Anybody into bitcoins?
letsgofishin @ Mon Mar 06, 2017 10:24 pm
It seems like a high volatile investment, very risky but when you look into it, it is hard to knock it as a future currency.
Public_Domain @ Tue Mar 07, 2017 12:46 am
It would have been a good idea to get into over seven years ago
Now pretty much everyone who could have gotten rich off it, has
Tricks @ Tue Mar 07, 2017 6:54 am
Fucked around with mining different coins, power consumption at the time was too high. Decided to sell the hardware to make mining machines instead.
Lemmy @ Tue Mar 07, 2017 7:32 am
+
DrCaleb @ Tue Mar 07, 2017 7:40 am
Lemmy Lemmy:
letsgofishin letsgofishin:
It seems like a high volatile investment, very risky but when you look into it, it is hard to knock it as a future currency.
Is it?
In a way. You could spend all that time, hardware cost, and electricity mining coins then have an HDD torpedo on you and lose the bitcoin wallet containing those coins. Something that can't happen to a physical item.
Lemmy @ Tue Mar 07, 2017 8:04 am
=
Thanos @ Tue Mar 07, 2017 8:06 am
Live from Galt's Gulch, on a stage made out of worthless Bitcoin, it's the Crazy Ayn Rand Dancers! 
DrCaleb @ Tue Mar 07, 2017 8:10 am
Lemmy Lemmy:
I guess you understood what he was saying. I didn't.
I think he meant that they are volatile, and without any bank or country backing them up they fluctuate a lot in the market.
But it's against my nature to trust any 'virtual' asset, because as I described, they can simply go *poof*.
letsgofishin @ Tue Mar 07, 2017 8:24 am
well not just mining but would you now stock up on bitcoin and where do you see it's value in the short term future. It's volatile in the sense that if you have money to invest would you put it in bitcoin or somewhere else? Now that it has rocketed to past $1200 for 1 BTC, is this going to crash down again and go back up?
Lemmy @ Tue Mar 07, 2017 8:37 am
-
DrCaleb @ Tue Mar 07, 2017 8:51 am
Lemmy Lemmy:
DrCaleb DrCaleb:
But it's against my nature to trust any 'virtual' asset, because as I described, they can simply go *poof*.
Then you're left with putting all your money into cigarettes, aren't you?
Cigarettes are more of a 'slow burn' than going *poof*.
I'm not risk averse in investing, but like everyone I do like to minimize risk. I have a great deal of computer power available to me, and could mine for bitcoin with little risk. But I don't see Bitcoin as that great a potential in investment. Nor do I want to risk my job if my CIO doesn't like assets being used for personal gain.
I'd rather put my money into things that pay a little (but regular) dividend than try to get-rich-quick on vapourware. Although, I might use a little throwing around money to make some money in legal grow-ops. Or lose it all, who knows?
Lemmy @ Tue Mar 07, 2017 8:58 am
7
DrCaleb @ Tue Mar 07, 2017 9:51 am
Lemmy Lemmy:
If you're buying bitcoins (or any other currency) for reasons other than a temporary store of wealth or to facilitate a transaction, you're in it for the wrong reasons.
I also don't think he meant 'buying' Bitcoin but rather 'generating' them for fun and profit.
You do 'buy' them in the sense you pay for hardware and electricity, but the profit potential can be high if you can generate more coins than you spend in utilities. And at $1200 per coin, you only have to generate a couple per year to cover costs.
But, yea, currency trading without good information and investment plan is a bad idea.
letsgofishin @ Tue Mar 07, 2017 12:57 pm
The discussion can be compared to buying gold as an investment. Yes of course it's a bad idea to buy bitcoins blindly hoping they will go up. I've seen articles say BTC will hit $1000 when it was at $600 and 2 months later it's hit. I'm seeing articles again suggesting BTC could double over by end of the year.
I guess nobody here is into it other than considering the mining aspect of it.