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What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    35.0%
  2. Passing Fad

    65.0%
  1. dmoneybangbang

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    Just very premature; a crypto- gold rush, wild west type of event. Some of it looks promising, but so does a lot of things to invest in. The combination of cheap money and lack of regulations made it easy to pump and dump.
     
    RedRedemption likes this.
  2. LongTimeFan

    LongTimeFan Contributing Member

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    Great question. Why is it a cash advance when it's withdrawn directly from your checking? I would be on the phone with them.
     
    Hakeemtheking likes this.
  3. zcarenow

    zcarenow Member

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    Anyone buy GBTC? It's not on the crypto exchanges
     
  4. jbasket

    jbasket Member

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    Never heard of it
     
  5. zcarenow

    zcarenow Member

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    It is on the Stock Exchange. My friend bought 500 shares a couple of years ago and he cashed out recently before they had a 91:1 split. Made $800k after selling all of it over a month ago.
     
  6. LongTimeFan

    LongTimeFan Contributing Member

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    What you're talking about is a stock in an investment trust, not a cryptocurrency.

    It might be on A stocks exchange, but not stocks.exchange....
     
  7. Xenon

    Xenon Contributing Member

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    I went back and forth with them over the message system on their website. They refunded me the money but said that it's due to the way coinbase processes the transaction. I'm sure they won't be refunding fees going forward.

    From now on I will only use wire transfers. The con of course is that it takes days for the transactions to complete.
     
  8. LongTimeFan

    LongTimeFan Contributing Member

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    In my experience, wires are pretty fast -- 1-2 days at most, assuming you didn't initiate it on a Friday or weekend. Drawback is the wire fee my bank charges. Only thing faster is credit cards (RIP).

    Glad you got your money back on that scam attempt.
     
  9. zcarenow

    zcarenow Member

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    Right. You can go to Scottrade or Etrade to buy it. I feel Coinbase/GDAX and Binance are a bit risky with hackers. Offline wallets seem to be a hassle. You should get some GBTC.

    Also, there are now Blockchain ETFs that you can buy like BLOK and BLCN.
     
  10. LongTimeFan

    LongTimeFan Contributing Member

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    I'm doing just fine with my crypto investments thus far, thank you sir! I don't see the need to diversify into those when I'm holding the real thing.

    You're right though, cryptocurrency is a lot riskier. But as they say -- scared money don't make no money.
     
    Yung-T likes this.
  11. Daddy Long Legs

    Daddy Long Legs H- Town Harden

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    do any of yall keep your stuff on the exchanges?
     
  12. Yung-T

    Yung-T Member

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    You should really join the discord, breh.
    Always active and answering these kinds of questions.

    In general, it is only advised to keep an amount of crypto on exchanges that you are comfortable losing, as an exchange can get hacked and you don't own the private key.
    Send the rest to dedicated wallets, MEW or a hardware wallet.
     
    Daddy Long Legs likes this.
  13. moestavern19

    moestavern19 Member

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    Weird **** going on with MEW right now. I'm sure they have been through hell trying to scale, but this split off is fishy.
     
  14. Daddy Long Legs

    Daddy Long Legs H- Town Harden

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    I'll join the discord. Yeah I got the ledger nano S and only keep small amounts for opportunistic trading on the exchanges.
     
  15. Yung-T

    Yung-T Member

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    https://discord.gg/xcHtS6
     
  16. Dr of Dunk

    Dr of Dunk Clutch Crew

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    GBTC - at one point these things were trading for more than the value of the bitcoin they were supposed to track, so people who were buying them were paying a fat premium over just buying bitcoin :
    https://www.slashgear.com/bitcoin-vs-gbtc-stock-price-today-whats-the-deal-29517373/
    https://investorplace.com/2018/01/theres-little-value-bitcoin-stocks-even-bitcoin-rises/

    BLOK and BLCN only invest in common companies you can buy with most tech ETF's. If you're trying to "get rich quick" or just trying to get on the crypto bandwagon, those two probably aren't the ways to do it. They tried to start those ETF's with "blockchain" in their names and the SEC stopped that quickly. lol.

    For anyone looking to buy into these things, do your research before just jumping on.
     
  17. theimpossibles1

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    GBTC was my golden ticket. Bought in Jan 2017. All sold now.
     
  18. zcarenow

    zcarenow Member

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    My friend bought GBTC around $25, so he did ok... ;)

    He buys lunch everytime we hang out, that is all i care about now...:D
     
  19. zcarenow

    zcarenow Member

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    Smart man!
     
  20. theimpossibles1

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    It got up to about 3400 at its peak. Nice move by ur buddy.
     

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