Hello, let me know what do you think about cryptocurrency?

[Brinox]

Hello there, could you share some opinion about cryptocurrency. I put my self in this game and try to find out what people think  about cryptocurrency. Maybe will get some good info about and  help me to be an milionar : ))))

Edited February 13, 2018 by Brinox

[TulsaGeoff]

I'm currently using two 1080 TI's to mine using NiceHash. I've been doing some free trading on gdax.com using money earned through nicehash like selling at $8700 and rebuying around $7500. Currently have half cash and half in bitcoin. It is a very insignificant amount for investment purposes for me and my goal is to pay for my gaming rig rather than become rich off of it. To me its too risky to throw alot of money at it, but I sure wish I threw some at it way back. I could say the same from Amazon stock and many others. I started in late December and bought the second card in January after seeing the results. I could now sell my cards for more than I paid... I have about $600-700 in my gdax account. Only about a couple grand more to go. FYI for anyone interested, the two 1080 TI's with 5ghz 8700K only make about $10-11 bucks a day. A month or two ago it was double that. I would expect the payout to decrease as the coins get harder to mine, but hopefully bitcoin along with the other coins appreciate to reflect the increase in difficulty.

 

I be curious what all your details are. Are you holding coins, what broker are you using, which currencies, etc?

[Mufasa]

It's very volatile so it's a huge gamble if you're going to mine it, very risky if you're going to invest in it, etc. You'd probably have a similar chance of becoming a millionaire from playing a slot machine.

[TulsaGeoff]

This is all true. The best way to become a millionaire is save a huge part of your earnings for 30 years. Automatically investing into low fee S&P 500 funds works for many people. You have to remember that trading these things will put you up against some of the wealthiest and smarts people on earth so you or I would likely get crushed. Betting on it is okay but I wouldn’t recommend more than a couple percent of what you have invested in cryptos. Some people are much more bullish than this but absolutely do not use money that you cannot afford to lose like if you bought stuff on credit. I’ll be the first one to congratulate you on becoming a millionaire and you will probably cry when you have to pay taxes on all of it. An old Admin Dr Death used to do a little day trading. I’m not sure how it turned out for him. 

 

It's very volatile so it's a huge gamble if you're going to mine it, very risky if you're going to invest in it, etc. You'd probably have a similar chance of becoming a millionaire from playing a slot machine.

[Anton Chigurh]

the words "hot" and "air" cross my mind.

[RedBaird]

the words "hot" and "air" cross my mind.

 

It reminds me of the comic book boom & bust.  See "The speculator boom" and the "Bust of the speculator market", in this Wikipedia article : https://en.wikipedia.org/wiki/Comic_book_collecting

 

The news media had started publishing articles about the skyrocketing value of US comic books from the early 20th century.  People started 'investing' and publishers began producing new comic book lines.  The speculators gobbled up any comic books and the prices boooomed!  

 

The problem was that it was the old comic books that had risen in price and not the newer ones.  The speculators inflated the market by investing in any comic book, no matter how new it was.  The speculators kept bidding against each other until their market crashed.

 

They had begun to treat comics as if they were gold or silver.

 

Speculative Investment always has a Boom & Bust cycle, but the comic book craze was an extreme example.  

 

Crypto-currency may have a long term place in the world, and Early Investors often gain much wealth, but ... 

[Rainier Wolfpower]

Blockchain tech is here to stay. Whether or not in its actual form, that's very hard to predict. Amara's law puts it very nicely - "We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run". As for the speculation bubble that formed on top of the tech development, that's unfortunate but inevitable. Just basic human psychology - the greed and fear cycle. I have a small hodl port - mostly btc but also eth, zrx, omg and burst.

[Xernicus]

I've mined some bitcoin and etherium. Here's my take:

-Don't buy "mining machine" such as an AntMiner. They're crap quality hardware, and will fail in a few months. They don't provide schematics for repair. A waste of cash.
-Nobody who is a millionaire now (based on Bitcoin) just started. They started 4-5+ years ago. They mined the coins when they were "easy", and saved the coins, probably forgot about them, and just now "cashed" them in.
-When starting, expect your electricity costs to far exceed any earnings you make. Your electricity billing rate will change. Expect to eat instant ramen for a month or more.
-Don't mine coins that require ASICs. Mine coins that are compatible with graphics cards. (And expect others to ridicule you for doing so, including myself)
-Do it as a hobby. Earn some coins, save them. Wait. if you do it as a "surefire" way to make cash, you'll be screwed. You'd be better off investing in stocks.

On that note, if you're interested, I might have an RX 480... for $500 (No, I'm not serious. That's my GPU- I can't afford to buy another because of all of the f--king miners.)
 

Blockchain tech is here to stay. Whether or not in its actual form, that's very hard to predict. Amara's law puts it very nicely - "We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run". As for the speculation bubble that formed on top of the tech development, that's unfortunate but inevitable. Just basic human psychology - the greed and fear cycle. I have a small hodl port - mostly btc but also eth, zrx, omg and burst.

It is here to stay indeed. Because what blockchain technology really is based on is finding improbable or unknown equations/numbers. That's about the only thing it's good for besides basing crypto-security on it.