Cryptocurrency who is buying?

[robert843]

So I know this is far from the best place to talk about this but with so many of the exchanges looking like shams I'm more confused then ever. I was told a year ago by some friends to buy Bitcoin and Litecoin and well I couldn't wrap my head around it at the time so I passed well stupid me right lol. Well a lot of the same signs that they mentioned back then are now pointing that I should buy XPR but I do not see any easy way to buy it one of the reasons I think now is the time to buy as if it gets on one of the US exchanges I believe it could blow up as the volume is really high basically with out the US exchanges. Is anyone on here buying it or already set up to buy it if so what is the safest way to purchase it? Disclaimer do not buy XPR or any other cryptocurrency just because I'm looking to do so the are volatile and I do not recommend it unless you are ok loosing all money invested. Sorry had to throw that out there as I don't want anyone coming back saying they lost their money because of me.

 

[Adrian @ JB Solutions]

I wanted to buy BitCoin in 2010 when I was in college... but I was a broke college kid. I should have found the money lol, I would be rich.

 

[GoVols01]

I don't get BitCoin at all. It seems like a scam. Only place this Monopoly money is worth anything is in the BitCoin game itself. No brick and mortar business accepts BitCoin as a currency in exchange for goods.

 

[addisonm06]

It takes time and research to understand cryptos and the way they work. While i missed the boat on bitcoin, i tend to think that it is close to market max. I personally wouldnt invest in it at this point in the game. GoVols01 is correct that it isnt tangible, currency like gold, however; there are several large brick and mortar business that accept bitcoin or crypto-currencies for payment. A few examples are: Newegg, Overstock, Subway, Microsoft, Expedia, Gamestop, JC Penney, and CheapAir among many others. Also, there is a way to trade your crypto for gold, so that you do own an actual tangible currency lol.

Personally i think investing in XPR or ETH now is the way to go. XPR is pretty easy to purchase; just tedious. Its now all about finding the "new thing". I have invested a lot of time into understanding this topic and have worked on developing a mining device that can self automate what it is mining based on market trends, analysis, and predictions and switch on the fly. I have also spent time working on the exchange side and developing a system to make exchanges simpler and more secure.
***Please understand i am not advising anyone to purchase anything. Its all at your own risk.

For me, the investment and risk analysis for buying/trading ins't worth it when there are just so many potentials; its just like an underworld stock market. To me, not knowing how it was developed or written is quite scary. People are taking out mortgages to invest in something that could have written code to just vanish tomorrow. Investing into mining and facilitating exchanges is far less riskier monetarily (if you know what you are doing) and guarantees a profit for far less investment.

 

[robert843]

Personally i think investing in XPR or ETH now is the way to go. XPR is pretty easy to purchase; just tedious.

I still don't know i would say its easy as I have been trying to buy XPR for a week still with no luck. All the exchanges that sell it are at a log jam of people trying to register. I do understand the tedious part as I will have to buy another currency from Coinbase and then transfer that to another exchange and use that to purchase XPR I just have been unsuccessful in getting signed up on one of those exchanges.

 

[robert843]

I don't get BitCoin at all. It seems like a scam. Only place this Monopoly money is worth anything is in the BitCoin game itself. No brick and mortar business accepts BitCoin as a currency in exchange for goods.

This was exactly how I felt when I was told to buy it a year ago I couldn't wrap my head around it. I agree I do not think I would invest in bitcoin now.

 

[djetok]

I don't get BitCoin at all. It seems like a scam. Only place this Monopoly money is worth anything is in the BitCoin game itself. No brick and mortar business accepts BitCoin as a currency in exchange for goods.

I was going to buy some , but I kept hearing tulip, tulip. That was in 2012, it may be some tulips, but they are expensive tulips now. I probably would have gotten out at 500 to 1000 if I did buy it then. Who would have thought it would hit 20000. I guess its good for the money laundering.

I read an article a couple weeks back. A pizza restaurant accepted them for a order.

http://www.businessinsider.com/bitcoin-pizza-10000-100-million-2017-11
On May 22, 2010, a developer bought two pizzas using 10,000 units of a then-little-known digital currency called bitcoin.

Today, the price of a single bitcoin has hit $10,000 — making 10,000 of them worth a staggering $100 million (£75 million).

 

[swatski]

I do understand the tedious part as I will have to buy another currency from Coinbase and then transfer that to another exchange and use that to purchase XPR I just have been unsuccessful in getting signed up on one of those exchanges.

I think that is the key observation here! - the exchanges are real part of that whole business, in a sense of money making machines: you will be paying a charge of somewhere between 50-80% to move your money between the exchanges/accounts, essentially unavoidable - by design.
Another issue maybe more esoteric (philosophical almost): while I can stomach my Edward Jones financial adviser profiting from my money, as I actually know the guy, a thought of who is behind ripping the profits here is a different story...
(and brings a tear to my eyes thinking of a couple of old, old REAL PAPER stock certificates - the kind you used to keep in a bank vault, LOL)

I guess its good for the money laundering.

And that is an important consideration. I don't know if it would stop me from trying to make money on it, to be completely frank, but it is a wretched business to be sure supporting a whole bunch of russian/middle eastern/god-knows-what spammers and (much) worse.

--

 

[robert843]

I think that is the key observation here! - the exchanges are real part of that whole business, in a sense of money making machines: you will be paying a charge of somewhere between 50-80% to move your money between the exchanges/accounts, essentially unavoidable - by design.
Another issue maybe more esoteric (philosophical almost): while I can stomach my Edward Jones financial adviser profiting from my money, as I actually know the guy, a thought of who is behind ripping the profits here is a different story...
(and brings a tear to my eyes thinking of a couple of old, old REAL PAPER stock certificates - the kind you used to keep in a bank vault, LOL)

And that is an important consideration. I don't know if it would stop me from trying to make money on it, to be completely frank, but it is a wretched business to be sure supporting a whole bunch of russian/middle eastern/god-knows-what spammers and (much) worse.

--

I agree I stayed out for a long time currently own none of them. Based on my experience this week they really don't want me to buy any of what I want either lol. Sure coinbase will let me buy the high priced ones but that is not what I'm looking for. If I can get XPR it will be a one time purchase that I instantly move off of what ever exchange I got it from and put in to a wallet on my laptop and just see where it is in a year. I think it has been proven it is not safe to leave any money on these exchanges.

 

[addisonm06]

Theres a lot of debate between where to store your wallet. Both have pros and cons. I guess it also depends on how much you invest and if you truly care if you lose the $$ or not. Just be prepared to take measure when that laptop stops working and there goes your $$. Check out Kraken for XPR.

 

[robert843]

Theres a lot of debate between where to store your wallet. Both have pros and cons. I guess it also depends on how much you invest and if you truly care if you lose the $$ or not. Just be prepared to take measure when that laptop stops working and there goes your $$. Check out Kraken for XPR.

I was trying to avoid Kraken due to all the hacks and money lost on it but it maybe an option I have to explore. I figured I would try and find a nano wallet that supports XRP that seems to be the most secure as long as I have all the recovery codes. I don't intend invest a ton as I firmly think this is something you only invest what you are willing to loose.

 

[Slfmde]

It’s simple.

Cold wallet if you’re not trading or spending. Nano S or Trezor is you’re spending or want quick access to your crypto.

GDAX if you’re trading in the U.S.A. Yearly transactions over 20k get reported to the IRS.

Bitcoin and Ether are the only two “established” coins. Litcoin is trash, pump and dump coin always has been. XRP maybe trash maybe not, maybe pump and dump or maybe not. If you’re looking to make fiat it doesn’t matter to you. New money is buying any coin in the top 10 crypto marketcap under a couple bucks with hope it’s the next btc or eth.

Right now btc has gone bearish while alt coins pump. When alts are done money will flow back to btc pump. This has been happening since I started in 2012.

My picks. I was long btc until recently, now long eth. ETH will have a big year, lots of things scheduled to roll out this year. XRP is my hailmary set and forget. Risk vs reward is good on this play. Buy it and consider the money gone, be happy if it works a miracle and really pumps.

Safest bet is 50/50 BTC and ETH. BTC has first to market advantage but that’s about it. It’s slow and expensive. That being said I expect the price to continue to rise in 2018. I like ETH better here because it’s technology is far superior to BTC and more potential ROI.

Sounds crazy but 40k BTC and 10k ETH are very possible by eoy.

 

[addisonm06]

there are numerous ways to store your crypto. i wont elaborate or push one over the other. I believe all have their securities and insecurities. The reason i think they are "established" is because they are the most known. In the news, you constantly hear about bitcoin and litecoin. That is also part of the reason why their value increased so drastically; because they became "known".

As far as reporting transactions; the IRS won a lawsuit that required Coinbase to disclose records on users who conducted trades worth more than $20k in a single year from 2013-2015. With the gleaming Gov eye on Coinbase, the value of BTC may deplete depending on how involved they get; so far that ruling wanted to see all coinbase records over that same period.

 

[swatski]

I think at last closing it's around 3k, love the arrogance.



--

 

[BlkGS]

I don't get BitCoin at all. It seems like a scam. Only place this Monopoly money is worth anything is in the BitCoin game itself. No brick and mortar business accepts BitCoin as a currency in exchange for goods.

If you want to buy illicit goods like black tar heroin, child slaves, or have someone murdered you can use crypto for that.

My buddy thought he was going to make a bunch off bitcoin. In his defense, he could have, but he held it and it crashed and lost most of the money he spent on it. The trick with crypto is to sell when everyone says buy. And dont buy it, only mine it.

Crypto is mostly a scam though. People mined craploads of them when it was easy, and now it isnt cost effective to mine it, so the price goes up. The only people making money are those who mined a ton of easy ones and sold them to you.

 

[biglar155]

The only people making money are those who mined a ton of easy ones and sold them to you.

Yeah, them and the hackers who install crypto-mining software on your PC (and the PCs of thousands of others) when you foolishly click the wrong link in a phishing e-mail.

I'm not a crypto-currency guy myself, but during one of my shirt-tail forays into the cyber-security realm, I learned something interesting: We've apparently reached the point that the bitcoin you receive as a reward for mining doesn't pay for the electricity it takes to do so. (Powering AND cooling the CPUs gets expensive. There is a bitcoin mining facility LITERALLY built in an abandoned mine so that they don't have to pay to cool it.)

On the other hand, if you can surreptitiously get someone else to use THEIR electricity to mine your bitcoin for you.... Well, now you're on to something. Do it in a way that doesn't arouse suspicion (only use the CPU during idle time so you don't impact the User's experience) and you can get away with it for a long time.

 

[JBRyan]

There’s money to be made in the space. I bought in 2015 and seen the writing on the wall in December last year and exited. Until recently I’ve been shorting BTC and ETH. I was lucky enough to pay for my boat and over half my mortgage from it. My only regret was not buying more in 2015. I know a lot of my friends lost money from holding it through the crash this year, I haven’t viewed crypto as a long term buy and hold due to it’s extreme swings in price. This has worked for me but isn’t financial advice.

 

[jEt_jAk]

I own a variety of Crypto which is now worth a quarter of what it initial was. I'm gonna hold on to it though.

 

[Gym]

I own a variety of Crypto which is now worth a quarter of what it initial was. I'm gonna hold on to it though.

With the markets tanking the way they are only gold, crypto and monoply money will have any value.