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  1. #1
    Senior Member Snowsurfer's Avatar
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    Investing: Cryptocurrencies Mintcoins or gamble?

    Do any foosters own cryptocurrencies? Is it worth it to invest? It seems like a ponzi scheme to me because they have to get more people to adopt it in order for the price to go up. After the price goes up, they can ditch their shares onto someone else. This guy dropped six figures apparently on something that is really risky:

    http://forum.bodybuilding.com/showth...hp?t=160376711

  2. #2
    Pedaled too far. Artkansas's Avatar
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    I don't have any, but I think that as they mature, they are going to become stable and more useable. As Mt. Gox demonstrated, they may not be ready for primetime just yet.

    It's not the first time that people have tried to mint their own money.
    "He who serves all, best serves himself" Jack London

    Quote Originally Posted by Bjforrestal View Post
    I don't care if you are on a unicycle, as long as you're not using a motor to get places you get props from me. We're here to support each other. Share ideas, and motivate one another to actually keep doing it.

  3. #3
    Senior Member Snowsurfer's Avatar
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    Quote Originally Posted by Artkansas View Post
    I don't have any, but I think that as they mature, they are going to become stable and more useable. As Mt. Gox demonstrated, they may not be ready for primetime just yet.

    It's not the first time that people have tried to mint their own money.
    Do you think that bodybuilder will actually profit from this or will he lose his shirt? I guess with all the weightlifting and benchpressing, he doesn't mind losing his shirt.

  4. #4
    Pedaled too far. Artkansas's Avatar
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    Quote Originally Posted by Snowsurfer View Post
    Do you think that bodybuilder will actually profit from this or will he lose his shirt? I guess with all the weightlifting and benchpressing, he doesn't mind losing his shirt.
    Only time will tell.
    "He who serves all, best serves himself" Jack London

    Quote Originally Posted by Bjforrestal View Post
    I don't care if you are on a unicycle, as long as you're not using a motor to get places you get props from me. We're here to support each other. Share ideas, and motivate one another to actually keep doing it.

  5. #5
    Why not? EthanYQX's Avatar
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    BB.com makes my ears bleed. All of the worst parts of the internet in one place.
    "It is not the critic who counts."

  6. #6
    hello roadfix's Avatar
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    I gamble with stocks.
    .cinelli.olympic.surly.long.haul.trucker.kona.ku.surly.steamroller.
    .litespeed.classic.litespeed.firenze.bianchi.pista.dean.colonel.plus.more.

  7. #7
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    I bet if you really know what you are doing you can make some money off of the majority of investors who do not really know what they are doing.

    Which class of investors are you regarding cryptocurrencies, one who really knows what they are doing or not...?

  8. #8
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    I like real estate or silver at least ill always have a place to sleep indoors lol

  9. #9
    Senior Member Snowsurfer's Avatar
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    Quote Originally Posted by mconlonx View Post
    I bet if you really know what you are doing you can make some money off of the majority of investors who do not really know what they are doing.

    Which class of investors are you regarding cryptocurrencies, one who really knows what they are doing or not...?
    Probably a mixed bag. It's like learning a new language having to evaluate asset value, if that even exists for cryptocurrencies.

  10. #10
    Can'tre Member 3alarmer's Avatar
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    ...your odds are better at Vegas playing black and red at the roulette table.

    And you can probably get your drinks comped if you bet enough, so .....winning.
    Quote Originally Posted by The Australian Book of Atheism
    There is only no god, and Cyclaholic is his prophet.

  11. #11
    Senior Member late's Avatar
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    The amount of processing power you need to mine bitcoins keeps going up, it's
    the nature of the beast. On top of that, the companies making dedicated bitcoin miners
    are untested, and there have been complaints. Really ought to build your own.
    The demand for processing power has driven up the price of Radeon cards, which
    means something that will actually be strong enough to make money will cost you
    thousands (cards strong enough are several hundred, and you really ought to get the ones
    that are a grand EACH). Expect a big jump in your light bill...

    It is possible to make money, but your superfantastic bitcoin miner is not a long term
    investment, they get obsolete fast. Between the cost, the risk, and the whole DIY
    thing (which I'm not good at) I don't think it's worth it. Money works only if people believe
    it's money. It wouldn't take a lot more bad news to bring that to a messy end.
    We are as gods, we might as well get good at it.
    Stewart Brand

  12. #12
    Senior Member Snowsurfer's Avatar
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    It doesn't look good for him. It looks like his plan didn't exactly pan out.

  13. #13
    Senior Member
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    Quote Originally Posted by late View Post
    The amount of processing power you need to mine bitcoins keeps going up, it's
    the nature of the beast.
    Bitcoin mining can only effectively be done by a very large system with dedicated ASICs... graphics cards don't cut it anymore. The original article is discussing other crypto-currencies, some of which can still be mined with off the shelf hardware. However, I believe the talk is about investing in the coins themselves... not building a system to mine coins. Early bitcoin investors (people who bought coins) realized huge returns (100x) and that's driving most of the hype and creation of new currencies.

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