# Has Anyone Invested in Digital Currency (Bitcoin, etc.)



## OneEyedDiva

There are several out there now Bitcoin (BTC), Litecoin, Ethereum, Monero and others as listed in the linked article. Digital currency also called Altcoins and cryptocurrency are extremely risky but can pay off big time. Bitcoin had a very bumpy history. In Oct 2009, BTC was selling for $5.02 per "coin". By May 2010, someone purchased pizzas with 10,000 BTC valued at only $25.  For the early part of 2011, one BTC was selling for less than a dollar. By April 2013 BTC was selling for $181 and dropped again after that. At the end of 2013, one BTC sold for between $872 and $1,022. Along the way there were problems with regulation, hacking of accounts, the perception that it would be used for illegal deals and dealing with the exchanges on which they were sold. In the meantime, BTC began to fluctuate wildly. As of today, the coin is down from it's high in the $20,000 range to $15,973 for one and is being accepted as a respectable means of paying for goods and services by more and more retailers. BTC became publicly traded on the stock market this month. Today it's in the $13,000 to $16,000 range. Wish I had bought at least one when I first heard about it but was leery due to all the issues back then.

A couple of weeks ago, my son called and asked me if I knew anything about Litecoin. I didn't and researched it a bit. We decided to put a little money in Litecoin (LTC), the so called "silver" to Bitcoin's "gold" status. Purchase and selling times is said to be easier and quicker and unlike some coins, we didn't have to use part of a Bitcoin to purchase. For me, since it is so speculative, I invested about 1/2 of 1% of my portfolio worth. LTC started out in 2013 at $3.46 per coin. As of this morning it's $283.07: We are hoping that LTC does a quarter as well as BTC. One can purchase part of a "coin". Mathjack, I'd love to hear your opinion about digital currency as an investment and the growing cryptocurrency market.
http://cryptorials.io/best-cryptocurrency-investments-2018/


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## Bullie76

The value may go straight to the moon but it will do so w/o me. Purely speculative. But if one has a little play money and enjoy the speculative game, might be something to consider.


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## retiredtraveler

I feel the same as Warren Buffet did when asked about investing in derivatives. He stated he wouldn't invest in something he really didn't understand...............


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## Aunt Bea

People like me never hear about the run up of Bitcoin, gold, tulips, etc... until after the easy money has been made and the players are looking to unload.

I'll stick with my slow and steady approach to investing and maybe a lottery ticket or two.


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## OneEyedDiva

Aunt Bea said:


> People like me never hear about the run up of Bitcoin, gold, tulips, etc... until after the easy money has been made and the players are looking to unload.
> 
> I'll stick with my slow and steady approach to investing and maybe a lottery ticket or two.



I don't blame you Aunt Bea...cryptocurrency is not for the faint of heart. And certainly no one should "bet the farm" on them.


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## OneEyedDiva

retiredtraveler said:


> I feel the same as Warren Buffet did when asked about investing in derivatives. He stated he wouldn't invest in something he really didn't understand...............



Back when Bitcoin was THEE cryptocurrency, I didn't understand it either. And I certainly feel the way Buffet feels. There wasn't as much out about it as there is now. So that's why I didn't get Bitcoin back then.  I would never invest more than 1% of my holdings in cryptocurrency because it's too speculative, even though I'm a long term investor.


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## mathjak107

i would not use the words investing and digital currency in the same sentence . these digital currencies like bitcoin are clear speculating


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## OneEyedDiva

mathjak107 said:


> i would not use the words investing and digital currency in the same sentence . these digital currencies like bitcoin are clear speculating



Good point Mathjak.


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## Lethe200

I'm with Buffett. I never aim for the highest possible return; I prefer diversification and a good balance of risk vs value.

After almost four decades of investing, I think the most important lesson to learn is not when you get into an investment - it's when to get *OUT *​of it.


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## mathjak107

most people suck at timing . they do more self inflicted harm than markets do . they are far better served buying broad based funds and staying the course. 30 years as an investor has taught me it is not timing the markets but time in the markets that works well . if you have to worry about timing an exit that is a speculation and not an investment


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## Catlady

I am aware this is a very old thread, end of 2017.

So, Diva, do you still own LTC?  I see right now it's at $131.63. 

 I didn't want to buy Bitcoin itself because of the hoops you had to jump through, buying at an exchange like Coinbase, having to worry about leaving it there and hoping the site did not get hacked, or putting it in ''cold storage'' and worrying whether I would lose the ''key''.  So, instead, in late 2017 and thereafter I bought shares in GBTC, which is like an ETF but only owns BTC.  At one time I had lost 75% of the value of my shares but it's lately starting to recoup the value.  I'm hoping to sell half my shares and get my money back and let the other half of my shares run until the end and leave as an inheritance to my family (if it doesn't go to -0- in the meantime).


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## treeguy64

The more I read up on bitcoin, the more it sounded like a very convoluted scam. Yeah, I know, it now is considered a legitimate currency, of sorts. Cool. Let others "invest" in it. I'll never be a bitcoin user/investor.


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## OneEyedDiva

PVC said:


> I am aware this is a very old thread, end of 2017.
> 
> So, Diva, do you still own LTC?  I see right now it's at $131.63.
> 
> I didn't want to buy Bitcoin itself because of the hoops you had to jump through, buying at an exchange like Coinbase, having to worry about leaving it there and hoping the site did not get hacked, or putting it in ''cold storage'' and worrying whether I would lose the ''key''.  So, instead, in late 2017 and thereafter I bought shares in GBTC, which is like an ETF but only owns BTC.  At one time I had lost 75% of the value of my shares but it's lately starting to recoup the value.  I'm hoping to sell half my shares and get my money back and let the other half of my shares run until the end and leave as an inheritance to my family (if it doesn't go to -0- in the meantime).


Yes I do PVC and it's about 67% lower than when I purchased. But I'm not looking to do anything with it anyway unless it doubles or more, then maybe I'll take  it all out. In fact it's in my son's account because I had him make the purchase for me after I had a problem with verification on Coinbase.  Right now I'm viewing LTC as just a minute part of my son's inheritance when I "kick it". I couldn't believe the mall near me just installed a machine specifically for Bitcoin trading. Also Facebook is getting into the crypto currency market.  It will be called Libra and I have no intention of buying.


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## Trade

I've got about 1/2 of my savings invested in 6 month federally insured certificates of deposit that are earning a whopping 2.2 %. That's as reckless as I want to get.


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## Lethe200

I lost interest in crypto-currencies after I found out they are being increasingly used to launder criminal profits. Global law enforcement agencies are also worried how easily exchanges can be used for funding terrorist groups. 

Currently most losses are caused by theft:

_"....In 2018, hackers steal $1.7 billion worth of cryptocurrency, according to a new report from CipherTrace. A separate report, from Chainalysis, this week says $1 billion of that was stolen by just two highly sophisticated groups of criminals. "_
- CNBC, Crime plagues cryptocurrencies


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## Ellen Marie

As someone said, this is an old thread... but I'm bumping it up again.   I just started buying in virtual in December, and I intend to continue buying some each month for the next two years or so.... I see so many negative comments here.   

I haven't seen anyone in doing taxes that had complaints about their gains... that and I have had to take numerous courses in virtual currency to handle taxes.  

The IRS did a remarkable presentation (is was for continuing education for tax preparers) two years ago.  It is a long video, but you would understand how it all works.   

https://www.irsvideos.gov/Business/Resources/UnderstandingBasicsVirtualCurrency


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## OneEyedDiva

Ellen Marie said:


> As someone said, this is an old thread... but I'm bumping it up again.   I just started buying in virtual in December, and I intend to continue buying some each month for the next two years or so.... I see so many negative comments here.
> 
> I haven't seen anyone in doing taxes that had complaints about their gains... that and I have had to take numerous courses in virtual currency to handle taxes.
> 
> The IRS did a remarkable presentation (is was for continuing education for tax preparers) two years ago.  It is a long video, but you would understand how it all works.
> 
> https://www.irsvideos.gov/Business/Resources/UnderstandingBasicsVirtualCurrency


Just curious Ellen Marie. Which crypto did you buy? Do you plan on continuing to purchase the same one or will you vary your purchases. Litecoin still hasn't gone up to the price I paid for it but it's more than tripled what it was at the end of the 1st quarter last year. I still seriously wish I'd bought a few bitcoins when I first started reading about it!


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## Nathan

retiredtraveler said:


> I feel the same as Warren Buffet did when asked about investing in derivatives. He stated he wouldn't invest in something he really didn't understand...............


...that's why I stay away from crypto-currency.    However, I _do_ understand slot machines, particularly video blackjack and video poker.


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## Don M.

Nathan said:


> ...that's why I stay away from crypto-currency.    However, I _do_ understand slot machines, particularly video blackjack and video poker.



Same here.  Digital currency investing is about the same, IMO, as playing the slots at the casino.


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## Ellen Marie

OneEyedDiva said:


> Just curious Ellen Marie. Which crypto did you buy? Do you plan on continuing to purchase the same one or will you vary your purchases. Litecoin still hasn't gone up to the price I paid for it but it's more than tripled what it was at the end of the 1st quarter last year. I still seriously wish I'd bought a few bitcoins when I first started reading about


Litecoin is still a good bet, and I'm buying in.... it forked off Bitcoin.  I bought into several, but Litecoin was my favorite when I started looking.  I wish I had bought a few hundred coins when bitcoin was 4/$1. lol     When I first started looking at virtual, two years ago, there were 1500 coins.... today over 4000.   I bought some Ripple before I saw the SEC lawsuit against them.  The price plummeted.  But, I'm not selling.  I have to remember, virtual coins are global. No one cares outside the US that the SEC filed suit against Ripple... they are still buying worldwide.  Japan, Australia, and Europe still like Ripple, Americans are bailing out.  I'm holding on and adding to,  until 2023 when so many of these coins are going to fork.


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## Ellen Marie

For everyone else, virtual is here to stay and it will continue to make progress in all markets.     When the US dollars isn't the world basis, when inflation hits, remember cryptocurrencies.


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## fmdog44

Heard too many warnings about how to buy in to it. I'll stay with what I know.


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## Ellen Marie

fmdog44 said:


> Heard too many warnings about how to buy in to it. I'll stay with what I know.


I still feel it is the future, and the more I know, the better off I will be.  2021 is going to be a boom year for virtual.  just sayin'


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## WaskaleeWabbit

2017 it went up to 18k and then dropped like a stone for 3 years, apparently there were some big players pumping it up for their own good. Bitcoin is a HUGE PIA to buy stuff with and even to cash out esp in Canada. the only place in Canada that would cash it out was a SCAM and everyone lost all their money when the owner died with the password to everyone's digital currency. 
Now that Bitcoin is up again everyone is talking about it again....

I can't easily cash it out to regular currency , i can't buy jack squat with it, But i can buy Greyscale Bitcoin ETF, or Bitcoin fund... which i did last month and it's up 100%.. i can get in and get out and i don't lose my shirt.

i also used to buy litecoin and other altcoins... there's all these secret wallets with 2 stage authenticators and keychains... lose one of those and you lose everything, so NO THANKS !!! not to mention tax implications of doing digital currency trading... you know some people ride the markets and highs and lows of the hype and trade  bitcoins for various altcoins and back to bitcoins for profit... like money markets... you are responsible for tracking all your trades and paying all your taxes.


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## old medic

Got some... but forgot the password


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## OneEyedDiva

old medic said:


> Got some... but forgot the password


Old Medic....Noooooooooo!


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## Ellen Marie

WaskaleeWabbit said:


> you are responsible for tracking all your trades and paying all your taxes.


In the US, if you have a profit over $600 which is drawn out... or traded with a profit, whoever is holding your wallet is now required to send you an 1099 for tax purposes.


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## Ellen Marie

I will give a month by month report over the next year....

I've been following the bank coins that Chase Morgan is developing.  I am not an advocate of bank coins.  Bank fees are too high, and millennials 'are choosing stablecoins over bank accounts, and the number is growing in larger cities.  They don't have to pay the fees.... bankcoins will still have high fees.  Japan's largest bank began using bank coins today... with an ATM on most corners of the country.


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## Ellen Marie

WaskaleeWabbit said:


> I can't easily cash it out to regular currency ,


I can sell everything in my account and have it deposited in my specified checking account within 1 minute.


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## Gardenlover

Spin version - I bought some three years ago and cashed it in not long ago for a handsome profit.
Reality - bought $250 worth and made something like $135.    Better than a stick in the eye.


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## fmdog44

Ellen Marie said:


> I still feel it is the future, and the more I know, the better off I will be.  2021 is going to be a boom year for virtual.  just sayin'


I can only say I saw warnings about HOW to buy. One is good the other is not.


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## WhatInThe

It's so dicey that many brokerage firm will not allow trades of bitcoin related stock, mutual funds or ETFs. They want zero to do with bitcoin. I understand they don't want to sell it directly but related funds and stocks?


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## mathjak107

I traded gbtc this week after Bitcoin plunged 25% ..already sold and took profits


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## J.B Books

I am old fashioned I guess.
I buy, sell, transfer funds several times a month. A day trader by no means!
Anyway, I don't understand Bitcoin really. I'd rather shoot craps.
Warren Buffet does not invest in bitcoin.
He said " I never invest in anything I don't understand"


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## mathjak107

Actually the saying may have been more appropriate in the days of Peter lynch . But Today as far as most successful stocks go , there is little you would have understood about  them .

the biggest names were disrupters which changed the way we did business or introduced technology we had no understanding of.. the worst companies were the ones we understood...just look at companies like  many food stocks like Kraft/ heinz or oil companies .


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## J.B Books

Bitcoin is not a company stock.


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## mathjak107

But it is still an area most do not understand, the same as I don’t understand most tech companies or biotech ....

bitcoin can easily be bought via an etf which trades just like any other etf, gbtc  ...it is linked to Bitcoin the way bonds are linked to interest rates .

it is very easy to buy and sell a play in bitcoin. There is not much I understand about the mechanics of bitcoin . But that does not stop me from profiting if it goes up  .

you  don’t need to know all the physiology as to how a baby is formed and all the science behind it to be good parents.

there is little today most of us understood in all the great stocks like the faangs in their earlier years


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## J.B Books

Tesla. Who woulda thunk years ago.
A friend of mine owns a building with a partner.
Always a forward thinker.
A while ago he took out a $50,000.00 loan using the building as collateral and did not tell his partner.
He bought Tesla stock with the money.
He is up close to 700% with that.
I do not have the risk tolerance for something like that!

Anyway. Bitcoin. I don't understand how it is made and valuation behind it.


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## J.B Books

mathjak107 said:


> But it is still an area most do not understand, the same as I don’t understand most tech companies or biotech ....
> 
> bitcoin can easily be bought via an etf which trades just like any other etf, gbtc  ...it is linked to Bitcoin the way bonds are linked to interest rates .
> 
> it is very easy to buy and sell a play in bitcoin. There is not much I understand about the mechanics of bitcoin . But that does not stop me from profiting if it goes up  .
> 
> you  don’t need to know all the physiology as to how a baby is formed and all the science behind it to be good parents.
> 
> there is little today most of us understood in all the great stocks like the faangs


I understand all that. I buy ETF's stock's, high tech, etc.  I watch bitcoin. I know HOW to buy it. I don't choose to.
I do like to do my research.


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## mathjak107

Typically I don’t buy Bitcoin , but I understand enough to know that after a 25% plunge it was likely due for a pop ...that is all I had to know...so I took a shot with gbtc and the next day it popped 10% and I  sold...I don’t know the first thing about the mechanics of crypto  nor do I care


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## J.B Books

mathjak107 said:


> Typically I don’t buy Bitcoin , but I understand enough to know that after a 25% plunge it was likely due for a pop ...that is all I had to know...so I took a shot with gbtc and the next day it popped 10% and I  sold...I don’t know the first thing about the mechanics of crypto  nor do I care


There ya go.
So to me it's gambling with bitcoin.
I walk up to craps table. I place the lower risk bets, I am up a few hundred in 30 minutes. I walk away.
Can I explain how the dice rolled? No.


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## Ellen Marie

Well, after a month, I am up 30%... and counting. Did you know that Yale, Harvard, and Brown University have up a big chunk of their endowments into crypto....  I'm listening to a couple sharp people who post daily on Youtube...and learning a bunch there  on what is happening in crypto... institutions are buying crypto .... a lot of crypto.


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## Ellen Marie

If you are buying, every little morsel of information I read and hear says buy Etherium....NOW.   It has changes coming Feb 8 that will attract a lot of institutions into buying in....I'm in and staying in... If I live long enough, it might pay for college for the grandkids....lol...Might I add a disclaimer here.... that I know nothing  and am not responsible for your investment.


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## Ellen Marie

At the moment, I am actually  up 41%, but I think it is a pump and dump on XRP, which will drop within an hour or so... but if not... I will take it to the bank.


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## fmdog44

Internet stocks offered during their rise had little or no value consequently when the storm hit not only did they crash but they dissolved. Bitcoin is more of a mystery to me than anything I have encountered. Even when I read about it I come up blank. I no longer invest but Bitcoin it would be the last place I would invest in being in retirement. Can anyone explain it's daily volatility?


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## Aunt Marg

Check out this latest related to Bitcoin.

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html


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## OneEyedDiva

This is crazy...Bitcoin's price as of this morning $48,266.65 down from $54,911 yesterday. Have to say this again.. Damn, I wish I had bought in when I first heard about it! I don't even think it was $100 a coin back then.


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## J.B Books

Interesting article on Bitcoin:



*'Retail suckers' with FOMO will eventually get crushed on Bitcoin, says Roubini*



Famed economist Nouriel Roubini argues that retail investors with “fear of missing out” are going to get crushed by investing in Bitcoin during its latest run higher.

“We have, like in 2017, hundreds of thousands of retail suckers that are having FOMO (fear of missing out) going into this asset class. And they are going to buy it at peak like it happened in December of 2017 when it was $20,000 and fell to $3,000 by the end of the next year. So, it’s the same phenomenon — just people are moving in because of FOMO, feeding the bubble, manipulation, eventually, they’ll get crushed,” Roubini told Yahoo Finance Live on Monday.

The NYU Stern professor of economics argued that Bitcoin’s surge is driven by “massive manipulation,” not a rush into a hedge against inflation.

“I think that some of the movement upward is driven not by worries about inflation or debasement of fiat currencies because gold is not going up very much, TIPS (Treasury Inflation-Protected Securities) are not going up very much. Why would just Bitcoin be a hedge against inflation and a debasement of fiat currency? There must be something else — something else is there is massive manipulation,” Roubini said.

Roubini, whose nickname is “Dr. Doom,” has argued that Bitcoin and other cryptocurrencies, which he’s dubbed as “sh-tcoins,” have no place in a retail or institutional investors’ portfolio. He pointed to the “huge amount of volatility” as a reason for concern.

“You have to ask yourself whether retail investors or institutional investors should be investing in something that is so risky and something that is not a currency and is not even an asset,” Roubini added.Bitcoin (BTC-USD) hit a high over the weekend of $58,367 per coin before dropping as low as $46,616 on Monday. The digital asset was last trading above $54,000 at the time of this publication, still down from its recent highs.

“The reality is nobody knows what the value of this pseudo-asset is. It doesn’t have any value cause it doesn’t have any income, doesn’t have any use, doesn’t have any utility. So it’s a speculative play on a bubble that is self-fulfilling,” Roubini added.


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## OneEyedDiva

J.B Books said:


> Interesting article on Bitcoin:
> 
> 
> 
> *'Retail suckers' with FOMO will eventually get crushed on Bitcoin, says Roubini*
> 
> 
> 
> Famed economist Nouriel Roubini argues that retail investors with “fear of missing out” are going to get crushed by investing in Bitcoin during its latest run higher.
> 
> “We have, like in 2017, hundreds of thousands of retail suckers that are having FOMO (fear of missing out) going into this asset class. And they are going to buy it at peak like it happened in December of 2017 when it was $20,000 and fell to $3,000 by the end of the next year. So, it’s the same phenomenon — just people are moving in because of FOMO, feeding the bubble, manipulation, eventually, they’ll get crushed,” Roubini told Yahoo Finance Live on Monday.
> 
> The NYU Stern professor of economics argued that Bitcoin’s surge is driven by “massive manipulation,” not a rush into a hedge against inflation.
> 
> “I think that some of the movement upward is driven not by worries about inflation or debasement of fiat currencies because gold is not going up very much, TIPS (Treasury Inflation-Protected Securities) are not going up very much. Why would just Bitcoin be a hedge against inflation and a debasement of fiat currency? There must be something else — something else is there is massive manipulation,” Roubini said.
> 
> Roubini, whose nickname is “Dr. Doom,” has argued that Bitcoin and other cryptocurrencies, which he’s dubbed as “sh-tcoins,” have no place in a retail or institutional investors’ portfolio. He pointed to the “huge amount of volatility” as a reason for concern.
> 
> “You have to ask yourself whether retail investors or institutional investors should be investing in something that is so risky and something that is not a currency and is not even an asset,” Roubini added.Bitcoin (BTC-USD) hit a high over the weekend of $58,367 per coin before dropping as low as $46,616 on Monday. The digital asset was last trading above $54,000 at the time of this publication, still down from its recent highs.
> 
> “The reality is nobody knows what the value of this pseudo-asset is. It doesn’t have any value cause it doesn’t have any income, doesn’t have any use, doesn’t have any utility. So it’s a speculative play on a bubble that is self-fulfilling,” Roubini added.


One has to be very wealthy to buy into Bitcoin at it's current price...and even much lower. And that ain't me. LOL  Plus Bitcoin is too volatile. For those who got in at 8 cents on up to $100 a share, it will probably be worth it to stay in.


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## fmdog44

There is now a mutual fund for this thing _*BITW*_ I believe is the symbol  be careful


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## mrstime

Frankly I have no interest in imaginary money.


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## Ronni

We invested a little in Bitcoin, lite coin and Etherium several years ago. It’s gone up and down and up and down, but that’s fine we weren’t looking for a killing. Currently we’ve tripled our original investment.


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## Glowworm

I’ve never invested or speculated in any digital currency. I stick with my traditional investments


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## J.B Books

*From the Wall Street Journal:*


Defining bitcoin can be tricky. To some, it is a commodity. To others, it is digital cash.

However, the most concrete definition of bitcoin is this: It is software, a program designed to allow people to exchange value directly with each other. It was created by someone calling himself Satoshi Nakamoto, unveiled in 2008 and launched the following year.

What makes bitcoin unique is that this piece of software is run across a network of linked but independent computers. In this way, no one party has control over the network. No central bank and no government can dictate the currency’s value.

Every single bitcoin transaction is recorded in a ledger that is visible to anybody, known as “the blockchain.” Bitcoin’s technology is trusted due to its ability to prevent counterfeits and hacking. The currency’s database has not been pierced once since it went live in January 2009.

Because “bitcoin” is nothing more than digits in a computer program, it has absolutely no intrinsic value. What determines the price is only what another person is willing to pay for it.


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## OneEyedDiva

J.B Books said:


> *From the Wall Street Journal:*
> 
> 
> Defining bitcoin can be tricky. To some, it is a commodity. To others, it is digital cash.
> 
> However, the most concrete definition of bitcoin is this: It is software, a program designed to allow people to exchange value directly with each other. It was created by someone calling himself Satoshi Nakamoto, unveiled in 2008 and launched the following year.
> 
> What makes bitcoin unique is that this piece of software is run across a network of linked but independent computers. In this way, no one party has control over the network. No central bank and no government can dictate the currency’s value.
> 
> Every single bitcoin transaction is recorded in a ledger that is visible to anybody, known as “the blockchain.” Bitcoin’s technology is trusted due to its ability to prevent counterfeits and hacking. The currency’s database has not been pierced once since it went live in January 2009.
> 
> Because “bitcoin” is nothing more than digits in a computer program, it has absolutely no intrinsic value. What determines the price is only what another person is willing to pay for it.


Good info JB...thanks. I'd read about how it works awhile back. Your explanation makes it even clearer.


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## Chris21E

Not since playing Monopoly as a kid...


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## Ellen Marie

My crypto stalled out a couple weeks, but it has revived .... doing great.  Bitcoin hit 62,000.... but my baby was decentraland.... cashed in for the profits while it was high... but I like the program it supports... and when it dips in a couple days, I'm buying in again.   Still waiting for Etherium to "moon"... been waiting patiently... and it is beginning to rise.  Well, today, it was all on a rise.... the anticipation of the stimulus money!  2021 is supposed to be the year.... I'm certainly not complaining....


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## mathjak107

I dabble in gbtc but only quick short term trades , nothing serious ...when crypto has a 5000 year history like gold then I will look at it as a permanent asset component


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## fmdog44

If you have HBO watch this weeks Real Time With Bill Mayer (4/30/21). He rips the concept of this valueless currency to pieces at the end of his show. It reveals things I never imagined and I am surprised the environmental people are not all over this as it uses hideous amounts of energy.


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## Don M.

I've never fully understood the concept of this Crypto currency, and would be reluctant to invest in something so "iffy".  Besides, I'm too old to gamble with our finances.


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## squatting dog

Don M. said:


> I've never fully understood the concept of this Crypto currency, and would be reluctant to invest in something so "iffy".  Besides, I'm too old to gamble with our finances.



Yep, I'll give you real, folding money (fiat that it is) and you give me a digital readout. So, what happens when you go to that website one day and it's gone? No FDIC insurance to go to. Oh... I know, you get hold of the new Crypto insurance agency if it's not gone also... you know... the one you also gave real folding money to.  
No thanks.


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## chic

Cryptocurrency is still a currency and it's complicated and requires one to spend a lot of time with it as one would trading currencies. Like the Yen vs the Euro etc.


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## garyt1957

Ellen Marie said:


> I will give a month by month report over the next year....
> 
> I've been following the bank coins that Chase Morgan is developing.  I am not an advocate of bank coins.  Bank fees are too high, and millennials 'are choosing stablecoins over bank accounts, and the number is growing in larger cities.  They don't have to pay the fees.... bankcoins will still have high fees.  Japan's largest bank began using bank coins today... with an ATM on most corners of the country.


I thought the whole point of digital coins was to bypass the banks


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## garyt1957

OneEyedDiva said:


> One has to be very wealthy to buy into Bitcoin at it's current price...and even much lower. And that ain't me. LOL  Plus Bitcoin is too volatile. For those who got in at 8 cents on up to $100 a share, it will probably be worth it to stay in.


I doubt anybody who got in at the early stages is still in. They likely took their profits and left the latecomers holding the bag


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## SetWave

Invest in Yap stone money today!


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## Uptosnuff

Crypto currency interests me.  But not enough to invest in it.  People say they don't like bitcoin and others because it's just a bunch of bits and bytes in a software program.  Well, that's pretty much what all currency is today anyway.  My paycheck is deposited in my bank account, I use a debit card for purchases and I never see check or cash anymore.

We went off the gold standard in the '70s.  I guess I can see where crypto currency will keep gaining ground.


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## John cycling

I got Bitcoin a few years ago and haven't looked at it since.
I held GBTC for a couple of years and finally sold it recently for a profit.
Coinbase is new, so I put it on my watchlist and might invest if the price looks good.
Personally I treat these like any other investment and spread around the risk with a lot of diversity.


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## garyt1957

Uptosnuff said:


> Crypto currency interests me.  But not enough to invest in it.  People say they don't like bitcoin and others because it's just a bunch of bits and bytes in a software program.  Well, that's pretty much what all currency is today anyway.  My paycheck is deposited in my bank account, I use a debit card for purchases and I never see check or cash anymore.
> 
> We went off the gold standard in the '70s.  I guess I can see where crypto currency will keep gaining ground.


You still have the US (or whatever govt) backing cash. Who's backing crypto?


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## fmdog44

Check out Bitcoins fall on 5/19/21 after China declares it junk


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## Brookswood

IMO, guys like the late Bernie Madoff must be kicking themselves.  Here they are in prison, their marriage destroyed, their families ruined,  and all he had to do was invent his own crupto currancy, sell it to greedy fools, and cash in on the speculative gains. And it's all perfectly legal.


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## Aunt Bea

Could someone explain Bitcoin mining?

I saw a brief clip about large server farms that somehow collect data on Bitcoin transactions and in that process create increased value for the miners but it didn't really go into any real explanation of what was happening other than the cost of the power involved to operate the server farms.


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## John cycling

Here's an interesting video <-- about recent Bitcoin and cryptocurrency happenings.


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## WhatInThe

My old school brokers won't even allow the purchase of a bitcoin related stock or mutual fund..


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## OneEyedDiva

Dogecoin was only 47 cents a coin a couple of days ago. I looked it up when my grandson asked me what I thought of it.  Elon Musk had just made a statement that caused it to dip. If I'm allowed to buy only 100 coins, I'll spend a whopping $47!!  Oooh...I might just do something wild and crazy when it's open for sale in a couple of months. LOL


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## mathjak107

I have been trading for fun in gbtc for a while .

it is a Bitcoin fund that trades like a stock


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## OneEyedDiva

mathjak107 said:


> I have been trading for fun in gbtc for a while .
> 
> it is a Bitcoin fund that trades like a stock


MJ: Someone sent me a private message last week about trading in GBTC.  Seems to me that person has been quite successful at it too.


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## mathjak107

OneEyedDiva said:


> Someone sent me a private message last week that said they have been too MJ.  Seems to me they've been quite successful at it too.


I trade it so I don’t hold more than a day or so ..I buy during a big drop and sell the spike before it falls again ..bought and sold 2x yesterday


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## OneEyedDiva

mathjak107 said:


> I trade it so I don’t hold more than a day or so ..I buy during a big drop and sell the spike before it falls again ..bought and sold 2x yesterday


That person has held on to shares much longer and made quite a profit. I don't do the day trade thing, so I would buy and hold too. But like you said, this is fun for you, so continued success with it.


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## OneEyedDiva

@mathjak107  I'm so through with Coinbase right now. I had trouble registering a couple of years ago and since I then had my son buy Litecoin for me in his account, I never tried to log in but since I was considering Dogecoin (now at 35 cents a coin). I wanted to see if I would be able to purchase when they add it to their listing. The other day I tried and after completing the steps, up to entering the code Coinbase sent me, it said my account is restricted. Their so called customer support is really no help...took me through the same process.  Truthfully, I would be afraid to have a lot of cryptos with them. My son mentioned using a crypto wallet, so I don't know if that bypasses getting money out of Coinbase.

So I decided to invest where I know I can trust the process and bought a very small amount of GBTC from my trusted brokerage.  You said you bought some for fun. How many shares do you currently own? You said you trade them often, but do you try to always keep a certain amount of shares?


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## mathjak107

I sold the 800 shares I had at the close yesterday at a profit …I am waiting for it to fall 1700 to 2000 from where I sold and I will repeat …it is down about 1400 at the moment so I am waiting


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## OneEyedDiva

mathjak107 said:


> I sold the 800 shares I had at the close yesterday at a profit …I am waiting for it to fall 1700 to 2000 from where I sold and I will repeat …it is down about 1400 at the moment so I am waiting


I'm confused. The person I told you about who first mentioned GBTC to me was citing the numbers in the manner that you are (1700, 2000, etc.) but what I bought was $31.17 a share and was at $46.88 a share when I was discussing it about a week ago with that individual. So please help me understand what I'm missing.


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## mathjak107

Gbtc is in the thirty dollar price range. I sold 800 shares yesterday…I want it to fall a total of 1700 to 2000 dollars from the amount I sold at. That is total dollars not a share price.


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## OneEyedDiva

mathjak107 said:


> Gbtc is in the thirty dollar price range. I sold 800 shares yesterday…I want it to fall a total of 1700 to 2000 dollars from the amount I sold at. That is total dollars not a share price


Oh Okay..Thank you!  I needed to see some dollar signs I guess. This is me..to me: Duhhhh!


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## mathjak107

bought 400 shares  gbtc at the close . 31.51


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## mathjak107

Sold this morning at 32.90


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## Liberty

mathjak107 said:


> Sold this morning at 32.90


Trader...lol!


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## mathjak107

Yep , I trade gbtc , nothing I want as part of my core portfolio


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## mathjak107

If it is low enough again today I may buy gbtc again ….longest hold so far has been two days


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## mathjak107

Bought 600 shares gbtc at 31.00


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## OneEyedDiva

mathjak107 said:


> Bought 600 shares gbtc at 31.00


Yeah...then it went down to $30.22. I wasn't home so I missed it.  What was the lowest price you ever bought GBTC at MJ?


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## mathjak107

I think around 30


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## OneEyedDiva

WaskaleeWabbit said:


> 2017 it went up to 18k and then dropped like a stone for 3 years, apparently there were some big players pumping it up for their own good. Bitcoin is a HUGE PIA to buy stuff with and even to cash out esp in Canada. the only place in Canada that would cash it out was a SCAM and everyone lost all their money when the owner died with the password to everyone's digital currency.
> Now that Bitcoin is up again everyone is talking about it again....
> 
> I can't easily cash it out to regular currency , i can't buy jack squat with it, But i can buy Greyscale Bitcoin ETF, or Bitcoin fund... which i did last month and it's up 100%.. i can get in and get out and i don't lose my shirt.
> 
> i also used to buy litecoin and other altcoins... there's all these secret wallets with 2 stage authenticators and keychains... lose one of those and you lose everything, so NO THANKS !!! not to mention tax implications of doing digital currency trading... you know some people ride the markets and highs and lows of the hype and trade  bitcoins for various altcoins and back to bitcoins for profit... like money markets... you are responsible for tracking all your trades and paying all your taxes.


You're not the only one. I've read horror stories about others who had trouble cashing out or doing anything with their accounts. I tried (again) to get back into my Coinbase account. Their troubleshooting was no help and their customer service seems to be non existent. I only own 1-1/3 Litecoin (LTC) (total invested: $500) which is "chump change" and as previously mentioned that's in my son's account. I got spooked after reading all the stories about people losing access to their accounts so although LTC is down, I wouldn't buy another coin.

Someone PM'd me about Greyscale Bitcoin ETF, so, like you, I bought some shares of that. But, unlike you, it's down from when I bought it. I also brought another Greyscale ETF..based on Ethereum (ETHE). More on that in a future post. I agree that there's comfort in knowing we can trade the crypto based ETFs whenever we want using a good old fashioned brokerage.


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## Colleen

I use to belong to a senior financial group online and about a year ago, I posted a question asking what was a better investment...Bitcoin or gold. At that time, Bitcoin was still reasonable to buy. The answers I got from almost everyone was...DON'T buy Bitcoin unless you can afford to lose your shirt. They all said it was junk. Hmmmmm.....I don't belong to that group any more


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## mathjak107

I won’t hold bitcoin ,but i do trade it on its volatility..gold is a permanent part of my portfolio.

gold has actually beaten equities over the last 20 year period ..equities and gold as a 60/40  instead of equities and bonds has been the better performer over most more modern time frames


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## OneEyedDiva

Colleen said:


> I use to belong to a senior financial group online and about a year ago, I posted a question asking what was a better investment...Bitcoin or gold. At that time, Bitcoin was still reasonable to buy. The answers I got from almost everyone was...DON'T buy Bitcoin unless you can afford to lose your shirt. They all said it was junk. Hmmmmm.....I don't belong to that group any more


Tell that to the people who bought Bitcoin when it was less than a dollar a coin. As of today it's $31,508 a coin. Now those early buyers are doing great *if* they can still access their accounts. LOL


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## mathjak107

But if they had 64k each for the taking amd Didn’t , they are just as down in net worth and investment value as the stock market falling 60% .

don’t forget 100k when I started in the fidelity insight newsletter growth portfolio is worth over 5 million today ..if that fell 60% that is a huge loss .. the fact I paid 100k is meaningless …

in effect ,each day we choose to keep that money in play in the same investment as opposed to a different one , we are in effect buying in at today’s price


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## mathjak107

Ellen Marie said:


> For everyone else, virtual is here to stay and it will continue to make progress in all markets.     When the US dollars isn't the world basis, when inflation hits, remember cryptocurrencies.


We still have no clue how crypto will react to a very weak dollar …..


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## ActiveLife2020

We all probably know that with decades of money printing, USD will loose purchasing power and world currency status in coming years. For common people, choice is to consistently grow their portfolio more than inflation rate and/or acquire assets that are not FED -fungible. Over decades, people invested part of their portfolio in Gold to protect against currency devaluation. Crypto holding may be in such protection. However, Crypto Trading is high risk and not regulated at this time. 

Instead of buying crypto directly, I may consider trading spot crypto ETF after they get approved by SEC. 

One thing for sure ... no more Bank CDs ever... for me.


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## mathjak107

Liquid assets like cds , money markets ,etc serve a totally different purpose….they are not instead of  other assets , they go with them


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## Packerjohn

Not a chance.  I'll leave it to the young folks.  I believe in that good old KISS principle:  KEEP IT SIMPLE STUPID!


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## HarryHawk

Bitcoin, ethereum prices tumble as cryptocurrencies continue their downward slide

_Cryptocurrencies __have had a dismal start to the year, and continue to plunge as major economies around the world look to curb their growing popularity.

Bitcoin has fallen over 7% in the last 24 hours, and was trading at $39,097 as of 3:00 am ET, according to CoinDesk. The world's most valuable cryptocurrency has plummeted over 15% since the beginning of the year. In November it was trading at a record high of $68,990._


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## mathjak107

It goes up just as fast …you can’t compare Bitcoin to the same percentages or metrics we do stocks ..totally different benchmark percentage wise .

bitcoin fell 50% last dip and in 90 days broke new highs at 69k  ..so it is many many times more volatile then stocks would be .

the best thing to do is think of it like you would a stamp collection or a painting .

break it off from the portfolio you watch daily , tuck it away and look once in a while  if you can avoid looking daily.
.

i am down about 30% I would think  by now but i just tuck it away and let it do it’s thing ..hopefully it will pay off again


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