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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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 Posted: Mon Dec 11, 2017 9:08 pm Post subject: Bitcoin |
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Just bought $100 worth of Bitcoin. They say if I'd of bought $1000 dollars back in ~2010 I'd be a millionaire today. We'll see what happens, I may have bought in at the peak
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1972 Karmann Ghia |
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Glenn 
Mr. 010
Joined: December 25, 2001
Posts: 76884
Location: Sneaking up behind you
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| Posted: Tue Dec 12, 2017 4:33 am Post subject: Re: Bitcoin |
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And if I bought Microsoft or Amazon 20 years ago, i'd be a billionaire.
Would of, could of.
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Glenn
74 Beetle Specs | 74 Beetle Restoration | 2180cc Engine
"You may not get what you pay for, but you always pay for what you get"
Member #1009
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ROCKOROD71
Samba Member
Joined: January 18, 2012
Posts: 2770
Location: Boston, MA
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| Posted: Tue Dec 12, 2017 6:43 am Post subject: Re: Bitcoin |
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yup, you are about a decade too late to the party. Who knows, it could possibly go higher, or, it could become worthless overnight when people decide not to accept it for anything. Either way $100 buys you a very small fraction of one Bitcoin.
The real money was in generating Bitcoin. I dunno if you can even do that anymore. Used to be you just needed some dedicated servers and a connection to the TOR network to facilitate transactions.
I knew a hacker type who was on it in about 2008-9 who told me to set up a wallet or start generating. "not worth my time" I think I recall saying. A bitcoin was worth like $3 then. Kick myself everyday over that, but, at the time, it was primarily used to buy drugs, credit card numbers, fake identities, and put hits on people online. No joke you could find a hitman on "the dark web" at that time. I wasn't tryin to be the Web John Gotti at the time so I let it pass.
Now there are restaurants in Cambridge that accept it and a couple of ATMs that let you draw US currency from your Bitcoin account here and there around the city.
Not just for blatant criminals anymore I suppose!
And to think it all blew up from a Magic the Gathering trade website!
What a time to be alive.
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1971 STD BEETLE- DD-1st car, 1st love. keepin' it stock! 1600DP, Solex 34-3 Mexi Bosch SVDA Dist NOW w/POINTS
1977 WESTY "KrustyKamper" 2L FI
| 79SuperVert wrote: |
30 years from now, the next guy may not want your girlfriend, but he may want your classic car, depending on how nice you were to it. |
| asiab3 wrote: |
Careful guys, a petulant child can grow up to be president these days. |
**winter drivers: no survivors!**rust warrior**#keepbodyshopsbusy** |
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hazetguy
Samba Member
Joined: April 06, 2001
Posts: 10773
Location: iT StiNgeD iTseLf tO dEAd
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| Posted: Tue Dec 12, 2017 7:09 am Post subject: Re: Bitcoin |
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| Glenn wrote: |
| Would of, could of. |
Would have, could have, should have.
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hazetguy: invested?
thebucket: Yeah Haze, its where people put money into a company in hopes of a return on their money |
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windfish
Samba Member
Joined: September 05, 2012
Posts: 1126
Location: NC
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| Posted: Tue Dec 12, 2017 7:30 am Post subject: Re: Bitcoin |
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Yep.. a group at my university were having mining competitions, just on their desktop computers. Can't do that anymore, moved from that to graphics card clusters to special purpose-built ASIC boards.
The way it's setup it gets harder to 'mine' each coin as more are 'found', up to a finite number of coins.
I somewhat wish I'd joined in at the time ('free' electricity in the dorms too!), but honestly I probably would have sold when it hit $100
Don't think anyone could have predicted it'd be where it is now, and I don't think anyone can predict when it'll crash. 'cause it will. |
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Glenn
Mr. 010
Joined: December 25, 2001
Posts: 76884
Location: Sneaking up behind you
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| Posted: Tue Dec 12, 2017 7:47 am Post subject: Re: Bitcoin |
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| hazetguy wrote: |
| Glenn wrote: |
| Would of, could of. |
Would have, could have, should have. |
D'oh
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Glenn
74 Beetle Specs | 74 Beetle Restoration | 2180cc Engine
"You may not get what you pay for, but you always pay for what you get"
Member #1009
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EverettB
Administrator
Joined: April 11, 2000
Posts: 69798
Location: Phoenix Metro
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iowegian
Samba Curmudgeon
Joined: February 16, 2005
Posts: 9829
Location: Somewhere between Dubuque and Keokuk
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| Posted: Tue Dec 12, 2017 10:34 am Post subject: Re: Bitcoin |
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I am investing heavily in Cabbage-Patch Kids and Beanie Babies.
(I'm gonna get RICH, I tell ya.) |
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ROCKOROD71
Samba Member
Joined: January 18, 2012
Posts: 2770
Location: Boston, MA
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| Posted: Tue Dec 12, 2017 12:01 pm Post subject: Re: Bitcoin |
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| iowegian wrote: |
I am investing heavily in Cabbage-Patch Kids and Beanie Babies.
(I'm gonna get RICH, I tell ya.) |
thats the thing, more beanie babies and cabbage patch kids can be made, flooding the market.
The entire concept behind bitcoin was and still is that there is a finite number according to the algorithm used to generate (mine) them. The value has been going up over the last decade as more and more people use them. As the demand for use increases the value of a single bitcoin goes up as it is divvied up more and more for use.
There was already a major crash in them when Mt. Gox, the largest trader, essentially embezzled a shitload of it (they controlled abut 70% of all bitcoin at the time) and boarded up shop basically overnight. Obviously a huge crash in 70% supply didn't kill it, and that was like 5 years ago.
It has merit.
Like any other currency its only good so long as people believe in it and keep using it.
All currency is imaginary and backed by literally nothing.
_________________
1971 STD BEETLE- DD-1st car, 1st love. keepin' it stock! 1600DP, Solex 34-3 Mexi Bosch SVDA Dist NOW w/POINTS
1977 WESTY "KrustyKamper" 2L FI
| 79SuperVert wrote: |
30 years from now, the next guy may not want your girlfriend, but he may want your classic car, depending on how nice you were to it. |
| asiab3 wrote: |
Careful guys, a petulant child can grow up to be president these days. |
**winter drivers: no survivors!**rust warrior**#keepbodyshopsbusy** |
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Derek Cobb
Annoying
Joined: March 11, 2004
Posts: 2565
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| Posted: Tue Dec 12, 2017 1:33 pm Post subject: Re: Bitcoin |
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| Once it gets hacked (and it will eventually get hacked) the value will crash like a drunken Kennedy. |
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Tue Dec 12, 2017 2:10 pm Post subject: Re: Bitcoin |
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Well, it looks like I should of bought into the other currency's instead cause they're taking off today.
Anyone want to buy $99 worth of bitcoin? lol
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Bob Loblaw
Samba Member
Joined: August 17, 2008
Posts: 865
Location: Vancouver Island, Canada
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| Posted: Tue Dec 12, 2017 2:20 pm Post subject: Re: Bitcoin |
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| Onceler wrote: |
Anyone want to buy $99 worth of bitcoin? lol |
$87 worth of Bitcoin? What am I gonna do with $114.50 worth of Bitcoin?
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sent from a phone using poor grammar and spelling |
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notchback
Insensitive Jerk
Joined: December 16, 2003
Posts: 7024
Location: Behind the Zion Curtain
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| Posted: Tue Dec 12, 2017 2:43 pm Post subject: Re: Bitcoin |
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| Bob Loblaw wrote: |
| Onceler wrote: |
Anyone want to buy $99 worth of bitcoin? lol |
$87 worth of Bitcoin? What am I gonna do with $114.50 worth of Bitcoin? |
Exactly. It moves too fast. I'm a forex day trader and have been playing around with bitcoin in the past month. Because of how it moves, I can't use my standard entrance/exit strategies with it. I found the best thing to do is just leave it in, no matter what way it goes. Right now the trend it up. It may go down a thousand dollars one day and back up in half an hour. I've tried a few different things, but now I'm just leaving it in until it doubles, pulling out, and reinvesting the profits. Now I'm trading twice as much.
Some analysts are saying it could go as high as $85K by the end of 2018. But then again, it could be worth $1.00 in the same time. I've missed enough opportunities, so I'm going with this one. I am not, and will not, mortgage my future on it. If I don't have the available cash sitting around to invest in it, I'm not investing.
Bitcoin is now the largest investment bubble in recorded history, surpassing the 17th century tulip mania.
http://www.zerohedge.com/news/2017-12-12/its-offic...ld-history
As Everett said:
| everettB wrote: |
Don't invest anything more than you are willing to lose and you will be ok.
May the odds be ever in your favor. |
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| zeen wrote: |
| Arguing with johnnypan is like mud-wrestling a pig. After a while you realize he just enjoys playing in the mud, winning the contest is not the point. |
FU#3 |
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Tue Dec 12, 2017 6:28 pm Post subject: Re: Bitcoin |
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Hey notchback, any thoughts on the next bubble? I was too young for the dot on and too broke for housing, probably too late on the Bitcoin. Just need a few easy million, lol
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Manfred58sc
Samba Member
Joined: October 05, 2009
Posts: 3382
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| Posted: Tue Dec 12, 2017 7:42 pm Post subject: Re: Bitcoin |
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This is actually a unique fusion of 3 experiences 1- communication 2- storing value 3- purchase power . It is a unique hybrid that encompass both abilities found in commodity and fiat currency. It also complies with Aristotles 5 rules of money. It will be wildly unstable at this phase as it attracts new users and the exchanges must be very well examined/regulated. Every crypto coin user is slowly but surely bleeding fiat currency . It is the third wave - first was websites, second social media. These are not my observations BTW, Max Kieser and John MacAffie have correctly analysed / predicted this rise. Very soon wealth will measured against crypto not fiat currency. It only makes sense as a long term investment, again reflected in the current reality of many buyers very few sellers. Hang onto your $100 for 6 months and then buy stuff directly with bitcoin.
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heimlich
VWNOS.com
Joined: November 20, 2016
Posts: 6588
Location: Houston, Texas
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| Posted: Tue Dec 12, 2017 8:28 pm Post subject: Re: Bitcoin |
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Hold onto it for 20 years and get back to us then. Make sure you store the bitcoin somehow so it can't be stolen.
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Tue Dec 12, 2017 8:40 pm Post subject: Re: Bitcoin |
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No problem, I keep all my usernames and passwords under the mattress...
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heimlich
VWNOS.com
Joined: November 20, 2016
Posts: 6588
Location: Houston, Texas
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| Posted: Tue Dec 12, 2017 9:03 pm Post subject: Re: Bitcoin |
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What else do you keep under there?
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www.vwnos.com [email protected]
Classic Brands. Classic Quality.
Not all parts are made the same. NOS OE/OEM parts made mainly in West Germany, Early Germany, and Early Brazil are where VW produced the best quality parts and best fitting products.
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Onceler
Samba Member
Joined: May 28, 2010
Posts: 1646
Location: Indiana
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| Posted: Tue Dec 12, 2017 9:14 pm Post subject: Re: Bitcoin |
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Just playboys from the 90's, just as valuable
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heimlich
VWNOS.com
Joined: November 20, 2016
Posts: 6588
Location: Houston, Texas
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| Posted: Tue Dec 12, 2017 9:18 pm Post subject: Re: Bitcoin |
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Are they valuable with spots and crinkles?
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www.vwnos.com [email protected]
Classic Brands. Classic Quality.
Not all parts are made the same. NOS OE/OEM parts made mainly in West Germany, Early Germany, and Early Brazil are where VW produced the best quality parts and best fitting products.
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