1. Please take 30 seconds to register your free account to remove most ads, post topics, make friends, earn reward points at our store, and more!  

Any Bitcoin Tycoons here?

Discussion in 'Off Topic [BG]' started by Smokin' Toaster, Dec 14, 2017.


  1. I'm looking to dip my toe into Bitcoin. I'm thinking about a grand or so. I wish I had done it 5 years ago, or even one year ago.

    Anybody here made any money with Bitcoin? I"m not talking about using it for transactions, I'm talking about buying low and selling high.
     
  2. JACink

    JACink

    Mar 9, 2011
    Spain
    There was a lengthy thread about this recently, maybe it would be of help (I don't have the link I'm afraid).
     
  3. You missed it. Futures have peaked and are falling.
     
    ColdEye likes this.
  4. Johnny Crab

    Johnny Crab ACME,QSC,Fame/Hondo/Greco/HELIX user & BOSE Abuser Gold Supporting Member

    Feb 11, 2004
    South Texas
  5. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
  6. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    My opinion shifted + after listening to the NPR discussion today. But yeah it’s probably too late.
     
  7. Gorn

    Gorn

    Dec 15, 2011
    Queens, NY
    I thought the same thing and I still don't understand it, but it's a fact that you can buy stuff with it. Not all stuff, but some stuff. So it's not as much nothing as I thought it was.
     
    OldDog52 likes this.
  8. bluesblaster

    bluesblaster

    Jan 2, 2008
    It might as well be a baggie full of moss and twigs, its not currency, at least one that is recgnised by any government.

    Its more of a bartering system as in " I give you 3 chickens and a strong mule"

    its worth something to somebody, not me, but maybe someone
     
    Last edited: Dec 14, 2017
  9. Gorn

    Gorn

    Dec 15, 2011
    Queens, NY
    There are businesses that accept cash, credit cards, PayPal, and bitcoin. In those situations, which aren't common or governmental or the norm, it's the same as money. I agree that it's essentially made up BS, but it's money. Less usable money, but money.
     
  10. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    I own bitcoin. People have been saying all of the above since it was at $7.00. It's now hovering around $17K.
     
  11. bluesblaster

    bluesblaster

    Jan 2, 2008
    Aint America great !!!!
     
  12. charlie monroe

    charlie monroe Gold Supporting Member

    Feb 14, 2011
    Buffalo, NY
    This may be a dumb question, but how do you turn it back into dollars?
     
    fretter, Tbone76 and slobake like this.
  13. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    There are exchanges and an exchange rate just like converting any currency such as euros into dollars or vice versa. But the bitcoin exchange rate is extremely volatile. It’s also not entirely consistent from one exchange site to another.

    Top 40+ Bitcoin Exchange Sites
     
    Last edited: Dec 14, 2017
    Lbsterner, GregC and petrus61 like this.
  14. petrus61

    petrus61 Supporting Member

    So basically it's mini exchanges who could be robbed (hacked) overnight without having an FDIC to back it up. Nice.
     
    KUNGfuSHERIFF likes this.
  15. GregC

    GregC Johnny and Joe Gold Supporting Member

    Jan 19, 2007
    Chicago
    It's much easier to buy Bitcoins than to sell them, outside of those places that take them as a form of payment.
     
    buldog5151bass likes this.
  16. It's a worldwide thing.
    I know a guy in Thailand who has set up supercomputers to mine BitCoin & allows BitCoin payments in his bars & restaurants.
    I don't think it's making him rich or he'd be shouting it from the rooftops, just the type of guy he is.
     
  17. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    You transfer your bitcoin to an exchange that is linked to your bank account, if you're not holding it in the exchange already (not recommended). Then you just exchange it for dollars and the funds show up in the bank. It's pretty much just like any other electronic transfer. PayPal, etc.
     
  18. LBS-bass

    LBS-bass Supporting Member

    Nov 22, 2017
    California
    Yes, security is the biggest issue and something everyone should be concerned with. It's important to have a hardware wallet in order to keep your coins off the exchanges and in storage. The hardware wallets are pretty safe but the exchanges can be risky.
     
  19. OldDog52

    OldDog52 Gold Supporting Member

    Jan 1, 2011
    The NPR broadcast I linked to in the main thread really is very informative. Cost is ~45 minutes of your time.
     
  20. Stewie26

    Stewie26 Supporting Member

    I heard something on the car radio today that their might be massive fraud involved and is why the price is falling fast.
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.