BitCoin

[DigDug]

Anyone into them??? My Twin 15 year old boys want to invest $1000 into a miner. They've taken a huge intrest in it (better the some stupid video game).

[Old26]

Oct 29, 2014 9:16:49 GMT -6 DigDug said:

Anyone into them??? My Twin 15 year old boys want to invest $1000 into a miner. They've taken a huge intrest in it (better the some stupid video game).

Would not touch with Icksey's 10-foot pole

[wisdom]

Oct 29, 2014 9:16:49 GMT -6 DigDug said:

Anyone into them??? My Twin 15 year old boys want to invest $1000 into a miner. They've taken a huge intrest in it (better the some stupid video game).

I posted this on G's feed:

My personal opinion, so please don't take this as advice from me on how to parent:
At the very least, it would be a great lesson for your kids.. make 'em work for the grand that they want to invest and let 'em learn whatever lessons come from investing that hard earned money. Kudos to them for having the initiative to do something like this.

[DigDug]

Agreed, They worked for the money already and have it saved. They (not me) have done a lot of research and think that its a good time to get in.
I've taught them (or have told them) Never invest what you can't afford to lose. I'm just not sure if I want them to learn a $1000 leason right now.
It looks like it would be a good lesson in investing,researching,and most likly losing money.

[Deleted]

Oct 29, 2014 9:18:56 GMT -6 Old26 said:

Oct 29, 2014 9:16:49 GMT -6 DigDug said:

Anyone into them??? My Twin 15 year old boys want to invest $1000 into a miner. They've taken a huge intrest in it (better the some stupid video game).

Would not touch with Icksey's 10-foot pole

This^

If your children want to learn about investing, I would ask them to create a stock portfolio on Yahoo Finance to simulate stock trading. Buy and research the companies that they know (Facebook, Twitter, Sony, Microsoft or whoever) and then when they are ready, trade the actual stock in small increments on eTrade.

[DigDug]

Thanks guys

[davelewis]

Better here than the Gustin board. Its best to invest in companies you can understand, and how they make money. After you buy stock, it is imperative that you follow the business, by reading, or listening to conference calls when they release their quarterly reports, which are a requirement for public companies. This helps you to see how they are accomplishing their goals. Getting kids turned onto investing is a marvelous thing, and can give them a leg up in life. I use Yahoo finance for a lot of information, but it is available just about anyplace.

[Derek G]

Bit coins are interesting...I almost tried it myself a few years ago. However, my personal thought is, that the time to get into them has passed. and I wasn't comfortable investing in a "virtual" currency that is backed by nothing more than faith.

That being said...here is a link that I received from wall street daily  ( link )   could be the next hot thing along those lines, and early enough to get in while there's money to be made.

I also recommend, if they're really interested in investing, that they go  here ( wall street daily )and sign up for the daily news letter, for some really great investing ideas, like new tech, learning how to invest along with the Illuminati, and other ,IMHO really interesting ideas on investing.

Hope this helps...and congrats on raising 2 smart kids, It's refreshing to hear about young folks that are into making their own way. I'm sure your proud of them I have a nephew, that's 13 that looks up to me. I have tried to instill in him the values I was raised on. Among them, making your own way in life, and not to squander opportunity. He wanted a new i phone...this little guy mowed lawns and scrapped metal ect.
and made the money to buy his own. I also told him to work with his brain, and to not be like me and work with your back. When I hear stories like this, It gives me hope for the future

EDIT: I also like Davelewis' and Wils' idea

[Deleted]

My co-worker lost about $25k in the bankruptcy.

Have they included research in to expenses? Electricity bill will ABSOLUTELY go up. That will say in to profits depending on the first per kW/hr in your area. Do you live in a warm climate? Miners get HOT... So will your house. If you already live in a warm climate area, that's will increase your cooling bill also... if you live in a colder climate area, you save on heating though! Also, with the constant change of the hashing algorithm and constant increase in the block size, honestly a $1000 miner will not be profitable much, if any at all. There would be such a slow turnaround. When my coworker got in, he bought a top of the line $10k miner, which was already technologically a dinosaur after 3 months of mining. Initially, he was mining about 2 bitcoins per month the first month, by month 4 here was down to .5 coins per month.

Also, be weary of buying the miner. Research the company they plan to buy from. Some companies only accept bitcoin as payment... which has lead to people being burned..... They buy bitcoins to purchase the miner, use their coins to buy and *POOF!* never receive a product, and the "company" has no liability because bitcoin isn't legal tender anyway

[DigDug]

UnTucked, They presented all the data tonite, including the elec bill. Funny, they said I would save on the heating bill this winter (not having to heat there room) because of the miner.
They were pretty convincing I must say. But in the end I said NO.
Now I need something cool for them to turn there attention to.
It wasnt just the investment that interest them, it was the tech. Equipment also.


Probably a 3D printer, making something.
One had the idea of making raised cell phone covers so your denim faded with the shape of what ever you wanted on your pocket.

[repiv]

www.makerstoolworks.com/fusematic-3d-printer/ Pretty good entry level 3D printer that won't break the bank. They have an active IRC channel for help too.

[DigDug]

Oct 29, 2014 20:51:58 GMT -6 @untucked said:

My co-worker lost about $25k in the bankruptcy.

Have they included research in to expenses? Electricity bill will ABSOLUTELY go up. That will say in to profits depending on the first per kW/hr in your area. Do you live in a warm climate? Miners get HOT... So will your house. If you already live in a warm climate area, that's will increase your cooling bill also... if you live in a colder climate area, you save on heating though! Also, with the constant change of the hashing algorithm and constant increase in the block size, honestly a $1000 miner will not be profitable much, if any at all. There would be such a slow turnaround. When my coworker got in, he bought a top of the line $10k miner, which was already technologically a dinosaur after 3 months of mining. Initially, he was mining about 2 bitcoins per month the first month, by month 4 here was down to .5 coins per month.

Also, be weary of buying the miner. Research the company they plan to buy from. Some companies only accept bitcoin as payment... which has lead to people being burned..... They buy bitcoins to purchase the miner, use their coins to buy and *POOF!* never receive a product, and the "company" has no liability because bitcoin isn't legal tender anyway

Funny, that was part of there pitch also. That people were pulling away because of loses. And now was the time to capitalize on the fear. The whole Warren Buffet thing, "when people are greedy be fearful , when people are fearful be Greedy".

[Derek G]

I like that Idea Digdug...i saw somewhere, where a guy kept a cardboard cut out of a maple leaf in his back pocket, on some NF red core denim, with nice results...I think something like that would go over great with many of us

[DigDug]

Oct 29, 2014 21:55:19 GMT -6 repiv said:

www.makerstoolworks.com/fusematic-3d-printer/ Pretty good entry level 3D printer that won't break the bank. They have an active IRC channel for help too.

Cool thanks, I think the problem is what to do with it.
Or who to do it for. One of my sons thought of making cheap Class Rings for school mates.

[Mattbert]

It's not fun and it's not sexy, but I'd argue that the best thing your boys could do with that $1,000 is stick it an index fund and not touch it for the next 50 years.

[Dirty_Denim]

Can someone please explain to me what in gods name is mining? The whole bitcoin thing I remember seeing it on some site for videogames so I always thought it was related to money to buy web games lol. I now understand it to be an actual currency but just dont get the mining part & how electricity & heat have anything to do with currency. Are those just terms for something else or am I just a dumb denim head (don't answer that last part)

[DigDug]

Oct 30, 2014 12:39:08 GMT -6 Dirty_Denim said:

Can someone please explain to me what in gods name is mining? The whole bitcoin thing I remember seeing it on some site for videogames so I always thought it was related to money to buy web games lol. I now understand it to be an actual currency but just dont get the mining part & how electricity & heat have anything to do with currency. Are those just terms for something else or am I just a dumb denim head (don't answer that last part)

I'm just learning from my kids but here's my understanding.
People use to be able to use there own computers as a tool to collect small portions of a bitcoin. But now those are no longer fast enough. So there are businesses selling "miners" (computer like contraptions that are made to search, mine, make or gather) and collect bits for your account.
These bitcoins fluctuate in there value depending on how many or hard/easy it is to mine (kind of like a stock).
These miners (contraptions) use a ton of elec. Like a powerful computer.
I have not yet figured out what these bits are, who makes them and why there needed. But there out there to mine/get.

[Dirty_Denim]

So its like actually mining for gold that hasn't been accounted for but in the form of a bit? No that cant be right...right? I mean thats like counterfeiting money isnt it

[davelewis]

Oct 30, 2014 14:48:01 GMT -6 DigDug said:

Oct 30, 2014 12:39:08 GMT -6 Dirty_Denim said:

Can someone please explain to me what in gods name is mining? The whole bitcoin thing I remember seeing it on some site for videogames so I always thought it was related to money to buy web games lol. I now understand it to be an actual currency but just dont get the mining part & how electricity & heat have anything to do with currency. Are those just terms for something else or am I just a dumb denim head (don't answer that last part)

I'm just learning from my kids but here's my understanding.
People use to be able to use there own computers as a tool to collect small portions of a bitcoin. But now those are no longer fast enough. So there are businesses selling "miners" (computer like contraptions that are made to search, mine, make or gather) and collect bits for your account.
These bitcoins fluctuate in there value depending on how many or hard/easy it is to mine (kind of like a stock).
These miners (contraptions) use a ton of elec. Like a powerful computer.
I have not yet figured out what these bits are, who makes them and why there needed. But there out there to mine/get.

I'd feel more secure enlisting the help of a Leprechaun to find me some gold than this.

[yeckel]

Ok bitcoin is compared to gold in the idea you work for it. They make available gold in the market for a little bit of work. Bitcoin distributes its banking ledger over a computer network so it is open to public and the transaction can be verified. To keep this secure it required high level encryption, this is where a "miner" comes in. They will use their hardware to do a computation to verify a transaction happened and as a reward for the work the system kicks back "gold" aka bitcoins. So a "miner" is just running as a node in a banking system that is dependent only on the network not on a institution running it. All transactions wallet to wallet are free of charge and are verified with high level encryption that is provided by the huge miner community.

On a side note a recent issue in the bitcoin miner commmunity is a massive coperate miner bithash.io or something peaked at around 52% of all computations, this means that they were powerful enough to fake transactions. They agreed to back off and never go over 42%~ it is a powerful tool to get things done just needs more regulation but after that is set up a lot of the old world banking systems are useless.

[DigDug]

Back when this thread started Bitcoin was $400.
Today $4200.
Should have listened to my Millennial Boys.
Now they rub it in my face every morning

[davelewis]

Aug 15, 2017 20:49:44 GMT -6 DigDug said:

Back when this thread started Bitcoin was $400.
Today $4200.
Should have listened to my Millennial Boys.
Now they rub it in my face every morning

Woulda coulda shouda, but they didn't loose a nickel.  I still wouldn't touch Bitcoin with a ten foot pole, simply because it could evaporate just as easily as it ran up.  Now you would also have to factor in if they would be smart enough to get out today, with such a runup?  I feel better investing in something like Nvidia, which has also run up quite a bit in the last couple years, but it is a tangible business, with huge growth, and into technologies that are just getting started, and to be around when your kids are adults.   If investing was easy, EVERYONE would be filthy rich, lol

[DigDug]

Last post on this was about 2 months ago, Bitcoin was $4200. Today was $6000.
I bought in at $5000 (only $1500).
Im Thinking about investing alot more. Call me crazy

[davelewis]

Oct 23, 2017 22:14:12 GMT -6 DigDug said:

Last post on this was about 2 months ago, Bitcoin was $4200. Today was $6000.
I bought in at $5000 (only $1500).
Im Thinking about investing alot more. Call me crazy

Dig, your crazy, lol.  Nothing wrong with a little speculation, but any money you throw at this should be expendable, and not make you unhappy if it goes to $0.00.  One thing I have thought of that you might answer.  Let say tomorrow when you log onto you account, or however that works, and you see that your balance is not correct.  Who do you call?  I sincerely hope you make some "coin" on this, but when I see mom and pop getting involved, that sends a red flag my way.  

Now a couple of months ago, I added to my shares of Nvidea, and its up $40 bucks a share since, and I sleep well.  This morning I put in an order to buy more AT&T as is at its 52week low, but paying a 5.6% dividend, and well positioned down the road.  Also been picking up shares of GE, as they are currently in the toilet, but the old CEO was pushed out who ran them into the ground, and the new guy I believe will return GE to the company it once was, but this is a turnaround play which won't happen overnight.  

Anyone else with some ideas?  I can't be the only guy on here that is a stock picker.  

[gaseousclay]

I don't know sh*t from shynola when it comes to stocks. I just know that ever since the orange turd has been in office i've made serious gains on my 401k. I checked my balance the other week and it's up several thousand dollars and that seems to be the current trend.