Welcome, Guest. Please Login.
Baton Rouge Rocks!
09/02/14 at 23:31:59
News:

Sign up for the Baton Rouge Rocks email list!

Home Help Search Event Calendar Login
Pages: 1 2 3 ... 8
Send Topic Print
Bitcoins! (Read 3668 times)
Bil Phrady
The Administrator!
el Sheriff
********




Posts: 35593


Bitcoins!
04/09/13 at 12:44:58
 
Were at $30 in January, now up to $220 high  Shocked...I remember when they were under $1 †cry  
 
le sigh
Back to top
 
« Last Edit: 04/09/13 at 12:45:24 by Bil Phrady »  
  IP Logged
Calvin Hairstyle
Senior Citizen
*****




Posts: 19113


Re: Bitcoins!
Reply #1 - 04/09/13 at 13:04:47
 
Damn. What the next bitcoin?!!!
Back to top
 
 
  IP Logged
hat
Productive Member Of Society
****




Posts: 4443


Gender: male
Re: Bitcoins!
Reply #2 - 04/09/13 at 13:21:10
 
Wish I would have got in on the Neckbeard Millionaires Club too †cry
Back to top
 
« Last Edit: 04/09/13 at 13:21:19 by hat »  

N‹BR
  IP Logged
Odra Noel
Senior Citizen
*****


I deport local
music.

Posts: 37719


Re: Bitcoins!
Reply #3 - 04/09/13 at 13:54:58
 
it's a bubble
Back to top
 
 

Self-riotous ego-stroker and self-glorication bathr.

"Radiohead sucks! Your band is worse!"

"Is it truly altruism if you believe your benefiting from it by a better society?"
  IP Logged
Kareem Albini
Senior Citizen
*****


still putting the
"hook" in
"sky
hook"...

Posts: 17371


Gender: male
Re: Bitcoins!
Reply #4 - 04/09/13 at 15:07:20
 
Apparently, a small investment in Bitcoins when they first launched is worth over a million dollars at present...of course, it wont last.  Right now it's all the media attention, most of it circulating about Cyprus and Bitcoins potentially playing a role in those with bank accounts their avoiding the taxes the EU is asking on all account holders over $100,000.  
 
Back to top
 
 

"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
  IP Logged
Bil Phrady
The Administrator!
el Sheriff
********




Posts: 35593


Re: Bitcoins!
Reply #5 - 04/09/13 at 15:26:02
 
It IS a bubble of some sort but it's possible it will get up to $1,000USD/1BTC before it pops and deflates to whatever unknown rate...
 
The hype is blowing it up but it's also getting legit VC backing so money is actually being pumped into it and it is getting stronger, considering it's a $1b+ economy.  
 
Next BTC is LTC, or Litecoin.  It is a compliment to bitcoin and I will be dropping $100 in it soon to let it sit and ride these crazy waves...also everyone watch for the BTC bubble because it will come back in a big way so buybuybuy
Back to top
 
 
  IP Logged
Kareem Albini
Senior Citizen
*****


still putting the
"hook" in
"sky
hook"...

Posts: 17371


Gender: male
Re: Bitcoins!
Reply #6 - 04/09/13 at 18:38:17
 
Quote from Phil Brady on 04/09/13 at 15:26:02:
It IS a bubble of some sort but it's possible it will get up to $1,000USD/1BTC before it pops and deflates to whatever unknown rate...

The hype is blowing it up but it's also getting legit VC backing so money is actually being pumped into it and it is getting stronger, considering it's a $1b+ economy. †

Next BTC is LTC, or Litecoin. †It is a compliment to bitcoin and I will be dropping $100 in it soon to let it sit and ride these crazy waves...also everyone watch for the BTC bubble because it will come back in a big way so buybuybuy

 
how many bitcoins you own, Phil?
Back to top
 
 

"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
  IP Logged
Bil Phrady
The Administrator!
el Sheriff
********




Posts: 35593


Re: Bitcoins!
Reply #7 - 04/09/13 at 20:14:55
 
I have none, unfortunately. †I did not foresee it becoming a viable currency and hence never put money into it. †Honestly, the uptick starting in January should have been a sign. †There are stories of people becoming instant millionaires the past few months  
http://www.buzzfeed.com/jwherrman/the-new-bitcoin-millionaires  
the guy who took out a $30k loan to invest in BTC  
http://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_ savings_invested/c8ehaox
 the guy who offered 10k BTC for someone to deliver 2 pizzas  
https://bitcointalk.org/?topic=137.0  
[which apparently at the time would have cost him $41]...etc. †
 
I am doing a mining experiment to see how my graphics card (GPU) does at BTC's current difficulty, half-life, and block number. †I'm in a large pool of miners and in about 6 hours I've earned 0.00079434 BTC, so in about 24 hours I'll mine .0032 BTC and I'll reach my minimum transfer to my wallet (.05 threshold) in 15.8 days, which will be about $12 USD or $0.76 USD/day (given current high of 240 USD/1 BTC).  
 
Early on it was efficient enough to mine but then GPU-heavy homebuilds sprung up (which look like this, an array of video cards dedicated to parallel GPU processing --  
 
).
 
Now there are ASIC builds which FAR surpass anything a GPU cluster can do at all price points--  
 
https://products.butterflylabs.com/  
 
I'm going to get my .05 BTC and hold onto it. †If/when the bubble bursts I will sink some dough into it.
 
Until then I will mine litecoins †Smiley
Back to top
 
« Last Edit: 04/09/13 at 20:15:59 by Bil Phrady »  
  IP Logged
Kareem Albini
Senior Citizen
*****


still putting the
"hook" in
"sky
hook"...

Posts: 17371


Gender: male
Re: Bitcoins!
Reply #8 - 04/09/13 at 20:26:46
 
"This is not an AMA, and while I have nothing to prove, I would be happy to share proof of my holdings if it can be done 100% anonymously. Judging from the tone of some of these replies, some of you are annoyed or even angry at what I am doing and I don't wish to even remotely make myself or my holdings a target.
 
The point of this was to document my actions in a public way so I can look back on them down the line. Yes, the advice is also appreciated but it doesn't change what I have done or any of my plans. If I become a statistic, so be it. I am a fighter and will find a way to make it work as I've done throughout my life.
 
To address some of your concerns though. This is not a leap of faith. I have done my research. I feel the projects surrounding bitcoin right now are revolutionary. Every day there is a new startup, dream, or idea that someone has which is being copied and improved on. I am watching it like a hawk, and will move to LTC or some other currency if it begins to approach bitcoin's success. I will not, however, sell at $X simply because it has reached that arbitrary point. I have my wits about me, while acknowledging this is atypical.
 
To the person who felt it necessary to question my education, I have a bachelors and a doctorate in a field I will not reveal. Perhaps I will go to my grave in debt. Perhaps not. That is part of the fun of this little experiment. Thank you all for your input though.
"
 
wow...you know, people have it about them that when all of a sudden the "bottom" hits that they can somehow predict it, that it won't happen overnight, or in a few minutes.  All it takes is for one news story, and then EVERYONE is trying to sell Bitcoins while no one is buying...it doesn't take much.  It's not that people are stupid, it's just that the market is unpredictable.
 
Also, ONLY investing in Bitcoin breaks the whole entire rule of DIVERSIFICATION
Back to top
 
 

"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
  IP Logged
metalgod
Senior Citizen
*****




Posts: 11622


Gender: male
Re: Bitcoins!
Reply #9 - 04/09/13 at 20:39:25
 
I sold all of my JC Penney stock yesterday.  It went down 12.2% today.  Timing is everything.  While I don't even know what BTC is, I would liquidate it if I had a nice profit locked in.  A prudent investor will cash out when they achieve a 10% return and move onto something else.  If it has a historical track record of cyclic behavior then you can take your chance, but I missed a sell opportunity and had to wait for 5 more years for it to cycle back.
Back to top
 
 

Play Loud!!
  IP Logged
Kareem Albini
Senior Citizen
*****


still putting the
"hook" in
"sky
hook"...

Posts: 17371


Gender: male
Re: Bitcoins!
Reply #10 - 04/09/13 at 22:57:26
 
Quote from metalgod on 04/09/13 at 20:39:25:
I sold all of my JC Penney stock yesterday. †It went down 12.2% today. †Timing is everything. †While I don't even know what BTC is, I would liquidate it if I had a nice profit locked in. †A prudent investor will cash out when they achieve a 10% return and move onto something else. †If it has a historical track record of cyclic behavior then you can take your chance, but I missed a sell opportunity and had to wait for 5 more years for it to cycle back.

 
umm...looks like you should have sold it 6 months ago, or a year even,...not yesterday:
 
https://www.google.com/finance?q=JCP&ei=y-FkUYiYBZKclwO-Hw
 
You really missed that boat by a month. †It was $35/share a year ago. †$28/share back in October when they started getting bad press for getting rid of their "coupons" and deals and such that people loved. †Took a lot of large dips, but was back up to $22/share just this †February, before tanking to an average of $15/share. †It dropped to $13/share today, but you know...12% of $10.00 isn't really that much is it? †All told, it's dropped 62% in a year due to bad management. †
 
But I guess you are right...timing IS everything...
Back to top
 
« Last Edit: 04/09/13 at 22:58:01 by Kareem Albini »  

"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
  IP Logged
metalgod
Senior Citizen
*****




Posts: 11622


Gender: male
Re: Bitcoins!
Reply #11 - 04/09/13 at 23:17:59
 
Quote from Steve Albini on 04/09/13 at 22:57:26:
Quote from metalgod on 04/09/13 at 20:39:25:
I sold all of my JC Penney stock yesterday. †It went down 12.2% today. †Timing is everything. †While I don't even know what BTC is, I would liquidate it if I had a nice profit locked in. †A prudent investor will cash out when they achieve a 10% return and move onto something else. †If it has a historical track record of cyclic behavior then you can take your chance, but I missed a sell opportunity and had to wait for 5 more years for it to cycle back.


umm...looks like you should have sold it 6 months ago, or a year even,...not yesterday:

https://www.google.com/finance?q=JCP&ei=y-FkUYiYBZKclwO-Hw

You really missed that boat by a month. †It was $35/share a year ago. †$28/share back in October when they started getting bad press for getting rid of their "coupons" and deals and such that people loved. †Took a lot of large dips, but was back up to $22/share just this †February, before tanking to an average of $15/share. †It dropped to $13/share today, but you know...12% of $10.00 isn't really that much is it? †All told, it's dropped 62% in a year due to bad management. †

But I guess you are right...timing IS everything...

 
I didn't miss the boat at all. †Absolute dollar ups and downs don't matter percentages do. †$1.20 a share loss doesn't sound like much until you factor in 5000 shares and then you see you lose $6000, which is real money.
I just bought the JCP a few weeks ago after the big drop and sold it for a few percentage point gain (@3%) - I had hopes it would come back, but yesterday it didn't feel right, so I dumped it and saved myself a hefty loss. † I flip stocks mostly in my IRA, so there are no tax consequences. †I have bought and sold blackberry 2 times back in february cleared a 25% return on my money while only holding it a few days both times. †I have others I buy and hold longer, but those all have dividends of ~5%+. † I have been waiting for ETR (Entergy) to rebound so I can cash out and move the money into something else. †I will take the 5% per year in dividends, but I would like something with a little more upside on the stock price side. † Shell is kicking my ass right now - I locked a 8% gain in and then rebought after a 8% decline only to have that decline another 5%. †I am technically still about even on my investment and still get the 5% dividend. †A lot of what I do with stocks is more for entertainment and the good feeling you get taking the chance - just like gambling.
 
I will gladly spend $12 in commissions and $1000 in taxes to put another $2000 in my bank account.  If you do that 10 times a year you pick up an extra $20k after taxes - not a bad side income to purchase stuff or just save it for retirement.  The old saying "It takes money to make money" is very true.
Back to top
 
« Last Edit: 04/09/13 at 23:23:01 by metalgod »  

Play Loud!!
  IP Logged
Bil Phrady
The Administrator!
el Sheriff
********




Posts: 35593


Re: Bitcoins!
Reply #12 - 04/10/13 at 17:12:52
 
The bubble burst today!  This is insanity!
Back to top
 
 
  IP Logged
Odra Noel
Senior Citizen
*****


I deport local
music.

Posts: 37719


Re: Bitcoins!
Reply #13 - 04/10/13 at 17:15:15
 
Bitcoin bubble begins to burst, price plunges 60%
http://buzz.money.cnn.com/2013/04/10/bitcoin-bubble-burst/
Back to top
 
 

Self-riotous ego-stroker and self-glorication bathr.

"Radiohead sucks! Your band is worse!"

"Is it truly altruism if you believe your benefiting from it by a better society?"
  IP Logged
Odra Noel
Senior Citizen
*****


I deport local
music.

Posts: 37719


Re: Bitcoins!
Reply #14 - 04/10/13 at 17:16:09
 
I think it was Krugman who said there might not be anymore bubbles because everybody knows what a bubble is now and knows when one is happening.
Back to top
 
 

Self-riotous ego-stroker and self-glorication bathr.

"Radiohead sucks! Your band is worse!"

"Is it truly altruism if you believe your benefiting from it by a better society?"
  IP Logged
Pages: 1 2 3 ... 8
Send Topic Print