Investing

[I7Iz490N]

lol

[palmboy5]

I too only know someone that has invested in cryptocurrencies but although he POTENTIALLY profited so friggin much, he hasn't decided to sell so it could all be for nothing.

[I7Iz490N]

lol

[palmboy5]

The existence and prevalence of DogeCoin, a joke currency from the start, makes me sad. :[

[I7Iz490N]

lol

[palmboy5]

You could try your luck with penny stocks too lol

[I7Iz490N]

lol

[palmboy5]

So are you going to buy into some cryptocurrencies?

[I7Iz490N]

lol

[palmboy5]

I feel like, if someone were to buy into cryptocurrencies at all, Bitcoin was the only clear choice. Now of course it's too late to really get into Bitcoin so you gotta get an alternative. But there are so many alternatives now that your chance of making the right choice is that much lower. :\

[I7Iz490N]

lol

[palmboy5]

The problem I see is how "legitimate" the currency will become, judged by how many stores actually accept the currency. There are some stores that have adopted Bitcoin as a payment option, which is great, but what would they add next? Litecoin? But if it's so similar to Bitcoin, what's the point? Maybe a third currency with a different policy in some way is a more attractive option? Why add more currencies anyway and how many to add in total?

[2005]

I remember reading about bit coin just a few months after it launched. I had a refund check from college tuition that I was going to use to buy up some bit coins because they were insanely cheap... I think I had about $500. I'd have millions upon millions of dollars had I done so. I just figured it was a gimick and that I'd wind up losing my $500. Oh well!

I just don't trust that type of currency. I don't think it will ever catch on.

[palmboy5]

Doesn't matter if it never catches on (it will always have a place in the world though). Fact is, it caught on enough for early adopters to get quite rich off of it already. That's all that really matters here, right? It's like investing in stocks. Owning the coins/stocks doesn't mean much but you're betting on its growth all the same.

And, *ahem*, it's easier to avoid getting taxed on your profits with an unregulated cryptocurrency.

[2005]

But it's also a LOT easier to get screwed as well.

There is nothing backing your money, they can tell you one day that it's "all gone" and there isn't
one thing you can do about it. It's an intangible currency which is backed by nothing. Didn't something
big just go down with one of the cryptocurrency "exchanges" suddenly disappearing?