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Bitcoin

usedto said:
Saw a local news report a few nights ago about a woman who entrusted her $100K life savings to a financial advisor who convinced her she could make some quick money. She hasn't seen her advisor or money since.

www.kcra.com

Sacramento County woman loses $100K in cryptocurrency scam

"This is like my whole life savings that I lost."
www.kcra.com www.kcra.com
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Very sad. If using a financial advisor you certainly need to do your background work and make sure they are bonded. Financial advisor or not people who are pushing quick get rich schemes should always be avoided IMO. As the article mentions crypto is difficult to trace. It has become the preferred method for gaining access to and then stealing peoples money. Of course it has often been found that once these thieves get the money they immediately convert the crypto to cash.
 
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El Rubio said:
I have a nephew that is a fincial advisor and sells crypto currency. I’m 60yrs old and am able to retire whenever I want atvthis point. He wants to “talk” to me about investing in crypto currency. He’s already caught a couple of other uncles and I’m hoping he just forgets about it. I think it’s a pyramid scheme that will crumble. I don’t want any part of it.
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My situation is similar. I don't need the money. I'm set in my ways. I can run out the clock with ease.
 
Been good for me, I bought $50 worth in 2013 when it was around AUD $500, just because it was a geeky thing to do. A lot of people who bought early on lost the lot because they lost/forgot about their crypto wallet/authenticator and/or the password after a few computer upgrades. I almost lost it, as my 2013 phone held the authenticator and at that at the time the 2FA authenticator was not transferable.

I also had a couple of USB mining sticks which mined up a tiny amount of .002 BTC while computer wasn't running in 2013. At the time it worked out at around $1 return for a lot of running around so I stopped. That has grown to $135 over the years.

It took quite a bit of forensic work to recover everything a couple of years ago.

If it ever tanks, I've lost 50 bucks. I've never traded and would be reluctant these days to invest any more.

There's billions of dollars sitting out there lost & unclaimed on old hard drives/USBs. If you've forgotten your old crypto wallet password/phrase you're pretty well screwed. And if your old Bitcoin is sitting in your crypto wallet on an old hard drive in landfill, you're never getting it back.

And a bit of trivia: The first Bitcoin transaction was for two pizzas for 10,000 bit coins. At today's prices each pizza would be worth $337,555,000 USD
 
Hyfi said:
Anyone dabbling with Bitcoin or similar E-Money yet?

I just started reading a book called The Bitcoin Standard at the prompting of a friend who bought in because his son convinced him it is the future. He raved on and on but really could not answer any of my questions and concerns, so I am hoping the book answers them. When I talked to his son about it, he also drove a good argument but the bottom line is that he bought into Bitcoin because it was what was needed to buy Pot via the Dark Web.

I personally do not trust anything done electronically and over the internet. This seems to be different than anything else tho and may or may not be a lasting banking option. It is a bit volatile and hard to predict and they warn you not to use it for investment right now. It started out at 1006 Bitcoins cost $1, then it somehow got to $10,000.00 per 1 Bitcoin. On July 4th the NAV was 6,550.87. Today it is worth 7,415.40 so you can see how crazy a ride it is right now. As far as using it for purchases, you could buy a Bitcoin today and think you can purchase X with it, but in 2 weeks you may not have enough money there, or you may have more so it is far from a stable way to use money right now.

Any comments are appreciated as we navigate this new possibility in Non Government regulated and controlled banking.


While restoring vintage receivers takes up most of my leisure budget, I also allocate a small portion into digital assets to diversify. Checking the research on paybis.com/blog/is-bitcoin-good-investment/ helped me weigh potential risks against market stability. Balancing hands-on hobbies with a measured approach to market exposure works best for me.

Oh by the way, if you do buy in, make sure your family knows your account and password or all the money is lost if you pass. Someone recently forfeited millions upon death.
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The Bitcoin Standard is a great read! You nailed it - its wild volatility is why most people hold it as an asset rather than spending it daily
 
I don't know much about Bitcoin. But, I recall watching early presentations when promoters said it was going to be a CURRANCY. Then, after some time, they said the processing overhead was way too steep to use Bitcoin for buying a coffee. "Transaction cost" was something like $5 on average. What's the status these days of using BITCOIN to purchase stuff?
 
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