swamp
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Post by swamp on Jan 26, 2022 8:05:43 GMT -5
Scam or valid investment?
Support your position.
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raeoflyte
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Post by raeoflyte on Jan 26, 2022 9:15:46 GMT -5
All I know is it's a pita when people want to use toward down payments/closing costs.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Jan 26, 2022 9:26:44 GMT -5
Is I'm too stupid to understand it a position? IDK is it really any more of a scam than basing our economy on pieces of paper we assign random value to? At the end of the day it's just paper. I think Melania's cryptocurrency is a scam. My support of the position is it is Melania Trump.
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jan 26, 2022 9:40:42 GMT -5
Not as confusing as NFTs, but still falls under I’m too old to learn something new.
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myrrh
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Post by myrrh on Jan 26, 2022 10:35:30 GMT -5
It's totally legit. How can a song this good be wrong? /s
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buystoys
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Post by buystoys on Jan 26, 2022 10:44:53 GMT -5
I see it as an attempt to create a single currency for the world. Not certain it will ever really take off, though. The block chain technology has something behind it, so if I were to invest in crypto, it would be more for the technology than for the currency aspect.
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Lizard Queen
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Post by Lizard Queen on Jan 26, 2022 10:47:54 GMT -5
Scam. It's like a pyramid scheme.
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gs11rmb
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Post by gs11rmb on Jan 26, 2022 10:54:39 GMT -5
If you like podcasts you may enjoy "A death in Cryptoland". A Canadian man who operated Canada's largest cryptocurrency exchange died in India and no-one can access their funds. Of course, the question is did he actually die...
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jerseygirl
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Post by jerseygirl on Jan 26, 2022 11:37:17 GMT -5
Ehh I put $1000 in Bitcoin on Robinhood when it was$48000. Just to see what happens over time. Possibility for continuing a ‘currency’ that’s not dependent on any government controls (at least for now). Blockchain Bitcoin is interesting and theoretically at least will keep supply limited. Unlike US currency that just went through a few years of large supply increases
But crypto has huge fluctuations and many newly created Made for speculators with sometimes disposable resources. Hopefully very few are ‘investing’ their grocery money
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giramomma
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Post by giramomma on Jan 26, 2022 11:40:23 GMT -5
One of the local jewelry stores in my neck of the woods accepts bitcoin for payment. So, someone has to think it's valid somewhere. Like buystoys, I think it's the technology behind that's the important part. Other than that, I leave the topics for the youngins'
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happyhoix
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Post by happyhoix on Jan 26, 2022 13:25:10 GMT -5
Didn’t this market just crash?
I remember a few months ago some Scandinavian guy accidentally threw away his log in information and was trying to force his local landfill to dig their landfill back up.
I lose crap all the time so being able to lose your best egg by misplacing a piece of paper is not the currency for me,
And yes I have misplaced folding money before- 150 bucks one time- but never millions like the poor Scandinavian had.
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crazycat
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Post by crazycat on Jan 26, 2022 13:27:40 GMT -5
I don’t understand it at all . My DS put like $200 in one of them (don’t remember which ) , made a few grand , pulled it out and put it into something else . Now , has several grand in investments . It was his first foray into investing and he seems to like it and have a real knack for it .
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qofcc
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Post by qofcc on Jan 26, 2022 15:20:40 GMT -5
It still seems like a shady bartering system for drug lords and arms dealers but I invested $1k in 3 ETFs that invest in crypto. No way I want anything to do with a currency you can't get to if you forget your password.
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Tiny
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Post by Tiny on Jan 26, 2022 18:00:12 GMT -5
Cryptocurrency always feels a little like "collectable Bradford Exchange plates" or "Beanie Babies" to me... kind of a it only holds value as long as someone is willing to accept the cryptocurrency in trade for something.
TBH - I have no clue about cryptocurrencies....
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tskeeter
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Post by tskeeter on Jan 27, 2022 18:53:17 GMT -5
Let’s see. A nation’s currency is backed by it’s ability to tax it’s citizens. Stock is backed by a company’s physical assets and the company’s ability to sell goods or services. Bonds are backed by a revenue source. Taxes, rent income, service fees, or the like. Cryptocurrency is backed by . (Maybe somebody even more gullible than you are, who is willing to buy your cryptocurrency from you?). It reminds me of the crash of tulip futures during the 1630’s, when there was a complete disconnect between the intrinsic value of tulip bulbs and what tulip future contracts were selling for. If you’re not familiar with this event, check out the wiki for tulip mania.
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Artemis Windsong
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Post by Artemis Windsong on Jan 27, 2022 20:59:23 GMT -5
A few gas stations are taking crypto. I was surprised. I wouldn't want to be the cashier figuring out what the crypto is worth as it fluctuates and so many different brands.
I remember someone on these boards buying crypto early on. Maybe the person is so wealthy, that they are not here.
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Regis
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Post by Regis on Jan 28, 2022 10:42:02 GMT -5
A few gas stations are taking crypto. I was surprised. I wouldn't want to be the cashier figuring out what the crypto is worth as it fluctuates and so many different brands. I remember someone on these boards buying crypto early on. Maybe the person is so wealthy, that they are not here. Pretty sure that was haydentiff. I don't think she's been on this board for a bit, but I'd be interested in knowing how this turned out for her.
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jerseygirl
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Post by jerseygirl on Jan 28, 2022 11:58:18 GMT -5
WSJ in today’s real estate section has article on the huge real estate buys with cryptocurrency
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 29, 2022 18:45:26 GMT -5
I wouldn't touch it myself.
the price fluctuations are like an investment, not a currency.
While some type of crypto may be the future of money, I don't think it's going to be something like this with wild value fluctuations and no real central agency of control that is accountable.
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movingforward
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Post by movingforward on Jan 30, 2022 15:52:27 GMT -5
I feel totally stupid when people talk about cryptocurrency because I don't completely understand how it works. I can't understand who would want it except to use for illegal purposes.
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giramomma
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Post by giramomma on Jan 31, 2022 12:53:09 GMT -5
Coursera is running a few courses on blockchain and crypto. I might sign up. It looks like blockchain technology could be used in higher ed of all place...
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jitterbug
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Post by jitterbug on Feb 4, 2022 22:25:13 GMT -5
I don’t understand it at all . My DS put like $200 in one of them (don’t remember which ) , made a few grand , pulled it out and put it into something else . Now , has several grand in investments . It was his first foray into investing and he seems to like it and have a real knack for it . I wonder if it was Doge Coin? It had quite a run this summer. I think my son put $1,000 in it and it got up to $13,000 very quickly, but I couldn’t talk him into taking his profit and running. I don’t think Doge is even real crypto - but there was some gaming going on with it and he wanted to ride it out. I think he sold as it was coming down and made about $4,000. Which was still good.
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laterbloomer
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Post by laterbloomer on Feb 5, 2022 11:58:44 GMT -5
Two things give any currency value, do other people value it as well so you can exchange it for goods and services and can you control the supply. This question made me really think about this with traditional currency. The fact is I do most transactions electronically so somehow there is a way to electronically control supply. It's possibly better than our control with paper currency. But who is in charge of creating crypto currency?
I'm like someone else said, I would buy some as an investment. I'm good with $1000 turning into $1,000,000
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jerseygirl
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Post by jerseygirl on Feb 5, 2022 12:41:11 GMT -5
Well I bought $1000 of Bitcoin- but not yet $1 million
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laterbloomer
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Post by laterbloomer on Feb 5, 2022 13:11:10 GMT -5
Well I bought $1000 of Bitcoin- but not yet $1 million When did you buy it and how much is it worth?
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souldoubt
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Post by souldoubt on Feb 5, 2022 16:05:03 GMT -5
In early December I put a small amount into a few different cryptocurrencies that I can afford to lose. I regretted it shortly after not because the value went down but because I figured a lot of investors could take gains before year-end. I'm far from an expert on it and I do see the uses but I think it's over hyped and considering how many different coins there are now long term the question is which take off and get accepted across platforms. Some of the smaller ones are more efficient than Bitcoin and Ethereum by a lot but that doesn't mean they'll be good long term investments and the next Ethereum evolution is supposed to compete with that. Supposedly the administration is coming out with something this month on cryptocurrencies which has contributed to some of the volatility but whether they do or not it's very volatile and this year sounds like it could be a roller coaster. I'll probably put more this year into some of the smaller ones like Solana and Cardano in hopes one of them follows or even replaces Ethereum. With the price Ethereum is at I'd need to put in more that to bet on it gaining on Bitcoin or at least continuing to rise if Bitcoin does.
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jerseygirl
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Post by jerseygirl on Feb 5, 2022 17:20:57 GMT -5
Well I bought $1000 of Bitcoin- but not yet $1 million When did you buy it and how much is it worth? Bought at $48000 now it’s $40000 🙄
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laterbloomer
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Post by laterbloomer on Feb 5, 2022 17:26:05 GMT -5
When did you buy it and how much is it worth? Bought at $48000 now it’s $40000 🙄 Seriously?
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djAdvocate
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Post by djAdvocate on Feb 5, 2022 23:01:06 GMT -5
Cryptocurrency always feels a little like "collectable Bradford Exchange plates" or "Beanie Babies" to me... kind of a it only holds value as long as someone is willing to accept the cryptocurrency in trade for something. how does that differ from the dollar?
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Tiny
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Post by Tiny on Feb 6, 2022 17:17:07 GMT -5
Cryptocurrency always feels a little like "collectable Bradford Exchange plates" or "Beanie Babies" to me... kind of a it only holds value as long as someone is willing to accept the cryptocurrency in trade for something. how does that differ from the dollar? Crytocurrencies don't seem to be "store of value"... I don't think anyone is paying their monthly bills by using a cryptocurrency. I get it that the value of USD (and other currencies) fluctuate... but they don't seem to fluctuate wildly. I admit I don't follow it nor have done more research than "headlines" - and hearing from people I know in real life "buying it" as way to "get rich quick". When I hear people in my real life talk about their foray into crytocurrencies (or bitcoin or whatever) they sound a lot like people who are buying a "collectible" because someday it will make them rich! Or like someone who buys stock in individual companies (and not the big names... but in companies they think will someday make them rich. or when someone is betting on Fantasy Football or who has a favorite horse or horse trainer or jockey.) I guess I should go down the rabbithole and learn about cryptocurrencies (or bitcoins)....
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