Bitcoins, anyone?

[Ajmassa]

High risk high reward right? I viewed crypto as an opportunity. A very rare opportunity.
I do I think most people do some research and know the risks going into it. And uninformed wreckless new investors will quickly learn the hard way.
The real fun didn’t start for me until I transferred funds from coinbase to an exchange called Binance. By far the most popular Alt exchange and trades about 100 Alt coins- compared to coinbase‘s now 4. (Coinbase still the only legit option to transfer $usd into bitcoin)
The Alt coin market is the damn Wild West. I was able to turn 400% profit in about 3 weeks in 2 coins I researched and believed in. Ripple and Tron. I skimmed off my initial investment plus a little extra before jumping off. And now I’m playing with all house money fully aware that All gains are unrealized until cashed out.
I agree with Dcbrown to choose coins you believe in and forget they exist. Too much stress. But whether Bitcoin or other, crypto is not going anywhere. I figured I’d take a shot at getting on the right side of history. At this point I’ve got nothing to lose and everything to gain.

 

[JohnT]

I have no idea just why bitcoins are valuable.

The way I see it, bitcoins are a form of digital currency that is not backed by any government, is not considered legal tender, and has an extremely limited acceptance base (those willing to accept them as currency).

I am by no means an economist. I just do not understand why anyone would invest in them. I would not be shocked if there was a HUGE correction in their price.

 

[dcbrown73]

Many people try to use the dollar vs bitcoin not being backed by anything, but that is a flawed comparison. The dollar is backed by the US government and it's ability to pay its debts. Which is why US treasury bills / bonds are considered risk free investments. Bitcoin is backed by absolutely nothing. Zip, Ziltch, Zero.

Having a dollar in your hand is not a gamble as only inflation really moves the value of a dollar. Having a bitcoin without question is a gamble because it's perceived value is 100% moved by speculation alone.

 

[gitmo234]

I did pretty well on this. Dumped a lot of extra money into it while on a deployment. Alternate coins though, very rarely bitcoin. Ended up buying an airplane. I have a pilots license, not a jet, but a single engine airplane. Upgraded the avionics and putting a brand new engine in it with the profits.

right now I'm sitting on a coin that is business based/focused and has some larger commercial customers. Bought in at .15 a coin and bought more than 5k of them. I've ridden it up to $3 and down and up again.

 

[Ajmassa]

Coin?