Anyone Invested in crypto?

[Kutnupe14]

Is what I want to know is say I like Litecoin, XRP (Ripple) and Bitcoin Cash....Do I have to start an account with different places? For example, it looks like coinbase just sells Bitcoin, Litecoin and a couple others, where Bitstamp sells XRP and other places offer NAVCoins. This stuff seems confusing but I am seeing some people with HUGE returns on it right now. I need to learn it and learn it quick. I want to buy some XRP, NAV, OMG, LSK, STEEM, etc.

IS there a one stop shop or do I just need multiple accounts. Also, how do taxes work on the profits of these things.....or is the point of crypto money to not be taxed?

Coinbase you can actually use to pay for things. I don't do it, I simply use it to buy and sell because it's easy to navigate. If you were to actually want to use it buy something, I suggest (and I suggest this anyways) getting a offline wallet that actually stores your cryptos. They look like flash drives or paper with barcodes on it. But if you lose either, you lose your money. There are several one stop shops, but Coinbase is one of the safest. I know a number of people with multiple acts. Lisk and Steem seem like really good ones, but Bitcoin cash, after its hard fork from Bitcoin, still scares me.

If there are some guys who want to learn from, and not be bored to death. Check out Louis Thomas and Crypto Shark on youtube. Boxmining is really good too, but he's just dull.

For everyone else, the basics:

[video=youtube;Da9Q57vov_c]https://www.youtube.com/watch?v=Da9Q57vov_c[/video]

 

[Kutnupe14]

Oh, and further, the Asian markets are really driving cryptos right now. Specifically S. Korea and China. I watched this really closely at first, fearing a pump/dump scheme, but they ain't selling. They're gobbling it and holding. Fears of a possible conflict amid of rising tensions in the region most investors are believed to be the driving force behind this. It has started to be a trend that in poorer 3rd Word nations, which have fragile economies and corrupt govts. The have started to see cryptos as a legitimate way to hold wealth. For instance, in Venezuela the mining and buying of cryptos has skyrocketed. The highest denomination of their paper money (the Bolivar) is worth less than 2 cents. For those who were able to switch their Bolivars over to cryptos have been lucky enough to avoid inflation.
To give you an example, let's say 1 Bolivar equaled 1 Dollar prior to that nation's issues. If at the start of the cash the Bolivar fell to 50 cents and that person moved it over to a crypto, that wealth would still be maintained despite the the Bolivar being now being essentially worthless...but obviously the money isn't a Bolivar, but that's what the crypto was originally purchased with.

 

[CHCRandy]

I don't want to use them to buy stuff..but I would like to buy some of these cheaper ones and just forget about them for a while. I figure for a $2,000 I could have a bunch of several types, and who knows.....someday they could be worth a lot. STEEM, NAV and XRP are the 3 I would like to buy right away. Can I buy those at Coinbase? These guys are making huge returns just day trading crypto (Like 20-30-40% per day)...I sure wanna learn to play!

 

[Kutnupe14]

I don't want to use them to buy stuff..but I would like to buy some of these cheaper ones and just forget about them for a while. I figure for a $2,000 I could have a bunch of several types, and who knows.....someday they could be worth a lot. STEEM, NAV and XRP are the 3 I would like to buy right away. Can I buy those at Coinbase? These guys are making huge returns just day trading crypto (Like 20-30-40% per day)...I sure wanna learn to play!

No. Poloniex and Bitstamp are pretty good, and should have what you're looking for. You can make huge returns trading cryptos, but be clear that buying cryptos isn't the same as trading cryptos. The latter is more along the lines of playing the stock market, vs the former being like holding a asset (like gold).

 

[JettaKnight]

So...
The value of cryptocurency is going up because people are buying them with the hope of them rising... how is this not a ponzi scheme?

Precious metals at least have a use apart from being an investment. Other currency (e.g. RMB, EURO) has far more use day to day as actual currency.

And how many cryptocurrencies are there now? At some point I think the market will settle on a very small few survivors.

 

[Kutnupe14]

So...
The value of cryptocurency is going up because people are buying them with the hope of them rising... how is this not a ponzi scheme?

Precious metals at least have a use apart from being an investment. Other currency (e.g. RMB, EURO) has far more use day to day as actual currency.

And how many cryptocurrencies are there now? At some point I think the market will settle on a very small few survivors.

Well first, cryptos don't meet the definition of a Ponzi scheme. The idea that people buy them with hope of going up, is valid, but what investment do people buy, that they hope it goes down? Are calling gold a Ponzi scheme too? If so then your point has merit. And concerning gold, what intrinsic value does gold have? You can't eat it, you can't drink it, you can't smoke it, and you can't jump on its back and ride it anywhere. The price of gold, like say Bitcoin, is in how rare it is, and its ability to store value. That's about it. Money has and always will be about trust in value upon an agreed upon value. That's the concept that got us out of being a bartering
tribal species, and into a successful civilizations.

 

[JettaKnight]

Well first, cryptos don't meet the definition of a Ponzi scheme. The idea that people buy them with hope of going up, is valid, but what investment do people buy, that they hope it goes down? Are calling gold a Ponzi scheme too? If so then your point has merit. And concerning gold, what intrinsic value does gold have? You can't eat it, you can't drink it, you can't smoke it, and you can't jump on its back and ride it anywhere. The price of gold, like say Bitcoin, is in how rare it is, and its ability to store value. That's about it. Money has and always will be about trust in value upon an agreed upon value. That's the concept that got us out of being a bartering
tribal species, and into a successful civilizations.

Ok, ok, I was being a bit hyperbolic.

I've never understood why gold has value other than people are attracted to shiny things and there's a certain inherent block to just producing new gold, thus protecting it's value against deflation due to flooding the market.

However, I think my point - if a particular crypto-currency gains any traction, it will have to start to be used as currency in legitimate commerce - is a legitimate one. And once one gets ahead, the value of the others will plummet.

To my knowledge, this is where gold and crypto-currency are on par - the lack of general use in commerce.

 

[Kutnupe14]

Ok, ok, I was being a bit hyperbolic.

I've never understood why gold has value other than people are attracted to shiny things and there's a certain inherent block to just producing new gold, thus protecting it's value against deflation due to flooding the market.

However, I think my point - if a particular crypto-currency gains any traction, it will have to start to be used as currency in legitimate commerce - is a legitimate one. And once one gets ahead, the value of the others will plummet.

To my knowledge, this is where gold and crypto-currency are on par - the lack of general use in commerce.

True, to a point. My main interest, in cryptos, revolves around the possibility of it supplanting currencies in the third world. Even if the "first world" never adopts them, there's ginormous room for cryptos to take ridiculous portions of the market cap. I actually think this may be one of the driving reasons why the Chinese are gobbling them up.

 

[JettaKnight]

True, to a point. My main interest, in cryptos, revolves around the possibility of it supplanting [fiat] currencies in the third world. Even if the "first world" never adopts them, there's ginormous room for cryptos to take ridiculous portions of the market cap. I actually think this may be one of the driving reasons why the Chinese are gobbling them up.

Interesting. That never occurred to me.

 

[rvb]

gold/silver are used in electronics and many industrial/medical/aerospace applications. a lot more than just being shiny. there is a limited supply and production rate. "crypto" investment seems a bit like investing in beanie babies to me....... buy and sell at the right time, and you might do well. on the other hand, we get beanie babies for my daughter at garage sales all the time for a dime or quarter each....

-rvb

 

[Kutnupe14]

gold/silver are used in electronics and many industrial/medical/aerospace applications. a lot more than just being shiny. there is a limited supply and production rate. "crypto" investment seems a bit like investing in beanie babies to me....... buy and sell at the right time, and you might do well. on the other hand, we get beanie babies for my daughter at garage sales all the time for a dime or quarter each....

-rvb

Someone, I was talking to, the other day said something similar. So, I respond to you, the way I responded to them: Which came first, the extreme value attached to gold which has been in place for thousands of years, or electronics, industrial, medical, aerospace applications.

 

[Hkindiana]

Someone, I was talking to, the other day said something similar. So, I respond to you, the way I responded to them: Which came first, the extreme value attached to gold which has been in place for thousands of years, or electronics, industrial, medical, aerospace applications.

Jewelry came first. Even in acient times gold was valued for jewelry and religious artifacts because it just LOOKS GOOD. Would you rather invest your money in a firearm or an intangible belief/wish. Sure, the bottom can fall out of either, but if it does, you will STILL have a firearm that you can use/trade, versus a whole lot of nothing. When my grandmother died I found a 1000 share stock certificate for the "red fish boat company" in her safety deposit box that was worth less than the paper it was printed on. I sure wish that she would have invested in something TANGIBLE like firearms or gold/silver.

 

[CHCRandy]

I am just amazed at how in 4 months some of these things (I say that because I still have no clue what a crypto coin is) have gone from .005 cents to $1.50........that's a whole lot of profit, I can't even do the math to figure what $10,000 would be with that kind of gains.

 

[bwframe]

 

[rvb]

jewelry is still the biggest industry for gold/silver use. it's not a shrinking industry. the electronic/industrial/medical/aerospace industries are the continuing to grow and show no signs of slowing down. so.... same-ish supply with growing use/demand. I fail to see a point? does electronic currency have centuries of historic value attached to it?

 

[Kutnupe14]

Jewelry came first. Even in acient times gold was valued for jewelry and religious artifacts because it just LOOKS GOOD. Would you rather invest your money in a firearm or an intangible belief/wish. Sure, the bottom can fall out of either, but if it does, you will STILL have a firearm that you can use/trade, versus a whole lot of nothing. When my grandmother died I found a 1000 share stock certificate for the "red fish boat company" in her safety deposit box that was worth less than the paper it was printed on. I sure wish that she would have invested in something TANGIBLE like firearms or gold/silver.

So, you're proving my point? As far as firearms are concerned, yeah. That goes right along with things you can actually do something with. Golds' not going anywhere. It has a long held imaginary belief in it's value... but so does every other fiat currency. You trust it's worth something, not know. That idea of that trust has been exported to cryptos, nothing more... and as long as there are people willing to believe in that trust, then there's money to be made.

 

[Kutnupe14]

jewelry is still the biggest industry for gold/silver use. it's not a shrinking industry. the electronic/industrial/medical/aerospace industries are the continuing to grow and show no signs of slowing down. so.... same-ish supply with growing use/demand. I fail to see a point? does electronic currency have centuries of historic value attached to it?

What can you do with jewelry? That's the point. There are only a very few things that have intrinsic value, and gold ain't one of them.
Of course electronic currency doesn't have value attached to it. Are you saying that only thing created centuries ago, hold value? Surely, there have been things that have value that aren't nearly as old, but that's because people have agreed upon it having value. It seems like you're saying that because gold is used in electrical/mechanical/aerospace industries, that's why it is so valuable. If that's what you're saying, why has it been consider VERY valuable for thousands of years? The things you mentioned surely make it gold more valuable, but they did not create it idea of it's initial value. Cryptocurrencies run on a very unique kind of technology, blockchain. A lot of people are pretty geeked about it, and see it as having multiple applications in the future. If there are noteworthy applications, the price of things associated with that technology (i.e. cryptos) will gain in value. That absolutely no different than golds initial value being boosted when other applications for it are discover (i.e. in the industries you mention).

 

[Hkindiana]

So, you're proving my point? As far as firearms are concerned, yeah. That goes right along with things you can actually do something with. Golds' not going anywhere. It has a long held imaginary belief in it's value... but so does every other fiat currency. You trust it's worth something, not know. That idea of that trust has been exported to cryptos, nothing more... and as long as there are people willing to believe in that trust, then there's money to be made.

Gold does not have "a long held imaginary belief in its value". In has intrinsic value in so such that it is DESIRED by many people for its beauty and use, NOT because they think it will rise in value. Yes, you CAN do something with jewelry - you can trade it for goods that the other person is willing to trade. Crypto currency is IMAGINARY - it has NO TANGIBLE FORM and can only be sold to someone else who THINKS that it will go up in value. I think it IS a ponzi scheme, and from the research that I have done on it, I would not INVEST in it, however, if I felt like gambling, it has a better short term chance of turning a profit than other GAMBLES, like the lottery.

 

[rvb]

Are you saying that only thing created centuries ago, hold value?

No, I'm saying gold/silver have shown to hold value for centuries. Veerrry long term historic trend data available. The odds of it becoming worthless tomorrow are practically nil. what are the odds a bit coin could become almost worthless almost overnight? What new competing bit coin might emerge tomorrow knocking down the value of a good one today?

It seems like you're saying that because gold is used in electrical/mechanical/aerospace industries, that's why it is so valuable.
If that's what you're saying, why has it been consider VERY valuable for thousands of years?

No. I'm saying it already had inherently high value which it has had for centuries. Today, more modern applications only increase that value, and those modern applications are increasing in both number and world market share.

people still want bling as they have for centuries, but now they also want cell phones and an internet-of-things. To imply gold is riskier is to imply people on a global scale will suddenly 1) not see value in bling and 2) give up their technology.

-rvb

 

[rvb]

I would not INVEST in it, however, if I felt like gambling, it has a better short term chance of turning a profit than other GAMBLES, like the lottery.

kinda where I am . from a diversification standpoint, I could see tossing a little $ at it [gambling] but not as any kind of primary investment......
-rvb