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  1. #31
    Super Moderator
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    Re: Get Rich Quick, but you better be quick.

    Warren is going down that list, Amazon guy is number 1, Gates is 2 i think, then probably him. Of course they're all below the Rothschild's and god knows what other crypto trillionares. The guy that started bitcoin kept a million coins at the beginning and probably got more as it rose. That'd be a lot too

  2. #32
    Senior Member Smokin Harley's Avatar
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    Re: Get Rich Quick, but you better be quick.

    Quote Originally Posted by deluxestogie View Post
    BitCoin is fully backed by the government of nowhere. It represents zero assets or future earnings. It is not legal tender for all debts, public and private. It is not governed by any rule of law. The computer servers on which it resides are not secure. Its value has become so volatile that some of the vendors who previously accepted payment in BitCoin have stopped accepting it. Because of the lag of several days between when you "purchase" BitCoin, and when the transaction is finally recorded, you may not be able to promptly sell it if it suddenly crashes.

    To my jaded eyes, it seems like a simple pyramid scheme, with the early investors becoming wealthy on the hopes and dreams of later investors.

    Those who take the bate, and get rich, can laugh at me later.

    Bob
    Hey now, I remember when water was free .
    "We make our own Whiskey and our own smoke too, aint too many things these ol' boys cain't do..." -A Country Boy Can Survive ,Hank Williams Jr.

    Entubado...its how I roll

  3. #33
    Senior Member
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    Oct 2013
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    1 members have Nominated this post.

    Re: Get Rich Quick, but you better be quick.

    I'm usually not a risk taker but a few months ago I decided to try the crypto game. I invested some money that I had locked up in a corporation that I started and no longer active for about 12 years now.
    I had some money sitting in their doing nothing all that time (depreciating) and if I pull it out would have to pay about %45 in taxes so I decided that I would risk this money to make more. Money I didn't need for 12 years that I would not need for another 12 years at least :-) My other investments have made little returns .. no way to retire with those gains.

    I bought some litecoin at $80 (value fluctuated $70-$75, $82, $85 etc..) held on and sold at a profit, wow amazing gain compared to the stock market, bought some Etherium at like $247 and later sold all my positions making about $1800 gross $1200 net about %15 return. Not bad for a few months, my strategy was make %20 or so and sell out then when the cryptos crash buy in and repeat. Thus only risking my money for a week or two at a time, yes cryptos fluctuate this much in a matter of days.
    I also bought some ICO (Initial Coin Offering) like an IPO (Initial Public Offering) ; this company was using the crypto technology to create a software product that I found interesting and looked promising, I bought 18000 coins at $0.10 .

    Then I got in again because I thought I would lose the opportunity to get in because that $80 litecoin and $247 Etherium where increasing 15-20-30% at a time for a few days in a row .. by the time I got back in (procrastinating, fear) decided to jump back in Litecoin was at $374 , Etherium at $900 , then of course they stopped increasing and started decreasing .. (chasing the bull , never a good idea) .. Litecoin is now $310 :-( , Etherium went down but now up at $1500.. If I stayed in and not sold initially at $80, $234 I would have tripled my money and more in a just a few weeks.

    If I sell now I'll make a nice $6K (CAD) gross return for 1 month of investment, even with that litecoin loss, not shabby at all.

    The kicker .. those ICO coins went from 0.10 to 0.05 to 0.07 , 0.12 etc.. but my play for these are long term as I'm investing in a product, they are now selling for $1.70 CAD per coin, do the math.

    I don't think cryptos are going anywhere, some coins will die out but the technology is staying.

    As for me I'm staying in and only pulling out my profits if I double my money then play with the houses money or this can all crash and I lose it all..
    A lot of people have made lots of money and those that lost probably panicked and sold below cost out of fear.. but I don't fear losing this money and it won't break the bank if I do.

    Disclaimer, the ups and downs in the crypto world are breath taking and not for the faint of heart, enter at your own risk.

    As for me, I'm all in baby .. I won't be posting any more updates here cause it's not the place to do so but if you are interested in more details or how I'm doing a few months down the road, just PM me.

    Wish me luck.

  4. #34
    Senior Member rainmax's Avatar
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    Jan 2013
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    Ljubljana, Slovenia
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    964


    Re: Get Rich Quick, but you better be quick.

    About ten years ago some friends invite me into online some games...bla bla. I have earner about 250 those coins. But it was not interesting for me so I step out of that game, pyramid or whatever...
    Month before New year I spoke with another friend who told me that Bitcoin has 6000$ value...I remembered those times and start searching for my coins..to sell them
    and go around the world.
    And gues what?
    It was other crypto coin... LOL

    But I have some good tobacco from 2009 I believe and I will soon go to Cuba anyway.
    Maks

  5. #35
    Senior Member DIY Pete's Avatar
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    Dec 2013
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    Iowa
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    313


    Re: Get Rich Quick, but you better be quick.

    Is the bubble ready to burst or is this just a bump in the road?

    https://www.nytimes.com/2018/02/05/t...egulation.html

  6. #36
    Senior Member
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    Oct 2013
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    Vancouver BC Canada
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    486


    Re: Get Rich Quick, but you better be quick.

    Growing pains just like we experienced with the Internet. It'll pass.

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