Crypto

What do you think about Crypto Currencies?

  • What's Crypto?

    Votes: 6 20.7%
  • Crypto is legit and it's the future.

    Votes: 16 55.2%
  • I know about it but I'm scared and no plans to buy.

    Votes: 7 24.1%

  • Total voters
    29

jon coleman

Well-Known Member
Joined
Jan 17, 2019
Posts
9,667
Reaction
5,886
Location
sandiego
400 billion dollar bit coin drop???with one little elon tweet?, splain' to me Lucy, whats that all about??
 

Curtis Guise

Administrator
Joined
Mar 22, 2001
Posts
13,306
Reaction
4,587
Location
Oceanside, CA
Website
www.offroadaction.com
400 billion dollar bit coin drop???with one little elon tweet?, splain' to me Lucy, whats that all about??
Theres no way that Elon/Tesla didn't buy Bitcoin and start accepting it as payment without prior research. His tweet is probably meant to help whatever crypto they are getting into next.
 

jon coleman

Well-Known Member
Joined
Jan 17, 2019
Posts
9,667
Reaction
5,886
Location
sandiego
chris at mesa liquor told me when bit coin first started i should get into this 'new investing in money thing, like buying gold', i thought what a nut, what is he talking about???
 

ltr450rider

Well-Known Member
Joined
Feb 4, 2013
Posts
349
Reaction
554
Location
California
In high school (as of early 2000's), they had economics classes that were standard for graduation (don't know if they still are required or not, recent policies and trains of thought from younger generations lead me to believe otherwise).

In this class, I learned that once upon a time, all currency in the US was backed by the "Gold Standard". Where the amount of currency in circulation could not exceed the value of gold bars that were stockpiled. This way, if anyone wanted to trade in their "greenbacks" for a universal currency, the government could facilitate that exchange.

Sometime in the 20th century (I think, I don't have time to research this timeline, feel free to do so for yourself), the US Federal Reserve made the switch to the "Silver Standard" as there was no longer enough gold supply to back how much currency the US needed in circulation. The silver standard allowed them to print more currency to meet the demand with more citizens with the immigration boom in the early 1900's. Again, they were only circulating enough currency that could be paid out in physical materials.

Once credit/debit cards and digitized bank accounts became the standard method of payment in the past 30 years, is US currency still based on some standard that can be paid out if we all decided to cash in our greenbacks? Is all of the digitized "Dollars" that is being paid out by our government right now actually worth anything in the long term?

This is my worry with all of the Crypto currency. It is digital, and not something that I can hand over physically in trade. What happens if all systems fail and this currency simply disappears with no one to back it up?
 

bajafox

Accepted
Joined
Dec 16, 2004
Posts
16,011
Reaction
6,609
Location
San Diego, Ca
^^ I have zero knowledge of how Bitcoin works, but I think in some ways, it is a physical currency.

There was the case several years ago where a man accidentally threw away a hard drive that contained his bitcoin, would be worth nearly $300M today

 

jon coleman

Well-Known Member
Joined
Jan 17, 2019
Posts
9,667
Reaction
5,886
Location
sandiego
gold has Never been worth zero, its a fiat currency thing, money is a gage, a barometer of work/ energy spent, to get an ounce of gold outta the ground will cost you about 1300( 1800 bucks😵, havent checked in awhile) bucks in payroll, thank nixon on no more gold standard, this is why hyper inflation is comming, trillions of dollars out there, sooner or later the fed has to bring it back , like 1929, dont worry, the preppers bought survival stuff And bit coin😉we'll get through it
 
Last edited:

jon coleman

Well-Known Member
Joined
Jan 17, 2019
Posts
9,667
Reaction
5,886
Location
sandiego
ps, money& economics are way out of my paygrade, also, irs launches major audit of crypto tax cheaters, ( thought you could hide eeeeh????, irs wants there cut!
 
Last edited:

Robin Hood

Well-Known Member
Joined
Feb 27, 2007
Posts
1,401
Reaction
1,274
Location
Tucson, AZ
Think...dot com...social media...and now block chain. In hind sight, don't you wish you had gotten in early to the first two? I still don't understand SM and think it is stupid, but it made a lot of people, a lot of money. Block chain is still in it's early development and will change the way the world functions.

For the longest time, I hadn't given bitcoin or any other crypto the time of day...I thought it was all funny money. A couple months ago, I started asking questions and now I am starting to dig in. It is the technology that is going to be big! Block chain is as big a development as the internet was IMO.
 
Last edited:

MI-FL Offroader

Well-Known Member
Joined
Feb 25, 2017
Posts
543
Reaction
849
Location
Florida
Those are my top two long term perspectives. How did you get the investment into a retirement account?
There are platforms that deal in nothing but crypto. I went with itrust on a recommendation from my Son.

 

Robin Hood

Well-Known Member
Joined
Feb 27, 2007
Posts
1,401
Reaction
1,274
Location
Tucson, AZ
For those that have some interest, start setting up accounts now. It can take a long time and be a frustrating process. It can also take time to fund the accounts. I would assume up to a week or two to get setup. It is possible to have Coinbase up and running in a day or two, but don't count on it. Also, most exchanges don't have all the coins, so you need to have multiple accounts to have access to everything.

Don't use Coinbase, go straight to Coinbase Pro, the fees are much lower. It can be difficult to figure this out, unless someone tells you. Binance is the best I have found for looking at graphs. Cypto.com is all mobile and I use this for watch lists, alerts and you can find just about any crypto that I have looked up there.
 

MI-FL Offroader

Well-Known Member
Joined
Feb 25, 2017
Posts
543
Reaction
849
Location
Florida
My Son likes the Binance graphs as well. The US won't let you trade on it now, so they opened Binance.us. I have diversified into about a dozen coins on two different platforms now and am looking at other platforms and coins. They are doing pretty well too.
 

J Prich

Well-Known Member
Joined
Apr 7, 2009
Posts
7,885
Reaction
9,832
Location
Las Vegas
I’ve been using Coinbase to watch, Coinbase Pro to buy. I personally don’t plan to chase the next big thing so I’m fairly content to play the long game by sprinkling some money at the couple of “safe” bets and a little fun money on the gambles. It’s only been a few months for me and at first I was stuck to it trying to watch and time each move but as I settled in I’ve been co tent to just peek from time to time.

mostly I’m good with just getting in and letting it ride for 5-10 years and see where it goes. Everyone’s got their own strategy I suppose.
 

Curtis Guise

Administrator
Joined
Mar 22, 2001
Posts
13,306
Reaction
4,587
Location
Oceanside, CA
Website
www.offroadaction.com
My Son likes the Binance graphs as well. The US won't let you trade on it now, so they opened Binance.us. I have diversified into about a dozen coins on two different platforms now and am looking at other platforms and coins. They are doing pretty well too.
I wasn’t paying attention and found out about Binance being shut down to the US about a week before I needed to transfer out of there. Binance.us works great but sucks they don’t have as many coins available.
 

Curtis Guise

Administrator
Joined
Mar 22, 2001
Posts
13,306
Reaction
4,587
Location
Oceanside, CA
Website
www.offroadaction.com
There are platforms that deal in nothing but crypto. I went with itrust on a recommendation from my Son.

I’ve heard good things about itrust but I haven’t looked into it. Isn’t there a monthly fee? A friend told me he setup his own self managed crypto Roth IRA but I’ll have to ask how he did it.
 
Top