Should I buy Bitcoin?

Artashes

Artashes

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One group of people are talking about Bitcoin being the most epic bubble in history, another are confident this cryptocurrency has the capacity to go as high as $160,000-180,000 before correcting itself and stabilizing around $40,000.

It means that Bitcoin at today's price of $16,000 (and just few days after being $9,500 when my friend told me to get some) still has more than double the distance to go, according to "conservative" estimates by hyped investors.

At the same time, there are a ton of solid arguments against Bitcoin and in favour of it being a huge bubble.

What's your take on the situation? Do you own Bitcoin? When and at what price did you get in? Do you think it'll keep going up and to what degree? Or are you on the side of those thinking a crash is imminent?
 
It's more or less gambling, the more you "win" the sooner and the higher the chances your going to "lose".

As the saying goes... The house always win...

So if your going to "play" make sure you don't be the "optimistic" person that think that "ho it will keep on going up, up, up, up,....." Because eventually it won't and it could even results in a "market crash" if it goes up so much and then something hitting the fan...
 
Artashes said:
Oh no, when it comes to something as risky as cryptocurrency, even if I were to buy it, I'll be investing the amount that I am ready to lose.

This is one of the most informative articles that I have read recently about Bitcoin and the upcoming "big short" moment. It has some interesting references and intelligent arguments:
https://seekingalpha.com/article/4127443-bitcoin-big-short-moment-approaches
Click to expand...

Precisely if I were to spend 20 bucks at say the slots it's basically like investing that same 20 bucks into Bitcoins and the like.

The only different that you has to decide when and how to stop "spinning the reels". Rather than getting certain a number of times to do so.
 
There are so many people around me trading it. :)

The Reserve Bank of India had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.

Read more at:
//economictimes.indiatimes.com/articleshow/61934634.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 
Its all confusion to me , I'd rather stack up on my dollars , tens , twenties, fifties and hundreds.

I don't get it like what happens when the power goes out and you need to purchase something how will you have access to bitcoin what not. its all confusing to me my fiend is heavily into bitcoin I just don't really look into it but it seems very interesting.
 
It`s really up to you, whether you are ready to take the risks or not. Anyway, before buying BitCoins, spend a few hours to learn more info about cryptocurrencies, so you can at least understand what are you investing in.
 
Bitcoin is only 40% of the total market cap. You should not buy ONLY bitcoin as it is only one currency with its own niche.
Rather you should create a diversified portfolio based on the 10-20 biggest cryptos.
Each cryptocurrency has it's own niche and goals. For example, Dash and Monero are used for anonymity. While ethereum is used for smart contracts. Ripple will be used by banks to transfer funds internationally.
There are over 500 Cryptocurrencies out there to learn about.
So no. Buying only bitcoin is bad.
 
Artashes said:
One group of people are talking about Bitcoin being the most epic bubble in history, another are confident this cryptocurrency has the capacity to go as high as $160,000-180,000 before correcting itself and stabilizing around $40,000.

It means that Bitcoin at today's price of $16,000 (and just few days after being $9,500 when my friend told me to get some) still has more than double the distance to go, according to "conservative" estimates by hyped investors.

At the same time, there are a ton of solid arguments against Bitcoin and in favour of it being a huge bubble.

What's your take on the situation? Do you own Bitcoin? When and at what price did you get in? Do you think it'll keep going up and to what degree? Or are you on the side of those thinking a crash is imminent?
Click to expand...

So this is an interesting thread - I would agree it is a bit like the stock market to some degree.

But from my limited knowledge on this topic, from a TECH guy wanting to know more, and having friends that have already built infrastructure from the ground up whom are actively mining - whom are doing about 250.00 in revenue per day, I wanted to know if there was a way that I can "learn about" all this technology. So this comment perhaps is a bit off from if you should buy BitCoin but more towards getting your feet wet into the technology without having to dump 10 to 15 grand on infrastructure.

So there is what is known as cloud mining, and yes there are naysayers on that too. And you can find cloud mining that want a big investment up front from some of the known players of 800.00 or more.

But I found a way just to learn about what this craze is all about, so first I purchased bitcoin, litecoin, and ether from CoinBase / just 12 bucks of Bitcoin

Then I started a Bitcoin mining account using www.hashflare.io, by the way, this is not a plug for them as I have nothing to do with them other than a client, but I guess it could be a bit of a plug, but this is my story.

Transferred my 12 bucks of Bitcoin over which by the way moving funds over cost me about 15.00 bucks / and with mining my 12.00 / in about a year at this point would be worth about 50.00 but it does allow you to adjust your investment between three of top Pools, BW, Slush, and BTChina ... Anyway still learning but that is my take on how I am investing.

PS. There are other way's of funding hashflare, cheaper than the way I did it. (Oh and the 12 bucks was just for testing, but shows you can get into the tech of all this on the cheap)

Best,

Dave
 
That is actually some interesting insight, @HostCheetah

Thanks for sharing, Dave, I was also getting more curious to learn more about the mining process. Would love it if you can check in with us in a few months to tell us how the progress has been for you.
 
Artashes said:
That is actually some interesting insight, @HostCheetah

Thanks for sharing, Dave, I was also getting more curious to learn more about the mining process. Would love it if you can check in with us in a few months to tell us how the progress has been for you.
Click to expand...

Will do!

There is a lot to learn about this topic, but no doubt is interesting. Will update this thread as we learn more. Anyone else, if you have comments on investing, and/or if you are mining - pop on in!
 
To be honest I don't recommend buying mining contracts. Historically simply holding the coin was always better. With the contract, you have two limiting factors on profitability. Price and mining difficulty.
In order for the mining contract to be profitable the price of the coin has to keep up with the increasing mining difficulty.
But if increasing price is a required aspect anyways why not simply hold the coin?
Also bought like a super small mining contract for Dash and it's super disappointing, to be honest.
Best thing to do is hold a diversified Crypto portfolio of the first X biggest coins by market cap. But not too much either as no one can predict what will happen.
 
We have a neighbor at our office that has a setup a mining machine at his place. He's doing the Ethereum mining - similar to bitcoin, just a different system.

He's spent about $5k in equipment for mining and says he's doing OK. I've yet to see him pull into the office in a new car ;)

I guess he's on the watch for some new system or rig which can run with even less power but if you chain multiple together you get better processing.

Personally, I don't know enough about it. I prefer to play Craps at the casino. That, I understand!
 
bigredseo said:
We have a neighbor at our office that has a setup a mining machine at his place. He's doing the Ethereum mining - similar to bitcoin, just a different system.

He's spent about $5k in equipment for mining and says he's doing OK. I've yet to see him pull into the office in a new car ;)

I guess he's on the watch for some new system or rig which can run with even less power but if you chain multiple together you get better processing.

Personally, I don't know enough about it. I prefer to play Craps at the casino. That, I understand!
Click to expand...
just know about this, so it is better minning bitcoin or ethereum currently?
 
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