Adventures in Cryptocurrency

I will say that 'investing' $100 or so is not really investing IMO...

Gotta have some skin in the game to be able to call yourself an investor...
 
The crytocurrencies will find legs again only after dropping to their intrinsic value
 
I bought two more Litecoin yesterday at $111.xx each. That brings my Litecoin horde up to 4. Maybe a silly thing to do, but unlike Emus, Boar goats and other silly "investments" I have watched over the years I don't have to feed and clean up after litecoin.
 
I am pleased to announce the new flintnational cryptocurreny. And, as a limited time offer, I am waving transactions fees! It has block chain and all that other stuff. So, it is really valuable! Oh, and it is a limited supply. That makes it even more valuable. :)
 
flintnational said:
I am pleased to announce the new flintnational cryptocurreny. And, as a limited time offer, I am waving transactions fees! It has block chain and all that other stuff. So, it is really valuable! Oh, and it is a limited supply. That makes it even more valuable. :)
Click to expand...

Best of luck with that. Nobody showed up when I announced my CryptoEnron initial coin offering.
 
We cashed out a few of ours when it was at the high. In the past 4 years we are way ahead of the game. Even if it goes away we made much more $ then what we paid into it.
 
Yes. Not every participant loses money in a bubble. The ones who get in early and get out when the going is still good make out OK.

Wasn't there a promoter who sold all of his crypto stash before this crash? Darn good timing.
 
zedd said:
Best of luck with that. Nobody showed up when I announced my CryptoEnron initial coin offering.
Click to expand...

You gave me a great idea! Cryptowine! It will come in Bitbottles, and it is not mined, but fermented. One must hold intially for two years in a Cryptobarrel, before allowed to trade, otherwise it's just Cryptojuice. Then one can put it in a Cryptocellar, and that's where the "fees" can be made.

I will just have to prevent Blockparties! And you can pretty much expect to have a headache when it's all over!:D
 
LuckyCoin.

Every cycle, 10% of all the wallets in existence get randomly re-assigned to one Lucky wallet.

Pretty sure that would be a hit. It's basically a lottery without taxation or overhead.
 
Winemaker said:
You gave me a great idea! Cryptowine! It will come in Bitbottles, and it is not mined, but fermented. One must hold intially for two years in a Cryptobarrel, before allowed to trade, otherwise it's just Cryptojuice. Then one can put it in a Cryptocellar, and that's where the "fees" can be made.

I will just have to prevent Blockparties! And you can pretty much expect to have a headache when it's all over!:D
Click to expand...

Think of all the advantages of Cryptowine compared to old fashioned wine!

-Its Crypto, so governments can't track and tax it.
-I am sure it would be in limited supply. So that would make it valuable.
-Since its Crypto, there is no need to know anything about wine food pairings.
-And best of all, no hangovers from Cryptowine.

Clearly Cryptowine is better than old fashioned wine! Do I order it by the case or bit? :)
 
"After years of disappointment with get-rich-quick schemes, I know I'm gonna get rich with this scheme. And quick. "

-Homer J Simpson
 
flintnational said:
Think of all the advantages of Cryptowine compared to old fashioned wine!

-Its Crypto, so governments can't track and tax it.
-I am sure it would be in limited supply. So that would make it valuable.
-Since its Crypto, there is no need to know anything about wine food pairings.
-And best of all, no hangovers from Cryptowine.

Clearly Cryptowine is better than old fashioned wine! Do I order it by the case or bit? :)
Click to expand...

As soon as I get your certified check or money order, you can have it anyway you want it! Dry/sweet, red/white, European/North or South American, case, bit or barrel.:D

Disclaimer: There is some loss to the Chryptoangels while aging and replenishing monthly is the norm. The loss/addition of ~24 bottles over 24 months/55 gallon Chryptobarrel is not included in the original cost. The Chryptoangels must have their share.
 
Winemaker said:
As soon as I get your certified check or money order, you can have it anyway you want it! Dry/sweet, red/white, European/North or South American, case, bit or barrel.:D

Disclaimer: There is some loss to the Chryptoangels while aging and replenishing monthly is the norm. The loss/addition of ~24 bottles over 24 months/55 gallon Chryptobarrel is not included in the original cost. The Chryptoangels must have their share.
Click to expand...

Maybe we can work out a trade. I am about to bottle a kit Amarone. Will you take real wine in exchange for Cryptowine? You know, similar to the way Cryptocurrency dealers will take real money for cryptocurrency. :)
 
I dipped my toe in the water a few months back after they started trading futures contracts in Bitcoin. I bought 1 jan18 contract and sold 10 GBTC (Bitcoin investment trust). This would be called a "short hedge" where I was betting that the premium would collapse vs an actual move in Bitcoin itself. I held the position for one week or so and netted $6,000 on the trade. I did this at around 17k and do not know what the outcome would have been had prices not collapsed shortly thereafter.

I watch the technical analysis very closely and try to tune out the noise. Trading for Megacorp is how I made my living/ER and I am loathe to go back to work.

While I am a believer in cryptos and understand the desire to buy/trade/HODL, like most I feel that about 98% of them will be worthless at some point in the future and so will just play from time to time until there is more clarity.
 
I've had a little luck with crypto, pretty much by accident. 18 months ago I was making a few purchases online and noticed a couple vendors were giving a 10% discount for using bitcoin. I knew vaguely what it was and decided to research it a bit. I ended up buying 2 bitcoins on coinbase at a cost basis of $800/coin. I ended up doing ~6 transactions for online purchases, spending a total of 1/2 of a bitcoin. The transactions were definitely not a strong point for bitcoin, it took between 1/2 and 4 hours for the transactions to complete. I left the remaining 1.5 bitcoins in a wallet on my laptop and forgot them. Fast forward 16 months and I read the hoopla back in Dec about the value exploding and I ended up selling my Bitcoin as soon as I figured out how to turn it back into cash - another big drawback to bitcoin. I sold @ $17.6K/coin, which was the price when I had everything set up to cash out - luck of the draw. After deducting for the initial online purchases, I got back $25K for my original $1.2K investment.

I transferred $15K of the profit into my checking account and left $10K in coinbase. In the intervening 8 weeks I've done 4 quick in-n-outs into ether coin with the coinbase account and have booked a few % profit on each trade, the original $10K is now $11.9K. I haven't had a loosing trade and I haven't left the money in ether for longer than 6 hours. It has been in ether for 24 hours total in the last 8 weeks.

A few things I've experienced:
1: The idea that crypto is a replacement currency is BS. The transaction speed and cost is a joke.
2:It isn't nearly as easy as it should be to turn crypto back into $$$. That is another drawback at the current time.
3. It is amazingly volatile. It is sort of hypnotizing to watch market action on an exchange. I also currently *think* that it may be possible to day trade crypto. There appears to be some momentum follow through that is predictive on a short term basis. I've only had 4 quick trades, but all 4 were profitable for ~3-5% in just an hour or two. Or maybe I was just lucky. At any rate, I will probably play with a few more trades until I get burned. It is the "house's money" I am playing with (bad way to think, I know).

Since crypto pofits measured in $$$ is a zero-sum game, the money that lucky people like myself haul out of the system is coming from someone else less lucky. There is no way that any of the current crop of crypto are relevant in 10 years. Something may emerge that is state sponsored using blockchain, but the current crypto is a fad.

Another adventure in crypto will be when I do my taxes for 2017 and 2018. The gains will be straightforward to report, but I am wondering how much scrutiny the IRS will put on them. I have ~$25K in longterm gains in 2017 and $1.9K in short term gains so far in 2018. My original buy in was ~$1200 ($1600 - purchases made with coin for ~$400)
 
flintnational said:
Maybe we can work out a trade. I am about to bottle a kit Amarone. Will you take real wine in exchange for Cryptowine? You know, similar to the way Cryptocurrency dealers will take real money for cryptocurrency. :)
Click to expand...

No deal, I have enough wine. I don't think I have enough cash. If that is a deal breaker for you, I'm willing to sell units that own this Cryptowine exchange, CryptoCellar, and CryptoWine lists. This is going to be huge, I can see it already.:nonono:
 
bada bing said:
I've had a little luck with crypto, pretty much by accident.
Click to expand...

Speaking of luck, I recently read a story about the rapper 50cent. It seems a few years back he agreed to accept Bitcoin for some of his album sales. Apparently, he received 700 Bitcoins ($450,000) and forgot about it. Recently, he discovered, he now has $7 million dollars worth!
 
Reviving the thread....


I have off and on watched what was happening to bitcoin as I thought it was way too high.... it recently has dropped below $6,000...


What happened to all the people saying how it was going to keep going up, up, up?


I still think it is going to continue to go down...
 
When they said it was going up up up I was fairly sure we were near the blow off top, I saw the same hyperbole in 2000 and 2008. If it drops 90% from the high like internet stocks did in 2000 I might dabble in a bit.
 
I have been trading it, both long and short on another thread here. I stopped a few weeks ago as I had no time to follow it. I would love to buy some in the $1,000.00 range, but I can't be bothered with all that "wallet" BS or having to constantly roll over "futures" contracts.
 
You must log in or register to reply here.

Similar threads

G
ACA in NJ: Reconcile New Jersey Health Plan Savings credits
Replies
0
Views
180
GoneSwimming
G
B
Highly appreciated rental house in HCOL area?
Replies
15
Views
720
Happyras
Happyras
T
How to approach FIRE projections - llc owner, ACA ins & IDR student loans?
Replies
0
Views
218
tpac
T
S
Problems with Fidelity Bond depth of book
Replies
3
Views
523
foxfirev5
foxfirev5
Tranquility Base
Borrowing Against Investment Portfolio For Home Purchase
Replies
15
Views
530
pb4uski
pb4uski

Latest posts

Back
Top Bottom