Shouldn't everyone buy bitcoins ?

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Avatar image for dkdk999
#1 Posted by dkdk999 (6760 posts) -

@Theres obviously debate between whether bitcoins will end up being a widely regarded currency (in which case anyone who owns will get ridiculous return on investment), or they will end collapsing. But even if the chance of the former is tiny, isn't it worth investing ? Just throw $20 or $10 in, you don't have much to lose.

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#2 Posted by Nibroc420 (13571 posts) -
@dkdk999 said:

Just throw $20 or $10 in, you don't have much to lose.

They're worth over $1000 at the moment...

When you start topics, it's best to have some idea about what the **** you're discussing...

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#3 Posted by dkdk999 (6760 posts) -

@Nibroc420: O.o

You can buy bitcoin fractionals at a low price can't you?

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#4 Edited by The-Apostle (12195 posts) -

@dkdk999 said:

@Nibroc420: O.o

You can buy bitcoin fractionals at a low price can't you?

You can, actually. I've tried to get into it myself but I can't really afford a real miner. :cry:

Avatar image for darkmark91
#5 Posted by darkmark91 (3028 posts) -

Can someone correct me if I'm wrong? From what I've heard that if you invest in a bitcoin and the price of that bitcoin goes up then so will your money? For example if I invest $1,000 and wait a few years it is possible it could turn in $10,000?

Avatar image for Nibroc420
#6 Edited by Nibroc420 (13571 posts) -

@darkmark91 said:

Can someone correct me if I'm wrong? From what I've heard that if you invest in a bitcoin and the price of that bitcoin goes up then so will your money? For example if I invest $1,000 and wait a few years it is possible it could turn in $10,000?

It's also possible that in a few years it will be worth $0

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#7 Posted by Nibroc420 (13571 posts) -

@The-Apostle said:

@dkdk999 said:

@Nibroc420: O.o

You can buy bitcoin fractionals at a low price can't you?

You can, actually. I've tried to get into it myself but I can't really afford a real miner. :cry:

It's not really worth mining solo these days, over time the number of "available" bit-coins you can get through mining decreases.
They do this so they can limit the number of bit-coins being created.

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#9 Posted by thegerg (18283 posts) -

no

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#10 Posted by AutoPilotOn (8655 posts) -

I am kicking myself. I did bitcoin mining a few years ago had about 6 or 7 I got mining and sold for about 20 bucks each. I thought wow 150 for just leaving computer running. Now they would been worth a few thousand....

Avatar image for JML897
#11 Edited by JML897 (33134 posts) -

@Nibroc420 said:
@dkdk999 said:

Just throw $20 or $10 in, you don't have much to lose.

They're worth over $1000 at the moment...

When you start topics, it's best to have some idea about what the **** you're discussing...

You can get fractions of bitcoins at a time, you don't have to buy a full one.

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#12 Posted by xWoW_Rougex (2793 posts) -

I'd feel too dirty if I invested in that.

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#13 Edited by dkdk999 (6760 posts) -

@Nibroc420: But that's my point, they could be worth zero, or if they actually hold as market value they could be worth hundreds of times more in value. Meaning it would make sense to just put in $20 or so if your highly skeptical.

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#14 Posted by GazaAli (25216 posts) -

Bitcoins sound shady as ****. I don't know much about them, but I only hear hacking and ripping groups talking about them.

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#15 Posted by -Renegade (8340 posts) -

not sure what it is exactly so i cant really get into although it sounds like a good investment.

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#16 Posted by coolbeans90 (21305 posts) -

@darkmark91 said:

Can someone correct me if I'm wrong? From what I've heard that if you invest in a bitcoin and the price of that bitcoin goes up then so will your money? For example if I invest $1,000 and wait a few years it is possible it could turn in $10,000?

It's also possible that it'd be worth nothing.

Avatar image for AutoPilotOn
#17 Posted by AutoPilotOn (8655 posts) -

About 2 years ago you could of bought bitcoins for 20 dollars a piece. Now that's a good investment if you sold today

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#18 Posted by konvikt_17 (22378 posts) -

yea let me just pull 1000 dollars out of my ass.

i dont much care for them though. would be nice to get some things from the silk road 2. but its just too much a hassle.

i havent been able to buy even fractions. seems everywhere you need to somehow give them a picture ID and proof of residency and shit like that. i just want my fractions of bitcoins sheesh.

Avatar image for dkdk999
#19 Edited by dkdk999 (6760 posts) -

@konvikt_17 said:

yea let me just pull 1000 dollars out of my ass.

i dont much care for them though. would be nice to get some things from the silk road 2. but its just too much a hassle.

i havent been able to buy even fractions. seems everywhere you need to somehow give them a picture ID and proof of residency and shit like that. i just want my fractions of bitcoins sheesh.

Go to coinbase.com

There you just have to put in your bank account.

Avatar image for hoola
#20 Edited by hoola (6422 posts) -

Bitcoins right now are being bought and sold as an investment rather than a currency. Very few businesses use them relative to the dollar which limits their value for a vast majority of people. I have not purchased any because I don't have a reason to purchase them anymore than I'd have a reason to purchase stock in a company that just recently went public and has no steady history of being profitable and providing returns - I'm not a risk taker. Until they are widely used at both B&M stores as well as internet stores then it will continue being pointless in my opinion.

Then there is also the potential for government getting involved in the trading of Bitcoin and other cryptocurrencies. The USA could very easily determine that it is a competing currency with the dollar and eliminate it by forbidding its use at stores. And if they don't do that then they may regulate it like they do the trading of stock and foreign currencies.

My technical analysis professor mentioned a common saying that I hadn't heard before regarding when to buy/sell: Buy the Rumor, Sell the News. Bitcoin is in the news.

I like the concept, I just don't like the fact that it is all digital.

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#21 Posted by mattbbpl (14799 posts) -

@hoola said:

Bitcoins right now are being bought and sold as an investment rather than a currency. Very few businesses use them relative to the dollar which limits their value for a vast majority of people. I have not purchased any because I don't have a reason to purchase them anymore than I'd have a reason to purchase stock in a company that just recently went public and has no steady history of being profitable and providing returns - I'm not a risk taker. Until they are widely used at both B&M stores as well as internet stores then it will continue being pointless in my opinion.

Then there is also the potential for government getting involved in the trading of Bitcoin and other cryptocurrencies. The USA could very easily determine that it is a competing currency with the dollar and eliminate it by forbidding its use at stores. And if they don't do that then they may regulate it like they do the trading of stock and foreign currencies.

My technical analysis professor mentioned a common saying that I hadn't heard before regarding when to buy/sell: Buy the Rumor, Sell the News. Bitcoin is in the news.

Yeah, bitcoins carry a LOT of risk. They're on the fringe of legality, they have no widely recognized value as a currency, and, if the early adopters choose to cash in, they could entirely collapse in value of their accord.

Although I think you've taken your professor's comment a little too literally. The quote doesn't refer to an asset that's in the news (Microsoft is in the news, but it's arguably still a good investment based on it's current valuation). Rather, that comment refers to news ABOUT an asset. For instance, if a company is rumored to be releasing a new product you would choose to buy then (and then sell once the actual release hits).

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#22 Posted by Fightingfan (38011 posts) -

I would rather use gold bullions as a hedge against inflation, and maybe flirt about with silver.

Oil too.

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#23 Posted by comp_atkins (34384 posts) -

they remind me of the beanie baby craze a few years ago.....

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#24 Edited by BiancaDK (19082 posts) -

depends whether or not one cares to fight the banking cartel in a non-violent manner

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#25 Posted by Barbariser (6785 posts) -

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

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#26 Posted by dkdk999 (6760 posts) -

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

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#27 Edited by lostrib (49999 posts) -

If you're an idiot

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#28 Posted by Barbariser (6785 posts) -

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

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#29 Posted by coolbeans90 (21305 posts) -

@BiancaDK said:

depends whether or not one cares to fight the banking cartel in a non-violent manner

boooooooooooooooooooooooooring

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#30 Posted by comp_atkins (34384 posts) -

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

i think that's the point. get the gmen out of the currency business.

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#32 Posted by KC_Hokie (16099 posts) -

I predict they are the new carbon credits. They are valued highly today but will crash eventually (just like the carbon credit market crashed).

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#33 Posted by Macutchi (5722 posts) -

they're on a bit of a dip at the moment. down to $800. i wish i would have invested in them a few years ago. too late now.

you can buy a lamborghini with them now btw

http://www.businessinsider.com/tesla-purchased-with-bitcoin-2013-12

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#34 Posted by mattbbpl (14799 posts) -

@comp_atkins said:

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

i think that's the point. get the gmen out of the currency business.

Ugh, I don't understand the hatred against monetarism, particularly since those that hate using monetary policy for economic purposes hate using fiscal policy for the same reason.

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#35 Posted by dkdk999 (6760 posts) -

@Macutchi said:

they're on a bit of a dip at the moment. down to $800. i wish i would have invested in them a few years ago. too late now.

you can buy a lamborghini with them now btw

http://www.businessinsider.com/tesla-purchased-with-bitcoin-2013-12

They could potentially go up to hundreds of thousands or millions of dollars if their adopted. Granted that might be unlikely, but a small investment of $20 could make a lot of money.

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#36 Posted by coolbeans90 (21305 posts) -

@dkdk999 said:

@Macutchi said:

they're on a bit of a dip at the moment. down to $800. i wish i would have invested in them a few years ago. too late now.

you can buy a lamborghini with them now btw

http://www.businessinsider.com/tesla-purchased-with-bitcoin-2013-12

They could potentially go up to hundreds of thousands or millions of dollars if their adopted. Granted that might be unlikely, but a small investment of $20 could make a lot of money.

So could my shits if they are adopted as a commonly used currency, but please don't be surprised if I decide to not bag them from here on out.

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#37 Posted by xdude85 (6330 posts) -

What are bitcoins?

Avatar image for coolbeans90
#38 Posted by coolbeans90 (21305 posts) -

@xdude85 said:

What are bitcoins?

Bitcoins are a wannabe digital currency. Bitcoins are created by a process called "mining" where bitcoins are created by using a shit ton of processing power to process transactions/transfer of bitcoins. Bitcoins, by design, become more difficult to create as time goes on (as the puzzles to solve whether or not bitcoin transactions are legitimate become more difficult to solve and thereby take more processing power). The only real practical purpose they serve at this point is to provide payment for illegal transaction due to the inherent anonymity of the process. At this point, bitcoin mining isn't really profitable - mightn't even cover electric costs to mine. As an investment . . . if you are cool with the idea of buying lottery tickets, I guess it isn't necessarily worse to buy bitcoins and hope the value goes up, but I really wouldn't recommend either.

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#39 Edited by xdude85 (6330 posts) -

@coolbeans90 said:

@xdude85 said:

What are bitcoins?

Bitcoins are a wannabe digital currency. Bitcoins are created by a process called "mining" where bitcoins are created by using a shit ton of processing power to process transactions/transfer of bitcoins. Bitcoins, by design, become more difficult to create as time goes on (as the puzzles to solve whether or not bitcoin transactions are legitimate become more difficult to solve and thereby take more processing power). The only real practical purpose they serve at this point is to provide payment for illegal transaction due to the inherent anonymity of the process. At this point, bitcoin mining isn't really profitable - mightn't even cover electric costs to mine. As an investment . . . if you are cool with the idea of buying lottery tickets, I guess it isn't necessarily worse to buy bitcoins and hope the value goes up, but I really wouldn't recommend either.

Yeah... I think I'll stick with cash and my debit card.

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#40 Edited by mingmao3046 (2683 posts) -

@konvikt_17 said:

yea let me just pull 1000 dollars out of my ass.

i dont much care for them though. would be nice to get some things from the silk road 2. but its just too much a hassle.

i havent been able to buy even fractions. seems everywhere you need to somehow give them a picture ID and proof of residency and shit like that. i just want my fractions of bitcoins sheesh.

the silk road has been shut down for months

Avatar image for konvikt_17
#41 Posted by konvikt_17 (22378 posts) -

@mingmao3046 said:

@konvikt_17 said:

yea let me just pull 1000 dollars out of my ass.

i dont much care for them though. would be nice to get some things from the silk road 2. but its just too much a hassle.

i havent been able to buy even fractions. seems everywhere you need to somehow give them a picture ID and proof of residency and shit like that. i just want my fractions of bitcoins sheesh.

the silk road has been shut down for months

hence why i said Silk Road 2

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#42 Posted by clarinetguy097 (83 posts) -

Bitcoins don't show much sign of ever being accepted as a widespread currency. Also, their use in black market transactions and as an alternate currency make them likely to get shut down by the governments.

So, bitcoins would be a really unwise investment.

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#43 Edited by HuggyBear1020 (467 posts) -

Seems like a highly volatile and risky investment. I'm sure the early investors are cashing in now, but I doubt there's much money to be made now.

Avatar image for dkdk999
#44 Posted by dkdk999 (6760 posts) -

@coolbeans90 said:

@xdude85 said:

What are bitcoins?

Bitcoins are a wannabe digital currency. Bitcoins are created by a process called "mining" where bitcoins are created by using a shit ton of processing power to process transactions/transfer of bitcoins. Bitcoins, by design, become more difficult to create as time goes on (as the puzzles to solve whether or not bitcoin transactions are legitimate become more difficult to solve and thereby take more processing power). The only real practical purpose they serve at this point is to provide payment for illegal transaction due to the inherent anonymity of the process. At this point, bitcoin mining isn't really profitable - mightn't even cover electric costs to mine. As an investment . . . if you are cool with the idea of buying lottery tickets, I guess it isn't necessarily worse to buy bitcoins and hope the value goes up, but I really wouldn't recommend either.

The practial purpose they would serve is getting rid of the massive overhead of banks and third parties in transactions.

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#45 Posted by chaoscougar1 (37597 posts) -

@-Renegade said:

not sure what it is exactly so i cant really get into although it sounds like a good investment.

lol no it doesn't

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#46 Edited by mattbbpl (14799 posts) -

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

How does the supply shrink? They can be mined up to a certain point (21 million, I think), at which point the supply available to be mined is exhausted and the number of bitcoins in circulation remains static (thus forming a kind of quasi-gold standard, blech).

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#47 Edited by Barbariser (6785 posts) -

@mattbbpl said:

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

How does the supply shrink? They can be mined up to a certain point (21 million, I think), at which point the supply available to be mined is exhausted and the number of bitcoins in circulation remains static (thus forming a kind of quasi-gold standard, blech).

My bad, I thought the number of bitcoins in circulation diminished over time, not the number of new bitcoins minted. Once it approaches the limit it would still lead to stagnant/negative growth and/or deflation though.

Avatar image for dkdk999
#48 Posted by dkdk999 (6760 posts) -

@Barbariser said:

@mattbbpl said:

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

How does the supply shrink? They can be mined up to a certain point (21 million, I think), at which point the supply available to be mined is exhausted and the number of bitcoins in circulation remains static (thus forming a kind of quasi-gold standard, blech).

My bad, I thought the number of bitcoins in circulation diminished over time, not the number of new bitcoins minted. Once it approaches the limit it would still lead to stagnant/negative growth and/or deflation though.

I don't think deflation is bad in the way you guys probably do, but it will be over 130 years before bitcoins are done being mined.

Avatar image for coolbeans90
#49 Edited by coolbeans90 (21305 posts) -

@dkdk999 said:

@Barbariser said:

@mattbbpl said:

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

How does the supply shrink? They can be mined up to a certain point (21 million, I think), at which point the supply available to be mined is exhausted and the number of bitcoins in circulation remains static (thus forming a kind of quasi-gold standard, blech).

My bad, I thought the number of bitcoins in circulation diminished over time, not the number of new bitcoins minted. Once it approaches the limit it would still lead to stagnant/negative growth and/or deflation though.

I don't think deflation is bad in the way you guys probably do, but it will be over 130 years before bitcoins are done being mined.

prolly b/c you are unfamiliar with its effects

LOL @ 130 years

they will be essentially done LONG beforehand

it takes ~130 years to lick the remaining bitcoin crumbs off of the proverbial plate by design, but you're dealing with scraps at that point

Avatar image for coolbeans90
#50 Edited by coolbeans90 (21305 posts) -
@dkdk999 said:

@coolbeans90 said:

@xdude85 said:

What are bitcoins?

Bitcoins are a wannabe digital currency. Bitcoins are created by a process called "mining" where bitcoins are created by using a shit ton of processing power to process transactions/transfer of bitcoins. Bitcoins, by design, become more difficult to create as time goes on (as the puzzles to solve whether or not bitcoin transactions are legitimate become more difficult to solve and thereby take more processing power). The only real practical purpose they serve at this point is to provide payment for illegal transaction due to the inherent anonymity of the process. At this point, bitcoin mining isn't really profitable - mightn't even cover electric costs to mine. As an investment . . . if you are cool with the idea of buying lottery tickets, I guess it isn't necessarily worse to buy bitcoins and hope the value goes up, but I really wouldn't recommend either.

The practial purpose they would serve is getting rid of the massive overhead of banks and third parties in transactions.

Banking processing fees are going down, and Bitcoin's can only go up (this is inherent b/c transactions become increasingly complex with time) barring severe deflation, which introduces a whole slew of problems, and makes it a speculation game, not means of exchange.