I'm still 16 and got about 2k saved up and was thinking about my future so I stumbled upon some youtube videos claiming they made 1500% profit from investing in cryptocurrency primarly ethereum and bitcoin and I got excited. I'm just wonding if my small pool of money is even enough to invest in any coins and if it's worth the risk. I've got a 1070 rig rn maybe mine? I just want to jump on this craze before it's too late in the future and I have regrets but I need ozbargain expertise on these cryptocurencies. I heard they're value is very volatile but if we're talking about 1500% increases I'm all for it baby.
Info on Ethereum, Bitcoin Mining and Investing
chinanumberone on 13/06/2017 - 23:00
Comments
I have lost my money because of the Mt Gox hack. I had bitcoin when it was under 350 but lost it all, years of bullshit legal complications followed which was not worth it for me to chase after as the result was not going to be in favour for people who lost it. Anyhow it is safer now and I have bought ETH because it is promising like bitcoin and the time is right at the moment, and it is more secure and better long term value.
how did you make money
how can one lost money?Mt Gox.
Mt Gone! And thanks for all the fish.
The basic strategy in all trading.
By low sell high.But that's the problem that foxinsox8 was trying to point out to you. Why is one BTC worth ~$3675 AUD today? Because the computer said so? And what's to stop it halving tomorrow, and the next day, and the next? You're counting on someone coming along tomorrow and being willing to pay more than you paid, but why would they want to do that?
Compare that to owning a share of a company. Commonwealth Bank for example. Why is a share of CBA worth ~$82AUD today? Well, because they have $X of assets, and $Y of liabilities, and they are expected to grow at Z% over the next however many years. Therefore, they are currently worth ~$82.
Now don't get me wrong here. I'm not saying that you should dump all your BTC and buy CBA, but there is a reason CBA is valued what it is, and I'm not convinced of the reason why BTC and others are valued what they are. It's obviously up to you to decide what you think the reason is, but you clearly think it's good enough that there is going to be someone willing to come along one day and pay more than what you paid.
@therog1: Nothing, it has dropped $500US in 2 days. You're literally just gambling.
Rule 1 of investing: NEVER LOSE MONEY.
Rule 2 of investing: Refer to rule 1.@smpantsonfire: But why does that make it valuable? That just makes it deflationary.
There's a limited amount of gold, but the reason it's considered valuable is because it is useful for making jewellery or coins or whatever. There's a limited amount of dollars (AU or US, whatever), but that's not what makes them valuable, it's the fact that they are required to pay taxes to the government, along with merchants in the country. The tree outside my window has a limited number of leaves, but they're not valuable, because they're not useful.
But why does bitcoin have value? Why is it worth anything?A couple of articles to illustrate my point: https://www.businessinsider.com.au/why-bitcoin-has-value-201… and the first link from that
@therog1:
Heres a pretty simple explanation for you on how a value holds. People buy a coin for X amount of dollars. There are people that sell and there are people that hold. Bitcoin for example has almost a $40 billion market cap, that's a lot of people that need to sell for it to drop in half, not going to happen.Bottom line is that when people buy a coin on its journey up, they don't want to sell at a loss so they hold. These holders keep the value to where it drops to. The drop is due to either an event or a whale that then causes a panic sell. This is no different to shares.
Why is it valuable? well it depends on the technology behind the coin and its potential real world use. It was designed to pay for things, the reality is people are using the crypto space to invest and make FIAT, pretty ironic considering Crypto was meant to replace it. So as with any investment, people want to see it succeed so they can make money, they don't want it to fail and lose money so price stabalises and increases.
Crypto is gaining more public interest so coins will continue to rise over the years. Check back here in 5-10years and tell us we were wrong…
@worthy1: 50% drop not going to happen?
Those who do not understand history are doomed to repeat it.
04 Dec 2013: $1 142
18 Dec 2013: $ 52016 Jan 2015: $ 208
CBF doing the percentage. Pretty sure it's more than half ;)
edit: I say this as a fan of cryptocurrency.
@abb:
Ahh but your not accounting for the fact that as a coin grows so do the number of people that invest, means a lot more people have to sell to get it to happen. Absolutely it could happen, if people sell at the right time but if you wake up and its way under what you bought for your more likely to hold.I wouldn't be using the relatively unknown crypto world in 2013 to compare it to the powerhouse it is now.
@worthy1:
And for those misreading like the above guy. The comment was in reference to someone talking about it just shaving its price because it feels like it. Things like a Fork and Major world events could cause a coin to drop dramatically. Thats a no brainer as it is in the share world, no different. Its not just going to shave half its price for no reason as was alluded to.You need to keep an eye on what is happening to understand why. For instance BTC dropped $500 odd hundred recently, that was because it was just being bought and bought and it was always going to correct and then take more of an up and down path. People need will choose to cash out and take their profits whenever they want, this can always cause falls.
@smpantsonfire: "There's only a limited amount of bitcoin iirc. That will stop it going way down."
Ah the old real estate agents line: "property can't go down: God isn't making any more of it."
Besides being nonsense as any landclearing Queensland developer will tell you…. that's what investors in Tokyo thought about both their shares and real estate in the mid 80s.
Then came the collapse…. and the stock index from memory has even now not returned to where it was then!
Scarcity is no guarantee of an asset's value - particularly a non-physical asset. Every equity on the stock exchange has a limited number of shares… plenty of them have gone to zero. And when that happens it matters not whether there are ten shares or ten millionshares. Your holding will be $0.00 (minus brokerage!).
And Hirolol for all your trading experience (and 5 months is like 5 minutes in investment years) you have yet to realise a capital gain because you haven't liquidated anything and it's a reasonable bet you'll hit zero before you ever do because when you think the sky is the limit for your investment you are unlikely to ever want to cash out… and thus in a volatile and speculative market like cryptos you're more likely to discover that in fact the floor is your limit!
@worthy1:
If you keep watch to ensure there is a fairly large buy wall above your minimum sell you should be ok?@rememberme: I know right! I did the same. I was thinking of buying a small amount a while ago, but held off because I thought it was too volatile. More than doubled since then…
@worthy1: I would like to bottle your second hand snake oil posing as analysis as an example to all would be investors of the drivel spruikers will produce. "that was because it was just being bought and bought and it was always going to correct"… it's hilarious how dopey that sounds.
It's amazing something so dripping with stupid can appeal to anyone… but I guess when it comes to getting a sucker to part with is hard earned, stupid wins the day every time.@foxinsox8:
lol sure thing, whatever you say. Why are you on here again besides offering some sort of shakespeareing dribble. Good luck doing whatever you do to make money. You clearly dont understand crypto investing, if you cant understand that people want to cash out at certain stages to take their profit then we know who the stupid one is. By your 'non stupid judgement' the price should just keep going up until it reaches trillions of trillions of dollars. Shares should be worth millions instead of people buying and selling. You are a smart one coxinsox lolPretty sure you making comments over a market you know nothing about makes you the stupid one. Bitter you didnt buy coins when they were worth next to nothing maybe, who knows. Go put your money in some long term interest account where you make $20 a year and let others do with their money as they please douche.
@worthy1: Dear worthy1 I'll try to use words you understand - apologies for the occasional economic term (you wouldn't have a clue)or multi-syllable word.
I have a degree in economics but work in journalism. I have invested in numerous markets with success and at times failure.I picked the start of the equities Bull run on the eve of Gulf War 2 but failed to get some holdings of it out in time ahead of 2008. Still collected (ie cashed out) a high six figure CG from it though in less than 4 years from a low base.
I've invested in bonds, derivatives, forex, managed funds and equities over the years.
I've examined cryptos but not been convinced, although I am negotiating for equity in a solar energy blockchaining project that's P/L.
Against that your swaggering piffle suggests you have nil experience in markets, little insight into investing and no understanding of economics. You sound just like all the other drips who've been sold a dream that amazingly only they are clever enough to spot. Poor everyone else that doesn't know the magic path to wealth you stumbled on. You parrot unsourced predictions from ill informed nobodies with an interest in getting you in.
You sound just like the suckers who loaded up with negative geared properties in Queensland that they now can't offload because everyone else is trying to sell too.
You sound just like the chumps who dived into CFDs and other derivatives in 2006 and looked on stupefied if anyone mentioned the coming annihilation of the US sub prime mortgage market that reduced them to paupers.
You sound just like the chumps who get sold the most basic of Ponzi schemes all over.
You talk big figures but have none yourself. And you're on the way to having less.Why not let us know how your investing has contributed to your personal wealth and lifestyle so far… or is this current dip into the shark infested crypto waters the sum of your experience.
I'm off to do some Shakespeareing (whatever the F that is).
YOU should try to read some real research (heard of the Financial Review? Wall St Journal… heard of economics? heard of books?) though I can't imagine at this late stage that it'll help you cover the rent on your trailer for next month, clown.
Credit card companies can handle many orders of magnitude in number of transactions per second than bitcoin network can. Bitcoin's disadvantage is in slowness in verifying transactions. But then again other alternative cryptocurrencies come in fill that gap. Maybe in future it will percolate down to one/few crypto currency that has all the pros and none of the cons of today's crytocurrency.
Happy for you to PM me as you will always get naysayers on here. As mentioned there were plenty of the same when Bitcoin first started it all and look at how much its worth now. A LOT of Millionaires have been made from cryptocurrencies.
First problem is seeing it as a craze, its not, Crypto's have real world usage and protocols. In the case of Bitcoin it is projected to be stable at $3kUSD by the end of the year, some predict it to be worth $30k per coin by 2020. All predictions are by experts but they are exactly that, predictions. Bitcoins price rose too quickly recently and it corrected by dropping a few hundred dollars, this meant all other coins took a tumble to as people got nervous (panic sells). There is long term investing and then there is day trading in the hopes to play the market and make gains everyday, you have to decide which you want to do, if you don't have the stomach for losses then I would skip trading.
There are plenty of coins with the potential for large increases, there are also coins that get 'pumped and dumped' daily which can trap people. These are whales using them to fatten their Bitcoin supplies.
Read up on potential technology and trends (coindesk.com, cryptocoinnews.com, bitcointalk.org) to inform yourself. This is what I have done. I bought Ethereum at the start of the year at $14 after reading up on it. I then went up to $80, not a bad ROI. It stayed stagnant for awhile so I moved my profits to Ripple after researching it. Ripple at the time was under 1c, it then boomed to 50+c and now sits at around 30c. x30 on my investment, not bad. There are then other altcoins (anything that's not Bitcoin) that have enjoyed similar profits with many more to come.
None of these investments that people bang on about have the potential for these types of returns, that is why I chose Cryptos for this years investing. You can put it into coins that are here to stay such as Bitcoin, Ethereum or try win big on lesser know Altcoins. But as usual, any investing is a risk….
finally someone that actually knows what they are talking about!
No. He doesn't.
He just knows how to ape the talk of all spruikers.I would love to get you guys together to sell you some things. Easy as taking candy….
Proof that there is one born every minute!
sounds like you better do some research mate.
@Hirolol: I reckon I could sell you the Eiffel Tower.
You say that worthy 1 "knows what they are talking about" after he drops in a few lines of rubbish like
"Crypto's (sic) have real world usage and protocols". So here you go Hirolol: tell me in 25 words what those real world usage and protocols are and how they support the current valuations.And then he drops "Bitcoin is projected to be stable at $3KUSD by the end of the year". Projected by who? Do you know the source of this gem?
and he goes on "some predict it to be worth $30k per coin by 2020". Some do, do they?Who? People who own/trade bitcoins? that would be a surprise. Not one credible source. I mean some people say the moon is made of cheese but I don't call that research.
Find me one piece of researched, credible analysis that backs up this tosh (that isn't being pushed by a bitcoin speculator/spruiker.)
You won't. You can't. And because you're already knee deep in fevered get rich quick juice you don't want to anyway. You don't wan to hear anything that differs from the shallow bollocks you've been sold as research.
@foxinsox8:
That is probably how the stock exchange started as well. People like you saying how rediculous it is.
People with their predictions for the stock exchange would have been laughed at.
Now look at it.If you don't understand how it works I'm telling you to do some research.
Research how the technology of blockchain works because it sounds like you don't know.Since you like to keep it simple, I'll make this real simple for you. I turned a few hundreds dollars in to over 40k in less than 8 months. You just sound real, real salty. Countless stories of rags to riches from crypto. I'm not arguing a lot of the points you made about crypto, but people who do their research make huge coin and no matter how you look at it, profit is profit.
@foxinsox8:
Its good being able to look back and laugh at someone. bitcoin almost touching $12k USD at the moment. x5-6 what it was when you were banging on that its not an investment. hope your shares are giving you that type of return lol@worthy1: It's good to look back and laugh at the arsehat suckers who think they know a thing or too, despite being barely literate let alone financially literate. Like Bitcoin closing 2018 at $3700… OUCH. Or Ethereum down from 1700 to 170… pow. How's your financial advice going guys? Wait… don't tell me, you all got out just in time. Sure
Couldn't pm you so I'll ask my questions here:
-What would be a good website to research about all these crypto-currencies
-Is my pool too small to start day trading because I've heard that the transaction fees will eat up all profits and what not
-What do you guys mean by correction, is it a major even that results in a decrease in the price?
-For long term investments how long would be a good hold time and how would I know if my holdings are still there in a few years even if the website is down
-Is it viable to daytrade cryptos with low price such as the 1c ones u mentioned and how long did it take to turn over at that price for you?
Cheers mate :)No worries
-What would be a good website to research about all these crypto-currencies
The 3 I listed above is a good place to start (coindesk.com, cryptocoinnews.com, bitcointalk.org) Bitcointalk.org is a forum but you can search for most coins on there and find a thread. Only look at the technology about the coins and links to news that people post, don't be fooled by the countless people saying the coin is about to go to 'the moon' or people saying the coin is crashing. I call crypto investing the social media investing as there is threads and people everywhere online trying to get people to buy to push prices up or sell so they can buy cheap.-Is my pool too small to start day trading because I've heard that the transaction fees will eat up all profits and what not
Forget mining, I looked into it a few times with different coins and the machines you need to generate any profit is ridiculous. Transaction fees, electricity, cooling etc all make it worthless. They call mining like a lottery as some days you might get some but most of the time you will get very very little return-What do you guys mean by correction, is it a major even that results in a decrease in the price?
Sometimes the price of coins can rise too quickly, abnormally quickly. This is usually whales tricking people into thinking the coin is going to take off, everyone buys, the price keeps going up and then boom, whales cash out BIG which drops the price down along with people panic selling. they either take their profits for the day or buy more at a lower price. There was a big crypto bubble a few weeks ago, people were spending lots on crypto, it couldn't sustain that type of climb without correcting and sure enough they all dropped.You never buy at the top of these bubbles as its dangerous and you never sell at the bottom. For example I could tell Bitcoin was going to drop last night due to watching where the sells were happening and where people had setup buys. I cashed out at $2780 USD, this morning it is around $2450 USD. It could drop more or I could be happy buying more BTC then what I had yesterday. This is trading though and I could have just left it last night and wait for it to go back past where it was, which it will. So you either want to try day trade or hold (known as HODL).
Cryptos are also not meant to feel the impact of world events but unfortunately they do, The presidential election, Brexit etc all saw the price drop. This happens in the share market also and it is due to the human side of things, not the value of the coins. I believe if there is a war to start then we would see a drop. Whether you hold until it rises again, buy more, or sell before it goes down is up to you.
-For long term investments how long would be a good hold time and how would I know if my holdings are still there in a few years even if the website is down
This is only something you can decide whilst keeping your eye on news about your coins. Take bitcoin for example. Plenty cashed out when it hit $100. One kid was given 1000 coins as a Bday present back when they were worth nothing. he cashed out at $100 and started a business with his $100,000. Nice I guess but if he had held until these days he would have $3mil. Read another story when ripple was at its peak about a group of mates that used it back when it first started as a barter system, novelty bets etc. They then stopped doing that and forgot about them, One checked the price again a month or so ago and suddenly they were millionaires. Plenty of stories like that floating around, early adopters are usually the ones that are rich but gains can still be madeChoosing sites that are stable and have a good track record are the way to go. I use Bitstamp for Bitcoin and Ripple. Coinbase is great for Ethereum. Other alts are usually only available on Poloneix which can be a bit flakey and has had plenty of DDOS attacks. Your money is still safe there, just can go down from time to time. I also have a desktop wallet called Exodus which you can download and transfer your coins there for safe keeping.
-Is it viable to daytrade cryptos with low price such as the 1c ones u mentioned and how long did it take to turn over at that price for you?
Its all a risk, a lot of coins get pumped and dumped so you need to ensure you buy a coin low, wait for its turn to get pumped and pull out where you can. Then there is coins that are stable but all coins are not immune from being pumped and dumped. You can get burnt badly trading if you don't know what you are doing. I learnt a lot of hard lessons, fortunately only with profit from coins. I would only try this when you get some profits behind you from holding as you will lose here and there, if it was that easy to make money and trade then everyone would. The market is controlled by people that have a lot of times on their hand and can raise and lower prices as they want, you pretty much have to read what they are doing by looking at the trades that are happening.Solid advice man cheers
@blasterbot999: Why don't you try investing in the ASX instead? There is far more to learn, and you can diversify and actually form educated opinions on the future price of stocks.
I've looked into that already and theres no way I can turn 2k into 10k with stocks. But with cryptos its mnore risky but the possible rate of return is massive. If I wanted to practice asx there are simulators too so I would start when I have somewhere around 10k banked.
you must be kidding me? Coindesk as a source of news? Are you aware that coindesk is mostly paid news?
You must be very new to this crypto world lol.@ericm11:
riiight thanks for your valued advice. Ive learnt plenty off coindesk, if you don't know what news to take onboard then you are pretty easily influenced. It is a perfectly valid site to see what is happening in the crypto world and use to inform opinions Dik.Happy for you to share some information that has helped you become a millionaire troller.
@worthy1:
Not trying to troll, i was providing feedback.
Why so sensitive?
I was alluding to the fact that coindesk is not a source of good info, they're purely there as a paid news service.
I think most people who's been in the crypto world for while would agree.The best advice i can give to anyone who's wants to "invest/gamble" is only put money in that you are willing to lose.
@ericm11:
Because out of all the info I gave you pick on coindesk and provide no useful info for the OP yourself, that's what trolls do.There is absolutely nothing wrong with coindesk and you and your long term crypto buddies don't know what to read if you buy into hype. News about businesses, banks looking into Blockchain. Emerging technology. Issues in the crypto world are all very relevant to read about.
Jump on Coindesk now and tell me which articles are paid ones to catch a noob into buying into it, none I can see. There is nothing on there that isn't crypto news and 'coindesk as a source of news' you say. lol
@worthy1:
The rest of your tips are solid, only had an issue with coindesk being one of your "places" for research.
FYI - Coindesk only post news relating to your coin if you pay them.@ericm11:
Thank you. I didn't mention use coindesk to check news about your coin. Its useful to read news on the crypto space in general. Unfortunately all news sites are payed and the public knows that (surely). None do it for free to waste their spare time…Like I crypto is the social media investment as its all forums and news hype getting people to buy. You don't really get that with shares. Its a different world and people need to do their own research and use their own judgement rather then buying into hype (or FUD) as its easy to do
@blasterbot999: Please understand that what you have called solid advice is the exact opposite. I could sell you anything with the same arguments. Anytime someone tries to sell you an investment using past anecdotes eg "One kid was given 1000 bitcoins etc etc"
you should walk away from that investment "opportunity" as quickly as possible. Anecdotes are tempting but meaningless.
If it was so easy to make money so fast why isn't everyone doing it. Fact is you are very likely to do your hard earned wages on this.
Let me take one piece of worthy1's worthless advice as an example. He says when you ask how long to hold the investments (the perpetual question in all investing): he says "Keep an eye on news about bitcoin" so you know when to get out.
If only it was that easy. There isn't going to be an article saying "Bitcoin is looking a bit dicey you might want to get out. If there is there'll also be other articles at the same time saying the best is yet to come for bitcoin. But when it crashes everyone will head for the exits at once.Do you think when the GFC began that all those investment bankers, investors and stockbrokers just forgot to watch the news about their investments for a few weeks?
When a bubble bursts it takes everyone with it..,.. in a matter of minutes there are no buyers for what you own. It's known as trying to catch a falling knife.The first you will know of it your balance will be gone… and you'll wonder why you sweated at Maccas for years other than to learn a lesson in prudent investing.
Still 16 options are open just exploring the world my friend and I'm at KFC now out its actually less corporate and strict than the hell they call maccas.
@foxinsox8:
You have to be the most retarded guy i have come across lol sure thing. I am trying to get a 16yo to invest in something as his $2k will make me rich.Stop trying talk about a world you know nothing about. The kid asked for advice, i gave him some to make his own mind up. I told him its not easy, i told him he can lose if he trades, i have been quite open about all that facts. Im impressed a 16yo is looking for investment options and is smart enough to read about Cryptocoins. Maybe if you had invested when you were 16 you wouldnt have turned out to be a keyboard warrior looking for bargains on a bargain site thinking he knows everything.
How are they stories. BTC started under $10, peaked at $3k, it does that from people believing in it and investing. You dont think that means people are rich from it lol. ETH was around $10 at the start of the year, now charging towards $400. Pretty simple for a layman like yourself to work out.
lol looking forward to more laughs from you today hero. Actually not really as i havent read half your replies as its just crap from a guy that knows nothing about that, thats when people laugh at you because you know nothing about something. There are plenty of people on here that agree as they have looked into the crypto world. Its a different way of trading, simple. Not reading any of your dribble and be surprised if anyone is from no agreement or + lol
Hate Crypto all you want, go play with lego or whatever you do instead.
Blocking all comments from coxinsox in 5….4….3..2….
Can I ask what your total amounts invested, and cashed out ?
It's not 30x return until its cash in your bank account, IMO.
(I wish I'd thrown some speculative cash at BTC & ETH when I'd first heard about each, would be able to retire now…)
Not sure why that really helps you so no I don't need to disclose how much ive invested.
Not really an opinion its fact, of course its not a return until its back in your bank, no investment is…what are we saying here. Yes if I chose to cash out that would be my current return but I'm not so really a mood point. If I wanted to I would have cashed out at 50x but I have higher hopes and don't want to be in the 'wish I held or bought early basket' so I'm holding.
It doesn't help me, I just know a lot of inveterate crypto gamblers that are always talking up their wins, and forgetting their losses.
A "friend" of mine invested a total of $2k, cashed out $5k, and still has 1.5 BTC (~$5k). Good ROI, but practically meaningless in total amount.
@abb:
Im not up here to talk anything up, i got on here to provide advice and what has worked for me. I am by no means in any loss, infact i made $3k today riding BTC up and down without using any fresh FIAT, what did you make today?I simply provided advice to the OP as he asked, it is you that has a bee in your bonnet about me saying it. Well they arent exactly talking up wins if they are in the red are they.
And i actually did mention that i have had losses whilst learning the market if you actually read that part, i also stated my losses were out of my profit. No one gambles with trading and wins all the time, if it was that easy everyone would do it and be rich wouldnt they. You can be a pro trader and still lose, you just need to be smart about what bucket of money you want to risk
See what I mean - "higher hopes" aka "unrealistic voodoo beliefs"
@worthy1: Anyone can make $3k in a day by risking $3M, that's why I'm asking how much actual cash you've put in.
@abb:
Not sure reading is your strong point. As mentioned that was with trading coins i already have. FIAT that i mention is a term in the trading world for CASH. So saying i didnt use any fresh fiat means i used profits (in this case) coins i already have. Hate to tell you but the whales that trade with hundreds of thousands make a lot more than $3k a day but you wouldnt know that as you dont watch the trades or movement, too busy trolling.Yeh boy, i just casually trade with $3M. Thats my chump change. Thats why i hang around on OzBargain. Now excuse me while i finish my cigar i lit with $100 note and watch chicks in bikinis wash my Ferrari with champagne.
OP hope some advice was useful, Research and be sure to put away certain amounts if you make profit and then only reinvest with that profit, not all of it. Dont listen to haters, they have nothing else to do after working at McDonalds all day long :)
@worthy1: abb he's obfuscating because his "investment" is all in his imagination. There's no way someone could practice the methods of trading he says he follows (he just knows where the tops and bottoms are!) and make 30 cents a day… let alone $3000.
Probably works next to the OP handing him the thickshakes and they don't even know it!
@dono2:
That was 2 days ago when i posted that when it dropped from $2700 (odd) USD down to $2150 USD. Coxinsox cant work out that if you sell before it drops and then buy back in at the bottom, you make money (or coins). What a novel idea hey Cox.Yesterday it did drop $100 so not sure how thats not a fluctuation at all for you. Not as much was made but still has dropping to do. I use Bitstamp.
"No.2. Excesses in one direction will lead to an opposite excess in the other direction.
Like a swerving automobile driven by an inexperienced youth, overcorrection is to be expected when markets overshoot. Fear gives way to greed, which gives way to fear. Tuned-in investors will be wary of this and will possess the patience and know-how to take measured action to safeguard their capital."I hope the OP reads this not worthy1's experiment in doing his cash
I got into bitcoin very early, in early 2011, when the price was first beginning to rise. Generated my first bitcoins and sold them for US$7, which was a handy profit back then. I could have been a real dollar millionaire many times over with the bitcoins I had pass through my computers, if only I had kept all of them and not used them to pay off mining equipment. You may be thinking 'you idiot Cluster!', but back then people didn't know how bitcoin would turn out. It was an interesting idea that couldn't be spent anywhere. In May 2010 the first verified bitcoin purchase was made: 2 pizzas for 10k bitcoins each. US$2.5 MILLION per pizza, in today's bitcoin valuation.
The problem with all cryptocurrencies is no one knows where the top price may be. People scoffed at suggestions of $1k bitcoins as late as 2013, then the price exploded, and collapsed, and exploded again. People talk of US$1M bitcoins happening one day. I don't laugh it off now.
My advice would be to buy the main cryptocurrencies, bitcoin and ethereum, but only using 'play' money that you don't need and won't miss if you lose it all. Then sit on the coins and tokens. Do not trade them, spend them, just keep backups. Come back in 5 or 10 years and you may be rich, or laugh it off as a stupid thing that those idiots in 2017 did.
Unlucky you haha. What are ur thoughts on dogecoin? Its super cheap rn is it worth just to spend 20 bucks on it to get a few thousand units? I jus trealised I need to get my learners first for ID so this would take a while :/
Pretty much all cryptocurrencies are rising in value right now, most due to speculation and momentum buying. It's going up, so others are buying too. An important factor is whether a currency has a capped maximum. Bitcoin is 21 million, litecoin is 4 times that I believe, dogecoin is unlimited. That makes a big long term impact on value. Bitcoin should keep going up in price, as long as people care about it and use it.
There have been hundreds of minor cryptocurrencies over the years, with most dying out. You have to be lucky to load up on one that booms in the future.
For me, dogecoin was a funny joke a few years ago that's still hanging around. http://www.dogeweather.com/ Not sure how much longer people will find it amusing. May be good for a purely speculative play while others (bitcoin, eth) are longer term bets.
Ripple looks promising I think Ill jump into that as my first investment :)
@blasterbot999: Not sure whether to believe the guy or not but I had an uber driver recently, in a roundabout way it came up that his father had become quite wealthy (100M+) from a $200 investment in bitcoin back in '08. He said Ripple was the one to look out for.
@Cheaplikethebird: If he said 2008 then you know at least part of the story was a lie. The paper on which bitcoin was created was only published in November 2008, and the software wasn't made available until early 2009. People have looked at bitcoin's blockchain and seen there were very few miners in the early days, and none of those bitcoins have moved (been spent, cashed out, etc).
Even buying $200 of bitcoins anytime in 2009 would be buying most of the blockchain at that stage.
That is some crazy luck. From what I've researched cryptocurrencies are new technology and people just need the education and then they will jump on it because its the future :) Ride the ripple with me guys
@blasterbot999:
I have a lot of my portfolio in ripple as I bought in at under 1c. It is a big unknown and I'm sticking with it as I have nothing to lose with my profits. Its growth has been mostly speculation about banks possibly buying big on it, the reality is banks only need to use it for transaction fees if they are using the Ripple Protocol.Ripple were smart, they have been selling the protocol over their Ripple coin (XRP) to get banks to adopt and to make their money. The protocol is what backers like google are interested in, not the coin itself. Banks get a bit more of a discount on fees if they use XRP from end to end, but you have to remember that banks don't pay transaction fees anyway, you do. They could be hesitant to buy big on a coin that is a bit volatile (shaved half its value off in 2 weeks). For transactions they need barely any (couple of hundred will last years). Also banks have been toying with Ripple since 2014, None have bought big on XRP
So it is a bit of a gamble on how big Ripple will get from where its at today. A lot of its increase has been due to new exchanges adding it and people seeing a cheap coin over a coin that's worth $2.5k. Not really because banks are buying big to use it…Hopefully it happens…
@blasterbot999: More past anecdotes. You are too easily impressed by selective stories from hindsight that won't be replicated in the future.
@Cheaplikethebird: there is a truism that goes around just before the death spiral of every speculative bubble that goes "when your taxi driver starts giving you stock tips it is definitely time to sell!"
I've heard a few people bring up Ethereum and Bitcoin after seeing a few stories being posted up recently by pop culture news websites. Hot tip: don't base your investments off pop cult news stories.
If u start researching those are the two names that pop up in 30 seconds. Right now I'm not in the market for those haha they got pumped way too high for my investment. I'm looking for low profile potential cryptos that I can play with a bit
If you read up on the technical side of it you will realise that it has the potential to change the way we transact. This is partly the reason why the big wigs are investing into block chain (Microsoft, Amazon etc).
I would still treat it like a lottery ticket and park any serious money in more stable investments.
You are right. Block chain in particular has the potential to revolutionise our financial lives. That doesn't mean that any of these cryptocurrencies have any particular reason to boom when that change takes place. The established banks may find it just as easy to move into that sector for a start with some major advantages.
Punting on one of these cryptos because the environment is going to explode is like being back in the mid 90s and saying - the internet is going to change everything for everyone in ways we can't even imagine yet and that is why I have decided to put my life savings into Netscape Navigator shares.
You can be the market leader in a market that becomes worthless - or in a market in which the profitable instrument in that market hasn't even emerged yet.
And you could be buying Netscape Navigator stock.
Ill comment my 2 cents. If you feel like mining mine. Other wise you will never know. I would also invest what you can afford to lose. This is my opinion. invest in litecoin, ripple, zcoin they are at beginners price. and if you can invest in ether and bitcoin but remember dont put the mortgage on it. And just wait. For my wallets I use coinbase, jaxx and gatehub
Ps dashcoin is the roughie its at $200 because its the darkcoin of the darkweb just like bitcoin started.
Are you serious? you use coinbase as your wallet? Are you aware that this is the worse thing you could do?
anyone with serious about of coins uses a hardware wallet such as trezor or ledger. DO NOT USE COINBASE AS YOUR WALLET.
I would also avoid using JAXX wallet.What's a reliable free wallet??
For ether, I use myetherwallet. It does pretty much all the cryptos that I'm interested in.
i would avoid all web-based wallets, including myetherwallet
which wallet you use really depends on how much you have, and your risk tolerance levels.I use hardware wallets exclusively. I use both trezor and ledger wallet, It only cost $100.
I do not trust any other forms of wallets.
Get a hardware wallet if you have more than 2btc or equivalent.@ericm11:
hmm ok, can you fill me in on how it works.
If you are buying and selling on crypto exchanges then how can you keep it in a wallet?
dont you need to transfer it from the hardware wallet then to your account online then transfer it back to your wallet once you buy what you want?i dont have 2btc. i havent been doing it for very long so just invested a small amount so far.
but sounds like fairly good advise.
@ericm11 - I have just started buying some coins. I bought Siacoins - is the desktop sia program a wallet as such? And if so, is it a good secure wallet?
I figured it out - Allg
You going to tell me bittrex is bad also. I like your opinion but im staying with my opinion. My opinion has landed me more profit I could ever imagine. This is from a younger kid who was using tor and silk road in 2013.
You should focus on something more worthwhile such as your grades rather than a small investment
VCE is easy I'm asian
For what its worth, I bought $15 dollars worth of Dogecoin back in 2015 as a joke, my friend and I were going to pay each others for coffees using dogecoin.. We never ended up using them, but its worth about $100 dollars now! best investment I ever made!
There are some good earners out there like the American tech sector.
Look at Google and Apple.
from memory, they are up 14% and 16% over the past 12 months.
Solid earners where you can see the where the money comes from.Don't forget your stop losses.
stop losses can save you in a slow dive…. but yr unlikely to get the prices you've set in a meltdown esp when markets suspend trading.
and so many investors reset their stop losses to stay in when it comes to the crunch just believing it can't get any worse and abounce is just around the corner and …. DAMN!!!
Is Siacoin any good?
I've been mining (5 6GPU rigs) since a month ago, I also bought in when ETH was around $80, I've made about 6x profit since.
In the long run I believe in Ethereum and other dapps like Sia and Golem. A lot of people don't understand how these technologies work and thus would tell you to put your money somewhere safe like a bank or something. You're still young and you'll make plenty of money in the future, put some money aside now, research these cryptocurrencies and blockchain technology and make money that way, it's our generation's ticket to financial freedom.
Coinspot is okay but if you can get a coinbase.com account do that, they're pretty cheap.
Thanks for your comment I've thought of it your way and will do :) financial freedom is all I hope for plus landing a job as an engineer :)
Putting it simply If you want financial freedom: invest wisely. If you want to be working at Maccas until you graduate as an engineer: do what these crypto hypers tell you to.
Please excuse my ignorance about Crypto currency, but I just do not understand it.
The so called "mining" uses (wastes?) a lot of electricity (a real commodity) to produce crypto coins. I understand mining coal (you burn it to produce electricity or to make steel) or mining iron ore to make steel to make cars, appliances etc. Or mining gold as precious metal to make jewellery.
But when you mine Bitcoins what do you get?
I understand it is a speculative vehicle, but what tangible goods or benefit does it produce? Is it only waste of valuable electricity?
Again I admit my ignorance on the matter, but it looks to me like a huge con job.
I will probably get a lot of negs for this, but I cannot see any tangible benefit.Today I've been researching about cryptos and from what I've found on youtube the people who arent scared to take the risk and have mastered the art of swing trading these cryptos have been making thousands in profits and 100x faster than in a stock market. I found that mining is not very efficient now as there is too much competition unless u have a 50 gpu rig and in a place where electricity is dirt cheap. Maybe you should put some time in exploring it bro we can go on this journey together what is there to lose I'm looking at some coins that are trading at a dollar each and if in the future one coin reaches 100 or even 50 im making 50x my initial investment plus invaluable experience. There are many experts that go on ted x to talk about these cryptos and how they will be the future of banking as it is more secure.
"when you mine bitcoins what do you get?"
You don't necessarily mine the bitcoins from what I've researched but rather contributing your power to the blockchain and keeping the proccess safe and it rewards you with bitcoins. You compete with millions of others with some with gpu stations the size of warehouses that is why it was efficient before but now everyone has jumped on the bandwagon I decided not to waste my time on it.What I'm looking into now is buying and trading the cryptos, it seems similar to asx trading but the value of the coins fluctuate unpredictably and so there is more risk of losing alot of money but a greater chance of making life changing profits.
Bitcoin has been around for nearly 10 years with investors pumping out money to create alternative currencies and we are pretty late to the party but early enough to make some profits that will be valuable in 20 years time or so. I don't believe bitcoin is a con because enough people believe in it so far to make a digital currency as valuable as gold.
Sounds like you are better off doing commodities trading