Go Back   Alberta Outdoorsmen Forum > Main Category > General Discussion

Reply
 
Thread Tools Display Modes
  #1  
Old 12-12-2017, 09:42 AM
Esox Esox is online now
 
Join Date: May 2012
Posts: 1,189
Default Bitcoin/Litecoin

Where is everyone buying this stuff?
Reply With Quote
  #2  
Old 12-12-2017, 10:35 AM
dmac's Avatar
dmac dmac is offline
 
Join Date: Oct 2007
Location: Canada
Posts: 614
Default

There are bitcoin ATM's. Google to find the nearest one to you.
Reply With Quote
  #3  
Old 12-12-2017, 11:30 AM
Gray Wolf Gray Wolf is offline
 
Join Date: Jul 2009
Location: Parts Unknown
Posts: 1,217
Lightbulb --> 1 Bitcoin = ~ $17,500 USD

.
There's a Bitcoin machine in every Walmart, right near the customer service counter.
.
Reply With Quote
  #4  
Old 12-12-2017, 11:56 AM
jstubbs jstubbs is offline
 
Join Date: May 2016
Location: Parkland County
Posts: 2,371
Default

Again, on November 22nd I did a presentation in class regarding how Bitcoin was going crazy. At the time, one Bitcoin was $10,200~ CAD. It's now worth $22,800 CAD. Insane.

Where does it all go from here?!
__________________
And unlike the clock on the wall at your momma house, I do not have time to hang.
Reply With Quote
  #5  
Old 12-12-2017, 12:07 PM
Newview01 Newview01 is offline
Banned
 
Join Date: Oct 2013
Posts: 5,326
Default

I read a report this morning by an analyst, bitcoin predicted to hit $40,000USD.
Reply With Quote
  #6  
Old 12-12-2017, 12:20 PM
bigfis bigfis is offline
 
Join Date: Mar 2010
Location: sw calgary
Posts: 159
Default

quadrigacx. One of the cheapest ways to go at 1.5% and it's Canadian .Takes about a week before you are verified and can invest .
Reply With Quote
  #7  
Old 12-12-2017, 02:39 PM
Sooner Sooner is offline
 
Join Date: Mar 2009
Location: Edmonton
Posts: 9,650
Default

I know nothing about it, have a hard time figuring it out. It is supposed to be so different than what we have now as there is only so many bitcoins out there(can't print more) but can it crash? Will it crash just like paper money values do?
Reply With Quote
  #8  
Old 12-12-2017, 03:22 PM
biggyJ's Avatar
biggyJ biggyJ is offline
 
Join Date: Jun 2011
Location: Calgary SW
Posts: 326
Default

First you will need to get cryptocurrency wallet. (this is where you will store your currency, think of it like your bank account)

There are desktop and mobile versions of most wallets, with the desktop being the more functional IMO.

You can also get usb wallets for cold storage (long term, no internet access)

Some wallets can hold multiple types of currency, some are just for one.

You will then need to join an exchange where you can link your bank account or credit card to the exchange so that you can buy and sell the currency.

Be very careful which exchange you sign up for, there are many fee's associated with buying and selling your currency. In some cases in can be very high and eat a lot into your profits.

For example, an EMT to some exchanges will cost you 3.5%.

In my experience, selling is the hardest and most costly. Easy to get your actual cash in, sometimes harder and more expensive to get it out.

You can find some wallets that also act as exchanges. But the other thing to take note of is that not every exchange is the same. Some have more volatility than others.

Also, read their terms of service, some do not allow you to sell and then deposit to your canadian bank account, thus making it very hard to get money out. Example: Coinbase.

One of the things I caution most people about is their secure password. When ever you do a transaction (selling or buying) you need this password as it acts like a address to the location of your wallet.

If you lose this password (fire, computer crash, whatever) THERE is absolutely nothing you can do about it (remember no regulation). Your money will be gone forever. There is no one to call to help you, it is GONE.

If you are not tech savvy, or you know nothing about cyptocurrency, I stongly urge you to do some research before you get started.

There was a decent documentary on netflix (banking on bitcoin) that explains the history and why it was created.

Tried to explain this as plainly as possible, there definitely were some over simplifications, but just tried to make it approachable.

Good luck, probably easier to stick to the pot stocks...

Last edited by biggyJ; 12-12-2017 at 03:30 PM.
Reply With Quote
  #9  
Old 12-12-2017, 04:33 PM
Weedy1 Weedy1 is offline
Banned
 
Join Date: Dec 2007
Location: Edmonton
Posts: 2,485
Default

Quote:
Originally Posted by Newview01 View Post
I read a report this morning by an analyst, bitcoin predicted to hit $40,000USD.
James Altucher and others predict bitcoin will reach $1 million by 2020
Reply With Quote
  #10  
Old 12-12-2017, 04:40 PM
79ford 79ford is offline
 
Join Date: Aug 2012
Posts: 2,169
Default

The volitility is huge, anyone on that has balls,lol. Probably a sign of the times, financially everything is soo twisted things called crypto currencies are appealing.

Japan prints something like 13% of its gdp in new money to buy everything from etfs to bonds, europe prints trillions for asset purchases.... sooooo yeah, asset values are pumped by printed money so in a sense you got monopoly money making your asset worth more which is finacial perversion in some sense.

Bitcoin isnt really much of a leap these days
Reply With Quote
  #11  
Old 12-12-2017, 04:51 PM
Sneeze Sneeze is offline
 
Join Date: Aug 2009
Posts: 3,197
Default

I really believe in it. Best investment strategy I can give you is that you should invest at least 50% of your total net worth into crypto currencies and the other half into 3x levered penny mining stock ETF's.

Buy it at localbitcoins.com
Reply With Quote
  #12  
Old 12-13-2017, 02:56 PM
fishtank fishtank is offline
 
Join Date: May 2010
Location: edmonton
Posts: 3,835
Lightbulb carbon tax ??

this is a bit of info on it ...https://digiconomist.net/bitcoin-energy-consumption
Reply With Quote
  #13  
Old 12-13-2017, 03:42 PM
Battery's Avatar
Battery Battery is offline
 
Join Date: Aug 2008
Location: Calgary
Posts: 920
Default

You can buy both as well as Ethereum on coinbase. I buy my crypto there and then transfer it to a wallet or an exchange like Binance if I want to trade it. I'm currently heavily invested in Walton, but I have some BTC and ETH as well. I have seen huge gains in the last month. The problem is getting your money out, but it can be done through some exchanges.
Reply With Quote
  #14  
Old 12-13-2017, 04:28 PM
DiabeticKripple's Avatar
DiabeticKripple DiabeticKripple is online now
 
Join Date: Feb 2012
Location: Blackfalds
Posts: 6,935
Default

I was thinking of buying when it was at 8000 but I can’t wrap my head around it so I passed
__________________
Trudeau and Biden sit to pee
Reply With Quote
  #15  
Old 12-13-2017, 04:57 PM
Red Bullets's Avatar
Red Bullets Red Bullets is offline
 
Join Date: Oct 2010
Location: central Alberta
Posts: 12,627
Default

Read an article about Bitcoin. Bitcoin might be the end of currencies around the world. The article speculated bitcoin is the start for the push for one global currency. Careful what you invest in.
__________________
___________________________________________
This country was started by voyagers whose young lives were swept away by the currents of the rivers for ten cents a day... just for the vanity of the European's beaver hats. ~ Red Bullets
___________________________________________
It is when you walk alone in nature that you discover your strengths and weaknesses. ~ Red Bullets
Reply With Quote
  #16  
Old 12-13-2017, 05:21 PM
fishtank fishtank is offline
 
Join Date: May 2010
Location: edmonton
Posts: 3,835
Default

the demand for this will only grow due the usage is for mostly money laundering and moving large sums of money from place like china and south american cartel drug money etc... as the offshore banking has been crack/track down by world government. since the Switzerland drop their pants on the privacy of its customers .. lots of them been looking for the next haven to storage their $ .
Reply With Quote
  #17  
Old 12-13-2017, 05:50 PM
Sundancefisher's Avatar
Sundancefisher Sundancefisher is offline
 
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 18,776
Default

Quote:
Originally Posted by Red Bullets View Post
Read an article about Bitcoin. Bitcoin might be the end of currencies around the world. The article speculated bitcoin is the start for the push for one global currency. Careful what you invest in.
Bitcoin is hype. The more hype the more profit taking. As soon as people feel the profit taking is max the bubble bursts.

Bitcoin value is based solely upon what you think it is worth. No one is backing it with assets. No one protects it. North Korea is printing it for profit and maybe driving the bubble.

It is worthless and pricessless at the same time. It is the pet rock of currency. It could be worth $1 million next week or $0.00000001.

There is no prediction to hang your investment on. Roll the dice. Gamble and don't be the last person holding the BreX share.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
Reply With Quote
  #18  
Old 12-13-2017, 08:29 PM
brslk's Avatar
brslk brslk is offline
 
Join Date: Oct 2012
Location: Edmonton
Posts: 2,375
Default

Quote:
Originally Posted by Sundancefisher View Post
Bitcoin is hype. The more hype the more profit taking. As soon as people feel the profit taking is max the bubble bursts.

Bitcoin value is based solely upon what you think it is worth. No one is backing it with assets. No one protects it. North Korea is printing it for profit and maybe driving the bubble.

It is worthless and pricessless at the same time. It is the pet rock of currency. It could be worth $1 million next week or $0.00000001.

There is no prediction to hang your investment on. Roll the dice. Gamble and don't be the last person holding the BreX share.
Excellent post.

My thoughts on investing in anything is, it should be treated the same as purchasing art.
Buy or invest in something you like and interests you.
Buy or invest in something you know something about.
Don't buy or invest in something because all the cool kids are doing it and it's the trendy thing to do at the time.
I won't say what I invest in or how well I do with it.

Does anyone here remember Tulipmania? Google it if you don't.
Reply With Quote
  #19  
Old 12-14-2017, 07:41 AM
Sundancefisher's Avatar
Sundancefisher Sundancefisher is offline
 
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 18,776
Default

https://www.bnn.ca/bitcoin
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
Reply With Quote
  #20  
Old 12-14-2017, 08:59 AM
Penner's Avatar
Penner Penner is offline
 
Join Date: Jun 2007
Location: Edmonton
Posts: 2,100
Default

Quote:
Originally Posted by Sundancefisher View Post
Bitcoin is hype. The more hype the more profit taking. As soon as people feel the profit taking is max the bubble bursts.

Bitcoin value is based solely upon what you think it is worth. No one is backing it with assets. No one protects it. North Korea is printing it for profit and maybe driving the bubble.

It is worthless and pricessless at the same time. It is the pet rock of currency. It could be worth $1 million next week or $0.00000001.

There is no prediction to hang your investment on. Roll the dice. Gamble and don't be the last person holding the BreX share.
Agreed. There is a big difference in “perceived value” and “actual value”. Until the check has cleared and the money is physically in your account…..
Reply With Quote
  #21  
Old 12-14-2017, 11:40 AM
just_dave's Avatar
just_dave just_dave is offline
 
Join Date: Sep 2010
Posts: 3,269
Default

Great for people wanting to move money and willing to recover even a partial amount of it.
Reply With Quote
  #22  
Old 12-15-2017, 09:47 AM
Big Grey Wolf Big Grey Wolf is offline
 
Join Date: Sep 2012
Posts: 6,230
Default bitcon

I agree with Sundance, this is another BREX, just make sure you get into it early as the pyramid will crumble and little people will take the biggest fall.
Reply With Quote
  #23  
Old 12-15-2017, 01:22 PM
ehrgeiz ehrgeiz is offline
 
Join Date: Sep 2011
Location: Edmonton
Posts: 311
Default

For those of us true-believers on the long-hold, there may never be a time to withdraw to fiat. I accept everything I put into crypto may be lost to oblivion, but I see and understand it's potential to change the world of banking and commerce and I invest in that potential.

I think money is best described as a language that allows our civilization to overcome the limitations of trust in commerce. To be clear that's not my observation, just something I heard that I'm parroting because it resonated with me when I was trying to make sense of crypto. Just as the internet was an unstoppable and disruptive juggernaut of change for communication and information distribution I think we'll see a similar phenomena play out on this new type of financial network. Or maybe not and I've drank too much Kool-Aid haha.

With regard to Bitcoin specifically; I would never suggest that the price won't crash, in fact a think a serious pull back will occur in the near term because there are still enough whale holders that can short the futures and force the market south while selling their early-adopted XBT and then reaping a further profit on the short.

If I was a whale I would be doing this. I'm confident it will happen, I just don't know how low that elevator goes. I'll consider it a buying opportunity. More over this process will contribute to the security of the pricing by creating further fractions of each XBT, recovery and then acceleration of the unit price.

For those claiming it's like Bre-X or gold or the .Com bubble; I think you're off the mark. I think this is something very different and we don't yet have the right lens to glass and truly understand where this thing is going.

Last edited by ehrgeiz; 12-15-2017 at 01:42 PM.
Reply With Quote
  #24  
Old 12-15-2017, 05:50 PM
EZM's Avatar
EZM EZM is offline
 
Join Date: Jul 2010
Location: Edmonton
Posts: 11,851
Default

This painful for me to admit - because I'm the adult and supposed to know more than my kids. Likely less than 2 years ago, I gave my kid some advice when I found out he was mining and purchasing this "bitcoin" thing. Told him it's a scam. He was a 2nd year IT student at the time and said that he thinks it's "the next big thing" and invested his Christmas money and some of his summer work savings ....

He bought $ 1200 bucks worth (3 coins).

His $1,200 investment is now worth $65,000.

He has since mined more coin as well ...

I am kicking myself, and eating crow.

unblvbl.
Reply With Quote
  #25  
Old 12-15-2017, 06:02 PM
Weedy1 Weedy1 is offline
Banned
 
Join Date: Dec 2007
Location: Edmonton
Posts: 2,485
Default

Quote:
Originally Posted by EZM View Post
This painful for me to admit - because I'm the adult and supposed to know more than my kids. Likely less than 2 years ago, I gave my kid some advice when I found out he was mining and purchasing this "bitcoin" thing. Told him it's a scam. He was a 2nd year IT student at the time and said that he thinks it's "the next big thing" and invested his Christmas money and some of his summer work savings ....

He bought $ 1200 bucks worth (3 coins).

His $1,200 investment is now worth $65,000.

He has since mined more coin as well ...

I am kicking myself, and eating crow.

unblvbl.
It's worth nothing until such time he manages to cash it in for a profit. I hope he has taken a few bucks off the table especially being a student.
Reply With Quote
  #26  
Old 12-15-2017, 07:20 PM
Pathfinder76 Pathfinder76 is online now
 
Join Date: May 2007
Posts: 15,779
Default

Can you buy bread and milk with it?
__________________
“I love it when clients bring Berger bullets. It means I get to kill the bear.”

-Billy Molls
Reply With Quote
  #27  
Old 12-15-2017, 07:30 PM
Hugenuge's Avatar
Hugenuge Hugenuge is offline
 
Join Date: Feb 2015
Location: Farm land
Posts: 944
Default

A guy at work called in last week said he wont be showing up any more he cashed in on bit coin. The word is he invested early on and held on to see what it would do. well he made a cool 9,000,000.00 I never understood it so i didnt invest myself but now i do understand how it works so i am thinking of buying in.
__________________
To each their own, as long as you hunt ethically I respect the weapon you choose! I use both bow/gun
Reply With Quote
  #28  
Old 12-16-2017, 10:57 AM
gmcmax05 gmcmax05 is offline
 
Join Date: Feb 2011
Posts: 1,034
Default

Ya, go for it lol
Reply With Quote
  #29  
Old 12-16-2017, 11:10 AM
Deo101 Deo101 is offline
 
Join Date: Nov 2010
Posts: 883
Default

Quote:
Originally Posted by Sundancefisher View Post
Bitcoin is hype. The more hype the more profit taking. As soon as people feel the profit taking is max the bubble bursts.

Bitcoin value is based solely upon what you think it is worth. No one is backing it with assets. No one protects it. North Korea is printing it for profit and maybe driving the bubble.

It is worthless and pricessless at the same time. It is the pet rock of currency. It could be worth $1 million next week or $0.00000001.

There is no prediction to hang your investment on. Roll the dice. Gamble and don't be the last person holding the BreX share.
Everything you pointed out here could be said the same for and currency. The only reason any of them work is because we believe it. Currency isn't backed up by anything either.

Also bitcoin is backed up by the security of bitcoin. The blockchain is the interesting piece to this currency. The fact that is based around a peer to peer network is also what has people real interested. Decentralized!
Reply With Quote
  #30  
Old 12-16-2017, 11:11 AM
Deo101 Deo101 is offline
 
Join Date: Nov 2010
Posts: 883
Default

Quote:
Originally Posted by chuck View Post
Can you buy bread and milk with it?
In the same round about way you'd use gold to buy bread or milk....
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 09:56 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.