Earthbound64
Banned
You could read the posts in this topic that answer those exact questions.
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Bitcoin about to hit $4,000 per. Anyone in on this?
- Thread starter egruntz
- Start date
You could read the posts in this topic that answer those exact questions.
jellies_two
Member
I think the design that enforces a small finite amount to ever be mined that is unrelated to anything but a maths equation may be a drawback as it means all attention is on potential appreciation from holding, and not use.
cpp_is_king
Member
Maybe I'll buy $5k worth of eth and consider it a complete loss. 5k maximun downside, but potentially millions of upside
Earthbound64
Banned
In order for a $5000 investment in ETH to turn into even just $1,000,000 (much less "millions"), ETH would have to increase from its current $304.50 to $60,900 - over 15x BTC's current value.
In other words: Not a chance in the world.
Yeah if you want to hit it big, you need to look at the cheap currencies. There's no shortage of them. Currencies like eth, btc, etc are already too expensive if that's your goal. You can still make a nice profit but no millions.
Digital0Reality
Neo Member
Ethereum is far more interesting. It provides far more utility than just being a digital currency.
$0.001865
The currency part is boring, more interested in Ethereum tokenization of things, i.e.
https://district0x.io/
https://aragon.one/
stuff.
https://district0x.io/
https://aragon.one/
stuff.
Because it isn't being democratized. The majority holders are in few hands.
Most of the speculation is probably for them to pump and dump. All you need is new people buying in on the craze and the numbers going up.
Aztechnology
Member
I was and pulled out around $3000. But I was only ever in with play around money for day trading experiences, was profitable but not as profitable as buying/selling things for me so it tied up capital I could use for that.
As of right now, I'm still mining ETH, but Bitcoin is being manipulated so heavily that I feel extremely uncomfortable with it. This is not a market being driven by usage of implementation, but from large holder minipulatiom, just be careful and have your fingers on the trigger at all times. The big winners are the ones with big money, usually at the expense of the smaller investors.
As of right now, I'm still mining ETH, but Bitcoin is being manipulated so heavily that I feel extremely uncomfortable with it. This is not a market being driven by usage of implementation, but from large holder minipulatiom, just be careful and have your fingers on the trigger at all times. The big winners are the ones with big money, usually at the expense of the smaller investors.
I don't think it'll ever be used for anything other than speculation, buying weed on tor, or the odd obsessive BTC fan buying a few things online. At least not when most of the talk still centres around its value in USD
Digital0Reality
Neo Member
Distributed applications can allow for cheaper services through the block chain. It would follow that people would use block chain services for efficiency/cost purposes.
cpp_is_king
Member
Do the exchanges deal in multiple crypto currencies so that with one exchange you can buy/sell any of them?
Jason's Ultimatum
Member
Jesus Christ I'm so sad.
Yes but not any of them as every exchange doesn't have every currency. http://www.neogaf.com/forum/showthread.php?p=246006164#post246006164
Digital0Reality
Neo Member
Exchanges add new coins at their discretion. I am not aware of one that has EVERY coin. Big ones are Bitterex and GDAX.
Corpsepyre
Banned
This obviously does not bode well for those wanting to make a new PC.
I knew this guy in grad school who taught in Japan for a couple years. He converted a bunch of USD to JPY when going over, but decided he didn't want to eat the exchange costs when coming back and also was interested in bitcoin. So over the course of a few weeks/months before coming back to the US he bought something like $20-30k in bitcoin sometime in like 2012. He was still holding most of it when I last saw him in 2014, not sure if he still is but it could be worth quite a bit now days.
Yeah, usually when BTC increases most altcoins do too.
So when ETH goes to $400....500...600+, you can say good bye to all graphics cards on the market for months.
$500 GTX1060/RX580 inc.
http://www.fucktoken.io/
Actually don't...crypto coins could be worth $0 tomorrow......or $1bn, in which case, actually do it.
This is an extremely astute point too. Similarly I don't like how the founders of any cryptocurrency can effectively declare themselves billionaires should their currency succeed.
(By mining the first x coins themsevles)
Earthbound64
Banned
EB64
Septimus Prime
Member
My BTC, ETH, and LTC investments are all up 50% since I bought them.
Too bad I only bought $5 each.
Too bad I only bought $5 each.
Kiraly
Member
Lol
thoseAREmySHOES
Member
Aztechnology
Member
NEO/ANS is the one that's really shocked me and been consistent through all swings and continued to grow. Although that is likely due to massive amounts of chinese backing. So it all seems like these coins are very strongly tied to large level government or investor manipulation. Which is technically illegal, but there's not really any rules in place. Which is why it's so damn risky, but there's a lot of reward there too. Just as always, gotta have money to make money.
As it stands right now due to cost of usage, the currency really has no practical value. A massive change in the way the system works or how they eat costs would have to occur to change that. The problem is those costs would be passed on to the miners, who likely wouldn't stick around if the profit margins shrunk by too much. Without that, the costs go up even further. Crypto effectively has to become a regular currency with everything that comes with(Stability through regulation etc.) to really ever gain real value or purpose outside niche, and often shady reasons.
This inflation is still being driven by a metaphorical gold rush and then heavy manipulation on top, so much so that you can actually just look and see it (The jumps in cost of sold coins you can watch go up considerably more than makes sense during small but consistent climbs). When it eventually comes down to implementation and usage, it's really up in the air.
I'd venture the usage outside of the markets only makes up a fractional percentage of the total usage.
As it stands right now due to cost of usage, the currency really has no practical value. A massive change in the way the system works or how they eat costs would have to occur to change that. The problem is those costs would be passed on to the miners, who likely wouldn't stick around if the profit margins shrunk by too much. Without that, the costs go up even further. Crypto effectively has to become a regular currency with everything that comes with(Stability through regulation etc.) to really ever gain real value or purpose outside niche, and often shady reasons.
This inflation is still being driven by a metaphorical gold rush and then heavy manipulation on top, so much so that you can actually just look and see it (The jumps in cost of sold coins you can watch go up considerably more than makes sense during small but consistent climbs). When it eventually comes down to implementation and usage, it's really up in the air.
I'd venture the usage outside of the markets only makes up a fractional percentage of the total usage.
You know what fiat currency is, right? Since the end of the gold standard no currency is bound by 'substantial' assets, money is a creation of the banking sector.
Bitcoin is only different in that it isn't a sovereign currency that can call on a central bank to prop its value up.
The US dollar is exponentially more backed than bitcoin, which would crumble if lots of people tried to cash out at once. There's a hell of a lot of other differences too, as I noted.
King Mystery
Member
If Elon Musk ever creates or backs a cryptocurrency, that's the one you want to invest in because you know it's going to be the official currency of the first moon colonies.
You make that seem like a small thing instead of the basis of the economy.....
Frozenprince
Banned
Invest in safer assets than bitcoin.
CadetMahoney
Member
Anyone have any experience using bitcoin to buy and sell?
Are there any legit websites out there right now which you have used this currency to purchase goods/services?
Are there any legit websites out there right now which you have used this currency to purchase goods/services?
Aztechnology
Member
Gdax(Coinbase), Bittrex, Kraken.
I think they're talking about buying things that aren't other currencies, aka using it outside of exchanges.
Aztechnology
Member
Doh
Newegg, Overstock, lots of Pot Shops here lol
That's about the extent of what I know about, not much.
I have known about Bitcoin since maybe 2012 but only really started paying attention to cryptos last year. I saw BTC dip to $900 from its all time highs of about $1500 at the time. I was seriously considering picking up at least one but would've been stretched for cash. Oh how I regret it. FOMO is real now.
cpp_is_king
Member
What's the quickest way to get funds into Bittrex starting from USD? It looks like they only accept deposits of other cryptocurrencies, so I need to use another exchange to buy something else first and then send it to Bittrex. USDT looks like it has a 1:1 exchange rate with USD, so I found tether.to but it wants me to upload a bank statement, and download and sign some paper documents, and yea I'm not fucking around with that. GDAX and Bittrex both just had me upload scans of my driver's license and I was ready to go.
GDAX works but when you make a purchase it takes like a week before you receive the deposit in your wallet.
GDAX works but when you make a purchase it takes like a week before you receive the deposit in your wallet.
I believe you are stuck waiting a week with GDAX/Coinbase. I'm not sure if there is a quicker way without providing more information than you probably want to(I wouldn't either). But yeah after that you can send the Bitcoin or Ethereum over to Bittrex for trading.
cpp_is_king
Member
Given how fast the prices move and how volatile the market is, that's pretty unfortunate :-/
MidgarBlowedUp
Member
I've got a Bitcoin somewhere that I mined, in some wallet that I lost and don't have any information of it at all. Me being dumb trying to learn how all that crypto business worked many many years ago. What a dummy I was/am.