Cryptocurrency
- Thread starter Playboi Carti
- Start date
But when the unicorn fart hits your bank account it smells so good.
Unless I am understanding it wrong you can "cash out" the same as you would with a stock. I can't take my Disney stock to Disney World but I can sell it and use that money.
Ya, I get that it is essentially a stock, but when I'm buying Disney stock it is backed up by an actual entity. Seems like a huge speculation market on a thing that lives in virtual space.
All I know is that my ne'er-do-well brother in law was going on and on about it at a Thanksgiving gathering back in 2012 (2011?) maybe or may have been Christmas. Anyway, he just insisted that I look into this Bitcoin electronic currency, and an even newer one Litecoin. He was kind of jackwagon in general and a bit of a crackpot, so I mostly blew it off. However, I had a few thousand bucks laying around from a work bonus and I decided to look into it. I poked around on the web and couldn't figure out how it had any real value, so I didn't put anything in because I figured I would just be throwing a couple of grand down the toilet. The price was something like $9.50 and Litecoin was under a dollar like 65 cents. So, don't follow my instincts. My brother in law still rubs that in a bit.
Well if you consider the infrastructure backing coins, from mining(an estimated 1 billion spent) to exchanges, companies utilizing blockchain/coins, and wide spread adoption of crypto currencies(there are more Coinbase accounts then Charles-schwabb), you can see there is a lot backing it. Like any currency it only has value if more then one person agrees that it has value. I would state like any risky investment, only put it what you are willing to lose. If you are looking to become more informed, I recommend Coindesk as a great news site.
Now is probably the best time to buy, the market is finally correcting itself.
Yeah, there have been some articles and documentaries where people live on bitcoin for a week in the United States. It's doable, but difficult.
I did buy a couple bitcoins early on. $20 each area. Traded them in for a high end Russian mail bride. Definitely a winner.
Be careful you don't fall into this pattern of thought.
https://optionalpha.com/wp-content/uploads/2011/04/Investor-Cycle.png
If it was that easy I would. It's rather expensive and there is a waiting list, I believe. And it's super slow.
It was interesting to go back and read the oldest thread I could find on Bitcoin here. I wonder how this guy made out and if he bought any back after selling... Of course 2-3 people posted CNN articles on the dangers of such a gamble and they were 0 for 2.
https://cyclonefanatic.com/forum/threads/any-bitcoiners-out-there.170393/
https://cyclonefanatic.com/forum/threads/any-bitcoiners-out-there.170393/
Not that type of person. I actually pretty happy with the investments I've made so far.Be careful you don't fall into this pattern of thought.
https://optionalpha.com/wp-content/uploads/2011/04/Investor-Cycle.png