Economy Bitcoin Doubters, Come Eat Your Crow

[ConnorMacGregod]

You can buy bitcoins on a bitcoin exchange and when they are in your account, it is as easy as selling stock. Just put in a sell order. So for people who just want to buy some in hopes of the value going up it's super easy.

It might be more complicated for people who setup bitcoin wallets and move them from the exchange into their wallets but I don't know how that works.

What if the person you sell it to calls their bank and says it was a fraud charge? Wouldnt they get their money back and you are left without the money or bitcoin?

 

[mike sherry]

Imagine spending 7K on a few bitcoins and then a few months later finding out they were worth a few hundred dollars in days? I would probably want to shoot myself. It is also difficult to exchange for cash I believe.

It is not. you have to verify your identify because exchanges need to engagr in KYC laws. Coinbase is a breeze to cash out of. I believe the default weekly (daily?) cap is 10k USD in withdraws. You can get them to raise your limits if you talk to them.

 

[IDL]

True. I would invest in this if it were easy to cash out in a few months but it seems difficult to do so. I believe you have to meet someone and then swipe with them. If you do it online you could get scammed though

That isn't true. I bought and sold some and if you just leave your coins on the exchange (Kraken) then it is super simple. If you have ever bought and sold stock before it is pretty much the same thing.

 

[Ruprecht]

Imagine spending 7K on a few bitcoins and then a few months later finding out they were worth a few hundred dollars in days? I would probably want to shoot myself.

Yeah, although to be honest everyone I know that got in on it got in early, and lost their nerve with the first massive dip at the end of 2013. They still made out quite nicely.

 

[mike sherry]

What if the person you sell it to calls their bank and says it was a fraud charge? Wouldnt they get their money back and you are left without the money or bitcoin?

You are talking about face to face bitcoins or local bitcoins

if it is a significant amount you should require a cashiers check for obvious reasons

 

[IDL]

What if the person you sell it to calls their bank and says it was a fraud charge? Wouldnt they get their money back and you are left without the money or bitcoin?

It has nothing to do with banks, or charges. Whoever buys your coin would have placed a buy order on the exchange. Same as a stock. They don't know you, and you don''t know them.

 

[ConnorMacGregod]

That isn't true. I bought and sold some and if you just leave your coins on the exchange (Kraken) then it is super simple. If you have every bought and sold stock before it is pretty much the same thing.

Could you get scammed though?

 

[ConnorMacGregod]

It has nothing to do with banks, or charges. Whoever buys your coin would have placed a buy order on the exchange. Same as a stock.

Do you have bitcoins? Do you think it is a good investment? Seeing the returns makes me want to jump in and make an investment.

 

[Burning Hammer]

So who here has traded bitcoin for cash?

 

[hasar]

Payza converts your bitcoin to cash instantly.

 

[IDL]

Could you get scammed though?

I'm not aware of people being scammed from the bitcoin exchanges and don't know what risks there are with that. You have to give them some personal info to setup an account and deposit money into it. I think some of the exchanges were more volatile earlier on and have since stabilized but I'm not expert on that.

 

[IDL]

Do you have bitcoins? Do you think it is a good investment? Seeing the returns makes me want to jump in and make an investment.

I bought and sold some coins, but I cashed out so do not own any coins at the moment.

I have no idea if it is a good investment now or not. To me it seems overpriced but I don't know much about it so am not about to recommend anything.

 

[ConnorMacGregod]

I bought and sold some coins, but I cashed out so do not own any coins at the moment.

I have no idea if it is a good investment now or not. To me it seems overpriced but I don't know much about it so am not about to recommend anything.

Thats what scares me the most about investing in Bitcoins, that it may be overpriced and if it falls you would lose alot due to it being overpriced. I would love to invest for a month or 2 then cash out.

 

[IDL]

Thats what scares me the most about investing in Bitcoins, that it may be overpriced and if it falls you would lose alot due to it being overpriced. I would love to invest for a month or 2 then cash out.

As with anything, don't invest money you aren't prepared to lose!

From your perspective it would be a pure gamble.

 

[Kowboy Karl]

You can buy bitcoins on a bitcoin exchange and when they are in your account, it is as easy as selling stock. Just put in a sell order. So for people who just want to buy some in hopes of the value going up it's super easy.

It might be more complicated for people who setup bitcoin wallets and move them from the exchange into their wallets but I don't know how that works.

Which bitcoin exchange is best?

 

[mike sherry]

Thats what scares me the most about investing in Bitcoins, that it may be overpriced and if it falls you would lose alot due to it being overpriced. I would love to invest for a month or 2 then cash out.

Why two months? Put in a grand and forget about it for a year. If it dips just buy some more to lower your average cost. 2 months is nothing. You will panic sell my friend.

I'm not aware of people being scammed from the bitcoin exchanges and don't know what risks there are with that. You have to give them some personal info to setup an account and deposit money into it. I think some of the exchanges were more volatile earlier on and have since stabilized but I'm not expert on that.

Mt.gox happened in 2013. It hurt bitcoin a lot at the time, mostly in the form of investor confidence. They were hacked at some point. They lost a lot of their customer's bitcoins. Withdraws were eventually halted all together. The only thing that kept the exchange afloat was that the bitcoin price went up a lot at the time.

Funny how now it's just a small blip. On the log scale it is far more prominent of a dip.

Exchanges can get hacked. They can also get "hacked" (I.e. the operators just steal everyone's shit)

Keeping your bitcoin on in exchange is dangerous. I wouldn't keep more than 2 grand on an exchange at any time. When it's on an exchange, you don't own the private keys. So you basically don't really own it.

Is it hard to turn bitcoin in to cash?

What’s the loophole?

Buy some
Rolex’s with bitcoin and then sell em
For retail or something?

Just sell it at an exchange. The catch is you will have to pay capital gains tax

Which bitcoin exchange is best?

I would use coinbase if I wasn't banned from there. Kraken and Gemini are also good.

Do you have bitcoins? Do you think it is a good investment? Seeing the returns makes me want to jump in and make an investment.

It's a good investment IN THE LONG TERM. You are being too shortsighted. You will panic sell.

You are asking to buy into a financial instrument when it just reached a new ALL TIME HIGH. You cannot expect to make .5% gain every single day like it has been.

If you are going to do it, set aside money. Make a large investment now and as time goes on buy more incrementally. Don't try and be cute and sell high and buy low. Dollar cost average is your friend. Put in 50-100$ every paycheck and don't think about touching it.

Read more about the protocol and see what are the common pitfalls. Learn from those that have lost bitcoins or had them stolen.

 

[IDL]

Which bitcoin exchange is best?

I've only used Kraken which seemed fine. Not sure what is best though.

 

[IDL]

Why two months? Put in a grand and forget about it for a year. If it dips just buy some more to lower your average cost. 2 months is nothing. You will panic sell my friend.


Mt.gox happened in 2013. It hurt bitcoin a lot at the time, mostly in the form of investor confidence. They were hacked at some point. They lost a lot of their customer's bitcoins. Withdraws were eventually halted all together. The only thing that kept the exchange afloat was that the bitcoin price went up a lot at the time.

Funny how now it's just a small blip. On the log scale it is far more prominent of a dip.

Exchanges can get hacked. They can also get "hacked" (I.e. the operators just steal everyone's shit)

Keeping your bitcoin on in exchange is dangerous. I wouldn't keep more than 2 grand on an exchange at any time. When it's on an exchange, you don't own the private keys. So you basically don't really own it.


Just sell it at an exchange. The catch is you will have to pay capital gains tax


I would use coinbase if I wasn't banned from there. Kraken and Gemini are also good.



It's a good investment IN THE LONG TERM. You are being too shortsighted. You will panic sell.

You are asking to buy into a financial instrument when it just reached a new ALL TIME HIGH. You cannot expect to make .5% gain every single day like it has been.

Ah yes, I did hear about MtGox. I'm assuming it is a little less wild wild west these days but yeah there is always a risk. They aren't nearly as established as a bank.

 

[mike sherry]

Ah yes, I did hear about MtGox. I'm assuming it is a little less wild wild west these days but yeah there is always a risk. They aren't nearly as established as a bank.

The problem is we are trusting them with huge amounts of money. They have to do everything they can to secure from every hacker out there. It's not like a stock broker. If e-trade gets hacked I doubt they will get shit from them. We are talking about huge, GIGANTIC, targets. If they do not do everything correctly eventually something will slip through the cracks and the money is gone forever.

And of course this is always ignoring the potential for criminality from the exchange.

 

[Kowboy Karl]

I've only used Kraken which seemed fine. Not sure what is best though.

He idk

To make any real money you’d have to at least by 10-20k and I just don’t trust that on these “exchanges” despite my belief that bitcoin and other crypto currencies have value