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OT: Bitcoin
mercurydimeguy
Posts: 4,625 ✭✭✭✭
I did a test...
- bought $522 worth of Bitcoin last November (2015)
- sold today for $1,375
Decent profit, and I'm thinking that Bitcoin will continue to run up until mid-2020...
Could be a nice way to subsidize costs associated with coin collecting (kind of ironic, buying/selling fake money and using the proceeds to buy numismatic material).
Anyhow, I'm thinking of buying back in after the New Year, on the next dip. Anyone dabble in Bitcoin and have any opinions/thoughts?
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Didnt Bitcoin lose 60 some odd percent of its value at one point? I dunno maybe Im mistaken, but it just make me too nervous to invest.
Shady
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
OP, did you ever use it as a currency to buy things, or sell things and receive bitcoins as payment? Or just buy->hold->sell?
IMO they're modern day tulip bulbs. No intrinsic value, very limited market, market made up of speculators rather than those who use it as a currency.
I don't like Bitcoin. I think you got lucky and I'm happy for you, but it hasn't caught on like people thought it would and no one knows what the future hold for Bitcoin. I've used it a few times over the years, but I'm not impressed with it. In order to use it the way it is meant, you need an internet connection. Exchanges charge fees to convert it to dollars and now governments are watching it so I'm sure the IRS and regulators are interested in how it evolves. I also would be worried about keeping large amounts of "money" written down on a piece of paper (cold wallet) to keep it completely secure.
Bitcoin is very volatile, mostly since the people who have it are speculators and due to fiascos like Mt. Gox and other exchanges being hacked and run/owned by corrupt people... I'll wait on the sidelines.
I agree with the previous poster in that you got lucky. Congrats on your profit. Take it and run.
Bitcoin will remain a commodity until it gets acceptance with credit card companies and paypal.
Question for Mercurydimeguy: Where did you buy it and sell it and how did you convert it back to $$.
Rick, once you get your account setup, it's actually super simple.
https://www.coinbase.com/
What I omitted is why I had the bitcoin to begin with, that's a funny story...
My server at home got hacked (had 9 years of ripped videos on it, from a very large 1k+ DVD/Blu-ray collection). The hacker trojan wanted $500 in bitcoin equivalent as payment to unlock my files and gave me 2 weeks. I got an account and set up but I took too long. 2 weeks had passed and I could no longer recover my files so I had this bitcoin in the account I never used ($522 dollars worth). I decided to let it ride and see where it takes me, an investment of sorts. And along the way learned a bit about bitcoin, so it was an interesting journey...
Can't make this $#it up
LOL
Sell one to recoup your investment. Let the other one ride.
__My server at home got hacked (had 9 years of ripped videos on it, from a very large 1k+ DVD/Blu-ray collection). The hacker trojan wanted $500 in bitcoin equivalent as payment to unlock my files and gave me 2 weeks. I got an account and set up but I took too long. 2 weeks had passed and I could no longer recover my files so I had this bitcoin in the account I never used ($522 dollars worth). I decided to let it ride and see where it takes me, an investment of sorts. And along the way learned a bit about bitcoin, so it was an interesting journey...
Got hit by ransomware twice. Encrypted my document,picture,video files. Even blew away my background desktop image and put their stinking information on how to pay right in my face.They wanted payment in untraceable bitcoin.
i wouldn't touch bitcoin with a ten-foot pole.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
I've been watching the opinions on my gold forum.
I don't fully understand it. I know Scottrade trades it as they make daily quotes.
The goldbugz think it's fully private and unassailable for secrecy and privacy.
I don't see how anything available through a stockbroker is so private.
They record ALL trades.
I'm still in the real physical gold camp.
I don't think I could buy a goat and some slaves in Afganistan with a bitcoin cert.
But...again.... I don't fully understand it.
Actually bitcoins aren't anything new.
@topstuf
That IS great, Happy New Year
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
I own a LOT of bitcoin I bought back in 2013. I am not selling now after it's been announced that the IRS is John doeing Coinbase.
I don't think you made enough for the IRS to bug you, but if you don't report your profit and the IRS wins the case then they might audit you.
Bit coin is not recognized as a currency by the United States so it is the same as buying a stock and selling it.
The reason for the coinbase attack by the IRS is because a lot of well known people were putting money into it and then withdrawing it off shore. Since I haven't sold or used it to purchase goods I have no profit to report.
My Type Set & My Complete Proof Nickel Set!
mercurydimeguy, how did you sell for $1375? Bitcoin did very well in 2016 but it hasn't hit $1,000 (yet), has it?
I'm not doubting what you say...I'm just curious how you sold so high.
Lance.
Lance I had 1.4327711 BTC. Sold today. Net proceeds after trading fees was like 1,353.90 or something like that.
I had spent $522 on the original purchase because I had to pay $500 to the hackers. But never did
Ah. Excellent job. The profit will buy a lot of DVD's!
I bought one bitcoin near the peak a few years ago. Then soured on it when prices went south. I sold recently and just about broke even.
Lance.
They wanted payment in untraceable bitcoin.
Bitcoins are traceable to the IP address that opened the account, but yes they can be peroxided.
Bitcoins are stored in "block chains" that exist on servers all around the world.
So what you own are a series of 1's and 0's in a common file.
They can be "exchanged" for other currencies, like USD$, CAD$, CYN, etc. the same way other currencies are traded.
Whatcha gonna do when they hold your bitcoin for ransom?
Give Me Liberty or Give Me Debt
What keeps people out of the common file?
I have always thought bitcoins to be a house of cards.... JMO....certainly some have profited... no doubt about that. That happens in every 'deal'.... Not sure where it will end ....I will stick with PM's. Cheers, RickO
I know of a few merchants now accepting bitcoin as payment. They wouldn't be doing that without some serious confidence of it's future.
Investment seems logical in any diversification strategy.
Its all well and good so long as you can get your bitcoin transferred to US dollars at any time. If you look at how the Government was able to cut off the ability to get your money from on-line poker sites, then you have to wonder if they could do the same with bitcoin.
Excellent point Rick.... I do not see the Federal Government entertaining this option for long.... Since it is not associated with a nation....nor a regulated market, I can foresee several ways they may address what they deem a 'problem'.....i.e. not under their control and a way to avoid taxation. Cheers, RickO
It was a blessing in disguise.
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This is an intriguing subject. Discussing it on one of my precious metals forums.
One thing that can't be addressed is that the "product" ....if unhackable.... can still be legislated.
I'm not convinced to buy.