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Investments in cryptocurrency? thoughts

Discussion in 'Finance and Investment' started by Rxprincess96, Nov 20, 2017.

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  1. Good time to invest now?
     
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  3. ThoracicGuy

    ThoracicGuy Physician 2+ Year Member

    6,870
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    If you have money to play with, sure. As an investment for retirement? No.
     
  4. bravotwozero

    bravotwozero Chronically ambitious 10+ Year Member

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    Houston
    I've tripled the money from my initial investment in 3 months on bitcoin. But I only used enough money so that if it went down to zero, it wouldn't ruin me financially. There's strong arguments on both sides for or against cryptocurrencies...but I am of the opinion this isn't going away anytime soon, because of bitcoin's deregulated nature, and the fact that there's a limited amount in circulation. My crystal ball says more people will use bitcoin once people lose confidence in the dollar. Why will that happen? because the Chinese are now using their own currency (yuan/renminbi) instead of dollars to buy oil - the one thing that props up the dollar. This should be sending shockwaves throughout the financial world, but is by far the most underreported story of the year.

    The trillion dollar question: What happens to the value of the greenback if other countries also ditch the dollar when buying and selling oil?...
     
    QueenJames and RedoxRxn like this.
  5. Chip N Sawbones

    Chip N Sawbones Ship's Carpenter 5+ Year Member

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    62 degrees North
    At this point the only reason Bitcoin keeps going up in price is because people think it will keep going up in price. As soon as perception changes to the point where people think they will lose their money, or even if they think they'll break even by buying Bitcoin, the price is going to drop just as fast as it's risen. Basically you're betting on their being a greater fool than you at some point when you want to sell.
     
    ThoracicGuy, Reality? and sb247 like this.
  6. 68PGunner

    68PGunner 5+ Year Member

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    Sep 16, 2012

    I'm not saying that it will stop going up or will continue to go up. However, these upward moves are propelled by big money, not small Joe's off the street. The reason why Bitcoin is a very attractive alternative currency is probably due to its ability for big corrupted money aka Chinese bribe money to transfer internationally in secs w/o any governmental inspection or regulation.
     
  7. Chip N Sawbones

    Chip N Sawbones Ship's Carpenter 5+ Year Member

    1,201
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    Jan 19, 2011
    62 degrees North
    True, but practically any cryptocurrency can be used to transfer money internationally without inspection or regulation, and some do it much better than Bitcoin by having lower fees, faster transfers or greater anonymity. A $17,000 bitcoin doesn't work any better for transferring money from one place to another than 17,000 $1 bitcoins do. I initially bought bitcoin at around $350 because I could see it's value as a currency for worldwide money transfer and for facilitating the rapidly growing online markets in illegal drugs, but at this point it's nothing but a speculative bubble. I sold the last of mine today.
     
    BorntobeDO? likes this.

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