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Cryptocurrency Experience


Kevin Foreman
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In November 2017 I invested about $180 across BTC, BCH, ETH, and LTC.  The only one that has made me any money is ETH, but I'm still in the hole overall about $60.  I don't know a lot about the others, but BTC is finite and my thinking is it will have to go up eventually.

I can stand to lose the entire $180 and it won't be the end of the world.  My personal plan is to just leave it there and see what happens.

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33 minutes ago, fisthardcheese said:

Just like any stock, if it is down, it is probably wise to just hold and wait for it to go back up. 

Actually, now is the time to buy. 

34 minutes ago, fisthardcheese said:

It will probably take a while to climb back up after the correction.

Look at housing prices 10 years ago. The market was for sure over inflated, but only for the times. We're back up there now, but it's been a steady climb the last 6 or 7 years add opposed to the 18 months from 10 years ago. 

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Guest usctrojanalum

I had 10 BTC in 2013 at a cost basis of around $300. Sold when it popped over $100.  Never got back into because I don't understand how crypto's provide any extrinsic value.  I rather keep putting excess cash into stocks.  At least that is something I understand.  BTC is good for speculating though. 

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52 minutes ago, usctrojanalum said:

I don't understand how crypto's provide any extrinsic value.

Same goes for a dollar or gold, for that matter. There will be a certain level of s*** hitting the fan where none of it suddenly has any value and people that know how to make corn grow and dig a well will be the heroes again. 

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Guest usctrojanalum

Agree on Gold.  It has zero utility.  Even doomsdayers who state well if the market goes to 0 and there is complete anarchy you will need gold as a hedge against total economic collapse.  I respond with "yeah, okay, when there is total economic collapse please tell me why I am going to give you my bread and corn for your pieces of Gold??

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  • 2 years later...

We all know that the crypto market isn't stable for a long time and you can make money fast on it or to be patient until it grows again. I am an expert in my cryptocurrency which I like more than others. It is eos canada, I like it and I know that it will grow fast and I have a good site which helps me to buy it at the best prices and follow it. Moreover, based on it, I have a good profit but I will wait until it will grow more after which I will sell it all.

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  • 1 month later...

Hey, Kevin Foreman. I've been investing in bitcoin for 2 years and I can say that's the best cryptocurrency because it's reliable and also you will be able to make a profit if you choose it. If you want to start investing in it, I advise you to read Mastering bitcoin, in this book you will find everything about your question. Also, I advise you to use cryptocurrency mixers, they will hide your personal data while you will be making transactions. Personally I'm using this bitcoin mixer, it's easy to use so you won't have any problems.

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  • 11 months later...

I've invested here and there, playing around.  If only I had dropped a bill on them back when they were literally $1 each and left it there--it would be about $5 mil today.

The most I've made from crypto has been from mining, maybe a few hundred over the course of a few months.  But these mining asics require high speed fans to keep cool and at this point suck down nearly as much money in electricity as you'll make for your processing time, so even that is now a game for the big boys with datacenters of mining rigs.  Unless you can get your power for free.

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  • 3 weeks later...

So far, I can't tell you the money I have earned, but I can confidently say that investing in bitcoin and several other cryptocurrencies makes a profit. I especially like how bitcoin is growing in price because I bought it when it cost 30 thousand dollars, and it already reaches a price of up to 50 thousand dollars, can you imagine? And I invested about 100 thousand dollars in this project, and I was afraid at first, to be honest, but then I decided to take a risk, and now I'm thrilled that it happened. I hope that in the future, bitcoin and the entire cryptocurrency market will only grow :)

____________________________________________

vaffatoken.com

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As much sense as it does rolling the dice in Vegas or any other form of gambling. Just don't lose or forget your wallet(s) password(s).  Or like a friend of mine lose his storage unit with a PC that had around 100 bitcoin on it.  Albeit a bitcoin was $20-30 bucks at the time.  

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago, when it passed its previous all-time high of around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail. 

“I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

Bitcoin, which has been on an extraordinary and volatile eight-month run, has made a lot of its holders very rich in a short time, even as the coronavirus pandemic has ravaged the world economy.

But the cryptocurrency’s unusual nature has also meant that many people are locked out of their Bitcoin fortunes as a result of lost or forgotten keys. They have been forced to watch, helpless, as the price has risen and fallen sharply, unable to cash in on their digital wealth.

Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it had gotten 70 requests a day from people who wanted help recovering their riches, three times the number of a month ago.

Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to get access to their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything.

"Through the years I would say I have spent hundreds of hours trying to get back into these wallets,” said Brad Yasar, an entrepreneur in Los Angeles who has a few desktop computers that contain thousands of Bitcoin he created, or mined, during the early days of the technology. While those Bitcoin are now worth hundreds of millions of dollars, he lost his passwords many years ago and has put the hard drives containing them in vacuum-sealed bags, out of sight.

“I don’t want to be reminded every day that what I have now is a fraction of what I could have that I lost,” he said.

The dilemma is a stark reminder of Bitcoin’s unusual technological underpinnings, which set it apart from normal money and give it some of its most vaunted — and riskiest — qualities. With traditional bank accounts and online wallets, banks like Wells Fargo and other financial companies like PayPal can provide people the passwords to their accounts or reset lost passwords.

 
 
 

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“I would just lay in bed and think about it,” Mr. Thomas said. “I would just lay in bed and think about it,” Mr. Thomas said.Credit...Nicholas Albrecht for The New York Times

But Bitcoin has no company to provide or store passwords. The virtual currency’s creator, a shadowy figure known as Satoshi Nakamoto, has said Bitcoin’s central idea was to allow anyone in the world to open a digital bank account and hold the money in a way that no government could prevent or regulate.

This is made possible by the structure of Bitcoin, which is governed by a network of computers that agreed to follow software containing all the rules for the cryptocurrency. The software includes a complex algorithm that makes it possible to create an address, and associated private key, which is known only by the person who created the wallet.

The software also allows the Bitcoin network to confirm the accuracy of the password to allow transactions, without seeing or knowing the password itself. In short, the system makes it possible for anyone to create a Bitcoin wallet without having to register with a financial institution or go through any sort of identity check.

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