Thread: cryptocurrency

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  1. Member
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    #21
    @bassin08

    Dude, that's freaking hilarious!!!!

    I just sold my last 30 shares of COIN at $93 on the runup this last week when I was in Orlando for a corporate meeting. Phone started blowing up and I was able to login and sell all my stake. It may take off further with the buyout/investment, but I'm not doing anything with crypto.....
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  2. Member
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    #22
    Quote Originally Posted by Bassin08 View Post
    How Crypto Currency works … in layman’s terms.

    Not long ago a merchant found a lot of monkeys that lived near a Village. One day he came to the Village saying he wanted to buy these monkeys. He announced that he would buy the monkeys at $100 each.

    The Villagers thought that this man must be crazy. How can somebody buy stray monkeys at $100 each?
    Still some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey.This News spread like wildfire and people caught monkeys and sold them to the merchant.

    After a few days, the merchant announced that he will buy monkeys at $200 each.

    The lazy villagers also ran around to catch the remaining monkeys! They sold the remaining monkeys at $200 each.

    The merchant then announced that he will buy monkeys for $500 each!

    The villagers start to lose sleep! They caught 6 or 7 monkeys, which was all that was left and got $500 each. The villagers were waiting anxiously for the next announcement.

    Then the merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each! He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return. The Merchant went on holiday.

    The villagers were frantic and very sad as there were no more monkeys left for them to sell it at $1000 each as was promised by the merchant. Then the merchant’s employee contacted them and told them that he would secretly sell them some monkeys at $700 each. The news spread like wildfire. As the merchant promised on his return that he would buy monkeys at $1000 each, they would instantly achieve a $300 profit for each monkey.

    The next day The villagers queued up near the Monkey Cage. The employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys. The villagers took care of their monkeys & anxiously waited for the merchant to return! However nobody came! Then they ran to find the employee. However he was not to be found!

    The villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them!

    This Monkey Business is now known as Bitcoin! It will make a lot of people bankrupt and a very few people filthy rich in this kind of Monkey Business. Now you know how it works.
    Interesting explanation.

  3. Member
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    #23
    Quote Originally Posted by Aj14 View Post
    Interesting explanation.
    That is a really good explanation

  4. Member
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    #24
    Quote Originally Posted by Bassmaster96 View Post
    That is a really good explanation
    Just for the record, I cut and pasted that, but I too thought it was pretty much spot on.

  5. Member
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    #25

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    #26
    Quote Originally Posted by TampaJim View Post
    I’ll give you $200 for it.

  7. #27
    I wouldn't put anymore in it than you can afford to totally lose. I bought 1 bitcoin for $9500 back in 2018 with intentions of holding for 6 years until I'm 65, win, lose, or draw. My investment has ranged in value between $3,500 to $65,000, currently standing at $23,000. What my investment may be valued at in 3 more years I have no idea. I'd guess the range will be somewhere between near Zero to $100,000.

  8. Member
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    #28
    [QUOTE=TampaJim;12576426]A good litmus test ... Warren Buffett won't touch it.
    RE is good, they quit making it a long time ago. [/QUOTED

    Did you see where Buffett lost 43 billion last week.

  9. Member
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    #29
    Quote Originally Posted by Hydrasport80 View Post
    Did you see where Buffett lost 43 billion last week.
    Gotta have it to lose it. This market will take everyone's money on any particular day, week or month.
    Long term, Warren is a winner. He's not playing with crypto for a reason. And I'm in step with him on it.
    Should it gain enough ground to take from the uber wealthy, the world powers will soon end the game.

  10. Banned
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    #30
    Trump was president when I bought BTC at $750.00 so far far from any lows. The crazy price swings are all caused by people trading on leverage. XRP is a centralized token from Ripple laboratories. The creators hold a ton of coins themselves. It is just a company with a payment rail. Nothing the Bitcoin lightning network can't do. Hex is a true shitcoin. Richard Hart is a con man in my view. IF you don't understand much about crypto yet I would suggest getting a hardware wallet (ledger or Nano) buying Bitcoin and just sitting on it. Blackrock the worlds largest asset manager just opened a trading desk for institutional investors for Bitcoin. Not XRP nor Hex. Read or get the audio book " The Bitcoin standard" that will give you a good base of understanding.

  11. Banned
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    #31
    He didn't buy Amazon,Apple or Tesla either.

  12. Banned
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    #32
    Trump was president when I bought BTC at $750.00 so far far from any lows. The crazy price swings are all caused by people trading on leverage. XRP is a centralized token from Ripple laboratories. The creators hold a ton of coins themselves. It is just a company with a payment rail. Nothing the Bitcoin lightning network can't do. Hex is a true shitcoin. Richard Hart is a con man in my view. IF you don't understand much about crypto yet I would suggest getting a hardware wallet (ledger or Nano) buying Bitcoin and just sitting on it. Blackrock the worlds largest asset manager just opened a trading desk for institutional investors for Bitcoin. Not XRP nor Hex. Read or get the audio book " The Bitcoin standard" that will give you a good base of understanding.

  13. Member
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    #33
    Quote Originally Posted by tbone116 View Post
    Blackrock the worlds largest asset manager just opened a trading desk for institutional investors for Bitcoin.
    Blackrock has +$150B in assets. They're investing billions into real estate currently, rental markets.
    They didn't open a Century 21 office, they purchased housing. Notice they didn't buy Bitcoin to keep.
    Of course, they're willing to help others trade. I'm willing to do the same as well. Bananas anyone?

  14. Member
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    #34
    Quote Originally Posted by TampaJim View Post
    Couldn't be more accurate. Sure, there are folks with $ stacked deep, high and wide, but they're not common.
    My step grandfather taught me the value of saving as a teenager. And he encouraged RE investments always.
    Compound interest, passive income, tax deferment ... there are your focal points, not pumped Ponzi schemes.
    Wish I would have learned more about the tax implications of various investments. Was only told to invest in a 401K when I first started. Should have done more with Roth when that started, and individual investments that grew over time with good dividends. That said, slow and steady investments and not spending more than you make has made me very comfortable in my retirement. Just wish I would have done a few more bucket list things when I was younger and healthier.

    Diversify is not only with stocks, but different methods of saving, taking into account tax implications. IMO, taxes will only go up. Politicians only know one thing - how to spend other peoples money.

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