(Post Master Sr)

03/02/21 04:36 PM

Talk to me about Bitcoin

Anyone have any investments?
How have you done?

What are your thoughts?
Pros? Cons?

(Post Master Sr)

03/02/21 06:39 PM

Re: Talk to me about Bitcoin

read something the other day. if you invested 10,000 into bitcoin in 2014 it would be worth 1.4 mil today.
thats all i got lol.

(Post Master Supreme)

03/02/21 08:04 PM

Re: Talk to me about Bitcoin

Pros - you can make a lot of money
Cons - you can lose a lot of money

(Post Master Supreme)

03/03/21 05:38 AM

Re: Talk to me about Bitcoin

Better off posting in the thread in OT for better info, however our resident crypto expert is Screaming Civic.

I own crypto, own BTC, used to hold ETH - sold all of that and put money where Screaming tells me there is upside lol, other than that holding BTC long and buying up more as we go along.

(Post Master Supreme)

03/03/21 05:40 AM

Re: Talk to me about Bitcoin

Screaming told me to buy this shitcoin in Early Jan...it's done pretty good so far $\:o$

https://www.coingecko.com/en/coins/aidos-kuneen

(Post Master Sr)

03/03/21 08:14 AM

Re: Talk to me about Bitcoin

What platform do you use to buy bitcoin?

(Post Master Supreme)

03/03/21 12:50 PM

Re: Talk to me about Bitcoin

out of curiosity - what are you using for retail stock trading?

(Post Master Sr)

03/04/21 08:04 PM

Re: Talk to me about Bitcoin

I view them as digital commodities as opposed to digital currency. With the volatility, I can’t see how they can be used day to day to buy things. When I go to Timmies, I know how much y coffee is going to cost every time. While the FX rate of the CAD changes every day, it has no bearing on the day to day cost of things.

That said, I have no appetite whatsoever to invest in them. My risk tolerance is fairly low, so I buy and hold blue chip stocks for my investments. It’s about risk vs reward. I will never be filthy rich from my investments, but the chances of me going bust on them is low as well.

(Post Master Sr)

03/06/21 06:29 PM

Re: Talk to me about Bitcoin

Originally Posted By: c2k

out of curiosity - what are you using for retail stock trading?

I've actually just been using my BMO investor line account.
If you have any other platforms, I'm more than happy to entertain.

(Post Master Sr)

03/06/21 08:17 PM

Re: Talk to me about Bitcoin

my only advice is to play with as much as you can afford to lose. the volatility of this stuff is stupid. its russian roulette and someone will eventually end up with the bullet.

(Post Master Supreme)

03/08/21 05:17 AM

Re: Talk to me about Bitcoin

Originally Posted By: 355-Si

What platform do you use to buy bitcoin?

When i did it years ago I used a platform that 'disappeared' - just context for the risk.

Right now the ones recommended for Canada: bullbitcoin/coinberry/bitpay.

(Post Master Supreme)

03/08/21 05:17 AM

Re: Talk to me about Bitcoin

Originally Posted By: c2k

out of curiosity - what are you using for retail stock trading?

My bank's trading platform. Nice to have instant transfers/etc. If you trade a lot maybe questrade for their cheaper fees. I don't trade often so fees not relevant.

(Post Master Supreme)

03/08/21 05:19 AM

Re: Talk to me about Bitcoin

Originally Posted By: 4Three

my only advice is to play with as much as you can afford to lose. the volatility of this stuff is stupid. its russian roulette and someone will eventually end up with the bullet.

Pretty much, look at my post above about that shitcoin. When I posted that it was over $4/coin, it's now down to $1.06/coin.

When I first bought bitcoin, i was upside down on my buy for 3 years.

It's a bumpy road, if you buy this stuff, set it and forget it and don't buy more than you can afford to comfortably lose.

(Post Master Sr)

03/08/21 07:55 AM

Re: Talk to me about Bitcoin

If you just want to get into the hype of BTC or ETH, the most straightforward newb way is to setup WealthSimple Trade, and buy through their app.

No need for crypto wallets, no need for public/private keys, nada. Just cash in, crypto hold, and when you sell, cash out.

If you go the above route: You don't own the BTC/ETH per se, i.e. you wouldn't be able to move the coins out to a wallet you own, and you can only go long (Buy, hold it, sell it.)

Originally Posted By: 355-Si

What platform do you use to buy bitcoin?

Screamin Type ARGH!

(Post Master Supreme)

03/08/21 09:45 AM

Re: Talk to me about Bitcoin

see OT thread lol.

BTC been good to me man...altcoins, many good, MANY bad.

basically you can use thecoinshack.ca (online etransfer or go there in person), or just use bitcoinbull.ca or coinberry.ca or even kraken.com

basically send intrac etransfer to any for up to 2-3k / day , buy your btc. some sites you can 'hold' it on the site, so you have to get a bitcoin cell phone app and make a wallet (easy), then just they send it to your phone wallet. you can buy say even 10 bucks worth, it'll be like 0.0002000 btc...conversion is backwards given how 'strong' it is vs. USD or any currency.

always ALWAYS use google 2fa or authy for any site you make an account (again it's an app on your phone, very easy). and ALWAYS ALWAYS write down your password somewhere at home...store it. also maybe keep a digtial copy on like notepad, saved on your desktop only.

for new folks i recommend sticking to bitcoin and etherium ETH, you can dabble in altcoins if you wish using binance, bittrex or some other exchanges but it's the WILD FUCKING WEST...regulation is limited. always 2x check what address you're going to send coins to as well.

Canada gov is decent with crypto...banks are soso...most now let you move funds freely. credit cards tho are a no no...pretty much all are blocked for using with crypto.

btc is DEflationary...only 21mil ever, no more can be made (mined). there is a ton of volatility yes, but overall long term is destroys any investment, housing market being the only thing close. zoom out to the bitcoin chart since 2010 and you'll see what i mean.

bear/bull cycles...take time. you will see after halving (when it becomes harder for computers to MAKE a bitcoin), the price flies the months following. so just stick to that for 'timing' the market. granted overall holding over years, you'll be up nicely since it'll run to 100k soon enough. more in the coming years.