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Are You Profiting off the BITCOIN wave?

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by benhebert, Apr 17, 2013.

  1. Jake
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    Jake Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    That's kind of like saying SMTP has problems if yahoo mail shuts down.

    Worth reading http://techcrunch.com/2014/02/28/whats-not-being-said-about-bitcoin/

    btw..the author has a business that is gaining over 10,000 customers a day

    "It’s hard to believe that we started 2013 with just under 13,000. That is an astounding growth rate of 7,592.31%." They recently crossed over the 1,000,000 mark. Lots of people doing nothing with bitcoin /s
     
  2. smarty
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    smarty Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Good for you.
     
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  3. drilonnn
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    And now the price of 1 BTC is ~700 USD .. i was dumb for not buying some when the price was $10.. Now i would have had like 70x of the investment :/
     
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    And no matter what you do, DON'T exchange them into USD or other currency because in 10 years a price of 1 BTC will be lik $5000 when it reaches the number of 21 Millions BTC, there will be no more produced and the price will go way up, you may even become a millionaire!
     
  5. DeletedUser2
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    I am thinking I will be offering coaching services in bitcoin only


    Z
     
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  6. GettinFishy
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    I purchased a bitcoin for $750, then they flew to $1100, shortly after dropping... Now im just waiting to make my money back.
     
  7. GettinFishy
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    I'm curious what process you used to get your first coin, I used coinbase and then traded it to btc-e to 'day trade' litecoin and other altcoins... which was a mess.
     
  8. SGBoise
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    This is the gold rush. The people making the big bucks are the amd and NVidia.
     
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  9. JAJT
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    Trust me, they are far more focused on winning sockets in upcoming cell phones.

    A single socket win = profit of the chip x number of cell phones manufactured.

    They may have tens of thousands of video cards sitting on shelves around the world but a few bucks profit in hundreds of millions of phones (per socket per phone) is a much nicer number.
     
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  10. DTS Ltd
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    Some current analysis of bitcoin:

    http://cointelegraph.com/news/112335/bitcoin-analysis-week-of-aug-24-intro-to-trend

     
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  11. CreateLiving
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    CreateLiving Contributor Read Millionaire Fastlane Speedway Pass

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    Got to it play it safe with Bit-coin, you don't want to get caught with you pants down if you hold on to them for too long. There is definitely some profitable arbitrage to be had with them though.
     
  12. CreateLiving
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    Sounds like it would be a good idea!
     
  13. Jake
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    It's rewarded those who have so far. Mind elaborating?

    Braintree a subsidiary or Paypal / Ebay announced yesterday that they would be processing bitcoin payments via coinbase

    http://techcrunch.com/2014/09/08/paypal-braintree/

    “This is PayPal making a move to embrace Bitcoin,” Ready said(CEO of braintree), pointing out that Braintree is the go-to developer platform for PayPal."

    And here's a video from paypal saying you can send bitcoin through their wallet



    Doesn't appear to be going away
     
  14. B. Cole
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    B. Cole Kyle's money Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    WOW IN 2017.

    And to answer the OP’s question, yes. Miniscule, but yes. But not like you did from 2013.
     
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  15. shubham525
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    shubham525 Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Bitcoin is all good and said. Yeah there is lots of money to be made by trading and mining. I earned few bucks.

    But we should really pay attention to blockchain , I think that's the future.

    Bitcoin transactions are already taking around 1 hour and charging a lot , earlier they were quick and costed cents.

    So bitcoin will branch out in new sub branches to make them faster and cost less. There are lot of tech guys working on this technology behind the scenes to make it more viable. That will determine what turn it takes.

    Blockchain is being used in FMCG products and banks are integrating it. I mean an unhackable system that confirms all it's steps itself and proceed with transaction / any process.
     
    Last edited: Dec 6, 2017
  16. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Wow, this was 4 years ago. I wonder how it turned out? Is Ben's investment now worth ONE-MEEEEEELION DOLLARS?
     
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  17. B. Cole
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    B. Cole Kyle's money Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Crazy isn’t it. Going by the posts from 4 years ago, we should have a handful of Bitcoin Meeeelionaires on here :cool:.
     
  18. Kjbinatl
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    Not a millionnaire, but I have a bitcoin story.

    Like many people, I noticed bitcoin back in 2013 when it cleared $1k and showed up in mainstream media. I was curious and have a background in programming, so I slapped together a $1.2k mining rig, set it on a rack in the garage and got to mining Litecoin. My goal was to generate a single bitcoin so I could understand blockchains, cryptocurrencies, and the work involved.

    I lived in Atlanta. While I was running my miner, the 2014 snowstorm - aka Snowpacolypse - hit. The temperature stayed below freezing for several days. We lived in a set of townhouses with neighbors on either side. About midweek we were outside and found out that both of our neighbors had pipes freeze in their garages. The pipes broke and flooded the garages. Our garage? It was a toasty 60 degrees with the mining rig running just over 500 watts calculating lite coin hashes.

    I reached 1 bitcoin (sorry to say I spent some of it when Overstock.com started accepting it), but in the end the rig paid for itself. Saved me from water damage and made a small profit. Neither of which I ever would have expected.
     
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  19. CryptO
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    CryptO Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Attention, excessive use of the word meeelion and million to follow:

    I'm a crypto multi meeelionaire to the point I could lose multi meeeeelions and would still be a multiple meeelionaire.

    I also know a couple of others that I met here in 2013 and still communicate with them on a regular basis away from this forum, they are millionaires too.

    Two projects I've founded in the cryptospace sometimes have combined marketcaps of over 100 meeeelion dollars and do multiple millions in trade volume on a daily basis (at the beginning of the year they were only in the 10 million zone if that)... I can confirm it feels good when you create something that explodes in value.

    Now I have half my portfolio invested in what I believe to be gen 3 coins and I went in hard from the start. When I say hard I mean I have been pumping millions of $$ worth of ethereum and bitcoin into them because they far exceed what any of the former projects are capable of.

    If you want to get seriously rich by pouring money (that you can lose) into cryptocurrencies it's best to do your research and invest ahead of the trends... you also get to feel smug about being in the smart money category :p

    Btc and Ltc etc are gen one and have massive network effects plus they are currently perceived as being stores of value like gold and silver.

    Ethereum is an example of a gen two blockchain platform offering smart contracts (so more usability than gen 1), you would of been happy investing a few k into this in 2014 / 2015 / 2016.

    Gen 3's are getting established and I'd rather have millions in these because they will have blockchains that'll shame previous generations... a Kitty app just crashed the ethereum network for example... that's just going to make it seriously difficult for growth if one single app caused it to crash.

    Gen 3 cryptos you can run massively demanding apps like an entire social media platform (which has already been proven in Steem btw) along side hundreds of thousands of other demanding applications from video streaming to internet on the blockchain <<< that is where we are heading and that is something you can potentially start being a part of way ahead of the rest of the market right now.

    You can see the proof right here in terms of how far gen 1 and gen 2 are lagging behind. Instead of looking at marketcaps lets take a look at blockchain usage.

    Block'tivity <<< You can use the following site to monitor in real time the number of transactions on the top projects and how much their transaction rate is bearing load on their maximum capacity. You can see that both Bitcoin and Ethereum are at max load and therefore can't take anymore use right now. This is not good for mass adoption because developers wanting to do normal things for normal users who don't want any friction are being encumbered. However, neither Bitcoin nor Ethereum have the most transaction demand on them and yet they are at max capacity. Something I mentioned earlier called Steem is number one in terms of tx demand per day. In fact if you look at that list you will notice that Steem and BTS (which is number 4) have combined transaction volume more than both Btc + Eth. The important thing to note is that inspite of the fact they have more transaction strain than the others they are only at a fraction of their max capacity... Whilst I'm not investing in them I believe they are precursers to the true gen 3 cryptocurrencies. They are by miles the best performing cryptos in that list (talking about performance as opposed to price)... BTS and Steem were both invented by the same guy who is in turn taking everything he learned and ramping that up to enable potential infinite scaling via multiple thread capacity... opening the doors for more or less anything to be built on blockchain with no friction... surely that is the future?

    Crypto is like the internet in 1994 and blockchain will become used by the mainstream for everyday things. You can use blockchain to build businesses and I would encourage people to do so as there are clear advantages to blockchain driven platforms vs traditional centralized (a major one being incentivization of participation on the network) the tools to make it easier for everyone to participate are being built and will be arriving over the next few years.

    The bubbles will pop, last minute speculators will get hurt and tears will flow... bear markets will arrive at some point... but the technology is gaining traction at a rate that will become unstoppable and there are so many ways to get involved not just as being an outside speculator... people are recruiting in this scene and the posibilities to make your own fastlanes in it are only growing... speaking from experience having done it myself. Anyway that's enough of that for now just couldn't help but jump in after seeing an old thread bumped and remembering my time here back in 2013 and how far things have come in Cryptocurrency over the past few years. Yes there are millionaires like myself that have been here for a while and there will be tons more to come as blockchain or decentralized ledger technologoy is still in it's infancy.

    Today on this very forum you tend to see people talking about wanting to build online ventures... the online part isn't going anywhere only without knowing or not they will eventually switch to writing about online "blockchain" startups... sounds crazy right now but it's not far fetched... the moment gen 3s or whatever else get their network effect, everyday people (the people you know that played candycrush and posted jokes on facebook everyday) will end up participating on them.

    There is a crypto project I founded and run and it's all about offering the tools for people to build their own decentralized products. It's an ongoing development and we have people from all over the world working on everything from the codebase to marketing, our community is in the thousands and we'll just keep building away and upping our value proposition no matter what the markets do.

    Tl;dr Crypto has been my fastlane it could be yours too.
     
    Last edited: Dec 7, 2017
  20. Zimbizee
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    Unhackable it's not, over $60,000,000 went missing this past 24hrs
     
  21. mThree2K
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    Damn now this is what I call an eyeopener, building uppon your post I found an interesting article about gen 2/3 coins:

    Steem and other 3rd generation cryptocurrencies are better than bitcoin -- The New Economy Without Banksters — Steemit

    See, all this time I have been thinking that there must be something more advanced and less limited than bitcoin because the chatter about it's limitations and saturation just won't stop, same thing with ETH (although more advanced it's also limited... A Kitty app, seriously?). This is it, you shed some light on this matter. Big thanks for the Block'tivity link too!

    Enviado desde mi Mi Note 2 mediante Tapatalk
     
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    Awesome write up and appreciate all the insight. Which GEN 3 would you recommend to purchase now? STEEM?

    Thanks
     
  23. JohnBuffet
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    Cool post, thanks for the great info! The 3rd generation, or altcoins, or however you call them seem like a good place to invest.. However, how do we buy these coins? I know coinbase has bitcoin, eth, and litecoin but doesn't offer anything beyond that
     
  24. ApparentHorizon
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    Steemit seems like one of those sites from the Bux days of social media. Where you were rewarded for exchanging profile views and bringing outside people to the platform. They all fell flat b/c they turned into spam machines.

    And those comments just circlejerking each other...ugh :arghh:

    edit: is that article written by you?