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Author Topic: Crypto Currency  (Read 187 times)

Roper

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Crypto Currency
« on: June 28, 2021, 09:41:17 pm »
I have my retirement in a 401K market index fund with a target date. I've been wanting to add something else and have been considering real estate, which I know something about. However, I'm wary of the craziness in the real estate market right now and I'm concerned about the hit to cash flow. So, I tried crypto, which is arguably even more crazy than real estate. But it wasn't a huge investment. I sold a motorcycle for Ethereum, so I wasn't taking anything from other investments or from our family budget. If it tanks, then the only thing I've really lost is the opportunity to ride a dirt bike. I still have my street bike. I might even start purchasing crypto on a dollar cost averaging plan. I've got about 12 years until retirement. We'll see. Since I sold the bike earlier today, I've already earned three dollars. Not that I'm watching the hourly price fluctuations or anything...  ;)
Education is not preparation for life; education is life itself. - John Dewey
 
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Jen

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Re: Crypto Currency
« Reply #1 on: June 28, 2021, 10:50:26 pm »
My husband talks about little else lately. From what little I catch I think you're invested in one of the better ones.
 
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Jason

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Re: Crypto Currency
« Reply #2 on: June 28, 2021, 11:44:59 pm »
Right now cryptocurrency is not an investment, but rather speculation. You might win the speculation prize. But for that you will have to be right two times, when to buy and when to sell.

However, many in the prudent financial circles who recommend low cost, passive index funds admit that putting up to 5% of one's investments into a "fun" category will not hurt in the long run. For some that is individual stocks. For others it is gold. For others it is cryptocurrency.
 
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Roper

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Re: Crypto Currency
« Reply #3 on: June 29, 2021, 11:50:42 am »
Yep. That's why I didn't put anything in that I can't afford to lose. Up almost 10% since yesterday  ;D

One thing that fascinates me about Ethereum is the ability to use the blockchain for secure micro contracts. I like the idea of being able to execute person-to-person transactions without having to pay a third party to verify. Plus, there's the whole NFT marketplace. I looked at a couple of sites, and it's mostly junk right now--people selling a stupid little pictures they probably took less than 10 minutes to create in a graphics program. Nope. Not paying .1% Ether for that. That's still over $100. But, people sell junk on ebay, Amazon, Etsy, etc. Again, a lot of potential there, but it's still very much the Wild West at this point.
Education is not preparation for life; education is life itself. - John Dewey
 

pnr

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Re: Crypto Currency
« Reply #4 on: June 29, 2021, 12:05:45 pm »
Now, be sure to update your end of capicity/life docs/beneficiaries so that heirs can find/access it.    And read up on the new IRS requirements for reporting.
Nauvoo 1270, Feb 2005
 
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N3uroTypical

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Re: Crypto Currency
« Reply #5 on: June 29, 2021, 12:06:10 pm »
Crypto is fine, as long as you understand you're not really buying anything, except the going consensus about what that crypto is worth.  Coupled with various powerful actors who attempt to manipulate the system to their advantage.

When you buy literally anything else, in any market anywhere, across human history, you are buying something.  Your price can be impacted by the same consensus, but you end up with a tangible thing - an asset, a good, a share of stock, a bond or note, shareholder voting rights, etc.  But with crypto, you only get the consensus, and zero actual things.

There are some exceptions, kind of.  Some crypto advertises itself with "buy this coin, and you get a voting seat on the board that decides how this or that technology will be implemented".   But again, when you invest in a startup company with a new technology via stock or bonds, you get to share in ownership of that company.  Not so with crypto.

It's a great apocalypse play.  The less people value and trust their traditional currencies, the more they'll flock to the 'safety' of stuff like crypto.  Bitcoin would survive the weakening/downfall of major currencies, and probably do really well at it.

What-about-ism is pointless. I like to think most people's responses to such arguments would be, "Yup. That person, who happened to wear the same political jersey I do/did, was totally wrong on that, too."
-Taalcon
 
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N3uroTypical

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Re: Crypto Currency
« Reply #6 on: June 29, 2021, 12:10:21 pm »
Now, be sure to update your end of capicity/life docs/beneficiaries so that heirs can find/access it.    And read up on the new IRS requirements for reporting.

Heh - I love watching the energy from the IRS and govt around crypto.  It's because of how startlingly easy it is to transact under the table.    It's also a good test for someone trying to walk the 12th article of faith, when the only reason the IRS will ever know anything happened, is if the taxpayer comes forward with that information voluntarily.
What-about-ism is pointless. I like to think most people's responses to such arguments would be, "Yup. That person, who happened to wear the same political jersey I do/did, was totally wrong on that, too."
-Taalcon
 
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dyany

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Re: Crypto Currency
« Reply #7 on: June 29, 2021, 02:34:52 pm »
It is the monetary lingua franca of the dark web because of the difficulty to track.
And the dark web is a VERY SCARY PLACE.
 

Roper

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Re: Crypto Currency
« Reply #8 on: June 29, 2021, 02:41:25 pm »
When you buy literally anything else, in any market anywhere, across human history, you are buying something. 
I can think of exceptions, such as commodities futures where you're betting on the future price of something and not on anything tangible. And currency exchanges, where you're betting on the changing differences of world currencies and not on anything tangible. And when we purchase insurance, we're purchasing security against an unknowable future event with differing probabilities, which can, in one way, be described as betting motivated by fear.

The value of an exchange medium is determined by what it can buy. Right now, there are a lot of things I could buy with Ether, or I could go to one of many exchanges and change it to US dollars based on the current price. I'll hold it for now. I went in knowing the risks, I had the capacity to do it, and I want to learn more about it. If all crypto totally vaporizes tomorrow, I won't jump off a bridge. It's not like I cashed out my 401K to buy crypto. I'd probably say, "Well, that was interesting, but I won't be doing that again."
Education is not preparation for life; education is life itself. - John Dewey
 
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Roper

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Re: Crypto Currency
« Reply #9 on: June 29, 2021, 02:56:15 pm »
It is the monetary lingua franca of the dark web because of the difficulty to track.
And the dark web is a VERY SCARY PLACE.

The more I'm learning, the more I'm finding that it's a heck of lot easier to track crypto than cash if you know what you're doing. For example: In my transaction, the buyer scanned a QR code produced by the electronic wallet on my phone. The transaction took place on the Ethereum blockchain, where the ledger was verified by 256 other identities. Then I received the funds along with the sender's digital address, the receiver's digital address (mine), and digital transaction verification. If I was arrested because of something illegal, I could be legally compelled to produce that transaction, and the investigation would go from there.

It's also a way for artists to get paid directly, instead of going through an agent who takes a commission. Same with musicians vs. record labels. And the government can't just print a lot more of it, causing inflation and devaluing your current holdings. It's purely a market-driven currency. Absolutely, there is the possibility of abuse, just like there is with any form of currency. It's electronic cash, with the freedom and the risks of cash vs. an account maintained at and insured by a bank.
Education is not preparation for life; education is life itself. - John Dewey
 

dyany

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Re: Crypto Currency
« Reply #10 on: June 29, 2021, 03:21:30 pm »
It 2014, my husband, in a fit of curiosity, bought .0521 Bitcoin in 2014 when he saw that NewEgg was accepting it as payment. At the time, it was worth around $30, and he bought a mouse with it.

He had 37 cents left worth when the transaction was done, which wasn't really usable, so he left it and we almost forgot about it.

A few weeks ago, when he saw that crypto was going crazy, he checked to see how much that 37 cents worth of Bitcoin was worth.
It was up to something over $200.

Today, after much crypto drama, it is worth $85.

Still better than 37 cents.
 
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Jason

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Re: Crypto Currency
« Reply #11 on: June 30, 2021, 01:44:39 am »
It is possible that blockchain currency will become more popular for actual use, once it becomes stable. Stability will likely only come once governments take it over, which will happen as soon as they figure out how to manipulate it properly.
 
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AndrewR

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Re: Crypto Currency
« Reply #12 on: June 30, 2021, 04:39:13 am »
My son had bought a certain currency, and made a few quid - he didn't buy much. He convinced his younger sister that she should buy some, and so she did and I did.

I bought 386 pounds worth (400 minus the cost of the purchase). It is now worth 272.68 - so I am down by quite a bit. But I am in no hurry to cash in, so it could always go back up.

I think it can be fun, I would not risk my future financial security on it. The major money has been made I believe.
Don't ask me, I only live here.
Nauvoodle since March 2005 #1412
 
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N3uroTypical

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Re: Crypto Currency
« Reply #13 on: June 30, 2021, 04:16:10 pm »
My tinfoil hat wearing conspiracy theorist buddy invested 5k, and got out with 65k.  Lucky guy.   

(I assume it's luck, because if he did it because he is right about things, then the millennium will begin in under two years, because Trump and Biden fulfill various prophecies about the number of eagle feathers on the dollar bill and whatnot.)
What-about-ism is pointless. I like to think most people's responses to such arguments would be, "Yup. That person, who happened to wear the same political jersey I do/did, was totally wrong on that, too."
-Taalcon
 
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