# Bitcoin - Anyone Investing?



## knight1fox3 (Nov 30, 2017)

Just curious if anyone on here has already invested and/or researched Bitcoin looking to invest.

https://news.bitcoin.com/cryptocurrency-markets-trend-higher-commanding-300bn-this-week/


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## Supe (Nov 30, 2017)

Have a really hard time sinking money into something purely speculative with zero intrinsic value...


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## Bonsai (Nov 30, 2017)

Bitcoin is an eternal search for the bigger bag holder. Do not buy, and if you got in early, sell and take your profits.


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## Jbone27 PE (Nov 30, 2017)

I made some cash off of Ethereum yesterday (alternate crypto currency). Not retirement money but enough to buy myself a toy or two. My BIL got in really early and even built several mining rigs.  Think he did really well. 

Now just waiting for the price to adjust to get back in.


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## knight1fox3 (Nov 30, 2017)

Bonsai said:


> Bitcoin is an eternal search for the bigger bag holder. Do not buy, and if you got in early, sell and take your profits.


Thanks for the feedback. And what is your justification for this out of curiosity?


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## Bonsai (Nov 30, 2017)

Everything about the major exchanges is sketchy as all get-out, and rife with risk. For example, one of the major exchanges, Tether, was hacked for 30m in assets as recently as last week. Bitcoin transactions are irreversible, so that money is simply _gone. _Besides that, none of the money is backed by banks; you have to take it on faith that an exchange has the assets it says it has, and that they will be available to you should you decide to withdraw. The markets are also rife with manipulation, particularly wash trading. 

It should say something that two of the primary uses of Bitcoin at this point are money laundering and drug purchases.

Blockchain is a potentially useful technology, but ripe for abuse and frankly wasteful in the enormous amount of electricity it uses. I would spend my money at a casino before I tried to conduct transactions on an opaque, irreversible market.


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## mudpuppy (Nov 30, 2017)

As you can tell from my avatar I don't mind gambling, but I have no desire to throw money at cryptocurrencies either.  No one has any idea what their actual intrinsic worth is at this point.


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## Road Guy (Nov 30, 2017)

I don't know anything about it and that tends to leave me to stay away from it


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## knight1fox3 (Nov 30, 2017)

As per usual, I'm aligned with like-minded individuals here. I've been researching it, but I have the same concerns with "imaginary currency" so haven't actually pulled the trigger on anything.


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## Ble_PE (Nov 30, 2017)

I think we are all about 7 years too late to have benefited from investing in Bitcoin. That being said, there's no way I'm going to gamble my money with it.


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## Bonsai (Nov 30, 2017)

knight1fox3 said:


> As per usual, I'm aligned with like-minded individuals here. I've been researching it, but I have the same concerns with "imaginary currency" so haven't actually pulled the trigger on anything.


If you want to play with it and get a little more familiar with the concept, nothing wrong with throwing $100 and seeing what happens. I just wouldn't expect a profit.

It's fiat, just like most most currency -- the difference being that traditional currency is backed by banks, governments, and is accepted by pretty much everyone, everywhere. Crypto is volatile, hackable, irreversible, accepted primarily by wannabe technocrats/criminals/scammers, and has very real technical limitations, especially Bitcoin. Example: Since the block size is 1MB and only expands once every 10 minutes, Bitcoin, being the most popular crypto, has already hit it's transactional limit (the amount of transactions that can be stored in 1 block), after which additional transactions are queued for the next block -- can you imagine checking every 10 minutes to see if your transaction went through?


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## Jbone27 PE (Nov 30, 2017)

Well the cheese stands alone. I think that crypto is a new technology and therefore there are going to be a lot of bumps in the road as far as hacking or fly by night exchanges but that doesn't speak at all to the tech. That is simply the trading. I got into ethereum because I think that the technology has huge potential. Most blockchain is expanding past just being a currency and will be used for smart contracts, data transfer, and a number of things. Not trying to sell it but you can't judge it on the reliability of the exchange.


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## Dean Agnostic (Nov 30, 2017)

knight1fox3 said:


> Just curious if anyone on here has already invested and/or researched Bitcoin looking to invest.
> 
> https://news.bitcoin.com/cryptocurrency-markets-trend-higher-commanding-300bn-this-week/


Wow, $100Bn in just 24 Days and it's not regulated by the US Federal Reserve. 

Read this NCEES 2016 Annual Report  and proceed to page 41: 2016.nceesannualreport.com/wp-content/uploads/sites/4/2016/02/AR-2016_reduced.pdf

(The NCEES Gods are fully invested in mutual funds and securities, and there's probably bitcoin in their portfolio)


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## Bonsai (Nov 30, 2017)

That's fair. Maybe someday there will be a regulated, fair, and secure market. I will admit that it's not entirely fair to judge a concept based on early adopters, which tend to be idealists and criminals for the obvious reason that it's just not on society's radar yet.

However, despite the potential social/tech merits, I do want to assert one reason that I personally believe blockchain is unsustainable in widespread use: Energy use. "Mining" for crypto entails _b__illions of billions _of repeated useless calculations that do nothing but waste electricity in the hope of obtaining the rights to the next batch of coins. Even when you put aside currency as a use for blockchain, every transaction requires that the ledger be propagated throughout the network, which, instead of being logged a few times in a database, has to be logged in literally every user's device. That may sound inconsequential, but make no mistake, it uses a massive amount of electricity relative to traditional, centrally-serviced transactions. Electricity is cheap, but it's not free, and we shouldn't treat it like it is.

When electricity is freely available to everyone and has zero environmental consequences, I may change my tune.


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## Dean Agnostic (Nov 30, 2017)

At that rate, it is going to exceed the real estate market value. 

@Bonsai, did you invest in Bitcoin? What Company? Which platform/broker?


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## Jbone27 PE (Nov 30, 2017)

Bonsai said:


> That's fair. Maybe someday there will be a regulated, fair, and secure market. I will admit that it's not entirely fair to judge a concept based on early adopters, which tend to be idealists and criminals for the obvious reason that it's just not on society's radar yet.
> 
> However, despite the potential social/tech merits, I do want to assert one reason that I personally believe blockchain is unsustainable in widespread use: Energy use. "Mining" for crypto entails _b__illions of billions _of repeated useless calculations that do nothing but waste electricity in the hope of obtaining the rights to the next batch of coins. Even when you put aside currency as a use for blockchain, every transaction requires that the ledger be propagated throughout the network, which, instead of being logged a few times in a database, has to be logged in literally every user's device. That may sound inconsequential, but make no mistake, it uses a massive amount of electricity relative to traditional, centrally-serviced transactions. Electricity is cheap, but it's not free, and we shouldn't treat it like it is.
> 
> When electricity is freely available to everyone and has zero environmental consequences, I may change my tune.


Yeah you are correct there. The mining rigs a family member built required their own panel and cooling was huge concern drawing even more power. It was a constant juggling act between power cost vs. mined coin value.

The logistics aren't 100% there yet but I see a lot of potential. The ones just jumping in to make a quick buck are giving it shady vibe but hopefully some good comes out of it.


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## knight1fox3 (Nov 30, 2017)

Jbone27 PE said:


> Yeah you are correct there. The mining rigs a family member built required their own panel and cooling was huge concern drawing even more power.


:blink:

I need specs/photos! ldman:


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## kevo_55 (Nov 30, 2017)

... I have some magic beans that I would like to sell.


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## Ble_PE (Nov 30, 2017)

How much?


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## kevo_55 (Nov 30, 2017)

It's a steal. 5 Bitcoins.


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## Ble_PE (Nov 30, 2017)

I that case, I'll take 3!


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## Bonsai (Nov 30, 2017)

Dean Agnostic said:


> At that rate, it is going to exceed the real estate market value.
> 
> @Bonsai, did you invest in Bitcoin? What Company? Which platform/broker?


I did not and will not, but have plenty of friends who are hooked into etherium/bitfinex. I've done everything I could to talk them out of it, but all they see is the numbers going up.

I have no desire to put my own money on the line. I prefer my get rich slowly scheme of saving for retirement through index funds.


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## knight1fox3 (Nov 30, 2017)

kevo_55 said:


> ... I have some magic beans that I would like to sell.


I thought you only sold bridges? :dunno:


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## Supe (Nov 30, 2017)

Important distinction between backing blockchain and investing in Bitcoin.  I do think blockchain tech will be the way things work in the future, but I'm not backing the "originator" of cryptocurrency just because it's the first, especially when it's a bubble that is presently valued at more than an ounce of tangible gold.


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## Jbone27 PE (Nov 30, 2017)

knight1fox3 said:


> :blink:
> 
> I need specs/photos! ldman:


Don't get me lying on the specs. I'm just a bystander in this operation lol. This is the smaller one. There are two bigger ones in plywood enclosures they built. I was just informed they moved to a friends shop or something cause they were giving off too much heat in the house.


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## Dean Agnostic (Dec 3, 2017)

Bonsai said:


> I did not and will not, but have plenty of friends who are hooked into etherium/bitfinex. I've done everything I could to talk them out of it, but all they see is the numbers going up.
> 
> I have no desire to put my own money on the line. I prefer my get rich slowly scheme of saving for retirement through index funds.


What type of index funds?


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## Bonsai (Dec 3, 2017)

Dean Agnostic said:


> What type of index funds?


A combination of small/med cap, large cap, S&amp;P, bond, and international funds.

For a primer, check out www.etf.com/docs/IfYouCan.pdf


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## goodal (Dec 4, 2017)

I've been tempted to over the past year or so, but just cant get over the fact that your buying electrons.  There is nothing there.  That said I'll keep thinking about it, but I'm pretty sure we are all a few years to late.  Its got to come crashing down and soon.  Right?


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## knight1fox3 (Dec 4, 2017)

goodal said:


> but just cant get over the fact that your buying electrons.  There is nothing there.


I beg to differ. An Electron is an elementary particle that is a fundamental constituent of matter, having a negative charge of 1.602 × 10 −19 coulombs, a mass of 9.108 × 10 −31 kilograms, and spin of ½, and existing independently or as the component outside the nucleus of an atom. So it's there!


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## Dleg (Dec 4, 2017)

Someone gave me a hot tip on how to get hold of more electrons than you can handle!


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## knight1fox3 (Dec 4, 2017)

Dleg said:


> Someone gave me a hot tip on how to get hold of more electrons than you can handle!


LOL. And the best thing to say to any kid/adult that attempts this test method, is "you're grounded".


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## FLBuff PE (Dec 4, 2017)

:appl:


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## Dean Agnostic (Dec 6, 2017)

Bonsai said:


> A combination of small/med cap, large cap, S&amp;P, bond, and international funds.
> 
> For a primer, check out www.etf.com/docs/IfYouCan.pdf


Great. Thanks for the info.


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## knight1fox3 (Dec 7, 2017)

http://www.pcgamer.com/nicehash-was-hacked-potentially-for-as-much-as-60-million/?utm_content=buffer9314a&amp;utm_medium=social&amp;utm_source=facebook&amp;utm_campaign=buffer-maxpcfb

Sent from my SM-G925V using Tapatalk


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## Voomie (Dec 7, 2017)

Right now the demand is only because people are buying it as a get rich quick scheme. There is no asset or government backing this currency so it is hard to perform valuations effectively. There is very little regulation so is a 99% chance that some of the players are doing some shady activity. Also very little of it is being used for actual commerce. If you got in early then go celebrate on your yatch. If not, wait on the sidelines for a correction as people take profits and the weak hands run away from volatility.

Sent from my SM-G930V using Tapatalk


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## Audi Driver P.E. (Dec 8, 2017)

I discussed the whole idea with my wife last night and we are going with a small investment into it.  It's probably like 11th or 12th inning in, but I may not be too late.


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## Jbone27 PE (Dec 8, 2017)

I picked the wrong horse in this race. The worst part is to purchase the other cryptos I was buying I was first converting to bitcoin. Would have been best just to leave it there. I'm up from were I started but not near the returns it could have been.  I still think there is some money to be made for long term investors. I heard someone compare this market to the .com market in the 90's and that seems pretty accurate. Just watch out for those popping bubbles.


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## Jbone27 PE (Dec 8, 2017)

And I'm still hoping this bitcoin craze will get the other ones I hold moving. Nothing too big yet...


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## Madpiper (Dec 9, 2017)

goodal said:


> I've been tempted to over the past year or so, but just cant get over the fact that your buying electrons.  There is nothing there.  That said I'll keep thinking about it, but I'm pretty sure we are all a few years to late.  Its got to come crashing down and soon.  Right?


I don't understand why cryptocurrencies has to be such a polarizing topic. If you don't know much about it, educate yourself and stop screaming the sky is falling! 2 months ago I invested $50 in Bitcoin and $50 in Etherium. That's 100 bucks people! If I lost it all, would it suck? Of course! Would it break the bank for me? Hell no. I can tell you right now I've washed more than $100 down the drain for WAY worse reasons. Just be wise. If you decide to invest, invest an amount you won't miss if it goes bye-bye. And if you don't decide to invest, that's great too. But don't try to make the rest of us feel stupid when, in all honesty, the dollar is less than electrons...we just haven't realized it yet. There's more debt than actual real money in the world and the dollar is controlled by the Fed...and that makes the dollar more stable than these cryptocurrencies how? Just be cautious, no matter what way you lean. Also, be leery of people that are adamantly for or against investing. To me, that throws up all kinds of red flags. What works for you might not work for someone else, perhaps even the majority of other people....and vice versa.


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## Madpiper (Dec 9, 2017)

Jbone27 PE said:


> I picked the wrong horse in this race. The worst part is to purchase the other cryptos I was buying I was first converting to bitcoin. Would have been best just to leave it there. I'm up from were I started but not near the returns it could have been.  I still think there is some money to be made for long term investors. I heard someone compare this market to the .com market in the 90's and that seems pretty accurate. Just watch out for those popping bubbles.


Tortoise and the hare, my friend. Hang in there.....hopefully you didn't invest too much.


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## Jbone27 PE (Dec 11, 2017)

Madpiper said:


> Tortoise and the hare, my friend. Hang in there.....hopefully you didn't invest too much.


No it wasn't much at all. And I'm still up just didn't get the returns I could have but no biggie. Still an interesting market to watch either way.


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## Supe (Dec 23, 2017)




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## Bot-Man (Dec 25, 2017)

I considered it but thought $350 per coin was artificially high. Then it went to $450 and I thought damn, I shoulda gotten in at $350. I'll wait for it to come back down...well you know the rest.


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## Voomie (Dec 25, 2017)

I have a baby on the way so I'll already be throwing my money away. I'll pass on bitcoin.

Sent from my SM-G930V using Tapatalk


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## Baconator (Dec 25, 2017)

My sources say it isn't worth one bit.


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## knight1fox3 (Dec 28, 2017)

Baconator said:


> My sources say it isn't worth one bit.


I see what you did there...


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## goodal (Feb 5, 2018)

I'm about ready to throw some money at this.  Got my wallets read and my funds burning a new hole in my pocket.  Trying to see where it will bottom out.  I set up an account on Blockfolio with some theoretical investments this weekend.  So far I would have lost 8%.


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## Flyer_PE (Feb 5, 2018)

Personally, I think Bitcoin is the 21st century version of the tulip bulb.


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## Ramnares P.E. (Feb 5, 2018)




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## goodal (Feb 5, 2018)

Flyer_PE said:


> Personally, I think Bitcoin is the 21st century version of the tulip bulb.


Very well could be.  I've finally decided i'm willing to throw some money at it and see what happens.  Never know.  I could retire at 40 if this goes well or worst case I lose some disposable income that would have went toward something I don't need anyways.


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## leggo PE (Feb 5, 2018)

I was thinking about investing in some crypto puppies...


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## knight1fox3 (Feb 5, 2018)

goodal said:


> worst case I lose some disposable income that would have went toward something I don't need anyways.


So if this doesn't pan out, and you still find you have disposable income that you don't need, I can give you my PayPal address. :thumbs:


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## willsee (Feb 5, 2018)

goodal said:


> Very well could be.  I've finally decided i'm willing to throw some money at it and see what happens.  Never know.  I could retire at 40 if this goes well or worst case I lose some disposable income that would have went toward something I don't need anyways.


Whoa whoa whoa

No retiring just yet


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## goodal (Feb 6, 2018)

I would keep a client or two...


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## mudpuppy (Dec 4, 2018)

Bumping this thread approximately a year from when it was started.  Bitcoin is down about  65 percent from a year ago and 80 percent from its peak.  How did everyone fare in their investments?


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## Road Guy (Dec 4, 2018)




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## Audi Driver P.E. (Dec 5, 2018)

I'm afraid to look.


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## Supe (Dec 6, 2018)

Audi driver said:


> I'm afraid to look.


Because you're so rich you don't know where you're going to park all your Ferraris and Lambo's?


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## Ramnares P.E. (Dec 6, 2018)

Supe said:


> Because you're so rich you don't know where you're going to park all your *virtual* Ferraris and *virtual* Lambo's?


fixt


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## Audi Driver P.E. (Dec 6, 2018)

Supe said:


> Because you're so rich you don't know where you're going to park all your Ferraris and Lambo's?


Because I got in last December.


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## goodal (Dec 7, 2018)

I'm down 90% overall.  I only bought Bitcoin to purchase other crypto currencies.  All of them have dropped more than Bitcoin, so I guess I would have been better off to keep in BTC and only lose 65% (or to stick under the mattress).  Lesson learned I guess.


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## goodal (Dec 7, 2018)

Oh and I got in in February, supposedly after the great fall.


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## Road Guy (Jul 20, 2020)

I am sticking with the tried and true method of real estate and the NYSE


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## Dothracki PE (Jul 21, 2020)

Road Guy said:


> I am sticking with the tried and true method of real estate and the NYSE


I put into some stocks at the beginning of the Covid related depression and came out with some decent profit for my first time investing in stocks. Was trying to get back all of these administrative fees required for the PE exam.


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## fabritio1995 (Sep 30, 2020)

Yes, there were a couple of investments this summer


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## Flyer_PE (Sep 30, 2020)

The only investment I have regarding Bitcoin is/was coincidental.  I bought NVidia stock back in 2011 before the concept of Bitcoin mining was a thing.  I Ihaven't sold it so I have neither gain to brag about nor loss to cry about.


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## Violator (Sep 30, 2020)

I really believe these *weed stocks* are going to be big in the next decade.  It may already be too late, but has anyone looked into this? Whether you are into the weed or not its making a significant profit in the states that have legalized it.


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## fabritio1995 (Oct 4, 2020)

fabritio1995 said:


> Yes, there were a couple of investments this summer


Yes, there were a couple of investments this summer, but the cryptocurrency I invested in lost a lot in price and I decided to sell my cryptocurrency farm. I had a fairly large station with twenty top-end video cards that consumed a lot of electricity. Now I want to change the field of investment to something more serious than cryptocurrency. These guys helped me with how to be a house flipper in a new area for me, real estate investment. A friend of mine brought me to this area and advised me to read a few books. I hope I will be able to succeed.


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## Orchid PE (Oct 4, 2020)

I had some bitcoins (multiple coins) back in like 2010-2011. I left them in my wallet on an old desktop computer I was using at the time that eventually went to shit. I didn't transfer the coins before then, but didn't think much of it at the time because I didn't think bitcoin would really take off. Oh well.

Then throughout the years I did some investing in litecoin and make a chunk of change from it then cashed out.

I think crypto is too volatile for any serious investment. I saw a report that said bitcoin could be worth like 300k by 2030. But I still don't feel like I want to invest again right now.


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## Orchid PE (Oct 4, 2020)

I believe my dad was paid a couple grand in bitcoin back in 2014 for an engineering job he did. It was around the time bitcoin was ~$400. Then when it peaked at ~$800 he cashed out. Was a good deal at the time, but then a few years later is when it really took off. Again, oh well.


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## Orchid PE (Oct 7, 2020)

Is it just me or have there been a lot more spam accounts created in the past few weeks.


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## leggo PE (Oct 7, 2020)

Chattaneer PE said:


> Is it just me or have there been a lot more spam accounts created in the past few weeks.


Totally not just you. I'm not sure what's going on. @Road Guy?


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## aog (Oct 9, 2020)

"Let go of your spam..."

Trying to get rid of 'rona or get the results released early?


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## Orchid PE (Oct 10, 2020)

I also am awaiting the arrival of much return from the generous bitcoin investment. First of all, I want to invest in BitCoin, but after a lot of debate, I think this is the right choice for buying encryption technology. Waiting long time will yield the great return of bitcoin purchase as following the method outlined here. /S


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## Orchid PE (Aug 17, 2021)

They're back at it again.


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