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Thread: Cryptocurrencies

  1. #1
    Champ dawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond reputedawg80 has a reputation beyond repute dawg80's Avatar
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    Cryptocurrencies

    Bitcoin and the rest of such investment vehicles are under a lot of pressure with the news of possible crackdowns, especially in China and South Korea. Those two countries have a particular role in this because 1) S. Korea has the largest exchange(s) and 2) China is home to some of the world's biggest money "transferrers." And they are using the cryptos to get their money out of China. The Chicoms don't want that to happen.

    In addition to those two, other countries are exploring either banning it, or strictly regulating it.

    Beyond guvmint interference, there is the sector itself. The whole industry is built on promises. There is NOTHING tangible backing these currencies. Only the promise/hope that they will become an acceptable means to conduct transactions. YES! it is true that's happening already. I saw where Amazon and I think EBay have started accepting such currencies in transactions with caveats to both parties that if the whole system collapses, so sad/so sorry but Amazon won't make the parties whole again. Not exactly a sound structure to build on.

    So...are the cryptos a good investment opportunity? Are they even worth a chance, with maybe a small (in case you lose it all) investment?

    Comments? Opinions?

  2. #2
    Super Moderator PawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond repute PawDawg's Avatar
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    Re: Cryptocurrencies

    Quote Originally Posted by dawg80 View Post
    Bitcoin and the rest of such investment vehicles are under a lot of pressure with the news of possible crackdowns, especially in China and South Korea. Those two countries have a particular role in this because 1) S. Korea has the largest exchange(s) and 2) China is home to some of the world's biggest money "transferrers." And they are using the cryptos to get their money out of China. The Chicoms don't want that to happen.

    In addition to those two, other countries are exploring either banning it, or strictly regulating it.

    Beyond guvmint interference, there is the sector itself. The whole industry is built on promises. There is NOTHING tangible backing these currencies. Only the promise/hope that they will become an acceptable means to conduct transactions. YES! it is true that's happening already. I saw where Amazon and I think EBay have started accepting such currencies in transactions with caveats to both parties that if the whole system collapses, so sad/so sorry but Amazon won't make the parties whole again. Not exactly a sound structure to build on.

    So...are the cryptos a good investment opportunity? Are they even worth a chance, with maybe a small (in case you lose it all) investment?

    Comments? Opinions?
    Better than taking it to the boat. If you are willing to gamble with it, why not try.

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  3. #3
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    Re: Cryptocurrencies

    Quote Originally Posted by PawDawg View Post
    Better than taking it to the boat.
    Depends on what your doing at the boat. Perhaps slightly better than roulette or slots.

    It’s certainly not an “investment” worthy any money you plan to need ever again.

  4. #4
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    Re: Cryptocurrencies

    Seems like it is also a way to circumvent trade sanctions, so if you are comfortable with participating in transactions that could be supporting N Korea or Iran may be another thing to consider...

  5. #5
    Super Moderator PawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond reputePawDawg has a reputation beyond repute PawDawg's Avatar
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    Re: Cryptocurrencies

    Quote Originally Posted by johnnylightnin View Post
    Depends on what your doing at the boat. Perhaps slightly better than roulette or slots.

    It’s certainly not an “investment” worthy any money you plan to need ever again.
    I don't consider either an investment. Based on what a couple of people told me it is better than gambling. One guy just took a couple of hundred and has done very well. When I asked him about cashing in, he said he was letting it roll. So who knows if he will ever make a profit.

    I also head American Express was getting in on the money transfers. You hear anything on that?
    "eye fo an eye and toof fo a toof" - Idiot in Missouri

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    Re: Cryptocurrencies

    The main problem with crypto currencies is "can you go to the store and buy groceries with them?" I have read a little about crypto currences and bit coins in particular. Bit coins are created when somebody "mines" them by checking on the veracity of a transaction. Go to the following link for a tutorial on block chain and bit coins. You may already be familiar with this. It's pretty basic, but it gives you an idea of what makes crypt currencies.


    https://www.edureka.co/blog/blockchain-tutorial/
    https://www.edureka.co/blog/blockchain-tutorial/

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    Re: Cryptocurrencies

    It would seem that transaction costs and volatility pose real challenges for a those that would hope to use most current cryptos as actual currency.

  8. #8
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    Re: Cryptocurrencies

    Back in 2010 a myself and a friend were trying to find out how to "mine" them, and from what very limited information that we could get was that we were going to have to go to the dark web to get that done. We researched that end a little bit and of course found out about some things like the silk road among-st other things and decided we would pass on the opportunity at that time, I believe a bit coin was worth about $.0004 at that time or something ridiculously low.

    I have regained some interest in it lately just because if we had followed through we would have millions in bitcoin right now and I just wonder what would we be doing with it right now if we had mined them.

    I have found that some merchants are looking for a way to start making transactions with them because using blockchain technology for transactions would cut out their transaction rate charges from the CC companies out when they took bitcoin for payment and the rates would be almost nothing to take bitcoin.

    Not that I am really qualified to say, but it looks like bitcoin/blockchain is really trying to find it's place and if it does, there are going to be some really wealthy people who invested a few hundred bucks ten years ago. It seems unlikely for this to be able to work though because there is really no backing of this currency, but then again, whats backing all of the other currencies out there right now?

    I find it very interesting to watch though, even trying to give a knowledgeable comment on how this will or could shake out is way above my financial literacy level, but it is fun to watch because it seems to make governments nervous.
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  9. #9
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    Re: Cryptocurrencies

    Quote Originally Posted by Guisslapp View Post
    Seems like it is also a way to circumvent trade sanctions, so if you are comfortable with participating in transactions that could be supporting N Korea or Iran may be another thing to consider...
    Whaddyaknow

    https://www.vox.com/world/2018/2/28/...uclear-weapons

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    Re: Cryptocurrencies

    Quote Originally Posted by PawDawg View Post
    I don't consider either an investment. Based on what a couple of people told me it is better than gambling. One guy just took a couple of hundred and has done very well. When I asked him about cashing in, he said he was letting it roll. So who knows if he will ever make a profit.

    I also head American Express was getting in on the money transfers. You hear anything on that?
    Poker players are all about some bit coin, ripple, eurtherium.......the irony. Too many shady brokers (fraud, hacking) involved for me though. There are some bit coin ATMs around bigger cities

  11. #11
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    Re: Cryptocurrencies

    I am old school to the max-- I have been doing ok by following Warren Buffett and Brian Westbury -- both recommend avoiding Bitcoin. I would bet on FANG or BRIC in the long run-- read article in December that it costs over 3,000 to create 1 bitcoin in Lousiana-- over 9k in Hawaii .

    Feels like a scam ultimately to me -- not going to bother me if I missed the opportunity but I would feel like an idiot if I got scammed --

  12. #12
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    Re: Cryptocurrencies

    The SEC has launched a campaign to uncover any wrong-doings in the whole cryptocurrency sector. There are now hundreds of such offerings, none of it regulated. Without a doubt many of those are just scams. If, big IF, the SEC is successful in its investigation and it leads to proper regulations and a purging of the sector....then, investors will have a "real" albeit silly sector to trade in.

    Let's fast forward, a couple of years, because it will take that long, if not longer, to sort all of this out, and now we have only legit CC offerings. Great! Except the whole sector is based on speculation, with nothing tangible supporting it. Yes, it is true that EBay and Amazon have started experimenting with allowing CC to be used as a "currency' among users of their sites. That lends some credibility to CC. But, the whole system is rooted in the "faith" that if I accept some CC as payment for a valuable good or service, I can in turn exchange it for some valuable good or service. As long as that system stands, then CC will have real value. But one can readily see just how fast the whole system can crash rendering such holdings valueless.

    China and South Korea, home to the world's largest CC exchanges, are instituting regulations and constraints on the sector. Now the US is doing the same with this SEC investigation. Perhaps when the dust settles only legit CC offerings will remain and investors can have a measure of confidence. If, another big IF, I ever dabble in the CC sector, it will be mostly day-trading. Get in, make a buck, get out!

  13. #13
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    Re: Cryptocurrencies

    I would normally be one of the first to pooh pooh this idea. However, almost fifty years ago I had a co worker who said he wished he didn't have to use checks or cash. Money would be deposited directly into his account (that was possible even then) and then he would just use a card to automatically take the money out to pay the seller. Of course this is routine now. It is even more convenient than he wished with bill payments over the internet - no card needed.

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    Re: Cryptocurrencies

    I am wary of the Crypto's but then again - I feel like our own currency is becoming Crypto and has been for a while. With the paper and coins being worth less in the market today (a $5.00 will barely get you a meal and $20 used to last a whole weekend), we are relying more on our cards to get us through our lives.

    I tend to believe that most currencies now are really based on 'ticks' in the computers backed by governments. And it is all supported by loans.

    I don't live in fear, just possible awareness.

  15. #15
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    Re: Cryptocurrencies

    Quote Originally Posted by garddawg View Post
    I am wary of the Crypto's but then again - I feel like our own currency is becoming Crypto and has been for a while. With the paper and coins being worth less in the market today (a $5.00 will barely get you a meal and $20 used to last a whole weekend), we are relying more on our cards to get us through our lives.

    I tend to believe that most currencies now are really based on 'ticks' in the computers backed by governments. And it is all supported by loans.

    I don't live in fear, just possible awareness.
    You are correct. My Social Security and Pensions are electronically deposited into my bank account. Then I go and pay my bank cards by intra-bank elecrtonic transfers and most other bills are also done by debit (I don't use those services where the banks actually write a check). I only deal with paper when a client pays me. I go to the ATM to deposit it so it's almost all electronic. So in reality I am using crypto dollars. There is nothing really backing this except trusting that the bank will keep my account correct and pay when I tell it to.

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