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Discussion Starter · #1 ·
Any opinion on bitcoin and the cryptocurrency markets out there?

Just wanting to see of any of you have had any experiences.
 

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Lets see according to Wiki Bitcoin is:

"a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto." Personally I am skeptical. How much was created, by whom, what backs it up, how secure is it etc... Is there any oversight at all?

Seems to me that there is an incredible risk for abuse, fraud and chicanery.

With that being said since most of the world got off the gold standard what backs up any nations currency? Nowadays there seems to be a race to the bottom by many countries to weaken currency, squander future generations money and just overspend.

Long story short any currency is only as strong as what the free market will give for it in the form of goods and services. Perhaps this is the free markets attempt to establish a currency outside the political realm?

Once again I work too hard for my money and the risks are too high for me. But I would love to here what other people on these boards think of it and more importantly if they made any money on it. They say over 100,000 vendors worldwide accept it as a form of payment so that makes it a little more legit than it was say 7 years ago.
 

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We're gonna need a bigger boat!!!
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At my age, I'm skeptical of anything that seems to be a "get rich quick" scheme. My son has been interested in it for a while now and started investing in it about three months ago. He seems to be doing exceptionally well and I just wanted to hear if anyone on here had any experiences... good or bad.

My son is 23 years old and I always told him to take risks when he was young. I guess he took me up on it. I do respect his knowledge though. I know that as his father, I'm being biased but he is a pretty sharp young man... Stanford grad as of last year with tons of contacts in the tech world. I'm just at a loss when it comes to this stuff.

I am a school teacher and have never had much to invest but know that some on these boards do. Hopefully more people will give their insight.
 

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I have used bitcoins in the past and carry a balance in a wallet. That balance has tripled in the last few months (most being last few weeks).

I have not used this as an investment tool as of now, but I have been reading up on it. There seems to be an opportunity to grow, but it could be pretty volatile.
I am thinking about adding to my balance and then start DCA for while. Treating this as more of a gamble.
 

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It is definitely a volatile investment. He seems to know what he's doing though so I hope he continues to do well. He's looking into operating a hedge fund. We'll see if it takes off. He has realized about 1000% ROI so far so hopefully it is something that he can continue with. I just worry a little as a father.

By the way... he's the one in the picture with me :)
 

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Volatile valuations.
Also many people lost money in bitcoin bank failures.

Read about Mt. Gox , BitInstant , GAW, and PayCoin

http://bitcoinmagazine.com/articles/death-paycoin-employee-video-reveals-internal-chaos-1429396603/
http://en.m.wikipedia.org/wiki/Mt._Gox
http://en.m.wikipedia.org/wiki/BitInstant

Good info on valuations:

https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/

"As of 2014, bitcoin has volatility seven times greater than gold, eight times greater than the S&P 500, and 18 times greater than the U.S. dollar."
 

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Funny thing I happened to hear Glenn Beck talking about this on the radio last week. According to him Australia is, or has, recognized it as a form of currency. If it catches on with other countries then it may be very lucrative...all speculation of course.
 

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It is definitely a volatile investment. He seems to know what he's doing though so I hope he continues to do well. He's looking into operating a hedge fund. We'll see if it takes off. He has realized about 1000% ROI so far so hopefully it is something that he can continue with. I just worry a little as a father.

By the way... he's the one in the picture with me :)
The problem is there is no standardization on controls and possible manipulation. His ROI returns are per him, not an organization or company like the stock market. I wouldn't touch them except with Vegas gambling money.
 

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The problem is there is no standardization on controls and possible manipulation. His ROI returns are per him, not an organization or company like the stock market. I wouldn't touch them except with Vegas gambling money.
Would it be such harm to throw a few hundred in and see?

Certainly better than Dinar, I guess!
 

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As of today you are definitely enjoying a nice return.

I have used bitcoins in the past and carry a balance in a wallet. That balance has tripled in the last few months (most being last few weeks).

I have not used this as an investment tool as of now, but I have been reading up on it. There seems to be an opportunity to grow, but it could be pretty volatile.
I am thinking about adding to my balance and then start DCA for while. Treating this as more of a gamble.
Did you ever add to your balance then?
 

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As of today you are definitely enjoying a nice return.

Did you ever add to your balance then?
Yes, I have been adding. I did spend some bitcoins, but I'm pretty pleased.
I have been lucky that every time I have been ready to purchase (except this week), there was a decent dip.

The price may be pulling back, but I wouldn't mind that.
 

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Reminds me of Bernie Madoff.
Could you elaborate on that? I assume you mean that it reminds you of a Ponzi Scheme.
There is no promised rate of return or dividends. Do you believe that since the bitcoin originally had no value that older holders are benefiting from new bitcoin purchases, so the creator created a Ponzi Scheme?

There is no money flow to a central entity or the creator. Just the value of bitcoins that entity or creator could hold.
I can see a Ponzi scheme could be run from bitcoin "investing", but I do not agree it is one itself.

Interested in any of your thoughts though.
 

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The problem I have is since it was started by an individual and never had a real value , it won't become anything more than a novelty and could be easily manipulated .
 

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The problem I have is since it was started by an individual and never had a real value , it won't become anything more than a novelty and could be easily manipulated .
Not sure about a novelty or no real value..... I bought some back when it was 1300.00 each,,,, now they are up over 4300.00 each... Id say thats pretty good value..

As far as easy manipulation, its just the opposite, there are no banks or govt crooks able to manipulate the price as they do our current $...

It is estimated to that 1 bitcoin will be worth 7500 - 10k by end of this year... As it gains, more people will jump in and itll keep growing. It is said that eventually 1 bitcoin will be worth 1million us... I have no clue other than I have already done extremely well.:walkingsm
 

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Not sure about a novelty or no real value..... I bought some back when it was 1300.00 each,,,, now they are up over 4300.00 each... Id say thats pretty good value..

As far as easy manipulation, its just the opposite, there are no banks or govt crooks able to manipulate the price as they do our current $...

It is estimated to that 1 bitcoin will be worth 7500 - 10k by end of this year... As it gains, more people will jump in and itll keep growing. It is said that eventually 1 bitcoin will be worth 1million us... I have no clue other than I have already done extremely well.:walkingsm
Been dabbling in it for a few months as well, actually deposited some $ back in my bank account no problem before really playing the bitcoin game. Ive been pleased with the results so far. i dont mind a volatile market, keeps me on my toes. Yeah im waiting for that 10k jump. i remember folks talking about it hitting 2k and i said no way in heck could that happen, well was i wrong. 4K no problem lets go to 50k
 

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Hope all of yall got in on the 3k dip. Pulled 10.25k from the rebound in 4 days. Cashed out and off the Ben Bridges for a new Submariner Hulk next trip to the city.
 

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My perspective of bitcoin regarding the op question. This is fairly new technology that old tymers most likely wont understand. For those that say its worthless ived used it on several occasions so far. Its not fake $ folks, makes me laugh when i hear someone say its fake lol. Is it volatile, heck yeah it is. Its funny how Jamie Dimon blast the technology, but has a team trying to create the same technology for JP Morgan. Hes scared to death of this new way of handling $ and trying to stop it before it gets too big. Well thats nearly impossible. Oh and the day after his announcement how Bitcoin was a fraud, his firm tried to go in and buy up aloooot of bitcoin on the dip and got caught. Hmmmmmm.
 
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