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Bitcoin

creepycrawly said:
I am a little fuzzy on the details, but bitcoins aren't backed by anything so in order to withdraw, someone has to be willing to take them and give you their capital in exchange for your bitcoins. Maybe what that looks like is a 3rd party site doing it, but the theory is still the same.
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I look at it like stocks. You can hold all you want but if you want to cash out, there needs to be a buyer with real money.
 
Coinbase wallet is by far the most commonly used. I have sold and made a withdraw from it a few times with no problems. Selling bitcoin or xrp right now is not a problem due to the popularity to it. The problem you run into is the high volumes of trades makes the price change fast and when you want to sale it may decline because the price has changed while selling it.
 
Don't just look at Bitcoin, look at some of the other currencies with finite quantities like LTC (Litecoin) and ETH (Ethereum).

LTC is from a US based miner and was sitting at $130 5 days ago, thankfully I bought $5k worth and now it's at $289 or so. The biggest concern is that the US government will start the regulate the currency and that's when there will likely be a burst. However, I'd rather lose 50% in value on $300 than 50% in value on $16000. I still keep a majority of my nonliquids in mutuals or stable Fortune 500s.

The success of Bitcoin will trickle down to some of the other cryptocurrencies. Remember a "bitcoin" is nothing more than an algorithm that is stored in a blockchain (digital ledger). Also, don't dump your money into some foreign currency exchange so that crazy North Korean fella can steal it, then you'll be funding his missile program.

There is risk in all investments I guess :fish:
 
MattB said:
Bitcoin is becoming more and more legit to the big wheels with the big money. It went on the CBOE (Chicago board of exchange) for futures trading and has more contracts than expected. It is not being used for the intended purpose however but rather as an investment. That's what's throwing everyone off. The intended purpose was where money could be moved from one person to another or to a business for goods quicker and easier cutting out the bank middle man. Now people are buying and selling it like baseball cards. It's only worth what another person is willing to pay for it. When Bitcoin hit the CBOE it appears that normal people that have been investing in it are waiting to see what happens with it and are now investing in the ALTCOINS like LITECOIN, ETHEREUM AND RIPPLE XRP, driving the prices up on them. So that's where my play money is going right now and I'm going ride this bubble until it burst. If you would have put 5K on XRP yesterday evening, this morning when you got up this morning you would have made 2 grand!
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You're right on the money, man.
 
Re: Re: Bitcoin

blacksheep10 said:
Well, you like dealing in Fiat currency. You get your money after tax. What did Al Capone go to prison for?
What if I wanted to tell the IRS to **** off, how do I get paid in an untraceable currency. PP and others transfer fiat currency.
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So yer saying there is a currency that is transferred on the interwebs and it's not traceable? Kelly you are way smarter than me, I know that. But that just doesn't sound right to me molaugh
 
Re:

Dave Ramsey on Bitcoin.

"No stability, no predictability, no trust, and it's volatile."

http://youtu.be/EMUOh1YdKQI

Sent from my SM-G930V using Tapatalk
 
Thought this was funny...

75e5122063731e5a2c81f9f026b1f593.jpg
 
I got cold feet. Seems like a scam. Really don't want to share that much info and no guarantee you will ever get cashed out
 
Re: Re: Bitcoin

whiskeymakin said:
I got cold feet. Seems like a scam. Really don't want to share that much info and no guarantee you will ever get cashed out
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Your personal info is available to anyone who has the means to look it up. You can buy today and cash out tomorrow. I played with it before I put it there to stay. I will say this I'm really questioning not keeping the bit coins I had instead of converting to xrp. I could have made a decent time off what I paid vs what I could sell for. But either way worst case I will only be out the money I put in. If they still my name etc they not getting much. And like I said it's all ready out there if folks want to steal anyway. It's taking a small risk for a big reward. If you had bought a bit coin for 100 look where you'd be now. Alot feel the way you do, I know guys that had several hundred bitcoins and trashed their CPU and didn't keep coins cause they were "worthless".

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What's the consensus on the ledger nano wallet? Looks like the price has tripled recently and I'm wondering how necessary they are.
 
Beerj said:
What's the consensus on the ledger nano wallet? Looks like the price has tripled recently and I'm wondering how necessary they are.
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I know this is a bitcoin article but with XRP discussion quite a bit I don't think ledger supports this currency. This may not be true due to the fact that I just started looking at all of this last month and am new/ignorant myself.
 
Is anyone watching Cardano (ADA) Its currently sitting at #6 based off of market cap.

I downloaded the COINCAP app and it tracks almost every crypto currency and gives current price.
 

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