Bitcoin

Discussion in 'General Open Forum' started by Floater, Nov 28, 2017.

  1. Floater

    Floater Active Member

    Hopefully some of you fisherman have been riding the Bitcoin train.

    May get a new boat out of it
     
  2. Rockfish

    Rockfish Well-Known Member

    As long as you sell before the inevitable crash.
     
  3. jeffywestcoast

    jeffywestcoast Well-Known Member

    i have some friends that have started this, i hope it doesn't cash and burn..seem a little to good to be true which usually means it is...
     
  4. Clint r

    Clint r Well-Known Member

    Have seen a number of “bitcoin miner” cpu’s For sale recently. $2500ish. Seems high to me but I thought maybe the payoff might be worth it.

    But then I read an article which said average cost of power to troll the net for one bitcoin cost $1500.00
     
  5. Floater

    Floater Active Member

    Wouldnt bother with mining, unless you join a pool, even then its a tough way to make any real cash unless you have free electricity and like the sound of a hoover running 24/7 in your house/business.

    Cant see a crash unless Government actively goes after it around the world. Waaaay too much money looking to get off grid and tax havens are getting harder and harder to find.

    Fine Art, Jewellery, Rare coins, Luxury real estate all setting record prices. Thats big money getting out of dodge.
     
  6. Rockfish

    Rockfish Well-Known Member

    https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-records

    Governments are going after cryptocurrency transactions. I can see them going after it in a big way if they think it is becoming the new tax avoidance scam. All governments want their taxes.
     
    Last edited: Nov 29, 2017
  7. Fisherman Rob

    Fisherman Rob Well-Known Member

    I've yet to hear of someone who cashed out big time and put real money in the bank. I'm sure someone has, but not that many. Seems most are hanging in there because the value keeps going up and up so fast. When the crash happens, it's going to happen too fast to cash out at the top.
     
  8. Deewar25

    Deewar25 Active Member

    I follow several on twitter that have definitely made it big time, but for the sake of normal trader, its very hard to play. I tried $500 like 3 years ago - got it to over 1 bitcoin at one point (hindsight just leaving it would have been ticket!) traded crypto until it was mostly dead. Literally was worth $4 beginning of year and the crypto I was in went up 20x - actually ended up going to about $1200 before crypto got overrun by pump groups a few months back and I got caught. Licked wounds for a bit and thanks to btc 10k+, its now back to where I started just under 500..lol Not for the faint of heart. Best for good chart readers IMH (or of course those that just leave in BTC and ride).
     
  9. wildmanyeah

    wildmanyeah Well-Known Member

    I did a tonne of research on this last year. Mining bitcoin can be worth it if you can find cheap electricity. Getting a miner is hard as you have to get it from china to have a good one. A miner is about 2500-3500 usd. They change the mining equipment price based on how cryptocurrency is doing. There is to much politics involved for me to get into. The mining company can drive up the price they by making it increasingly hard to mine for (hash rates per coin). They can also create there own cyrpto currency (https://coinranking.com/) by just splinting off. A few mining groups control all the power accuse they cantrol how rare to make it (http://fortune.com/2017/11/03/bitcoin-segwit2x/).

    This is a good forum for Canadians to learn about bitcoin https://coinforum.ca/

    You are going to invest in cypto don't make it more then 5% of your overall investments. I would suggest making it about 2% or less. as always make sure your portfolio is diversified.
     
    chromatose007 likes this.
  10. Deewar25

    Deewar25 Active Member

  11. hambone

    hambone Well-Known Member

    ^^^ its more than doubled since he got in.
     
  12. GLG

    GLG Well-Known Member

    I don't know much about bitcoin. What interests me is the hardware and the software. Especially the blockchain as I see that as being an important tech going forward. In fact the cost saving in industry / government could be huge and the solutions that could be developed can overcome some of the problems we see year after year. Here is an example of a solution from Intel.

    https://sawtooth.hyperledger.org/examples/seafood.html

    Here is the problem that it addresses. Mind you this is not new but it seems we hear this over and over again and that means the problem is still there.


    Published on: November 30, 2017
    http://ottawacitizen.com/news/local...-and-sushi-vendors-oceana-canada-report-finds
    "Tests of fish sold at more than 20 Ottawa restaurants, a dozen sushi vendors and 10 grocery stores found rampant fraud involving menus and packaging that misrepresented the fish being sold, says a report released Wednesday by Oceana Canada.

    The independent charity focused on ocean conservation tested 98 samples last July and found that 45 were mislabelled. The mislabelling occurred at 10 of 12 sushi vendors, 16 of 22 restaurants and four of 10 grocery stores."
     
  13. Floater

    Floater Active Member

  14. Fixit

    Fixit Well-Known Member

    I’m going to invest in tulips. At least when they crash I’ll have some tulip bulbs to plant
     
    trophywife likes this.
  15. Floater

    Floater Active Member

    Love seeing the "smart investors" call bubble the whole way from $1k to $17k, missing out on the greatest bull run of this generation.

    Opinions are like armpits

    https://invst.ly/61hgc
     
  16. Deewar25

    Deewar25 Active Member

    It's been an interesting run to say the least. How mainstream will it become, I have no idea - especially when you look at how many times accounts have been breached - one just yesterday affecting 1000's of accounts and some 65 million worth of btc. Don't think brokerages have ever had breach like that and that is just one of many. That said, let it ride and my little account may become something again...tripled in last couple days, now flipping between ltc and btc. I may not trust it, but I'll still ride it - I play just as sketchy stuff in the stock market anyway!
     
  17. GLG

    GLG Well-Known Member

    Another use for bitcoin.
     
    triplenickel likes this.
  18. SpringFever552

    SpringFever552 Well-Known Member

    Going to need "site c" just to keep the "miners" up and running...
    The world is going to hell in a hand basket
     
  19. triplenickel

    triplenickel Well-Known Member

    That's interesting, I remember a Time magazine article I read that claimed the average smart device used the same energy as a fridge over the course of a year. Not just the charging but the "cloud" processing power and cooling behind the scenes. If you add up the average house that's not insignificant.
     
  20. GLG

    GLG Well-Known Member

    So I just had to look at the claim because it seemed like a stretch. Lot's of updates to the original story but bottom line is that it's less than what was first thought. Good point nonetheless. :cool:
    http://science.time.com/2013/08/14/...al-cloud-is-using-more-energy-than-you-think/
     
    triplenickel likes this.

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