Home | Community | Message Board

Cannabis Seeds UK
This site includes paid links. Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Shop: Bridgetown Botanicals Bridgetown Botanicals   North Spore North Spore Mushroom Grow Kits & Cultivation Supplies   Kraken Kratom Red Vein Kratom   Original Sensible Seeds Bulk Cannabis Seeds   PhytoExtractum Kratom Powder for Sale

Jump to first unread post Pages: 1
OnlineOutsideOfMyMind
LSD Self Administrative Director
Male User Gallery


Registered: 10/05/20
Posts: 5,382
Last seen: 1 minute, 30 seconds
Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit?
    #27127291 - 01/05/21 12:07 AM (3 years, 23 days ago)

I've been struggling financially since the 2008 financial crash. Thinking about money and economics makes me depressed. Besides going to trade school and taking a few classes at junior college, my life has gone NOWHERE since then.

So can I actually make decent money with bitcoin? I see these internet personas online talking about how they are SoOoOoOo RiCh from trading bitcoin. People talk about how they "live comfortably" trading bitcoin. I think they're a bunch of fucking narcissists.

But if it were so easy and if you could really make sooooooo much money, wouldn't more people be doing it? It sounds too good to be true and it sounds like a load of bullshit to me.


--------------------



Extras: Filter Print Post Top
OfflineWildFungalGrowth
Stranger

Registered: 12/20/20
Posts: 49
Last seen: 2 years, 1 month
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: OutsideOfMyMind]
    #27127337 - 01/05/21 01:15 AM (3 years, 23 days ago)

I never traded BTC, but I've invested money into it and the value of my investment is now 4x-6x if I cash out. Only ever invest or trade as much as you can afford to lose, because as many have made a lot of money off it, equally many have lost bank because of it.

The price of bitcoin could be $ 100,000 at the end of the year or $ 1. You can only speculate really.

Quote:

But if it were so easy and if you could really make sooooooo much money, wouldn't more people be doing it? It sounds too good to be true and it sounds like a load of bullshit to me.




Not everyone has the technical know how or ambition to learn how to pull it off. You may think it's easy, but you must remember that the availability of BTC up until relatively recently wasn't great and the general populace does not jump onto things that easily until it's fool proof easy to do. I wouldn't trust my parents to buy or handle bitcoins safely without losing them to a stupid mistake. You should know how bitcoin works on a surface level and why you shouldn't leave your bitcoins in any online wallet or exchange for longer than necessary.

Do your research before you invest your hard earned money and don't trust people to give you the right advice, especially not anonymous people like me. I wanted to invest in bitcoins when it was $ 5 and one of my friends dissuaded me. I'm a software developer by trade and understood the way bitcoin works, I should have gone with my better judgement than listen to anybody, but in the end I only have myself to blame.


Edited by WildFungalGrowth (01/05/21 01:44 AM)


Extras: Filter Print Post Top
OnlineOutsideOfMyMind
LSD Self Administrative Director
Male User Gallery


Registered: 10/05/20
Posts: 5,382
Last seen: 1 minute, 30 seconds
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: WildFungalGrowth]
    #27127344 - 01/05/21 01:27 AM (3 years, 23 days ago)

Can you recommend any resources for beginners to learn?


--------------------



Extras: Filter Print Post Top
OfflineWildFungalGrowth
Stranger

Registered: 12/20/20
Posts: 49
Last seen: 2 years, 1 month
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: OutsideOfMyMind]
    #27127346 - 01/05/21 01:36 AM (3 years, 23 days ago)

If I remember correctly, bitcoin.org had good information on it and is or was maintained by the bitcoin core developers, but I don't know if it has changed over the years. Wikipedia also has a ton of information, just make sure to also read the cited links.


Extras: Filter Print Post Top
OnlineOutsideOfMyMind
LSD Self Administrative Director
Male User Gallery


Registered: 10/05/20
Posts: 5,382
Last seen: 1 minute, 30 seconds
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: WildFungalGrowth] * 1
    #27127352 - 01/05/21 01:44 AM (3 years, 23 days ago)

So you only get access to the money once you sell everything?


--------------------



Extras: Filter Print Post Top
Invisiblesh4d0ws
LSx
I'm a teapot User Gallery

Registered: 02/26/08
Posts: 12,086
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: OutsideOfMyMind] * 2
    #27127487 - 01/05/21 03:55 AM (3 years, 23 days ago)

It's pretty difficult to really trade bitcoin and consistently make money. Yes, there are people who do it successfully. But they generally have a decent amount of capital to work with and have good solid trading strategies. I was never really good at it.

Buying strong, well developed cryptocurrencies at low prices and holding them for years, and selling when they hit 5x, 10x, or higher, is pretty easy to manage. But bitcoin just had a huge bullrun and it's hard to predict where it's going to go from here. It might dip more, and buying it now could be a potentially bad move. In the long run, it's likely to hit $100K and even higher. But that could be years away.

And if you think I'm crazy, we thought bitcoin hitting $2000 from $200 was a longshot and well...the rest is history


--------------------


Extras: Filter Print Post Top
OfflineWildFungalGrowth
Stranger

Registered: 12/20/20
Posts: 49
Last seen: 2 years, 1 month
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: OutsideOfMyMind] * 1
    #27127522 - 01/05/21 04:45 AM (3 years, 23 days ago)

Quote:

So you only get access to the money once you sell everything?



You can buy things with bitcoin directly, but options are limited because not everyone accepts it.

I like to look at my investments like this: I haven't actually made any monetary gains or losses until I buy something with it. That something could be USD (cashing out), or it could be some goods that I buy directly with Bitcoins. This is because Bitcoin is volatile and the value that I "gained" I only have theoretically, because the next day Bitcoin might crash to ground zero and I lose it all before I am able to sell, but that's very unlikely to happen overnight so I'm not too concerned, but the possibility is still there.


Extras: Filter Print Post Top
OfflineLogicaL ChaosM
Ascension Energy & Alien UFOs
Male User Gallery


Folding@home Statistics
Registered: 05/12/07
Posts: 69,325
Loc: The Inexpressible... Flag
Last seen: 56 minutes, 30 seconds
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: OutsideOfMyMind]
    #27128576 - 01/05/21 03:38 PM (3 years, 23 days ago)

You can make money using Bitcoin or other cryptocurrency but the trick is you need to invest a lot of money into it at the start. Its sorta "too late" to invest in Bitcoin as the value of it is at an all-time high of $32,000 right now as I type this. However, you can invest if you like. I would suggest investing in a more affordable crypto such as Ethereum, LINK, Litecoin, Bitcoin Cash, Dash, Maker or the like.

The basic principle of Investing is you buy in when the cryptocurrency is "low" then sell when the cryptocurrency is worth a lot. Buy low, sell High. Then you can reinvest and repeat the process.

If you want to learn the basics, check out this link: https://www.coinbase.com/learn


--------------------
"What you must understand is that your physical dimension affects everyone in the higher dimensions as well. All things are interconnected. All things are One. Therefore, if one dimension is broken or out of balance, then all other dimensions will experience repercussions." - Pleiadian Prophecy 2020 The New Golden Age by James Carwin

PROJECT BLUE BOOK ANALYSIS! (312 pages!) | Psychedelics & UFOs | Ready to Contact UFOs? | The Source on Mushrooms:shroomeryhead:| Trippy Gematrix | Dj TeknoLogical | Fentanyl Test Kits R.I.P. Big Worm :tombstone: || The Start of the Ascension Process was 2020. Welcome to the Next Great Era of Earth 🌎🌍🌏                                                         
:sunny::bliss::mushroom2: Oregon Eclipse Festival 2017 :: Aug 19th - 21st :: Pure Paradise :mushroom2::bliss::sunny: :rainbowdrink: Very Effective LSA Extraction Tek :rainbowdrink: | 💧 Advanced Cold Water LSA Extraction Method 💧 | :cacti::bongload: Mescajuana - Mescaline with Marijuana | DMT Dab Bongs | UFO Technology! :shpongle:Shpongle:shpongle:   


Extras: Filter Print Post Top
OfflineSynKyd
ctrl-alt-delite
Male User Gallery


Registered: 09/27/13
Posts: 1,554
Loc: ૐ
Last seen: 2 years, 9 months
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: LogicaL Chaos] * 1
    #27128844 - 01/05/21 05:26 PM (3 years, 23 days ago)

You gotta have money to make money in any investment, along with a strategy, and discipline to stick to it.  There’s a 130+ page thread right next to this one that is really where I started learning about crypto last year.  Good luck :hippie:


--------------------

New inclusive poop emojis from Apple!

:shpongle::shpongle::shpongle::shpongle::shpongle:



Edited by SynKyd (01/06/21 07:39 AM)


Extras: Filter Print Post Top
OfflinegeokillsA
∙∙∙∙☼ º¿° ☼∙∙∙∙
Male User Gallery

Registered: 05/08/01
Posts: 23,417
Loc: city of angels Flag
Last seen: 6 hours, 51 minutes
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: OutsideOfMyMind]
    #27129411 - 01/05/21 10:30 PM (3 years, 22 days ago)

Sucks that you've been struggling, for certain, you are not alone.  I have been fortunate, but recognize the increasing wealth disparity among our population and how stacked the deck is against those who don't have some initial base savings from which to grow their wealth.  Bitcoin is not bullshit, but it is also not the panacea to your troubles.  I do believe bitcoin has a place in any modern investment strategy... but if you are still struggling to put anything away, and otherwise living paycheck to paycheck, it would be foolhardy to suggest that you place all your bets on bitcoin.

I do believe that investment is the path to affluence in our society.  But it has to be done methodically.  Debts should be paid first, building security by owning your own home should be a priority as well.  Regular expenses must also be covered by the work you choose to/are able to undertake, and then you can focus on putting the extra spend to work.  If you can check those boxes, then sure, allocate some change to bitcoin.  But don't expect it to make you a millionaire overnight, for the easy money has come and gone.  One can't reasonably expect to obtain 1000%+ gains at this juncture.  Instead, invest in your home, and if you have spare change, get some in bitcoin, and get some into the SPY while you're at it.  There's a lot more nuance if you want to dig deep, but you'll need to study up to figure out where exactly your own chips should lay.


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Extras: Filter Print Post Top
OfflineEnkidu
"No-Such-Person"
Male

Registered: 07/09/16
Posts: 10,698
Last seen: 6 months, 10 days
Re: Can I make legit decent money with bitcoin or is it all a bunch of Internet bullshit? [Re: geokills]
    #27148296 - 01/14/21 06:08 PM (3 years, 14 days ago)

Most people buy bitcoin low and hold a long time.

Btc was drifting around for years before this latest rocket ship.

If you bought then, or even a few months ago, you could cash in for 2x or more what you put in.

If you bought right before the recent crash or downtrend or whatever you wana call it or any other time before a drop, you bought high, the price dropped, and your money diminished, either until it went back up or permanently if you panicked and sold. I bet theres a lot of people that bought right before the crash and sold and cut losses worried it wouldnt stop falling and they would lose more money.

Theres people who day trade. Buying low and selling high at different times of the day. Takes some know how or your pocket will start to dwindle instead of grow.

I wouldnt think of it as a place to make money put a place to store money for added interest.

Similar to a stock. but potentially greater return.

Its not as easy to actively make money like a job. Unless you put in hours and more learning. And day trade or get lucky and catch more huge waves up on the crypto ship.

For me right now, i am barely scraping by. But any extra money i have i am throwing in places i think it will grow. Stocks mainly and ill dabble in crypto too.

This way, my work that makes me a bit of money on the side each week or month can be put to work and work for me. Same with stimulus or tax return. Anything extra is getting saved or put to work.

My personal goal is to save for a house.

I say if you want to grow your wealth, like Geo said, you need enough funds to get by, then you either pick up a side hustle or pinch pennies or whatever you can and get money saved for emergencies and start putting money to work in stocks or maybe some crypto.

Thats the road i most recently started on

Geo pretty much laid it out

But if you want to make more money you gotta get a side hustle or better job.

Stocks and crypto are good for building longer term wealth and savings using money you already have.

Damn that was a long ramble...


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


Extras: Filter Print Post Top
Jump to top Pages: 1

Shop: Bridgetown Botanicals Bridgetown Botanicals   North Spore North Spore Mushroom Grow Kits & Cultivation Supplies   Kraken Kratom Red Vein Kratom   Original Sensible Seeds Bulk Cannabis Seeds   PhytoExtractum Kratom Powder for Sale


Similar ThreadsPosterViewsRepliesLast post
* Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects
( 1 2 3 4 ... 500 501 )
geokillsA 250,329 10,002 01/27/24 05:04 PM
by geokills
* Bitcoin speculation
( 1 2 all )
MisterMuscaria 7,528 25 03/31/21 01:50 AM
by skOsH
* Bitcoin 2jew4u 2,405 10 11/11/19 05:28 PM
by High Night Expanse
* Can I get a loan? for dis investment tospace 2,233 18 03/04/12 07:51 PM
by Epigallo
* Lets stick it to the man! thread Stevefrench 1,111 6 09/30/15 08:39 PM
by iateshaggy
* I think Trump will fuck it all up. Asante 1,580 11 01/02/20 04:42 AM
by MrToon
* STOCKS - An Intro Tutorial & Ongoing Discussion
( 1 2 3 4 ... 289 290 )
geokillsA 296,583 5,796 01/22/24 08:56 PM
by geokills
* I have 400$ , what should I invest in.
( 1 2 all )
LuNaTiX 6,844 32 07/14/17 03:47 AM
by Matt87

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, automan
847 topic views. 0 members, 1 guests and 1 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2024 Mind Media. Some rights reserved.

Generated in 0.026 seconds spending 0.007 seconds on 14 queries.