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Re Bitcoin

 
 
Reply Tue 22 Dec, 2020 05:29 pm
To be horribly honest I'm reluctant to present this post but it has been gnawing away at me for a long time. It's about "Bitcoin" and I am a tad concerned that my inability to understand it will reveal just how dreadfully stupid I am.
First off I have the unwavering opinion that everyone else in the world understands exactly how it works, except for me.
I ask myself IF it is SO easy to understand, and SO easy to make a fortune, then why isn't everyone doing it? In my humble opinion it reeks of being a giant ponzie scheme yet it seems there are a heck of a lot of people out there buying up bucket loads of Bitcoin, currently worth around $2,592.37 EACH and they are making a 'killing'.
I just don't get it.
I certainly don't have $2,592.37 to buy one Bitcoin, and even if I did, what would/could I do with it?
Eventually it has to be converted BACK into normal currency at some point in time so what's the big deal?
You use regular normal currency to buy a Bitcoin in the first place and then, eventually it will end up being converted back into regular, everyday normal currency (for it to ever have any real life value).
So why bother in the first place?
I did read somewhere that (you) only needed $250USD or $375AUD 'minimum' to "join" or "enter".
That old adage... 'if it looks too good to be true____________' springs to mind.
I am very confused. Am I simply delusional or just simple?
 
roger
 
  2  
Reply Tue 22 Dec, 2020 05:56 pm
@drillersmum85,
drillersmum85 wrote:

First off I have the unwavering opinion that everyone else in the world understands exactly how it works, except for me.


Don't kid yourself. By the way, I would never invest in anything I didn't understand. I'll let everyone else get rich off it.
0 Replies
 
maxdancona
 
  2  
Reply Tue 22 Dec, 2020 07:00 pm
@drillersmum85,
I am a software engineer, I can tell you how it works if you want. In my not very humble opinion, it is a very risky investment. It can literally crash at any time.

What is cool about bitcoin is that it is a currency that isn't controlled by any government. It allows you toakr purchases on the internet anonymously. A credit card leaves a big trail. You can buy or sell with bitcoin with no trace.

It is a ponzi scheme. But it is a ponzi scheme with an interesting purpose.

I would never think of bitcoin as an investment, but if I wanted to make an untraceable purchase, I would use digital currency.
oralloy
 
  -2  
Reply Tue 22 Dec, 2020 07:50 pm
Bitcoin is a currency. Buying bitcoin because you think it will rise in value is like converting currency to euros because you think the euro will rise in value.

You don't necessarily have to convert bitcoin back into dollars. Since it is a form of currency, you can use it directly to pay for goods and services.
0 Replies
 
oralloy
 
  -1  
Reply Tue 22 Dec, 2020 08:04 pm
@maxdancona,
maxdancona wrote:
I would never think of bitcoin as an investment,

I've been setting my graphics card to mine Ethereum whenever I'm not playing World of Warcraft. I just looked in my wallet and I have about $850 dollars now.

$850 over the space of a few years is not enough of an income stream to retire early or anything. But I'll enjoy spending the extra money whenever I cash it out.

Of course if the value crashes tonight that $850 could quickly become $150. But I'm not planning to cash out anytime soon, so that won't be any problem for me. And whatever value I end up with is essentially free money that I'm getting for no effort.
hightor
 
  3  
Reply Wed 23 Dec, 2020 03:20 am
Got Cryptocurrency? Get Ready For An IRS Audit
Sturgis
 
  2  
Reply Wed 23 Dec, 2020 01:34 pm
@oralloy,
Quote:
...$850 over a few years...

...not enough to...


Finally that incredibly high IQ reveals its ability.
0 Replies
 
oralloy
 
  1  
Reply Sun 21 Feb, 2021 10:04 am
@oralloy,
I just looked in my wallet again. OMG!

I wonder if I should cash out. The current value of Ethereum can't be sustainable can it? Or should I hold and see if it goes even higher?
0 Replies
 
oralloy
 
  1  
Reply Sun 21 Feb, 2021 10:05 am
@hightor,
hightor wrote:
Got Cryptocurrency? Get Ready For An IRS Audit

When I cash out (whether that is now or later) I will be sure to declare it as income when I do my yearly taxes.
0 Replies
 
oralloy
 
  1  
Reply Sun 21 Feb, 2021 10:33 am
I just made my first purchase with Ethereum.

I decided that I really need a hardware wallet before I get hacked, and was about to buy one with a credit card, but I saw that they take Ethereum as payment and I am sitting here with this big surplus in my wallet so I figured "Why not?"

The transaction worked apparently.
0 Replies
 
 

 
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