From the date I posted this thread the majority have lost not won. Which was kindof my whole point. Thanks for bringing the classic I won so its ok argument.
-
Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.
Bitcoin is going to ruin a ton of people mainly millennials
- Thread starter gatti-man
- Start date
From the date I posted this thread the majority have lost not won. Which was kindof my whole point. Thanks for bringing the classic I won so its ok argument.
cubicle47b
Member
You posted this thread on 11/28 when bitcoin was just breaking $10,000, Ripple was 30 cents, and Ether was under $500. So bitcoin is only up 35% in a month, ripple 800%, and ether 86%. Yeah, the market is volatile and if you bought bitcoin at 19K 2 weeks ago it stings, but wait a month.
HagglesworthMD
Member
Most if not all crypto is a lot higher than when he originally made his thread, unless by 'majority' he means the people that FOMOed in at BTC's ATH of $19,000 on the 16th of December, nearly a month after he made the thread.. Either way he's wrong haha
HagglesworthMD
Member
Im a strong believer in not giving friends financial advice one way or the other.. Sure you might have saved him $30k in the correction but if Bitcoin goes to new highs in the coming months/years he could potentially be quite salty at you.
cubicle47b
Member
It was a bad idea to put all of his savings into crypto. Especially someone new to crypto thats not used to the volatility and would probably panic sell. It would have also been a bad idea to buy just before 20K and not as it was clearly passing 20K. That said, if he put 10% in during the correction and split it between bitcoin and eth hed already have a full year (really good year like this one) of stock market gains.
jadedm17
Member
This is very valuable advice and sadly too true.
Your intentions may be pure but if you're wrong it could cause far more damage.
The Hermit
Member
2013? How the hell are you not a millionaire?
I earned more in one month with only a 1000 initially.
That being said, the bubble is about to burst sooner rather than later. Ripple is an obvious scam, yet is in second in mc
naweednrahman
Member
The Hermit
Member
The company is not. XRP is.
https://medium.com/@dennyk/observat...-bitcoin-price-prediction-update-acf38b44cd35
That's actually a meaningless metric unless the gains are crystalized by cashing out. It reminds me of a question on one of the investment reddits or boards I read once where someone learning to invest didn't realize that everyone can't just set a sell order and expect to crystalize your gains in the case of a market crash.
Someone has to actually buy it from you and prices tend to gap significantly when that happens and very quickly. For instance, there won't be an orderly transition between the $13,856.90 BTC is worth and $0.01, nor will the run on the exchange be handled smoothly. The number of greatest fools is always fewer than the number of greater fools so to speak.
Given that this list shows that 2.59% of addresses have at least 1 bitcoin or higher, most are likely making far, far less than the market cap in terms of gains:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
This means the majority aren't making anything truly enviable in real dollar terms as the real hype is borrowed from a handful of exceptions. Liquidity is also an issue where fewer than 18000 addresses control 61% of the currency, not to mention the 60 exchanges its divided over.
xStoyax
Banned
Since the 'Crash', my portfolio has grown by $600. Crypto isn't going anywhere. This is the year of alt-coins. Waking up this morning to see my TRX has doubled in earnings since I bought into it a week ago
Soon as I posted this, go check the news & see this https://www.wsj.com/articles/peter-thiels-founders-fund-makes-big-bet-on-bitcoin-1514917433
Soon as I posted this, go check the news & see this https://www.wsj.com/articles/peter-thiels-founders-fund-makes-big-bet-on-bitcoin-1514917433
Using the maximum stated of $20 million compared with the lowest estimate of the overall fund of $3 Billion at the end of 2016, Thiel spent 0.66% of the overall fund on it.
Comparably, someone investing $1000 on crypto would be spending $151,515 on other investments.
The real question is, is anyone doing that with their other investments? Or as the title to this thread implies, are people letting a lot of their investment ride on crypto?
Later Alligator
Member
this is incredibly easy to do... convert whatever you are holding to btc or eth, transfer the btc/eth to coinbase, sell it to them at a max of 10k a day. they direct deposit to your paypal account
i do believe a large correction is coming which is why i've cashed out 70% of my holdings, with the remaining 30% remaining in alt coins
http://www.cbc.ca/radio/thecurrent/.../is-bitcoin-an-environmental-hazard-1.4469361
This was an interesting listen on the CBC yesterday. Funny how a digital currency could be an environmental hazard due to the amount of electricity required to "mine" the transactions.
"enough to power one U.S. household for almost 10 days per transaction"
"bitcoin uses 70,000 times more energy than Visa per transaction"
This was an interesting listen on the CBC yesterday. Funny how a digital currency could be an environmental hazard due to the amount of electricity required to "mine" the transactions.
"enough to power one U.S. household for almost 10 days per transaction"
"bitcoin uses 70,000 times more energy than Visa per transaction"
cormack12
Gold Member
So people who are knowledgeable in here. If I had say 5000 cash to drop now with the sole intention of getting a 'piece of the action' what would be my starting point. Explain like I have no knowledge of this. Because I don't.
Disclaimer:
I understand this is only your opinion and I'm responsible for my own money and actions.
Disclaimer:
I understand this is only your opinion and I'm responsible for my own money and actions.
The Hermit
Member
Before going in to get a piece of the action ( fear of missing out aka FOMO), try to understand what you are actually investing, what is blockchain, what are the projects behind the tokens and what they do.
I personally believe that everything is overvalued and it should be corrected, yet the market is being manipulated to keeps it's prices high. How long will this last? I dunno, hence why I still have some investment, but only in projects that I believe.
Considering the randomness of the market, you can win a lot by buying a bunch of shitcoins and sell for a higher price, but be very careful.
I read 3 months about Bitcoin before deciding to put some money on it. I bought when it was 6k ( when people said it wouldn't be higher) but my intention was to escape the government's grasp, not as an investment option. Obviously that changed later and now it's a free-for-all. I won't say "don't invest", because I have no idea how long this will last, but consider carefully.
Remember that whoever bought Bitcoin at 1000 dollars in dec 2013 would only see that value again in Jan 2017.
Just my 2 satoshis.
ThatStupidLion
Member
just went through the same thing recently...
you need toreserach and open an account on an exchange site, coinbase is the most popular, there you can buy with usd (most places dont allow you to use usd), but only a few types of currencies, and their fees are a little high. from there, you can transfer your bitcoin over to other exchange sites like binance that have lots of other altcoins and lower fees. or you can just be done with your options there of bitcoin, ether, litecon, and bitcoin cash. i've made an account but havent bought yet. im still wary of a crash but i wanted to have my account and bank accnt linked and set up as that takes some time, so im ready to buy when i want.
considering doing X amount now though, and if it crashes just double up.
need to look at it as a long term investment and if it craches dont get scared out. just leave it.
i would do alot of reading up though, i've been reading every day trying to learn about it all, and i felt more confused the more i read and learned. im only finally starting to get it.
Helen Keller the Musical
Member
Theyre at roughly 100 Doge = $1, nearly 10x the value from 2014.
Its likely a pump and dump period but its still really cool, I gained a lot.
Helen Keller the Musical
Member
I believe this possibility. As much as I enjoy it, cryptocurrency is a perfect example of why currencies need government regulation for stability.
HagglesworthMD
Member
Ether is planning to eliminate this issue by moving to Proof Of Stake. Wether it is a success or not is yet to be determined but people are working on solutions to the energy issue.
cubicle47b
Member
I bought Vechain yesterday and decided to buy another alt at the same time and happened to choose Tron. Its kind of scary how fast its going up. Im going to sell a third and buy more alts if it keeps going.
TBiddy
Member
Good for you getting in on TRON at the right time. I was looking at it the other day, but decided against it, since I had no ethereum in my account and wasn't going to sell my other coins.
Couple of days later, it spiked like 300%
Relativ9
Member
Looking to put about 2K into an index fund on Iconomi, and play around with another 1k myself just to dip my feet in the water and learn a bit, anyone have any small coin recommendations? I hear a lot of good things about TRON, but it seems like that's mostly good marketing and the product might not hold up? Also seems like that might be a bit to late to get in "early" on?
cubicle47b
Member
I sold it at $.28 yesterday after Reddit started actually researching / trashing it. I bought it on a whim (it was being shilled, I wanted a 10th coin) so cheers to being lucky, I guess.Good for you getting in on TRON at the right time. I was looking at it the other day, but decided against it, since I had no ethereum in my account and wasn't going to sell my other coins.
Couple of days later, it spiked like 300%
Dreadnought
Member
Ive made $500 on Oyster Pearl.
ZoltanXerxes
Member
Bitcoin is one of over 1400 digital "currency's". I put currency's in quotations because crypto currency's aren't really a currency, more so an asset, but not really an asset either. Bitcoin (and all other cryptos) have no intrinsic value. In fact, the only reason why the Cryptos have any value at all is because of hype and belief. Once that's gone, the value is absolute zero. basically nothing left.
The one thing I do like is the block chain, the supposed system the cryptos will use to make "transactions". The block chain is basically a complete open P2P network, that everyone can access and have complete transparency on any transaction anyone has ever made using cryptos. It is also supposed to simplify the transactions by cutting out intermediaries such as banks and third parties. Think of something like Napster, except for transactions (but much, much more complex in terms of the various algorithms that will be implemented depending on what transactions are taking place).
Unfortunately. all that cryptos are is a speculative pseudo asset which the value is determined by belief. I also want to mention what store of value means. While researching the block chain, I noticed some people referring the block chain to a store of value which is completely misguided. A store of value is not a place to "store value" in terms on monetization. A store of value means the intrinsic value of an asset with or without monetization. For example, my car is a store of value. Even if my car's monetary value goes to zero, I can still use it and drive, hence, it's value is determined based on it's use with respect to the asset, not just on monetary value. Cryptos have no store of value since they have no intrinsic value. Based on this, Cryptos, used as a speculative pseudo asset, in the long term, will eventually go to zero monetary value and since that cryptos only rely on monetary value, once they go to zero, they basically don't exist. The block chain system can be experimented with and that could be turned into an interesting idea.
The one thing I do like is the block chain, the supposed system the cryptos will use to make "transactions". The block chain is basically a complete open P2P network, that everyone can access and have complete transparency on any transaction anyone has ever made using cryptos. It is also supposed to simplify the transactions by cutting out intermediaries such as banks and third parties. Think of something like Napster, except for transactions (but much, much more complex in terms of the various algorithms that will be implemented depending on what transactions are taking place).
Unfortunately. all that cryptos are is a speculative pseudo asset which the value is determined by belief. I also want to mention what store of value means. While researching the block chain, I noticed some people referring the block chain to a store of value which is completely misguided. A store of value is not a place to "store value" in terms on monetization. A store of value means the intrinsic value of an asset with or without monetization. For example, my car is a store of value. Even if my car's monetary value goes to zero, I can still use it and drive, hence, it's value is determined based on it's use with respect to the asset, not just on monetary value. Cryptos have no store of value since they have no intrinsic value. Based on this, Cryptos, used as a speculative pseudo asset, in the long term, will eventually go to zero monetary value and since that cryptos only rely on monetary value, once they go to zero, they basically don't exist. The block chain system can be experimented with and that could be turned into an interesting idea.
Last edited:
Rising_Hei
Member
I have been following the whole thing since it started, and i've been observing what those that think this is literally the second coming say about it.
I had the same kind of feeling i get when i read about the defenders of "flath earth"; or that the greenhouse effect is a myth.
Figures.
I had the same kind of feeling i get when i read about the defenders of "flath earth"; or that the greenhouse effect is a myth.
Figures.
Last edited:
HarryKS
Member
It is the second coming. Wait another ten years, watch more people get a jump ahead of you.
HagglesworthMD
Member
No idea how he could have been "following the whole thing since it started" and not have put even $100 or $200 in when BTC was a few dollars.
To me that is FAR stupider than lumping people with crypto in with flat earthers..
Last edited:
killatopak
Member
I wish I bought it much earlier.
HagglesworthMD
Member
You could be onto something here.. I mean even just creating the NeoGAF coin and using it as a means to transfer between gaf accounts is more utility than 99% of the shitcoins on coinmarketcap.com
Relativ9
Member
I hate the fact that there is already a coin called NeoCoin, seems like such a missed opportunity. GafCoin? Gaffoin?
O.v.e.rlord
Banned
Kodak said they are going to do it’s own coin block chain whatever and their stock went up 60 fucking %.
Blam
Member
GAFGold
tkscz
Member
*up up down down left right b a enter*
Aww, disappointing.
Blam
Member
Always on GAFGold no doubt.
Razorback
Member
Perhaps I'm misunderstanding the question, but why wouldn't that be the case? Just like a dollar is made up of 100 cents, a bitcoin is made up of 100,000,000 satoshis.
Razorback
Member
You can subdivide pieces of gold into whatever size you want. A Satoshi is the smallest unit a Bitcoin can be divided.
You created this thread on November 27th. According to coinmarketcap the price was $9997. If people invested the day you posted and pulled out today, they'd still be up over 15% in 1.5 months.
Last edited: