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Started By
Message
Joining the bitcoin parade
Posted on 2/3/14 at 1:46 pm
Posted on 2/3/14 at 1:46 pm
Purchasing two bitcoins tomorrow from a friend of a close friend. Skeptical and excited at the same time!
:pagingWiki:
Wiki - how soon until I'm rich?
:pagingWiki:
Wiki - how soon until I'm rich?
3
Posted on 2/3/14 at 1:54 pm to OnTheBrink
Incredible...I'll hope he's right!
Posted on 2/3/14 at 1:58 pm to Jwodie
quote:
Incredible...I'll hope he's right!
For your sake, me too my friend!
Posted on 2/3/14 at 2:10 pm to Jwodie
quote:
Wiki - how soon until I'm rich?
hold those bad boys for 4 years. you'll be a happy man
Posted on 2/3/14 at 2:16 pm to WikiTiger
Posted on 2/3/14 at 2:30 pm to Jwodie
FWIW, assuming you're paying $800 per bitcoin, if you had invested that $1600 in bitcoin when I first began posting about them here, then you'd currently have $106,400.
$1600 would have bought 133 bitcoins at $12 each.
133 bitcoin at $800 today would be $106,400.
$1600 would have bought 133 bitcoins at $12 each.
133 bitcoin at $800 today would be $106,400.
Posted on 2/3/14 at 2:35 pm to WikiTiger
explain this to me. I invest 1600 in bitcoin. In 4 years, it's valued at 100k.
How do I turn my investment into liquid. (cashing out bitcoin so to speak)
I know nothing about this, but I am interested.
How do I turn my investment into liquid. (cashing out bitcoin so to speak)
I know nothing about this, but I am interested.
Posted on 2/3/14 at 2:37 pm to WikiTiger
quote:
FWIW, assuming you're paying $800 per bitcoin, if you had invested that $1600 in bitcoin when I first began posting about them here, then you'd currently have $106,400.
$1600 would have bought 133 bitcoins at $12 each.
133 bitcoin at $800 today would be $106,400.
Oh I'm well aware.
ETA: My buddy predicts a value of $10,000 per BTC by year's end. Is he crazy? Or crazy like a fox?
This post was edited on 2/3/14 at 2:41 pm
Posted on 2/3/14 at 2:45 pm to Geauxld Finger
quote:
explain this to me. I invest 1600 in bitcoin. In 4 years, it's valued at 100k.
How do I turn my investment into liquid. (cashing out bitcoin so to speak)
I know nothing about this, but I am interested.
You can use bitcoin exchanges to trade bitcoin for fiat currency. some of them are a pain in the arse to use.
however, coinbase.com is the easiest for Americans who don't really want to get involved in the active trading aspects. coinbase is basically a middle man that will take your bitcoins, sell them for you at current market price, and then deposit US dollars directly into your bank account. you can also use them to purchase bitcoins if you want.
beyond that, you could also use bitcoins to just directly purchase goods and services at companies like Overstock.com and Tigerdirect.com. Also, Gyft.com allows you to buy hundreds of gift cards with bitcoins that you can then use at the respective shops/restaurants.
bitcoin acceptance is continuing to grow. the hope is that in 4 years you won't actually have to "cash out." you'll just be able to use them whenever and wherever you wanted like cash.
Posted on 2/3/14 at 2:50 pm to WikiTiger
quote:
FWIW, assuming you're paying $800 per bitcoin, if you had invested that $1600 in bitcoin when I first began posting about them here, then you'd currently have $106,400.
$1600 would have bought 133 bitcoins at $12 each.
133 bitcoin at $800 today would be $106,400.
A fool and his money... to anyone who follows such advice.
Posted on 2/3/14 at 2:51 pm to Jwodie
quote:
My buddy predicts a value of $10,000 per BTC by year's end. Is he crazy? Or crazy like a fox?
not crazy.
bitcoin's current monetary base/market cap (there is debate over which term to use) is currently around $11 billion. That's peanuts.
At the end of 2014, around 13.5 million bitcoins will have been mined. At a price of $10,000 each, that would still only be a monetary base/market cap of $135 billion. That's still peanuts. There are individual companies with a greater valuation than that.
The question you need to ask yourself is this:
What size of an economy do I think bitcoin can/will support in the next year?
If you think bitcoin can reach a $100 billion market cap by the end of the year, then you think 1 bitcoin will be worth $7400.
You can do the various maths yourself. Just think of all the different markets bitcoin can operate in and make an estimate of how much you think it will fill. For instance, some markets will be: online commerce, international remittances, store of value, criminal enterprises, speculation, etc.
Posted on 2/3/14 at 2:53 pm to C
i think the real sticking point seems to be taking a liquid investment and putting it into something so unregulated at the moment.
I think what scared me (and most people) is the inability to see the investment down the road being a cash voucher for lack of a better term. But from what wiki posted, it really just depends on BC being accepted as a form of money transfers for goods and services. shite if i could put down $800 i have now, and get 20k for it to pay off remaining student loans etc in 4 years, i'd do it.
I think what scared me (and most people) is the inability to see the investment down the road being a cash voucher for lack of a better term. But from what wiki posted, it really just depends on BC being accepted as a form of money transfers for goods and services. shite if i could put down $800 i have now, and get 20k for it to pay off remaining student loans etc in 4 years, i'd do it.
Posted on 2/3/14 at 2:53 pm to C
quote:I just had a flashback to when Rivers posted here...
FWIW, assuming you're paying $800 per bitcoin, if you had invested that $1600 in bitcoin when I first began posting about them here, then you'd currently have $106,400.
$1600 would have bought 133 bitcoins at $12 each.
133 bitcoin at $800 today would be $106,400.
A fool and his money... to anyone who follows such advice.
Posted on 2/3/14 at 2:54 pm to WikiTiger
I follow you completely. Suffice to say that your recommendation to people starting in bitcoin is not to view it as a stock or short-term investment but more so a long-term potential builder of wealth (if of course things play out as you and supporters predict)?
Posted on 2/3/14 at 2:55 pm to Jwodie
quote:
My buddy predicts a value of $10,000 per BTC by year's end. Is he crazy? Or crazy like a fox?
It's not the same friend trying to sell them to you is it?
Posted on 2/3/14 at 2:56 pm to OnTheBrink
quote:
It's not the same friend trying to sell them to you is it?
No. But he does currently hold many and is always acquiring more.
This post was edited on 2/3/14 at 2:57 pm
Posted on 2/3/14 at 2:56 pm to OnTheBrink
Posted on 2/3/14 at 2:57 pm to LSURussian
quote:
LSURussian
Was waiting for your arrival. No need for input - I know your position.
Posted on 2/3/14 at 3:01 pm to Jwodie
quote:I'm glad I didn't disappoint you....
Was waiting for your arrival.
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