Bitcoin for the win!

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I started this with $10 and kept adding a little more here/there. Everytime it goes high I take out the profits and leave the contribution amounts. I finally got up to $1,000 in contributions a few months ago and now it just quadrupled to $4,000 so I took out the $3,000. To date I'm up to about $6200 in profits.

For the win!
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I think as long as you play with just little amounts and buy right after it falls like crazy is the key to success with it. Also not waiting until it gets too high to sell. Unless you want a long-term play sort of thing.
 
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Bitcoin has been pretty crazy. I blew it back in january 2013 I was going to get into it I think it was $50/per and didn't, although it was still really shady back then. By November 2013 it'd hit $1200/per and I was kicking myself in my own nuts for missing out. And now it's off the hook. But it's still got potential for extreme volatility and could tank at anytime. To think that it began at 6 cents per bitcoin when it was launched.

I salute you for your being in Bitcoin though. It takes some courage. I still don't grasp how it actually works, and how it has value at all. I know it's mathematically a limited supply due to the algorithm. Which leads me to another point; Bitcoin mining. I could see a lot of people rushing to get setup with a small miner-machine farm (server farm doesn't seem the right term) for mining for Bitcoin now that it's so high.
 
Between that and doing the same thing with Stocks I have been doing pretty well the last 10 years. Not being greedy, just playing with small sums and taking out the profits either in cash or reinvesting in something else. I wish I knew what I know today 20 years ago. I would be retired already.
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Yeah not the link I wanted to post... So I deleted it. Sorry about that RC. It was copy/paste error from the wrong tab.
 
Oh- well, it seemed to be on target for the Bitcoin topic. You got any Etherium or some of the other competitors ?

Interesting thing I saw the other day: somebody publishes a Linux variant optimized for mining, and it will switch into any of about 20 currencies and crunch whatever has the biggest return.
It seemed really well thought out, and sort of answered my question of "how can I profit from selling shovels to these miners ?" rather than mining directly. To me, there is so much resources being thrown at mining that a single enthusiast cannot profit from mining directly.
 
Monopoly money could take hold too for buying/selling if enough people considered it "legitimate currency".
 
Originally Posted By: StevieC
I started this with $10 and kept adding a little more here/there. Everytime it goes high I take out the profits and leave the contribution amounts. I finally got up to $1,000 in contributions a few months ago and now it just quadrupled to $4,000 so I took out the $3,000. To date I'm up to about $6200 in profits.

For the win!
grin2.gif



Very wise you're going to wind up with something besides a purchase receipt. The people that get greedy get burned. Rarely do people get in at the low and get in at the high. The secret is make money most of time and stay ahead of the game.
 
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I have been in Ethereum since February and currently sitting on a nice sized cost free position. I started to get very interested in cryptos as a viable investment alternative and not a novelty after the Indian currency confiscation/ gold restriction potentially restricting the black market.
 
I have a lot of Indian coworkers, and they did not seem to be at all concerned about the currency restrictions. I need to read about this a bit more.
 
Originally Posted By: ZeeOSix
Monopoly money could take hold too for buying/selling if enough people considered it "legitimate currency".

Yes, but "creating" counterfeit bitcoin really isn't feasible, and creating real bitcoin is computationally intensive. If people believe Monopoly money is real, I could create a lot of it with a colour laser printer in short order, so the Parker Brothers would have to do something to ensure that it's secured.
 
Originally Posted By: daves87rs
Wonder if it is worth giving it a try....

The talk is this is exactly why Bitcoins are worth so much right now. People are using them as an investment platform rather than a currency.
 
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