Forums - General Discussion - Cryptocurrency is crashing, are you in or out?

https://www.cryptocurrencychart.com

 

Also China has recently spoke against it as well which is hurting it even more. 

 

Still we have seen cryptocurrency crash before,  and then go up even more. 

 

Are you in or out? May be a good time to cash in. 



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I think I am going to buy a bunch of the smaller cryptos and see what happens.



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I'm just sticking with my well performing index funds. I don't need anything more than the stable 8-10% annual return on my investment and chasing after get rich quick malarkey never seems to pan out well from my perspective.



I dont consider them a safe investment.... I wouldnt go in on it.



HODOOOL. Dont have to say more.

Internet didnt die after the Dotcom bubble so will not the Crypto Currencies.



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Pagan said:

HODOOOL. Dont have to say more.

Internet didnt die after the Dotcom bubble so will not the Crypto Currencies.

Bubbles are like that, you invest early and get out before it bursts :p (or you lose a ton of money).



I'm going to HODL. Digital currency is going to the the future, Goldman Sachs and Amazon have both showed interest in cryptocurrency as well. Any platform where the rich can get richer will not crash, only experience volatile highs and lows at its worst. I've made a decent amount from doing this and I think it's just getting started.

Besides, these are the times that if you have nothing to lose, then invest. I know a lot of family members of mine who got out of the real estate business after the housing crash and regret it because it did recover and those who stayed reaped the benefits. If you're patient, good things will come to you. That's what I've found.

Last edited by Ljink96 - on 16 January 2018

While I understand the concept of cryptocurrencies I don't understand how they ACTUALLY work and so far NOBODY has clearly explained how they actually work. To the best of my knowledge they are a code you have on your computer and that's it. How do you get that code? No one really knows, can't get it in a store, can't get it at your bank, can't pay with it when going to a store as it only works online, mining of some kind is involved but what mining, where, of what? No one really knows and how mining has ANYTHING to do with money? No one knows.
It really deserves its name of "CRYPTO" currency as in cryptic, sibylline, unclear, abstract etc...

So it soaring or crashing means very little to me.

EDIT: And I even forgot to talk about the value of a Bitcoin. To the best of my knowledge it's not traded in WallStreet or any other financial center so who decides how much a Bitcoin is worth every day? No one knows...



CrazyGamer2017 said:

While I understand the concept of cryptocurrencies I don't understand how they ACTUALLY work and so far NOBODY has clearly explained how they actually work. To the best of my knowledge they are a code you have on your computer and that's it. How do you get that code? No one really knows, can't get it in a store, can't get it at your bank, can't pay with it when going to a store as it only works online, mining of some kind is involved but what mining, where, of what? No one really knows and how mining has ANYTHING to do with money? No one knows.
It really deserves its name of "CRYPTO" currency as in cryptic, sibylline, unclear, abstract etc...

So it soaring or crashing means very little to me.

EDIT: And I even forgot to talk about the value of a Bitcoin. To the best of my knowledge it's not traded in WallStreet or any other financial center so who decides how much a Bitcoin is worth every day? No one knows...

Well, they have a lot do with programming and that's what a lot of people don't understand. But that's on the back end side of things. What you want to know is the code. Your Bitcoin wallet has a code that you'll always be able to know once you get it set up. This is what you use to buy and sell (give and take) Bitcoin. Think of it as your debit card sorta. This code is what you use to trade. 

There are some establishments that take bitcoin, like the KFC in Canada that is going to be taking Bitcoin this year. And it's only going to become more wide spread as the mainstream jumps on. Mining, eh go to reddit crytp forum to learn more about that. It's trick in my experience and does require extra hardware to mine the coins. 

The value of bitcoin is not controlled by the government, which is why the government wants to stop bitcoin. But they can't. But any coin value does have a principle behind it. It depends on who's buying/selling and how much they're buying and selling. It has a lot to do with supply and demand as there will only ever be 1 set amount of Bitcoin in the world. So it's insanely volatile as we've seen over the past half a year or so. From 22,000 to 13,000. But you can avoid such losses if you do study waves and basically never get much sleep. Or set alarms. It's a tedious process at first but if you're doing it full time it is like having a normal job. 



Ljink96 said:

There are some establishments that take bitcoin, like the KFC in Canada that is going to be taking Bitcoin this year. And it's only going to become more wide spread as the mainstream jumps on.

I highly doubt anyone will do this, Do you know how bitcoin works?

Heres sort of how such a transaction will take place

person goes into KFC

Can I have 3 pieces of chicken cost $10,

cashier : OK that will be $30

person: but it says $10

Cashier: yes but add $20 extra for transaction costs

person: fine heres $30 bitcoin

Cashier: OK come back in 48 hours once the transaction has gone through and been approved and then we will give you your 3 pieces of chicken