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Bitcoin and Crypto-currency


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2017 Nov 5, 3:36pm   105,378 views  521 comments

by BayArea   ➕follow (1)   💰tip   ignore  

#investing

Hi guys,

I'd like to start a conversation on crypto-currency, particularly Bitcoin.

What do you all think about it from an investment point of view today? I have some buddies in the finance world who are quite bullish on it and claim we are just scratching the surface. Judging by the recent performance, they may be right.

For people who are investing in Bitcoin, what are you using to invest and what recommendations do you have for a new investor?

Also, how are gains taxed compared to typical stock market gains?

I read this week that over 100,000 merchants in the USA are accepting Bitcoin today.

At the same time, digital currency does scare me a bit as it seems so abstract. Curious what PatNet thinks.

Thanks guys!

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38   Heraclitusstudent   2017 Dec 11, 4:48pm  

Is there a way to short this thing?
39   anonymous   2017 Dec 11, 7:35pm  

Newbie123 says
anon_bba47 says
I also think there is probably 2 year left at least. The dot com bubble went mainstream, the housing bubble in 07 was mainstream but Cryptocurrency is not mainstream yet. Its on a fast track but its not there yet.


Perhaps. It's impossible to really tell. The problem is that these crypto exchanges move so much faster than those other two bubbles- the stock market of the late 90's didn't have a markedly significant amount of high frequency trading going on, and real estate transactions simply move slower by their very nature... But crypto exchanges? They're open 24-7 non-stop, and still mostly unregulated. You could go to sleep broke and wake up a millionaire- or vice versa. The odds of catastrophic flash crashes are so, so much higher. It's literally a ticking time bomb at this point.
40   joshuatrio   2017 Dec 12, 6:09am  

I have literally about doubled my money in the last 16 hours on my small LTC purchase.

It's gonna pop, but when....
41   BayArea   2017 Dec 12, 7:13am  

Litecoin absolutely on fire
42   deepcgi   2017 Dec 12, 4:04pm  

Are any entities, which are too-big-to-fail, getting caught up in the Bitcoin mania? What about Chinese Shadow Banks? And what other assets are being sold to finance new purchases? It’s not just gold. That is certain.
43   Hircus   2017 Dec 12, 7:45pm  

Newbie123 says
. Do you have similar experiences at work/in your environment?


The huge meatheads at the gym talk about cryptos a lot lately between their sets. They often give each other tips, advice, price targets and time frames.
44   BayArea   2017 Dec 12, 10:27pm  

Newbie123 says
Do you have similar experiences at work/in your environment?


I expect that finance folks and engineers will be talking bitcoin. I work at an engineering firm and the discussions have been non-stop.

But since craigslist jethros, grandmas, and high school kids have started talking bitcoin and trying to figure out how to acquire it, I've started getting a little concerned.
45   joshuatrio   2017 Dec 13, 4:52am  

goat says
Newbie123 says
. Do you have similar experiences at work/in your environment?


The huge meatheads at the gym talk about cryptos a lot lately between their sets. They often give each other tips, advice, price targets and time frames.


My Cross fit coach was talking about BitCoin today. However, I don't know anyone else who's actually put money into the game (besides myself) except for my friend who's been following the trend for the last couple years.
46   BayArea   2017 Dec 13, 7:34am  

goat says
Newbie123 says
. Do you have similar experiences at work/in your environment?


The huge meatheads at the gym talk about cryptos a lot lately between their sets. They often give each other tips, advice, price targets and time frames.


Hehehe, well, aren’t ya gonna share their tips??
47   joshuatrio   2017 Dec 13, 1:44pm  

Does anyone own Ripple?
48   BayArea   2017 Dec 13, 2:15pm  

joshuatrio says
Does anyone own Ripple?


Not before IOTA.

Bitcoin
Litecoin
Ether
IOTA
Ripple

...in that order.
50   Booger   2017 Dec 13, 6:55pm  

Bitcoin is gambling, not investing.
51   Booger   2017 Dec 13, 6:59pm  

I wonder if the hackers and scammers are asking for less bitcoin to make up for the increased value of it.
52   BayArea   2017 Dec 13, 7:22pm  

We’ve talked Bitcoin, Ethereum, Litecoin, and Iota. Any recommendations on best way to acquire Ripple?
53   BayArea   2017 Dec 13, 7:51pm  

Is ripple available on Binance?
54   BayArea   2017 Dec 13, 8:36pm  

Newbie123 says
Yes, its on Binance. Coin XRP

Thanks just noticed it’s there.

Do you have any security concerns with Binance?

And how long are your deposits taking from coinbase/GDAX to Binance?

I’m planning to do a split between ripple and iota to add to my positions with bitcoin and litecoin
55   BayArea   2017 Dec 13, 8:49pm  

Oh, an does Bittrex offer IOTA?
56   BayArea   2017 Dec 13, 9:14pm  

You've been a big help, much appreciated.

Yes, I went through the Google Authenticator on Binance. And I also noticed that IOTA selling/transfer is disabled. That's bullshit.

I still plan to pick some IOTA up because I can't seem to get it anywhere else.

How long are you seeing the funding transfers take on Binance? I swear I'm losing so much time waiting for funds to clear, ugh.
57   BayArea   2017 Dec 13, 9:32pm  

I'll give it a try...

On Dec 7th, I transfered money from Chase into Coinbase. It's telling me that won't clear until Dec 16th, 9 days later!

Then I have to transfer that into GDAX, god knows how long that will take. Then I have to buy Bitcoin or Ether, god knows how long that will take. Then I have to transfer Bitcoin or Ether into Binance, god knows how long that will take. Then I have to exchange Bitcoin or Ether into IOTA, god knows how long that will take. Then I have to wait for the IOTA selling restriction to be raised, god knows how long that will take.

Terribly frustrating waiting for all this while you are watching the prices skyrocket lol.
58   BayArea   2017 Dec 13, 10:08pm  

Well that’s all promising. Will update this thread shortly.
59   BayArea   2017 Dec 18, 9:15pm  

Newbie,

I transferred BTC from GDAX to Binance.

Nothing showing up in Binance, no confirmation, nothing. Does this step take take for it to show up in Binance?
60   BayArea   2017 Dec 19, 10:47pm  

Thanks newbie

It cleared on Binance after 2hrs or so.

I notice that bitcoin cash is being offered on coinbase now... after the massive run-up at opening, coinbase shut down trading (been that way for last few hrs)
61   joshuatrio   2017 Dec 20, 9:54am  

BayArea says
Thanks newbie

It cleared on Binance after 2hrs or so.

I notice that bitcoin cash is being offered on coinbase now... after the massive run-up at opening, coinbase shut down trading (been that way for last few hrs)


I was trying to swap my LTC for BCH, and it wouldn't let me... BCH is going parabolic.
62   anonymous   2017 Dec 20, 11:06am  

i'm going to invest $100 in each of those 1300 coins so i can become a billionaire 10 years from now.

NOT!
63   joshuatrio   2017 Dec 20, 2:11pm  

BayArea says
I notice that bitcoin cash is being offered on coinbase now... after the massive run-up at opening, coinbase shut down trading (been that way for last few hrs)


I was finally able to trade all my LTC for BCH. So far so good. Coinbase is now working for BCH.
64   BayArea   2017 Dec 20, 11:10pm  

joshuatrio says
BayArea says
I notice that bitcoin cash is being offered on coinbase now... after the massive run-up at opening, coinbase shut down trading (been that way for last few hrs)


I was finally able to trade all my LTC for BCH. So far so good. Coinbase is now working for BCH.


Interesting... not for me

How did you “trade” the two?
65   joshuatrio   2017 Dec 21, 5:18am  

BayArea says


Interesting... not for me

How did you “trade” the two?


Sorry, not actually "trade" - sold one for the other.
66   joshuatrio   2017 Dec 21, 5:19am  

Newbie123 says

Joshuatrio, I'd say that was a good move. Charlie Lee (Litecoin founder) selling his entire stake of Litecoin is def. not a bullish sign. I sold almost all of my LTC as well. Evaluating at the moment what my next investment will be. I like Cardano quiet a bit. Seems very promising. BCH def. seems to have upside. Will be interesting how the BTC vs BCH will play out.


That was kind of my thought as well. Also, BTC has such a grip on the crypto market that BCH actually seems like it could push LTC and the other alt coins out of the market.

I'm only speculating.
67   mell   2017 Dec 21, 7:29pm  

Bitcoin going down like Broomcorn's uncle. Not surprised, as mentioned earlier it has been showing ponzi-scheme like appreciation. Lots of bagholders created at $19K-$17k. They are at the mercy of the remaining whales now.
68   mell   2017 Dec 21, 9:06pm  

Newbie123 says
hope these bagholders did not end up selling at 13k. ;) looks like we all are getting big discounts tonight.


I don't think $13k is a discount but it has recovered some to $14800 as of now, so if you can trade those swings good for you. But with the amount of time the transactions take you have to be long for a while and I don't see it going back to $20k, on what valuation fundamentals?
69   BayArea   2017 Dec 22, 7:10am  

Craaaaaaash lol
70   mell   2017 Dec 22, 7:29am  

Just because something is getting accepted everywhere doesn't increase its value 10000 fold. Same for gold or fiat currency. Think Bitcoin is here to stay but such quick large swings could have been some whales cashing out.
71   BayArea   2017 Dec 22, 8:27am  

Yes, 30%, 40% pullbacks won’t be uncommon, but people will be kicking themselves a year from now by not taking advantage of those pullbacks.
72   WatermelonUniversity   2017 Dec 22, 9:38am  

Don’t care how low. Not touching that with a ten foot pole.
73   anonymous   2017 Dec 30, 1:04pm  

FYI, use LTC for transfers from GDAX to Binance or Bittrex. I used ETH in the past and lately it’s taking forever. Just transferred some LTC over and it posted within 15 minutes!
74   anonymous   2017 Dec 30, 3:57pm  

Bitcoin bubble is over, next step is Mooncoin!
75   anonymous   2018 Jan 5, 10:45am  

anon_20dcf says
Bitcoin bubble is over, next step is Mooncoin!


Looks like bitcoin is starting another rally today. You guys should look into President Trump coin (pres). It’s up 350% over the last 24 hours.
76   joshuatrio   2018 Jan 5, 1:07pm  

I think XRP is next.

Still holding my BCH, I'm at like break even right now. Debating on whether or not to keep it.
77   BayArea   2018 Jan 5, 4:03pm  

BTC $17K
Ether flirting at $1K
Tripled my money on Ripple in just a couple weeks.

What's all the doom and gloom talk?

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