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Wow. Bitcoin is almost $1,500

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repoman0

Diamond Member
Jun 17, 2010
3,063
1,322
136
About to hit $13k :( I was mining them when they were $20, had like 12 at one point. This makes me sad.
 
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purbeast0

No Lifer
Sep 13, 2001
50,187
3,147
126
The past few weeks I have really been thinking about putting like $10k into crypto currency. I keep telling myself that btc can't keep going up, but it keeps on doing it. I am such a pussy about this though lol.

If I wanted to put some money into it, I don't even know where to do it. What is a reliable site to do this at? Also, can I basically cash out whenever I want? Like if it went up and I just wanted out, I could just pull my money out immediately?

<-- total noob to investing generally speaking, outside of 401k and Roth IRA.
 

Yakk

Golden Member
May 28, 2016
1,574
272
81
Many exchanges recently passed 16K in the East. Western exchanges are always behind... Up to 3K behind now.

TA indicators are off the charts wow...

The past few weeks I have really been thinking about putting like $10k into crypto currency. I keep telling myself that btc can't keep going up, but it keeps on doing it. I am such a pussy about this though lol.

If I wanted to put some money into it, I don't even know where to do it. What is a reliable site to do this at? Also, can I basically cash out whenever I want? Like if it went up and I just wanted out, I could just pull my money out immediately?

<-- total noob to investing generally speaking, outside of 401k and Roth IRA.
First step in investing... Know what you are investing in. Study & research first.

Crypto market is the most brutal market there is IMO, all the news is good right now, but at the slightest slowdown it'll be announced it's the end of Bitcoin and you may panic sell on a 40%+ retracement (not rare) if you are not comfortable with what you are doing. Just my 2¢ (or 0.0000002 btc, add as many 0 as needed lol... )
 

Aikouka

Lifer
Nov 27, 2001
29,579
469
126
If I wanted to put some money into it, I don't even know where to do it. What is a reliable site to do this at? Also, can I basically cash out whenever I want? Like if it went up and I just wanted out, I could just pull my money out immediately?
Coinbase and GDAX are probably the two most popular exchanges. If you're interested in doing it, you really should sign up for whichever exchange sooner rather than later and get your information entered.
 

pandemonium

Golden Member
Mar 17, 2011
1,772
70
91
Coinbase literally is GDAX. GDAX is the exchange (trader market), Coinbase is the overlay, easy-to-use, end-user platform on top of it. Same company. If you just want to buy a little and hold and not get into the depths of actually trading, Coinbase is your answer. (It should be noted if you have an account with either, you have an account with both since they're the same platform. There's internal workings that you won't have to worry about that divide the two, but I digress.) If you actually want to control every transaction as closely as possible (set sell/buy limits and pay less in fees), GDAX is your answer. Very legit as it's registered with FINCEN and 100% legal.

If you're in the U.S.A., I can't recommend another exchange more highly.

Be warned, however: there's stages in verifying you are who you are with Coinbase because of it's legal status with the government. So be prepared to provide documentation (electronically), banking information, credit card information, et cetera, and wait for limits to increase. Get started on it sooner than later.

Coinbase is U.S. based from San Francisco, CA.

Bitstamp is another great exchange also registered as a money transmitter and has been pretty reliable. A good second option. Based in Luxembourg.

Kraken is yet another, also registered with FINCEN as a money transmitter. Also based in San Francisco, CA.
 
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pandemonium

Golden Member
Mar 17, 2011
1,772
70
91
Get in now!!!!!
You're likely joking, but, yeah, definitely don't do that, lol. As previously mentioned by many, many others, make sure you understand the currency you're buying into, where it's available and how to get it before you bother going down the road of altcoins. Personally, I only feel like a few of these will end up on top, and that's going to depend on:
  • Innovation of the tech
  • Investment in the tech
  • Development behind the tech
  • Availability
  • Market presence
  • Last, and certainly not least, luck (ultimately)
Of course, bitcoin has the most exposure and adoption at this point, but that's not to say others can't take the reins.

Don't buy in solely with hopes of a get rich quick mindset. Educate yourself on why these currencies exist, how they can change the world (for the better), and then if you see a communal support for it, give it a shot only with finances you're willing to part with. Then, and probably most importantly, learn how to keep it secret and keep it safe. :)
 

ponyo

Lifer
Feb 14, 2002
17,980
1,633
126
current bitcoin price: $15,959. So this is what hyperinflation looks like. Breathtaking hourly, daily movement up by bitcoin.
 

IronWing

No Lifer
Jul 20, 2001
60,194
12,698
136
current bitcoin price: $15,959. So this is what hyperinflation looks like. Breathtaking hourly, daily movement up by bitcoin.
From the bitcoin perspective, it's massive deflation. From the dollar perspective, it's massive inflation. Yet, since the prices on other goods haven't budged much in dollar terms, one could reasonably think it's a bitcoin speculative mania.
 
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Capt Caveman

Lifer
Jan 30, 2005
34,528
621
126
current bitcoin price: $15,959. So this is what hyperinflation looks like. Breathtaking hourly, daily movement up by bitcoin.
Woot!!! Keep on telling myself to sell but I'm riding this sucker!! Kicking myself for not buying more when it was just $2500 a little more than a month ago.
 

zinfamous

No Lifer
Jul 12, 2006
103,512
18,067
136
Woot!!! Keep on telling myself to sell but I'm riding this sucker!! Kicking myself for not buying more when it was just $2500 a little more than a month ago.
One would advise to definitely sell a few to at least capture your investment back or at least make a decent profit, assuming you have enough left after that to ride the rest of the mania before its inevitable, spectacular, soul-crushing collapse. Must be fun. Kinda jealous/glad/angry that I never got into it. :D
 

Capt Caveman

Lifer
Jan 30, 2005
34,528
621
126
One would advise to definitely sell a few to at least capture your investment back or at least make a decent profit, assuming you have enough left after that to ride the rest of the mania before its inevitable, spectacular, soul-crushing collapse. Must be fun. Kinda jealous/glad/angry that I never got into it. :D
My plan is if it suddenly drops to $12k I'll sell and when it bottoms out I'll buy back in. I believe next week you'll be able to short it so I think you'll see a sell off.
 

ponyo

Lifer
Feb 14, 2002
17,980
1,633
126
Woot!!! Keep on telling myself to sell but I'm riding this sucker!! Kicking myself for not buying more when it was just $2500 a little more than a month ago.
Congrats! Keep riding it! I don't know how far up it's going but it feels like it's going to go lot higher still. I mean LOT. You can sell your initial investment amount and play with house money at this point and still have massive profit. That's what I would do if I was in your shoes. But every hour you wait, the smaller amount you have to sell to get out your initial investment.

One of my older cousin called me last week to ask me if I knew anything about bitcoin and if he should invest. He's the type that knows nothing about technology or investments. He only heard about it through a friend who plays poker. The poker friend won some money from a game earlier this year and the guy asked if he would take bitcoin instead since he didn't have enough cash to pay him. The poker friend didn't know anything about bitcoin but said sure. He's that type of person. So the guy paid him around $3,000 with bitcoin. The bitcoins are now worth over $30,000 and counting. Another friend heard through the poker guy about the bitcoin he received and bought like $30,000 in bitcoin. Those coins are now worth over $200,000 and climbing.

I advised my cousin to just watch from the sidelines like me unless he's bored. He's already rich.
 

MaxDepth

Diamond Member
Jun 12, 2001
8,758
43
91
So I have been mining in the wee hours for about five years now. Electricity is actually cheaper in my town overnight and no one is using my rig.

All that totaled five complete bitcoins and fraction. (I do have the matching coins from the hard fork two months ago.) The coins came early in the mining and lately I've been drawing bupkis, even though since January I have a pretty solid GPU rig.

That said, trying to sell was an adventure. I sold when the rate $9700 and I sold them for $5500 each. I've contacted our tax attorney and asked him what do I need to withhold and he said he was stumped because it is new to them. I used Coinbase to secure the fund transfer.

So am I kicking myself for selling short, nah, this was an exercise to see shared ledgers and blockchain. From what I have learned, plus upgrading my wheelhouse to include programming in R, I may have new really exciting (and by exciting I mean much more cash) job opportunities very soon. So the $11K paid for all my electricity and all my rigs over the years I've been mining. If I sell anything now, it will be positive cash flow.
 

Charmonium

Diamond Member
May 15, 2015
5,922
473
126
If you're interested in getting into cryptos, you might want to consider Stellar Lumens (XLM). Stellar has a variety of partnerships that make it a viable candidate for appreciation. For example they have an agreement with Stripe and have recently joined with IBM to do crossborder payments in the S. Pacific. It has appreciated dramatically in recent weeks but it's still pretty cheap at about 14 cents.
 

Yakk

Golden Member
May 28, 2016
1,574
272
81
Everything is batshit crazy since yesterday. Nicehash hack, 3.5K+ price spreads, and multiple exchanges getting DDoS attacked all at the same time.

Looks like a Full scale attack on bitcoin is going on. And Bitcoin is still taking it all in stride so far.
 

ponyo

Lifer
Feb 14, 2002
17,980
1,633
126
Everything is batshit crazy since yesterday. Nicehash hack, 3.5K+ price spreads, and multiple exchanges getting DDoS attacked all at the same time.

Looks like a Full scale attack on bitcoin is going on. And Bitcoin is still taking it all in stride so far.
Central bankers and the establishment know they're losing control with bitcoin. So they're going to try their best to damage or destroy it. This is only the beginning of the attack.
 

Yakk

Golden Member
May 28, 2016
1,574
272
81
Central bankers and the establishment know they're losing control with bitcoin. So they're going to try their best to damage or destroy it. This is only the beginning of the attack.
Yup, Cloudflare must be on triple overtime dealing with everything! The coming weekend will be real ugly just before the new Bitcoin Futures are issued on Monday.
 

Charlie22911

Senior member
Mar 19, 2005
608
227
116
This has me a bit anxious, the price is just dumb at this point. The thought of purging my wallets has honestly crossed my mind, what is wrong with me...
 

[DHT]Osiris

Diamond Member
Dec 15, 2015
8,005
3,822
146
This has me a bit anxious, the price is just dumb at this point. The thought of purging my wallets has honestly crossed my mind, what is wrong with me...
Unfortunately, I thought the price was dumb at $1500 too, I'd have a lot more now had I HODL'd. 'Tis the trouble with speculation, and cryptocurrencies in general.
 

ponyo

Lifer
Feb 14, 2002
17,980
1,633
126
This has me a bit anxious, the price is just dumb at this point. The thought of purging my wallets has honestly crossed my mind, what is wrong with me...
When I started this thread in May, I did so because I thought $1,500 price was crazy. But you know what's crazy? The higher it has gone, the less crazy it seems to me. Will this speculative phase end and bitcoin crash back down? Yes, at some point. But my gut says this has further legs and with plenty of huge swings in the future. If you're nervous, cash out small portion to enjoy and lock it in but keep the rest in to see how this plays out. You're sitting on a lottery ticket that lot of people want right now.
 

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