What do Ye in the know think about Bit coins as a investment? I know the inherent risk and would not buy more than I could afford to lose. What Cristal Ball visions do the enlightened see in the Bitcoin future?

Bitcoin has not been popular on SF. I do not know a lot but IIRC the price of BC spiked when chinese millionares were trying to use it to get their money out of the PRC.

Probably best compared to tulip bulbs as an investment.

Just toss your money out the window. It would be quicker.

wouldnt do it

quote:

Originally posted by Fla. Jim:
What do Ye in the know think about Bit coins as a investment? I know the inherent risk and would not buy more than I could afford to lose. What Cristal Ball visions do the enlightened see in the Bitcoin future?

Well, I wouldn't count on cashing out and guzzling Cristal, first of all.

I'm curious. With all the encryption crap, the bad guys insist in payment via bit coin. How does one acquire them?

RMD

Build a powerful computer and mine them yourself.

Well maybe not:

https://www.weusecoins.com/en/mining-guide/

I wonder where your bitcoin goes during an EMP?

^ that isn't really feasible anymore, not for the individual...

I wouldn't buy them now, as it's at a high point - definitely shitty timing:

I'm in class with a girl who invested in bit coins two years go, or maybe last year. I can't remember. Anyways, she has made a lot of money recently. Apparently companies are sticking up on bit coins in case of a cyber attack. Also, an Asian country (maybe Japan) just legalized it so that has driven the price up some too. I kinda think the bubble is about to burst on the price though.

I never got into it but a good friend of mine, who is an IT professional did years ago.

He says now, the only way to make money is to have multiple miners come together each with multiple machines to offset the cost of electricity and pool their rewards. He by himself is still making some 2k a month but that is far less then what he made before. He also had a huge windfall a couple years ago when bitcoin more then doubled in value.

He's made well over 200k the past 8 years with bitcoins all while doing nothing since his miners are set up at his employers cost without them knowing.

He also says that purchasing them as an investment is foolish. You should only mine them, sell them, or purchase goods or dollars with them online. He prefers to purchase only dollars, but there is only so many dollars he can purchase with them before IRS takes notice.

it was ruled that you get taxed on any gains from bitcoins. kind-a takes much of the profit out of it.

quote:

Originally posted by parabellum:
Just toss your money out the window. It would be quicker.

As an 'investment' it would be certifiable.

If you think of as 'speculation in currency futures' then you'd be thinking about it properly, and likely to put in the proper amount for your overall portfolio and situation.

Go with hookers and blow instead. Same financial results, more fun.

So I'm told.

quote:

Originally posted by Nickelsig229:...a good friend of mine, who is an IT professional...
He's made well over 200k the past 8 years with bitcoins all while doing nothing since his miners are set up at his employers cost without them knowing....

Back in the good old days, (not so long ago), we called what your good friend is doing-- "stealing".

^ Stealing and/or a large degree of embellishment.

It takes far more computing power than what one can skim off work machines doing other things to make $2000/mo mining BitCoins. Maybe 10yrs ago it was possible, but now... B.S., unless he works for Akamai or the NSA or something.

I wonder how many bitcoins will disappear as a result of geezers dying and not passing them on.

Interesting response guys. Hookers and blow was my favorite. But at my age it would have diminishing returns I'm sure. Thanks again for your insight.

quote:

Originally posted by sigmonkey:

quote:

Originally posted by Nickelsig229:...a good friend of mine, who is an IT professional...
He's made well over 200k the past 8 years with bitcoins all while doing nothing since his miners are set up at his employers cost without them knowing....

Back in the good old days, (not so long ago), we called what your good friend is doing-- "stealing".

Absolutely, he has 8 boxes last I knew, each drawing 850 watts 24/7. If he had to pay that on his electric bill it would probably seriously hamper his income from the bit coins.

quote:

Originally posted by 46and2:
^ Stealing and/or a large degree of embellishment.

It takes far more computing power than what one can skim off work machines doing other things to make $2000/mo mining BitCoins. Maybe 10yrs ago it was possible, but now... B.S., unless he works for Akamai or the NSA or something.

You must not know how it works.

He has multiple miners that do nothing but mine. He owns them, the only thing is the power the consume which is what he is stealing from them without them knowing at all. .10 of a bit coin is 190-205 dollars. His machines do nothing but mine, he averages just over one bit coin a month.

There is no embellishment.