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Old 03-01-14, 06:10 PM   #1
Snowsurfer
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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
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Old 03-01-14, 07:08 PM   #2
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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.
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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.
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Old 03-01-14, 07:28 PM   #3
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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.
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.
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Old 03-01-14, 09:56 PM   #4
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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.
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Old 03-04-14, 12:47 PM   #5
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BB.com makes my ears bleed. All of the worst parts of the internet in one place.
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Old 03-04-14, 01:55 PM   #6
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I gamble with stocks.
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Old 03-04-14, 02:28 PM   #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...?
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Old 03-04-14, 02:36 PM   #8
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I like real estate or silver at least ill always have a place to sleep indoors lol
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Old 03-07-14, 11:19 PM   #9
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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...?
Probably a mixed bag. It's like learning a new language having to evaluate asset value, if that even exists for cryptocurrencies.
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Old 03-07-14, 11:48 PM   #10
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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.
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Old 03-08-14, 07:16 AM   #11
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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.
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Old 03-17-14, 05:13 PM   #12
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It doesn't look good for him. It looks like his plan didn't exactly pan out.
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Old 03-17-14, 06:30 PM   #13
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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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