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70gto

Crypto currencies

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Not sure if this is the place but curious what the general consensus here is re crypto curencies. i know 99 percent of them out there are nonsense but there are a few that may have some potential. Not looking for which ones are better. nor am I trying to start whats better than what. Just want to see what you guys or gals think? Do they have a place in the future? Either way I plan on owning a few just because you never know. Diversification 

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11 hours ago, 70gto said:

Not sure if this is the place but curious what the general consensus here is re crypto curencies. i know 99 percent of them out there are nonsense but there are a few that may have some potential. Not looking for which ones are better. nor am I trying to start whats better than what. Just want to see what you guys or gals think? Do they have a place in the future? Either way I plan on owning a few just because you never know. Diversification 

Merely a medium of exchange; worth only what someone else is willing to give you in exchange to possess it. 

Lacks the backing of hard assets (such as gold/silver/other precious metals) or the "full faith and credit" of a nation/state, such as what currently backs the US dollar.  

I look at bitcoin and its ilk as the 21st century version of tulip mania in the 1600's.  If you don't know what I am talking about, read:

  https://en.wikipedia.org/wiki/Tulip_mania

 

 

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14 minutes ago, W2MC said:

Merely a medium of exchange; worth only what someone else is willing to give you in exchange to possess it. 

Lacks the backing of hard assets (such as gold/silver/other precious metals) or the "full faith and credit" of a nation/state, such as what currently backs the US dollar.  

I look at bitcoin and its ilk as the 21st century version of tulip mania in the 1600's.  If you don't know what I am talking about, read:

  https://en.wikipedia.org/wiki/Tulip_mania

 

 

yup very well ware of that.

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1 hour ago, W2MC said:

Merely a medium of exchange; worth only what someone else is willing to give you in exchange to possess it. 

Lacks the backing of hard assets (such as gold/silver/other precious metals) or the "full faith and credit" of a nation/state, such as what currently backs the US dollar.  

 

3 hours ago, gleninjersey said:

Only put in, because I can't call it investing, what you are willing to and can afford to lose.  

Pure speculation IMHO. 

These two are correct. True speculation NOT based on anything but emotion.

Invest what you're totally willing to lose, then you won't have any expectations.

If you're unsure, go ask the people who "invested" at the end of last year how they feel now:

 

bitcoin.jpg

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15 hours ago, 70gto said:

Not sure if this is the place but curious what the general consensus here is re crypto curencies. i know 99 percent of them out there are nonsense but there are a few that may have some potential. Not looking for which ones are better. nor am I trying to start whats better than what. Just want to see what you guys or gals think? Do they have a place in the future? Either way I plan on owning a few just because you never know. Diversification 

They are all shit. 

There's no inherent value, and they all have capitalizations so small they can easily be manipulated by a LARGE number of investment firms/banks with the will to do so. They have already clearly and demonstrably been manipulated by the businesses that turn crypto into actually usable cash. 

Last time this came around when bitcoin was up over $9000 a coin, I said the same thing and was shouted down that the potential upside effectively demanded investment. The downside has been pretty rough, and there's nothing changing in the near future. 

So unless you have a line on which way, and how the manipulators are going to manipulate, stay away is my opinion. 

As a long term investment, even if you know that, stay away. Even if crypto has a future, there are so many fundamental problems with the current incarnation that version 2.0 will come along and seriously disrupt the market. 

 

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last paragraph was interesting. there is always generally a 2.0 of everything worth doing.  I didnt know this was discussed previously, next time i will do a search.. I understand the risk, just waiting for a bigger downturn of it comes, then a couple bucks in for the long haul. thinking 5 years or so. interesting that some larger players have entered the market, but I suppose if Shit on a stick were a tradable commodity and money could be made then I dont blame some for taking a chance. 

If this subject has been beaten to death before, mods feel free to shut it down. thoughts change over time, just trying to get a general feel to what a cross section think.

Full disclosure I been dabbling for over a year now, won and lost some.

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Mj in the canadian sector? I think has good growth potential. I don't daytrade stocks anymore. Got my ass handed to me in 1997 to 1999. Expensive and hard lesson. But I do know several people that have been killing it in that sector . There is a good youtuber called the chart guys they are heavy traders in that sector as well as crypto They dont give advise they give set ups to look for and try to teach you what the charts mean. Charting is not a crystal ball it's just about reading charts and gives you probability  thats all  Day trading you either have to well educated and know what your doing or lucky but luck runs out quick.  Learn all you can on trading or just dont do it. If you feel good about a certain sector than consider investing only after you educate yourself you dont want to out money in at what could be at or near a top. Just my hard learned lessons. Dollar cost averaging also a consideration. Of course this is not financial advise.

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Gold is down right now...as is silver.  Upside is good; and it will never be worthless.
 
Silver is too easily manipulated. Platinum I feel has the most upside the price is lower than both Gold and Palladium.

Sent from my XT1585 using Tapatalk

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52 minutes ago, W2MC said:

Gold is down right now...as is silver.  Upside is good; and it will never be worthless.

 

Yes, its been creeping a few dollars and cents here and there. Picked some up on the dip last week. If things in the market get really hairy, I see an upswing initially followed by downwards because if the market really really tanks as in 2008 style,  people (average joe) will sell to make ends meet, and then back up hard. just my humble two cents. Then again If I knew for sure id be rich so. No you cant eat it I get it but it has its place along with lead rice and beans. all do different things

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13 minutes ago, Sniper22 said:

But you can't eat either one, plus, if times get tough, who you going to sell to?

 

What does bitcoin taste like?

If you're already speculating....might as well be something with intrinsic value.

Besides.....we all already are investing in firearms...something that has additional value for when "times get tough"...

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15 minutes ago, Sniper22 said:

But you can't eat either one, plus, if times get tough, who you going to sell to?

 

Well, they are both pretty dense and easy to melt, so if you run out of lead you can keep casting bullets awhile longer...

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2 minutes ago, W2MC said:

What does bitcoin taste like?

If you're already speculating....might as well be something with intrinsic value

Intrinsic value, how about this for an investment (lead and brass)?: It has great utility value, right? :)

 

House.committee.Obama_.lead_.ammo_.memo_

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22 minutes ago, 70gto said:

Yes, its been creeping a few dollars and cents here and there. Picked some up on the dip last week.

I've also bought some silver during a few of the dips, not sure why, don't think I'll ever do anything with it. It does look nice and shiny and makes a great paper weight though...

23 minutes ago, 70gto said:

I see an upswing initially followed by downwards because if the market really really tanks as in 2008 style,  people (average joe) will sell to make ends meet, and then back up hard.

Possibly, but when the market (and other financial areas) tanks soon (which will be worse than 2008), I'm not sure even in that situation where PMs can be off loaded.

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It depends on what scenario is front of us. Mad maxx type stuff, (I dont think very likely to happen)- then nothing matters but food skills and lead/ really bad bear market even for a few years. More likely scenario. its a good chance you can make a few bucks on your buy.  in 1979 I saw my dad cash in his junk silver and buy our house, it hit 50 an ounce back then, it did again in 2011. say it does same from today's price you got 300 percent on your money . back then there were buyers for PMs at that price. There are a few pieces I collect for my kids, that I would not sell but the rest is just like any other investment. Don't fall in love with it, it could just be a means to end. either way I agree with you , we could be in for a ride much worse than 2008, I hope for my kids sake it isnt, its just insurance I hope to never use.

My father in law is Italian but lived and had has family in Argentina. I  know its different economy from Us  but just an example. Their currency hit the skids twice in 10 years. People would cash their checks and run to the store supermarket and as you shopped the price went up by the time you hit the register. The few that had pm's fared much better. In fact they made it illegal or impossible to obtain Pms as a way around their currency shortly after the second crash. In Venezuela for example silver got you food, paper didnt mean crap. just saying. Huge black market developed for pms even the US dollar as you couldnt get them. Smart big money, the guys in the know will always make their moves before we even get a hint, we just hope to catch a couple crumbs they drop along the way. 

If you own some hedge like metals for example you are ahead of 95 percent of folks out there. When the average guy figures out whats what, its too late. Dealer premiums will be through the roof if any available, so that leaves you that they can buy from.  The window to sell may be relatively short is my guess. Same with firearms and ammo, when you should have got some was way back when you could, not when you are under threat of ban or unavailability etc.  Money moves always looking for yield.  the stock market is high because not many alternatives out there and the people have been conditioned to invest there.

I hope to GOD im wrong and just have some shiny metal etc, that my kids can look at but I think im more right than wrong here. I have homeowners in case my house burns down but I hope to never use it. 

Btw I like a good natured discussion nobody gets their feeling hurt and some ideas I didnt think about come out. 

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40 minutes ago, 70gto said:

Money moves always looking for yield.  the stock market is high because not many alternatives out there and the people have been conditioned to invest there.

I hope to GOD im wrong and just have some shiny metal etc, that my kids can look at but I think im more right than wrong here. I have homeowners in case my house burns down but I hope to never use it. 

I agree with all that you wrote. I'm thinking right now the same thing, the PMs will be something the kids can play with when I'm gone. Hope it doesn't get to a point that they will make a difference in my finances while I'm here, but without a crystal ball, who knows...

There's a lot riding in the stock market now, specially with retirees, searching for yield. Hopefully they don't get spanked too bad in the next meltdown. Diversification is the key, I've tried to spread everything out as much as possible, so not to take too bad of a hit in any one area.

My son jumped into Crypto in the beginning of the year and was telling me to get on the wagon too. I didn't, and now he's down a good chunk.... I tried to warn him... kids...

 

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On 10/15/2018 at 2:54 PM, 70gto said:

din

You would be better off trying to follow the blockchain technology companies, that is where the value is to investors.  The development, management and deployment of this service to existing companies could be the next big wave.  It's still kind of hard for me to follow so I wont invest yet.

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