Bitcoin currency of the future?

[SwamiLeoni]

Just put several hundred into NEO and ARK each. I bought them both when they were on the downtrend, so I think I bought at a decent time.

Two of my favorite coins that have a great future. I bought both at a very low entry point so I got lucky.

It’s insane to watch my portfolio move between thousands in seconds. I can see $2-5k shifts in minutes to the point it doesn’t even bother me. That’s because it’s tied up in the magical internet land where it’s not really real until I can actually realize the gains. When that will be, who knows. But I did promise myself that I got into this to pay off my student loans. Hopefully nelnet takes Bitcoin.

 

[NoGoodNamesLeft]

HODL!!!!!!

 

[WhiskeyPunch]

HODL!!!!!!

 

[Der Eisbär]

Why is it silliness? Houses are tangible assets, cryptos are Intangible assets. Land is scarcer than cryptos and would be worth more hence the insane market cap. Are you assuming that because the housing market cap was 30 trillion that the crypto market cap can get into the trillions before it explodes?

What’s silliness is:

A: Assuming we’re not in a bubble because we are

B: Assuming you can predict the total market cap before it bursts.

No one knows when it’ll happen and it can happen at any time.

The silliness is saying that it's going to be disasterous and how it's going to hurt a lot of people. I'm not saying I can predict the market cap. I'm just pointing out the numbers and figures we're talking about here for comparison. 30 trillion, mostly held in the US, vs 500 billion, 60-70% of which is in Asia. We're not talking about some kind of catastrophe here and you're spreading FUD. We are in a bubble, and the bubble is the 1300+ coins that now exist. That doesn't mean strong projects and legacy coins like bitcoin are going to crash and disappear.

 

[rj144]

Paper dollars also get destroyed as they are handled. But the worth of them doesn't go up because they keep printing them, with not limit. Ripple is similar in that it is centrally controlled by the creators of Ripple, and they can make as many as they feel like at any time (which is something they have postulated doing). They control the Ripple however they want, for any reason. It is not decentralized, it is very centralized, so it's basically no different of an idea than paper dollars except its less easy to use, less accepted/ standardized, and has less/no controls(laws, etc) on how many wacky ways it can be manipulated at will by the creators/controling-entity of it.

Nearly every crypto coin has been doing well recently. Ripple doesn't count as a crypto because its not encrypted or private or decentralized. It's just another type of fiat (regular money) except it isn't even legal tender.

I'm not trying to discourage anyone from Ripple but them is the facts. Good luck, hope it does well for anyone holding it.

It's still a cryptocurrency and has a distributed ledger.

 

[SwamiLeoni]

The silliness is saying that it's going to be disasterous and how it's going to hurt a lot of people. I'm not saying I can predict the market cap. I'm just pointing out the numbers and figures we're talking about here for comparison. 30 trillion, mostly held in the US, vs 500 billion, 60-70% of which is in Asia. We're not talking about some kind of catastrophe here and you're spreading FUD. We are in a bubble, and the bubble is the 1300+ coins that now exist. That doesn't mean strong projects and legacy coins like bitcoin are going to crash and disappear.

Of course it won’t be as disastrous but it will be for a lot of people who put in the savings they had or took out loans against their house. Please explain how I’m spreading ‘fud’ when you yourself are saying we’re in a bubble? What am I saying that’s different? There’s nothing ‘fud’ about warning people to invest wisely and to take into consideration we’re in a 3-4 month bull market. A correction will come and many people will be crushed. All of the experts in this field have some the exact same thing. Let’s be realistic about this. Investing in a market when you can’t lose should scare people.

 

[xcvbn]

The silliness is saying that it's going to be disasterous and how it's going to hurt a lot of people. I'm not saying I can predict the market cap. I'm just pointing out the numbers and figures we're talking about here for comparison. 30 trillion, mostly held in the US, vs 500 billion, 60-70% of which is in Asia. We're not talking about some kind of catastrophe here and you're spreading FUD. We are in a bubble, and the bubble is the 1300+ coins that now exist. That doesn't mean strong projects and legacy coins like bitcoin are going to crash and disappear.

People are going to claim a crypto crash regardless. They just so badly want to say "I told you so" or they're people who regret missing the boat. Almost every "argument" completely lacks even a relative understanding of what cryptocurrency and blockchain technology is.

I do see a crash at some point but it's almost impossible to predict. It could be at the current total market cap($600bn) or higher. My best guess is all of crypto will reach a market cap that puts it on par with a top 10 world stock exchange- over $2 trillion before all of the fake scam coins disappear likely causing a crypto-wide crash. And it will recover even faster than it crashes.

 

[rj144]

Two of my favorite coins that have a great future. I bought both at a very low entry point so I got lucky.

It’s insane to watch my portfolio move between thousands in seconds. I can see $2-5k shifts in minutes to the point it doesn’t even bother me. That’s because it’s tied up in the magical internet land where it’s not really real until I can actually realize the gains. When that will be, who knows. But I did promise myself that I got into this to pay off my student loans. Hopefully nelnet takes Bitcoin.

Do you have more than $100k in crypto? If so, did you buy years ago?

 

[Der Eisbär]

Of course it won’t be as disastrous but it will be for a lot of people who put in the savings they had or took out loans against their house. Please explain how I’m spreading ‘fud’ when you yourself are saying we’re in a bubble? What am I saying that’s different? There’s nothing ‘fud’ about warning people to invest wisely and to take into consideration we’re in a 3-4 month bull market. A correction will come and many people will be crushed. All of the experts in this field have some the exact same thing. Let’s be realistic about this. Investing in a market when you can’t lose should scare people.

I agree people should invest wisely and only put in what they can afford to lose. I just think the correction isn't going to be as bad as you're painting it.

 

[SwamiLeoni]

Do you have more than $100k in crypto? If so, did you buy years ago?

I got in around May/June right before the big push. I had some cash on hand to invest and ended up picking the right coins. I’m doing very well but I’ve only cashed out of one coin so it’s hard to gauge how well without looking at a stocked bank account.

 

[rj144]

I got in around May/June right before the big push. I had some cash on hand to invest and ended up picking the right coins. I’m doing very well but I’ve only cashed out of one coin so it’s hard to gauge how well without looking at a stocked bank account.

I got in a little before that. I haven't invested a ton though, but it turned into quite a bit. I have quite a bit, but I don't see $2k fluctuations in minutes... maybe hours, but not minutes. So, I'm guessing you have a lot more than I do.

I keep track of every transaction on a spreadsheet. I know exactly what I'm up including accounting for fees.

 

[WorldofWarcraft]

I also feel a major crash incoming. Buying BTC now would only be good for short term profitability.

 

[mime]

youbit,a big korean exchange was just hacked and has filed for bankruptcy: https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

bitcoin price dipped a bit but it looks like it already is starting to rebound, once again showing it's anti-fragility

please remember when you keep your funds in a centralized exchange you do not own the keys to the funds. centralized exchanges are the opposite in principal of what cryptocurrencies are about and that is decentralization. 2018 will see a lot more safer decentralized exchanges open. Etherdelta, for ethererum based tokens exists right now and easily connects to metamask and there is no registration required.

 

[Tamriel Terror]

youbit,a big korean exchange was just hacked and has filed for bankruptcy: https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

bitcoin price dipped a bit but it looks like it already is starting to rebound, once again showing it's anti-fragility

please remember when you keep your funds in a centralized exchange you do not own the keys to the funds. centralized exchanges are the opposite in principal of what cryptocurrencies are about and that is decentralization. 2018 will see a lot more safer decentralized exchanges open. Etherdelta, for ethererum based tokens exists right now and easily connects to metamask and there is no registration required.

Yea I don't like having my money in the exchanges. Thats why I bought the Trezor Hardware Wallet. That shit ain't getting hacked lol.

 

[NoGoodNamesLeft]

lol i doubled my original investment in 3 weeks and i have no clue what i doing. that should scare you.

 

[mime]

lol i doubled my original investment in 3 weeks and i have no clue what i doing. that should scare you.

congrats, you just lucked into the future of currency.

Bitcoin is decentralized, meaning there is no central bank or authority, it is secured by the blockchain, so as long as you hold your private keys it is safe, and it is limited supply so just as the value of the dollar decreases over time due to the constant printing (thats why you always hear something like imagine what $1000 could have bought you in the 1940s or some year in the past) bitcoin becomes a hedge.

Another aspect is that if you hold your keys yourself and not in an exchange it cannot be confiscated by the govt. You can read about what happened in Cyprus, Greece for what happens during a confiscation.

Even if you are not optimistic as some about its future I think everyone should agree that it is good to diversify and the best hedge right now against the current financial system is bitcoin. So even if you put 1% in bitcoin, it is a hedge and diversification.

Follow great speakers like andreas antonopoulos for more info, there is a wealth of information online but also be wary of scams and imitation copy coins.

 

[Der Eisbär]

lol i doubled my original investment in 3 weeks and i have no clue what i doing. that should scare you.

Why? There have been booms throughout history and plenty of people that didnt know what they were doing made money. That is in and of itself not "scary". If you were well off enough to throw some money at an oil venture in the 19th century and made incredible gains, why would that scare you? You got lucky by discovering a booming market with having little knowledge of it. Props to you but enough FUDing.

 

[Luminaire]

Der Eisbar... are you just in some euphoric state of denial? You want this so badly to be the financial windfall of a lifetime that you are 100% blind to the possibility (probability) of a crash?

 

[rj144]

lol i doubled my original investment in 3 weeks and i have no clue what i doing. that should scare you.

If you knew what your were doing, it might have taken you a week or less though.

 

[Der Eisbär]

Der Eisbar... are you just in some euphoric state of denial? You want this so badly to be the financial windfall of a lifetime that you are 100% blind to the possibility (probability) of a crash?

We've been over this like 20 fucking times man. Why do we need to keep having the same conversation? I've already stated there is a bubble. There is a post from me on this very page stating there is a bubble, so WTF are you talking about?