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Old 11-28-2017, 04:04 PM   #101
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Originally Posted by Patton View Post
Somebody in my office just represented a home buyer who bought $100 worth of bitcoin many moons ago when they were around 3 pennies each. Not even 40 and could retire for a few lifetimes; sure would be nice!
I am sick daily over the missed opportunity. I wanted 5k worth when it was $15 a share and my wife talked me out of it. I could be wealthy with ranches today.

I started buying litecoin 2 months ago so maybe someday...
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Old 11-28-2017, 04:08 PM   #102
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I'm with the "how could nothing be worth something crowd".

There's a guy here at work that "mines" crypto currency.
He's got a building, in his back yard, full of computers, and fans, and AC units that run 24 hours a day. When they break some kind of algorithm, he gains a "coin" in his "wallet".
He said his electric bill, to operate that "mine" is about $1,600 a month, and he "mines" about $1,400 of coins a month.
His plan is to build a bigger "mine", so he will actually make money off of it. He's already got two partners, that have invested money and a third is in line.

He said it doesn't take much to start a "mine", but it takes a pretty big "mine" to actually make money. To me, it seems like if anyone can set this up, and generate "money" from nothing, it really can't be worth anything ... just like printing counterfeit bills.

Burnadell's emu/ostrich/chinchilla analogy is spot on, I think.
It's not money from nothing... he's collecting fees on transactions he provides peer verification for via his computing power... AND the value of the Bitcoin he's mining is going up with the price, so it's not a fixed number per month.
I bought at $575, which wasn't a particularly good time at the time, and still having to convince myself not to sell. Almost did a few months back at $6k.
Here's my prediction: we will see $25k BTC in 2018.
I'll be lucky if I haven't sold by then.

Last edited by meltingfeather; 11-28-2017 at 04:12 PM..
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Old 11-28-2017, 04:09 PM   #103
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I do not even have a basic knowledge of bitcoin or the other variants. But this puts some of the talk into perspective: The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries

From the article: "Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month."
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Old 11-28-2017, 04:12 PM   #104
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Originally Posted by meltingfeather View Post
It's not money from nothing... he's collecting fees on transactions he provides peer verification for via his computing power.
Huh?
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Old 11-28-2017, 04:24 PM   #105
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"Mining"? Sounds more like a Monopoly money video game version of a pyramid scheme to me. I'm happy for folks who've made tons of money in it. I hope they sell high. But everything about it sounds like a huge bubble based on literally nothing that will eventually burst.

I wish I would have bought $1,000 worth 5 years ago though.
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Old 11-28-2017, 04:33 PM   #106
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For everyone who dreams and wishes they bought a long time ago think about this. If you bought 1k worth way back then when all of us really had no clue it would go anywhere or be worth anything, would you have held once your coins jumped up to being worth 5k? I doubt it... 10k? Heck no, any reasonable person would have sold.

It takes either a real gambler (like the guy who bets it all on double green at roulette and lets it ride), someone who somehow KNEW it would be worth a lot, or an idiot to buy when it was under $100 and still be holding.

It's easy to look back now and think you may have held or could have held. But how many times could you have used the extra 2k, 5k or 10k over the last 5+ years?
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Old 11-28-2017, 04:36 PM   #107
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I would have sold a LONG time ago if I'd bought it when it was $200.
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Old 11-28-2017, 04:37 PM   #108
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Originally Posted by Texastaxi View Post
Huh?
You said mining is generating "money from nothing."
I pointed out that your statement is false.
Just like the 3% fee a credit card collects is not "money from nothing," he's collecting fees for performing a service that is critical to the function of Bitcoin. The value of the Bitcoin he's collecting is paid in fees by the seller for every transaction he verifies.
For every transaction the seller pays a 0.0001 BTC fee that the peer verification network gets for providing the verification service. It's called mining.

Last edited by meltingfeather; 11-28-2017 at 04:43 PM..
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Old 11-28-2017, 04:39 PM   #109
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Did any of y'all have trouble setting up your account? It keeps saying merchant won't allow it to go through.
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Old 11-28-2017, 04:39 PM   #110
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I wish I would have bought $1,000 worth 5 years ago though.
I did and my plan is to cash out double what I put in, which is a respectable return, and let the rest take a better than free ride for a while longer.
oooor I could cash out for $22,000... decisions.
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Old 11-28-2017, 04:50 PM   #111
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Originally Posted by meltingfeather View Post
You said mining is generating "money from nothing."
I pointed out that your statement is false.
Just like the 3% fee a credit card collects is not "money from nothing," he's collecting fees for performing a service that is critical to the function of Bitcoin. The value of the Bitcoin he's collecting is paid in fees by the seller for every transaction he verifies.
For every transaction the seller pays a 0.0001 BTC fee that the peer verification network gets for providing the verification service. It's called mining.
Well, that's not the way he explained it to me.
He said he is GENERATING coins ... a few different ones, in fact.
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Old 11-28-2017, 04:54 PM   #112
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Originally Posted by Texastaxi View Post
Well, that's not the way he explained it to me.
He said he is GENERATING coins ... a few different ones, in fact.
What he's doing is probably way over my head... but that's mining as I understand it.
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Old 11-28-2017, 04:54 PM   #113
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Did any of y'all have trouble setting up your account? It keeps saying merchant won't allow it to go through.
the bank will normally decline it the first time until you either confirm the transaction (if they text or email you) or contact them (small bank).

if anyone else signs up with coinbase use my referral code and we both get $10 after you buy $100...paid in btc of course

https://www.coinbase.com/join/5924c25f9a8f1c00b03c4e0b
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Old 11-28-2017, 04:56 PM   #114
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Welp I bought into LTC. I was close to doing so when this thread was started but didn't and I've already missed out on a decent return.

Life's short, let's blow some cash
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Old 11-28-2017, 05:00 PM   #115
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Originally Posted by wes122984 View Post
the bank will normally decline it the first time until you either confirm the transaction (if they text or email you) or contact them (small bank).

if anyone else signs up with coinbase use my referral code and we both get $10 after you buy $100...paid in btc of course

https://www.coinbase.com/join/5924c25f9a8f1c00b03c4e0b

Wish you would have posted this a few hours ago.
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Old 11-28-2017, 05:13 PM   #116
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Crypto currency is very intriguing to me. It has the making of a fad and a bubble. But I thought the same thing about Facebook
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Old 11-28-2017, 05:43 PM   #117
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Originally Posted by Williams4298 View Post
Do y'all just have yalls debit card on the app or do y'all actually use your bank account? I'm a little hesitant to put my bank account on there.
You can link your bank account to Coinbase just like you do to PayPal. They will drop a couple of deposits in your account to verify it.

I opened a completely separate account for this stuff just in case.
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Old 11-28-2017, 05:45 PM   #118
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Originally Posted by JANSLEY817 View Post
Wish you would have posted this a few hours ago.
I had already posted a link with the same results earlier in this thread. Free money is free money, this way it benefits both parties.
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Old 11-28-2017, 05:46 PM   #119
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Quote:
Originally Posted by wes122984 View Post
the bank will normally decline it the first time until you either confirm the transaction (if they text or email you) or contact them (small bank).

if anyone else signs up with coinbase use my referral code and we both get $10 after you buy $100...paid in btc of course

https://www.coinbase.com/join/5924c25f9a8f1c00b03c4e0b
Every bank has a routing number no matter how small it is. That's all you need to get your bank set up along with your account information.
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Old 11-28-2017, 05:47 PM   #120
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One day I'll learn to use the "multi quote" feature...

Until I'll keep padding my post count...
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Old 11-28-2017, 05:51 PM   #121
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There was a big sell off earlier and BTC is still going strong. People are starting to buy again...10K will be the new base soon, how far up will it go?
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Old 11-28-2017, 06:16 PM   #122
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I have just read about it a bit but still dont get it. Where is the value coming from? What keeps it from devaluing down to nothing? It all just sounds imaginary and can all disappear into thin air just as it appeared from thin air.
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Old 11-28-2017, 06:35 PM   #123
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How do you know the guy who created it ( which apparently has never been identified ) is not banking millions of "real" dollars of investors while it runs up in price/"value"? What makes the price increase other than the desire of people to buy in?
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Old 11-28-2017, 06:49 PM   #124
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The value is in the supply and demand...only a set amount will ever be available, and they aren't all available now, they have to be mined. Mining them cost money, as competition to mine increases so does the cost as folks expand their server capabilities, electricity cost, etc...

And the fact that many businesses are accepting bitcoin now legitimizes the currency.
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Old 11-28-2017, 06:51 PM   #125
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Glad I threw 1000$ at it when it was .12 a pop!
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Old 11-28-2017, 07:05 PM   #126
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Glad I threw 1000$ at it when it was .12 a pop!
A TBH billionaire emerges...
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Old 11-28-2017, 07:09 PM   #127
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Originally Posted by topshot View Post
The value is in the supply and demand...only a set amount will ever be available, and they aren't all available now, they have to be mined. Mining them cost money, as competition to mine increases so does the cost as folks expand their server capabilities, electricity cost, etc...

And the fact that many businesses are accepting bitcoin now legitimizes the currency.
When they have all been mined, and there is nothing to gain from mining, then what happens? Or the the value decreases and mining is no longer viable? If something has no intrinsic value, only due to supply and demand, and supply is ultimately fixed, isnt it destined to crash?
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Old 11-28-2017, 07:13 PM   #128
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Originally Posted by In-Yo-Grill View Post
A TBH billionaire emerges...
Hello peasants.....

Wish it was a billion.... it’s only 82,666,666.67

I’ll sell fiddy % of it once it crosses 10,000$ and ride the rest to see what happens


That beings said I wonder how many “original buyers at .03 cents a pop” still own their bitcoins?
I’d imainge 100% sold already and they are all living luxuriously yet miserably knowing they could’ve been sooooooooooo muchhhhhhhhh richerrrrrrrrere if they sold now lol

Last edited by 150class; 11-28-2017 at 07:16 PM..
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Old 11-28-2017, 07:17 PM   #129
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When they have all been mined, and there is nothing to gain from mining, then what happens? Or the the value decreases and mining is no longer viable? If something has no intrinsic value, only due to supply and demand, and supply is ultimately fixed, isnt it destined to crash?
They won't all be mined until 2140...You've got some time to buy in.

I do have a question about the mining fees. Who charges and collects the mining fees?
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Old 11-28-2017, 07:19 PM   #130
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How do you know the guy who created it ( which apparently has never been identified ) is not banking millions of "real" dollars of investors while it runs up in price/"value"? What makes the price increase other than the desire of people to buy in?
My veiw is this, its plausible that most of the trading world will be one currency some day. This will be detrimental to banks. Can you imagine no more debt cards tied to credit lenders by the 100s? And when it does happen it will be digital if not virtual.
So far bitcoin is working, millions if not billions in and out exchanges everyday. It's world wide and all you need is a cell phone app to any amount of money anywhere. In addition the privacy is nice.
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Old 11-28-2017, 08:11 PM   #131
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I'm making money on them.
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Old 11-28-2017, 08:33 PM   #132
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When they have all been mined, and there is nothing to gain from mining, then what happens? Or the the value decreases and mining is no longer viable? If something has no intrinsic value, only due to supply and demand, and supply is ultimately fixed, isnt it destined to crash?
It does actually have the value of "use" also. I can be spent. This was tested against gold recently in NYC. Someone walked around with some gold coins going merchant to merchant asking if they would take Gold- no one would. They then asked if they would take bitcoin and most would. From the coffee shop to kids daycare.
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Old 11-28-2017, 08:37 PM   #133
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10K and holding...

Looking forward to getting the Shift debit card.
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Old 11-28-2017, 08:55 PM   #134
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I tried to set up a bitcoin account a few years ago for a few reasons. One you can use it to play online poker and 2 because of a podcast about it. I went through a few steps and I was just a pain in the *** to set up so I never bought any.. Oh well lol
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Old 11-28-2017, 09:04 PM   #135
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Originally Posted by 150class View Post
Hello peasants.....

Wish it was a billion.... it’s only 82,666,666.67

I’ll sell fiddy % of it once it crosses 10,000$ and ride the rest to see what happens


That beings said I wonder how many “original buyers at .03 cents a pop” still own their bitcoins?
I’d imainge 100% sold already and they are all living luxuriously yet miserably knowing they could’ve been sooooooooooo muchhhhhhhhh richerrrrrrrrere if they sold now lol

Well, the other day Rush was talking about a guy that bought a pizza with bitcoin when it first came out. He had to use a LOT to buy a pizza and is probably kicking himself pretty hard now. That pizza was probably worth at least a million dollars now.
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Old 11-29-2017, 04:59 AM   #136
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Well it's almost 11k now.
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Old 11-29-2017, 06:40 AM   #137
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You missed the boat. Wish I would've gotten in years ago. Now I can't see myself buying into bitcoin.

Litecoin and Ethereum are the up and comers that you may want to get into.

https://www.coinbase.com/charts


So for the people still wanting a taste is it worth it to even buy a piece of bitcoin or get a handful of Ethereum or Litecoin and hope for the best?


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Old 11-29-2017, 06:51 AM   #138
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So for the people still wanting a taste is it worth it to even buy a piece of bitcoin or get a handful of Ethereum or Litecoin and hope for the best?


Sent from my iPhone using Tapatalk
No one can tell you the answer to that. It's 100% a gamble at this point.

The big money has been made. Now that everyone knows what the 3 choices are the cats out of the bag. Sure they could move higher but look at it this way. At the height of the internet bubble once the mainstream people or everyday people were buying stock simply because they always go up, that was near the very top. Once the last buyers get in there's no one left to buy and what does that leave?

And you better believe at some point our government will do something stupid and bitcoin will tank hard. Or another government. They simply can't let it encroach too much on the dollar or other currencies.
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Old 11-29-2017, 06:52 AM   #139
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So for the people still wanting a taste is it worth it to even buy a piece of bitcoin or get a handful of Ethereum or Litecoin and hope for the best?


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I'm not a financial advisor but I'd at least get a small piece of each. Crypto's have continued to exceed expectations on a daily/weekly basis and the blockchain technology is starting to be used for other things and not just crypto currency.

Just read and article where they tested the blockchain ledger for buying goods and services. Instead of the verification taking 7-10 days it took 2.5hrs.
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Old 11-29-2017, 07:17 AM   #140
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I'm always a day late to these trends. I just listed my beanie baby collection on eBay. The response has been less than ENTHUSIASTIC.

But at least I have a storage unit full of cabbage patch kids (with birth certificates) in an undisclosed storage container in case of SHTF or TEOTWAWKI

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Old 11-29-2017, 07:24 AM   #141
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Extremely interesting series of threads. I thank y'all for the education. Looking deeper into these crypto's while my meager cash throw at Litecoin grows by the hour.
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Old 11-29-2017, 07:30 AM   #142
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I'm always a day late to these trends. I just listed my beanie baby collection on eBay. The response has been less than ENTHUSIASTIC.

But at least I have a storage unit full of cabbage patch kids (with birth certificates) in an undisclosed storage container in case of SHTF or TEOTWAWKI

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Lmao!!
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Old 11-29-2017, 07:32 AM   #143
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I'm always a day late to these trends. I just listed my beanie baby collection on eBay. The response has been less than ENTHUSIASTIC.

But at least I have a storage unit full of cabbage patch kids (with birth certificates) in an undisclosed storage container in case of SHTF or TEOTWAWKI

Sent from my SM-G892U using Tapatalk
My brother is a tech guy and told me that he's known about bitcoin since it's inception. I wanted to throat punch him on the spot.

There's no way I'll get rich on it but I will make some money to fund stuff...
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Old 11-29-2017, 08:22 AM   #144
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So for the people still wanting a taste is it worth it to even buy a piece of bitcoin or get a handful of Ethereum or Litecoin and hope for the best?


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Originally Posted by RiverRat1 View Post
No one can tell you the answer to that. It's 100% a gamble at this point.

The big money has been made. Now that everyone knows what the 3 choices are the cats out of the bag. Sure they could move higher but look at it this way. At the height of the internet bubble once the mainstream people or everyday people were buying stock simply because they always go up, that was near the very top. Once the last buyers get in there's no one left to buy and what does that leave?

And you better believe at some point our government will do something stupid and bitcoin will tank hard. Or another government. They simply can't let it encroach too much on the dollar or other currencies.
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I'm not a financial advisor but I'd at least get a small piece of each. Crypto's have continued to exceed expectations on a daily/weekly basis and the blockchain technology is starting to be used for other things and not just crypto currency.

Just read and article where they tested the blockchain ledger for buying goods and services. Instead of the verification taking 7-10 days it took 2.5hrs.
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Originally Posted by Chew View Post
I'm always a day late to these trends. I just listed my beanie baby collection on eBay. The response has been less than ENTHUSIASTIC.

But at least I have a storage unit full of cabbage patch kids (with birth certificates) in an undisclosed storage container in case of SHTF or TEOTWAWKI

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Originally Posted by In-Yo-Grill View Post
My brother is a tech guy and told me that he's known about bitcoin since it's inception. I wanted to throat punch him on the spot.

There's no way I'll get rich on it but I will make some money to fund stuff...
you can still get in really early on many promising coins/projects. when a new coin launches it normally raises money from an ICO (ipo for coin). The gov says we cant participate in ico. however you can pick them up shortly after when they hit the exchange. most coins start at under 10 cents. coins with a lower total supply have a way better chance of going up in price faster.

check out some coins and their current market caps : https://coinmarketcap.com/

Look for upcoming and recently funded projects projects https://icowatchlist.com/

Find an exchange that most get listed on
https://bittrex.com/home/markets
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Old 11-29-2017, 08:32 AM   #145
bearintex
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Say I want to throw $500 at it, where do I start?
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Old 11-29-2017, 08:36 AM   #146
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Say I want to throw $500 at it, where do I start?
Get a digital wallet i.e. Coinbase, link your bank account and put some funds in it. Once you have money in Coinbase you can buy bitcoin, ether or litecoin.

The slow part is getting your money from your bank to a digital wallet. Once it's there things happen pretty fast.
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Old 11-29-2017, 08:46 AM   #147
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Originally Posted by In-Yo-Grill View Post
Get a digital wallet i.e. Coinbase, link your bank account and put some funds in it. Once you have money in Coinbase you can buy bitcoin, ether or litecoin.



The slow part is getting your money from your bank to a digital wallet. Once it's there things happen pretty fast.


Sounds extremely risky linking your bank acct up. Am I being to conservative with my thinking?


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Old 11-29-2017, 08:49 AM   #148
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Sounds extremely risky linking your bank acct up. Am I being to conservative with my thinking?


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I wouldn't think that would be that risky (but what do I know)

The risky part to me seems like the market is being saturated in cryptocurrency
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Old 11-29-2017, 08:55 AM   #149
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Sounds extremely risky linking your bank acct up. Am I being to conservative with my thinking?


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No different than linking PayPal to your bank account.

However, I felt the same way and opened an account specifically for crypto currency. I move money in and out of it pretty quickly.
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Old 11-29-2017, 08:59 AM   #150
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11,320

Even CNBC is watching tick by tick. A near term top is VERY close IMO. Should dip soon.
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