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-   -   Bitcoin...Cryptocurrency (https://discussions.texasbowhunter.com/forums/showthread.php?t=667945)

In-Yo-Grill 10-30-2017 10:08 AM

Bitcoin...Cryptocurrency
 
Seems to be gaining traction and it seems I'm hearing more about it in the past few months. Anyone ever look into it?

meltingfeather 10-30-2017 10:12 AM

Yes... decided to inform myself and buy some a few years back.
It has turned out to be far and away the best performing investment I've ever made... over 10x value in about 3 years... and I didn't get in at a particularly good time.
I keep having to stop myself from selling it.

2014FusionM 10-30-2017 10:14 AM

Wish I would have bought about 1K dollars of it when it first came out. I would have been a multi millionaire by now.

Pintail45 10-30-2017 10:57 AM

If you like to gamble and are ok with losing everything, crypto currency may be for you.

jflint 10-30-2017 11:08 AM

How do you buy virtual currency?

Tx_Wader 10-30-2017 11:11 AM

I made a lot of money on them and wish I wouldn't have sold them when I did.

35remington 10-30-2017 11:12 AM

Quote:

Originally Posted by In-Yo-Grill (Post 12874450)
Seems to be gaining traction and it seems I'm hearing more about it in the past few months. Anyone ever look into it?

http://discussions.texasbowhunter.co...hlight=bitcoin

http://discussions.texasbowhunter.co...hlight=bitcoin

http://discussions.texasbowhunter.co...hlight=bitcoin

texan4ut 10-30-2017 11:39 AM

Bitcoin at a all time high 6,300 a bitcoin

DFA 10-30-2017 11:50 AM

I remember when this came out and thought it was some kind of scam. I guess I should have bought some.

In-Yo-Grill 10-30-2017 03:55 PM

Thanks for the links. Shows how volatile it can be in a short period of time.

SmTx 10-30-2017 04:02 PM

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

RiverRat1 11-27-2017 10:06 PM

Almost hit 10,000 Geez

wes122984 11-27-2017 10:15 PM

Quote:

Originally Posted by RiverRat1 (Post 12964528)
Almost hit 10,000 Geez

Thanks to crypto I may be able to buy a ranch here soon. I only started trading it 6 months ago.

SmTx 11-27-2017 10:16 PM

Quote:

Originally Posted by RiverRat1 (Post 12964528)
Almost hit 10,000 Geez

Bitcoin was only around 3k when I last commented in October. :eek:

Wish I would've bought just 1!

Burnadell 11-27-2017 10:37 PM

The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago. Those that got in early and got out made money. Those that stayed in or got in late...lost.

For the life of me I can't make any sense of some bookkeeping entry that increases so much in such a short amount of time...for no discernible reason or value.

There will be blood.

Williams4298 11-27-2017 10:51 PM

Y'all need to watch the Netflix doc on it. Very interesting. Wish I would have got into earlier as well.

ttaxidermy 11-27-2017 11:05 PM

Quote:

Originally Posted by Burnadell (Post 12964612)
The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago. Those that got in early and got out made money. Those that stayed in or got in late...lost.

For the life of me I can't make any sense of some bookkeeping entry that increases so much in such a short amount of time...for no discernible reason or value.

There will be blood.

Yep... This won't end good for many..

tradtiger 11-27-2017 11:15 PM

Three more posts to Pope and Young. Go bitcoin!

pervis 11-28-2017 12:44 AM

I bought 3 coins at 2100 sold at 6100 about 3 weeks ago made money and got out. Checked it today...9500. If your gona do it get in and get out.

gumbl3 11-28-2017 04:09 AM

Quote:

Originally Posted by pervis (Post 12964707)
I bought 3 coins at 2100 sold at 6100 about 3 weeks ago made money and got out. Checked it today...9500. If your gona do it get in and get out.

Be glad and don't look back. Crash will be big on this one.

91cavgt 11-28-2017 04:39 AM

Quote:

Originally Posted by Burnadell (Post 12964612)
The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago. Those that got in early and got out made money. Those that stayed in or got in late...lost.

For the life of me I can't make any sense of some bookkeeping entry that increases so much in such a short amount of time...for no discernible reason or value.

There will be blood.



The reason why it is doing so good is due to to fiat currencies around the world that got away from the gold standard. Without gold backing a currency, the currency really is only worth the paper it is printed on. There is evidence that the price of gold is being manipulated, keeping it artificially low. Bitcoin has not been manipulated in the same way gold has been manipulated and as I understand there is a set number of bit coins out there and more are not being made. As more people buy bit coin, itís price increases.

Walker 11-28-2017 05:16 AM

I dont understand how nothing can be worth something, but I do know that a hacker could take your bitcoins and you really would be SOL.

In-Yo-Grill 11-28-2017 05:49 AM

Decided to buy a little bit and have made a few bucks in a few weeks. Can't believe it's shot up so fast.

WCB 11-28-2017 06:08 AM

Quote:

Originally Posted by pervis (Post 12964707)
I bought 3 coins at 2100 sold at 6100 about 3 weeks ago made money and got out. Checked it today...9500. If your gona do it get in and get out.

2100/6100/9500 what?? $2100/$6100/$9500??

BrandonH 11-28-2017 06:09 AM

I have a good friend that is heavily into Bitcoin. He makes sure to pull a certain amount out at certain times to ensure he doesn't lose everything, but it looks like him and his wife may be able to retire a decade or more ahead of schedule.

Sent from my SM-G950U using Tapatalk

zztex 11-28-2017 06:10 AM

Quote:

Originally Posted by Burnadell (Post 12964612)
The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago. Those that got in early and got out made money. Those that stayed in or got in late...lost.

For the life of me I can't make any sense of some bookkeeping entry that increases so much in such a short amount of time...for no discernible reason or value.

There will be blood.

Ah chinchillas :). Glad I had enough sense to stay away from that one

In-Yo-Grill 11-28-2017 06:20 AM

I honestly don't think it's going away anytime soon. The company Square recently announced an integration with BTC. Overstock.com accepts BTC as payment and the CEO said that in 2018 they will give a discount for people paying in BTC.

bearintex 11-28-2017 06:43 AM

Quote:

Originally Posted by Burnadell (Post 12964612)
The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago.

Quote:

Originally Posted by zztex (Post 12964798)
Ah chinchillas :). Glad I had enough sense to stay away from that one

The emus were fun as well.




To hunt after they all got turned out! Ate pretty good as well. :D

jer_james 11-28-2017 06:43 AM

Quote:

Originally Posted by In-Yo-Grill (Post 12964807)
I honestly don't think it's going away anytime soon. The company Square recently announced an integration with BTC. Overstock.com accepts BTC as payment and the CEO said that in 2018 they will give a discount for people paying in BTC.

I have to agree - There is a lot of speculation that suggests that while this form of currency is "new", it is becoming more widely accepted. Some see that as a bad thing, others see it as a launching point up to hundreds of thousands of dollars.

Phillip Fields 11-28-2017 07:08 AM

It has all the earmarks of a bubble. It will eventually burst.

Texastaxi 11-28-2017 07:11 AM

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". :confused:
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.

tps7742 11-28-2017 07:16 AM

I guess I am just old and set in my ways but I can't wrap my thoughts around the bitcoin craze. But I guess it's not much different than the fiat currency we use every day.

RiverRat1 11-28-2017 07:16 AM

Quote:

Originally Posted by Burnadell (Post 12964612)
The bitcoin craze reminds me of the ostrich (and chinchillas) fad a number of years ago. Those that got in early and got out made money. Those that stayed in or got in late...lost.

For the life of me I can't make any sense of some bookkeeping entry that increases so much in such a short amount of time...for no discernible reason or value.

There will be blood.

But people said that when Bitcoin first ran up to $350. Then when it ran to $1,000 more people said the same..and on and on and on.

But now that nearly everyone who can/could/would buy already made their decision how much higher can it go? They need to make it even easier for common non investor street folk to buy partial coins to keep it moving IMO

wes122984 11-28-2017 07:23 AM

guys it isnt going away. blockchain is the new internet. banks and most all major financial companies are hiring blockchain developers like crazy. especially ethereum. soon the stock market as you know it will be run on the blockchain and traditional stocks will be tokens.

In-Yo-Grill 11-28-2017 07:27 AM

Quote:

Originally Posted by Texastaxi (Post 12964921)
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". :confused:
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.

Well...the gov't makes "money" from nothing all the time so that part doesn't phase me.

I believe the "value" here is in the technology. The blockchain technology seems like it will revolutionize security for all kinds of applications.

In-Yo-Grill 11-28-2017 07:31 AM

Between Bitcoin, Ethereum and Litecoin, you could make money every day trading.

Kevin 11-28-2017 07:41 AM

One of my good friends bought in at 200 years back. He just bought a Mercedes G-Wagon cash. Its like gambling sometimes, but this one paid off.

Texastaxi 11-28-2017 08:12 AM

Quote:

Originally Posted by In-Yo-Grill (Post 12964981)
Well...the gov't makes "money" from nothing all the time so that part doesn't phase me.

I believe the "value" here is in the technology. The blockchain technology seems like it will revolutionize security for all kinds of applications.

The government does a lot of things that the people can not.

In-Yo-Grill 11-28-2017 08:28 AM

Quote:

Originally Posted by Texastaxi (Post 12965103)
The government does a lot of things that the people can not.

So far they can't control cryptocurrency. New York tried and failed miserably. Drove business' out of their state.

rtp 11-28-2017 08:37 AM

Quote:

Originally Posted by In-Yo-Grill (Post 12964987)
Between Bitcoin, Ethereum and Litecoin, you could make money every day trading.

This is what I have been doing since the beginning of August. I have made a fair amount of money. So far I have increased my money by 50%. Currently Im completely in cash waiting to see what this latest run-up does. I also bought into an ICO and so far it is up 10-20%. That investment is truly a very risky/high reward play.

rtp 11-28-2017 08:38 AM

I bet the IRS is having a grand time trying to figure out how to track the gains people are making on this stuff. I hope they never do.

In-Yo-Grill 11-28-2017 08:44 AM

Quote:

Originally Posted by rtp (Post 12965186)
I bet the IRS is having a grand time trying to figure out how to track the gains people are making on this stuff. I hope they never do.

Dilly, Dilly...;)b

I'm extremely new to this but see the benefits of playing with some discretionary income. Few bucks here and there can pay for more toys and trips to use them.

So far it can't break the 10k ceiling. Been watching all morning.

RiverRat1 11-28-2017 08:50 AM

Quote:

Originally Posted by In-Yo-Grill (Post 12965151)
So far they can't control cryptocurrency. New York tried and failed miserably. Drove business' out of their state.

With any luck it will keep going and force governments around the world to stop scamming the general population.
We need something like this to shake things up. Tired of all governments just printing more money..then taxing us more also...then blowing it all on BS

wloftis 11-28-2017 08:51 AM

Quote:

Originally Posted by RiverRat1 (Post 12964942)
They need to make it even easier for common non investor street folk to buy partial coins to keep it moving IMO

Coinbase has done just that. Make an account and you can easily buy/sell through their website.

Hank Hill 11-28-2017 08:51 AM

I had a good laugh when Jamie Dimon - JP Morgan's CEO, said (@the $5000/bc mark) that people buying bitcoin were stupid because it was worthless and the only value was its ability to launder money. I thought right there, how dumb his own statement was - implying there isn't massive global value in a "legitimate" money laundering conduit.

wloftis 11-28-2017 08:54 AM

OP, it's a "fun" investment, but I would by no means invest a large portion of savings into it. There are also a lot of ups and downs, so I have left mine in for a while and try my best not to withdraw.

rtp 11-28-2017 08:58 AM

Quote:

Originally Posted by wloftis (Post 12965225)
Coinbase has done just that. Make an account and you can easily buy/sell through their website.

Gemini is another trading website for Bitcoin and Ethereum.

In-Yo-Grill 11-28-2017 09:02 AM

Coinbase is pretty easy to use. It's still hard for me to have money in crypto but I'm getting more and more use to it as it makes a profit. I'm always afraid that I'm going to type the decimal in the wrong place and send too much money...lol

JANSLEY817 11-28-2017 09:08 AM

What kind of commission does coinbase take when you use them? Y'all have my interest peaked, and I'm thinking about dabbling a little.

wes122984 11-28-2017 09:14 AM

Quote:

Originally Posted by JANSLEY817 (Post 12965279)
What kind of commission does coinbase take when you use them? Y'all have my interest peaked, and I'm thinking about dabbling a little.

Too much in fees and spread when using Coinbase. However if you use gdax which is Coinbase also, you can trade for zero fees using limit orders. Market orders cost .25 % i think.


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