Marketplace in Bitcoin

Discussion in 'Off-Topic' started by ihunda, Apr 1, 2013.

  1. jaxadam

    jaxadam SS.org Regular

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    Those requirements are what’s known as an accredited investor. It just gives you access to invest in quite a lot of different random shit because they want to make sure if you dump $100k into something you’re not going to be upset about losing it.
     
  2. jaxadam

    jaxadam SS.org Regular

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    Those requirements are what’s known as an accredited investor. It just gives you access to invest in quite a lot of different random shit because they want to make sure if you dump $100k into something you’re not going to be upset about losing it.
     
  3. MFB

    MFB ExBendable

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    [​IMG]
     
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  4. Lorcan Ward

    Lorcan Ward 7slinger

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    If we did a group investment run here on SS,org it would be the death of Bitcoin and cryptocurrency.
     
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  5. warped

    warped SS.org Regular

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    It would most certainly lead to Satoshi Nakamoto having some health problems, spending extended periods of time out of action, his business partner stealing all our coins (or pet dog eating all our coins), him still working on doing the right thing by his clients then ceasing all forms of communication and changing his identity.. Then selling all our coins on ebay
     
  6. marcwormjim

    marcwormjim SS.org Regular

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    The plot thickens with a bump!
     
  7. penguin_316

    penguin_316 SS.org Regular

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    I have this con artist coworker and his wife that are really really really hyping bitcoin investing. Started a month ago and claiming $46,000 total bitcoin value a couple weeks ago. When I crunched the numbers it was like $32,000ish investment with a $14,000 “profit”.

    Except, bitcoin doesn’t have any value per say...could bottom out tommorrow. A lot of poor people dropping their savings into this are basically playing the lottery, and we know how that goes. (Just my thoughts/opinions...seems to good, it probably is)

    Wait till the market adjusts. It’s currently cheaper to invest in the equipment to farm bitcoins than it is to outright buy them. That’s a whole other can of worms though...
     
  8. narad

    narad SS.org Regular

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    This isn't really true. Even if you workout the math to be profitable currently, whenever there is a surge it BTC price there is a surge in BTC mining, which increases the difficulty a ton and quickly negates its profitability -- that is, unless BTC climbs.

    With my previous mining rig, running it became a net loss in only 4 months after its purchase, given power consumption and a decreasing bitcoin price.
     
  9. KnightBrolaire

    KnightBrolaire gearwhoricus americanus

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    if you're going to mine, I'd stick with smaller coins. bitcoin hasn't been a good coin to mine for quite some time just due to the time needed to mine a coin.
     
  10. penguin_316

    penguin_316 SS.org Regular

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    While I agree, I guess I meant on the short term side of things. I don’t think anyone is really buying it at this point to save it for 20 years. 4 months is too short though, you need to farm for about a year to get a coin out of 2 moderate power machines. All the while paying for the electricity and the obscene amount of noise they create.

    I gave up on that idea a long time ago haha. The price has risen so dramatically this year that if you were farming the whole time there ‘s no way you couldn’t flip a profit selling it all today.

    I’ve never been so intrigued and terrified at the same time. Ultimately, seems way too good to be true.
     
  11. narad

    narad SS.org Regular

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    I think my point is that you look and say, oh, I'd need to farm for about a year to get a coin out of 2 moderate power machines. But that's essentially at BTC < $3k difficulty. When BTC goes through rapid growth in value, there's a big boon in mining and the difficulty quickly ramps up, and then you need 3 years to mine one coin, etc.

    So wrt to my previous experince, I bought gear given the then current estimates of like X coin per year, at Y price, given the predicted rate of difficulty increases. But everyone's doing the math and seeing that, so there winds up being some huge number of additional miners not accounted for in those calculations. Then a few difficulty progressions later (which come far sooner than anticipated) and you're making like X/20 coins per year, and in that particular situation like Y/5 price per coin. So it quickly became less than the electricity bill.

    The only way it possible works out is if you're just churning away thinking each coin is worth Y now, but in the future will be 50Y or 100Y, etc.
     
  12. sakeido

    sakeido Contributor

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    My 2 cents

    Bitcoin is an investment bubble the likes of which comes around only once every 15 or 20 years. If you have coins, for the love of fuck, take profits now, or at least take out your original stake and only play with house money.

    If you aren't in bitcoin, be careful. It has ALL KINDS of problems and literally zero fundamental strength. It is almost entirely speculation driven. Do not bet big on bitcoin right now without realizing you are basically picking a single number on the roulette table.

    If you want into bitcoin and aren't technically savvy or have liquidity concerns (which should be on the mind of anyone playing bitcoin), look into GBTC instead of buying the coins direct. Iou can do it through normal investment accounts and buy and sell instantly in a manner consistent with normal stocks. Bitcoin-USD has gone up 1,018% since January 1st. So has GBTC. It tracks the price of Bitcoin very well. HOWEVER, you pay an enormous premium to buy GBTC vs. buying Bitcoin direct. With GBTC you are buying fractions of actual bitcoins, just overpaying for them to the tune of almost 90%. This isn't a problem as long as the premium of GBTC doesn't collapse... ie. by having a competitor coming into the market. The price of GBTC would, in that instance, crash without the underlying price of Bitcoins moving at all, so you would lose money... probably a lot of money.

    There are in fact GBTC competitors on the horizon. Shorting GBTC might actually be a good move, then moving in on it later after the drop.

    Bitcoin is extremely promising and there are definitely a lot of people that is has made very rich. There are all kinds of encouraging things about it to suggest it does have some real momentum (look up Satoshi's original price forecast compared to the actual price of bitcoins - it is almost unnerving how accurate it is). But for the love of fuck be careful with bitcoin. Do not bet the farm on it... or the house... or your car... or even your line of credit. Remember risk = reward, and there are no exceptions. You have already seen the massive rewards; remember the risk that underlies them.
     
  13. KnightBrolaire

    KnightBrolaire gearwhoricus americanus

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    Bitcoin and ethereum are too bloated at this point imo to make any significant returns (unless this enormous bubble keeps going up and up...). I think if you want to dip your toes into crypto then there's other option out there like knowledge.io, ripple and others with more tangible concepts/white papers that seem like a safer long term play.
     
  14. penguin_316

    penguin_316 SS.org Regular

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    Couldn’t have said it better myself. This is exactly my sentiment on the whole thing. The time to invest in Bitcoin was long before all of these articles/news expose’s on the topic. Now that it’s a daily talking point, the point to make any real profits is way too risky for me. If you could have invested a year or two ago, it was a much less common talking point.
     
  15. mpexus

    mpexus SS.org Regular

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    I've been reading about it lately because I have a friend "pressing" me to get into it. All of it sounded like a Pyramid scheme when I heard it, so I had to tell him in some abrupt way that, I wasn't interested at all and would wait until I see him get the "profit" he was so avidly speaking.

    I keep seeing YT videos and Online Articles poping up showing how it all work, but... something tells me stay way.
     
  16. marcwormjim

    marcwormjim SS.org Regular

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    By time the fad hits the backwater, it’s over.
     
  17. KnightBrolaire

    KnightBrolaire gearwhoricus americanus

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    I don't know what you're talking about, the Farm and Fleet store is the perfect place to get financial/fashion advice. You know it's a good idea when trailer trash are trying buy bitcoin.
    On a more serious note I saw an interview with a dutch man who sold all of his assets (house, company, etc) and bought bitcoins with it. He thinks he can triple his investment in a couple of years...
     
  18. narad

    narad SS.org Regular

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    I feel the bubblishness when it's generally the least informed people on my facebook wall that are posting about BTC and especially ethereum. Still, this thread has a way of making old posts look stupid...let's see how it goes. I personally believe in what BTC stands for apart from it as a hole into which pours money that would have alternatively bought lottery tickets or casino chips, so I hope it or another crypto play some part in future financial markets.
     
  19. KnightBrolaire

    KnightBrolaire gearwhoricus americanus

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    I don't think blockchains are going to go anywhere and some of the other cryptos actually seem to have concrete ideas tied to them, but I feel like bitcoin is going to go the way of pets.com or other startup bubble domains from the 2000s where the valuation goes absolutely crazy even though their product isn't necessarily worth it.
     

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