Anybody buying CRYPTO like DOGE Coin?

[1320]

Oh yeah... PS...

Um... i find it VERY hard to believe... your 300 into 8000.

Not saying you are lying.... just hard to believe... AND THEN something else... (i cannot help it) comes to mind.

IF you actually DID make this... the one question BEGS ME...

Why on Gods Green Earth.... would you tell anyone... let alone strangers online about it.

No one... repeat no one in their right mind would do that... makes ZERO sense.

That is... unlessss........... you have something to gain.... in one form or another.... financially.... mentally... BUT ? ? ?

Sorry... just gotta put it out there... in my nature.

Inasmuch as it's hard to believe, millionaires are being made quite often in the crypto space, $300 into $8,000 is actually pretty easy to pull off. Why tell anyone? Some simply like to help others. Crypto is a bit challenging and I too am guilty of promoting my success. I do so to bring awareness to the technology as much as the profit potential. I didn't have a "coach" during the dot com boom, that would have been nice. Those that have figured their way around crypto most likely had a coach so, it's kinda cool to pay it forward as a coach.

 

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[1320]

You better hope your wrong. heh

The day you allow your paper money to be "done away with"... is the day you can remember as a loss of a major fundamental right... and the beginning of your life being in the hands of something or someone else.

They will NEVER do away with it completely anyway... they make WAY too much money off making and selling it.
So... i don't know where you pulled that other than one of the conspiracy theory sites...but anyway not based on any REAL information or studies or credible source... just a dream... probably cooked up BY the crypto kings themselves no doubt.

You are relying too heavy on the idea and not on reality... reality is ... there can and will never be only one form of currency... ever.

Oh yeah Um....

Whilst i have you "on hook" here... um... i was going to mention that i have some real estate here in Florida on the cheap...... REAL cheap. heh

Respectfully, I don't think you understand how the technology works, it's no longer an idea, it is reality. Today's fiat (paper money) is largely digital and has been for quite some time. Can paper money be done away with? Absolutely. You are relying too heavy on the legacy system and not on reality and not too long ago, so was I. Will the conversion take place in my lifetime? Probably not but, it will happen. It's happening right now, in tiny steps.

I'll leave you with a quote from the Board of Governors of the Federal Reserve System: Keep in mind while reading this quote, 80 countries have already experimented with Central Bank Digital Currency (CBDC). Central Banks! These aren't mom and pop banks.......

What is a Central Bank Digital Currency?
Is the Federal Reserve moving toward adopting a digital dollar?​

Central bank money traditionally takes two forms: cash and reserves held by eligible financial institutions at the central bank. Central bank digital currency (CBDC) is a generic term for a third version of currency that could use an electronic record or digital token to represent the digital form of a nation's currency. CBDC is issued and managed directly by the central bank and could be used for a variety of purposes by individuals, businesses, and financial institutions.

To date, no decision has been made on whether to issue a CBDC in the U.S. payment system. However, given the dollar's important role globally, it is essential that the Federal Reserve remains fully engaged in CBDC research and policy development. The Federal Reserve System is focused on better understanding the underlying technologies and their potentials, as well as policy issues associated with a CBDC. In addition to projects underway at the Board and the Federal Reserve Bank of Boston, the Federal Reserve is collaborating internationally in groups such as the Bank for International Settlements' CBDC coalition.

 

[Tnmountains]

If you had bought Bitcoin....................

• $100 five years ago would be worth $13,915 today.
• $1,000 five years ago would be worth $139,150 today.
• $5,000 five years ago would be worth $695,750 today.
• $10,000 five years ago would be worth nearly $1.4 million today -- enough to retire early in comfort.
• Source 4-21

Price of one Bitcoin today is $61,717.40 sourced 11-21

Interesting subject. Unfortunately .... The President's Working Group (PWG) has been researching stablecoins, in consultation with the financial industry, academics and advocacy groups, for the past few months after Treasury Secretary Janet Yellen said policymakers must move quickly to build a regulatory regime for the asset class.( source fox business)
The biggest concern with digital is what they call the whales making a run on the currency.
1320 has some good advice and you can get free coins if you research it enough create an account to play around with and learn the way it works. Or you can invest just a little hopefully make a profit and cash out your original expense through a broker or peer to peer and leave a little to play with all over again.
HH

 

[pepperj]

If you had bought Bitcoin....................

• $100 five years ago would be worth $13,915 today.
• $1,000 five years ago would be worth $139,150 today.
• $5,000 five years ago would be worth $695,750 today.
• $10,000 five years ago would be worth nearly $1.4 million today -- enough to retire early in comfort.
• Source 4-21

Price of one Bitcoin today is $61,717.40 sourced 11-21

Interesting subject. Unfortunately .... The President's Working Group (PWG) has been researching stablecoins, in consultation with the financial industry, academics and advocacy groups, for the past few months after Treasury Secretary Janet Yellen said policymakers must move quickly to build a regulatory regime for the asset class.( source fox business)
The biggest concern with digital is what they call the whales making a run on the currency.
1320 has some good advice and you can get free coins if you research it enough create an account to play around with and learn the way it works. Or you can invest just a little hopefully make a profit and cash out your original expense through a broker or peer to peer and leave a little to play with all over again.
HH

"$1.4 million today -- enough to retire early in comfort."

I guess it really depends at what point in life one is at when they cash in the investment.

To live on the interest that would give one today? Not going to be that comfortable.
So then one has to start dipping into the principle, and how much does one nibble away each year?
$1.4M - tax(s) ÷ withdrawals X years left(hard one to calculate)= comfort.
It might sound like the lottery win investment payout, but in today's world of the cost of real estate, vehicles, cost of living-it will make things a lot easier, but one has to still aware it can disappear easily as well.

 

[fistfulladirt]

"$1.4 million today -- enough to retire early in comfort."

I guess it really depends at what point in life one is at when they cash in the investment.

To live on the interest that would give one today? Not going to be that comfortable.
So then one has to start dipping into the principle, and how much does one nibble away each year?
$1.4M - tax(s) ÷ withdrawals X years left(hard one to calculate)= comfort.
It might sound like the lottery win investment payout, but in today's world of the cost of real estate, vehicles, cost of living-it will make things a lot easier, but one has to still aware it can disappear easily as well.

Yep, $1.5 mill might cover my wife and myself last 3 years in a decent care home here in Mich when if/when that time comes.

 

[pepperj]

Yep, $1.5 mill might cover my wife and myself last 3 years in a decent care home here in Mich when if/when that time comes.

$1.5M is before the - tax(s) That's the scary part-what's left.

 

[1320]

A few of you are missing the point on the $1.4 million. The point is how little upfront cash AND how fast the profit was realized. 401k, IRA's and stocks have never and will never perform like the example given.

 

[Tnmountains]

Well since I have no debt and already own everything I need..... $1.4 mil even after taxes would be hard for me to sneeze at. 🥳 You can gift up to $15,000 with out paying any taxes maybe I can gift myself often lol
But alas like most I did not invest 10 grand for a million in 10 years. Had I known I would have bought $50,000 worth and gifted everyone here a new detector

 

[ARC]

Well since I have no debt and already own everything I need..... $1.4 mil even after taxes would be hard for me to sneeze at. 🥳 You can gift up to $15,000 with out paying any taxes maybe I can gift myself often lol
But alas like most I did not invest 10 grand for a million in 10 years. Had I known I would have bought $50,000 worth and gifted everyone here a new detector

Yay ! ! ! a NEW Harbor Freight detector ! ! !

:P

 

[FreeBirdTim]

A few of you are missing the point on the $1.4 million. The point is how little upfront cash AND how fast the profit was realized. 401k, IRA's and stocks have never and will never perform like the example given.

You fail to mention the many times that Bitcoin crashed and wiped out many investors. The first impulse when a stock ( or crypto) starts to tank is to sell. A lot of people have lost a lot of money on cryptos over the years.

 

[1320]

No one gets wiped out unless they sell at the bottom, that's the foolish part. You have a point though, panic does set in and to be honest, I feel no remorse for anyone that foolish. A lot more people have lost money gambling the stock market than crypto. If a person panic sells, that person has invested money that he/she can't afford to lose.

 

[JVA5th]

Not something I'll do maybe worth it in the beginning but I'm sure at some point it will be worthless. All it takes is for a bigger country to say hmmm I don't like that messing with the wealth and deciding to ban or regulate it. That then dominoes all around from country to country and effectively giving it no value. Another risk is the grid going down and then it being worth nothing as it actually has no value in the first place. I'll still say it was definitely worth it way early on. I find it way too much of a risk

 

[gre5joy]

I am not familiar with crypto

 

[Treasure_Hunter]

I am still buying a little at a time using the money I would have spent anyway. I was playing an online game and bought "gold" from time to time as it made the game more interesting, Cost of gold was low, usually bought in $10.00 and $25.00 range. I quit playing the game and decided to instead use that money to buy crypto, I will also use money that I planned to spend anyway such as going to a store to buy fast food rather than fix it at home. I would think about it then change my mind and instead fix a meal at home and take the $10.00 and invest it.

For example, $50 invested in Dogecoin in January of this year at a cost of $0.008 is now worth $1400, wouldn't have gotten rich, but a nice return still and it is still cheap, at this moment .22 cent a coin.

I am invested in 7 of them based on the purpose of the coin, they are not just fake coins, it is an investment in different technologies. There are businesses excepting crypto as payment for products and services, and you can sell your crypto through crypto exchanges like stock exchanges and get dollars and have them deposited in your bank. (Taxes are owed on profits) I don't sell mine for dollars, I exchange them for different coins so taxes are not due.

Multiple businesses are excepting crypto now, Home Depot, Microsoft, are two, AMC Theaters for example now accept some forms of crypto for payment online.

I am now invested in 7 currencies, all with the money I would otherwise have spent and be gone. I also buy on downturns when I see a drop. For the year I am up way more than I would be if I had it in a savings account.

 

[ARC]

I have lost every cent on all my Rum investments.

 

[golddigger14s]

Out of $600 I'm down $200 with doge. But even if it goes bust it won't kill me. I'm an optimist so I will hang in there. For those talking about things not having an asset-based backing just look at the US Dollar. Hasn't been backed by gold for many years. Look at the "build back" BS they just approved? We're screwed anyway. Thanks Brandon.

 

[FreeBirdTim]

The U.S. dollar isn't backed by anything, but it is guaranteed to be legal tender by this country. I can walk into any store and buy a six pack with it. The same isn't true for Bitcoin. How do I buy a six pack with Bitcoin if it's worth 45k? Even if they do accept it (rarely), how do I give them a fraction of one? Sorry, but it's not a viable currency. Add to that the volatility of it (down 20k in a month) and you have something that is fun to speculate on, but not really anything but a fantasy currency.

 

[Treasure_Hunter]

The U.S. dollar isn't backed by anything, but it is guaranteed to be legal tender by this country. I can walk into any store and buy a six pack with it. The same isn't true for Bitcoin. How do I buy a six pack with Bitcoin if it's worth 45k? Even if they do accept it (rarely), how do I give them a fraction of one? Sorry, but it's not a viable currency. Add to that the volatility of it (down 20k in a month) and you have something that is fun to speculate on, but not really anything but a fantasy currency.

Sorry, but you are wrong, it is not a fantasy, there are many businesses accepting crypto payments now and more are joining.. The volatility is just like stocks.

There are multiple ways to pay a retailer right now too.

Crypto has what is called crypto wallets that you can pay out of, it is digital just like paying with your IPhone or Android mobile payment now. You can also use your debit card, to pay and then convert an equal crypto amount into dollars and put it in your bank account to repay the debit card or pay the credit card. I can sell fractions or whole coins and have my crypto paid in the equal dollar amount and it is deposited into my bank account.,

There are also crypto debit cards that work just like any debit card, the funds are paid to the retailer in US dollars and subtracted from your crypto account in crypto-based funds based on the crypto price at that moment for that particular currency used.

 

[Treasure_Hunter]

Out of $600 I'm down $200 with doge. But even if it goes bust it won't kill me. I'm an optimist so I will hang in there. For those talking about things not having an asset-based backing just look at the US Dollar. Hasn't been backed by gold for many years. Look at the "build back" BS they just approved? We're screwed anyway. Thanks Brandon.

Just like the stock market, a drop is a buying opportunity, buy low sell high. I am like you, I'm down $100 from the recent drop, but it is a good buying opportunity too so I invested a few dollars more plus the $100 I am down right now would have already been spent and gone anyway as I only use funds I had planned on spending on something else and backed out of buying it, usually a fast food buy or restaurant purchase.

 

[FreeBirdTim]

Sorry, but you are wrong, it is not a fantasy, there are many businesses accepting crypto payments now and more are joining.. The volatility is just like stocks.

Yes, it's similar to speculating in stocks, but it's not a stable or safe currency. The dollar doesn't lose 1/3 of it's value in one month. Speculative play, yes. Currency, no.

Here's what's wrong with Bitcoin. If I sell my car for 1/2 of a Bitcoin today (say 24k) and Bitcoin crashes 5k tomorrow, I just lost $2,500 on the sale of my car. Not acceptable and not how real currencies work.