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IanforHeisman

Crypto currency

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I bought in some when bitcoin went over 2 k as well. I did some research and found some other cryptocurrencies that had potential to break out and bought in on them mainly Ethereum and Factom I also have some Maidsafecoin. I don't know much about blockchain and the technology of these but from what I read these had potential to overtake Bitcoin in the future. I've heard Ethereum described as facebook to Bitcoins Myspace. We'll see, what do I know but I had a little money and thought why not put some into these currencies and see what happens in the future.

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I bought bitcoin when it was about $75 a coin a number of years ago, and bought some more around $1100.  I cashed out right before the hard fork (and used the $$ on remodeling my house)  I haven't went back and bought any more, and not sure I will.  I did some ethereum early on, and sold that off too after it jumped up.

  God is a Cowboy

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I never used an on-line storage for my bitcoin - I always stored them on my own hardware so I had full control.  To many of the exchanges have had issues, hacks, shutdowns, etc.

 

 

  God is a Cowboy

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I need to call Invesco (they manage my 401k) and ask if they have a "basket of crypto currency" fund. If they don't they're incompetent. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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52 minutes ago, Joe from WY said:

 

There isn't yet but it's on the horizon. A bitcoin/crypto ETF is coming down the pike and should be functional very soon. 

It should have been functional in 2012 after bitcoin gained orders of magnitude in value, frankly. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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12 hours ago, happycamper said:

I need to call Invesco (they manage my 401k) and ask if they have a "basket of crypto currency" fund. If they don't they're incompetent. 

Are they? A fund usually needs fund managers. Who in their right mind would put their career on the line managing such an incredibly high-risk investment? How do you even valuate the currencies that go into your basket? Cryptos have very little in terms of fundamentals. With one exception (Bitcoin), even the cryptos with the highest market caps don't actually do very much. Right now 99% of their value is purely speculative and based on potential. Bitcoin is used to buy things (but it's vastly inferior to most FIAT-based payment systems unless you are talking dark web or offshore betting), Litecoin and a few others are used to buy a few things. Monero is used to buy illegal things. Ethereum is used to buy other currencies in ICOs. That's about it. So much potential, so little application.

 

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Investing in cryptocurrency is a good way to lose all your money.

This would allow everyone to ignore taxes and would be a godsend to criminals wanting to launder money.   All the banking controls that countries use to control crime and terrorist organizations would disappear with these currencies.

I can't imagine they are not going to hammer this stuff and soon.

What do I know though, i don't quite understand how they have value to begin with.

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6 hours ago, bluerules009 said:

Investing in cryptocurrency is a good way to lose all your money.

This would allow everyone to ignore taxes and would be a godsend to criminals wanting to launder money.   All the banking controls that countries use to control crime and terrorist organizations would disappear with these currencies.

I can't imagine they are not going to hammer this stuff and soon.

What do I know though, i don't quite understand how they have value to begin with.

They have value the same way a dollar does

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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6 minutes ago, pokerider said:

oh, so they have a government with a Treasury back it?  

People look at them and say yep, valuable

How does the US government and treasury back dollars, at all? They're pieces of paper with fancy words. You can't eat 'em, you don't have a right to trade them for a certain amount of wheat or oil or gold or iron or anything useful. They're just a convenient intermediate step to value goods and services by a common denominator. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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15 minutes ago, happycamper said:

People look at them and say yep, valuable

How does the US government and treasury back dollars, at all? They're pieces of paper with fancy words. You can't eat 'em, you don't have a right to trade them for a certain amount of wheat or oil or gold or iron or anything useful. They're just a convenient intermediate step to value goods and services by a common denominator. 

Oh, I see.  I could have swore I went into the store yesterday and did just that. 

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12 hours ago, bluerules009 said:

Investing in cryptocurrency is a good way to lose all your money.

This would allow everyone to ignore taxes and would be a godsend to criminals wanting to launder money.   All the banking controls that countries use to control crime and terrorist organizations would disappear with these currencies.

I can't imagine they are not going to hammer this stuff and soon.

What do I know though, i don't quite understand how they have value to begin with.

Blockchain technology is here to say, there is no doubt about that. When it comes to individual currencies, I completely agree. At some point, governments will pull out the regulation hammer, and it won't be gentle. While it's almost impossible for a government to control a cryptocurrency, the government can control people. If the government outlaws a currency, 95% of the people will obey. The rest may ignore the ban and feel badass about it, but what good is an asset that has no open market and no trade volume to speak of? 

I am still carefully optimistic about crypto's future. A number of countries have signaled that they will embrace it in some form or another. Bitcoin in particular has tremendous prestige, so I wouldn't be totally surprised if it established itself as a legitimate store of wealth in the future. Which would be weird because bitcoins are obviously nothing but strings of code on a ledger. But then again, people are weird. For 99% of the people, gold has zero practical applications, and yet we have agreed that it's valuable for thousands of years.

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1 hour ago, pokerider said:

Oh, I see.  I could have swore I went into the store yesterday and did just that. 

Well then you're an idiot. 

There is no right you have to get the stuff you got from the store

They have no obligation to keep the exchange rate constant

If the items you want get sparse, they can choose to horde them and not sell them at all. 

Dollars are worth what people think they are worth. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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