bitcoin anybody? Anyone else trying to pay for Med school with crypto investments?

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fishyscent

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Just trying to see if the Med/premed community has caught the Bitcoin/Ethereum bug like me. Hoping to pay for some tuition costs with the investments.
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I know some dental students at my school who invested early and are now making bank (ie they bought their own houses, put their parents into retirement, and aren't taking loans out to pay for dental school)
 
This bubble's still got a long way to go before it pops.
 
I was just thinking about this today, but I'd have to read up more on it before I jump in. I don't have much extra cash going around, but I do know a few people who've done it and have only seen their investments go up. Maybe I'll throw some $$ from my tax return in just to test the waters, it couldn't hurt.
 
dogecoin.jpg
 
I was heavily interested in getting some bitcoin back at 3k per coin but didn't because I didn't feel comfortable with the transaction due to the privacy issues some places have when converting. Kicking myself in the A** for it now
 
I liked bitcoin back when it wasn't a get rich quick scheme. People are now pumping it up and going YOLO without understanding the underlying technology and the creators' vision to create a border-less decentralized monetary system.
 
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Definitely lots of speculation going on. I have been interested For a while now but always got scared and exited too early, often for losses. This time I’m going long and just forgetting about the week/month fluctuations. I think the fundamental tech is there, particularly in ethereum, so it’s just a matter of working the kinks out long term and obviously public adoption. I feel bad speculating but I wouldn’t be surprised to see ETH over 1k this next year. Would certainly help with the whole 200k debt in my not-too-distant future
 
I'd say that if you have any money in it, you need to think hard about getting it out.

Bubbles don't send out a lot of warning before they pop. It isn't like there is going to be a notice that says, cool... get out now, and you'll be ahead. When the bottom drops out, it is going to fall far and fast. And there will be so much wailing and gnashing of teeth and people talking about "how could we have known! It is so unfair! Our faerie gold turned to dust just like that!"
 
If I paid my entire tuition in full with bitcoin when I started med school, it would have cost 500 bitcoin. Today it would cost 16 bitcoin. That sounds cool and all, but also ridiculous. The inflation is crazy. None of these cryptocurrencies are asset backed and they have a limited supply, so of course once it became popular the value skyrocketed. Good for those who were in early and cashed out, but I'm happy with entering a career where even the lowest paid PCP still makes 2-3x the median family income in this country.
 
I invested in several different cryptocurrencies. I only invested the amount that I can realistically lose without major consequences to my financial stability in case it is a bubble. But so far so good - almost every crypto I have is now worth more than when I bought them.
 
When would you get out if you originally just got in to see what happens and what if it went way up? ex if you had 3 bitcoins bought at 100 each.
 
fishyscent said:
Definitely lots of speculation going on. I have been interested For a while now but always got scared and exited too early, often for losses. This time I’m going long and just forgetting about the week/month fluctuations. I think the fundamental tech is there, particularly in ethereum, so it’s just a matter of working the kinks out long term and obviously public adoption. I feel bad speculating but I wouldn’t be surprised to see ETH over 1k this next year. Would certainly help with the whole 200k debt in my not-too-distant future
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The problem is I don't think it will ever be adopted publicly. Half the appeal of bitcoin is that it is an anonymous currency with no banks. This causes it to be impossible to regulate, so no country will want any part of it. It'll stick around as a black market type of currency but that's its ceiling based on my research. The bubble is gonna pop hard and fast and since servers get overwhelmed regularly and crash with people trying to make transactions one won't be able to get out when you want to, which could make you lose big time. I may be wrong but it has all the signs of a huge bubble that people are gonna lose big one. It surged today but it wouldn't be the first time brokers got a little overzealous with other people's money...
 
Chibucks15 said:
The problem is I don't think it will ever be adopted publicly. Half the appeal of bitcoin is that it is an anonymous currency with no banks. This causes it to be impossible to regulate, so no country will want any part of it. It'll stick around as a black market type of currency but that's its ceiling based on my research. The bubble is gonna pop hard and fast and since servers get overwhelmed regularly and crash with people trying to make transactions one won't be able to get out when you want to, which could make you lose big time. I may be wrong but it has all the signs of a huge bubble that people are gonna lose big one. It surged today but it wouldn't be the first time brokers got a little overzealous with other people's money...
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Some banks have already signed with cryptocurrencies. Amex recently signed a deal with Ripple, and there are others that I cannot recall off the top of my head (not US banks though). In Japan they are about to install actual ATM's for Cardano. Many major businesses accept BitCoin and some other cryptos for payments (for example Microsoft, overstock, etc).
 
Jaxey said:
Some banks have already signed with cryptocurrencies. Amex recently signed a deal with Ripple, and there are others that I cannot recall off the top of my head (not US banks though). In Japan they are about to install actual ATM's for Cardano. Many major businesses accept BitCoin and some other cryptos for payments (for example Microsoft, overstock, etc).
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it used to be all talk but now it's really exploding. its hard to ignore
are we getting on the train or not?
 
Jaxey said:
Some banks have already signed with cryptocurrencies. Amex recently signed a deal with Ripple, and there are others that I cannot recall off the top of my head (not US banks though). In Japan they are about to install actual ATM's for Cardano. Many major businesses accept BitCoin and some other cryptos for payments (for example Microsoft, overstock, etc).
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Well I stand corrected haha medical school has really prevented too much in depth research but I was talking to my fiancees dad whose in the finance world and he said he's been burned by bubbles that feel all too much like this. So best of luck to you though
 
CyrusHabs7695 said:
If we all wouldve just invested $20 in 2010........what could have been *crying*


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Its not too late for some other currencies. I invested in LiteCoin 2 days ago when it was only $98/coin. It is right now at $196. There are other currencies that may be following (XRP, ADA, and others) that are in the pennies per coin. When I invested in MIOTA a few weeks ago it was less than $1/coin. Now its at almost $4.

Its like gambling but with much better odds (at least for now).
 
Jaxey said:
Its not too late for some other currencies. I invested in LiteCoin 2 days ago when it was only $98/coin. It is right now at $196. There are other currencies that may be following (XRP, ADA, and others) that are in the pennies per coin. When I invested in MIOTA a few weeks ago it was less than $1/coin. Now its at almost $4.

Its like gambling but with much better odds (at least for now).
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I was actually reading about XRP the other day and it seemed pretty promising. Any opinions on that one? And which wallet/site do you recommend?


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CyrusHabs7695 said:
I was actually reading about XRP the other day and it seemed pretty promising. Any opinions on that one? And which wallet/site do you recommend?


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I have a couple hundred XRP right now. I think its promising. Amex, Bank of America, and like 12 other international banks have signed with them. Japans largest banks have also partnered up with them. As far as I know, you cannot get XRP directly for USD. I bought Bitcoin and then transferred that to CEX.IO to purchase XRP. Also, read up on wallets. Its a bit different with XRP if you want to remove it off the exchange. It costs 20XRP to reserve a wallet, so make sure you decide how you want to store your crypto before actually taking it off.
 
Jaxey said:
I have a couple hundred XRP right now. I think its promising. Amex, Bank of America, and like 12 other international banks have signed with them. Japans largest banks have also partnered up with them. As far as I know, you cannot get XRP directly for USD. I bought Bitcoin and then transferred that to CEX.IO to purchase XRP. Also, read up on wallets. Its a bit different with XRP if you want to remove it off the exchange. It costs 20XRP to reserve a wallet, so make sure you decide how you want to store your crypto before actually taking it off.
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Cool to know this community is into this as well. I really think 2018s going to be the year of crypto.

Regarding the wallet situation, I heard an interesting perspective - it can actually be riskier to keep money in a personal wallet compared to coinbase etc. the thought being that they obviously invest way more in security and have more skin in the game for keeping things safe. Definitely putting faith in an external player but if you aren’t a crypto expert it can be a better/more secure option.
 
fishyscent said:
Cool to know this community is into this as well. I really think 2018s going to be the year of crypto.

Regarding the wallet situation, I heard an interesting perspective - it can actually be riskier to keep money in a personal wallet compared to coinbase etc. the thought being that they obviously invest way more in security and have more skin in the game for keeping things safe. Definitely putting faith in an external player but if you aren’t a crypto expert it can be a better/more secure option.
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Yeah, I currently am keeping all my currencies on the exchanges. However, I will be getting offline hardware wallet soon. If cryptos continue to increase in value as they have been then I want to keep them as secure as possible (offline and inaccessible to hackers). Exchanges definitely invest a lot in security; yet, there are frequent news about them being hacked too.
 
Jaxey said:
(for example Microsoft, overstock, etc).
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Literally the only two major businesses that accept bitcoin.

Never really got into it.
Doesn't seem to be a great currency. The complete lack of consumer protection and regulation make it significantly less attractive than credit/debit cards.

Some people are going to get rich and some people are going to go broke, but nobody is going to use it to actually buy anything.
 
pstrick said:
Literally the only two major businesses that accept bitcoin.

Never really got into it.
Doesn't seem to be a great currency. The complete lack of consumer protection and regulation make it significantly less attractive than credit/debit cards.

Some people are going to get rich and some people are going to go broke, but nobody is going to use it to actually buy anything.
Click to expand...

The only two major businesses? The list grows by day, and I was just lazy to name more than two. But try Tesla, Virgin, wordpress, Dish network, Intuit, PayPal. I am sure there are much more than just these.
 
Jaxey said:
The only two major businesses? The list grows by day, and I was just lazy to name more than two. But try Tesla, Virgin, wordpress, Dish network, Intuit, PayPal. I am sure there are much more than just these.
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w/e
 
lol i don't see why people are trying to discount the bitcoin craze. I invested couple days ago, and i'm already up 10%. Makes me wish i put money into this earlier this summer instead of paying for secondaries for these schools that are giving silent rejections lol. I could be 10x richer right now.
 
djtallahassee said:
@Jaxey offline wallets are a thing? Whats the TLDR
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Yeah. Offline wallets or "cold wallets" can be either hardware of paper wallets. I do not know too much about paper wallets, but I read that you essentially print out your private keys on the paper and then can store them offline. Hardware wallets are devices that look like USB sticks that you load your crypto on. Both ways allow for your coins to bee securely offline where nobody can hack into. Other options are so called "hot wallets" that either keep your cryptocurrencies on the exchange, or put them on the software wallets (these come either as cloud based or device based). Hot wallets are easy to use, but since they are connected to the internet they are not as secure.

Apologies if any of this is not 100% accurate. I have been trading cryptocurrencies for only about past 3 weeks. I have already made a decent amount of money, but I am obviously no expert. Just hours and hours of reading about them. As a premed during the gap year I have had too much time on my hands lol
 
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