Crypto currency. Anyone else giving it a go?

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

  1. northshore

    northshore Well-Known Member SILVER Sponsor

    Jan 17, 2011
    Cleveland, OH
    1989 340 Sundancer
    Raymarine E90W Radar/Chartplotter
    Twin 454 Mercruiser 340's
    "Thats bat $hit crazy! "

    That about sums it up.

    Bitcoin is down about 8% today.
    I have 50 real dollars for anyone who can tell me exactly why. :D
     
  2. JVM225

    JVM225 Well-Known Member

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    Funny....was just using the Florida example in a bitcoin discussion this morning.
    Back when Florida Real Estate was going crazy I discussed it with two acquaintances. At that point, the median home price in the County they were looking at was so far ahead of the median income that it felt to me like a ticking time bomb from an investment standpoint.
    My feeling was that at some point reality would set in and someone was going to have to afford to make mortgage payments on their salary.
    One guy understood and embraced my logic and steered clear of it. The other guy dismissed the logic and gave several examples of a small group of people he knew that were making a killing. A Dr. friend of ours was in and making money. He jumped in with that group of guys and got killed.
    The difference is that the group was made up a a few MD’s who weren’t investing their life savings and had the earning power to make it back. His situation was different so he got hurt.
    Another friend got caught up in the tech bubble and day trading craze of the late nineties. He had the bug so bad that he was buying stuff with 4 letter ticker symbols where he barely knew the name of the companies much less anything else about them. Lucky for him his wife is so afraid of investing that she is the type that still keeps money in passbook savings accounts and wouldn’t let him play with any big amounts.
     
    Last edited: Dec 28, 2017
  3. KevinC

    KevinC Well-Known Member

    Feb 25, 2011
    Long Island, NY
    2004 340 Sundancer
    1988 Proline Center Console - 90hp Mariner/Mercury
    1969 Boston Whaler
    Twin 8.1 V-drives
    If you have money you can afford to loose and enjoy roller coaster rides they why not try - worst case you paid for the enjoyment of the ride - heck there are a lot of people playing powerball and megamillions this week.

    If you can't afford to loose it then you should stay clear of anything you do not know enough about. If you are jumping in because everyone else is that's enough reason for me to stay clear - I learned about lemmings along time ago.

    -Kevin
     
    JVM225 likes this.
  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
    upload_2017-12-28_16-52-27.png
     

    Attached Files:

  5. UnleashedBeast

    UnleashedBeast Member

    36
    Nov 21, 2017
    Pensacola, Fl.
    Shopping for a Sundancer or Sedan Bridge with Cummins diesels.
    Boatless
    Last edited: Dec 28, 2017
  6. blaster

    blaster Active Member SILVER Sponsor

    May 23, 2011
    potomac river
    2010 sea ray 205 sport
    F150 5.4 xlt 4x4
    Mercruiser 4.3 mpi alpha 1.62
    Bit coins are great for buying on the dark web or porn sites. Maybe a good investment when they were 80¢ on the $ a few years back. Those guys are laughing now. No thanks for me. I prefer to invest in a company that does something or a currency that has a government with a strong military behind it.
     
  7. Boat Guy

    Boat Guy Active Member SILVER Sponsor

    Stop discussing BTC with logic....You need to live in the land of ferries and pink unicorns....Where everything goes up and money is produced out of thin air.

    Can you make money? Perhaps...But, legitimizing this ponzi scheme is unethical and anyone that is a fiduciary should know better.

    Bitcoin was a great model to study and build off of. It should never have been setup as an end-user device....Google top 40 BTC holders....Who are these people / State Agents / Underworld / that hold all the BTC? The minions that are buying fractions of a bitcoin because that's all they can afford are driving up the value in hopes of getting rich quick.

    If you had said to millennials, "hey put your USD into this trading system where the majority is owned by perhaps 100 people in the world"....They would be like, "oh hell no" "I'm not going to make the rich get richer" But for some f'in reason, they have all become financial geniuses....I guarantee you anyone that is promoting BTC or another crypto-currency, is vested....Just like any other MLM deal. Though it's not a MLM structure the hype is the same.

    The US government was a holder of BTC because they confiscated it from criminals that were using it in the blackmarket. They are now playing the market and trying to get rid of it while the values are high...

    Anyway, sorry if I'm not riding the wave of crpto-currencies.... I like the tech and the premise...just not the execution... I guess it's just the decades of tech background... I'm just sitting back watching these Bitcoin Exchanges get hacked and waiting for the hackers to steal wallets....It's easy to know what account has the BTC because the "blockchain" is so great...

    Just my 2 cents.... Going back to solving world problems from somewhere warm and sunny...
    lounge.jpg
     
    OllieC likes this.
  8. Ezsteps

    Ezsteps Active Member PLATINUM Sponsor

    334
    Nov 14, 2015
    Lake St. Clair-- Michigan
    1999 400 Sundancer, YL310 Zodiac
    7.4 Mercuisers Horizons 380 hp ea., 9.9 hp Mercury
    Same here, I think 2018 should be another good year. Like SloBurn though I am 9 years away from retirement and don't want to go through another 08' with 50% or so drop in my portfolio. We are going to be watching 2018 close and probably start moving assets to a safer place towards the end of 2018. I did a spreadsheet years back at where I would be on Dec 31st of each year if I was averaging 5%, 8%, and 10% to see where I would be in 2027. I'm ahead of my 10% number by quite a bit and I want to keep it. Good Luck with the Bitcoin but I'm not touching it.
     
  9. HUMPH

    HUMPH Well-Known Member PLATINUM Sponsor

    Nov 4, 2009
    SF BAY AREA
    2003 410DA,
    2004 C14 Caribe
    CAT 3126TA's 350HP/
    50HP Honda
    Remember the Pyramid Schemes 20 years ago? Sound familiar?
     
  10. Jharpe21

    Jharpe21 New Member

    19
    Jan 26, 2018
    In search of newish boat, 2000 yamaha ls2000, 97 maxum 2300
    5.7, twin 135's
    Bitcoin is not a pyramid scheme its just a decentralized currency that has a limited supply when people are "mining" bitcoins what they are really doing is verifying the transactions that are taking place with the currency and for that they are rewarded with a small amount of bitcoin. The electricity costs are more than what you receive. It cannot be printed, like the dollar, that was the whole point of bitcoin. As the price of bitcoin changes the level of difficulty to mine goes up and its supposed to follow an algorithim to self regulate. So its kind of like a bank and the federal reserve in one. The money in mining is what is the tangible thing that gives it value in a way. The amount of energy put into mining is comparable to some small countries.
     
    joeyleggz likes this.
  11. Strecker25

    Strecker25 Well-Known Member SILVER Sponsor

    Nov 20, 2014
    Rochester, NY
    1998 290 Sundancer
    Twin 5.7EFI/Alphas, Kohler 4kw
    Agree with most of what you said as far as how it works, but there are some big misconceptions about power consumption. I sell my hashing power to a mining pool and at $0.11/kwh the electricity costs average around $40-50 a month. I profit enough to pay my slip, gas, and maintenance fees on the boat each month. Not big money by any means, but the hardware does all the work.

    and before anyone asks...Yes, miners pay taxes on income just like any other income source.;)
     
  12. chuck1

    chuck1 Super Moderator TECHNICAL Contributor PLATINUM Sponsor

    Oct 3, 2006
    North GA Mountains
    Looking For Next One
    Looking For Next One
    Tell that to the last one holding the bag :)
     
  13. Jharpe21

    Jharpe21 New Member

    19
    Jan 26, 2018
    In search of newish boat, 2000 yamaha ls2000, 97 maxum 2300
    5.7, twin 135's
    Strecker what currency are you mining and what kind of rig are you using? I have limited knowledge of mining using anything other than GPU mining on bitcoin gold and it wasn't profitable for me. But i know with the right rig it can be profitable but I dont think you can use a computer anymore.

    And chuck with that line of thinking anything that can lose value is a pyramid scheme. Hopefully my next boat purchase isn't a ponzi scheme. ;)
     
  14. 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
    Long ago I saw a story about a country that had no creditable currency. The minister of finance reputably told the ruler they had no money. The ruler responded with Print More.
    At lease with a stable country like US you know a case of beer was $20 yesterday and will be that tomorrow and the US dollars in your wallet but it. Any one for beer as the next currency?
     
  15. Jharpe21

    Jharpe21 New Member

    19
    Jan 26, 2018
    In search of newish boat, 2000 yamaha ls2000, 97 maxum 2300
    5.7, twin 135's
    Northern I dont know about you but I've been using beer as currency for a long time haha .. too bad you can't just print more but that would be the equivalent of watering it down and no one wants that
     
  16. Strecker25

    Strecker25 Well-Known Member SILVER Sponsor

    Nov 20, 2014
    Rochester, NY
    1998 290 Sundancer
    Twin 5.7EFI/Alphas, Kohler 4kw
    I mine to nicehash which is a cloud mining provider to buyers, so I don’t necessarily know what coins are mined. I get paid in btc, and run all amd rx570/580’s. They’re usually mining daggerhashimoto, which is likely ethereum. A lot of times they’ll switch into dual mining with either lbry or decred as well
     
  17. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    WTF did you just say? :D I guess I'm too old....for all I know this is some ancient language spoken by only the last few survivors of the tribe.
     
    Razzle Dazzle and Strecker25 like this.
  18. Razzle Dazzle

    Razzle Dazzle Ship shape and Bristol Fashion SILVER Sponsor

    55
    Jul 2, 2016
    United Kingdom and Florida
    Sea Ray Express Cruiser 340 1989 Mercruiser 7.4
    Mercruiser twin 7.4 Gas powered
    Fake money, fake news, fake food. Smoke and mirrors I only have a decade or two left here and I'm going to do as much boating as I can because that's real and wonderful. I am considering hiding out and living off fish and fruit and vegetables but I am not sure I can make it without a steak now and again.
     
  19. 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
    I feel we should switch to beer as currency. If there is a devaluation we still have liquid assets. A 12 OZ can before devaluation is still a 12OZ can after.
     
  20. northshore

    northshore Well-Known Member SILVER Sponsor

    Jan 17, 2011
    Cleveland, OH
    1989 340 Sundancer
    Raymarine E90W Radar/Chartplotter
    Twin 454 Mercruiser 340's
    What do you mean 'switch'!? :p
     

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