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Bitcoin $5000.00. Ethereum $400.00. Litecoin $85.00

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Is anyone buying cryptocurrencies? I've been watching these for a few months now. All three just approached historic valuations. It appears some are selling and taking profits which causes the valuations to recede back a bit before going on another run. Is this the right time to buy the dip?
Savings accounts are a joke. The interest rates are insignificant. I don't have enough money to invest in property.

My friend introduced me to cryptocurrencies. He has shown me their growth over the past several years, and I was surprised to learn that Bitcoin has been the best performing currency in the world for the past several years. Am I correct in assuming I don't have to buy a full coin. Rather I can buy whatever amount of cryptocurrency I want. For instance, if I have $23.42 left over at the end of the week, I can exchange that exact amount for its value of bitcoin or any other cryptocurrency?
My strategy is to start small, maybe $25.00 worth a week. Has anyone used Coin Base or Gemini to buy bitcoin, litecoin, or ethereum?

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tbotblok said:   Is anyone buying cryptocurrencies? I've been watching these for a few months now. All three just approached historic valuations. It appears some are selling and taking profits which causes the valuations to recede back a bit before going on another run. Is this the right time to buy the dip?
Savings accounts are a joke. The interest rates are insignificant. I don't have enough money to invest in property.

My friend introduced me to cryptocurrencies. He has shown me their growth over the past several years, and I was surprised to learn that Bitcoin has been the best performing currency in the world for the past several years. Am I correct in assuming I don't have to buy a full coin. Rather I can buy whatever amount of cryptocurrency I want. For instance, if I have $23.42 left over at the end of the week, I can exchange that exact amount for its value of bitcoin or any other cryptocurrency?
My strategy is to start small, maybe $25.00 worth a week. Has anyone used Coin Base or Gemini to buy bitcoin, litecoin, or ethereum?

  buying something because it is really high and you hope it will go higher is how bubbles form.

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China and South Korea just shutdown most ICO's and everything is tanking at the moment.

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Gee, I don't know how you missed the existing thread.

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Your friend introduced you to a ponzi scheme, congratulations. Good luck on losing your money.

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brettdoyle said:   Your friend introduced you to a ponzi scheme, congratulations. Good luck on losing your money.
  To be fair, if he had been introduced to the stock market instead of cryptos, it would have just been a bigger and more socially acceptable Ponzi scheme.  Even Berkshire shares are only worth what someone will pay for them, not like they even pay a dividend or anything.  

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xerty said:   
brettdoyle said:   Your friend introduced you to a ponzi scheme, congratulations. Good luck on losing your money.
  To be fair, if he had been introduced to the stock market instead of cryptos, it would have just been a bigger and more socially acceptable Ponzi scheme.  Even Berkshire shares are only worth what someone will pay for them, not like they even pay a dividend or anything.  

  You're both wrong. Neither is a Ponzi scheme. Stocks do have a lot going for them vs cryptocurrencies. But there is absolutely real potential value backing cryptos as well.

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If you insist on taking a dive into crypto-currencies, the ship has probably sailed for bitcoin. Like mentioned above, thats how bubbles form.
Litecoin seems to be your best bet if you insist on exposing yourself to what its like & starting small.

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I've been having good experiences with Coinbase, and yes, you can buy far less than a whole entire bitcoin.  There are many people making money off of the fluctuations.  I've been trying to figure out what causes those to make predictions, as many do with the stock market.  Coinbase seems to keep good record of transactions.  Tax may be interesting at the end of the year as most tax advisers may not know how to handle bitcoin trading.  Bogleheads website also has a discussion about this.  I only mention Bogleheads on here since others have mentioned it before.  That's how I became familiar with that website.

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Thanks for your advise. I bought a small amount of each to start and am doing really well. It was super easy. I know there will be ups and downs because cryptocurrencies a still less than a decade old,  but overall Cryptocurrencies seem to be the future. As I said, Bitcoin has outdone every other currency since its inception 8 years ago. I expect more of the same. My friend also showed me a few tax sites that calculate cryptocurrency gains automatically. Really excited about Ethereum and the decentralized applications that willl be built on the ethereum blockchain over the next several years. The ethereum alliance has now grown to over 115 companies including micro soft, Intel, and Toyota.

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Thanks for everyone's responses.

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I think this bubble has peaked (but I've been wrong before). After making a parabolic move upward due to media coverage and Wall St. speculation it is down 20% in a bear market. The chart looks like a classic head and shoulders reversal pattern. This could be the last chance to sell for holders of bitcoin.

China has closed down their bitcoin exchanges like I predicted. Government's aren't going to simply sit back while capital leaves the country in a shadow currency system. Nor are they going to sit back while people purchase illegal goods.

Jamie Dimon at JPM came out with some statments about bitcoin

  • DIMON: BITCOIN IS A "FRAUD"; "WORSE THAN TULIP BULBS"
  • DIMON: BITCOIN WILL EVENTUALLY BLOW UP
  • DIMON: BITCOIN WON'T END WELL
  • DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID

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CNN: North Korea is trying to amass a bitcoin war chest.

http://money.cnn.com/2017/09/12/technology/north-korea-hackers-b...

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tbotblok said:   The ethereum alliance has now grown to over 115 companies including micro soft, Intel, and Toyota.
So, scrip for the Company Store then?

/ silly auto-links

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Cryptocurrency is a totally new asset class. Funny how people think they can treat it like a stock.

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brettdoyle said:   I think this bubble has peaked (but I've been wrong before). After making a parabolic move upward due to media coverage and Wall St. speculation it is down 20% in a bear market. The chart looks like a classic head and shoulders reversal pattern. This could be the last chance to sell for holders of bitcoin.

China has closed down their bitcoin exchanges like I predicted. Government's aren't going to simply sit back while capital leaves the country in a shadow currency system. Nor are they going to sit back while people purchase illegal goods.

Jamie Dimon at JPM came out with some statments about bitcoin

  • DIMON: BITCOIN IS A "FRAUD"; "WORSE THAN TULIP BULBS"
  • DIMON: BITCOIN WILL EVENTUALLY BLOW UP
  • DIMON: BITCOIN WON'T END WELL
  • DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID




The same could be said about the U.S. Dollar.

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xerty said:   
brettdoyle said:   Your friend introduced you to a ponzi scheme, congratulations. Good luck on losing your money.
  To be fair, if he had been introduced to the stock market instead of cryptos, it would have just been a bigger and more socially acceptable Ponzi scheme.  Even Berkshire shares are only worth what someone will pay for them, not like they even pay a dividend or anything.  

  
Not really. A corporation can choose to pay out a dividend in the future if desired. The shareholders of Berkshire don't want the company to pay out a dividend as it would be a taxable event. If they wanted the company to pay out a dividend they could force the board of director's hands. Thus the shares still have intrinsic value.

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