Investing in Cryptocurrency

I’m gonna invest some money in this thing.

Anyone have any advice, experience on using bitcoin etc. Any pitfalls or hidden fees and stuff I should look at?

I’m assuming someone somewhere is making a shitload out of this otherwise why would it even exist?

  On 4/16/2021 at 3:08 PM, fumi said:

I’m gonna invest some money in this thing.

Anyone have any advice, experience on using bitcoin etc. Any pitfalls or hidden fees and stuff I should look at?

I’m assuming someone somewhere is making a shitload out of this otherwise why would it even exist?

Read as many stuff as possible on the subject, start by investing small amount of money and obviously, don't buy when value is rising

  On 4/16/2021 at 3:08 PM, fumi said:

I’m assuming someone somewhere is making a shitload out of this otherwise why would it even exist?

that's what they're banking on you thinking. investing will give them money. you might make some at the margins if you're lucky/spend a lot of time & money researching. 

  On 4/16/2021 at 3:13 PM, eassae said:

At this point it seems like casino odds to me.

p much, i could be wrong there tho.

  On 4/16/2021 at 3:08 PM, fumi said:

stuff I should look at?

Yes. Tulips.

I ended up investing in mining. It seems pretty solid. So far it looks like I’ll double what I’ve put in, which seems like a good investment. I do hate the idea that it could be draining electricity and canceling out the progress of solar power (which was mentioned in the other thread). If you have the money to get the hardware, and live by a place where you can easily buy high end GPUs, then you should be able to drop $5-10,000 and generate $40 a day.

However- I am not an expert at all, I’m just investing with an in law who is more knowledgeable about it all than me. I am fortunate enough to be in a position where I don’t punch a clock, so I have the time and finances to dick around with it without any real serious risk.

Also, we are gradually switching to solar power with several of the properties we own, and my in law is having solar panels installed at his home at this very moment, just because that’s where our main mining pc is. Hopefully that cancels out the negative environmental impact we have.

Its a complete gamble, one that so far has paid off very well. My bet is on Ethereum though, it just makes more sense as an actual internet currency.

I use blockchain.com, found it really easy to buy/sell. Don't have a huge amount, but am investing in Bitcoin, Ethereum, Lumens, Algorand and Polkadot. Have seen some nice gains so far from my original stakes.

If Elon Musk promises you 10 BTC for every 1 you send to him, don't believe it.

I traded in my $AUDIO for BTC last year, had about £450 worth. Spent most of it but decided to keep about $30 worth, that was last October / November and it's worth $130 now, so there's definitely money in it. 

  Quote

The cryptocurrency that started out as a parody less than a decade ago has surged to record highs, as individual investors have piled in on the heels of Coinbase Global Inc.’s public debut. The cryptocurrency reached as high as 45 cents on April 16, according to CoinDesk, up from less than once cent to start the year.

Dogecoin up an ungodly amount of money because of Elon tweets, which is a great way to gamble it seems.

https://www.wsj.com/articles/what-is-dogecoin-how-to-say-it-and-why-its-no-longer-a-joke-thanks-elon-11612820776

  On 4/17/2021 at 4:43 PM, chenGOD said:

If Elon Musk promises you 10 BTC for every 1 you send to him, don't believe it.

so actually, um, kinda. 

one of my nephews got some doge coin. i wouldn't even know how. do i go to amazon and search for Doge Coin? 

Get a doge whistle.

ignatius just paypal me the cash, i'll take care of it 

  On 4/17/2021 at 7:29 PM, auxien said:

Dogecoin up an ungodly amount of money because of Elon tweets, which is a great way to gamble it seems.

https://www.wsj.com/articles/what-is-dogecoin-how-to-say-it-and-why-its-no-longer-a-joke-thanks-elon-11612820776

so actually, um, kinda. 

There was (probably still is) a very popular scam a couple of years ago where people promised 10btc in return for donating 1. It was often tied to some “initiative” by Elon musk.

invest in the shiba

  On 4/17/2021 at 1:42 PM, pcock said:

Its a complete gamble, one that so far has paid off very well. My bet is on Ethereum though, it just makes more sense as an actual internet currency.

might be dethroned by Chainlink, just will take a bit of time

$RUNE

cumcoin

remember these rules

• know what youre investing in.  don't buy something if you don't know what it is at a technological level
• not your keys, not your crypto
  • don't store it on third party exchanges, store it in your own wallet
  • the wallet must be encrypted heavily and never touch the internet.  i suggest a hardware wallet like ledger if you aren't technologically capable of setting up safe air gapped computing environments
• BTC ETH XMR
  • these are the only crypto that matter technologically currently
  • BTC is the most secure crypto by far, put the most trust in it
  • ETH is the most useful crypto, a distributed smart contract computer, it has a good future
  • XMR is the most private crypto, you should have some
    • harder to store, hardware wallets don't support it very well as far as I remember
  • you might make money on others, but it's closer to a gamble
• don't fall for hype shitcoins, know what youre buying
• this should not be your only investment portfolio, you should have traditional boomer stocks too

  On 4/17/2021 at 10:16 PM, logakght said:

invest in the shiba

might be dethroned by Chainlink, just will take a bit of time

ethereum might be dethroned by chainlink? chainlink runs on ethereum.

  On 4/17/2021 at 10:50 PM, dr lopez said:

$RUNE

  On 4/17/2021 at 11:41 PM, Alcofribas said:

cumcoin

 

Cybercumcoin

For anyone in this thread to whom investing is a new concept, bogleheads is the most surefire way of increasing your money,  but it takes decades. Your first decade you will see barely any gains, but by your third decade you will be wealthy, the only way it won't work is if capitalism literally collapses. The bogle way is to just put basically all your money in the entire world market, VTSAX. 7 percent average gains are weak for the first 10 or 15 years,  but if you continue adding a significant amount of your available income after 30 years it will be a lot of money 

Assuming China doesn't actually want a war.

Boomercoin, when ?

Skepticoin