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Bitcoin - Part 2

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It is simple. Open an account with Coinbase, fund your account directly from your bank account with whatever amount you want to experiment with, and buy some Bitcoin.

You simply wait for the price to increase and sell it back to Coinbase. Then wait for the price to decrease and buy back in. If it's not for you, simply transfer your cash directly back into your bank account.

It's an experiment I'd recommend highly. Although you may be up at 4 am waiting for the right price to buy back in..........:)

Chris B.
 
Not that there is much chance of Bitcoin ever being much more widely adopted than it is now, but here is yet another reason to add to the pile of existing reasons why it's not technically feasible. This paper finds that the on their own, the power requirements of Bitcoin are sufficient to drive global warming to unacceptable levels.

http://www.nature.com/articles/s41558-018-0321-8
Bitcoin is a power-hungry cryptocurrency that is increasingly used as an investment and payment system. Here we show that projected Bitcoin usage, should it follow the rate of adoption of other broadly adopted technologies, could alone produce enough CO2 emissions to push warming above 2 °C within less than three decades.
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kayle said:
oh, yes, try to talk others into it, so you could sell at a higher price ;P
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Now that's funny.

It's just an experiment for those who have often wondered whether or not there's any money in BTC.

You don't need 10 BTC to try it, start with whatever you are comfortable with for the test. Just keep in mind the transaction fee when you buy and sell to make sure your profit is not being lost to them.

BTC price at time of this post: $6301.49

Chris B.
 
dudalb said:
I get the impression that bitcoin is now pretty much a matter of faith...
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Bitcoin:
Can you pay for stuff? No, to volatile and slow.
Is it a store of value? No, too volatile.
Can it protect against manipulation? No, the whales can manipulate it more than any other currency.
Can you speculate with it? Yes! Its super volatile!

But is you like speculating, may I suggest Tesla stock?

Just follow Elon Musk on Twitter and see if he's doing something absolutely awesome or monumentally stupid.
 
psionl0 said:
You don't have to be right every time to make a profit, just more often than not.

OTOH it was demanded that Samson put up or shut up over his TA so it would only be reasonable to expect ChrisBFRPKY to do the same. It sounds so simple that I may try the exercise myself.
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Yes, it does sound seductively simple. I suppose it helps if you know how to sell half your holdings at the exact peak price.
 
trustbutverify said:
Yes, it does sound seductively simple. I suppose it helps if you know how to sell half your holdings at the exact peak price.
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Could be that 20.000 sounded like a possible ceiling and when it started going down, some were smart enough to dump a big percentage of their portfolio.

I'm not that smart, and I'm not a gambler. It's not for me.

And that ceiling isn't coming back, I think.
 
trustbutverify said:
Yes, it does sound seductively simple. I suppose it helps if you know how to sell half your holdings at the exact peak price.
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Luck and gut feeling determine when you sell at the top. The "top" being a specific number you set as a goal. "If it reaches x$ I'm going to sell half"

Otherwise you wait for it to settle down and ride the peaks and troughs with your 10%.

Current BTC = $6344.90

Chris B.
 
trustbutverify said:
Yes, it does sound seductively simple. I suppose it helps if you know how to sell half your holdings at the exact peak price.
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Nonsense. I have it on good authority that literally every single purchaser who has held on to their investment has made out well on their investment "on paper".

Right, prison? None have bought above this price?
 
I loathe and despise any cryptocurrency that requires mining. Does nobody understand the impact of mining rigs?
 
Kid Eager said:
I loathe and despise any cryptocurrency that requires mining. Does nobody understand the impact of mining rigs?
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The ecological footprint of traditional mining operations is huge — the total energy consumption of mining Ethereum and Bitcoin is as large as Nigeria’s consumption, a country with 180 million (!) inhabitants, about 2% of the entire population on earth. It will reach the equivalent of Denmark in 2020.
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link
 
Kid Eager said:
I loathe and despise any cryptocurrency that requires mining. Does nobody understand the impact of mining rigs?
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I think the article Eddie linked is a good example of how miners are offsetting the cost of electricity and the overall environmental impact of mining. Besides myself, I know of at least 10 other Kentuckians that have installed solar panels to offset electricity costs. Our average cost per KWH is only about 0.10 but it still adds up when you are mining.

The results are solar systems are being installed specifically because of mining. It's absolutely insane to not turn Sunshine into money.

There have been a lot of false tales about solar power such as "You'll never get your investment back" or "By the time you get your solar investment back, the panels will no longer produce power." and my favorite "It costs more electricity to produce a solar panel than they will ever generate."

Some of the falsities come from bad experiences of those who failed to research and purchased complete systems from "reputable" installers. These installers sold solar systems at about 10+ times the actual cost. Even today you will find various rip offs of "complete solar systems" online. Some tales come from FUD put out by electric companies, after all who wants their customers to produce their own power instead of buying it from them?

If you do the research, and run the numbers, you can purchase your own system for next to nothing. With just a few clicks I just found 320 watt panels for $89.00 ea on Ebay. The same seller has used 245 watt panels for $65.00 ea. A grid tie inverter (the part needed to connect solar panels to your household AC current) can be found for around $800.

And about every panel is warranted to still be producing at least 80% power after 20 years.........So BTC mining or no solar is a good deal to look into.
Chris B.
 
ChrisBFRPKY said:
There have been a lot of false tales about solar power such as "You'll never get your investment back" or "By the time you get your solar investment back, the panels will no longer produce power." and my favorite "It costs more electricity to produce a solar panel than they will ever generate."...

And about every panel is warranted to still be producing at least 80% power after 20 years.........So BTC mining or no solar is a good deal to look into.
Chris B.
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I think a lot of those 'false tales' are invented by people who have ideological reasons for opposing it. Kudos to you for looking past it.

That so much power is being wasted on producing fake money is alarming, but every cloud has a silver lining. One positive coming out of the cryptocurrency craze is greater acceptance of renewable energy - amazing how quickly people change their minds when they can see personal profit in it! And when the craze is over all that extra capacity won't go to waste...
 
ChrisBFRPKY said:
Day trade with no more than 10% of your holdings. Sell the peaks and buy back on the dips. You can usually buy and sell the same day but sometimes you may have to wait a few days between transactions. Don't get greedy, a $100 profit per coin is plenty.

Nobody can see into the future, but if you hold yourself to a specific set of rules you will not lose on a BTC investment. It's very easy to turn $1000 a day profit trading with just 10 BTC.
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$1000 a day with virtually no effort, wow! And the $60000 you need to get started isn't much if you are serious about making a living out of it.

However making money this way relies on 'predictable' short term volatility. If the price continues to slide you could lose money in the long run because the the 90% you HODL is going down in value, and if the short-term price stabilizes then variations may become too small and too random to profit from.

Right now the price only seems to be changing by $100-200 over periods of a few days to a week, so with only $6000 in play I don't think $1000 profit per day is achievable.

While writing this $6261.64 is the current BTC price. Check to see what it is when you read this and think about it.
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Since it had just dropped more than $200 I expected there would be a recovery a few days later, and sure enough...
 
Kid Eager said:
I loathe and despise any cryptocurrency that requires mining. Does nobody understand the impact of mining rigs?
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Diverting resources away from real production to produce money is nothing new (think gold rushes).

However, I sympathize with your POV. This is a natural result of a competitive mining process. There are consensus processes that don't require massive amounts of power to mine or validate transactions. It would be nice to think that the consensus based algorithms will replace the current ones but I suspect that this won't happen until governments accept that anonymous wallets and anonymous transactions are as legitimate as cash transactions.
 
Roger Ramjets said:
$1000 a day with virtually no effort, wow! And the $60000 you need to get started isn't much if you are serious about making a living out of it.

However making money this way relies on 'predictable' short term volatility. If the price continues to slide you could lose money in the long run because the the 90% you HODL is going down in value, and if the short-term price stabilizes then variations may become too small and too random to profit from.

Right now the price only seems to be changing by $100-200 over periods of a few days to a week, so with only $6000 in play I don't think $1000 profit per day is achievable.

Since it had just dropped more than $200 I expected there would be a recovery a few days later, and sure enough...
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If you monitor the exchanges the current actual price fluctuates quite a bit. The real time prices on the exchange differ quite a bit from the average current BTC price. There's more than enough price fluctuation to trade on. The only thing you have to do is press the button when your specific number comes up.

While you can usually make a sell and a buy the same day, sometimes you may have to wait a day or two before pressing a button one way or the other depending on the price you want. Personally I like to sell at +$100 and buy back at -$200. This allows a bit of room for transaction fees. Sometimes I have to wait.

If BTC keeps falling, I hold my coins, and sometimes buy a few more. Never sell at a loss no matter what.
Chris B.
 
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