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Buying Bitcoins - Profit?
    #16413307 -

I started researching bitcoins only a few months ago, and in that time the value has increased.

I'm considering buying $3k in bitcoins and then re-converting to US dollars in about a year's time. Assuming the currency continues to appreciate, it should turn a small profit.

Is this a smart move? What do you guys think?


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Re: Buying Bitcoins - Profit? [Re: Playful Hate]
    #16413722 -

No, its not really a smart move.  Its a risky gamble.  I suggest only a very small percentage of your savings/portfolio go into bitcoins.

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Re: Buying Bitcoins - Profit? [Re: Playful Hate]
    #16415512 -

I bought $200 of e-gold a couple years ago and now my account is at $479 (I gained $279 profit). The site however went into bankruptcy and won't allow withdrawal or exchange of e-gold account balances.

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Re: Buying Bitcoins - Profit? [Re: SheerTerror] * 1
    #16415731 -

SheerTerror said:
I bought $200 of e-gold a couple years ago and now my account is at $479 (I gained $279 profit). The site however went into bankruptcy and won't allow withdrawal or exchange of e-gold account balances.


Sounds more like a $200 loss... :frown:

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Re: Buying Bitcoins - Profit? [Re: DieCommie]
    #16415774 -

Yeah and its illegal for e-Gold to keep everyone's money but they refuse to pay the millions of dollars they owe to the account holders.

The price of a ounce of gold has gone from
$380/ounce in 2005 to $1895/ounce in 2012

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Re: Buying Bitcoins - Profit? [Re: SheerTerror]
    #16416868 -

soounds like a market scam or something. sorry you got the bad end of it man


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notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."

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Re: Buying Bitcoins - Profit? [Re: Playful Hate]
    #16428495 -

The value of bitcoins is largely tied to the existence of Silkroad and darknet black markets. Scammers and thieves can also hurt the perceived safety of holding them hurting their fiat value. They are not insured so any lack of confidence in bitcoin wallets can lead to a major loss for bitcoin holders. I really like the idea of a peer to peer currency and freeing ourselves from the tyranny of fractional reserve banking. But that fact that bitcoins have the potential to increase our freedom make it an enemy of powerful institutions that seek to oppress humanity by preserving the status quo.


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"If the foundations be destroyed, what can the righteous do."-King Solomon

And there was war in heaven: Michael and his angels fought against the dragon; and the dragon fought and his angels,

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Re: Buying Bitcoins - Profit? [Re: Ellis Dee]
    #16428512 -

Good insight!


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Re: Buying Bitcoins - Profit? [Re: Playful Hate]
    #16441329 -

they bounce alot tbh not great idea


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Re: Buying Bitcoins - Profit? [Re: Anticipation]
    #16443421 -

Remember, bitcoins were at one point worth $30 each, compared with around $5 now.

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Re: Buying Bitcoins - Profit? [Re: user1837483975]
    #16446877 -

>The price of a ounce of gold has gone from
$380/ounce in 2005 to $1895/ounce in 2012

Gold hasn't been that low in about 10 years. I paid over 550 in '05, luckily i bought most of my gold in the middle 400's


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755

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Re: Buying Bitcoins - Profit? [Re: Stonehenge] * 1
    #16446910 -

One can make instant profit with bitcoins.
People don't like connecting their name to bitcoins nor do they like going through loops and twists to get them.
They sell like hotcakes though.

I imagine you could double your input quick buying and re-selling to those in the darknet ie SR and marketplaces that use them.

Simply charge a fixed price or percentage that is more than your investment.



??????
Profit


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:penis: AMU Q&A Thread :penis:Come Chat About Stand up Comedians


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Re: Buying Bitcoins - Profit? [Re: DieCommie]
    #16506917 -

DieCommie said:
No, its not really a smart move.  Its a risky gamble.  I suggest only a very small percentage of your savings/portfolio go into bitcoins.


Doesn't doubling the difficulty of getting bitcoins in December mean that their value will have to go up?


--------------------
See my shadow changing,
Stretching up and over me.
Soften this old armor.
Hoping I can clear the way
By stepping through my shadow,
Coming out the other side.
Step into the shadow.
Forty six and two are just ahead of me.

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Re: Buying Bitcoins - Profit? [Re: Yith]
    #16507639 -

Quote:
Remember, bitcoins were at one point worth $30 each, compared with around $5 now.




And they also used to be pennies on the dollar when it started.


OP.  Instead of "investing" in bitcoins by buying them, you should buy some decent computer equipment and join some private mining groups and make way more -- forever.  Mining is way more profitable if you do it right than if you try to exchange in and out of bitcoin/USD

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General Interest > Money Matters
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