Crypto currency. Anyone else giving it a go?

Discussion in 'The Tiki Bar' started by Nick70, Dec 27, 2017.

  1. Nick70

    Nick70 Member

    90
    Apr 20, 2016
    New England
    2009 Sea Ray Sundancer 330/350
    Twin 496's
    BRAVO III Sea core
    Garmin radar/gps
    8.1L's w/Bravo III Sea Core
    i bought a bunch of litecoin recently. Also, 2/10 of a bitcoin.
    I'm starting to look at some of the other 'alt coins' too. I know it's volatile but, there is a lot of money being made. And it really looks like crypto is here to stay.
    Thoughts?
     
  2. chuck1

    chuck1 Super Moderator TECHNICAL Contributor PLATINUM Sponsor

    Oct 3, 2006
    North GA Mountains
    Looking For Next One
    Looking For Next One
    Never have understood why you would do it. What is it based on? What is backing it?
     
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  3. Strecker25

    Strecker25 Well-Known Member SILVER Sponsor

    Nov 20, 2014
    Rochester, NY
    1998 290 Sundancer
    Twin 5.7EFI/Alphas, Kohler 4kw
    Been in it for a while, both buying a mining. While you're right and there is (a lot) of money to be made, do yourself a favor and read about the underlying technology. In my opinion the blockchain has the potential to make a large impact in the way we do things in the future

    There is a decent doc on netflix called "Banking on Bitcoin" that explains the blockchain. The rest of it goes into the history of btc and other crypto currencies, if you're interested in that as well
     
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  4. northshore

    northshore Well-Known Member SILVER Sponsor

    Jan 17, 2011
    Cleveland, OH
    1989 340 Sundancer
    Raymarine E90W Radar/Chartplotter
    Twin 454 Mercruiser 340's
    On the sidelines on this. Many times I've been told if you cant explain why a financial instrument goes up or down, stay clear of it. So for now, I'm out
     
  5. JVM225

    JVM225 Well-Known Member

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    I’m a fairly aggressive investor but this craze is too risky for me so I’m steering clear. I’m sure that lots of people will make a lot of money with it but I suspect even more will lose.
    Timing the market for more traditional investments rarely works out for the average individual investor, think back to all the day traders of the late nineties who lost their shirts, I suspect that trying to time the bitcoin market might be even harder.
     
  6. JimG

    JimG Active Member SILVER Sponsor

    Nov 4, 2008
    Southern WV
    2007 310 DA
    Kohler 5ECD
    Twin 350 Mags
    Raw Water Cooled
    V-Drives
    The only way you can benefit is if you got in at it's infancy... like my son did when it was worth $10.

    I only wish I would've got in when he told me about it 5 years ago. I'll watch it and buy in when the bottom drops out.
     
  7. boatman37

    boatman37 Member

    734
    Jun 6, 2015
    pittsburgh
    1986 Sea Ray 250 Sundancer
    5.7 Merc
    I am a day trader but have not touched bitcoin. I might throw $100 in it here soon just cause but have in my mind that there is a good chance I will lose that $100. That being said, I will day trade bitcoin related stocks and now options but holding overnight is risky.
     
  8. villain style

    villain style Active Member SILVER Sponsor

    Oct 10, 2006
    Mears Point Marina Kent Island, MD
    2006 340 Sundancer
    Merc 8.1L's V-Drives
    I'm in with some Litecoin. We shall see and I'm being patient...
     
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  9. Gofirstclass

    Gofirstclass Well-Known Member GOLD Sponsor

    Apr 20, 2010
    Tri Cities, WA
    1995 550 Sedan Bridge,
    2010 Boston Whaler 130 Super Sport,
    1981 Boston Whaler 130 Sport,
    CAT 3406C's, 580hp.
    Amen. Same here. I don't know what it is, how it works or what makes it go up and down. I watched the recent runup and predicted it would be due for a large pull back. The next day it did.

    Too volatile for my tastes.
     
  10. Mittens

    Mittens Member

    365
    Mar 5, 2017
    Huntsville, AL
    2002 340 Sundancer, All Cherry Cabin, Black Canvas.
    8.1 Mercs, V Drives, 4.5kw Westerbeke.
    I have a buddy setting up to “mine” it... which is rediculius it’s so imaginary... I mean a computer processses data to get small amounts of it... but when asked what the data is, or who is the processed data goes to. They got nothing... I mean it is legitimate worth money and is being g traded but the fact it’s not tangible is odd to me.
     
  11. KevinC

    KevinC Active Member

    503
    Feb 25, 2011
    Long Island, NY
    2004 340 Sundancer
    1988 Proline Center Console - 90hp Mariner/Mercury
    1969 Boston Whaler
    Twin 8.1 V-drives
    It's like any currency trading - it's based on the fact that it can be eventually converted back to real goods someplace. When faith in the backer is strong the currency is stable - when faith in the backer is poor it's value crumbles. Right now Bitcoin has a lot of interest and people have faith that when they buy Bitcoin that there will be a market to sell to convert back to real currency.

    Long term I believe there are a lot of advantages to crypto-currency - especially when compared to dealing with International Banks for moving money around the world. However, right now there are many reasons why people are buying Bitcoin so there is a strong market for sellers. The problem is if the buyers dry up the value could plummet as people race to cash out when they need the money invested. Think of it like the real estate boom in Florida (and other areas) pre-2008. People were buying properties that they did not want just to flip. When the market for buyers ran out so did the boom and hence the crash.

    -Kevin
     
  12. SloBurn

    SloBurn Member

    746
    May 30, 2013
    Greenwood Lake, NY
    1994 270 Sundancer. 7.4L Merc. Tow with a 2006 Dodge RAM Hemi
    340 HP Merc 454 c.i.
    Nope, getting out of stocks and into bonds now, at my age. 5 years to retire. NOPE< NOPE < NOPE
     
  13. Strecker25

    Strecker25 Well-Known Member SILVER Sponsor

    Nov 20, 2014
    Rochester, NY
    1998 290 Sundancer
    Twin 5.7EFI/Alphas, Kohler 4kw
    Just because it’s a digital asset does not make it imaginary. Fiat currencies can be just as volatile. It’s hard to wrap our heads around it being so new, but if you utilize offline hardware wallets, in some ways you are more secure than letting some bank control your savings. As long as the coin retains value of course.

    That being said, BTC has its issues. It is the king at the moment and very visible in the news but high fees and slow transaction times are its Achilles heel. Lightning network and Segwit look to fix those problems, but it’s a race to get them implemented.

    There are other cryptos that have the potential to overtake it. Ethereum is right at the top of that list with litecoin close behind. (In my opinion)

    Transactional anonymity, the ability to scale globally, and being your own bank are just a few of the many reasons blockchain and crypto technology may be here to stay, whether it’s in the form of btc or not b
     
  14. HUMPH

    HUMPH Active Member PLATINUM Sponsor

    Nov 4, 2009
    SF BAY AREA
    2003 410DA,
    2004 C14 Caribe
    CAT 3126TA's 350HP/
    50HP Honda
    Not yet! 2018 looks to be another good year. I’m riding the market for a while longer.
     
  15. Gofirstclass

    Gofirstclass Well-Known Member GOLD Sponsor

    Apr 20, 2010
    Tri Cities, WA
    1995 550 Sedan Bridge,
    2010 Boston Whaler 130 Super Sport,
    1981 Boston Whaler 130 Sport,
    CAT 3406C's, 580hp.
    I will be the first to admit that I know almost nothing about Bitcoin or any crypto-currency or mining or any of the terms that go along with it. I was a financial advisor for years and I would NEVER have suggested to a client that he pursue crypto-currency except with a very small amount of money that, if he lost every cent he would not feel too bad about.

     
  16. northshore

    northshore Well-Known Member SILVER Sponsor

    Jan 17, 2011
    Cleveland, OH
    1989 340 Sundancer
    Raymarine E90W Radar/Chartplotter
    Twin 454 Mercruiser 340's
    He should still do very very well in corporate bonds for the upcoming year.
     
  17. Mittens

    Mittens Member

    365
    Mar 5, 2017
    Huntsville, AL
    2002 340 Sundancer, All Cherry Cabin, Black Canvas.
    8.1 Mercs, V Drives, 4.5kw Westerbeke.
    You guys responding to me did not read al my post I am aware it worth real money, and not fake/imaginary.

    but the fact that to get it.... not buy it, you mine it... there is only so much out there as it has to be mined... and mining it is imaginary... it’s a datat processing with no goal. No transfer of end user data. Just process this file/ part of a bit coin..... but why? What’s the purpose of data processing with no use of the data.
     
  18. Drdestructo

    Drdestructo New Member

    12
    Apr 8, 2016
    Ft. Licquordale
    2009 Amberjack 290
    Twin 5.7 V-Drive
    Here is a great explanation that will clear up everything!
     
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  19. UnleashedBeast

    UnleashedBeast New Member

    23
    Nov 21, 2017
    Pensacola, Fl.
    Shopping for a Sundancer or Sedan Bridge with Cummins diesels.
    Boatless
    Here is the problem, yes....it's digital money, so yes it can be imaginary (fraud) easily. Anyone who says differently is delusional. There is no "gold standard" to back Bitcoin. Yes, I understand even the US Dollar is technically no longer backed by gold, as we simply have more greenbacks than we have gold to back. The only way I would have ever invested one cent into Bitcoin was at the very beginning, when it was less than $1.00 per coin. People are now mortgaging their paid in full home to buy bitcoin. A fool and their money are soon parted.

    Mining, the more that is mined (created), the harder it is to mine. Whoever came up with this idea and was able to sell it off to the world is a genius. Albeit, a very wealthy person, living lavishly. No one can tell you what it is, how it is valued, or if it will ever be a stable (backed) currency. Those who bought it recently thinking it's the next big boom is going to be the next .com and housing market losers.

    Here is the best "gotcha" out there. Easy to buy, difficult to sell. They need this snowball to keep growing as to continue collecting those credit card dollars. Mass selling devalues Bitcoin. This should be your first HUGE clue.
     
    Last edited: Dec 28, 2017
  20. northern

    northern Well-Known Member

    Jan 17, 2007
    West coast Vancouver to Alaska
    380 Aft Cabin 1989 GPS and Charts by Nobeltec
    Twin 454 strait shaft
    In Germany before WWII inflation was extreme. One sees old newsreels of people with wheel barrels full of money to but a loaf of bread. The currency was stabilized by attaching it to a real commodity (Farm land). The new cyber currency does not seems to be attached to anything except the value people have attached to it. When loans are called from people that borrowed to buy it that is when its true value will appear. I do not have any buy at a dollar it was the same price as some lottery tickets.
     

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