Cryptocurrencies:

Been thinking about this thread today, now correct me if I have this wrong.
You buy nothing but a concept of currency. You don’t purchase into a factory or farm or anything that actually produces anything. Your money goes to the person selling some of the limited number of virtual coins, a person who thinks his purchase has peaked and is getting out with a profit. You think there’s still a higher price coming so buy intending to sell and make further profit.
Nothing is made, nobody is employed and the early entry participants make money …
Figure the rest out yourself.
 
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YEs---your buying nothing--but hope--- that you can sell next month/year/10 years---and that the whole thing doesn't implode tomorrow.

it is similar to as you pointed out Horse betting, stock market playing or for that matter the Lottery .....
I know people who won big $ in the lottery, at black jack, in the stock market---- I also know more who LOST lots of money---
I recall a real estate market that was double and tripling even quadrupling in value annually for a time--that bubble burst---this one will too--

If it works for ya Robert ---God Speed and good luck --- it seems to me like the latest Pet Rock fad, and we will all read about the thing in the news when it implodes....be presented stories of little old men and women who lost the retirement $ and are eating cat food and living in a cardboard box because they bought into bit coin----
BUT there are those who WILL make $$$ before it does go down no doubt.
 
Years ago a mate of mine was told about some Russian gold stock that was about to go off big time.
He put $20,000 into it and a week later it was worth $60,000. He used his head and sold $20,000 leaving $40,000 all profit in the stock. Another week later the stock market locked the stock up, (don't know the correct name for the action, was to do with Russian mafia involvement) to this day he still has the shares worth $00.00. He loves to tell the story of his Russian gold mine :-)
 
eSGEe said:
Only guarantee in life is there are no guarantees.......
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Very true....Back in 2012, I bought Tesla stock at $33/share. When it peaked at $340.00 I sold. I then bought into Bitcoin investment trust (GBTC), which is traded on the NYSE, at $80.00/share in December 2016. This morning it is $2,535/share. I employ and tactic of hit-and-run so to speak. I also invested long term in companies who both mine Lithium and develop Lithium battery technology....because all these electric cars will use that technology...I am also invested in the replacement technology for Lithium Ion battery construction.....
 
eSGEe said:
YEs---your buying nothing--but hope--- that you can sell next month/year/10 years---and that the whole thing doesn't implode tomorrow.

it is similar to as you pointed out Horse betting, stock market playing or for that matter the Lottery .....
I know people who won big $ in the lottery, at black jack, in the stock market---- I also know more who LOST lots of money---
I recall a real estate market that was double and tripling even quadrupling in value annually for a time--that bubble burst---this one will too--

If it works for ya Robert ---God Speed and good luck --- it seems to me like the latest Pet Rock fad, and we will all read about the thing in the news when it implodes....be presented stories of little old men and women who lost the retirement $ and are eating cat food and living in a cardboard box because they bought into bit coin----
BUT there are those who WILL make $$$ before it does go down no doubt.
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The problem is, by the time the average person finds out about what's going on in cryptos, the buy-in is too high. Take Litecoin for example. Let's say that one year ago today, a fellow dropped $10,000 on Litecoin, which was selling at $3.72/coin, 12 months later, his return on that initial $10k would be $807,000. I tend to look at things through an even smaller lens.

There is a fast moving crypto right now selling at $0.0164877. A $1,000 buy in would yield 625,000 coins. This coin has surged 500% in a week. Let's say that this coin only ever rises to $10.00/coin. That's $6,250,000. Even after capital gain tax of 37% (-$2,312.500) I still walk away with $3,937,500.
 
I lost everything in 2012 - between divorce and the housing market crash -and found myself starting over with $0.00 at 47. I needed something fast moving so I would be able to retire at the same time my wife will in 5 years.

Every Von Herndon guitar made me a profit of $800 to $1,400 and I was also getting paid as a full time musician, so I invested all of it (except for the cost of my Von Herndon prototype double neck project) into the fastest moving things I could find.

Now I'm helping my parents with some fast moving (short term) and longer term investment strategies and encouraging both my son's to explore fixed index annuity retirement/life insurance plans.

It's a long way to the top when you find yourself starting at the bottom....
 
I have a friend who is CEO of a company doing very well. From time to time they buy out and incorporate other companies. The first thing he does with acquisitions is sell any part of the purchase that doesn't employ people or add value to the community. Yes he does very well but he says it's about his staff and their families. Respect!

Tony, I was thinking the same thing as you, quote "Big ancient structures in Egypt..."
 
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Gahr said:
What can bitcoin actually be used for?
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Gahr, I have seen some restaurants and Ubers here in SoCal with the "Bitcoin Accepted Here" signs. However, I am skeptical of the currency, but interested in the concept behind it - blockchain technology, etc., so, much like electric car battery technology, I invest in the raw materials (Lithium-Ion and Graphene-Ion) and not in a specific manufacturer.

Here's Bitcoin's claim to fame - two chaps with Bitcoin currency can make peer-to-peer untraceable transactions. That's where the Bitcoin craze comes from...




gasket said:
You buy this non existing thing with real money and hope to sell the non existing thing and make real money profit.
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The profit is phenomenal...$10,000 invested in Litecoin, in January 2017 (@ $3.07/coin) is worth $1,006,413 as of this morning. Most all my peers have already cashed out. Believe me, this is old investment news.
 
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Tony M. said:
These things are good when you get in early but chasing a rise is a bad idea.
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Exactly! You want to get off the "wave" before it crests...while it's still moving upward...but greed entices people to stay on to the very end, hoping for more..

My goals are lofty, but simple - Retire at 55 - buy vacation homes in Fair Isle Shetland and Castlemaine Victoria, with enough residual coming in I do not have to touch the principle
 
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