Anybody on here get in cryptocurrency ?
- Thread starter Mdeer
- Start date
I read about it for a few hours and still have no idea what they do . Block chains . Etc .
Yea, this whole alternate currency thing is waaaaaay beyond my king fu level. I've tried to read about it, I've watched some docs on it, **** just doesn't make sense.
They said that if you bought $105 of Bitcoin so many years ago it would be worth $72 Million today. My question is could you actually exchange that bitcoin for $72 Million US Dollars? What goods could you buy and have in your possession with the bitcoins you have?
Yes. You could trade or sell that bit coin for that money, if you could find a house willing to do the transaction for that amount.
Years and years ago I looked into mining bit coin, but back then you have to build your own custom rigs. Today you can by mining boxes, essentially very very very small but powerful computers to do a single task. If you balance the power of the computer, with the cost of your electricity, with the value of bit coin, you can make some good money doing absolutely nothing.
This always sounded like nonsense to me. Nothing of intrinsic value being produced.
The selling and control measures concern me. I applaud the guy who developed the concept for trying to make an alternate reality of currency. I know the Fed is perplexed by it, that have no way of controlling it.
There are some horror stories with it as well.
Funny .....I was discussing Bitcoins with my financial guy yesterday.....he said there was a lot of volatility and uncertainties with them.
A lot of the stuff he said was way above my pay grade. When he started talking about block chains and some other things he lost me.
Yea, thats kind of where I glaze over as well. That and the part about losing your login or PC crashing without being backed up and losing all of your loot.