Anybody invested in Crypto?

kaiser said:
I got into Bitcoin mining in late 2012/early 2013. From there I made many many thousands of percent return. I actually made better money importing ASIC miners than on Bitcoin itself.

Unfortunately I exited a touch early… it was almost enough to cover my PPL.
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Yep, I invested in the companies that made the ASIC chips....Didn't make much but didn't lose, either.
 
eman1200 said:
.. then spent it all on HnB. it was worth every penicillin shot.
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schmookeeg said:
I bought a few Eths to play with Solidity because I thought the idea of smart contracts was neato.

Sold one for some awful nano coins (formerly raiblocks) because I liked their consensus protocol. Nobody else cared or cares. They're worth about a nanofraction of the value I traded away.

I sold the rest of the eth before the monster run-up, and 10x'ed my stake for maybe 2 or 3 tanks of 100LL.

I now have a neato hardware wallet, a few thousand useless nano coins that I might remember how to recover if they rally, and the knowledge that solidity isn't very fun to code and has no real protection against footguns.

No lambos here. No "I bet the rent" stories either. Was an amusing little ride though. C+ would play again when bored. :D

Once the dust settles, I may buy one of these now-cheap-as-chips ASIC miners to eat my surplus solar power at my hangar, and maybe make me a quart of oil every month or something.
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I understood about half of this, but it's an interesting story. That's the main reason I never got into this stuff. I've never had a good enough explanation of the technology that underlies it, and I'm not going to invest in something I don't understand. I'm VERY sympathetic to the idea of a non- government controlled currency. I do view bitcoin as a currency, which is a speculation, not an investment. I don't speculate, even in the grain market which I'm obviously very close to. I don't buy gold either.

I understand stocks, and I understand dirt, so that's where my money goes if it manages to avoid the sucking sounds coming from the avgas pump and my mechanic.
 
I've never speculated in it.

I heed the saying "The problem with crypto is that you are using real money to buy play money."

I want to say that's a Warren Buffet quote, but I can't actually find the source right now.
 
murphey said:
Blockchain is a technology, crypto$ uses blockchain. There really are practical and pragmatic uses for blockchain.
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I know what blockchain is. But every non-cryptocurrrency use proposed for it really fails in practicality.
 
All I ever saw when I glanced at cyrpto was volatility that I didn't ant any part of...even with throwaway money...

I have a few friends that got bit and one that made about 500k...good for him.
 
FastEddieB said:
One could make the case that when we went off the gold standard, it all became "play money".
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:yeahthat:
The difference being that armed federal agents force you to pay tribute (uh, taxes) with the government's fiat money and they prevent anyone but the government from creating it.

"Investing" in crypto feels sorta like investing in casino chips and carrying them over to the roulette wheel.
 
eman1200 said:
ah, so you understand that my stocks are worth dirt over the last 2 years......
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I'm not great at picking individual stocks either. I've got a couple of success stories but I'm sure my individual picks vs my index funds would leave me a bit humble.
Dow/S&P500 indexes are at or above where they were 2 years ago, correct? My individual stocks... not so much I think.

Edit - unless you mean international indexes. I try to do a bit of non-US funds too but those that I'm in have fared a lot worse than US index funds in the last two years :(
 
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flyingron said:
I know what blockchain is. But every non-cryptocurrrency use proposed for it really fails in practicality.
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Blockchain strikes me as about the same as passive RFID - a solution looking for a problem.
 
Anyone caught in the Blockfi bankruptcy process?
Greg
 
Amusingly, we have a battle going here at the lake. Due to an error or something when they bought the land to flood the lake, this one guy actually owns some of the water in front of his house with no restriction. He's building dikes and filling the area in to make his (dry) lot larger.
 
How Crypto Currency works… an analogy in layman’s terms.
Not long ago a merchant found a lot of monkeys that lived near a certain Village. One day he came to the Village saying he wanted to buy these monkeys. He announced that he would buy the monkeys at $100 each.
The Villagers thought that this man must be crazy. How can somebody buy stray monkeys at $100 each?
Still some People caught some monkeys and gave it to this merchant and he gave $100 for each monkey.
This news spread like wildfire and People caught monkeys and sold them to the merchant.
After a few days, the merchant announced that he will buy monkeys at $200 each.
The lazy villagers also ran around to catch the remaining monkeys. They sold the remaining monkeys at $200 each.
The merchant then announced that he will buy monkeys for $500 each.
The villagers start to lose sleep. They caught six or seven monkeys which was all that was left and got $500 each.
The Villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each! He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.
The Merchant went on holiday.
The Villagers were frantic and very sad as there were no more monkeys left for them to sell at $1000 each as was promised by the Merchant.
Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.
The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey. The next day the Villagers queued up near the Monkey Cage.
The Employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys.
The Villagers took care of their monkeys and waited for the Merchant to return. However nobody came! Then they ran to find the Employee. However he was not to be found.
The Villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them.
This Monkey Business is now known as Bitcoin!
 
My favorite short summary of crypto: idling your car 24/7 to solve sudokus so you can buy heroin :)

yes crypto folks I’m well aware of proof of stake not proof of work blah blah blah.
 
Getonit said:
How Crypto Currency works… an analogy in layman’s terms.
Not long ago a merchant found a lot of monkeys that lived near a certain Village. One day he came to the Village saying he wanted to buy these monkeys. He announced that he would buy the monkeys at $100 each.
The Villagers thought that this man must be crazy. How can somebody buy stray monkeys at $100 each?
Still some People caught some monkeys and gave it to this merchant and he gave $100 for each monkey.
This news spread like wildfire and People caught monkeys and sold them to the merchant.
After a few days, the merchant announced that he will buy monkeys at $200 each.
The lazy villagers also ran around to catch the remaining monkeys. They sold the remaining monkeys at $200 each.
The merchant then announced that he will buy monkeys for $500 each.
The villagers start to lose sleep. They caught six or seven monkeys which was all that was left and got $500 each.
The Villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each! He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.
The Merchant went on holiday.
The Villagers were frantic and very sad as there were no more monkeys left for them to sell at $1000 each as was promised by the Merchant.
Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.
The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey. The next day the Villagers queued up near the Monkey Cage.
The Employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys.
The Villagers took care of their monkeys and waited for the Merchant to return. However nobody came! Then they ran to find the Employee. However he was not to be found.
The Villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them.
This Monkey Business is now known as Bitcoin!
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Yes, that could be a very prophetic tale, OR

The villagers shunned the new merchant (bitcoin) , because the fiats liked the control they had over currency and wanted no rivals. They excerised their wants by bashing the new merchant, because that's what they do. The problem is the fiats don't control the new currency, so try as they may they have little influence other than to try to criminalize what they don't understand. Why don't they like the new currency? Because they can't add to the pool of cash, depreciating the value like of all the fiat cash already out there, whenever it benefits them. No quantitive easing, much more difficult to float bonds for expenditures that exceed income. They have to deal with an even playing field and they can't win there.

Our federal government does not even try to balance a budget any more, they just keep adding to the national debt, further hobbling a system that is ready to collapse. It's coming, it may be 5 years, it may be 50. But I'll hold onto my small hedge in bitcoin for when it does. At least I'll be able to eat for a little while as others burn their cash for heat as that will be its sole value if the crash comes.

Bitcoin is the only "crypto" I'll own.

The infrastructure is being built as we speak, it's only a matter of time before it becomes mainstream. Or not, we'll see.
 
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It doesn't matter if hamburger is $100 per pound - as long as there is plenty of hamburger and everyone has $100. Not sure but I THINK that's the underlying driver for Fed spending - just inflate away the impact of Fed debt. Paying creditors with money that's "depreciated" - even with the interest folded in. Of course, you're screwed on a fixed income, or an income that doesn't pace inflation.
 
We should start referring to Crypto's 'value' as its Exchange Rate.
Just like every other currency.
 
The only thing I understand less than crypto is nft's.
 
Never was intended to be a investment, was built to be able to buy things without the government spying on you


Of course the fed is going to fed and our money depreciates soo fast, as it’s backed with nothing and printed a mile a minute, crypto became a investment

I’d say it’s like anything else, no more stupid than betting on some other persons company you have no control over in the stock market, only difference is some of those companies have enough history they can me somewhat more predictable, still it’s just gambling


Now the folks who wanted a more centralized big bank style crypto, they don’t even get the point of crypto, and I have a hard time for them getting stung by the little fat white Afro dude, who no doubt was para government to start with lol
 
Bob Noel said:
you understand women better than crypto?
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Gave up on trying to understand women long ago. Thought that was a given. Haven't quite given up trying to understand fake money and paying for memes and gifs.
 
SamSES said:
I’d say it’s like anything else, no more stupid than betting on some other persons company you have no control over in the stock market, only difference is some of those companies have enough history they can me somewhat more predictable, still it’s just gambling
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It's far more stupid than investing in other companies. Companies actually own things, real estate, equipment and hopefully produce profits, at least most of them.... Now you would need to believe their books, but this is far and away better than "Investing in" Beanie Babies, Crypto, or whatever the rest of the masses currently believe must be valuable...
 
SamSES said:
Never was intended to be a investment, was built to be able to buy things without the government spying on you


Of course the fed is going to fed and our money depreciates soo fast, as it’s backed with nothing and printed a mile a minute, crypto became a investment

I’d say it’s like anything else, no more stupid than betting on some other persons company you have no control over in the stock market, only difference is some of those companies have enough history they can me somewhat more predictable, still it’s just gambling


Now the folks who wanted a more centralized big bank style crypto, they don’t even get the point of crypto, and I have a hard time for them getting stung by the little fat white Afro dude, who no doubt was para government to start with lol
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Fed just started their beta on digital currency. Imagine the government having the ability to just turn off your money at any time. There is a certain senator trying to introduce legislation to implement transaction monitoring in Crypto, specifically bitcoin. There is a big 4th amendment concern with this, that has pretty much sailed with fiat currencies. But the question is, is it governments business to track financial transactions?

Racerx said:
Gave up on trying to understand women long ago. Thought that was a given. Haven't quite given up trying to understand fake money and paying for memes and gifs.
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Yup, you definitely don't understand.
 
I've lost significant (to me) amounts of money in regular markets, so I stopped investing in anything to make money. I started investing in toys I actually play with. I don't lose much most of the time and I actually have fun while playing. Surprisingly, the airplanes I bought as toys have made me more over the years than any of my "investments" ever did. I've doubled and tripled my initial investments in a couple of planes and had a blast flying them in the interim. It isn't a strategy for accumulating wealth, but its a great strategy for accumulating smiles...

For money, I just keep working. I get paid a reasonable amount for my efforts and that covers the cost of living, acquisition of my toys with some left over for rainy days. I'm a happy camper.
 
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