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Cryptocurrency and Blockchain Discussion Thread

Discussion in 'TSLA Investor Discussions' started by Crowded Mind, Sep 1, 2017.

  1. Crowded Mind

    Crowded Mind Member

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    It seems there are quite a few of us that are interested in what's happening in this space so I thought it was time to bring it to its own thread.

    Personally, I am very interested but still learning. I have a small amount of my investment portfolio in Ethereum and a smaller amount in Bitcoin, both in Coinbase. I am probably up around 60% at the moment. As I learn more over the coming weeks, I will share it here.
     
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  2. D-egg-O

    D-egg-O Member

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    Good on you. I don't understand it enough to invest in.
     
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  3. Johann Koeber

    Johann Koeber Member

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    I am interested, but not convinced.

    Are cryptocurrencies here to stay?
    Can they be safe? There have been reports of people losing their assets.
    Won't the governments shut them down if they become too big, because they do not like to give up their influence on the currency.
    Which currency to trade? Which marketplace?

    Too many questions for me, too few answers.

    Looking forward to more experienced and enlightened comments here.
     
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  4. EinSV

    EinSV Active Member

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    I bought into BTC a couple years ago. I sold last year before the most recent run-up (oops) for two reasons. BTC was being controlled by a small group (red flag) who started making dumb, self-interested decisions (second red flag). I have not kept close tabs on blockchain developments since then, but am tempted to dig deeper into ether. I left BTC for some of the same reasons others switched to ether, but sadly I just sold instead of switched. Or I probably would be retiring today ; )

    Quora has a nice, easy to digest primer on why ether has become popular if anyone is just getting started. https://www.quora.com/Why-is-Ethereum-skyrocketing-right-now

    Like others here, I liked Coinbase quite a bit, although I was annoyed with their high transaction costs -- maybe they've improved in the past year though.
     
  5. Waiting4M3

    Waiting4M3 Active Member

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    Met a friend in April, he told me to buy BTC, I told him to buy TSLA, I guess he's winning now, but we'll see.
     
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  6. Mkorpal

    Mkorpal Member

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    I watched the Netflix documentary on Bitcoins the other day. Lets just say I'm not all that comfortable investing in this.
     
  7. adiggs

    adiggs Active Member

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    Investing in cryptocurrency seems like a weird idea to me. But I do have an ether miner running in my bedroom that's good for nearly 1/10th of 1 ether (around $30 in us currency at today's rates). My best guess is I'm into this 1/10th of 1 ether with more electricity than it's worth, but it's still be interesting and a good educational mechanism for me to start learning more.

    Someday when I've mined an entire ether I'll probably wrap up the miner. The challenge I'm having with the cryptocurrency idea is that outside of exchanging ether into USD / marks / yen / ..., I have no idea what is available for direct purchase. The mining of an ether is my way of figuring this out for myself in a visceral way.
     
  8. MikeInFL

    MikeInFL Member

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    Also a fan of Coinbase. But it's risky/scary for
    sure. I don't fully understand it, but I have a solid idea.
     
  9. durkie

    durkie Member

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    "what is making it an investment?" is the first question i would ask. i have a few bitcoins purchased for fun, but i don't have like a thesis for expecting it to go up in value, except simply that's a deflationary currency.

    ethereum has an interesting conundrum -- i like the problem they're trying to approach of making smart contracts, but code is so, so hard to verifiably make bug-free. for instance: Someone Just Stole $50 Million from the Biggest Crowdfunded Project Ever. (Humans Can't Be Trusted)

    so, it's fun to have a few bucks stashed away in some to keep interest alive, and i want to believe in cryptocurrencies, but i don't currently have strong reasons to do so except that they're going up.
     
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  10. heltok

    heltok Member

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    Inventions don't really go away, so yes they are here to stay. They may be replaced by something better, so far we don't know if it is possible to make something much better.

    It is true that they can be stolen and lost. This is also true for cash and many other assets. If you are gonna store them yourself(compared to letting someone else store them like buying something like XBT) you should make sure your computer is well secured, that you have some good backup system. Maybe consider getting a hardware wallet like Trezor.

    We don't know. It might be hard to do politically and hard to coordinate with all nations. People on the internet don't really like having their freedom limited.

    Bitcoin and Ethereum have the largest market caps today, so they seem like a good start. As for market places, selling dollars for bitcoins or ethers can be done at Coinbase, Kraken and Bitstamp.
     
  11. Bgarret

    Bgarret Model S ownin' Michigan scofflaw

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    Here is a good white paper by ARK invest and Coinbase discussing Bitcoin and Blockchain.
     

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  12. cpa

    cpa Active Member

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    Here is a good read for all those who are subject to US Taxation that comes right from the horse's mouth. It was issued three years ago. I am not aware of a more current bulletin or Rev. Proc.
     

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  13. ulrichard

    ulrichard New Member

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    I bought my car with Bitcoin!
    But I had to get a used one, since Tesla still doesn't accept BTC directly. The dealers that do, are all in other countries. And importing it myself seemed like a huge hassle.

    Before you invest in anything, inform yourself how it works.

    Bitcoin is good money in the sense of the word. It fullfills the criteria for good money better than most other currencies.

    Ethereum is a really interesting project. It was not ment to be used as money. It is sad to see that the only real use of it so far is for ICO token sales.

    Last but not least, if you buy Bitcoin, hold them yourself. Keeping them at a custodian is like browsing the web with a 56k Modem, while these days it's the other way around: We make phone calls over the internet. (This methaphos is from the great talk "The infrastructure inversion" by Andreas Antonopolus). Bitcoin is about being your own bank, and not needing intermediaries.
     
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