Gyroscopic Investing

Up 100% the past month and 50% in the past week.  Seems to be due to the EU's decision to tax it as a currency and not as a commodity (as the IRS does).  That means not VAT.

I bought in at a lucky time!  Hah.  Maybe I'll hold onto it this time.

MachineGhost wrote: I bought in at a lucky time!  Hah.  Maybe I'll hold onto it this time.

I bought ~32 bitcoin for $20 back in '10 or '11, but sold them when they were worth $700 total.  Regretted doing that, especially since the wife knew.  Now have 10 bitcoin after dollar cost averaging a small amount of cash each week throughout '14 and '15.  Should be fun to see where they go.

What is the consensus on Bitcoin in these forums?

Been reading up here for the past many months but do not have a good gauge for Bitcoin's standing.

not sure there is what you would call a consensus,
more than half think it is a scam, a rip off, a ridiculous form of speculation and not worth the bits and bites they are printed on...
the other half think a non government issued crypto currency is a very cool idea, probably the future of what money will be (but not necessarily bit coin itself but maybe some 2nd/3rd--- gen version) and possibly in keeping with libertarian and maybe even Anarchist-Statist-Technocrat Unity party ideals..

of the latter group a rather small minority dabble in owning and speculating with VP money

(just my impression of the groups opinion feel free to correct if i miss represent)

Obviously it is volatile and highly speculative right now, no doubting that. Although I recall Harry said such things might be an ideal thing to be in the Variable Portfolio (if you wish to have one).

Would love to hear the concerns from those who think it is a scam or a rip off.

Rules 2, 3, and 9. Fuck bitcoins.

I am not talking about building an investment strategy. That is taken care of with the PP.

I am talking about Bitcoins with respect to Rule #12, speculation.

If you do not understand Bitcoin (#9) you should not invest absolutely. If you are curious, Id be happy to answer anything.

Do you have a Variable Portfolio, Kriegsspiel?

Yea but I just put a fucking ton of stock in that thing. I think human's companies are going to be fucking sweet in the future. I mean, JTFC, bitcoins are just computergibberish! At least gold is humangibberish.

I'm not 100% positive, but does JTFC mean "Jesus tap-dancing fucking Christ?" If so: lol. I had a friend in high school who was fond of saying that.

It's a sexier version of that, yea.

Hi,

I think still have a part of a bitcoin that Mark gave to me.

What about the other members?

I lost that key or code a long time ago to get to my account!  Send help!

Reub wrote: I lost that key or code a long time ago to get to my account!  Send help!

I probably have the printed QR Code.

Until I have 100 years, then it will be millions 

When the current fiat system collapses as all fiat systems inevitably do and if bitcoins have permeated throughout the society and is used by common people at such a time I believe crypto currency may very well be a candidate for the future of money.

I did own a few coins back in 2010 I got for free but I lost my wallet and keys almost immediately as I did not find it important to backup.

I do not speculate in bitcoin, I consider it way too risky with such a small user base, political climate and unkown future value.

Regarding whether bitcoins can replace gold in the PP:

YTD gold:  up 3%
YTD bitcoin:  down 14%

I had the same thought at one point, but this suggests that bitcoin is hardly a "safe haven" - not yet anyway.  People like to stick with the tried and true when it comes to their money. 

Bitcoin is fairy dust. I don't trust it.

I'm still waiting for Beanie Babies to come back. I'll be rich!

(Note:  )

It definitely doesnt replace gold in the PP. Im a bitcoiner but that simply makes no sense right now.

But it is a candidate for the variable portfolio.

Hello,

any friend here still have Mark's bitcoin donation?

See the thread I just started with the title "Crypto-Currencies and taxes".

Imagine if there was an item on your 1040 asking "Do you own any gold coins"?

After thinking about it. I figure it is mainly an announcement alerting the public that taxes do need to be paid on crypto gains. Lots of young kids probably honestly didn't know.

But second it will give reason to audit real quick if they see you were dishonest.



May be I am giving too much credit but I would think they have simple list of people that have amount banked with main exchanges. You answer no but are on that list with significant enough amount then it flags.


I would think more for other crime but probably some arm of the government can very easily see all the connections across the main crypto ledgers as well so they can follow the "money".