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Thread: Cryptocurrency

  1. #1
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    Default Cryptocurrency

    Any of you get into any cryptocurrencies like Bitcoin, etc..???

    I'm not sure why I'm wasting my time farming. Over the past few months I've been putting some spare change into a different currencies. So far my returns are approaching 200%. Too good to be true, I know. It's a bubble and it's going to burst. But I've been researching the non-bitcoin currencies and there are a few that I like that could eventually survive and thrive after the bubble bursts. Of course I'm only putting in money that I can afford to lose.

    XRP - This one was created by a company called Ripple. They actually have a good use case. A lot of these cryptocurrencies are looking to displace the international banking system but Ripple is actually working with banks. Faster and cheaper settlements is what XRP will facilitate. I truly believe this company has something going here. They just announced a partnership with American Express not too long ago. I bought in at $0.24 and it's now pushing $0.70. It's on a crazy bull run right now.

    XLM - This is supposed to be a competitor to XRP. I think XRP is well ahead of them but as a bit of a hedge, I picked some up at $0.03. Currently trading at $0.14 so I've made a nice tidy profit there.

    LTC- Litecoin. Bitcoin is an energy hog and transaction fees are going through the roof along with its price. Litecoin addresses most of these issues and is gaining a lot of steam. I bought in at $78 and after surging to $350 its trading a little below $300 right now. Probably the easiest one to buy. I also like the guy behind Litecoin.

    No doubt that a lot of people will end up losing money in crypto but I'm thinking there are some decent ones that have use case long term. I strongly believe cryptocurrency is here to stay, it's a matter of which ones will survive the bubble popping. Bitcoin is the hot name but I think eventually it will be kind of like MySpace. Eventually other better coins will pass it.

  2. #2
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    I'm not invested but have also been watching it all very closely. I agree that there is a bubble... it's just a matter of when it bursts and how far down it goes compared with when one got into a given selection
    DiederichFarm
    "You are only as good as your next success, not your last" Sir Jock Stirrup

  3. #3

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    The same thing happened in the metals market a few years ago, it went way, way up, and then way, way down.

  4. #4
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    The way I see it, most of the cryptocoins out there now will end up dying off and fading away. But I think this whole concept is going to change the way we think about value and money. There are some that think this will turn the whole financial system upside down. I don't agree with that. The powers that be would never let that happen. But when you get into things like smart contracts (I hate how everything gets called 'smart' this or that, but I digress), you can start to see how crypto will change things.

    To put a dairy spin on things, imagine this highly speculative futuristic scenario:

    Instead of having contracts with processors or belonging to coops that market our milk, milk is bought and sold on the blockchain using smart contracts. Got a load of milk ready to go? An autonomously driven milk tanker semi (electric of course) drives it to whatever is deemed the most efficient place to go with it, based on distance and price offered or other factors built into the smart contract. Payment could be instant. And you can apply this concept to any commodity.

    Sounds far fetched, yes. But you get my drift. These kinds of ideas are where a lot of these coins are trying to go. I think the word 'currency' gets people pigeonholed into thinking it'd be like going to the local watering hole and buying a round with bitcoin. Yeah, that is one use case. But when you can go beyond that one example you start to realize the potential uses and efficiencies this type of technology could bring.

  5. #5
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    I watched a bit on cryptocurrency on tv during lunch. They were saying that a bitcoin miner uses 9 times the electricity as one average house does during a 24 hr Period. They also had a figure on the communicate networks not being able to process a fraction of the estimated transactions. I don't understand the whole concept anyway seems like a pyramid scheme to me. What's the point in buying or selling/building miner? If it was profitable to operate wouldn't the manufacturer just use it? When buying bitcoin are you buying the actual currency or buying into the concept?

    I'd rather just milk and feed my cows and not watch my pay price fall in January

  6. #6
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    Quote Originally Posted by cpridge View Post
    I watched a bit on cryptocurrency on tv during lunch. They were saying that a bitcoin miner uses 9 times the electricity as one average house does during a 24 hr Period. They also had a figure on the communicate networks not being able to process a fraction of the estimated transactions. I don't understand the whole concept anyway seems like a pyramid scheme to me. What's the point in buying or selling/building miner? If it was profitable to operate wouldn't the manufacturer just use it? When buying bitcoin are you buying the actual currency or buying into the concept?

    I'd rather just milk and feed my cows and not watch my pay price fall in January
    The things you mention with Bitcoin are good reasons why I'm not big on it long term. With a coin like XRP, there is no mining. I don't totally get the whole mining process. All I know is that mining Bitcoin is an energy hog.

    When you buy bitcoin, you own the currency. At least when you pull it off an exchange and store it. If you leave it on an exchange, it's more or less an IOU until you withdraw it.

  7. #7
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    Kinda like amway. Lol. If it's too good to be true it probably is. Idk. I get the feel it's trying to be a hopped up version of pay pal visa MasterCard etc. it has to translate back to a denomination of a dollar or euro or what have you.unless the dollar or other currencies dissipate, then were all screwed anyway! Until northwest dairy assciation starts paying me in bitcoin I'm not interested. One really great read on finance stated "don't trade outside of a currency".

  8. #8
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    I bought $100 worth of bitcoin and $50 of Ethereum a couple weeks ago. Mostly so I can be a part of the fun.
    My bro was telling me to buy Litecoin at the time. If I had I'd be up almost 400%. Oh well. I'm up 36% on bitcoin and 57% on ETH presently.
    -Andrew Kern, Kerncrest LLC
    https://www.facebook.com/Kerncrest

  9. #9
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    I think cryptocurrencies are here to stay. I doubt the current big ones will remain there though. Bitcoin will be replaced eventually as the frontrunner.

    A better investment might be a portfolio of cryptocurrencies.
    -Andrew Kern, Kerncrest LLC
    https://www.facebook.com/Kerncrest

  10. #10
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    Quote Originally Posted by ElJefe View Post
    Any of you get into any cryptocurrencies like Bitcoin, etc..???

    I'm not sure why I'm wasting my time farming. Over the past few months I've been putting some spare change into a different currencies. So far my returns are approaching 200%. Too good to be true, I know. It's a bubble and it's going to burst. But I've been researching the non-bitcoin currencies and there are a few that I like that could eventually survive and thrive after the bubble bursts. Of course I'm only putting in money that I can afford to lose.

    XRP - This one was created by a company called Ripple. They actually have a good use case. A lot of these cryptocurrencies are looking to displace the international banking system but Ripple is actually working with banks. Faster and cheaper settlements is what XRP will facilitate. I truly believe this company has something going here. They just announced a partnership with American Express not too long ago. I bought in at $0.24 and it's now pushing $0.70. It's on a crazy bull run right now.

    XLM - This is supposed to be a competitor to XRP. I think XRP is well ahead of them but as a bit of a hedge, I picked some up at $0.03. Currently trading at $0.14 so I've made a nice tidy profit there.

    LTC- Litecoin. Bitcoin is an energy hog and transaction fees are going through the roof along with its price. Litecoin addresses most of these issues and is gaining a lot of steam. I bought in at $78 and after surging to $350 its trading a little below $300 right now. Probably the easiest one to buy. I also like the guy behind Litecoin.

    No doubt that a lot of people will end up losing money in crypto but I'm thinking there are some decent ones that have use case long term. I strongly believe cryptocurrency is here to stay, it's a matter of which ones will survive the bubble popping. Bitcoin is the hot name but I think eventually it will be kind of like MySpace. Eventually other better coins will pass it.
    Interesting thread . I also sometimes wonder why I am wasting my time farming but I'm not really up to speed on crypto currencies and all the ins and outs etc . My focus has been residential property of late as it's something I can understand and control.

    I get the changes coming with robotics and automation and the disruption that's likely to bring to the jobs market . It's going to get tougher for the low skilled .
    "Those people who say they have no time for bodily exercise will soon have to find time for illness ". Joseph Pilates

  11. #11
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    Quote Originally Posted by ElJefe View Post

    XRP - This one was created by a company called Ripple. They actually have a good use case. A lot of these cryptocurrencies are looking to displace the international banking system but Ripple is actually working with banks. Faster and cheaper settlements is what XRP will facilitate. I truly believe this company has something going here. They just announced a partnership with American Express not too long ago. I bought in at $0.24 and it's now pushing $0.70. It's on a crazy bull run right now.
    And we crossed $2.00 today. Currently debating what color Lamborghini I'll buy.

  12. #12
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    Hello everyone, long time no speak - finally come up to breath!

    Quote Originally Posted by ElJefe View Post
    Any of you get into any cryptocurrencies like Bitcoin, etc..???
    The backbone is more of interest to me in how infrastructure such as blockchain can disrupt markets, especially utilised in agtech for reducing transaction costs, increasing speed of payment and increasing transparency.

    Nonetheless, I invested in bitcoin for a bit of fun in mid 2016 and today WOOOAH!!!

  13. #13
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    Quote Originally Posted by freddobonanza View Post
    Hello everyone, long time no speak - finally come up to breath!


    The backbone is more of interest to me in how infrastructure such as blockchain can disrupt markets, especially utilised in agtech for reducing transaction costs, increasing speed of payment and increasing transparency.

    Nonetheless, I invested in bitcoin for a bit of fun in mid 2016 and today WOOOAH!!!
    I was given 3 bitcoin from a person on reddit when it first came out and some of the miners were trying to promote how easy it was to make a transaction.

    I honestly don't know what to do with it.

  14. #14
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    Quote Originally Posted by Ford 401 View Post
    I was given 3 bitcoin from a person on reddit when it first came out and some of the miners were trying to promote how easy it was to make a transaction.

    I honestly don't know what to do with it.
    Seriously?!? If I were you, I'd liquidate now. Google says the value is 14k per coin.

  15. #15
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    Liquidating will put the screws to me on taxes, student loan payments, and health insurance.

    Taxes I can handle, but student loans make the jump from 200 to 650/month and insurance from poor person 225 a month to 399...All according to the tax guy.

    He said I shouldn't reinvest to other coins either because of some 'like kind' tax I'd get whacked with.

    Not really the forum for financial advise but I don't know what the smart option is...

  16. #16
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    If you don't want to liquidate, either let it ride or spread it out into some other currencies.

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