. Unreal. The wife and I bought a bunch of bitcoin back in early May and I've been begging her to sell it ever since it hit 4K. God bless that stubborn b****.  :lol:

 
Anyone have any opinions on using Bitfinex exchange?

Edit: ignore this request. I'm avoiding it.

I decided to use Binance instead. I'm jumping into the IOTA coin market. Heard lots of good things about it today.

 
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Wow--I  was very skeptical about bitcoin earlier in this thread and it's performance over time has certainly proven me wrong up to this point.  Congrats to those of which invested in this and are along for the ride.   At this point--I think it's gone up too far too fast for me to hop on the bitcoin wagon big time now.  I broke down and bought one coin a while ago once it started gaining traction and I wish that I was a bigger believer at the time.  With that being said,the $11k+ bitcoin level is making silver and gold really look like good values to me.  I don't see each of the metals going up meteorically high and fast like bitcoin has--but I do think they are looking like long term values here.   Regardless--I think if you look at the value of the stock market, bitcoin, and real estate--the trend here is that the dollar is getting weak and diluted.  Even if the numbers don't support the dollar being weak--just look around--it's taking far more dollars to purchase any real valuable asset these days.   I certainly think that people should have enough cash and liquidity around to be comfortable--but I do think that an overexposure to cash is probably just as dangerous as being overexposed to any other asset (bitcoin, precious metals, stocks, real estate). With that being said,  I still believe that diversification amongst assets remains important.  

 
I thought it was "too high" when I bought some at $4,000 but I wanted to gamble. You have to consider that a very small percentage of the population knows what bitcoin is. Even fewer people own it. There is still plenty of money to be made.

 
Rick James said:
I thought it was "too high" when I bought some at $4,000 but I wanted to gamble. You have to consider that a very small percentage of the population knows what bitcoin is. Even fewer people own it. There is still plenty of money to be made.
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I kinda get that and I also wonder how the public will handle a non-backed, unsecured currency.  I also think a lot of people are just waiting for some kind of drop before diving in as they are afraid to buy at the peak.

 
Jayrod said:
I kinda get that and I also wonder how the public will handle a non-backed, unsecured currency.  I also think a lot of people are just waiting for some kind of drop before diving in as they are afraid to buy at the peak.
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Have you heard anything about how or if this going to be taxed?

That was going to be my question and then I found this:

"Bitcoin Are Not Money for Tax Purposes. Although Bitcoin can be used like money, they are not considered to be money (legal tender) by the IRS or any other country. Instead, they are personal property, much like gold or corporate stock.Aug 10, 2017"

 
eoMMan said:
Have you heard anything about how or if this going to be taxed?

That was going to be my question and then I found this:

"Bitcoin Are Not Money for Tax Purposes. Although Bitcoin can be used like money, they are not considered to be money (legal tender) by the IRS or any other country. Instead, they are personal property, much like gold or corporate stock.Aug 10, 2017"
Click to expand...
So I guess purchasing something with bitcoin is like a barter transaction.  Typically that is taxed at the market rates at the time of exchange less the cost basis of the item exchanged.  This would probably have to be reported as regular income and not capital gains.

 
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Tomorrow night's episode of Big Bang theory should push it up over $12k by next weekend.

I suspect a bubble is looming come Jan 1st....

 
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