Southeastern Preppers Network

Prepping => Economic => Topic started by: Lilburner on March 05, 2018, 10:38:39 PM

Title: So I'm trying Bitcoin
Post by: Lilburner on March 05, 2018, 10:38:39 PM
Went to a class this weekend that made me feel a whole lot better about it.

I put in $100 - sometimes the best way to learn is to do.

I've lost about a dollar, so clearly the sky is falling.
Title: Re: So I'm trying Bitcoin
Post by: nj_m715 on March 05, 2018, 11:07:51 PM
welcome aboard
Title: Re: So I'm trying Bitcoin
Post by: Lilburner on March 12, 2018, 03:20:52 PM
Down almost 25% to $77.42

Hanging in there, though.
Title: Re: So I'm trying Bitcoin
Post by: Lilburner on March 29, 2018, 10:15:54 AM
Let's check in on my $100

(https://seprepnet.com/forum/Images/Inline//1zx2xs1.jpg)

It's funny. I'll get back to back news items in my feed that it will hit $100,000, and that it will go bust. We'll see, I guess.
Title: Re: So I'm trying Bitcoin
Post by: John Galt 1 on March 29, 2018, 11:08:37 AM
I was in crypto but mostly cashed out a few months ago.      Things really dropped after India banned bitcoin a few months ago.      India has always had troubles making people pay sales and income taxes and they saw that Bitcoin would make getting accurate income and sales records for tax purposes much harder.

The newest challenge is the block chain technology crypto coins use.      As you probably know block chains use information or "code" about all previous holders of that "coin" to build the block chain.

New EU privacy laws may make block chain technology illegal because somewhere in the block chain in encrypted form is part of the wallet address from everybody who's ever held that coin.       Some "privacy" coins such as Monero may be exempt.     Perhaps all block chain crypto coins will be exempt.      It really depends on how regulators interpate the somewhat vague new privacy laws.        It will take years for it to all wash out.
Title: Re: So I'm trying Bitcoin
Post by: YellowRose on April 02, 2018, 08:46:35 AM
I bought into bitcoin last summer.  I made some money, sold when it was high, re-invested when it came down.  I thought I was doing well, but apparently I re-purchased much too soon, because it has dropped considerably since then.  I'm staying in for now.  I am hopeful that it will recover, but you never know.  I like having a bit of currency diversification. 

It looks  unlikely that block chain technology will be banned, if this year's G20 is any indication.  But it will certainly end up being regulated, and what those regulations will look like is still anyone's guess.  Several countries are talking about introducing regulations by July, though so far the US isn't one of them.
Title: Re: So I'm trying Bitcoin
Post by: John Galt 1 on April 02, 2018, 08:48:41 PM
While I'm not ready to buy back into the market yet I suspect the worst of the cryptocurrency bloodletting is over.       
Title: Re: So I'm trying Bitcoin
Post by: Lilburner on December 10, 2018, 05:11:11 PM
Hell I'm almost tempted to buy more! How bad can it get?

(https://seprepnet.com/forum/Images/Inline/2i6dts6.jpg)
Title: Re: So I'm trying Bitcoin
Post by: John Galt 1 on December 11, 2018, 10:00:13 AM
As I mentioned in an earlier post I mostly cashed out last year avoiding the worst of the drop but I kept some in Tether coin which is tied to the dollar so it's value has only dropped about 2%.

Last week I used some of the Tether to buy some KIN and Ripple (XRP) coins.       It's kind of mad money that probably won't go anywhere but I'll let it ride for a few years and see if I get lucky.
Title: Re: So I'm trying Bitcoin
Post by: ProGeek on December 28, 2018, 12:41:39 PM
Hell I'm almost tempted to buy more! How bad can it get?

It can go to near $0.  Bitcoin only works if the internet is working. No power, no Bitcoin.
Title: Re: So I'm trying Bitcoin
Post by: RWS on March 19, 2019, 07:07:24 AM
Bitcoin appears to be working well for the Venezuelans that are fighting inflation and local currency de-valuation.

https://www.bbc.com/news/business-47553048
Title: Re: So I'm trying Bitcoin
Post by: RWS on May 10, 2019, 02:21:34 PM
Another Bitcoin article as it concerns Venezuela today.

https://www.coindesk.com/whats-holding-back-bitcoin-in-venezuela-this-group-is-investigating
Title: Re: So I'm trying Bitcoin
Post by: RevJammer on May 10, 2019, 05:39:20 PM
Anybody familiar with XRP and their relationship with Apple?  Any thoughts?


RJ
Title: Re: So I'm trying Bitcoin
Post by: John Galt 1 on May 10, 2019, 09:47:17 PM
XRP also known as Ripple is used by some banks for making international transfers.         I don't know anything about a connection to Apple but I do know Apple was looking to use a cryptocurrency for possibly a new transfer function between phone accounts.
Title: Re: So I'm trying Bitcoin
Post by: RevJammer on May 11, 2019, 07:22:11 AM
I know less than nothing about this type of stuff...  but I heard that Apple decided to use XRP...  supposed to roll out this summer with some new Apple card thing...  please don't take investment advice from me!

I'm just sharing information...

RJ
Title: Re: So I'm trying Bitcoin
Post by: Lilburner on June 29, 2019, 07:49:54 PM
Hell I'm almost tempted to buy more! How bad can it get?

(https://seprepnet.com/forum/Images/Inline/2i6dts6.jpg)

I'm at $101.38!

Wish I'd been brave enough to load up back when I said that.
Title: Re: So I'm trying Bitcoin
Post by: nj_m715 on June 29, 2019, 08:57:32 PM
at least you held, most guys get shaken out on the first dip
as the kids say HODL

on another note, ledgers are down to 60$ and are in stock
Title: Re: So I'm trying Bitcoin
Post by: nj_m715 on January 03, 2021, 12:27:44 AM
check it now
Title: Re: So I'm trying Bitcoin
Post by: ProGeek on January 04, 2021, 10:40:25 AM
Time to sell it! I wish I'd got some many years ago.
Title: Re: So I'm trying Bitcoin
Post by: Abigayle on January 04, 2021, 11:38:50 AM
Might want to put it in silver, with had the biggest gains of the metals last year.  If the green new deal is pushed at all, and solar energy is given a good tax break (it's terrible in Ga.) silver should go up.  That being said, watching the dow climb, when it has every reason not to, makes me loose respect for my own opinion.
Title: Re: So I'm trying Bitcoin
Post by: Abigayle on January 04, 2021, 02:41:25 PM
Look at Bitcoin today and keep the faith!!!
Title: Re: So I'm trying Bitcoin
Post by: John Galt 1 on January 07, 2021, 08:58:25 AM
As some may recall from my post early in this thread I put some of my 2017 coin profits in Tether to lock the profits in.     In November I used the Tether coins to get back in with 2/3 going into BTC and 1/3 into ETH.         Watching things closely.         Just wish I'd had the courage (or stupidity)  to get back in when BTC was down to $4000.

Now if I can just learn to do this well with stocks.      I've invested in stocks for decades.     Slow and steady growing things.      But about a year ago I
 helped 2 young guys from work open brokerage accounts and start investing in stocks.      They invest in some crazy stuff I'd never consider like Chinese EV companies and tiny tech companies.      One of these guys has tripled his money in a year, the other is up 550% in a year.       I've started looking at some of their suggestions in a small way but lose money when I try their ideas.

I've explained how capitol gains taxes work and advised them to put 25% of their short term profits aside for taxes.     
Title: Re: So I'm trying Bitcoin
Post by: Rockhopper on January 10, 2021, 10:17:31 AM
Anyone know about rolling a 403B account into bitcoin for diversification purposes or a good alternate electronic currency? For example any preferred brokerage accounts I would need to open in order to do this?
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