Bitcoin, litecoin, ethereum.........
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itsalondonthing
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There's a lot of rich people getting richer fast on bitcoin/etherium.
As enticing as it is I just can't afford to lose thousands of dollars in a high risk investment
As enticing as it is I just can't afford to lose thousands of dollars in a high risk investment
I’m in it and doing incredibly. It’s worth it. By bitcoin.There's a lot of rich people getting richer fast on bitcoin/etherium.
As enticing as it is I just can't afford to lose thousands of dollars in a high risk investment
EagleCowboy
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And you have nothing to back it up. Nice.
I realized there is one thing wrong. The Supreme Court never ruled on Bitcoin. It was the IRS. The IRS says it's property, not currency. Property cannot be taxed unless you allow it.
I realized there is one thing wrong. The Supreme Court never ruled on Bitcoin. It was the IRS. The IRS says it's property, not currency. Property cannot be taxed unless you allow it.
halcyondays
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itsalondonthing
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A real concern is that are a number of houses offering CFDs and speadbetting positions with cryptocurries and currency pairs as the underlying asset. Given the volatility, and the scope for losses when using leverage, there could be a lot of people in a lot of trouble...!
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Ripple XRP is my current cryptocurrency of interest because of its technical usefulness to banks within our existing monetary system. As far as I am aware Ripple already has a number of credit card companies either interested in, or on-board with their technology right now. Additionally, unlike bitcoin, Chinese conglomerates don't hold 80% of its marketshare.
itsalondonthing
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Great way to make or lose a ton of money!!![Money-Pile.jpg]()
And that's just it Bill. You buy it with cash, tangible currency, and sell it for the gain or loss of tangible currency or cash.
As a business, if someone said to me I have whatever amount of Bitcoin, I want you to build a home for me. I'll say, sell your bitcoin, come back with the cash or bank cheque, then we'll talk.
I don't construct in real bricks and mortar, in return for something which exists only in the ether, and can only be transacted from there. It's sole value is backed by speculation, not secure tangible assets.
I've seen people lose money speculating on tangible assets, but at least the asset is there to be appraised physically to place a value on.
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It is volatile at the moment, but my impression is that you could make a short-term profit quite easily if you buy and sell at the right times. Just don't overleverage; same rule as with any kind of trading. Doesn't strike me as something to bank on for a long-term investment though, at least, not until it's been around for long enough. Any thoughts?
I remember that you've mentioned that you have some kind of investment portfolio, I'm guessing on the side of your day job, on a few occasions. I'm in the process of trying to learn about how to manage my money in more creatively profitable ways at the moment. I think there's a lot of people, like me, thinking about this stuff at the moment because of the blockchain phenomenon, as well the backlash of the financial crash possibly making people more aware of economics.
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There will always be financial crises. There will always be the greedy.
You've just mentioned " buy and sell", you don't treat ether currency as a long term investment. You remember why the GFC occurred?
Basically....... no cash.
So, now we have ether currencies, their value is backed up by what? Invented at a time when cash and credit was extremely difficult to obtain. After it was discovered people causing the GFC were fudging figures, creating numbers and false values in the ether which did not exist in the real world, but everyone believed it ok because people were making huge amounts of money.
So, why and what is driving the speculation of Bitcoin and other ether currency?
Remember the properties, the devaluation, the losses of real assets during the GFC. What does ether currency offer up as collateral against loss, because remember bitcoin is a nothing. It is cash you will lose, or gain. Bitcoin risks nothing, you accept all the risk, you gamble on something which has no asset base, and does not really exist.
If you have a spare billion laying around and invested it, like China's richest woman just the other day. Great. I mentioned last week I think, about how the rich and greedy are driving it's value. When actually, it has no real value at all.
Yeah I have a pretty good idea of what will bring about the next downturn...which will be a cracker. Because the world is still suffering from the last, only next time no government will have the cash to bail out, what was very narrowly avoided last time. Wonder if they'll use Bitcoin.....bwaaaaaaaaaaahhhhaaaaha
And now we have these ether currencies in which people think they can avoid paying tax, which places more strain on a fragile system.
My advice, if you are young, work hard, pay your bills and don't borrow beyond your means, achieve a good credit rating. Above all stay either married or single.... and healthy.
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halcyondays
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I agree. The potential for profit is high but so is the risk. It's a gamble on a currency unbacked and un-regulated by any central bank whose value is based on pure speculation and its perceived scarcity. Not my cup of tea. Nor is currency trading in general.
I learned my lesson when the tech bubble burst in 2000: never bet on a horse who doesn't yet have legs on the ground. And never buy in when the market is high... no matter how tempting.
Yes, that was when everyone was rushing about buying domain names and .com's for huge sums......again, another ether invention
People thought they were going to make a packet just by registering every stupid domain name they could think of, thinking someone will buy it off them for a squillion.The only people making money were the companies registering the names.......or was that the 1990's tech rip off?
halcyondays
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Yes, that was when everyone was rushing about buying domain names and .com's for huge sums......again, another ether invention
The only people making money were the companies registering the names.......or was that the 1990's tech rip off?
So true. Domain names were one of many tech bubble gambles that too many people rushed into thinking they'd get rich quick.
halcyondays
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^This. Don't make a bet you can't cover or would seriously weaken your financial position.
At least you knew you owned " something"
Now all of a sudden investing in nothing is the craze.....................How the hell did humans get to a place where people outlayed their hard earned cash for something which does not exist? You can't reach through the screen of your Ipad, your phone or pc and touch your earnings. Unless you " cash" it in for "real" currency.If humans themselves became virtual, then, for me, it actually may be worth something. But for now, I dwell in the real world. I live in a home of real bricks and mortar. Eat real food. Breathe real air. Touch real trees, feed real pets. Deal in real currency which I can exchange without limitations of any boundaries.
itsalondonthing
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Unless you live in say, Zimbabwe. Your fiat currency is real until it suddenly (or not) stops being real.
We live in a world of CDOs, synthetic, exotic financial instruments whose value is determined by the players in a particular market. When you switch that light on, or turn on your gas central heating, it’s likeky that that it’s product of a series of complex energy trades in which your energy company probably hasn’t even generated the underlying commodity, in this case let’s say electricity. Sure your electricity is delivered but ultimately it’s traders moving virtual units from one party to another, wrapped up in SPVs and instruments - in exchange for your cold hard cash, which if you’ve not had inflation beating increase in income, will be worth less than it was 10 years ago.
This, today is the real world we live in. And when you go off grid? Great. But that solar panel, toolsets, cabling, transport and logistics to get you gear to site is the product of the same world that lead to the creation of Blockchain itself.
I highly recommend reading some Daniel Kahneman for a contextual overview as to why we do what we do vis-à-vis money.
