Cryptocurrency

[Axel]

I've half intended to buy a few coins for awhile--maybe litecoin or a few satoshis--just for the heck of it. Now's probably not the best time to jump on board...

But screw it, I had four bucks and change extra cash sitting in Robinhood so now I'm the proud owner of 1300 Dogecoins 😆

What do you all think of cryptocurrency, what's your strategy, etc

[martix_agent]

buy low, sell high.

The problem becomes there's no rhyme to reason behind price fluctuations. Right now it's sky high again. It can it will rash again at at moment.

[boarder2k7]

I'm up 67% on BTC, 130% on ETH, and 7.5% on Doge. Not that I have much of any of them, but they've treated me better than the APR on my savings account would have. Also traded through Robinhood.

[flyweightnate]

I think like all speculation...

They have zero intrinsic value. Without the exchanges, a bitcoin gets you nothing.

As a result, there is no floor, and no ceiling, to its traded value.

That scares me. No way I'm putting real money after something that's essentially uncirculated paper money. Makes me want to go buy gold, or cobalt, or coffee farms.

[Brokeass_baller]

Isn't the value of everything decided by its traded value? Every commodity has no floor or ceiling. It's value is decided by what or how much the commodity is being exchanged for.

The value of any exchange medium comes from its utility. Salt was one of the first minerals used as a currency, because it had a long shelf life and high utility. Crypto's utility comes from the blockchain and it's ability to decentralize many things we appreciate about the internet. The blockchain has shown extreme flexibility when it comes to information storage and transfer, and proofs of transfers. That's valuable software.

[Brokeass_baller]

I hate that people try to treat crypto as something like stock. It's a currency. It has been developed to free and ease trade. If you want to buy in only to sell later, you'll probably be disappointed, and you've completely missed the point. If you plan to use it as an exchange medium, then you'll probably get some utility from it.

[martix_agent]

I hate that people try to treat crypto as something like stock. It's a currency. It has been developed to free and ease trade. If you want to buy in only to sell later, you'll probably be disappointed, and you've completely missed the point. If you plan to use it as an exchange medium, then you'll probably get some utility from it.

The issue is that nobody knows how to how to spend them. the other problem is that it's so unstable, that it's not a good idea to spend them,

[Brokeass_baller]

What's unstable about it? Or do you just mean value in USD fluctuating? That'll stabilize over time.

[ford]

The issue is that nobody knows how to how to spend them. the other problem is that it's so unstable, that it's not a good idea to spend them,

Crypto is a just in time currency.

Similar to how most retail stores don't want too much inventory on hand because prices can fluctuate on a given product, if you're using crypto currency the way it was meant to be used you only use it when you need to do a transaction. If crypto currency ever has the faith/credit of something like the US treasury (doubt it), maybe you keep some laying around, but doing so at any point right now is heavy on risk.

Just buy it when you need it on a per transaction basis and it's fine... Ignoring the issue of what can you buy with crypto you can't already buy with cash or a credit card that is above board.

[Rainmaker]

I saw today in my PayPal account that you can buy crypto with PayPal. No idea if this is a smart or dumb idea, but I had a few bucks I didn't mind throwing away, so I bought some Ethereum this morning. Mostly just for kicks, I only did a little research, so if it comes to nothing then oh well.

[Chuck E Ducky]

I don’t trust it. I’m working on tangible investments. Real gold / silver (not paper). My Ammo investment has done great honestly. I pulled money from my deferred comp it was way up and my “COVID relief” let me skirt the 10% penalty. I’m dumping it all in property’s and a new home. Worst case the US keeps printing money I will have something tangible. US can’t print more land. I don’t want to get caught with a bunch of money in the savings when it’s value is slashed with the massive over spending plan being put in place.

[punkncat]

I've got a few bucks in it. Ethereum has been doing quite well the past week or so. Bitcoin is so all over the place. I feel WAY more like gambling than investing when dealing with that.

As a metric. Watch GPU demand and pricing. If mining is going on and good GPU are hard to find due to it, there is going to be money to be made.

[Rainmaker]

So far the first day mine went up about $4, then the 2nd day it went down $8, now today it's back to even. Fun rollercoaster

[MrKittyCatMeowFace]

martix_agent i know how to use it! Crypto currency is used to buy guns and drugs and other stuff of the deep web without getting caught. .

[Nish]

Isn't the whole point of block chain that there are digital records of every transaction that never goes away and it's 100% trackable.

[gabe]

A friend of mine probably 10 years ago bought DMT on the darkweb for like 10BTC at a time when it was only maybe $10 per Bitcoin. Little did he know that was a $300k trip lol

I have about $100 in Bitcoin but I bought near the top. Will probably dump it as even with it's recent explosive growth there's other places around in the markets to get that kind of return.

[Axel]

Well holy ****. To state the obvious, I should have bought crypto a long time ago.

I finally pulled the trigger on a small portfolio in Robinhood and it's blowing out the stock side. My playtime account is turning into some serious cash... For now, lol
BTC ironically is doing very little. I'm a big believer in Ether, and given the myriad uses for the Ethereum blockchain, I expect it to do well. NFTs are still the stupidest thing I've ever heard of, though

[Axel]

One more thought... I am encouraged by the fact that even though BTC isn't moving much in aggregate, it's more or less holding near the high for a few months now, instead of plummeting instantly like the last bubble