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Bitcoin / Litecoin / Ethereum / alts discussion

What are you in?

  • Bitcoin

    Votes: 5 12.2%

  • Litecoin

    Votes: 5 12.2%

  • Ethereum

    Votes: 6 14.6%

  • Alts

    Votes: 2 4.9%

  • Nothing

    Votes: 19 46.3%

  • Carrots

    Votes: 15 36.6%
  • Total voters
    41
mattsk42

mattsk42

Supporting Member
Oct 28, 2004
1,386
18
Salt Lake City, UT by way of Pierre, SD
www.petzl.com
#1
Who's in and what are your thoughts?

I don't have a ton invested, but most is in eth, lite, and about 10 alts. I'm tempted to just buy like 100 bucks of everything interesting that's under 50 cents for potential moon fun in a year or two.

Also, shameless plug that I think I have the first ever bass guitar that I'm offering up for BTC, LTC, or ETH. I might pull it if the price keeps dropping though. :(
 
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#3
In LTC primarily. Made a decent chunk of money when it ran up to $91+ a couple of weeks back. Held onto a few, and am thinking it's almost time to buy in for more. Going to watch for a few days and see what other news comes out of China on miners / exchanges and what impact that has in the near term.
 
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#4
I do not understand crypto currency at all. The explanations I find online are complete utter gibberish to me. Never heard of alts, lite, or eth until this thread.*

Man am I out of it. I feel really dumb.

*Neither has iOS apparently. I had to "correct" its autocorrections several times.
 
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#6
What in the heck does this excerpt from Wikipedia even mean? It might as well be written in an alien language.

The first decentralized cryptocurrency, bitcoin, was created in 2009 by pseudonymousdeveloper Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme.[13][21] In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship very difficult. Soon after, in October 2011, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid.[22] [Invalid or Expired Link Removed] was the first cryptocurrency not based on a block chain, and instead uses the Tangle.[23][24
 
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#7
Alkali Ike said:
What in the heck does this excerpt from Wikipedia even mean? It might as well be written in an alien language.

The first decentralized cryptocurrency, bitcoin, was created in 2009 by pseudonymousdeveloper Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme.[13][21] In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship very difficult. Soon after, in October 2011, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid.[22] [Invalid or Expired Link Removed] was the first cryptocurrency not based on a block chain, and instead uses the Tangle.[23][24
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I had to go look at Wiki. Thought you were kidding. That's worse than the poorly translated instruction sheet I got with my last off brand cordless drill.
 
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#8
Aberdumbie said:
I had to go look at Wiki. Thought you were kidding. That's worse than the poorly translated instruction sheet I got with my last off brand cordless drill.
Click to expand...

It's like one of those spam emails containing random nonsense words.
 
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#13
Yah, there is a full frontal assault just started. China just ordered all cryptocurrency exchanges to shut down. Jamie Dimon of Bank of America this week claimed cryptocurrency was a fraud. Today a top guy a PIMCO made highly negative comments about cryptos.
The SEC recently warned that they are going to classify cryptocurrencies as securities instead of money. The news is reporting that North Korea is funding itself via Bitcoin. Going for the hearts and minds, governments are. (Crap! I'm talking like Yoda again!)
 
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#14
GregC said:
I'm scared of cryptocurrencies, too. Bitcoins are wildly volatile, and have dropped about 33% in less than a month. No thanks.
Invalid Link Removed
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While true, the information you didn't provide was the massive run up before the drop (in mid-July, it was ~$2200 for BTC. BTC is now >$3200). The long term trend is still up, even after the recent BTCC news throwing it into a turmoil.

It's nothing to be "scared" of. If you invest in it, well, treat it more like a penny stock. If you don't, well, just ignore it like you have for years anyway. I won't even get into mining coins, as that seems well beyond the discussion here.
 
#15
Selta said:
While true, the information you didn't provide was the massive run up before the drop (in mid-July, it was ~$2200 for BTC. BTC is now >$3200). The long term trend is still up, even after the recent BTCC news throwing it into a turmoil.

It's nothing to be "scared" of. If you invest in it, well, treat it more like a penny stock. If you don't, well, just ignore it like you have for years anyway. I won't even get into mining coins, as that seems well beyond the discussion here.
Click to expand...
While I didn't mention it specifically, I was also thinking of the runup when I said it was wildly volatile. That's not what people generally want in a currency, even if it has jumped a lot in value lately. If you treat it like the speculative investment it is and have the patience to ride out the price swings, then great. But people generally get burned by stuff that goes up and down quickly. Witness all the people who jumped into tech stocks in early 2000--and at least some of those companies had actual businsses and profits.

"The long-term trend is up"--well, it HAS been. Will it continue to go up, stay where it is, or come crashing down? Very hard to say, IMO.
 
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#16
GregC said:
While I didn't mention it specifically, I was also thinking of the runup when I said it was wildly volatile. That's not what people generally want in a currency, even if it has jumped a lot in value lately. If you treat it like the speculative investment it is and have the patience to ride out the price swings, then great. But people generally get burned by stuff that goes up and down quickly. Witness all the people who jumped into tech stocks in early 2000--and at least some of those companies had actual businsses and profits.

"The long-term trend is up"--well, it HAS been. Will it continue to go up, stay where it is, or come crashing down? Very hard to say, IMO.
Click to expand...
The same can be said for just about any investment. "Housing will always go up" anyone? Until it doesn't. "Your pension is safe", until it isn't. I mean, the phrase "This time it's different" has gone down in history numerous times in regards to investing (thanks, Sir John Templeton!).
 
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#18
It is not going to "replace" banks and currency anytime soon, and I don't really care. Some people do.

I am in it like for quick gains and to cash out for money I can buy things with right now. It's super easy to get into, and yes is very volatile. This works both ways, but it's also entertaining, so there's value in that too. Just don't put more in than you're willing to lose. I bought Antshares at 7 bucks and they went to 35. I only bought like 5, but had I gone all in, I would have my Ken Lawrence right now. This was just a couple months ago.

Basically, it's the wild west of the stock market, on a minor and very dangerous scale. I like it.
 
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#20
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