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Cryptocurrency for investments?

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Cryptocurrency for investments?

Postby RollingwithR » Wed Mar 22, 2017 8:17 am

Is anyone out there uesing bitcoin or other cryptocurrency as a long term investment strategy? I've heard lots of good things about cryptocurrencies. The biggest advantages being it's an amenity from our over reaching government. It's supposed to be better than saving up cash money because you can spend it online and unlike cash it appears to acutely gain value over time. I'm considering investing sevral thousand in cryptocurrency. Has anyone eles tried this investment strategy? Is there a specific cryptocurrency that is doing better than others or should we invest a percentage in each of the different the cryptocurrencys? How versatile is cryptocurrency? Is it mainstream enough where you can buy most things online with it, is anyone uesing cryptocurrency as a payment method off line in the real world? Also any thoughts on weather a virtual wallet or hard keyed wallet is a better security strategy. A hard keyed wallet is basically a removable USB drive you store all your cryptocurrency on, but what if you damage or lose the drive is there away to recover the funds stored on it? How hard is it to cash out cryptocurrency for cash or precious metals and is that even something that should be done or is better just to spend that cryptocurrency on other Goods?
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Re: Cryptocurrency for investments?

Postby Gunns » Wed Mar 22, 2017 9:43 am

Nope.

Anything that has to do with purchasing power online won't exist in a SHTF scenario and most likely never will recover. The internet and all its data will never be the same if we go into a world wide recession or depression.
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Re: Cryptocurrency for investments?

Postby rickdun » Wed Mar 22, 2017 10:13 am

Nope, not me, silver/gold/lead for me.-
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Re: Cryptocurrency for investments?

Postby Blondie » Wed Mar 22, 2017 11:22 am

Why would you invest at current market highs?

When bitcoin first launched it was like $2-4 USD per coin. Now it's on par w/gold per ounce.

Forget the end of the world scenario, you just need a major power or internet outage for it to be useless.

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Re: Cryptocurrency for investments?

Postby Antihero » Wed Mar 22, 2017 11:43 pm

In my mind anything we can save or spend anonymously without big brother dipping into it is a great thing. If you have extra cash laying around why not put some into crypto. Best case it just keeps on going up like it has been lately, Worst case it's worth whatever cash you put into it. It might fluctuate a bit but based on its track record so far it's a fairly safe bet it won't lose value. And since it's not tied to any government, economy or paper currency its not likely to be negatively affected by inflation like cash. As for after a shtf scenario we all know cash is going to be worthless after day 5 but crypto has the potential to retain its value, it may or may not be accessible after shtf depending on your preferred scenario but because it's a global currency if shtf is localized to say just the northern hemisphere then in theory your crypto still has value on half the planet. And it is possible to get some limited Internet access over a ham radio. I don't know if I would go throwing thousands into it maybe a thousand if you plan on spending and using your crypto cash for some purchases as well. I'm not an expert by any means but I've been looking into crypto for awhile. I would definitely think of whatever cash you convert into crypto as a long term conversion because converting back to cash can raise alot red flags for the irs, or even the fbi these days depending on the method and the amount your converting. It's not like your debit card where if you want to buy something online you just go to the bank and deposit cash then change your mind and withdraw it the next day. It's more like buying a foreign currency to buy things in another country it's easier to only convert what your planing to spend or have on hand whIle traveling. Now for real world transactions say using crypto to pay a contractor or buy car on Craigslist . It's possible as long as the other party uses crypto this limits the amount of people you can do business with since crypto simply isn't as widely used as cash. And again if your thinking of using it like a debit card for gas grocery cable bill it doesn't work that way unless your gas station is willing to be paid in crypto and that's not going to happen any time soon. As for the wallet security I really don't know I'm debating a hard key myself but haven't looked into what happens if it gets damaged. I'm still in my research stage for alot of this crypto stuff I've only put in a couple hundred just to test the waters but this is what I've learned so far, hope it's helpful......
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Re: Cryptocurrency for investments?

Postby NJMike » Thu Mar 23, 2017 8:06 am

http://www.businessinsider.com/bitcoin- ... 017-2017-3

It can be manipulated or influenced by larger entities just like today's currencies (ref:PBOC and SEC in link above).

It's electronic and even easier for a nation state to freeze or seize assets, just like a bank account. (ref:PBOC in link above)

Governments can shut down exchanges or shutdown or isolate Internet traffic if/when/where they choose.

It's more imaginary than physical fiat paper and coin currency.

In following several linked articles this one is interesting too. China plays a big role in Bitcoin.
http://www.businessinsider.com/bitcoin- ... ibi-2017-1


To each their own. Personally, I'm a big No.
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Re: Cryptocurrency for investments?

Postby DR1VENbyKNOWLEDGE » Thu Mar 23, 2017 9:18 pm

I literally just had a friend hit me up on a HUGE opportunity 20 min ago....Long story short, he got taken.

Bitcoin...Investing...DOUBLE your money in 90 days.(insert "Facepalm" emoticon here)

With 1 simple search I figured out it was ponzi scheme.....HOW on Gods green earth do you fall for this poo poo?

Now I have to be the one to tell a good friend that the investment he is selling and has money invested in is a scam.....WTF!

DO YOUR RESEARCH PEOPLE!!!!!......(sorry, just tired of this poo poo)


Here's a tip.... a 5% ROI is a good investment. It's great actually.....anyone offering 10%-15% is likely hiding massive risk somewhere. 50%-100%..They're full of poo poo. They wouldn't offer it if it was real. They'd keep the secret to themselves and invest accordingly.

I cant believe I have to now tell him this and have him get mad at me. That's the way it always works...





FML.
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Postby rebnavy1862 » Fri Apr 07, 2017 4:00 pm
Driven, are you sure you are from Kalifornia? You make a lot of sense.
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Re: Cryptocurrency for investments?

Postby daaswampman » Fri Mar 24, 2017 6:11 pm

Sounds like a game for an expert! Everyone else is a sucker! Just like a coin collection I recently picked up. All from a well known national dealer and forty cents on the dollar is the best I could offer. I will end up making five to ten percent and they will end up "eventually" at another national dealer offering a great investment! Swamp
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Re: Cryptocurrency for investments?

Postby MrDanB » Fri Mar 24, 2017 7:42 pm

If it's not physically in your possession, you don't own it. Scores of investors here in the US THINK they own silver or gold because they invested in an electronic fund through a well established brokerage. If you were to read the fine print in the contract, you would see that most of the time you forfeit ownership of your cash when you use their services. They grow your money for you and then let you take a loan against "your" account. In the event of a 1930's style market crash (or worse), they can exchange stock in their own business in lieu of the silver or gold you think you own. Sad but true. Nothing ever exchanges hands. It's just cyber x's and o's in a database. The economy we live with today is riddled with pitfalls and uncertainty.
As for crypto currency... IF you were into bitcoin (even middle of last year), you would be happy right now. Will it go to 10K per coin? Who knows. I'm hedging my bet with silver and gold, something tangible that is recognized the world over. Your mileage may vary...
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Re: Cryptocurrency for investments?

Postby BK in KC » Fri Mar 24, 2017 8:37 pm

MrDanB wrote:If it's not physically in your possession, you don't own it.


^This^
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Re: Cryptocurrency for investments?

Postby IceFire » Fri Mar 24, 2017 9:52 pm

MrDanB wrote:If it's not physically in your possession, you don't own it. Scores of investors here in the US THINK they own silver or gold because they invested in an electronic fund through a well established brokerage. If you were to read the fine print in the contract, you would see that most of the time you forfeit ownership of your cash when you use their services. They grow your money for you and then let you take a loan against "your" account. In the event of a 1930's style market crash (or worse), they can exchange stock in their own business in lieu of the silver or gold you think you own. Sad but true. Nothing ever exchanges hands. It's just cyber x's and o's in a database. The economy we live with today is riddled with pitfalls and uncertainty.
As for crypto currency... IF you were into bitcoin (even middle of last year), you would be happy right now. Will it go to 10K per coin? Who knows. I'm hedging my bet with silver and gold, something tangible that is recognized the world over. Your mileage may vary...


Absolutely! That's why I limit my "investing" in PHYSICAL gold/silver that I have possession of.
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Re: Cryptocurrency for investments?

Postby ajax727 » Sat Mar 25, 2017 7:31 am

BK in KC wrote:
MrDanB wrote:If it's not physically in your possession, you don't own it.


^This^


Reread the above over and over till you understand it completely .
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Re: Cryptocurrency for investments?

Postby BK in KC » Sat Mar 25, 2017 10:53 am

ajax727 wrote:
BK in KC wrote:
MrDanB wrote:If it's not physically in your possession, you don't own it.


^This^


Reread the above over and over till you understand it completely .


I understand what was written completely. You can take your condescending attitude and shove it. kthxbye
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