Crypo's

Discussion in 'Forex - Currencies Forums' started by ScooterBrandon, Jun 30, 2015.

  1. ScooterBrandon

    ScooterBrandon Senior Investor

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    Is anyone playing in the bitcoin or crypto markets?
    I am interested in starting a discussion see where people are at in this market and if it's worth it to try my hand at it.
     
  2. DTG3D

    DTG3D New Member

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    Bitcoin Miner

    I actually just joined this forum so I could answer this. Yes I do play in Bitcoin (BTC) for a few years now, and even with as little investment a college student can make, I actually do quite well with Bitcoin and Cryptocurrency. I make enough enough per month that if I stopped working I could cover my rent (1 bedroom, 2nd floor of a store that used to be a home), internet, utilities (included in rent) and still have $200 leftover each month.
    Return on Investment (ROI) is anywhere from 60 days to 1 year depending on how you do it, and if you are smart. You can diversify in cryptocurrencies with

    1. Mining Bitcoin and various cryptocurrencies and sell them for BTC Physical or Cloud Mining, have to be clever with mining and adopt early on hardware. Some sites do pay off, some sites never will pay off. You can talk to me more about it more in a private message
    2. Invest in Bitcoin company stocks and IPOs from Havelock investments
    3. Borrow and/or lend on BTCLend, BTCJam, or BTCPop
    Capital Gains taxes are all able to be easily calculated via Libratax.com just copy and paste bitcoin addresses in to monitor, and it will calculate your gains and losses in FIFO or LIFO format for $20.
    To get started buy Bitcoins via an exchange, private message me and I will give you a referral from one and when you verify the account you and I both get $5 free in BTC.
    Use a Bitcoin wallet as well. I like Greenaddress.it it works on Android, iOS, Web browser (Do not recommend using it for security reasons), and as a dedicated Chrome app so it works on Mac, Windows, and Linux. Also make sure to the save the code, if you lose access to your wallet, they are gone forever. If you have a large amount of BTC consider "cold storage" such as a hardware wallet (Electronic device that is offline to protect your BTC) or a paper wallet (Printed piece of paper with QR codes that are your Bitcoin wallet which can be extracted by a bitcoin wallet that has access to a Camera
     
  3. GeeCee

    GeeCee Member

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    My question is this, is cloud mining even worth it anymore? What can you do to keep yourself from getting ripped off?
     
  4. anders

    anders Well-Known Member

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    I'm heavily into crypto-currencies for various reasons, but I wouldn't recommend them to everyone. I'm in a position where I can use them for different businesses that I run, so I'm not just sitting on them as a trader might do.

    ps. you'll definitely need to join a mining pool, unless you have your own mining factory! There are in inherent dangers with all of them, but there are some well-established ones of there. I'm not to give out any names in case they do pull a fast one, but if you search for them you'll find them pretty quickly.
     
  5. Zander Collision

    Zander Collision Member

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    I wouldn't recommend mining and out of the business approach. Create a business and accept bitcoins. Go for trading. If you run a blog, use bitcoin advertising network to monetize your content.
     
  6. ScooterBrandon

    ScooterBrandon Senior Investor

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    I looked into mining and it seems the days have passed where the average joe can get in and make a buck.
    I watched a vice documentary about a handful of Chinese guys who ran a mining operation. They put a lot of money into it and work around the clock. They made a decent living where they were, which had a really low cost of living.
    It's hard to compete against that.
     
  7. anders

    anders Well-Known Member

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    The problem with mining is that the algorithm for generating new coins gets more difficult the more coins are produced. This means that you're always behind the curve when it comes to the technology. You need to have the latest and fastest graphic cards built into a specialized component to even get close to making it work.

    I looked into setting up a stand alone mining operation, but the costs were prohibitive. Still tempted to do it someday, but maybe with another crypto-currency like dogecoin.
     
  8. kgord

    kgord Senior Investor

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    I would be very concerned in getting involved in that market. The Manager of the Bitcoin exchange was just arrested and charged with artificially inflating the currency by one million dollars or coins...not certain which. I think the whole Bitcoin thing is based on a house of cards that could come toppling down at any time. Play at your own peril I say.
     

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