Dipped my toe into crypto

[ken-do-nim]

I'm up 25% in one day.  This stuff is insane!

(I only put $30 in.)

[rayray]

i never had the balls

congratulations

[ken-do-nim]

(10-25-2021, 12:24 PM)rayray Wrote: i never had the balls

congratulations

I had the epiphany that the money I spend on lottery tickets is better spent on crypto

[crimsonghost747]

(10-25-2021, 12:25 PM)ken-do-nim Wrote:

(10-25-2021, 12:24 PM)rayray Wrote: i never had the balls

congratulations

I had the epiphany that the money I spend on lottery tickets is better spent on crypto

You are probably right. Lottery doesn't exactly have a good return percentage anyway.

I have a good crypto story, you see I was actually one of the early adopters. I was playing poker with bitcoin way back in the day. I stopped playing and left maybe about $10 worth of bitcoin in my wallet. Then in 2017 or so, I decided to diversify and sold most of the bitcoin and put it into other cryptos. This was a bad move in hindsight, as some of those ended up tanking and are worth next to nothing now.

I still hold what started out as $10.

[fenders53]

(10-25-2021, 12:25 PM)ken-do-nim Wrote:

(10-25-2021, 12:24 PM)rayray Wrote: i never had the balls

congratulations

I had the epiphany that the money I spend on lottery tickets is better spent on crypto

I failed to have an epiphany around 2013.   Hope nobody takes offense to my description of this event. I was still in the military and I had recently taken up the new hobby of fly fishing.  (I fished the easy way my entire life).  

I made a friend on a fishing forum in Wisconsin around 2012. I was Mister responsible, invested daily my entire adult life, wife and kid.  Drug tested constantly in the military so clean living since forever. I was very conservative, he was extremely liberal in his ways.  He had a couple goals in life.  He was a good chef and all he cared about was flyfishing and smoking some good weed. After meeting him I'm pretty sure his net worth was about $5K at age 35. He was an accomplished flyfisherman and lived by good water so we hung out.  The odd couple for sure.  He knew I invested and he couldn't do that in a real way.  He bought a few bitcoin as they were way under $100 then. He tried to convince me to buy but it sounded like a scam to me. I haven't talked to him for a few years and I am sure he probably sold on the big run around 2017.  Hope it made his life better.  I will reconnect with him and fly fish again but I am not going to ask. I am sure he had 10+ bitcoin and that would have been life changing for him if he held until now.

[ken-do-nim]

(10-25-2021, 01:47 PM)fenders53 Wrote:

(10-25-2021, 12:25 PM)ken-do-nim Wrote:

(10-25-2021, 12:24 PM)rayray Wrote: i never had the balls

congratulations

I had the epiphany that the money I spend on lottery tickets is better spent on crypto

I failed to have an epiphany around 2013.   Hope nobody takes offense to my description of this event. I was still in the military and I had recently taken up the new hobby of fly fishing.  (I fished the easy way my entire life).  

I made a friend on a fishing forum in Wisconsin around 2012. I was Mister responsible, invested daily my entire adult life, wife and kid.  Drug tested constantly in the military so clean living since forever. I was very conservative, he was extremely liberal in his ways.  He had a couple goals in life.  He was a good chef and all he cared about was flyfishing and smoking some good weed. After meeting him I'm pretty sure his net worth was about $5K at age 35. He was an accomplished flyfisherman and lived by good water so we hung out.  The odd couple for sure.  He knew I invested and he couldn't do that in a real way.  He bought a few bitcoin as they were way under $100 then. He tried to convince me to buy but it sounded like a scam to me. I haven't talked to him for a few years and I am sure he probably sold on the big run around 2017.  Hope it made his life better.  I will reconnect with him and fly fish again but I am not going to ask. I am sure he had 10+ bitcoin and that would have been life changing for him if he held until now.

Wow yeah.  I hope he held onto it.  

***

Now up 40%.  Surreal.

[ken-do-nim]

I decided to test withdrawing my funds from Coinbase. Nope, every time I try it, I get an app error. And it's not like they advertise tech support anywhere.

[fenders53]

(10-30-2021, 06:37 AM)ken-do-nim Wrote: I decided to test withdrawing my funds from Coinbase.  Nope, every time I try it, I get an app error.  And it's not like they advertise tech support anywhere.

This is me commenting with zero crypto experience.  I think I would spread my bet around to several brokers.  A major traditional broker when that possibility exists.   Put on your imagination hat and lets pretend BTC runs to $100K, then it dips to $20K in a couple weeks sometime next year.  The liquidity crisis will be epic when people rush the bank for some USD because they bought the crypto with a home equity loan.  This is why the FED is nervous crypto gets too big.

[crimsonghost747]

(10-30-2021, 08:51 AM)fenders53 Wrote:

(10-30-2021, 06:37 AM)ken-do-nim Wrote: I decided to test withdrawing my funds from Coinbase.  Nope, every time I try it, I get an app error.  And it's not like they advertise tech support anywhere.

This is me commenting with zero crypto experience.  I think I would spread my bet around to several brokers.  A major traditional broker when that possibility exists.   Put on your imagination hat and lets pretend BTC runs to $100K, then it dips to $20K in a couple weeks sometime next year.  The liquidity crisis will be epic when people rush the bank for some USD because they bought the crypto with a home equity loan.  This is why the FED is nervous crypto gets too big.

The cool thing with crypto is that you can quite literally pull it into your own pocket whenever you want. You do not have to keep it with the exchange (=broker) that you are using. You can buy it there and then move it to where ever you wish to store it. (can be an online wallet, a phone app, a USB stick) You can of course keep it with the exchange if you wish, but indeed this has sometimes led to some issues in the past where the owner of the exchange just disappeared together with all the money.

There are of course transfer fees, which are actually pretty damn high for bitcoin, but significantly less high for most other cryptos. This is also where bitcoin fails and why I do not think that bitcoin will be the crypto we will one day be using... it's just too expensive.

[stockguru]

Crypto to me is a waste of time. I will never use and honestly will never understand it. Just give me my apple pay and I cam use that wherever and whenever I want to buy goods. Give me my bank card any day of the week. At some point this crypto and blockchain scam will come to and end lol. And on top of that who wants to pay an extra fee just by using the service.

[ken-do-nim]

(10-30-2021, 06:37 AM)ken-do-nim Wrote: I decided to test withdrawing my funds from Coinbase.  Nope, every time I try it, I get an app error.  And it's not like they advertise tech support anywhere.

After the app made me log in again and choose my pin again (weird), the withdrawal went through.

***

Stockguru - totally agree.  It is, however, a better use of money than lottery tickets.

[stockguru]

(10-30-2021, 04:33 PM)ken-do-nim Wrote:

(10-30-2021, 06:37 AM)ken-do-nim Wrote: I decided to test withdrawing my funds from Coinbase.  Nope, every time I try it, I get an app error.  And it's not like they advertise tech support anywhere.

After the app made me log in again and choose my pin again (weird), the withdrawal went through.

***

Stockguru - totally agree.  It is, however, a better use of money than lottery tickets.

As far as buying stock in companies that mine it yes. But then again winning lottery is a billion to 1 

I have COIN and few penny stocks I bought that have gone up 10x. But at some point the fun will end lol