Let's talk about Cryptocurrencies - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Canehdianman · 05-23-2017, 03:40 PM

Everyone has heard of Bitcoin by now I assume?

I'm considering investing in a few cryptocurrencies over the next few months. I've started reading about some of the differences between the different types and I'm getting overwhelming with all of the different options and the incredible amounts of information that is available on them (as well as how technical it all is).

Has anyone else looked into this? Is anyone invested in any? Bitcoin? Ethereum? Ripple? Dogecoin? There are literally hundreds of different currencies in existence now.

https://coinmarketcap.com/

I'm leaning towards Ethereum, as it seems to have a higher potential for growth than Bitcoin (at least in the next few months/years).

Anyways, thoughts?

photon · 05-23-2017, 05:23 PM

I have some litecoins that I mined in some exchange somewhere, I'll have to go find them they're worth something now!

accord1999 · 05-23-2017, 06:28 PM

Quote:

Originally Posted by Canehdianman

I'm leaning towards Ethereum, as it seems to have a higher potential for growth than Bitcoin (at least in the next few months/years).

Anyways, thoughts?

You might also look at ZCash as another possibility, it hasn't quite seen the meteoric rise in value that other coins like Ethereum, Dash and Ripple have seen this year but has gained interest recently.

https://www.forbes.com/sites/laurash.../#5e9740dd7a33

Ethereum seems to have the most support from conventional financial institutions and given some of the recent scaling problems of Bitcoin, I do agree that Eth seems the best poised to replace Bitcoin.

Canehdianman · 05-23-2017, 07:24 PM

Quote:

Originally Posted by accord1999

You might also look at ZCash as another possibility, it hasn't quite seen the meteoric rise in value that other coins like Ethereum, Dash and Ripple have seen this year but has gained interest recently.

https://www.forbes.com/sites/laurash.../#5e9740dd7a33

Ethereum seems to have the most support from conventional financial institutions and given some of the recent scaling problems of Bitcoin, I do agree that Eth seems the best poised to replace Bitcoin.

That zcash is interesting.

I'm not sure I'd invest in something that started with that sketchy 'ceremony'. I'd say even money one of those founders kept the key and can own it all whenever they want.

Tron_fdc · 05-24-2017, 09:17 AM

I've been trading BTC since the $300 days. Crazy that it's now over $3000. At one point I had a ton of coins and sold out at $1600.....that was about 3 months ago.

These currencies are super fun to mess around with, but scary as all hell once your investment starts gaining some kind of size. I was staring at a computer screen 24/7 all day every day.......which really isn't what I want to be doing with my life.

You need a lot of time and a lot of cajones to make money IMO.

CroFlames · 05-24-2017, 09:38 AM

I can't even figure out the regular stock market. Never mind these imaginary currency markets.

Canehdianman · 05-24-2017, 10:01 AM

Quote:

Originally Posted by Tron_fdc

I've been trading BTC since the $300 days. Crazy that it's now over $3000. At one point I had a ton of coins and sold out at $1600.....that was about 3 months ago.

These currencies are super fun to mess around with, but scary as all hell once your investment starts gaining some kind of size. I was staring at a computer screen 24/7 all day every day.......which really isn't what I want to be doing with my life.

You need a lot of time and a lot of cajones to make money IMO.

Yeah, I'm hoping to buy a bunch over a few months and sit on them for a few years.

If it does take off, it will be tough to not sell some off though.

Or it might go to zero and I'll cry into my beer.

Canehdianman · 05-24-2017, 10:04 AM

Quote:

Originally Posted by CroFlames

I can't even figure out the regular stock market. Never mind these imaginary currency markets.

Haha, I spent an hour last night trying to understand what a smart contract is.

I'm a pretty intelligent guy, but some of this stuff is pretty out there for me.

Although I'm not sure our fiat currencies aren't as imaginary as bitcoins or ether.

dino7c · 05-24-2017, 11:32 AM

Quote:

Originally Posted by photon

I have some litecoins that I mined in some exchange somewhere, I'll have to go find them they're worth something now!

They had a big spike about 10 days ago but have come back down a bit

PsYcNeT · 05-24-2017, 01:29 PM

So is it still near impossible to exchange crypto-currencies for actual real money? Like, I know I can goto the mall now and buy bitcoins for 3000$ each, but it still seems like a pipedream to actually covert that back into CAN or USD.

Canehdianman · 05-24-2017, 01:36 PM

Quote:

Originally Posted by PsYcNeT

So is it still near impossible to exchange crypto-currencies for actual real money? Like, I know I can goto the mall now and buy bitcoins for 3000$ each, but it still seems like a pipedream to actually covert that back into CAN or USD.

I opened an account on QuadrigaCX.com. Based in Vancouver, and had good reviews. I can buy bitcoins and ether on it.

MOD EDIT: Removed, the answer to the question is no, not via PM either, thanks.

Tron_fdc · 05-24-2017, 01:54 PM

BTC is not hard at all to learn. You open an account with someone like QuadrigaCX, get it confirmed, and then fund it from your bank account. You can start buying and selling right there.

Once you have money you want to pull out, you withdraw it from the exchange and they send it back to your bank account. You can even pay credit cards, bypassing the bank if you want to.

The only thing you need to be aware of is the exchange never closes....it runs 24/7. So if you don't have sell orders plugged in at a high and low amount you need to watch it constantly; it's just that volatile. The Chinese government announced they were going to try and regulate it and it lost 50% of its value in a few hours. I lost a TON of money trying to sell it off, but managed to gain it all back on the upswing.

It's fun, but like I said I was sweating bullets at my workdesk where I should have been working.

Canehdianman · 05-26-2017, 02:03 PM

Pretty big dips today for both Bitcoin and Ethereum.

I took it as an omen and doubled my investment in ETH.

dino7c · 05-29-2017, 03:47 PM

When BTC falls many of the smaller coins rise and vice versa

I have made some smaller investments to learn the ropes in the last couple months, it might just be a fluke but I am up over 100% from my initial investment...almost seems too easy. I lay awake at night debating on putting down a large chunk of change...

honestly BTC is gonna be over 5k at some point, I am 95% certain....why not put down the life savings?

Resolute 14 · 05-30-2017, 07:20 AM

People that put down their life savings on a "sure thing" inevitably get what they deserve.

Raekwon · 05-30-2017, 07:59 AM

Quote:

Originally Posted by resolute 14

people that put down their life savings on a "sure thing" inevitably get what they deserve.

Rich!!!!!!!!

northcrunk · 05-30-2017, 10:04 AM

Not sure how I feel about bitcoin or how it is used on the dark web to traffic children and pay for child porn to hide their identities. I almost feel like we should not be using them. On the other hand though there are benefits but do the benefits outweigh the harm it causes? Not sure.

Canehdianman · 05-30-2017, 10:25 AM

Yeah, I definitely wouldn't be investing my life savings in it. It's incredibly speculative as far as I'm concerned.

I haven't invested in any BTC, as it seems to be mostly played out, with far less explosive upside potential than a lot of other (newer) blockchain technology currencies.

I've only invested in Ethereum so far, but have considered trying to get into some of the lesser known coins to seek a 100x return or so.

dino7c · 05-30-2017, 10:38 AM

Quote:

Originally Posted by Canehdianman

Yeah, I definitely wouldn't be investing my life savings in it. It's incredibly speculative as far as I'm concerned.

I haven't invested in any BTC, as it seems to be mostly played out, with far less explosive upside potential than a lot of other (newer) blockchain technology currencies.

I've only invested in Ethereum so far, but have considered trying to get into some of the lesser known coins to seek a 100x return or so.

You are right about the lesser know coins...LTC has been good to me but you need to be on the ball

BTC is far from played out though...those in the know can manipulate the price and do as it is not regulated at all. Its gonna take a massive nose dive but be above 4k canadian by the end of the year IMO. You can all bump this and laugh at me in December if you wish.

Canehdianman · 05-30-2017, 11:17 AM

Quote:

Originally Posted by dino7c

You are right about the lesser know coins...LTC has been good to me but you need to be on the ball

BTC is far from played out though...those in the know can manipulate the price and do as it is not regulated at all. Its gonna take a massive nose dive but be above 4k canadian by the end of the year IMO. You can all bump this and laugh at me in December if you wish.

Yeah, all of them are subject to incredible manipulation, especially the thinly traded ones. Reminds me of penny stocks.