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1911 Raptor wrote: Thank goodness the blocking feature works both ways! Enjoy your group think!

TAMs post count: 23026

Yours: 65.

Dude, you picked a fight with the wrong guy. I, along with many others, are quietly showing you the exit door.

Good day sir.

PUCKER wrote:Alright - I'm late to the party....cliff notes?

My summary:

"Who else is trading in cryptocurrencies? Crypto currency is an interesting development, might be worth considering getting into. <Link to informative article>"

"IT'S A PONZI SCHEME!"

"Ok, nobody is telling you to buy it. For some of us, it's been a worthwhile investment and we're glad to share with others why we think so."

"IT'S A SCAM! <Link to scary article> YOU PEOPLE ARE SUCKERS AND IT'S A TOTAL FRAUD."

"Well, it's not a ponzi scheme, <detailed explanation>, but, again, nobody is forcing you to invest. Just like any other investment, there is risk."

"IT'S BACKED UP BY NOTHING! YOU'RE THROWING AWAY YOUR MONEY."

"Ok, that's an interesting viewpoint, but it's not really helping others make informed decisions. Please stop posting these non productive links and comments."

"NOTHING IS UNHACKABLE. STOP SAYING IT IS!" (This statement is mathematically false, but some people...)

"You're really deflecting. Here's some interesting information. Again, nobody is forcing you to invest."

"YOU'RE JUST SAYING GOOD THINGS SO YOU CAN PROFIT FROM EVERYBODY"

"Ok, dude. You just made my block list"

I think that summarizes it.

bblhd672 wrote:[
I don’t understand your need to continue to disparage the financial/investment decisions made by people who see things different than you. It’s not your money and no one here is going to want you to save them if their investment goes bad.

Amen. It's getting tiresome and non-contributory. Might I suggest another thread called "Cryptocurrencies are a scam!"? Then those folks that are agreeable to that topic can form their own echo chamber.

Don't fool yourselves. China is the #1 miner of cryptocurrency. You don't kill your cash cows.

ETH under 1K is a good buy price. Again, if you can't afford to lose the money, DON'T DO IT. Just like any other speculative investment.

I'm kinda hoping BTC dips under 9K. If so, I will consider it a strong "buy". One of my friends, who has invested in crypto currencies FAR wiser than I have, thinks BTC will hit almost 6K within a month, then ramp up well past its historical high before the summer is over.

AndyC wrote:Carlson1 - please delete this thread; it's obviously run its course. I'll carry on doing my own thing and just shut my trap in the future.

I dunno. I'm equally invested in ETH and consider my investment to already be worth the effort (3x the value now and rising). I thought the thread was worth discussing, but it clearly took a bad turn with detractors. Not unlike threads that turn into caliber wars.

It's a currency trade. People (clearly) have strong opinions about digital currencies, both for and against. Seems like it would be best that the thread is populated with people that have stake in digital currencies talking about trends and developments, rather than non-investors randomly casting excrement on the thread and calling it a Ponzi scheme.

I think most people are missing the truly momentous point -- blockchain has the potential of radically changing how we conduct business. The people that will get REALLY rich aren't necessarily the ones invested in bitcoin, it's the people that will quickly leverage the advantages of blockchain.

1911 Raptor wrote:
My bank accounts are protected and insured

You might want to rethink that statement once you understand how your money is "insured" by the FDIC.

Short version: You're going to be mighty disappointed if you think you're gonna get your money back.

rotor wrote:It's only a profit when you sell. The question is.......... when do you sell? Still a Ponzi.

Please refute the following then, take your time, I can wait:

- There is no central benefactor, thus there is no "pyramid" structure. It is, in fact, the opposite. No single person or entity can simply run away with the money.

- There is no promise of riches associated with investment. It is an investment risk just like any other currency investment, with the insurance that the originating country not propping up the currency with "quantitative easing" (a fancy word for "printing money backed by nothing")

- The value of the item is independent of "continuous aggregative investor" scenarios. A collapse in people buying/trading the currency does not result in a subsequent collapse of the value of the existing currency.

- Bitcoin (or other digital currencies) have a functional limit on quantity. Unlike national currencies.

- Ponzi scheme products cannot function as currency in any way, shape, or form

- There is technically no "bubble" upon which everything collapses. The quantity of bitcoin/litecoin/ethereum always exists in unhackable digital ledgers. The only fluctuation is based on the perceived value of the per unit item. It is, quite literally, impossible to destroy the existing currency without destroying the internet, and that's an entirely different problem.

I wish I would have had the additional "play money" to buy more Ethereum. I still think it's a good price point to buy at, but I got in pretty early.

Wolverine wrote:

OldCannon wrote:On the other hand, the basis of BTC is pretty strong, not so much on what it's backed by, but the fact that it's getting harder and harder to make more of it.

Isn't that true of every crypto currency based on block chain? Even if the concept has a long term future, maybe BTC is the next Betamax or the next Friendster. The barrier to entry is low and banks talk about creating their own coins.

I only cited BTC as an example. There are actually several cryptocurrencies.

As for banks making one -- more power to them. I wish them well if they compete fairly. Of course, I would expect that the big banking orgs band together, create a crypto currency, then lobby billions to have the congress declare all other cryptocurrencies invalid for transactions within the US or face penalties (it will be titled "The Currency Neutrality Act," because that's how bills are named now -- for the EXACT opposite of what they will do). I mean, that's how crony capitalism works, after all

AndyC wrote:Yeah, no way - I've only put in an amount I already had (not borrowing) that I'm willing to lose.

I did the same. I have investments in BTC and ETH, both of which are nearing 2x my initial investment (I will politely decline to discuss the bitcoinS I sold a few years ago when I thought it was really high. This is why you should NEVER take investment advice from me )

Anyway, the point is that any kind of currency trading is highly speculative, and is subject to significant highs and lows, so don't invest what you dont mind losing. Me, I'm going to let it make enough so I can buy a high-end band saw that I've been wanting, then I will exit the market for now :)

On the other hand, the basis of BTC is pretty strong, not so much on what it's backed by, but the fact that it's getting harder and harder to make more of it.

Of course, before you turn your nose up at "fake" currency, do you think your dollars are backed by ACTUAL gold?! Last I checked, only 3% of circulating US currency is backed by gold, the rest is "full faith and credit", which is pretty much what Bitcoin is, except with cryptography/full custody chain accounting.