Bitcoin Ops: Diamond in the rough....or Fool's Gold???

HeavyAssault

HeavyAssault

Dog-Face One-Horse Pony-Soldier (AVN RGT)
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    • Feb 14, 2011
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    #1
    Been thinking of getting into the Bitcoin pool. I'm gaining some very elementary knowledge on the how to's and what to do's.
    I don't need the conspiracy theories or other type of rhetoric about it. Save that for another person.

    Anyone willing to give some basic advice about the whole deal. I think I get some of it.....get a wallet app, use an BTC exchange with an account, buy the BTC, transfer to the wallet....then the questions.

    So I need to make sure I have something secured about the BTC transaction to make sure it's not hacked (public key vs private key??) Then there were suggestions about using a physical device like ColdCard to help with the security. Seems like that device downloads the BTC off your wallet..(????)


    I'm not interested in mining!! Thanks.
     
    Last edited:
    #3
    Just for use for whatever. I guess it seems as a easier way to make some scratch over being a day trader.

    As far as processing power, there's no way to make it profitable so I'm not interested in that aspect in any way.

    Cash in phase? So if it swings from $8k per BTC, to $12k per BTC.....I can't make money??? LOL
     
    #10
    great for Chinese bit coin farmers with hundreds of pc running day and night to farm and video games can't see them having that type of value again there always is the chance it could id rather gun more guns and far more ammo than one person could own than invest in bit coin besides guns and ammo are far more fun to own and use .
     
    #12
    I'd agree with the previous opinions about "Being Late to the Party".... If you are interested in the "Market" just start out by setting up a brokerage account and do some very small dollar amount trading. Learn the lingo as you advance. Next is trading some options. Again, lots to learn.

    Hobo
     
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    #13
    HeavyAssault said:
    Been thinking of getting into the Bitcoin pool. I'm gaining some very elementary knowledge on the how to's and what to do's.
    I don't need the conspiracy theories or other type of rhetoric about it. Save that for another person.

    Anyone willing to give some basic advice about the whole deal. I think I get some of it.....get a wallet app, use an BTC exchange with an account, buy the BTC, transfer to the wallet....then the questions.

    So I need to make sure I have something secured about the BTC transaction to make sure it's not hacked (public key vs private key??) Then there were suggestions about using a physical device like ColdCard to help with the security. Seems like that device downloads the BTC off your wallet..(????)
    Click to expand...

    Are you going to "mine"? If so, you are way late to the party. The horsepower required today makes it foolhardy.
     
    #14
    Hobo Hilton said:
    I'd agree with the previous opinions about "Being Late to the Party".... If you are interested in the "Market" just start out by setting up a brokerage account and do some very small dollar amount trading. Learn the lingo as you advance. Next is trading some options. Again, lots to learn.

    Hobo
    Click to expand...

    That's what I'm hoping to get some more info on. I figured someone here went down that road already.

    Late to the party? I'm not wanting to dump in $100k USD, I'd be happy with putting in $1k and seeing where it goes.
     
    #15
    Nik H said:
    Are you going to "mine"? If so, you are way late to the party. The horsepower required today makes it foolhardy.
    Click to expand...

    No mining. That's a ship that has sailed for most all people. "Big" Crypto place locally shut down cause it got too expensive. Huge news story when it opened, big tax breaks, employment,,,,,,didn't last a year.
     
    #16
    HeavyAssault said:
    That's what I'm hoping to get some more info on. I figured someone here went down that road already.

    Late to the party? I'm not wanting to dump in $100k USD, I'd be happy with putting in $1k and seeing where it goes.
    Click to expand...

    You're talking about investing in BTC and seeing what happens. I have no insight into where BTC will go from an investment perspective.

    I was talking about creating the bitcoins yourself...that as a good way to make money long ago. If you are interested in the history...read this as a decent primer

    Mining BTC
     
    #20
    HeavyAssault said:
    That's what I'm hoping to get some more info on. I figured someone here went down that road already.

    Late to the party? I'm not wanting to dump in $100k USD, I'd be happy with putting in $1k and seeing where it goes.
    Click to expand...

    Well... Look into the meaning and function of a "DRIP"... Dividend Reinvestment Program. Buy a few shares of something like Coca Cola. Let the dividends buy you more shares in Coca Cola... Just let it churn away over the years while you are in the learning mode.

    That's about as close to Investing 101 as you can get. Remember, in the Market you playing against the House...

    Hobo
     
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    #21
    Hobo Hilton said:
    Well... Look into the meaning and function of a "DRIP"... Dividend Reinvestment Program. Buy a few shares of something like Coca Cola. Let the dividends buy you more shares in Coca Cola... Just let it churn away over the years while you are in the learning mode.

    That's about as close to Investing 101 as you can get. Remember, in the Market you playing against the House...

    Hobo
    Click to expand...
    I’d look at those who pay the highest dividends per share price and do as you suggested.

    I also like investing when large companies screw up. BP with Macando and Boeing with the Max come immediately to mind.

    Target date funds or index funds I personally think are the way to go currently. The market is crazy right now and returns are excellent.
     
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    #22
    blbennett1288 said:
    I’d look at those who pay the highest dividends per share price and do as you suggested.

    I also like investing when large companies screw up. BP with Macando and Boeing with the Max come immediately to mind.

    Target date funds or index funds I personally think are the way to go currently. The market is crazy right now and returns are excellent.
    Click to expand...

    The play I love is the dry wall manufacturer's like USG. Just sit back and wait on a big disaster like forest fires or hurricanes. Buy USG or any of the other building materials (carpet, roofing, concrete) the day of the big hit... Sit back and rake it in. Certainly no big secret to the big players.

    There's money in chaos.

    Hobo
     
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    #23
    Yea, I get some of those ideas. I tend to watch the Bloomberg channel, or other business channels to get a picture of what's going on. Some stuff is astrophysics to me, some concepts I get.
     
    #24
    blbennett1288 said:
    The market is crazy right now and returns are excellent.
    Click to expand...

    Until it tanks....

    CRAZY is the operative word.

    BEWARE of the FOMO principle. The analytics behind the market make zero sense. Driven by emotion as there is nothing that can validate the markets meteoric rise. Emotion works both ways

    Remember Warren Buffet's most famous advice
    1. We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful
    2. Price is what you pay. Value is what you get.
     
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    #27
    Okay, you asked about BTC and not investing advice so here is what I would offer. If you want actual BTC I would set up an account with a “broker” where you can buy the currency. Look into whatever cold wallet you prefer and download your currency and store off line. You can take it from there.

    If you want to play with crypto but don’t have to have the “coins” there are crypto trusts that function as ETFs or mutual funds.

    Good luck
     
    #28
    Back in the spring I used the ticker GBTC in my brokerage account as a close proxy to Bitcoin. I cashed out after a 173% gain. I've been watching it ever since for a good spot to get back in, but I don't think enough people have gotten out of the trade and left it for dead yet. I'm a bottom feeder and usually only invest in things of value that have been forgotten and left for dead. Safest way to invest, but it takes patience.
     
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    #29
    If you want to play the roller coaster, it can be fun and there can be profit.
    The only thing however is that you may find it takes a bit longer and costs a bit more to "sell" your bitcoins than you might think.

    I'd suggest setting aside a bit of a budget and get familiar with how the exchange you pick works, and the times / processing fees to both buy and sell.

    As per the usual advice, don't leave more on the exchange than you are willing to loose, because they all seem to get "hacked" on a regular basis for some reason. But if you have a cold wallet for long term storage you are good.

    Oh and if you start running a fair bit, make sure you do NOT have 2 factor authentication for your exchange setup to be a cell phone getting a message / code.
     
    #30
    HeavyAssault said:
    If you are "anti-BTC" just please move on. I'm confident in my ability to not give my money away, I just want to earn a bit more.
    Click to expand...
    That’s the thing the earning potential is gone and the loss risks are too high now. Investing in ammo, or precious metals is better long term. Metal while slower gains is more secure. Ammo..... well with the state of shit these days need I say more?
     
    #32
    equilibrium said:
    As a active trader in equities/futures, do not trade bitcoin. It is heavily manipulated from a volume standpoint and has no physical backing. Can you go buy a hotdog with your bitcoin? No.

    If you are serious about making scratch spend the time and pay the tuition. It may take you years to understand the market but the market is not random like most think. Buy a ETF or something along those lines and dont look at it for a few years, imo.

    My Screen now. Generally moving averages, volume and price. Nothing will happen till about 3-4am tomorrow. Futures are up and I will delete below tomorrow morning.

    View attachment 7224097
    Click to expand...


    Not exactly "buying a hotdog with BTC", but pretty fuckin' close.

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    #36
    blbennett1288 said:
    I’d look at those who pay the highest dividends per share price and do as you suggested.

    I also like investing when large companies screw up. BP with Macando and Boeing with the Max come immediately to mind.

    Target date funds or index funds I personally think are the way to go currently. The market is crazy right now and returns are excellent.
    Click to expand...
    Discount to NAV is getting hard to find for passive investors and there are a ton of mom and pop investors coupled with institutions who are chasing yield driving up equities. I believe we will see a pull back soon if not by summer and raising cash IMO is not a bad move to take advantage of the buy high sell low crowd. Just like last fall and the media's constant 'A RECESSION IS COMING NOW' anti-Trump themes and they scared the shit out of investors and they got their pull back.......many institutions and people sold into it with emotion and got hammered while all the while VALUE was staring them in the face with those reduced prices. I don't think this near term pull back will be a harbinger of a recession either, but it very well may be which is part of the risk of investing. I have never nor will ever attempt to be a market timer sometimes heavier in dry powder maybe only earning minute returns, but always in trying to stave off inflation stealing. DRIPs aren't sexy or complicated, but man are they powerful. Sector ETF's I feel will destroy the biggest pile of wealth when we get the next big 20 plus percent drawdown. Watch energy ETF's if a Dem wins.....will be like morning after wing night shit. Those darn computers start competing with each other and poof the decimals start moving to the left in a hurry. Still a lot of great value companies out there with great dividend coverage, solid business plans and execution.
     
    Last edited:
    #37
    Tl;dr
    Too much off topic

    Just trade the etf version of the coin. Security is already there through the brokerage account

    If you want to actually use the coin( no idea why you would if you were just going to trade) then etf would not work for you.

    Hope that helps.
     
    #39
    Not for me, but if I wanted to invest in it, I'd go with a brokerage's ETF that tracked it. I wouldn't hold bitcoins.
    I used to do quite a bit in precious metals, Go into most in 2008/09 where they did well, finally about 8 years ago, I moved into mostly buying the S&P index, I should have done that 30 years ago. Great long term, and I can go on vacation and not worry about a single stock.

    S&P up just over 50% since Trump elected. Sure, it won't continue at that pace.
     
    #40
    hollowoutadime said:
    Not for me, but if I wanted to invest in it, I'd go with a brokerage's ETF that tracked it. I wouldn't hold bitcoins.
    I used to do quite a bit in precious metals, Go into most in 2008/09 where they did well, finally about 8 years ago, I moved into mostly buying the S&P index, I should have done that 30 years ago. Great long term, and I can go on vacation and not worry about a single stock.

    S&P up just over 50% since Trump elected. Sure, it won't continue at that pace.
    Click to expand...
    Do you use index tracking mutual funds or ETFs? Always like to hear how other people approach their investing the learning never stops
     
    Last edited:
    #41
    The play I love is the dry wall manufacturer's like USG. Just sit back and wait on a big disaster like forest fires or hurricanes. Buy USG or any of the other building materials (carpet, roofing, concrete) the day of the big hit... Sit back and rake it in.
    Click to expand...

    So I looked into this just to gain some info. If this info is accurate then I'm not buying.
    For USG it seems as in the last 10 years or so if you invested $10k around 2010, you would have a whopping $3300 left in value as of 2019.
    Rate of return without reinvestment/with reinvestment. -61% and -67%....LMAO. Seems as two reverse stock splits tend to hurt you no matter what Mother Nature does.
     
    #43
    hollowoutadime said:
    I use Fidelity's SPY (S&P spider ETF) , it's trading at $327, (about 1/10 the S&P index value).
    Up another .49% today.
    Click to expand...
    Does Fidelity have auto-div reinvestment on that? Or do you have to take the divs and go back and buy more? I use Vanguard, but always keep my eyes peeled for brokerage advantages man those guys are fighting so hard for customers gotta love it great for us
     
    #44
    DavidK said:
    Highly volitile, hackable and not backed by anything. Sounds like a great investment to me. Ask those that bought in a $30,000
    Click to expand...
    You mean the dollar or bitcoin?

    I know that the way the crypto market is you can day and swing trade to get good profit. It takes a little learning but the guy I talked to basically told be the golden hours are pre and post the regular stock exchange hours, and like 7 8pm, whenever the morning is in China.

    I'm still learning that market myself, but look at other coins that move independent of Bitcoin also like Dogiecoin. It follows it kinda, but does what it does also. If you've ever done actual stock trading whatever follows the Dow and the S&P tend to be safe bets but the ones that follow it somewhat or where you can make some money. Bitcoin is the DJI of cryptocurrencies
     
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    #45
    8pointer said:
    Does Fidelity have auto-div reinvestment on that? Or do you have to take the divs and go back and buy more? I use Vanguard, but always keep my eyes peeled for brokerage advantages man those guys are fighting so hard for customers gotta love it great for us
    Click to expand...
    Yes, it automatically gets reinvested. I'm selling a condo next month and dumping all the proceeds into this ETF - so putting $$ where my mouth is. (expect a market correction in about 60 days - haha)
     
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    #47
    hollowoutadime said:
    Yes, it automatically gets reinvested. I'm selling a condo next month and dumping all the proceeds into this ETF - so putting $$ where my mouth is. (expect a market correction in about 60 days - haha)
    Click to expand...
    I actually am expecting a pull back been raising cash! OH to hav ea time machine and a futuristic almanac. Back to the Future II had one!
     
    #48
    Thought I'd put this up for those managing their own pipeline. I've been on my own now for 12 years and these guys offer an enormous breadth of expertise.....if you are in growth mode you'll love it.....income mode love it.....there is something for everyone here. Tons of free, but the best ones are obviously paid subscriptions. Just like with politics it's easy to get comfortable sitting in an echo chamber.....you will get challenged here as do the the authors. They don't get to go on CNBC and get softballs thrown to them with off ramps on tough questions or get called to the mat for being wrong.....these guys live and die by the day and have chat rooms.

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