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Non-NEC Console Related Discussion => Chit-Chat => Topic started by: Warbucks on December 06, 2017, 07:41:51 AM
Title: Cryptocurrencies... You gettin' rich yet?
Post by: Warbucks on December 06, 2017, 07:41:51 AM
So I bought some Litecoins two weeks ago... (brother recommended).
Now I'm hooked on trying to learn more about cryptocurrencies.
Bitcoin is like 13k per coin.. not sure if I want to tie up that much money in cryptos.
I am still learning what is what.
Has anyone else messed with cryptocurrencies?
Win stories, lose stories, etc.. let's hear about it.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: Necromancer on December 06, 2017, 08:07:55 AM
I'm too chickenshit to mess with 'em. Their worth is based on nothing at all, really, so it could be easily manipulated; it's too close to gambling to call it an investment.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: crazydean on December 06, 2017, 09:47:36 AM
I'm too chickenshit to mess with 'em. Their worth is based on nothing at all, really, so it could be easily manipulated; it's too close to gambling to call it an investment.
This is my biggest problem. They're too volatile and have no intrinsic value.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: xelement5x on December 06, 2017, 09:53:55 AM
Also, the fact that the energy consumption is basically off the charts compared to anything else. As the value of bitcoin rises so does the amount of energy people are willing to burn on it which also increases the value. The weird thing is that it seems designed to continually inflate as original bitcoins have the same value as current ones, which had much more time/energy invested in them.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: Punch on December 06, 2017, 10:02:29 AM
"What was the main reason for the creation of ______?"
I ask myself that question every time the topic comes up and that's exactly why I'll never put one cent on them.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: Desh on December 06, 2017, 01:27:52 PM
I did make money on my 6 month old RX 480 do to the AMD GPU boom from mining. Bought new in Jan. for $200, sold it in July for $400.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: gex on December 06, 2017, 06:22:03 PM
My old boss was always pushing me to get into this. He invested thousands and thousands into this apparently after watching some documentary, and now his Facebook just consists of him posting "Told you so" status's and memes.
I'm still waiting to get invited to his yacht party.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: TheOldMan on December 06, 2017, 07:12:37 PM
Quote
... posting "Told you so"...
Just smile sweetly, and remind him the IRS is taxing any gains as income, not as deferred investments. And they are coming after people who didn't declare it last year :)
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: Warbucks on December 07, 2017, 04:54:49 AM
Did you guys see the dip it took today.. I tried scooping some up but the damn websites were having problems.. grrr... someone made a ton of money
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: seieienbu on December 07, 2017, 05:47:49 AM
Jesus Christ I just checked out of curiosity and bitcoins are at $17K now. These things are ridiculous.
edit: Wait. Somewhere else I'm seeing $11.7K. That's a pretty big disparity... What's the actual going rate of these things, I honestly have no idea...?
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: xelement5x on December 07, 2017, 06:50:29 AM
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: esteban on December 07, 2017, 07:40:45 AM
A: No.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: mickcris on December 07, 2017, 07:58:58 AM
Jesus Christ I just checked out of curiosity and bitcoins are at $17K now. These things are ridiculous.
edit: Wait. Somewhere else I'm seeing $11.7K. That's a pretty big disparity... What's the actual going rate of these things, I honestly have no idea...?
thats crazy. Coinbase shows it as $16,275.80
I have 0.00363669 BTC which i think was a coupe bucks left over from a payment i sent earlier in the year. now its worth about $60. im rich!
edit:
$16,467.22 Bitcoin price +$2,944.99 Since yesterday (USD) +21.89% Since yesterday (%)
i wonder how long it will be till it crashes.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: GohanX on December 07, 2017, 08:41:57 AM
My old boss was always pushing me to get into this. He invested thousands and thousands into this apparently after watching some documentary, and now his Facebook just consists of him posting "Told you so" status's and memes.
I'm still waiting to get invited to his yacht party.
The problem I see with this is that the value is going up like crazy, but it means nothing until it's cashed out into real currency. A smart person could make a lot of money, but I think most people that are buying while it's high now are going to stay just a little too long until the bubble pops.
The first few people who cash out make a ton of money. Then some whale cashes out. Values drop like a rock, now the people just getting into it this year that bought in with real money just gave up a ton to those first few who cashed out and are left with nothing. And this happens long before most people get wind of it and have a chance to check their computer.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: BigusSchmuck on December 08, 2017, 02:11:46 AM
My boss at work is spending a grip of cash on pc hardware just to mine. Dropped closed to 20k on server equipment and I think to myself, Christ you can drop 20k on mining hardware but you can't hire decent techs and give the rest of us a Christmas bonus? Yeah greedy bastard.
Title: Re: Cryptocurrencies... You gettin' rich yet?
Post by: Bornist on December 08, 2017, 03:22:08 AM
If these new cryptos keep showing up, I think we will have a world currency soon (within the next 30 years). Since it is seen as earnings, it will be used more and more online, which is where everything is going anyway. Then when we really become a global community (we are almost there) with the spread of internet world wide, we will need a currency that can easily cross borders (that really won't be there on the internet). That is where cryptocurrency will come in.
So then, all of these other cryptos will be worthless, because the dollar that they were valued at no longer exists.
Or we are all just going to get 3d printers/cornucopia machines and become a bartering community.