Have Any Freepers Had Experience With BitCoin/CryptoCurrency?

12-13-2017 | Eagles Field

[righttackle44]

I'd never take financial advice from Freepers. You see their condescension here in their responses. They're more than willing to throw out advice, yet they won't even take the risk to try something like bitcoin.

But I'm getting into bitcoin a little at a time: I have friends who are spending thousands of dollars--I won't do that. The only advice I would take from Freepers here are two: Funny, my MBA son called me today about opening up an account for him. He likes the company Ripple XRP and thinks they will be the next Bitcoin. And . . .

Don't invest more than you can afford to lose.

So the way I'm getting in is a bit at a time. I suggest that you touch base with the Jen and Mike Subscriber's status on Facebook. These two are very conservative and don't push you. They suggest one program, for example, that starts with very low costs to get in. They are very helpful and have replied to every question I've asked them.

And, by the way, if you're willing to take some additional small risks, you might look at Ethereum. The price right now is low, but it is rising, and you can get in for fractional coins. There are other cryptocurrencies that are coming up. I'm handling them as one one would handle and invest in penny stocks. They are very inexpensive. Many may not go anywhere, but some of them could eventually take off. I have one correspondent who is wealthy in bitcoin. His investments are now worth hundreds of thousands. He started out four years ago with a $10 investment in bitcoin.

Finally, there are a number of inexpensive books on Amazon--a few dollars or less each that will give you information on which to start out.

Good luck. I hope you make tons of money.

[BitWielder1]

You'd be betting on bits that are backed by nothing.
It's ultimately like video game gold.
If you don't understand it, don't do it.

[Bon mots]

When every taxi driver in New Jersey is talking about cryptocurrencies, it’s time to get out.

[mountainlion]

Why?

Someone was talking about it on the radio this morning and said that it was up something like 15,000%. When you buy at the top is is a good way to lose money. Someone will figure out how to harvest your money and leave you holding the bag.

[TADSLOS]

Now is not the time, but if/when you do, keep your own wallet, don’t put it in Coinbase or anything similar.

The whole point of Bitcoin is to protect yourself from the predations of governments and banks

Exactly.

[onona]

Don’t put any more in than you can afford to lose.

Sound advice for any investor.

[Aria]

I use Coinbase - so far it’s worked fine.

[George Rand]

Let me be clear, if you are hearing about it on FR, you’re too late

[Gay State Conservative]

A "currency" found only on the web,completely unregulated and unsupported with no way to...

Call me old fashioned but I'd go with Swiss francs!

[LouieFisk]

“When you buy at the top is is a good way to lose money.”
—
It’s got Ponzi written all over it.
I’d suggest buying junk silver (dimes with silver content) if a person wants to experiment and learn about value & investment and not lose their shirt.
Even if silver crashed completely, you still at least have the dime’s face value.
Tangible assets.

[byrony]

Yes, been in BTC since 2013. Here is some serious, practical advice:

(1) Read “Digital Gold” by Nathaniel Popper. An excellent read on the first few years of bitcoin through 2014. Educate yourself as best you can and start there.

(2) Watch YouTube videos by Andreas Antonopolous. Probably the most (only) ethical guy in the space, spends his time educating and speaking. He will give you quite a few things to think about.

(3) Don’t put in any more money than you can lose.

For the record, I’m very bullish on bitcoin, more on the blockchain technology (now referred to as distributed ledger technology) and it will change many, many things. There are guesses as to where the technological disruptions will occur but make no mistake, they will occur.

I equate this as to when gold was found at Sutter’s Mill on January 24 1848. We are about a day later.

[antidemoncrat]

It’s too late. Should have got in when it was in the hundreds and not thousands. My question is can you sell them anywhere or can you only sell them to another individual?

[Fhios]

put your money in tulips.

[toldyou]

“If you don’t understand it, don’t do it.”

When my daughter gave me her old computer, I said, “I don’t understand it and will never use it.”

My kids gave me a GPS....I said, “I don’t think I’ll understand it or use it.” Same with an iPhone...

I didn’t understand how a 401K worked, but I put my money into it. I am doing VERY well.

What did I do wrong with all the above?

[Brooklyn Attitude]

I thought about buying 1 coin when it was ~$4500 purely as speculation and assuming there was a good chance of losing everything. I couldn’t bring myself to pull the trigger as I couldn’t find a broker/wallet I was comfortable with. Now the price is too high to fool with.

[JohnyBoy]

>Bitcoin is a way to hide transactions from governments and to set up a barter system with an agreed-upon marker. I figure if powerful people who manipulate everything are using it for their purposes, it won’t disappear....until the gov wants its cut.

You really can’t hide your transactions fully. You just make it very, very difficult to trace which greatly reduces the governments desire to trace it. If it gets big enough that will change.

[CptnObvious]

It’s like investing in Currency. Would you like some Russian Rubles or Iraqi Dinars first? If not, don’t do BitCoin.

[CGASMIA68]

Probably full of crap just trying too get folks here cranked up and asking questions like yours

[Pelham]

‘Magic Pixie Dust’ just happens to be the name for my new cryptocurrency...

[sheana]

I daytraded mini Russell futures for a living for years. About 5 years ago I retired and pulled all my money. I’m not an investor and just don’t have the stomach for it after daytrading for over 13 years. I pulled a little money out and bought some bitcoin. Figured why not take a chance? Another trader friend that understood it did it all for me. I kind of forgot about it and never even looked at it til the recent mania. 😂