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Bankers Ditch Fat Salaries to Chase Digital Currency Riches

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Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#121

Post by googletazer »

throwaway86328 wrote: post #118
googletazer wrote: post #115

Earlier quoted context omitted.

>unaccredited investors unaccredited investors, oh my! When you brush your teeth do you make sure you have government authorization to do so? Also, I hope the toothbrush and the toothpaste were OKed by a government bureaucrat, because thinking for yourself is hard!

You laugh but it is no laughing matter. Securities fraud is a big problem, which is why the SEC takes it so seriously.

Good luck being the world policeman and shutting down ICOs (most of which copied ethereum's model and are based in Switzerland), and the investors. The SEC is there to ensure bankers and early investors (those who by virtue of large wealth are "accredited" to invest early and make out with most gains) get the largest piece of the pie of any IPO. ICOs liberalize this landscape.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#122

Post by cableshaft »

ddeck wrote: post #110
cableshaft wrote: post #71

Earlier quoted context omitted.

You get in early enough, and you'll pretty much be always be up on your investment. I got in on Ethereum the day the announcement popped up on Hacker News that it was added to Coinbase, and the price per coin was $11 then. Even after it's massive 50% crash from it's peak, it's sitting at $200 a coin right now. That's still up almost 20x. That being said, I didn't have a ton of money to invest at the time, so I'm not…

>You get in early enough, and you'll pretty much be always be up on your investment These sorts of statements explain a lot. You hear the same thing in every bull market, as investors conflate luck or the point in the cycle with investment acumen. I'm not making any judgement on the usefulness or future of the blockchain et al, but this ico craze has a lot of similarities with the penny stock market, where many inves…

Well I'm still buying a small amount of bitcoin every week, and ethereum every two weeks. I have an automatic purchase set up, and I've been doing that for over a year now. If the market does good or bad, it doesn't matter, I'm still investing the same amount. It just means I get a little more or less fractions of a coin that week.

I'm using the concept of dollar cost averaging and holding long term to help minimize the risk I'm taking, but I am certainly taking a risk. I did make a larger purchase early on with Ethereum but I'm still buying now.

My point is, if you bought two months ago when it was near its peak, and panic sold two weeks ago during the middle of the crypto downturn, you might be looking at things a bit too short term. I made a larger investment during a downturn two years ago and watched my investment go down to 25% of what I paid, and stay there for over a year, but now two years later it's up 300%.

You need to be patient and only invest what you can afford to lose, just like any other investment.

That being said, I don't disagree with you in regards to ICOs or the speculation on some altcoins feeling like the penny stock market. It absolutely does, and I mostly stay out of that (I have put small investments into some 'penny altcoins'). But I mostly stick to the big three (Bitcoin, Ethereum, Litecoin).

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#123

Post by whiskyant »

richardknop wrote: post #42

Investing in crypto is like a gambling addiction. I know some people who were paper millionaires based on their BTC during the days before Mt Gox collapse. They lost their entire savings once Mt Gox collapsed, since then they have spent years working hard to recover their savings and now they are investing all of it in ICOs. This won't end well. Seems to me like the story is repeating. On a side note, the brigading/s…

If they had that much money, keeping it all in an exchange instead of a wallet is a very foolish thing to do.

It was also known that MtGox was having problems months before they halted withdrawals.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#124

Post by cableshaft »

richardknop wrote: post #116
cableshaft wrote: post #108

Earlier quoted context omitted.

I'm glad to hear you only invested a small amount. Hopefully you can just take it as a life lesson and not be filled too much with regret. I've certainly made mistakes that have cost me money in the past. A few examples: dropping out of school (and later returning years later once tuition had tripled), missteps in my career, a period of unemployment exacerbating my credit card debt, etc. It is probably best to wait u…

Yes, for me it was only a 1 week salary I invested and only lost 1 third of it so when it was all over I lost maybe 2 days wage. So I felt sad for a while but I have forgotten about it relatively soon. And it was a good lesson to learn. I am planning to probably buy a property either end of this year or early next year so I am nearly there. My saving discipline will soon pay off! Yes I think if you stop throwing $100…

You just reminded me that 2 years ago I bought Heart of the Swarm and I have yet to install it or play it. I should do that. I didn't even realize the third one came out already either. Thanks for that.

Also congrats on having the savings discipline to save up for the house!

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#126

Post by Idontagree »

richardknop wrote: post #42

Investing in crypto is like a gambling addiction. I know some people who were paper millionaires based on their BTC during the days before Mt Gox collapse. They lost their entire savings once Mt Gox collapsed, since then they have spent years working hard to recover their savings and now they are investing all of it in ICOs. This won't end well. Seems to me like the story is repeating. On a side note, the brigading/s…

Not to speak to the other coins, but isn't BTC at all time highs?

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#127

Post by bitJericho »

cableshaft wrote: post #71
aaron-lebo wrote: post #55

Earlier quoted context omitted.

It's insidious. There are routinely four or five posts on the front page about cryptos and they usually lack substance. It seems like an entire industry with a lack of morals, ignorant about law and too often tech, but with the smug self-assuredness that they are on the verge of changing everything as only 20 somethings and extremists possess. It doesn't really bother me that people are dumb, but it's not cool when y…

You get in early enough, and you'll pretty much be always be up on your investment. I got in on Ethereum the day the announcement popped up on Hacker News that it was added to Coinbase, and the price per coin was $11 then. Even after it's massive 50% crash from it's peak, it's sitting at $200 a coin right now. That's still up almost 20x. That being said, I didn't have a ton of money to invest at the time, so I'm not…

If a flaw is ever found in bitcoin that renders it useless, it'll drop to 0. Don't hold all your eggs in one basket!

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#128

Post by richardknop »

cableshaft wrote: post #124
richardknop wrote: post #116

Earlier quoted context omitted.

Yes, for me it was only a 1 week salary I invested and only lost 1 third of it so when it was all over I lost maybe 2 days wage. So I felt sad for a while but I have forgotten about it relatively soon. And it was a good lesson to learn. I am planning to probably buy a property either end of this year or early next year so I am nearly there. My saving discipline will soon pay off! Yes I think if you stop throwing $100…

You just reminded me that 2 years ago I bought Heart of the Swarm and I have yet to install it or play it. I should do that. I didn't even realize the third one came out already either. Thanks for that. Also congrats on having the savings discipline to save up for the house!

I just finished Wings of Liberty campaign recently, might try some multiplayer games first to see if I can play with real people without losing horribly.

I might play Heart of the Swarm and Legacy of the Void later. There is also 4th campaign called Nova Covert Ops. But the pack I bought only contained WoL, HofS and LofV so I will probably skip that one.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#129

Post by richardknop »

Idontagree wrote: post #126
richardknop wrote: post #42

Investing in crypto is like a gambling addiction. I know some people who were paper millionaires based on their BTC during the days before Mt Gox collapse. They lost their entire savings once Mt Gox collapsed, since then they have spent years working hard to recover their savings and now they are investing all of it in ICOs. This won't end well. Seems to me like the story is repeating. On a side note, the brigading/s…

Not to speak to the other coins, but isn't BTC at all time highs?

It did touch 3k recently so it's a bit bellow all time highs, somewhere around 2.5k. But it is higher than entire last year for example.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#130

Post by Retric »

discombobulate wrote: post #103
richardknop wrote: post #99

Earlier quoted context omitted.

Yes but that is completely unrelated to price of these tokens which is driven by speculation and has nothing to do with tech. I believe blockchain will be implemented by industries where it is useful and can improve many processes.

The speculation is driven by the tech. It wouldn't be promising tech if it didn't work. I believe it will change international capital allocation, via token sales. Worldwide investment in the best & brightest.

There is an inherent limitation of using proof of work to back up a store of value. Something needs to pay for that proof of work so either you have high transaction costs or inflation.

So, it's easy to have altcoin without speculation. Suppose your alt coin has 4+% inflation / year built into the coin. It could become the worlds main currency without making anyone rich. Adoption would increase because transaction costs could be extremely low promoting it's use for a lot of transactions.

EX: Initial adoption would be small purchases like vending machines where CC/other coins have much higher transaction costs. This could extend to things like cheap subscriptions etc, and then work up the value chain until people are using it to pay rent.

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