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Anybody used bitcoin?

just wondering bc i heard it was easy money

It’s favoured by criminals and scammers. Great way to wind up on a govt watch list. It’s an easy way to get relieved of your money, actually.

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never used it. I could have made a lot of money if I had invested in it 10 years ago or so. I was doing a lot of reading about “wildcat banks” and decentralized currency. I even remember telling my friend about it. I just didn’t put my money where my mouth was. I probably would have sold all my bitcoin had I invested at $1000. don’t know what it’s at now, but I think it’s reached it’s peak value.

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it was on a tv morning show and the guy invested a small amount for the the host and it grew

@Lifer i heard if a person invested $100 in 2010 it would have grown to $75m in 2020

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I had a co-worker put $100 in. It “grew” to nearly $400K. Sounds awesome, except the exchange he was using got rolled by cyber-criminals and all of the bitcoin there disappeared. He want to the police over it and got laughed at. This was two years ago. It reminds me of the frenzy around the Dot Com gold rush (Google VA Linux Systems and their market valuation.)

Anyone stupid enough to “invest” in bitcoin in 2020 deserves what they get.

it’s not like it’s new now, reason magazine was writing about it 10 years ago I remember. it’s just a wealth transfer in my opinion. I don’t think it has much intrinsic value other than a few. I surely lost out on millions, it’s my biggest financial mistake I ever made, was not putting any money in it back then when I was working. assuming I could have held onto it until a person could trade in it, which I think happened a couple years ago, o well. the bubble has burst imo.

forex is also a easy way to lose money

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i was thinking about it a while ago but i thought it was ‘to good to be true’

like how can you get money for nothing?

It’s like many things. People moved in and monopolize the market. There’s actually big farms just mining so the average person has little chance of making any money. It gets to a point where you spend more on electricity than your getting back in bitcoin from what I’ve read.

Bitcoin is a sticky wicket. On one hand, the world was really crying out for a decentralized currency that represented some kind of work in creating it (in this case, the global hashrate needed to mint a bitcoin at any given moment is that work.) Gold operates in a similar fashion. It’s valuable for a lot of reasons, but the scarcity of it, due to the difficulty of mining it, is one reason.

The digital nature of this crypto-commodity created a perfect storm of valuation, where it is basically going to behave like the perfect bubble until its encryption algorithm is cracked, and even then, some other currency will simply make an altcoin with quantum-hard encryption.

On the other hand, the super rapid increase in valuation and semi-anonymity of it makes it a hot-bed for criminality. So, laypeople will probably get burned by this.

I wouldn’t be surprised if at some point in the distant future national currencies become based on this kind of system. Not just ripping of Bitcoin bit for bit, it is too scarce to be a good currency.

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I have to agree with what most people have posted: Bitcoin just isn’t a worthwhile investment. If I were you, I’d check out the fact that Levi stock has recently dropped (and will likely go back up), or even Intel Sat stock, which has done the same. Much better to watch the stock market for trends, then follow those if you are looking to invest outside of an IRA or something similar.

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