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Sat Mar 17, 2018, 09:26 AM

Anyone else here experimenting with cryptocurrency?

Ever since the massive surge in Bitcoin's price, crypto has been a hot topic, albeit a controversial one. I know Facebook bans crypto-related ads, and Google will start banning them in June. John Oliver's recent piece on HBO was cautionary, but funny.

Still, after seeing the global rise in crypto, I decided to give it a shot. The market has gone through a contraction lately, and I have lost some money as a result, but no more than I would have from a trip to the nearest casino. In fact, the old adage of "buy low, sell high" definitely applies now, and I scooped up some reputable crypto at unbelievable prices. Now all I have to do is sit on it for a year or two and be patient.

Anyone else here have experience with Bitcoin, Ethereum, Litecoin, Qtum, etc.?

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Response to derby378 (Original post)

Sat Mar 17, 2018, 09:35 AM

1. I plan to . . . once my money transfer comes in from the Nigerian Prince

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Response to DrDan (Reply #1)

Sat Mar 17, 2018, 09:40 AM

2. Are you gonna invest it in Dogecoin?

I hear it's going places, like kudzu. I'm bullish on it.

But yeah, there are a lot of crapcoins out there that should be avoided at all costs. But people want that doggie coin! Sheesh.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 09:48 AM

3. Hope you can sell it someone later...

 

Provided it doesn't get stolen by some hacker.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 09:53 AM

4. I am waiting for the Dutch Tulip market to come back first

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Response to grantcart (Reply #4)

Sat Mar 17, 2018, 11:27 AM

10. GMTA. I'd be very cautious with this stuff. Funny story though, someone offered on our house with...

...Bitcoins.

During the region-wide Thomas Fire in December, we were under mandatory evacuation at our new home in Ventura and our son and daughter had to evacuate from their respective homes in Santa Barbara. Our daughter took her kids way down the coast for better air, but our son and his wife moved their valuables to our still-empty old home with the for sale sign in front, and then themselves.

While our son was unloading his pickup, two men drove up, said they'd been burned out in Ventura, and offered to buy the house for Bitcoins. Son said no -- probably referred them to the Realtor.

When he told us about it, we laughed out loud -- because, Dutch Tulip Bulb Craze. But our son didn't laugh -- because, Cryptocurrency, It's the Coming Thing.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 09:55 AM

5. "Reputable" would not be a term I apply to cryptocurrency...

Ponzi sounds more accurate to me.

But that's just me.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 10:14 AM

6. Crypto is not just volatile, its in many ways an attack on the institution of government

 

There is really only one reason that cryptocurrency exists and is being pushed by people.

Itís to evade government oversight. To evade regulation. And to evade taxes.

There is nothing that any of the crypto methods do that they can do better or more efficiently than the current methods of banking and fund transfer that we have long established do. Except those three things I listed above. So thatís why people tolerate the increased hassle and risk and volatility to use them.

If you look into the world of cryptocurrency you will find the biggest advocates of them are the hard core libertarian types. Because they see it as a way to attack the very institution of government by having a means of exchange they can evade regulations, evade any government visibility and most of all evade taxes on.

The entire reason cryptocurrency exists and has taken hold is because itís pushed by people opposed to all the things that progressives and Democrats believe in- good government used to make the lives of people better- as a way to attack the institution of government.

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Response to Lee-Lee (Reply #6)

Sat Mar 17, 2018, 11:34 AM

11. Except that cryptocurrency is now undergoing government regulation

It started on New Year's Day in America, when new rules from the Trump administration started taxing crypto, but only at the point that you convert it back into USD. And with recent fiascoes like the BitConnect MLM scheme and some sketchy ICOs, Capitol Hill is considering a few more rules to keep the crypto markets from imploding.

And sure, there is a libertarian component to crypto, but it's based on science and technology. We don't have enough gold in Fort Knox to back all the fiat currency in circulation; it is strictly our collective faith in the government that keeps the dollar afloat. But that is a considerable trust, indeed. I'm all about good government making people's lives better; but it's been such a long time since I've seen good government in action.

If crypto blows up tomorrow, I'll be out a few hundred bucks and I'll curse my rotten luck, and then I'll go back to work next morning and keep making money the old-fashioned way. But if it takes hold, matures, and develops into a workable alternative to fiat currency, so much the better. Let government take a role in it - Japan has already legalized Bitcoin and Ripple for most forms of exchange, and South Korea appears very interested in Qtum.

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Response to derby378 (Reply #11)

Sat Mar 17, 2018, 11:51 AM

12. Attempts to regulate will be woefully inadequate

 

Crypto is rapidly evolving. Government regulations just canít keep up fast enough.

Itís taxed sure, in theory, when itís converted to USD. If you do it via the exchanges that report to the IRS. But anyone can exchange or sell outside those easily.

The whole intent behind the people pushing crypto is to move it where you never have to convert to a real currency to evade government regulation and taxes. They want to create an entirely unregulated economic system with no central authorities- thatís the whole point.

The systems are designed in a way that effective government regulation is essentially impossible.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 10:18 AM

7. A dollar short and a day late.

That boat sailed a few years ago.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 11:00 AM

8. Depends on what you mean by surge

I saw Bitcoin go all the way past $18000 earlier this year, and then down to $8,000 and less. It's now, what, somewhere around $8500?

"Buy low, sell high" is the strategy for ANY investment. Whether or not it goes your way is another matter entirely.

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Response to derby378 (Original post)

Sat Mar 17, 2018, 11:02 AM

9. I don't deal drugs or humans to the point it is necessary. nt.

 

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Response to NCTraveler (Reply #9)

Sat Mar 17, 2018, 11:55 AM

14. +1

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Response to derby378 (Original post)

Sat Mar 17, 2018, 11:53 AM

13. Im invested in Litecoin. Took a hit after the announcement Litepay was on hold, apparently...

 

Indefinitely. Still holding and waiting to see if Amazon can pump it back up.

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