Crypto Currency
Joined: Apr 2007
Posts: 16,478
Likes: 2,665
From: Long Beach, MS
The potential exists to lose your entire investment. There have been several high profile fraud and hacking cases recently involving billions of dollars in stolen or misappropriated Bitcoins. As of today one Bitcoin is worth $61,405 but you can buy fractions and Bitcoin is not the only game in town.
Here is an interesting story about a couple caught laundering stolen Bitcoins.
Very dry humor from an actual financial pro.
Here is an interesting story about a couple caught laundering stolen Bitcoins.
Thread Starter
Joined: Nov 2000
Posts: 9,726
Likes: 1,176
From: Lewes, DE
The potential exists to lose your entire investment. There have been several high profile fraud and hacking cases recently involving billions of dollars in stolen or misappropriated Bitcoins. As of today one Bitcoin is worth $61,405 but you can buy fractions and Bitcoin is not the only game in town.
Here is an interesting story about a couple caught laundering stolen Bitcoins. https://www.youtube.com/watch?v=Y-MX6YdA8k0&t=4s
Very dry humor from an actual financial pro.
Here is an interesting story about a couple caught laundering stolen Bitcoins. https://www.youtube.com/watch?v=Y-MX6YdA8k0&t=4s
Very dry humor from an actual financial pro.
Joined: May 2002
Posts: 7,271
Likes: 1,595
From: Somewhere in NJ
Was it Buffet who said -- if you don't understand what a company does, don't invest. I think the same holds true here.
I have a small, very small amount of BTC and DogeCoin - I know people who put a small amount into BTC every time it dips to $60k/coin. They are speculating that some of the people who say a coin will be worth $250,000 some day are right and don't want to miss out. I think he's at almost 2 full coins now as part of their portfolio.
Some say it's one piece of a diversified portfolio. Some say its a hedge against a dollar collapse. I think the whole thing is lunacy personally. How does one "create" a private currency? Then, they take ownership of a % of that same currency - that's a commodity or company. Then you dig into the blockchain and how it works and its mind boggling (to me at least).
I have a small, very small amount of BTC and DogeCoin - I know people who put a small amount into BTC every time it dips to $60k/coin. They are speculating that some of the people who say a coin will be worth $250,000 some day are right and don't want to miss out. I think he's at almost 2 full coins now as part of their portfolio.
Some say it's one piece of a diversified portfolio. Some say its a hedge against a dollar collapse. I think the whole thing is lunacy personally. How does one "create" a private currency? Then, they take ownership of a % of that same currency - that's a commodity or company. Then you dig into the blockchain and how it works and its mind boggling (to me at least).
Joined: Nov 2002
Posts: 45,244
Likes: 4,146
From: Arlington, VA
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Joined: Jul 2002
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From: bolton
There is an old saw, " want to make a small fortune? start with a large one!"
My son played with crypto currencies for a while and somehow made money. ( much to my chagrin)
Since I think it is a gamblers choice much akin to tulip bulbs as an investment ( look it up)
Now I think the currency value is held up by illegal activities.
First it was silk road for drug transactions. now it's the currency for getting money out of china or encrypted disk extortion rackets
at any point in time the floor can fall out.
I do chuckle, about 15 years ago my son 'borrowed' my credit card to buy two bitcoin (~$350 ea) to buy some
looking at that value now, it may be the most expensive weed ever bought.
My son played with crypto currencies for a while and somehow made money. ( much to my chagrin)
Since I think it is a gamblers choice much akin to tulip bulbs as an investment ( look it up)
Now I think the currency value is held up by illegal activities.
First it was silk road for drug transactions. now it's the currency for getting money out of china or encrypted disk extortion rackets
at any point in time the floor can fall out.
I do chuckle, about 15 years ago my son 'borrowed' my credit card to buy two bitcoin (~$350 ea) to buy some
looking at that value now, it may be the most expensive weed ever bought.
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