Topic: Cryptocurrency

[Alfonz]

Anyone else here invested in any flavor of cryptocurrency? I was spending some time putting together a rig to mine Etherium but got impatient and would up throwing some money at Bitcoin. I did two different investments, one has a relatively low purchase option with no mining fees, the other is a high risk (MLM) site that pays 1% (of the total investment) daily, and the payout is in Bitcoin. Given the rise in BTC value, both are doing quite well. I only wish I had of jumped in last January when Bitcoin was trading just under $1000, now at $18,000, the 1800% increase would have been nice.

Just saw a sudden jump in Ether also, it's still minable, but the cost of electricity vs the hash rates for single GPU home mining rigs may not make it feasible for most people.

[8ullfrog]

Tiptoe through the tulips.

[Alfonz]

Yeah, it's risky but I think I've all but recovered my original investment. Now I'm tempted to reinvest it but I really should draw it out and drop it back into my 2%/year savings account and play the rest of it, nothing to lose that way.

[8ullfrog]

Several banks are freezing any wire transfer in relation to cryptocurrency, so if you're using chase banks (don't use them anyway, they suck) they may lock up your money.

US Bank is flat out filing suspicious activity reports as if it's drug money.

It looks like even heavy proponents are agreeing this is a tulip market, so be careful.

[Alfonz]

The Silk Road site https://en.wikipedia.org/wiki/Silk_Road_(marketplace) that was being used to sell recreational drugs of ANY type online certainly made the credibility of bitcoin uses look bad. After the site was taken down and the owner sentenced to life in prison, legislation was enforced for sites buying and trading cryptocurrencies. It seems next to impossible to launder money through these exchanges now, but I'm sure people will find another way, if they haven't already.

[8ullfrog]

Nah, it'it's because if the crypto market did become stable, banks would have to actually compete and stop being such shithouses. They want it to die in the cradle.