Bitcoin

[Joep]

Anyone else involved in the Bitcoin market? I myself have been involved for 5 years now and made some decent money from it. As of now the market has been floating around the price of $3500 for the past month or so and it seems like many have abandoned it and quickly lost hope. I think there’s still great potential for it and I still think it can be a profitable financial prospect. Leave your thought on the current market below.

 

OR if you don’t know about any of this, leave a question for me in this thread and I could answer it. If you are interested about investing PM me and I’ll be honest about whatever questions you may ask.

 

 

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[DailyDi]

I was in, but cashed out a while back. Made a couple thousand dollars.

[Diapered Jason]

Right now, I believe the market to be too volatile now and I am not sure if the currency is going to make it. Of course, I had mostly index funds, so I took a hit in December, but I'll recover. Going to diversify next by buying pharmaceuticals or something like that.

[BBoy]

Bitcoin is unregulated which (to me) makes it too risky.  We believe that Bitcoin is working for the common good of everyone, when in fact its just another company and will act like most companies. 

Sort of like Facebook. They are unregulated and tell people that the company is working in your best interest. At the same time their selling your data and allowing others (aka Russians) to manipulate the platform while they  just stuck its head in the ground. 

[Firefly 35]

Bitcoin is more like Mastodon than facebook.  Anyone with a powerful enough computer can mine bitcoin, and anyone can "buy" bitcoin with a different currency.  It was designed that way to prevent any one person or company from owning or controlling all of it.

[MegaChar]

Never did understand what it was. Well im currently investing in precious metals praying that hyperinflation happens so I become the next millionaire. Will move to other mediums to keep my assets liquid.

[littleTomás]

On 2/11/2019 at 12:52 PM, Joep said:

if you don’t know about any of this, leave a question for me in this thread and I could answer it. If you are interested about investing PM me and I’ll be honest about whatever questions you may ask.

What in the world is "mining bitcoin"? I don't understand how someone can run a computer and somehow get bitcoin. Also what regulates the supply of bitcoin. Standard currencies have Central Banks that regulate the market. If there's no "central bank" then what prevents there from being too much Bitcoin or not enough Bitcoin? Or does it behave purely as a speculative asset so it doesn't matter much if the market is volatile and prices fluctuate rapidly?

[Firefly 35]

On 3/29/2019 at 1:44 AM, littleTomás said:

What in the world is "mining bitcoin"? I don't understand how someone can run a computer and somehow get bitcoin.

Basically "mining bitcoin" is processing transactions for other bitcoin users.  In exchange for doing so, you get a certain amount of bitcoin to keep for yourself.  DailyDi would know more about this than I would.

On 3/29/2019 at 1:44 AM, littleTomás said:

Also what regulates the supply of bitcoin. Standard currencies have Central Banks that regulate the market. If there's no "central bank" then what prevents there from being too much Bitcoin or not enough Bitcoin? Or does it behave purely as a speculative asset so it doesn't matter much if the market is volatile and prices fluctuate rapidly?

Bitcoin is intended to be very unregulated, so that no one person or agency could control all of it.  Also the price is VERY volatile because of that.

[littleTomás]

On 3/30/2019 at 3:45 AM, Firefly 35 said:

Basically "mining bitcoin" is processing transactions for other bitcoin users.  In exchange for doing so, you get a certain amount of bitcoin to keep for yourself.  DailyDi would know more about this than I would.

Bitcoin is intended to be very unregulated, so that no one person or agency could control all of it.  Also the price is VERY volatile because of that.

Thank you. Now I actually understand the news articles I've read about bitcoin.

[Bettypooh]

Its an interesting concept with a special potential- it could become a "standard" when the next world-wide depression and banking upheaval comes along. In that scenario ONLY something beyond political influence can hold a firm value. I think that as an E-currency it will dominate the others simply because it's better established. But a an investment, well risky isn't a strong enough word except for those who got in early while it was cheap.

Bettypooh