Cryptocurrency

[beardedbiker]

So I've read that mining isn't always the best option. You have to buy the miner and equipment and also electricity cost to run it. So if I didn't want to mine would it be any worth if I should just invest in the bit coin? Also what are the cost VS the gains

[GrahamS2]

So I've read that mining isn't always the best option. You have to buy the miner and equipment and also electricity cost to run it. So if I didn't want to mine would it be any worth if I should just invest in the bit coin? Also what are the cost VS the gains

Take a punt, but be willing to take a knock if it turns. i.e. I personally wouldn't see this as an investment grade commodity, more like a medium term gamble.

 

One of the early investors has rated a 20% probability of BTC crashing and burning once it becomes regulated. But then he's also predicted a 50% probability of it hitting $100k within 5 years. And he's been spot on with his predictions on crypto in the last 5 years... 

[Eldron]

The issue for me is that it isn't backed by anything. Right now it's all hype and sentiment.

 

It's fine to throw a few Rand at it for fun but it I wouldn't uae any meaningful/retirement/investment funds on bitcoins!

[BaGearA]

got 2k in it , haven't checked since 

 

IF ( big IF) it doubles then I'll take out the original and the profit can go big or fail ( techincally i don't lose then , right ? )

[Mopkop]

Howsit all, just wanted to find out how many cryptocurrency investers there are on the hub?

What are your opinions?

Methods?

Tips and advice?

 

I just ordered myself a Antminer D3 and already have a bitcoin Antminer L3+ running at home.

I've got a 100mb/s fiber link with traffic prioritized for them during the day (5AM - 5PM).

 

Doing decent so far.

Hows the mining going so far? I take it you're not in nicehash but mining direct?

 

I see via nicehash calculator the L3+ should be doing about R11k before deductions, is this true?

 

Ive got a small 2 card rig running, just building up some BTC to buy some altcoins to spread the load abit.

 

Currently holding my BTC waiting on 2x............

[beardedbiker]

So if you have some extra cash you can take a gamble and invest in Bitcoin but if its cash you cant afford to loose then dont take the gamble?

[Captain Fastbastard Mayhem]

So if you have some extra cash you can take a gamble and invest in Bitcoin but if its cash you cant afford to loose then dont take the gamble?

Yep.

[GrahamS2]

So if you have some extra cash you can take a gamble and invest in Bitcoin but if its cash you cant afford to loose then dont take the gamble?

Definitely don't view it as a simple currency hedge, see it as a (very) volatile commodity punt. Just remember that 5000% growth opportunities go hand in hand with the potential to lose your shirt. The fraud risk on online crypto wallets is also extremely high (and one of the main reasons I've stayed away).

 

The past 12 months will show that there is no limit to the growth of crypto. But as with all untested concepts, the potential to crash is very real. I personally have shy'd away from it and feel that now is too late for my risk appetite. 

Edited November 9, 2017 by GrahamS2

[b-rad]

One of our local coffee shops is accepting Bitcoin. 50% off the price if using Bitcoin.

[Jurgens Smit]

Hows the mining going so far? I take it you're not in nicehash but mining direct?

 

I see via nicehash calculator the L3+ should be doing about R11k before deductions, is this true?

 

Ive got a small 2 card rig running, just building up some BTC to buy some altcoins to spread the load abit.

 

Currently holding my BTC waiting on 2x............

 

Mine is doing well enough(still making a decent profit)

 

It's entirely possible to hit those numbers, but it's tricky.

There's a lot of factors to take into account.

[Jurgens Smit]

One of our local coffee shops is accepting Bitcoin. 50% off the price if using Bitcoin.

 

1BTC = lifetime coffee supply?

[madbradd]

The issue for me is that it isn't backed by anything. Right now it's all hype and sentiment.

 

It's fine to throw a few Rand at it for fun but it I wouldn't uae any meaningful/retirement/investment funds on bitcoins!

 

So would "backed by gold" be any better?

 

http://www.businessinsider.com/trying-to-pay-for-things-with-bitcoin-price-gold-2017-10

 

Edit: Spelling

Edited November 9, 2017 by madbradd

[madbradd]

Definitely don't view it as a simple currency hedge, see it as a (very) volatile commodity punt. Just remember that 5000% growth opportunities go hand in hand with the potential to lose your shirt. The fraud risk on online crypto wallets is also extremely high (and one of the main reasons I've stayed away).

 

The past 12 months will show that there is no limit to the growth of crypto. But as with all untested concepts, the potential to crash is very real. I personally have shy'd away from it and feel that now is too late for my risk appetite. 

 

I think fraud in general with this due to the lack of understanding.

 

on Saturday I was walking to my car in the parking lot and some guy pulled up next to me, wound down his window and said he had 2000 Bitcoin he needed to change for Rands. He was driving a randomly branded Hyundai i10. Seemed legit... I figured someone with R2billion worth of Bitcoin would definitely be trying to sell it out the window of his i10...

[GrahamS2]

I think fraud in general with this due to the lack of understanding.

 

on Saturday I was walking to my car in the parking lot and some guy pulled up next to me, wound down his window and said he had 2000 Bitcoin he needed to change for Rands. He was driving a randomly branded Hyundai i10. Seemed legit... I figured someone with R2billion worth of Bitcoin would definitely be trying to sell it out the window of his i10...

LOL, quite a chancer. There's been a number of big online wallet hacks, and unlike with a bank, there is zero liability for the provider. And since they're normally hosted in questionable parts of the world, there's realistically little recourse for the account holder.

[arabsandals]

The issue for me is that it isn't backed by anything. Right now it's all hype and sentiment.

 

It's fine to throw a few Rand at it for fun but it I wouldn't uae any meaningful/retirement/investment funds on bitcoins!

Neither is any fiat currency...

[Wayne Potgieter]

 

Current btc value is 4136 USD

 

 

Its nudging close to 10k USD at the moment.

 

Two months ago, if people took Jurgens seriously they would have more than doubled their money.

 

Like all fast moving stocks/equities/crypto it will eventually plateau or stagnate but there is money to be made in speculating it.

 

Keep a wry eye on Etherium and Ripple. I have been transferring quite a few of my BTC into Ether and Ripple over the last few weeks and am hoping for good news.

 

DISCLAIMER - Do not invest what you are not prepared to lose! but that can really be said for a lot of types of investments.

 

At the moment BTC is running a bit of a wave because of major public hype. Nothing wrong with that. Last year my wife and I made a small fortune on Hatchimal toys for goodness sake because we bought up a heap just before Christmas and sold them for 5 times the price in the two weeks before Christmas. Thats speculating. 

 

We put some money into BTC and once we doubled it, we withdrew the original capital and now we are essentially playing with profit. Its a great position to be in and reduces the risk completely.