Has Anyone Bought Bitcoin?

[WinniWoman]

I was thinking of just putting a little play money in Bitcoin- a really small amount like $100. I opened an account with Coinbase, but I didn't go as far as uploading my drivers' license or credit card information. I get a little nervous doing some of this stuff on line on a new site I am not familiar with. Since it will only be a tiny amount of money, I am glad not to have to put in my bank information (which you would do for large amounts of money) because they want you to sign in with your bank user name and password and I would never feel comfortable doing that.

Has anyone on TUG bought Bitcoin? Any input is appreciated.

 

[breezez]

About 5 years ago I tried mining for them spent a few thousand dollars building mining rigs. Had one room of my house with all rigs in it. Those mining rigs would keep that room almost 105 degrees. With the door open. I had some asic machines dedicated to mining only bit coin. I had my graphic card machines mining bit coin and other alt coins.

After 2 months of power bills over $1000 and my AC running non stop I gave up. Needless to say back then the value that I had mined was just shy of 2 bit coins, this was back when they were worth about $565 each. I was spending more in Power and equipment mining them than they were worth

Because I had all kinds of Alt coins that I traded over to bit coins. I had to use an exchange. Mt. Gox had colllapsed and I used one called crypsy.com. I had alll digital currency in wallets at there exchange. Then one day logged in and got notice they were hack and my digital currency was gone.

Moral of story brokerage houses and banks have never had my money stole, and if they did their are insurance programs to protect it. At least to a given threshold.

Digital monies are the Wild West. To move monies easily around via the various Alt Coins you need exchanges but risk your moola being digitally stolen. I’m not a fan of regulations but there has to be some protections for people using it.

I chalk this up as a very expensive lesson in my life. I also had fun learning about it and mining it. But I have moved past it now.

I would much rather pump a few thousand into a new IPO like QD that came out 3 weeks ago.

I may loose this money to or one day make quite a bit, but I feel it’s safer.

 

[presley]

I put $1,000. into bitcoin and cashed it out when it nearly doubled. I just suggest that if you buy into it, wait until it drops again. Then, sell as soon as it goes up. It tends to go up quite a bit whenever there is media coverage about it. In between media stories, it can drop and by a large amount.

 

[DeniseM]

IMNSHO - the time and energy involved in investing $100 is probably not worth whatever small profit you may make from $100.

 

[VegasBella]

It’s kind of late to jump on the Bitcoin wagon.


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[VacationForever]

Count me as old school. I don't believe in Bitcoin, period. Do report back next year as to how your $100 investment is going.

 

[geekette]

nope, not me, not now, not ever. "Digital monies are the Wild West. " sums it up for me.

My investment plan hatched a few decades ago prevents me from investing in "exotic stuff" and that is how I categorize bitcoin.

 

[slip]

Yes, I have on Coinbase. I wish I would have acted earlier when I researched in 2011. I bought in September when it was $3,400. As I write this it's at $7,300. I sold some at $7,000 and now everything I have in it is profit. It is going through a couple of forks so there is a lot of interest at the moment. I would wait for a dip in December and buy in then.

As far as it being too late, my feeling is that it will continue to rise and I see it being at $10,000 maybe in 2018. And no this is not investment advise.

Also, to the point of only investing $100. If you would have put a $100 in Bitcoin in 2012 that $100 would be $61,000 right now.

Look into it, it's really interesting technology and blockchain technology is all over now.

But yes, it is a risk and keep your holdings in the Coinbase vault.

 

[WinniWoman]

They say they have FDIC insurance. I would be buying it on a credit card and there are fees for doing that, of course. I would just leave it in the wallet on there and see what happens.

Good idea waiting for it to go down and maybe buying in Sept. My point of doing this is really to get a feel for this kind of currency-and how it all works. It could be the currency of the future. In New Hampshire where we plan to move in the future, the libertarian movement there has businesses that actually accept bitcoin and also the folks do trade with it.

Coinbase also has something called Litecoin which is the "silver" version of Bitcoin (gold), and another thing called ethereum. Very interesting....

 

[slip]

They say they have FDIC insurance. I would be buying it on a credit card and there are fees for doing that, of course. I would just leave it in the wallet on there and see what happens.

Good idea waiting for it to go down and maybe buying in Sept. My point of doing this is really to get a feel for this kind of currency-and how it all works. It could be the currency of the future. In New Hampshire where we plan to move in the future, the libertarian movement there has businesses that actually accept bitcoin and also the folks do trade with it.

Coinbase also has something called Litecoin which is the "silver" version of Bitcoin (gold), and another thing called ethereum. Very interesting....

Yes, I own some of each of those. I personally think Ethereum will surpass Bitcoin. They have many projects going and can process transactions much faster.

If you are just going to buy and hold, I strongly recommend that you put your holdings in the vault. That is designed to hold your coins safely. If you plan on Transferring or selling then just keep them in your wallet because it takes a couple days to transfer them out of the vault.

 

[WalnutBaron]

There's an old adage provided by one of the best investors in modern history, Peter Lynch: "Invest in what you know. If you can't explain what your investment is and the fundamental story behind it, you should not be putting your hard-earned dollars into it."

For me, at least, cryptocurrencies like Bitcoin are a mystery. Other than the fact that it's partly fueled by a desire to create a currency that will compete with the dollar for international liquidity, I know nothing about it.

 

[Panina]

There's an old adage provided by one of the best investors in modern history, Peter Lynch: "Invest in what you know. If you can't explain what your investment is and the fundamental story behind it, you should not be putting your hard-earned dollars into it."

For me, at least, cryptocurrencies like Bitcoin are a mystery. Other than the fact that it's partly fueled by a desire to create a currency that will compete with the dollar for international liquidity, I know nothing about it.

Totally agree with you.

 

[easyrider]

Some experts say bitcoin is a pyramid scheme. If so, when the price is right, many will take their money out then re-buy when bitcoin tanks. I have seen estimates of over $20,000 per bitcoin by February 2018 and predictions of a crash about to occur. Many would say because of the block chain and limited number of bitcoin that can be produced, that bitcoin isn't a pyramid. Others like Howard Marks and Jamie Diamond say it is a pyrimad.

The status change from currency to asset by the IRS could be another problem for bitcoin. It does seem over valued but it could go either way. My bet is the guys at JP Morgan are right and its about to pop.

Bill

 

[VacationForever]

Bitcoin is not backed by anything except "time". I am an old school, if it is not backed by something, there is no intrinsic value.

 

[slip]

Funny thing is that JP Morgan was one of the large investors in Bitcoin in the last few months.

 

[Brett]

Funny thing is that JP Morgan was one of the large investors in Bitcoin in the last few months.

or it could be 'clients of JP Morgan'

"They are not JP Morgan orders," a spokesman said, "These are clients purchasing third party products directly."
In other words, JPMorgan asset managers weren't buying this product for their clients. Rather, the bank's clients were using JPMorgan's pipes to buy it themselves"
http://www.businessinsider.com/bitc...it-was-buying-after-dimon-called-fraud-2017-9

 

[Bailey#1]

I think of bitcoin will crash like the tulip crash of the 1600 hundreds. http://www.investopedia.com/features/crashes/crashes2.asp

 

[easyrider]

Funny thing is that JP Morgan was one of the large investors in Bitcoin in the last few months.

I wonder if this is the reason for the hockey stick pattern increase in value in the last 3 months ? They have the ability to manipulate prices because of the demand they can create with their purchases. They also have the ability to tank prices when they sell.

Bill

 

[capjak]

I have used coin base to purchase Bitcoin ether and lite coin, these are the three largest. There are over a thousand crypto currency as they are very popular for large bank transactions due to them cutting out the middle man when you use paper money


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[slip]

or it could be 'clients of JP Morgan'

"They are not JP Morgan orders," a spokesman said, "These are clients purchasing third party products directly."
In other words, JPMorgan asset managers weren't buying this product for their clients. Rather, the bank's clients were using JPMorgan's pipes to buy it themselves"
http://www.businessinsider.com/bitc...it-was-buying-after-dimon-called-fraud-2017-9

Kind if makes you wonder a company would buy a product for client that the President of the company calls a fraud.

 

[easyrider]

It sounds like JP Morgan might be trading bitcoin derivatives. It is interesting that the price increase happened before the segwit upgrade. I was reading that each bitcoin is worth a bit token when the block chain forks. That is like $1500 for each coin owned ???

Bill

 

[easyrider]

Ethereum was exploited which I think means the wallets were hacked but not the storage. I'm not sure if "frozen" and "wiped" means stolen or lost.

http://www.trustnodes.com/2017/11/07/ethereums-parity-hacked-half-million-eth-frozen

https://techcrunch.com/2017/11/07/a...-of-millions-of-dollars-of-ethereum/?ncid=rss

Bill

 

[Ironwood]

My biggest concern with any crypto currency is they trade 24/7 and I don't. I wouldn't want to wake up one morning to discover the value had fallen by 50% or more in Asia while I was sleeping.

 

[DavidnRobin]

Instead of investing in bitcoin (or any cryptocurrency) - consider investing in blockchain technology.

UBS recently published an excellent set of articles on cryptocurrencies and blockchain technology.

 

[md8287]

I would love to trade a timeshare for bitcoin. Maybe I'll post one for sale and price it in bitcoin.