• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Trading Life for a Weekend?
    Build a Business, Build a Life.
    Unleash the Dream.

    Become an UNSCRIPTED™Entrepreneur.

    UNSCRIPTED™ Entrepreneurship is an entrepreneurial business strategy that unleashes dreams, frees time, and explodes your incomes—but more importantly, it changes your life forever. Make no mistake; this isn’t something you “try”— this is something you live.

    FREE Download (Unscripted) FREE Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

FORUM SEARCH


Need answers about entrepreneurship? Search FIRST! More than likely your entrepreneurial topic has already been discussed.
Powered by Google Site Search.

Are You Profiting off the BITCOIN wave?

Discussion in 'Investing and Trading' started by benhebert, Apr 17, 2013.

  1. benhebert
    Offline

    benhebert Silver Contributor Speedway Pass

    Messages:
    242
    Likes Received:
    547
    Joined:
    Dec 3, 2012
    Location:
    Traveling
    Rep Bank:
    $3,555
    I've been following Bitcoin for a few months now and have just been able to get over missing out on taking a position in January when it was roughly 10 USD = 1 BTC. Now depending on the day, hour or latest news article the price can vary dramatically. I'm not involved with too many stocks, but it's rare that you see something valued as high at bitcoin is that's so volatile.

    I'm not here to convince you to buy Bitcoin or believe that it's the future of currency. I think there's a long way to go there, but what I do see is an opportunity to make money quickly.

    I took X,XXX and bought in at $64.00 a few days ago and now the price is hovering around $90.00 USD. That's like a 140% return in a few days that I'm exiting on and re-entering when it crashes again.

    Anyone else doing the same?
     
    JayKim likes this.
  2. AntiGuru
    Offline

    AntiGuru Bronze Contributor Speedway Pass

    Messages:
    71
    Likes Received:
    125
    Joined:
    Feb 17, 2013
    Location:
    Canada
    Rep Bank:
    $411
    I like Bitcoin and what it represents, but I'm not planning on speculating in the price movements. A few weeks ago I enabled Bitcoin payments for one of my web services companies and plan to accumulate that way.
     
    JayKim likes this.
  3. 100k
    Offline

    100k Gold Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    957
    Likes Received:
    1,022
    Joined:
    Oct 20, 2012
    Rep Bank:
    $2,784
    Haven't you guys read M.J's book.

    When everyone and his dog is talking about something then it's time to get out!
     
    1 person likes this.
  4. AntiGuru
    Offline

    AntiGuru Bronze Contributor Speedway Pass

    Messages:
    71
    Likes Received:
    125
    Joined:
    Feb 17, 2013
    Location:
    Canada
    Rep Bank:
    $411
    Agreed, that's investing 101. As I said originally, I'm not looking to speculate on higher Btc/USD prices (that bubble has already popped anyway) I'm looking beyond that and I see Bitcoin and it's brethren (i.e Litecoin) as alternative currencies that will probably be trivialized by the mainstream for a long time but are actually inexorable game-changers.

    By accepting Btc as a payment method I essentially build up another pool of capital without shelling out "money" for it (I did the same with DGC's - digital gold currencies) years ago and was able to gradually build up what amounted to several pounds in physical gold which we still hold today.

    What I like about Bitcoin is that it's an end-run around interventionist policies which are driving all fiat currencies to zero, it's immune from confiscation (no "bail-ins" will be forthcoming in Bitcoin) and about as portable as it gets. One of things I noticed was that Bitcoin really hit critical mass in the wake of the Cyprus situation and I think the realization that governments and quasi-gov agencies can and will change the rules on-the-fly to suit their own ends is one of the attractions of crypto-currencies.

    I think going forward we will see Bitcoin acceptance increase, the emergence of more ancillary services (banking, transaction processing) and an overall increase in money velocity within crypto-currencies.

    It's in the very early goings yet and frankly, the sooner any of these bubbles pop the better.
     
    JayKim likes this.
  5. 100k
    Offline

    100k Gold Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    957
    Likes Received:
    1,022
    Joined:
    Oct 20, 2012
    Rep Bank:
    $2,784
    [video=youtube;0UKC7iaBKvs]http://www.youtube.com/watch?v=0UKC7iaBKvs[/video]
     
    1 person likes this.
  6. Jonleehacker
    Offline

    Jonleehacker Gold Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    1,855
    Likes Received:
    1,108
    Joined:
    Oct 31, 2007
    Location:
    Edmonton, Canada
    Rep Bank:
    $1,948
    140% returns happening every day in the options trading market, in a much more stable environment.

    I do like Bitcoin, but I think the way to play it isn't to daytrade it, it's to think of it as a long term speculation. I think it has a "chance" to become a real accepted currency, and that possibility is probably worth putting some play money into it and forgetting about it.
     
    Leo Hendrix likes this.
  7. benhebert
    Offline

    benhebert Silver Contributor Speedway Pass

    Messages:
    242
    Likes Received:
    547
    Joined:
    Dec 3, 2012
    Location:
    Traveling
    Rep Bank:
    $3,555

    I don't think everyone is talking about it yet. Maybe people who are hooked into the web, but when your neighbor says HEY HAVE YOU HEARD OF BITCOIN? That's when the bubble is here.

    I'm having a good time playing around with it now. :coolgleamA:
     
  8. Nick
    Offline

    Nick Bronze Contributor Speedway Pass

    Messages:
    149
    Likes Received:
    102
    Joined:
    Oct 25, 2011
    Rep Bank:
    $166
    I also play a little bit with buying and selling bitcoins, mostly for fun though. I am a firm believer in the technology behind it, not sure about this whole speculative / valuation bubble. This could go either way, but it will not change the value of the tech behind it - unless a better crypting algorithm is found.
     
    JayKim likes this.
  9. DTS Ltd
    Offline

    DTS Ltd Contributor

    Messages:
    77
    Likes Received:
    31
    Joined:
    Aug 17, 2012
    Rep Bank:
    $69
    JayKim likes this.
  10. DTS Ltd
    Offline

    DTS Ltd Contributor

    Messages:
    77
    Likes Received:
    31
    Joined:
    Aug 17, 2012
    Rep Bank:
    $69
  11. Lights
    Offline

    Lights Bronze Contributor

    Messages:
    897
    Likes Received:
    187
    Joined:
    Apr 13, 2011
    Location:
    On the Internet
    Rep Bank:
    $177
  12. Jake
    Offline

    Jake Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    1,760
    Likes Received:
    2,403
    Joined:
    May 15, 2011
    Gender:
    Male
    Location:
    Bangkok
    Rep Bank:
    $7,569
    it's gained enough traction as to where big name VC's are investing in bitcoin companies.

    Fred Wilson (Twitter, Tumblr, Foursquare, Meetup, Etsy..and more) Invested $5 Million in a company after not investing in anything for over 2 years.

    Peter Thiel co-founder of Paypal and First outside investor in Facebook invested $2mil in another company.

    Funds are being setup to solely invest in the bitcoin space. It's probably the easiest way to get VC funding at the moment
     
    JayKim likes this.
  13. Pineapple
    Offline

    Pineapple New Contributor

    Messages:
    7
    Likes Received:
    4
    Joined:
    Sep 3, 2013
    Rep Bank:
    $37
    I was actually mining and doing a little bit of trading with bitcoin a little while back.

    I did it mostly for fun, made a little bit off of it. I think it's a very solid idea, but not sure where to go with it and don't think I would really like to get back into it.
     
    JayKim likes this.
  14. benhebert
    Offline

    benhebert Silver Contributor Speedway Pass

    Messages:
    242
    Likes Received:
    547
    Joined:
    Dec 3, 2012
    Location:
    Traveling
    Rep Bank:
    $3,555
    I did the same thing as well. Had some fun and currently waiting for the next crash to buy in a little bit more. With all of the government info leaking and TOR usage going through the roof, you know that a silk road meltdown is coming and the market will tank.
     
  15. exige
    Offline

    exige Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    488
    Likes Received:
    273
    Joined:
    Aug 20, 2013
    Gender:
    Male
    Location:
    Bucks County, PA
    Rep Bank:
    $1,005
    I've been sitting on a good bitcoin related domain, but haven't thought of anything to do with it yet. Was attracted to bitcoin from the technical end really, just something geeky to toy with. Have they figured out who Satoshi is yet?
     
  16. Jake
    Offline

    Jake Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    1,760
    Likes Received:
    2,403
    Joined:
    May 15, 2011
    Gender:
    Male
    Location:
    Bangkok
    Rep Bank:
    $7,569
    No, not publicly at least. Lots of speculation but nothing solid. Better off that if it stays that way imo.
     
  17. DeletedUser2
    Online

    DeletedUser2 Guest

    Rep Bank:
    $
    our in house atty recently put out a press release saying he would now take bitcoin for his services. it has generated TONS of new business for him.

    I bought 5 bitcoins back when they were around 20 bucks. more for the novelty than the investment

    there is alot of traction outside the US for bitcoin. however in side the US, there is alot of fear from FINCEN and the anti money laundering laws.


    I think I will offer coaching in bitcoin and see how that works

    :)

    Z
     
  18. Jake
    Offline

    Jake Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    1,760
    Likes Received:
    2,403
    Joined:
    May 15, 2011
    Gender:
    Male
    Location:
    Bangkok
    Rep Bank:
    $7,569
  19. JayKim
    Offline

    JayKim Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    860
    Likes Received:
    284
    Joined:
    Sep 4, 2008
    Gender:
    Male
    Location:
    Colorado Springs
    Rep Bank:
    $146
    Does anyone here have a asic miner for bitcoins? I was thinking about getting a avalon 105 gh/s but with the exponential growth and difficulty is it a waste of time?


    https://bitclockers.com/calc
     
  20. stranger
    Online

    stranger Guest

    Rep Bank:
    $
    Bitcoin is a big gambling. How someone can trust it? On the other hand, why not? - if we've still trust USD!:rofl:
     
  21. benhebert
    Offline

    benhebert Silver Contributor Speedway Pass

    Messages:
    242
    Likes Received:
    547
    Joined:
    Dec 3, 2012
    Location:
    Traveling
    Rep Bank:
    $3,555
    We are strongly considering making a play on Bitcoin with our e-commerce business in the smart drug space that we just launched. It might come a little after we establish some more credibility, but I LOVE the fact that you can pickup press just because you take bitcoin.

    The coinbase zero transaction fees is nice too, we'll see how it would integrate with shopify though.
     
  22. JayKim
    Offline

    JayKim Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    860
    Likes Received:
    284
    Joined:
    Sep 4, 2008
    Gender:
    Male
    Location:
    Colorado Springs
    Rep Bank:
    $146
    http://www.bloomberg.com/news/2013-...rush-means-real-cash-for-hardware-makers.html


    Shovel Makers

    Korb, 24, has persuaded 65 people to invest 907 Bitcoins worth more than $100,000 in the Korb & Co. Investments Mining Fund. The group, which has a prospectus online, has bought computers from Butterfly, KnCMiner and CoinTerra to crunch data. His CoinTerra gear has yet to be delivered because the startup hasn’t begun shipping yet.

    “Like during the gold rush, it’s the shovel companies that made money,”

    Korb said in an interview.
    Korb, based in Burlington, Vermont, is taking a risk, since the cryptographic challenges embedded in Bitcoins get increasingly complicated as more digital money is created. That in turn fuels greater demand for computing power. The virtual currency was designed that way, so that the money self-regulates supply and prevents out-of-control inflation.

    Since being introduced four years ago by a programmer or group using the name Satoshi Nakamoto, there are now 11.8 million Bitcoins in circulation, according to Bitcoincharts, a website that tracks the digital currency’s activity.
     
    exige likes this.
  23. benhebert
    Offline

    benhebert Silver Contributor Speedway Pass

    Messages:
    242
    Likes Received:
    547
    Joined:
    Dec 3, 2012
    Location:
    Traveling
    Rep Bank:
    $3,555
    Man oh man... I'm looking at the price today and it's C R A Z Y. If everyone would have bought in when I said to, then we'd all be driving our Porshes down the fastlane :)
     
    JayKim likes this.
  24. SysDebian
    Offline

    SysDebian New Contributor

    Messages:
    15
    Likes Received:
    1
    Joined:
    Oct 2, 2013
    Rep Bank:
    $23
    You can get same return from forex and it is less risky.
     
  25. JayKim
    Offline

    JayKim Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    860
    Likes Received:
    284
    Joined:
    Sep 4, 2008
    Gender:
    Male
    Location:
    Colorado Springs
    Rep Bank:
    $146