Bitcoin and crptocurrency markets

[Tripletime]

Any opinion on bitcoin and the cryptocurrency markets out there?

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

[Its Catchy]

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.

[Tripletime]

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.

[Jay512]

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.

[Tripletime]

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

[Ready.Fire.Aim]

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

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

http://bitcoinmagazine.com/articles/...os-1429396603/
http://en.m.wikipedia.org/wiki/Mt._Gox
http://en.m.wikipedia.org/wiki/BitInstant

Good info on valuations:

https://bitcoinmagazine.com/articles...-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."

[WGA1]

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.

[Its Catchy]

This is why I skeptical of bit coin. It's more volatile than a **** table.

https://www.bloomberg.com/news/artic...ter-record-run

[older 37]

Originally Posted by Tripletime

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.

[That Robbie Guy]

As of today you are definitely enjoying a nice return.

Originally Posted by Jay512

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?