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extreme


Registered: 04/05/11
Posts: 9,340
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BTC as an investment
#18766177 - 08/27/13 09:52 PM (10 years, 5 months ago) |
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Well, are bitcoins a good investment? Does anyone follow the ups and downs of BTC value and have any idea if it's something worth investing in? Precious metals and land might be better "normal" investments but this is just a little short term thing on the side that I've been thinking about.
The value just changes a LOT in a pretty quick period of time. Like a few months ago when it got up to $280/BTC then fell to like 200 in one day, and then more recently it was all the way down to 100, but in the last like 3 days it's gone up from 105 to like 130.
Anyone studied this or really thought about if BTC are here to stay, and if they are a decent investment? The recent increase in 20 USD per coin got me thinking: if I got 10 coins today and kept them in my pocket for one year, are they going to be worth double, 10x more, 50x more, or completely obsolete in a year??
If anyone can't answer these questions for certain (I'm sure none of this is certain) could anyone tell me if the fluctuation in value for BTC changes more than any other investment out there? It seems like a real boom or bust... They were like a dollar a coin though when they started... anyone with a small pool of coins back then sure got lucky 
I think I remember a thread here from a few months ago where some members' father invested in some BTC and turned 50k into 900k or something like that. It seems like a solid investment if one day coins will be 1k USD a piece.
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Into The Woods
Quarantine King


Registered: 04/20/13
Posts: 10,864
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Re: BTC as an investment [Re: extreme]
#18766209 - 08/27/13 10:01 PM (10 years, 5 months ago) |
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If I had the money, I'd invest.
Edited by Into The Woods (08/27/13 10:03 PM)
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Satanschild
goodbye

Registered: 01/16/13
Posts: 281
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Btc value is based on drug dealing, no, do not invest in it... It is purely a black market currency and a ponzi sheme, it will be gone within 10 years.
Edited by Satanschild (08/28/13 05:01 PM)
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Stonehenge
Alt Center

Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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I bought some not too long ago at low 80's. Its now around 129 on mt gox so i could lock in a nice profit. But i'm greedy, i want to make a great huge whopping profit, not a few measly thousand. I think it will get much higher soon and i plan to bail out with my winnings. If it then falls to 100 i will get back in.
-------------------- “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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Saeis
Mental Explorer



Registered: 08/21/13
Posts: 122
Last seen: 5 years, 8 months
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Quote:
Satanschild said: Btc value is based on drug dealing, no, do not invest in it... It is purely a black market currency and a ponzi sheme, it will be gone within 10 years.
Not entirely true as there are many other things you can buy with BTC. Also, you can convert your BTC to USD and most other currencies.
I have a friend who has been mining BTC for a couple months now with over 100 BTC in his wallet, which right now is worth about $13k. Not bad for his original investments.
-------------------- A Stranger in Paradise Entering Shpongleland Trip Reports - 1g Albino Penis Envy
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extreme


Registered: 04/05/11
Posts: 9,340
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Re: BTC as an investment [Re: Saeis]
#18779277 - 08/30/13 09:06 PM (10 years, 4 months ago) |
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Kinda wish I would of thrown down a week or two ago when I originally wanted to when they were like ~105... they're practically up to 140 now 
And I wasn't looking to invest in them over a 10 year period. It would be like one year max, but if I made a decent return in just a few months I'd take it even then.
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LTSwoomz
Dweller


Registered: 02/16/13
Posts: 190
Last seen: 9 years, 3 months
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Re: BTC as an investment [Re: extreme]
#18801698 - 09/05/13 12:33 AM (10 years, 4 months ago) |
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BTC mining is where it's at when it comes to monetizing BTC. Low initial investment, high returns with patience and a willingness to reinvest your earnings.
My room mate is currently investing a lot of money into BTC mining. He's got 6 Block Eruptors (usb miners) and a Blade (stand-alone BTC mining mini computer) on the way in the mail. He started with two Block Eruptor's programmed to run on a rasberry pi mini-computer. Since then he's acquired 4 more eruptors and a friend of ours invested ~600 to get a Blade and power supply for it. Currently, he's had Block Eruptors running for a total of a month, 2 for 1 week, 5 over the next week, then 6 for the last two.
He's made $40.00 so far traded in for USD with the Block Eruptors and the Blade is expected to produce ~$270.00/month worth of BTC according to his calculations, which so far have actually been lowball, he's been outperforming his predictions. This obviously fluctuates as the BTC market does and the difficulty of mining is steadily climbing due to the new tech constantly being developed. It's a lucrative investment because no matter what you will eventually break even with little work put in after initial setup. It's also harder if you're not involved in the BTC community, he's getting all of his tech for VERY cheap via a direct source. They do batch buys, where the prices are dramatically reduced due to the large volume of units being purchased.
EDIT The release of ASIC technologies used in BTC mining is the culprit for the crazy fluctuation in the market you saw. As new tech is released, the difficulty spikes, causing BTC to reach inflated prices, then evens out as the tech is dispersed through the masses. It's been raising the last couple of weeks from ~100.00 to ~130.00 because of this and is now resting around that area. I'm sure as new batches of tech are sent out to those waiting, the price will fluctuate.
Also, Satanschild is completely incorrect. While BTC has been used for those purposes, it is neither the main use for BTC nor is it a cornerstone of it's existence. BTC value is based on availability and the self-regulating difficulty of mining them.
EDIT 2 My roommate told me BTC just spiked in difficulty. Should see a fluctuation soon. Keep your eyes peeled!
Edited by LTSwoomz (09/05/13 03:13 AM)
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Amphibolos
Le bourgeois gentilhomme




Registered: 05/22/09
Posts: 626
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Some projects begins to be funded using bitcoins. Open source projects in that case.
So i'd bet the tendency will increase. I'm planning to fund some projects myself
Quote:
Satanschild said: Btc value is based on drug dealing, no, do not invest in it... It is purely a black market currency and a ponzi sheme, it will be gone within 10 years.
Its because bitcoins are still part of the counter-culture movement. Once people begin to put it on track its uses will speed up aswell
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"Homo sum ; humani nihil a me alienum puto"
Edited by Amphibolos (09/05/13 09:10 AM)
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Gilgamesh18
Herbivore Man

Registered: 03/01/12
Posts: 11,671
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Re: BTC as an investment [Re: Amphibolos]
#18802621 - 09/05/13 09:40 AM (10 years, 4 months ago) |
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I will invest in bitcoins once it becomes easier to buy and sell them and they are more widely accepted. Right now its to risky and it seems like a pain the ass to buy them so I will wait and watch what happens.
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extreme


Registered: 04/05/11
Posts: 9,340
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Re: BTC as an investment [Re: LTSwoomz]
#18802786 - 09/05/13 10:43 AM (10 years, 4 months ago) |
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Cool, thanks for the insight guys.
Quote:
LTSwoomz said: EDIT The release of ASIC technologies used in BTC mining is the culprit for the crazy fluctuation in the market you saw. As new tech is released, the difficulty spikes, causing BTC to reach inflated prices, then evens out as the tech is dispersed through the masses. It's been raising the last couple of weeks from ~100.00 to ~130.00 because of this and is now resting around that area. I'm sure as new batches of tech are sent out to those waiting, the price will fluctuate.
Also, Satanschild is completely incorrect. While BTC has been used for those purposes, it is neither the main use for BTC nor is it a cornerstone of it's existence. BTC value is based on availability and the self-regulating difficulty of mining them.
EDIT 2 My roommate told me BTC just spiked in difficulty. Should see a fluctuation soon. Keep your eyes peeled!
Wow interesting. This is kind of what I was wondering in my OP, if anyone had any specific answers like this. So basically all the major increases in value are due to better mining technology breakthroughs and that sorta thing? Thanks a lot for the knowledge!
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LTSwoomz
Dweller


Registered: 02/16/13
Posts: 190
Last seen: 9 years, 3 months
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Re: BTC as an investment [Re: extreme]
#18805925 - 09/06/13 12:29 AM (10 years, 4 months ago) |
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Correct. I don't know what these other guys are talking about when they say "more widely accepted" either, BTC is used in a huge variety of trading and purchasing and is widely accepted across the internet. Next to that, it can be translated into real world money easily and legally. It's often referred to as the currency of the internet.
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Gilgamesh18
Herbivore Man

Registered: 03/01/12
Posts: 11,671
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Re: BTC as an investment [Re: LTSwoomz]
#18806493 - 09/06/13 08:14 AM (10 years, 4 months ago) |
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Quote:
LTSwoomz said: Correct. I don't know what these other guys are talking about when they say "more widely accepted" either, BTC is used in a huge variety of trading and purchasing and is widely accepted across the internet. Next to that, it can be translated into real world money easily and legally. It's often referred to as the currency of the internet.
Its quite a stretch to call turning bitcoins into dollars easy
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LTSwoomz
Dweller


Registered: 02/16/13
Posts: 190
Last seen: 9 years, 3 months
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Quote:
Gilgamesh18 said:
Quote:
LTSwoomz said: Correct. I don't know what these other guys are talking about when they say "more widely accepted" either, BTC is used in a huge variety of trading and purchasing and is widely accepted across the internet. Next to that, it can be translated into real world money easily and legally. It's often referred to as the currency of the internet.
Its quite a stretch to call turning bitcoins into dollars easy 
No it's not, it's literally as easy as signing up with an online BTC wallet and you can have it turned into USD and posted to your bank account for a nominal fee. There's also a myriad of different ways to just buy stuff with it if that's what you're looking for.
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