OT- Bitcoin

redli

Senior
Jul 28, 2008
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So how do you store your wealth?
Store of wealth would be very low risk: t-bonds, cd, savings account, etc. If I was investing it would be in a fund/etc of some sort. If I wanted to be real aggressive it would be individual stocks, option trading, etc. I'd put bitcoin at about the level of option trading but maybe a little riskier. The point is, calling it a "store of wealth" is a ridiculous defense of cybercurrencies....they are no such thing.
 
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GBRforLife1

Senior
Feb 18, 2020
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Store of wealth would be very low risk: t-bonds, cd, savings account, etc. If I was investing it would be in a fund/etc of some sort. If I wanted to be real aggressive it would be individual stocks, option trading, etc. I'd put bitcoin at about the level of option trading but maybe a little riskier. The point is, calling it a "store of wealth" is a ridiculous defense of cybercurrencies....they are no such thing.
So your method of storing your wealth is to let it depreciates? Interesting.
 

NikkiSixx

Recruiting Coordinator
Sep 14, 2013
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I don't understand how it can be lost forever....does the amount of Bitcoins circulating go down when that happens then? Thereby making the ones left more valuable?

EDIT-I don't believe it is lost forever. I think it is lost forever to the guy who cannot remember his password, but I am thinking his lost money is somebody else's found money. No freaking way the creators of this are going too let the opportunity to make so much easy money just slip away.
if the guy can't access the address the funds are stored in, then he can never move the bitcoin in them.. and they will become locked in that address forever.

however, someone who is bright will create a company that will take these locked addresses and for a fee trade you for ones that can be accessed.

there is nothing saying those frozen blocks don't have value and could be held by lots of third parties.
 

litespeedhuskerfan

Nebraska Football Hall of Fame
Aug 27, 2006
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2021 is going to be a good year for bitcoin: Microstrategy CEO

I did not know he was an actual rocket scientist from MIT...did I hear that right? Mad props to him and his vision that he put his money where his mouth was and is going to be a very wealthy man because of it...i've just no idea what to think of the whole thing but find it fascinating...all the reading i've done about it recently just confuses me more.
 
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redli

Senior
Jul 28, 2008
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So your method of storing your wealth is to let it depreciates? Interesting.
Yep, inflation risk is way less than the risk you open yourself up to with cybercurrency. Plenty of things to throw your money in if you want to grow, but the question was about store of wealth.
 

f00tball_fan

Walk On
Aug 18, 2006
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Yep, inflation risk is way less than the risk you open yourself up to with cybercurrency. Plenty of things to throw your money in if you want to grow, but the question was about store of wealth.
Its cryptocurrency and you will be left out. Your decision.
 

Suhrreal

Graduate Assistant
Jun 1, 2009
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Its cryptocurrency and you will be left out. Your decision.
"You will be left out" sounds like something a scammer would say to you RollingLaugh

Crypto has lost ~85% of its value before. I would prefer not to open myself up to that kind of risk in a quote digital store of value

Risk off in the market will deflate the crypto bubble quickly, and I give it two months. Two months that could see crypto rise by 100% from current valuations but I'd rather not try to time something like that. Commercials are typically the smart money in the market and they are long the dollar. When the dollar reverses the exit door in crypto will be small...very small. The pain will be YUGE though.
 

GBRforLife1

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Feb 18, 2020
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I did not know he was an actual rocket scientist from MIT...did I hear that right? Mad props to him and his vision that he put his money where his mouth was and is going to be a very wealthy man because of it...i've just no idea what to think of the whole thing but find it fascinating...all the reading i've done about it recently just confuses me more.
A huge part of it is just supply and demand.

Then you have the utility of the individual currencies themself.

Total market cap is around $1 trillion right now. It will probably be $3 trillion by 4th of July.

Think of this: there's 51 million millionaires in the world now. All looking for better growth and better value store than fiat currency. Not all will buy crypto but everyday more will.
 
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GBRforLife1

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Feb 18, 2020
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I wonder if they are regulated and insured? If they are in NY , I'm sure they are
It's an interesting setup. The bank gives you an account and lets your purchase crypto, but the exchange is based in Hong Kong I believe. In the US we don't have access to the exchange, but can still make purchases through the account and app. It's not the absolute best place for purchases and trading based on features, but it is a great on ramp account with lots of benefits.

 
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redwine65

All-American
Jun 23, 2010
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Hey @redwine65 have you looked at Orn Protocol?

I have not, I'm not really too smart about alot of coins, I just try to find the ones people talk about who seem to know what they are talking about if they are on compliant US exchanges, but......alot of these are off shore and I'm not sure if the government is ok with them. there is one guy on youtube who gets in on coins before they hit the market and he goes on about oiler...and others, but then again I'm not sure if they are uncle sam ok'ed...only bitcoin and ethereum has that.



I posted a bitcoin mining company early but I took it down cause I wasn't sure it was legit....it is....
I bought into it years ago, and there was a big legal case over it, so it was suspended...I got the stock as a spin off of global block chain.....well they got rid of the shady characters and they have a massive bitcoin mining projects and also the rights to a few of the crypto's that were made...

I seen it trading again on etrade this morning at .006 cent a share, and bought it. threw a grand at it and made 1.5 grand.
and it's still only 2 cents a share.....I see it going to a buck (i'm not a financial adviser)

 
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redwine65

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Jun 23, 2010
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Nice you're up a nice chunk then.
yes, thanks for the tip pilgrim, I should have got it when you mentioned it first..but it wasn't on coinbase pro, so I had to sign up to voyager exchange to get it ( and vgx)....uni went up that last couple days good for me also....it seems like a person should switch between bitcoin and uni...when bitcoin goes down uni goes up and vice versa...
 

GBRforLife1

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Feb 18, 2020
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yes, thanks for the tip pilgrim, I should have got it when you mentioned it first..but it wasn't on coinbase pro, so I had to sign up to voyager exchange to get it ( and vgx)....uni went up that last couple days good for me also....it seems like a person should switch between bitcoin and uni...when bitcoin goes down uni goes up and vice versa...
Vgx up 100% today...
 

redwine65

All-American
Jun 23, 2010
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$egld Might be $100 by Valentine's day and $1000 by Xmas. $60 now.
the egld stalled for a while, so I threw it into voyager...but then I sent more bitcoin to the voyager exchange to trade for more egld...but the exchange hasn't been working, probably cause folks are buying that dogecoin in large volumes...lol
 

GBRforLife1

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Feb 18, 2020
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the egld stalled for a while, so I threw it into voyager...but then I sent more bitcoin to the voyager exchange to trade for more egld...but the exchange hasn't been working, probably cause folks are buying that dogecoin in large volumes...lol
So you're the one making voyager go up?

Egld up to $69 now. Nice.

The egld app comes out on Sunday. Expect an increase. A
 
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drubendall

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Apr 18, 2004
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I'm going to buy dogecoin because Doge memes have always amused me. Such clever. Much rising. What could go wrong?
 
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redwine65

All-American
Jun 23, 2010
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I invest in alt coins but run back to bitcoin the second it goes up.. because it can skyrocket and I don't want to miss the boat.
vgx,egld,uni,vechain, etc has not been recognised by the US government, only bitcoin and ether has (which makes me nervous)