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Crypto currency

This is a discussion on Crypto currency within the General Talk forums, part of the General Discussion category; Off topic for a prepper site but maybe not because the money I made doing crypto-currency a few years ago paid for some of my ...

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Thread: Crypto currency

  1. #1
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    Crypto currency

    Off topic for a prepper site but maybe not because the money I made doing crypto-currency a few years ago paid for some of my preps like the thermal sight. I looked at crypto-currency as a bit of a hobby that turned out to be profitable.

    So back in 2015 I got into speculating with the coins, started with $2000 and 2 years later made another $17,000 before I got nervous and sold out in 2017, Missed the peak prices but also missed the crash. I played with a lot of the smaller coins back then which required a lot of paying attention to the market and redditt boards which takes a few hours per week to keep up with.

    So late in 2018 I went a little larger with the initial investment in coins but to make it less time consuming I stuck with major coins like BTC, ETH, and LC. The coin scene has changed some since 2015 and there are a lot more intuitions holding large amounts of coins for investment purposes. I'm up a little over 700% in a year and am debating getting out.
    Your thoughts?
    Last edited by Elvis; 01-02-2021 at 06:48 PM.
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  2. #2
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    It is my opinion that crypto is very close to being a universal currency, but there is work to do on it. Passwords are used to open and to pay out funds. So you can forget your PW and lose your money, and that sort of thing. Crypto will probably become a means of using your funds, just like money.

    It does have a future, but if I were you, I would cash out for a while. An appreciation of 7x over would be enough for me. It seems wildly over valued and unstable right now.
    Elvis and Annie like this.
    I am reading The 9/11 Commission Report, and I am at chapter 3.3. And I at chapter 3 of Crime And Punishment. I am moving like a snail, because of myriad of ailments, but I am moving.

  3. #3
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    Elvis... enter the building and explain to the group about cryptocurrency.

    I actually thing this is appropriate to the prepper site as it’s currency, in some regards not unlike gold or silver.

    And what I can tell you is in the book about the great reset, one of the “goals” is to climate the dollar as the global reserve currency and install some type of cryptocurrency. Basically going 100% electronic and getting rid of cash.

    You can imagine the potential economic impacts from this as well as control issues.
    inceptor and Annie like this.
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  5. #4
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    Quote Originally Posted by Piratesailor View Post
    Elvis... enter the building and explain to the group about cryptocurrency.

    I actually thing this is appropriate to the prepper site as it’s currency, in some regards not unlike gold or silver.

    And what I can tell you is in the book about the great reset, one of the “goals” is to climate the dollar as the global reserve currency and install some type of cryptocurrency. Basically going 100% electronic and getting rid of cash.

    You can imagine the potential economic impacts from this as well as control issues.
    You're correct about the control issues. It is extremally hard to track or tax crypto transactions. China is probably the largest crypto miner (building up a lot of crypto coins) but in late 2017 forbid its citizens from paying with bitcoin because the government couldn't control where their citizens were spending their money or tax it. That was the primary reason the coin market crashed 80% in late 2017. But it seems that a lot of people in China still use Bitcoin because it's impossible for the government to track.

    But in some countries with super high inflation or a lack of banks most small transactions like buying groceries or pay the rent are paid for with Bitcoin or Ethereum coin. Investing in crypto is a lot like day trading, huge market swings.

    But unlike a credit card where you'll probably get your money back if someone hacks your account with crypto if hacked the money is gone so higher security requirements are involved. And if you forget or lose your security "keys" the money is gone. My wife started with 3 Ethereum coins in 2016 using a unique password and lost the password. At today's rates that's over $2200 which she owns but will never be found unless she finds the slip of paper where she wrote the password down.

    A coin is nothing more than about a 40 digit number which when matched to a computer algorithm holds a set value so you store it on a computer, phone, or thumb drive. At a minimum it requires a password to access but most people register it to their fingerprint or other security code. I keep most of my coins in cold storage where they are 100% secure and using a memory thumb put them into the computer when I want to make a large trade. Most people keep a small amount of coins on their phones for daily purchases but if their phone is lost their coins are still safe without the fingerprint or password and can be recovered if the phone is lost.

    It sounds complicated and easy to lose your money but it's actually fast and easy to make a small transaction and extremally secure. But if you lose the passcode the money is gone.
    Annie and MisterMills357 like this.

  6. #5
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    Quote Originally Posted by MisterMills357 View Post

    It does have a future, but if I were you, I would cash out for a while. An appreciation of 7x over would be enough for me. It seems wildly over valued and unstable right now.
    I think I'm going to cash half of my coins out to lock in profits and ride with the rest for a while. That would still be a 350% profit in 13 months.
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  7. #6
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    Quote Originally Posted by Elvis View Post
    I think I'm going to cash half of my coins out to lock in profits and ride with the rest for a while. That would still be a 350% profit in 13 months.
    Smart man, I was going to suggest that to you. You will make a ton of money, and still have a reserve.
    I am reading The 9/11 Commission Report, and I am at chapter 3.3. And I at chapter 3 of Crime And Punishment. I am moving like a snail, because of myriad of ailments, but I am moving.

  8. #7
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    Quote Originally Posted by MisterMills357 View Post
    Smart man, I was going to suggest that to you. You will make a ton of money, and still have a reserve.
    I have 2 younger guys at work who I helped open stock trading accounts and try to teach them how it all works. But they both buy crazy stocks I'd never touch. At the same time they've both made a lot more money (percentage wise) that I did the last year with their crazy lucky picks. When they go up 30% in 2 weeks I tell them to sell half to help lock their profits in. God help them at tax time with all that short term trading but I've explained capitol gains taxes to them.

    One of them has almost quadrupled his money in about 7 months. He actually went up 80% in one day before selling. The other has doubled his money in 9 months.

    I've recently started to follow some of their stock suggestions with less than great results.
    stowlin and MisterMills357 like this.

  9. #8
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    700 percent is an obscene profit. Good for you. I would get out. Maybe it goes higher but how high before another crash? Object of this game is buy low, sell high. The quicker, the better. As far as turn around time.7
    stevekozak and MisterMills357 like this.
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  10. #9
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    I read an excerpt from a Bitcoin article recently that stated Bitcoin was worried that the new global digital currency would force them and others out of business.

    ETA: I got curious so I went and found the article. Maybe I misread the quote because I didn't get the same thing from that article. You be the judge. I would like to hear what others think.

    https://bitcoinmagazine.com/articles...he-great-reset
    Last edited by inceptor; 01-02-2021 at 10:52 PM. Reason: added link and comments
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  11. #10
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    I would follow Steve Miller's advice:
    Attached Images Attached Images  
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