Invest in Bitcoin & ore-mine

[Taftail]

Does someone invest in Bitcoins or cryptocurrencies?
Do you mining or trade cryptocurrencies?
What about investments in  ore mine ?

[Mod Edit: Link removed]

[AlanStache]

Does someone invest in Bitcoins or cryptocurrencies?
Do you mining or trade cryptocurrencies?
What about investments in [Mod Edit: Link removed]

You may find a few people here that have some bitcoins, but it is my understanding that mining bitcoins at the hobby level has not been profitable for many years now.

[massmustache]

That depends on how you are mining.

I don't mine myself... but the returns have been offset largely by the power cost.  If you are in a situation where power is "free" for you... then mining certainly can yield mild returns.

I wouldn't consider it a strategy for wealth building.  But it's an opportunity I suppose.

[GumbyPickles]

Bitcoin is only a speculative investment at this point.  Even the purchase of equipment makes mining not worth your time, let alone power costs. 

[Daley]

http://forum.mrmoneymustache.com/welcome-to-the-forum/bitcoin-an-interesting-case-of-a-classic-bubble/

Always a fun read!

[massmustache]

Bitcoin is only a speculative investment at this point.  Even the purchase of equipment makes mining not worth your time, let alone power costs.

Not going to argue investment vs speculation (and some might say it doesn't belong on this forum)... but there are less fun ways to speculate... and there's still betters way to go about speculating than others... all I was trying to express.

[GumbyPickles]

Bitcoin is only a speculative investment at this point.  Even the purchase of equipment makes mining not worth your time, let alone power costs.

Not going to argue investment vs speculation (and some might say it doesn't belong on this forum)... but there are less fun ways to speculate... and there's still betters way to go about speculating than others... all I was trying to express.

Of course!  If you think it could shoot through the roof in value, then mining is a fun way to biuld potential wealth.  I just meant if you looked at it as an investment only then you might as well just buy them at current market rates

[gimp]

I think you might be better off investing in gold mines. Or iron or coal. They actually produce useful things :)

[AlanStache]

I think you might be better off investing in gold mines. Or iron or coal. They actually produce useful things :)

Unique strings of ones and zeros are very useful; my employer pays me a very good wage to rearrange bits all day long. 

[xenon5]

When I was a bit younger and didn't know much about investment, I put together a bitcoin mining PC for about $700 with money I made from a summer job.  The value of the coins wobbled like crazy over spans of weeks.  Overall my total revenue on this little project was about $1200, before I decided a)the volatility was too unsettling and b)the amount of money I was making per day was no longer worth having a loud whirring PC on in my room 24/7, so I stopped mining.  For all the living arrangements while doing it, my electric cost was included in the rent.

With my $500 profit I bought a hard drive and solid state drive, more ram, upgraded the motherboard and processor to convert it into a gaming machine and sold the components I didn't need any more.  It's the PC I'm using to write this message to you :)

At this point I wouldn't recommend investing more than a few bucks for giggles.  Not too long ago the biggest bitcoin exchange went bankrupt and lots of people lost money.    The volatility is nasty.  I feel like a currency with such wild volatility is a poor form of currency, but what do I know.

[hodedofome]

The bubble has burst. Usually the price goes back to the original point where it started the big move. I wouldn't be interested until it got to that spot again. Look at the nifty fifty stocks of the 60s, gold in 70s, interest rates in 80s, tech stocks in the 90s, banks and Florida real estate in '08. Gold and silver again in 2011, and so on and so forth. Many are quick to declare something a great value just because its down 20-30%, but if it was a true bubble you're probably looking at a 60-80% pullback before its all said and done.

[This_Is_My_Username]

i have one(1) buttcoin.

its worth about $400.

I have no idea what to do with it.

Nothing bad could possibly happen. 

[Taftail]

i have one(1) buttcoin.

its worth about $400.

I have no idea what to do with it.

Nothing bad could possibly happen.

You can sell it anytime and receive your $400.
Bitcoins price are moving up and down so fast, much faster than in stock market. And you can invest in Bitcoins and make more (or lose more).
I think, for speculation it's more good thing.
There are also special sites with shares in Bitcoin, and it's price can only grow. So, it's possible not only to invest in Bitcoins, but also to invest Bitcoins in other places.
I read some articles which says that Bitcoin price can be more than $40000 in the future.

[Taftail]

http://forum.mrmoneymustache.com/welcome-to-the-forum/bitcoin-an-interesting-case-of-a-classic-bubble/

Always a fun read!

The author of the post do not know the subject.
Bitcoin price is about $375 now, and Mt. Gox was just a exchange site, which turned into scam.
But Bitcoins are not regulated by any site or person, that's why it cannot be dropped by somebody.

[shotgunwilly]

I read some articles which says that Bitcoin price can be more than $40000 in the future.

Yea... And I've read articles that say they could reach $1 million each. Those articles mean nothing.

I put about $6k in bitcoin last october and november, right before it shot up. Watched my account go to around $30k in 1 month, then back down. All the while I was day trading like an idiot. I only own about 3 coins now, and figure I only profited about $4000. It did teach me alot though.

[Heckler]

The bubble has burst. Usually the price goes back to the original point where it started the big move. I wouldn't be interested until it got to that spot again. Look at the nifty fifty stocks of the 60s, gold in 70s, interest rates in 80s, tech stocks in the 90s, banks and Florida real estate in '08. Gold and silver again in 2011, and so on and so forth. Many are quick to declare something a great value just because its down 20-30%, but if it was a true bubble you're probably looking at a 60-80% pullback before its all said and done.

Vanguard Index funds in the 2010's?  #devilsadvocate

[hodedofome]

I'm talking about a real, speculative bubble with a parabolic move. Not just that something is up 20% for the year. Anyone that looks at a chart of bitcoin and sees it going from $1 to $1000 within a year or two...