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Old 08-18-2017, 02:57 PM   #1
texasdeerhunter
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Can someone explain a little more about these two krypto currencies? Also, I think I would like to buy some, so can anyone walk me thru the process of using us$ and exchanging them for bitcoins? Anyone familiar with the exchange site Kraken.com? I find this stuff very interesting, and would like to learn more, and possibly invest in it. Thanks,
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Old 08-18-2017, 03:10 PM   #2
HeyMikey
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Following.........
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Old 08-18-2017, 03:10 PM   #3
Williams4298
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I could be totally wrong but isn't this used for illegal activity like for the Silk Road and such? I understand the Silk Road isn't illegal but 90% of the stuff that sells there is illegal. I'm like you, I find this stuff interesting too. Just not willing to invest in it lol.
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Old 08-18-2017, 03:11 PM   #4
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That stuff has gone crazy. Wished I would have invested in it when it first came out. Don't know much about the actual Worth and how to spend it.
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Old 08-18-2017, 03:15 PM   #5
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I think you missed the boat by a couple years.

I would be scared at its price now.

imo
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Old 08-18-2017, 03:18 PM   #6
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I know little about it other than a buddy started investing in it a couple months ago and has seen ridiculous returns. He only invested what he was willing to lose and it has paid off big time.
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Old 08-18-2017, 03:21 PM   #7
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You need a millennial to sort this out for you !
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Old 08-18-2017, 03:26 PM   #8
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Time to go back to the barter system.
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Old 08-18-2017, 03:31 PM   #9
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Bitcoin is a digital currency that uses blockchain encryption to regulate the "printing" of the currency.

Bitcoin is produced by miners, who donate their computing power to validate transactions.

You can buy it through numerous brokers.

Read about blockchain encryption for the real meat and potatoes of cryptocurrencies.
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Old 08-18-2017, 03:34 PM   #10
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Get a separate checking or savings account.
Get a Coinbase wallet.
Buy some bitcoin.

I proved that it does work. I sold out when Bitcoin hit 1,200 during the Cypress run on the banks. Now at $4,500, I am kicking myself in the butt for selling it all. I did make 8,000% though, yes 8 thousand percent! Wish I'd had more at the time.

But, the bitcoin/Coinbase Wallet combination does work.
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Old 08-18-2017, 03:42 PM   #11
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Ethereum is one you might want to look at. I've done nothing but make money on it, for over yr now. Just my opinion, but I believe it will surpass bitcoin. It's also still cheap enough, you can buy a substantial amount, without going all in.
Stay away from crypto currency pyramid schemes .
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Old 08-18-2017, 03:51 PM   #12
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Quote:
Originally Posted by MadHatter View Post
Ethereum is one you might want to look at. I've done nothing but make money on it, for over yr now. Just my opinion, but I believe it will surpass bitcoin. It's also still cheap enough, you can buy a substantial amount, without going all in.
Stay away from crypto currency pyramid schemes .
What do you think about litecoin? I've just started watching the charts on coinbase.com and I'm wanting to buy a few grand worth in something soon.
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Old 08-18-2017, 03:56 PM   #13
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I buy my bitcoin from a bitcoin atm. Mycelium app has ways to buy from local people wanting to sell.
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Old 08-18-2017, 04:01 PM   #14
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What do you think about litecoin? I've just started watching the charts on coinbase.com and I'm wanting to buy a few grand worth in something soon.
Litecoin has potential, but they are in no man's land at the moment. Their business plan isn't well thought out. Hopefully they get the ball running, and offer some competition. I'm banking on it, not to heavily though. Ethereum on the other hand, is attracting new business, at a much higher rate. They have steadily been evolving so to speak.
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Old 08-18-2017, 04:49 PM   #15
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Quote:
Originally Posted by MadHatter View Post
Ethereum is one you might want to look at. I've done nothing but make money on it, for over yr now. Just my opinion, but I believe it will surpass bitcoin. It's also still cheap enough, you can buy a substantial amount, without going all in.
Stay away from crypto currency pyramid schemes .
Can you expound on crypto currency pyramid schemes.....havent heard of these.
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Old 08-18-2017, 05:29 PM   #16
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You can learn quite a bit from google and YouTube, unless your an old codger like myself that learned computing skills on an old Underwood manual back around 1974 and Texas Instruments still amazes you.
Btw... I haven't learned enough from looking and listening to be able to help any, there's also a couple of podcast that talk about bitcoin and all things crypto.

Last edited by tex4k; 08-18-2017 at 05:31 PM.
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Old 08-18-2017, 05:46 PM   #17
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Can you expound on crypto currency pyramid schemes.....havent heard of these.
One is buying the machines, that mine the currency. You buy a machine for so much, and your in. Now you get your buddies to buy machines, etc., etc.
Others were getting people to buy in on the promise of developing a mining company. Depending on where in the scheme you buy in, you own a % of all crypto mined, etc., etc.
Another was Onecoin.
There is a new one every week I'm pretty sure
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Old 08-18-2017, 06:08 PM   #18
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Lots of people made $$$ buying Bitcoin, and lots of people lost money. Depends on when you got in, and who you invested with.

Mt. Gox was the largest BC exchange and was responsible for nearly 3/4's of all worldwide transactions prior to 2014. Mt. Gox not only had some dishonest employees, but hackers ended up stealing lots of bitcoin from 127,000 customers accounts. Mt. Gox went out of business in 2014. Most of the "stolen bitcoin" has never been found, leaving investors with nothing.

The most famous transaction occurred when a programmer on a Bitcoin internet forum paid another user 10,000 bitcoin to buy two Papa John's pizzas. A similar analogy to this transaction would be buying 2 cases of beer for your best friend, and he gives you $10,000 in Monopoly money. People literally thought this stuff was a joke and would never be taken seriously. Do the math on 10,000 bitcoin at todays market value of $4300 each. Somebody is laughing all the way to the bank.

Honestly, I think it's gonna continue increasing in price. If you got deep pockets and are willing to roll the dice, go for it. Heck, if you had invested 5 weeks ago the price was $2200 per bitcoin. Todays value is referenced above; basically double your money in 30 days. Those who invested before January 2013 ($13) , with someone other than Mt. Gox made a killing on their ROI.

.
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Old 08-18-2017, 06:13 PM   #19
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I think a bitcoin runs for about 2000 usd
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Old 08-18-2017, 06:47 PM   #20
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Bitcoin is over $4100 right now. It's up more than 600% over the past year. I'm playing a stock (DIGAF) that has had massive swings recently due to the price, but it's a fun game and you can make some money on it if you play it right.

It seems bitcoin and other cryptocurrencies (like Ethereum) are going to have a significant presence in the future. But they also said Y2K was going to end the world....

Something else noteworthy, there are only going to be 21million bitcoins ever made. Used to you would make money for making them, but ultimately this is a supply and demand game that looks to be in the favor of the purchaser right now.

One more thing I thought of, Bitcoin is supposed to hit $4800 before pulling back to $3300 or so. This is an analyst opinion from Goldman Sachs, but you might wait and see. Buying near the peak is not typically a good idea. Bitcoin is a volatile beast, so be ready to make a lot or lose alot.

Last edited by mzurovec; 08-18-2017 at 06:50 PM. Reason: Adding info.
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Old 08-18-2017, 07:22 PM   #21
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I would do good research on how you do any of this Bitcoin stuff. Make sure the folks you are dealing with are legit. I work at a federal prison and just
in-processed a father/son duo out of Shreveport for this.......

PROCESSED DEPOSITS & EXCHANGE OF BITCOINS(ELCTRNC & DGTL
CURRNCY)WITHOUT LICENSE FOR MONEY SRVC BUSINESS,RESULTING IN
CASH SMUGGLING OF $2,656,491.42 LOSS.

One was sentenced to 106 months and I don't remember the other guys sentence.

Just remember....
The Feds don't like it when they don't get their cut!!
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Old 08-18-2017, 07:31 PM   #22
MadHatter
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Quote:
Originally Posted by Cajun Blake View Post
Lots of people made $$$ buying Bitcoin, and lots of people lost money. Depends on when you got in, and who you invested with.

Mt. Gox was the largest BC exchange and was responsible for nearly 3/4's of all worldwide transactions prior to 2014. Mt. Gox not only had some dishonest employees, but hackers ended up stealing lots of bitcoin from 127,000 customers accounts. Mt. Gox went out of business in 2014. Most of the "stolen bitcoin" has never been found, leaving investors with nothing.

The most famous transaction occurred when a programmer on a Bitcoin internet forum paid another user 10,000 bitcoin to buy two Papa John's pizzas. A similar analogy to this transaction would be buying 2 cases of beer for your best friend, and he gives you $10,000 in Monopoly money. People literally thought this stuff was a joke and would never be taken seriously. Do the math on 10,000 bitcoin at todays market value of $4300 each. Somebody is laughing all the way to the bank.

Honestly, I think it's gonna continue increasing in price. If you got deep pockets and are willing to roll the dice, go for it. Heck, if you had invested 5 weeks ago the price was $2200 per bitcoin. Todays value is referenced above; basically double your money in 30 days. Those who invested before January 2013 ($13) , with someone other than Mt. Gox made a killing on their ROI.

.
I believe that case, was actually the first transaction ever, using bit coin.
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Old 08-18-2017, 07:41 PM   #23
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I have been researching investing lately and just dont understand how people have the stomach for this. I remember not long ago bitcoin was in the $200-400 mark...now $4500. Its going to go back down eventually.

I just dont get how bitcoin is actually working. I see more and more online companies taking it but with the huge fluctuations and issues they have had (like MtGox) how can this survive?
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Old 08-18-2017, 08:04 PM   #24
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Sounds like the entire concept is a Ponzi scheme to me.
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Old 08-18-2017, 08:12 PM   #25
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https://www.rt.com/business/389190-b...ic-price-high/

coulda, woulda shoulda
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Old 08-18-2017, 09:28 PM   #26
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Quote:
Originally Posted by 8mpg View Post
I have been researching investing lately and just dont understand how people have the stomach for this. I remember not long ago bitcoin was in the $200-400 mark...now $4500. Its going to go back down eventually.

I just dont get how bitcoin is actually working. I see more and more online companies taking it but with the huge fluctuations and issues they have had (like MtGox) how can this survive?
I don't understand how online retailers keep up with the exchange rate
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Old 08-18-2017, 10:01 PM   #27
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I was going to join etoro but US citizens aren't allowed??? Thank you Obama
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Old 08-18-2017, 10:06 PM   #28
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Quote:
Originally Posted by Grady_jones View Post
I think a bitcoin runs for about 2000 usd
see quote and my link below .... $4231.47 to be exact , however the markets changes every second

Quote:
Originally Posted by mzurovec View Post
Bitcoin is over $4100 right now. It's up more than 600% over the past year. nd game that looks to be in the favor of the purchaser right now.

https://www.coindesk.com/price/
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Old 08-19-2017, 12:30 AM   #29
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Originally Posted by Ironman View Post
Sounds like the entire concept is a Ponzi scheme to me.
The entire US monetary system is a Ponzi scheme. We aren't on the gold standard anymore. We print more money when we need to. We contract the monetary supply when we need to. There is a play to be made on the crypto currency market, I'm just not smart enough to figure out when that play is...
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Old 08-19-2017, 05:43 AM   #30
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Following
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Old 08-19-2017, 07:46 AM   #31
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I bought bitcoin at around 1700 a month or 2 ago and it has risen up to 4500 at one point. Starting to fall a little now...
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Old 08-19-2017, 08:10 AM   #32
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Coinbase wallet is legit. Etherium is the newest legit alternative to bitcoin and apparently has better infrastructure. The bitcoin guys have been infighting for years.
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