Bitcoin -What do you know?

[sengsational]

If you want to make money in crypto currency, like any other scheme, all you need to do is outsmart or outguess or outluck the other guys that are trying to outsmart, outguess, or outluck you.

 

[Christine]

I have a little in cryptovalutas. A nerdy friend convinced me to buy a little of two coins. Bitcoin and Dogecoin. I downloaded wallet apps to my computer for these.

Since then they have both increased in value like 10x and 50x respectively. But I only bought for pocket change so now about $2000 in value.

Dogecoin was made as a joke and has a friendly dog as it's logo and thousands of memes. And unlike Bitcoin trading and exchanging coins cost next to nothing. Since my portfolio sofware update the value weekly I have seen that it's value have been much more stable than the yoyo-ing Bitcoin. So I quite like it.

Then yesterday I read an article on Bloomberg which said

While that may seem like a poor reason to bid up the price of a joke, the ongoing interest in crypto ETFs demonstrates that the ease with which one can access a given coin may be the closest thing there is to "fundamentals" in the space. The easier a coin is to buy and trade, the more money can go into it.

Or like the Dogecoin enthusiasts would have said it: "Much lols".

https://www.bloomberg.com/news/arti...e-one-that-s-the-biggest-joke?srnd=markets-vp

 

[rtroxel]

My son and husband mined for the past 4 years. About 4 months ago they turned off the machines because there wasn’t enough profit. My son mines other coins as well and sells and buys coins depending on value. During this time minus expenses we have cashed out 40k and them 150k. We have 7 coins left and will probably sell when they go up to 20k/coin. My son spends a lot of time keeping up on the coins , etc and really knows what he is doing.

Congratulations! It sounds like they were at the right place at the right time. Stock analysts look for such situations daily. In the 1970s, for example, few people would have ever invested in a company like Microsoft; those that did, however, were very well off by the end of the 1980s - before the high-tech bubble burst at the end of the 1990s.

As others here have noted, as the technology changes, and the processing chips become faster, more people will be getting into the mining game, and it, too, could become a bubble that inevitably has to burst.

Roy

 

[Teacher Terry]

Roy, my son was the brains of the operation and spent countless hours researching everything throughly. We also didn’t invest more than we were willing to lose.

 

[rtroxel]

Roy, my son was the brains of the operation and spent countless hours researching everything throughly. We also didn’t invest more than we were willing to lose.

In other words, you did it the right way. Most investors don't, however. The research is important: Warren Buffet says he doesn't invest in any business he doesn't understand.

Roy

PS: Here's the latest, from Bloomberg, on the crypto market...

https://www.bloomberg.com/news/arti...t-surpassed-dot-com-levels-as-losses-reach-80

 

[charais]

Crypto fan here. Own several different, but Bitcoin is my favorite. My first one was a gift because it was worth less than $10. The next few were less than $30. Fun to watch them go up and down. So volatile! Breathtaking! I still believe cryptos are the future. Time will tell!