SHOULD I BUY BITCOINS?

Hello everyone,

As you all know, I'm quite rich but still could use some money.

Do any of you own bitcoin? Or trade with bitcoin? Are you successful with it? Any tips?

The value of Bitcoin fluctuates quite a lot. Are you a gambler? If you are and enjoy it, you could buy some Bitcoin. Since there's no way of knowing whether it will go up or down, you probably have a 50-50 chance of making money, and a 50-50 chance of losing money. The same applies to any crypto.

A bit off topic, there was a report about how much energy is consumed by the Bitcoin system. It is extremely energy-intensive. It's mainly run on massive computer farms in China, close to coal-fired power plants where electricity is cheap. If Bitcoin were scaled up to replace all the currencies on the flat face of the Earth, it would require more energy than the entire world's current production of energy. Even if it just replaced U.S. dollars, there would not be enough energy.  Bitcoin is a niche currency whose value is too unstable to be useful for mainstream commerce, and is mainly useful for black-market transactions where its ability to hide from law enforcement is more important than stability, and as a vehicle for speculation.

A bit off topic, there was a report about how much energy is consumed by the Bitcoin system. It is extremely energy-intensive. It's mainly run on massive computer farms in China, close to coal-fired power plants where electricity is cheap. If Bitcoin were scaled up to replace all the currencies on the flat face of the Earth, it would require more energy than the entire world's current production of energy. Even if it just replaced U.S. dollars, there would not be enough energy.  Bitcoin is a niche currency whose value is too unstable to be useful for mainstream commerce, and is mainly useful for black-market transactions where its ability to hide from law enforcement is more important than stability, and as a vehicle for speculation.

I believe that this is propaganda to keep alternative money low value.

The value of Bitcoin fluctuates quite a lot. Are you a gambler? If you are and enjoy it, you could buy some Bitcoin. Since there's no way of knowing whether it will go up or down, you probably have a 50-50 chance of making money, and a 50-50 chance of losing money. The same applies to any crypto.

Yes that's true. But it flactuating a lot also makes it possible to earn money with trades.

Quote from: magellanclavichord on June 29, 2019, 09:04:54 AM

A bit off topic, there was a report about how much energy is consumed by the Bitcoin system. It is extremely energy-intensive. It's mainly run on massive computer farms in China, close to coal-fired power plants where electricity is cheap. If Bitcoin were scaled up to replace all the currencies on the flat face of the Earth, it would require more energy than the entire world's current production of energy. Even if it just replaced U.S. dollars, there would not be enough energy.  Bitcoin is a niche currency whose value is too unstable to be useful for mainstream commerce, and is mainly useful for black-market transactions where its ability to hide from law enforcement is more important than stability, and as a vehicle for speculation.

I believe that this is propaganda to keep alternative money low value.

In that case, you need to decide if you want to bet that the propaganda will be effective or not. If the propaganda is effective the value stays low and it's a bad bet. If the propaganda fails then the value will rise and you should buy. For the purposes of speculation what you need to do is anticipate the market value, which depends on the opinions of the people buying and selling it.

Quote

The value of Bitcoin fluctuates quite a lot. Are you a gambler? If you are and enjoy it, you could buy some Bitcoin. Since there's no way of knowing whether it will go up or down, you probably have a 50-50 chance of making money, and a 50-50 chance of losing money. The same applies to any crypto.

Yes that's true. But it flactuating a lot also makes it possible to earn money with trades.

True again. It makes it possible to make money, and the more it fluctuates the greater the potential profit. But at the same time, it is also possible to lose money, and the more it fluctuates the more money you can lose.

It all depends on whether and how well you can anticipate the market. If you know beforehand when it will rise and when it will fall, you can make gobs of money. But if you guess wrong you can lose gobs of money. We hear about the investments, like Bitcoin, that paid off for the early investors. We never hear about the investments that flopped. And for every big success like Bitcoin, there's a hundred start-ups or concepts that went bust.

I wish you all the best with your investments.

For myself, I don't take risks. I will never be rich, but I have enough to live comfortably. In the words of Hermann the German from Pushkin's short story The Queen of Spades, "I refuse to risk the necessary in pursuit of the superfluous."

In that case, you need to decide if you want to bet that the propaganda will be effective or not. If the propaganda is effective the value stays low and it's a bad bet. If the propaganda fails then the value will rise and you should buy. For the purposes of speculation what you need to do is anticipate the market value, which depends on the opinions of the people buying and selling it.

It's not like this propaganda is the only thing that influences bitcoin.

True again. It makes it possible to make money, and the more it fluctuates the greater the potential profit. But at the same time, it is also possible to lose money, and the more it fluctuates the more money you can lose.

It all depends on whether and how well you can anticipate the market. If you know beforehand when it will rise and when it will fall, you can make gobs of money. But if you guess wrong you can lose gobs of money. We hear about the investments, like Bitcoin, that paid off for the early investors. We never hear about the investments that flopped. And for every big success like Bitcoin, there's a hundred start-ups or concepts that went bust.

I wish you all the best with your investments.

For myself, I don't take risks. I will never be rich, but I have enough to live comfortably. In the words of Hermann the German from Pushkin's short story The Queen of Spades, "I refuse to risk the necessary in pursuit of the superfluous."

Well I am very smart, so I guess I'll be rich soon!
I think I can just look a bit at the trends and predict where it will go.

Quote

In that case, you need to decide if you want to bet that the propaganda will be effective or not. If the propaganda is effective the value stays low and it's a bad bet. If the propaganda fails then the value will rise and you should buy. For the purposes of speculation what you need to do is anticipate the market value, which depends on the opinions of the people buying and selling it.

It's not like this propaganda is the only thing that influences bitcoin.

Quote

True again. It makes it possible to make money, and the more it fluctuates the greater the potential profit. But at the same time, it is also possible to lose money, and the more it fluctuates the more money you can lose.

It all depends on whether and how well you can anticipate the market. If you know beforehand when it will rise and when it will fall, you can make gobs of money. But if you guess wrong you can lose gobs of money. We hear about the investments, like Bitcoin, that paid off for the early investors. We never hear about the investments that flopped. And for every big success like Bitcoin, there's a hundred start-ups or concepts that went bust.

I wish you all the best with your investments.

For myself, I don't take risks. I will never be rich, but I have enough to live comfortably. In the words of Hermann the German from Pushkin's short story The Queen of Spades, "I refuse to risk the necessary in pursuit of the superfluous."

Well I am very smart, so I guess I'll be rich soon!
I think I can just look a bit at the trends and predict where it will go.

Cool. Don't forget your poor friends here on FES when you're rolling in money.

HAHA I ALREADY MADE 6 EURO PROFIT WITH BITCOIN.
@ magellanclavichord
I send you 16.6% (1 euro) of my profit if you give me your paypal.

No. Unless you like being among the lamest people alive.

Quote from: magellanclavichord on June 29, 2019, 09:04:54 AM

A bit off topic, there was a report about how much energy is consumed by the Bitcoin system. It is extremely energy-intensive. It's mainly run on massive computer farms in China, close to coal-fired power plants where electricity is cheap. If Bitcoin were scaled up to replace all the currencies on the flat face of the Earth, it would require more energy than the entire world's current production of energy. Even if it just replaced U.S. dollars, there would not be enough energy.  Bitcoin is a niche currency whose value is too unstable to be useful for mainstream commerce, and is mainly useful for black-market transactions where its ability to hide from law enforcement is more important than stability, and as a vehicle for speculation.

I believe that this is propaganda to keep alternative money low value.

No, these things are plainly true. Although some other coins have found ways to make it less energy consuming.

HAHA I ALREADY MADE 6 EURO PROFIT WITH BITCOIN.
@ magellanclavichord
I send you 16.6% (1 euro) of my profit if you give me your paypal.

One bitcoin is trading at over ten thousand euros right now. How could you possibly have made six measly euros trading it? And was this realized profit, euros in your pocket, or is this your potential profit if you were to sell now? If the latter, it could evaporate in the blink of an eye.

Trading bitcoin now is not a lot different than trading any other commodity: Guess right and make money; guess wrong and lose money. The way to really get rich is to correctly guess the next big success before it becomes a success. Like the people who bought bitcoin when it was trading at one euro. Or the people who bought Apple or Microsoft or GoPro at the very beginning. You could do as well trading pork bellies (whatever they are!) right now as trading bitcoin. (I actually knew someone who lost a bundle trading pork bellies.) I'm envious as hell of the people who bought a thousand dollars of Bitcoin at $1 and sold at $20,000 and have $20 million now. But I'm sure not going to buy it now at $10,000 in the hopes of it's going back to $20,000.

Probably less then a tenth of one percent of the bitcoins in existence are actively used for black-market commerce, and the rest are just being held as speculation. This is not a recipe for long-term success. You can still make (or lose!) money day-trading on the fluctuations. But as noted above, that's no different than day-trading any other commodity or stock.

I traded with like 0.01 bitcoin

And yes it is real profit because I have already sold them.

I traded with like 0.01 bitcoin

And yes it is real profit because I have already sold them.

Cool. Congratulations on making six euros. Will you invest your earnings or splurge on a treat? Maybe go to a movie or buy a sandwich?

Hello everyone,

As you all know, I'm quite rich but still could use some money.

Do any of you own bitcoin? Or trade with bitcoin? Are you successful with it? Any tips?

We both know the only way you could buy even a clue is with Mommy and daddy's money or from the tax payers.

So the rest of the post is moot.

(Also, it is obvious you are using us as research for papers shit brick)

Update:
I'm currently at about +12 euro

Update:
I'm currently at about +12 euro

In your avatar, is Spongebob carrying a fish net between his butt cheeks?

Bitcoin is going to the moon.
I bought my last position at 10450 with a leverage of x6, so I'm getting pretty rich pretty fast.

Buying Bitcoin instantly makes you lame.

Hello everyone,

As you all know, I'm quite rich but still could use some money.

Do any of you own bitcoin? Or trade with bitcoin? Are you successful with it? Any tips?

I wouldn't recommend it. To gain money via Bitcoin, you need to have a lot of knowledge of how they work. I am studying electrical engineering, and one of my professors told me personally they lost money on bitcoin. If a professor who is teaching computer science at the university cannot do it, who can? Very few people.

Quote from: Definitely Not Swedish on June 29, 2019, 08:50:56 AM

Hello everyone,

As you all know, I'm quite rich but still could use some money.

Do any of you own bitcoin? Or trade with bitcoin? Are you successful with it? Any tips?

I wouldn't recommend it. To gain money via Bitcoin, you need to have a lot of knowledge of how they work. I am studying electrical engineering, and one of my professors told me personally they lost money on bitcoin. If a professor who is teaching computer science at the university cannot do it, who can? Very few people.

I can, apparently.
Being a prof in electrical engineering helps you basically 0 when it comes to bitcoin. BTC trading requires understanding of global events, reading news, being able to comprehend trading patterns and trends etc. Bitcoin is just a platform for trading/speculating; it hardly matters what the underlying mechanics of it are.


When it comes to trading, I'd own your prof no matter the platform it's based on.

Quote from: FlatAssembler on November 08, 2020, 06:03:57 AM

Quote from: Definitely Not Swedish on June 29, 2019, 08:50:56 AM

Hello everyone,

As you all know, I'm quite rich but still could use some money.

Do any of you own bitcoin? Or trade with bitcoin? Are you successful with it? Any tips?

I wouldn't recommend it. To gain money via Bitcoin, you need to have a lot of knowledge of how they work. I am studying electrical engineering, and one of my professors told me personally they lost money on bitcoin. If a professor who is teaching computer science at the university cannot do it, who can? Very few people.

I can, apparently.
Being a prof in electrical engineering helps you basically 0 when it comes to bitcoin. BTC trading requires understanding of global events, reading news, being able to comprehend trading patterns and trends etc. Bitcoin is just a platform for trading/speculating; it hardly matters what the underlying mechanics of it are.


When it comes to trading, I'd own your prof no matter the platform it's based on.

My professor almost certainly understands economics way more than you do. But, since you are a Flat-Earther, you are probably too arrogant to see that.

My professor almost certainly understands economics way more than you do. But, since you are a Flat-Earther, you are probably too arrogant to see that.

"I have no idea about anything, neither has my prof, thus I make up stuff to insult others so nobody notices my lack of knowledge"
-you

Quote from: FlatAssembler on November 08, 2020, 08:28:45 AM

My professor almost certainly understands economics way more than you do. But, since you are a Flat-Earther, you are probably too arrogant to see that.

"I have no idea about anything, neither has my prof, thus I make up stuff to insult others so nobody notices my lack of knowledge"
-you

What do you mean I have no idea about anything? I am studying electrical engineering. And, yes, we were taught something about Bitcoin, in our Operating Systems classes.

Quote from: Definitely Not Swedish on November 08, 2020, 09:07:43 AM

Quote from: FlatAssembler on November 08, 2020, 08:28:45 AM

My professor almost certainly understands economics way more than you do. But, since you are a Flat-Earther, you are probably too arrogant to see that.

"I have no idea about anything, neither has my prof, thus I make up stuff to insult others so nobody notices my lack of knowledge"
-you

What do you mean I have no idea about anything? I am studying electrical engineering. And, yes, we were taught something about Bitcoin, in our Operating Systems classes.

You sound like a vegan. We go thst you study EE when you mentioned it the first three times.
And what I means is exactely what I said.

Quote from: FlatAssembler on November 08, 2020, 09:25:14 PM

Quote from: Definitely Not Swedish on November 08, 2020, 09:07:43 AM

Quote from: FlatAssembler on November 08, 2020, 08:28:45 AM

My professor almost certainly understands economics way more than you do. But, since you are a Flat-Earther, you are probably too arrogant to see that.

"I have no idea about anything, neither has my prof, thus I make up stuff to insult others so nobody notices my lack of knowledge"
-you

What do you mean I have no idea about anything? I am studying electrical engineering. And, yes, we were taught something about Bitcoin, in our Operating Systems classes.

You sound like a vegan. We go thst you study EE when you mentioned it the first three times.
And what I means is exactely what I said.

While I am mostly vegan, I fail to see what does that have to do with anything here. The fact is that it is arrogant of you to think you can do better at cryptocurrency than a university professor who has actually studied it. And I have a reason to think the price of Bitcoin will drop significantly over time: Bitcoin is based, on the large part, on the false promise of anonymity. The anonymity techniques it implements aren't nearly as strong as TOR is, and we have very good reasons to think the American government  can already trace what you are doing with Bitcoin. After a few years, it will probably be possible for anybody to trace what somebody else is doing with Bitcoin, and the premise on which Bitcoin is based will be obviously wrong, so its value will drop significantly.

While I am mostly vegan,

Yeah who would have thought 

And I have a reason to think the price of Bitcoin will drop significantly over time: Bitcoin is based, on the large part, on the false promise of anonymity. The anonymity techniques it implements aren't nearly as strong as TOR is, and we have very good reasons to think the American government  can already trace what you are doing with Bitcoin. After a few years, it will probably be possible for anybody to trace what somebody else is doing with Bitcoin, and the premise on which Bitcoin is based will be obviously wrong, so its value will drop significantly.

You are so smart for knowing this! Just wait until you find out that the btc blockchain is, in fact, public and everyone can take a look at it 

While I am mostly vegan, I fail to see what does that have to do with anything here. The fact is that it is arrogant of you to think you can do better at cryptocurrency than a university professor who has actually studied it. And I have a reason to think the price of Bitcoin will drop significantly over time: Bitcoin is based, on the large part, on the false promise of anonymity. The anonymity techniques it implements aren't nearly as strong as TOR is, and we have very good reasons to think the American government  can already trace what you are doing with Bitcoin. After a few years, it will probably be possible for anybody to trace what somebody else is doing with Bitcoin, and the premise on which Bitcoin is based will be obviously wrong, so its value will drop significantly.

Me making money with btc while your prof is losing it literally proves that I am, in fact, doing better than your prof with cryptocurrency. Also he hasn't actually studied btc; Electr. Eng. is SOOOOOOOOO far from studying btc that I don't even want to start explaining it to you.
I bet you are a first semester student? Because the thinking-you-,know-it-all and blindly-trusting-thehl-prof atittudes while actually having no idea about anything is typical for first semester students

BullwinkleBux, bitches.

BullwinkleBux, bitches.

Put me down for 10 large.

Just wait until you find out that the btc blockchain is, in fact, public and everyone can take a look at it

I know what blockchain is, of course. It's supposed to prevent the attack on Bitcoin by using the same Bitcoin hash in more than one transaction, without compromising the anonymity. Unfortunately, as it turns out, the government computers can indeed use the data from blockchain to de-anonymize the users.

Me making money with btc while your prof is losing it literally proves that I am

No, it doesn't. It can be that you just got lucky now and will soon lose even more money.

Also he hasn't actually studied btc; Electr. Eng. is SOOOOOOOOO far from studying btc that I don't even want to start explaining it to you.

He is not an electrical engineering professor, he is a computer architecture professor. And he has published papers about the Bitcoin mining hardware. Electrical engineering is not the only course electrical engineers need to pass at the university, for God's sake.

No, it doesn't. It can be that you just got lucky now and will soon lose even more money.

If luck becomes the standard than it's skill.

It's just gambling.  Might as well bet on coin tosses.