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Thread: Buying Altcoins/Bitcoins and investing in the stock market

  1. #106
    Waitin til next year bucksfan2's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by redsfandan View Post
    I don't think it's that surprising, though. Investing can be intimidating to someone that isn't familiar with it or that isn't into it. I don't think it's realistic to think that everyone should be into things like this. But, I don't think that's important either. I think what's important is that they do SOMETHING even if it's something simple (like just making contributions and putting the money in a target fund) or going someplace like Schwab or Fidelity for help. But, a lot of people don't even try to get help. Now THAT'S sad.
    I am a big believer in companies automatically enrolling employees in 401K plans (setting a target rate fund as default) to every new eligible employee. I also like the idea of yearly step-ups in percentage into the plan. There has been a lot of research out there saying that just the process of declining any 401K savings is one that the vast majority of people avoid.


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  3. #107
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    I don't know if now is a good time to get into cryptocurrencies. A lot of people say there will be a crash in the near future, followed by another rise. Try buying then.

  4. #108
    We are the angry mob cincyinco's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by nickADon29 View Post
    I don't know if now is a good time to get into cryptocurrencies. A lot of people say there will be a crash in the near future, followed by another rise. Try buying then.
    There are plenty of alt coins still in their infancies.. Unlike my retirement savings, I'm playing with bar money and have had 300 bucks over the last month turn into over 1k valuation buying newer alt coins. Not bad, but I'm definitely putting more real money away into more "stable" and traditional investments.

    I'm far from an expert, but I'm not putting any money into crypto that I can't afford to lose.
    "I hate to advocate chemicals, alcohol, violence or insanity to anyone... But they've always worked for me."

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  6. #109
    Daffy Duck RedTeamGo!'s Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    My friend bought $2,000 USD worth of Stellar Lumens (XLM) 2 months ago and it is now worth $14,000 USD.
    What would you say.....ya do here?

  7. #110
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Like I said above, my son is into it, and I bought a bunch in 2014 per his advice. Unbeknownst to me, he had also talked his little sister into buying $250 worth when she was a senior in HS, and she didn't pay any attention to it. Around Christmas of this year, he asked about her bitcoin wallet and she said it was on a laptop that had crashed. Panic set in, but then it turned out she had backed it up on some google drive she had forgotten about, and they found it. They were worth $8k, and she cashed them in on the spot. Not bad for a 21 year old investor.

  8. #111
    Member Redsfaithful's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    I hope everyone is taking profits.

    This is good:

    http://www.mrmoneymustache.com/2018/...oin-is-stupid/

    I'm not pullquoting because you either need to read it all or none of it, but it's very good.

    When this goes bad, and it's going to go bad for most people who are investing heavily (I know many are just screwing around, and I'm not talking about them), the government better not bail anyone out. This is dumber than dot com stocks or the housing bubble.

    - - - Updated - - -

    Quote Originally Posted by BernieCarbo View Post
    she cashed them in on the spot.
    Genius
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  9. #112
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by Redsfaithful View Post
    Genius
    Not really. She forgot she had a wallet, and she's just a college senior who came up with her last semester's tuition just like that. At least she didn't just blow the money.

    As for the article, I don't know, it sounds like a guy who is bitter he didn't invest too. If they are a bad investment, how did my kid turn $250 into $8k? How did I turn $10k into $300k? And he compares this to baseball cards and beanie babies, but ignores the fact that I can spend bitcoins on tangible products and services everywhere, whereas I can't pay for a hotel room with a handful of baseball cards. Oh, and the IRS takes this very seriously, and taxes the currency exchange profits just like any other currency. Will it tumble? Sure, everything does. But sometimes you just have to ride the wave. I remember in 1983 or so when Danish banks were offering 21% interest on savings accounts, and the dollar-kroner exchange rate was incredible. I bought as heavily as I could into it, and quadrupled my money in a couple of years. You just have to keep your eyes out for things like this.

    Plus, businesses are terrible at predicting investment and any other outcome (I remember when Steve Ballmer said "“There’s no chance that the iPhone is going to get any significant market share.”). This isn't any dumber than real estate speculation, or automakers building cars they can't sell and then going bankrupt. But the whole thing is small enough that it is still just a speck in the global financial markets, and even if it crashed tomorrow, the actual money invested would be small. If I hadn't sold mine already, I could say I lost $300k, but in reality I only lost $10k. Instead, since I got out of it when I did, both the IRS and I made out like bandits.

  10. #113
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    A lot of people made a lot of money on bad dot com stocks and in the housing bubble, too, on the "greater fool" principle. More power too you and congrats on the gains, but some people are likely to lose their shirts when the music stops. Perhaps this time it's different, but it's usually not.

  11. #114
    Member Redsfaithful's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    Not really. She forgot she had a wallet, and she's just a college senior who came up with her last semester's tuition just like that. At least she didn't just blow the money.

    As for the article, I don't know, it sounds like a guy who is bitter he didn't invest too. If they are a bad investment, how did my kid turn $250 into $8k? How did I turn $10k into $300k? And he compares this to baseball cards and beanie babies, but ignores the fact that I can spend bitcoins on tangible products and services everywhere, whereas I can't pay for a hotel room with a handful of baseball cards. Oh, and the IRS takes this very seriously, and taxes the currency exchange profits just like any other currency. Will it tumble? Sure, everything does. But sometimes you just have to ride the wave. I remember in 1983 or so when Danish banks were offering 21% interest on savings accounts, and the dollar-kroner exchange rate was incredible. I bought as heavily as I could into it, and quadrupled my money in a couple of years. You just have to keep your eyes out for things like this.

    Plus, businesses are terrible at predicting investment and any other outcome (I remember when Steve Ballmer said "“There’s no chance that the iPhone is going to get any significant market share.”). This isn't any dumber than real estate speculation, or automakers building cars they can't sell and then going bankrupt. But the whole thing is small enough that it is still just a speck in the global financial markets, and even if it crashed tomorrow, the actual money invested would be small. If I hadn't sold mine already, I could say I lost $300k, but in reality I only lost $10k. Instead, since I got out of it when I did, both the IRS and I made out like bandits.
    I don't really see any rebuttal in your post there except that people are making money. People get rich in every single speculation bubble. And your daughter is genius because she was smart to sell - she will end up making out better than 99% of people who are getting into this in the last few months. I have read about people mortgaging their houses to buy in. Again, people screwing around with money they can afford to lose will end up fine, especially if they take profits, but even if they don't the key is "money they can afford to lose." That's not what I'm talking about here.

    You can't really use bitcoin as currency because it would be ignorant to do so on something that will be worth more next week. You need stability for a currency to be functional.

    The guy writing that is a multi-millionaire living his ideal life so no, I don't think it's anger at missing out.
    Turning and turning in the widening gyre
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  12. #115
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Bitcoin is accepted as currency in many places.

  13. #116
    Daffy Duck RedTeamGo!'s Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    Bitcoin is accepted as currency in many places.
    I’m curious, as I don’t know, isn’t it used on the dark web a lot to purchase drugs? I read yesterday the dark web is like a ghost town these days. Bubble could be approaching soon.
    What would you say.....ya do here?

  14. #117
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by RedTeamGo! View Post
    I’m curious, as I don’t know, isn’t it used on the dark web a lot to purchase drugs? I read yesterday the dark web is like a ghost town these days. Bubble could be approaching soon.
    I don't buy drugs, so I'm not sure. I know Expedia accepts bitcoins though, so there's that

  15. #118
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    Bitcoin is accepted as currency in many places.
    How reliably? Not sure it was the best source, but I saw a Wall Street Journal video of a guy trying to spend bitcoin, and it cost about $100 (and took several hours) to get a Domino's pizza. He went to an ice cream shop and spent about $12 for a $4 ice cream (the transaction itself was much more smooth). He had similar issues elsewhere. It seemed like the transaction costs were universally high, and the efficiency of the transaction itself varied widely.

    I know my online sportsbook takes bitcoin.

  16. #119
    Member Redsfaithful's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by BernieCarbo View Post
    Bitcoin is accepted as currency in many places.
    Yep, and like I said, you'd have to be a real idiot to use it when it's going up double digit percentage every week.

    That pizza someone bought back in what? 2010? Ended up being a seven figure pizza.

    You need stability to feel comfortable using a currency. Bitcoin is not.
    Turning and turning in the widening gyre
    The falcon cannot hear the falconer;

  17. #120
    Member Redsfaithful's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by RedTeamGo! View Post
    I’m curious, as I don’t know, isn’t it used on the dark web a lot to purchase drugs? I read yesterday the dark web is like a ghost town these days. Bubble could be approaching soon.
    Most of the utility with things like this are illegal activities and tax dodging.
    Turning and turning in the widening gyre
    The falcon cannot hear the falconer;


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