# Crypto currency



## Elvis (Jun 22, 2018)

Off topic for a prepper site but maybe not because the money I made doing crypto-currency a few years ago paid for some of my preps like the thermal sight. I looked at crypto-currency as a bit of a hobby that turned out to be profitable.

So back in 2015 I got into speculating with the coins, started with $2000 and 2 years later made another $17,000 before I got nervous and sold out in 2017, Missed the peak prices but also missed the crash. I played with a lot of the smaller coins back then which required a lot of paying attention to the market and redditt boards which takes a few hours per week to keep up with.

So late in 2018 I went a little larger with the initial investment in coins but to make it less time consuming I stuck with major coins like BTC, ETH, and LC. The coin scene has changed some since 2015 and there are a lot more intuitions holding large amounts of coins for investment purposes. I'm up a little over 700% in a year and am debating getting out. 
Your thoughts?


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## MisterMills357 (Apr 15, 2015)

It is my opinion that crypto is very close to being a universal currency, but there is work to do on it. Passwords are used to open and to pay out funds. So you can forget your PW and lose your money, and that sort of thing. Crypto will probably become a means of using your funds, just like money.

It does have a future, but if I were you, I would cash out for a while. An appreciation of 7x over would be enough for me. It seems wildly over valued and unstable right now.


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## Piratesailor (Nov 9, 2012)

Elvis... enter the building and explain to the group about cryptocurrency. 

I actually thing this is appropriate to the prepper site as it’s currency, in some regards not unlike gold or silver. 

And what I can tell you is in the book about the great reset, one of the “goals” is to climate the dollar as the global reserve currency and install some type of cryptocurrency. Basically going 100% electronic and getting rid of cash. 

You can imagine the potential economic impacts from this as well as control issues.


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## Elvis (Jun 22, 2018)

Piratesailor said:


> Elvis... enter the building and explain to the group about cryptocurrency.
> 
> I actually thing this is appropriate to the prepper site as it's currency, in some regards not unlike gold or silver.
> 
> ...


You're correct about the control issues. It is extremally hard to track or tax crypto transactions. China is probably the largest crypto miner (building up a lot of crypto coins) but in late 2017 forbid its citizens from paying with bitcoin because the government couldn't control where their citizens were spending their money or tax it. That was the primary reason the coin market crashed 80% in late 2017. But it seems that a lot of people in China still use Bitcoin because it's impossible for the government to track.

But in some countries with super high inflation or a lack of banks most small transactions like buying groceries or pay the rent are paid for with Bitcoin or Ethereum coin. Investing in crypto is a lot like day trading, huge market swings.

But unlike a credit card where you'll probably get your money back if someone hacks your account with crypto if hacked the money is gone so higher security requirements are involved. And if you forget or lose your security "keys" the money is gone. My wife started with 3 Ethereum coins in 2016 using a unique password and lost the password. At today's rates that's over $2200 which she owns but will never be found unless she finds the slip of paper where she wrote the password down.

A coin is nothing more than about a 40 digit number which when matched to a computer algorithm holds a set value so you store it on a computer, phone, or thumb drive. At a minimum it requires a password to access but most people register it to their fingerprint or other security code. I keep most of my coins in cold storage where they are 100% secure and using a memory thumb put them into the computer when I want to make a large trade. Most people keep a small amount of coins on their phones for daily purchases but if their phone is lost their coins are still safe without the fingerprint or password and can be recovered if the phone is lost.

It sounds complicated and easy to lose your money but it's actually fast and easy to make a small transaction and extremally secure. But if you lose the passcode the money is gone.


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## Elvis (Jun 22, 2018)

MisterMills357 said:


> It does have a future, but if I were you, I would cash out for a while. An appreciation of 7x over would be enough for me. It seems wildly over valued and unstable right now.


I think I'm going to cash half of my coins out to lock in profits and ride with the rest for a while. That would still be a 350% profit in 13 months.


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## MisterMills357 (Apr 15, 2015)

Elvis said:


> I think I'm going to cash half of my coins out to lock in profits and ride with the rest for a while. That would still be a 350% profit in 13 months.


Smart man, I was going to suggest that to you. You will make a ton of money, and still have a reserve.


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## Elvis (Jun 22, 2018)

MisterMills357 said:


> Smart man, I was going to suggest that to you. You will make a ton of money, and still have a reserve.


I have 2 younger guys at work who I helped open stock trading accounts and try to teach them how it all works. But they both buy crazy stocks I'd never touch. At the same time they've both made a lot more money (percentage wise) that I did the last year with their crazy lucky picks. When they go up 30% in 2 weeks I tell them to sell half to help lock their profits in. God help them at tax time with all that short term trading but I've explained capitol gains taxes to them.

One of them has almost quadrupled his money in about 7 months. He actually went up 80% in one day before selling. The other has doubled his money in 9 months.

I've recently started to follow some of their stock suggestions with less than great results.


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## Camel923 (Aug 13, 2014)

700 percent is an obscene profit. Good for you. I would get out. Maybe it goes higher but how high before another crash? Object of this game is buy low, sell high. The quicker, the better. As far as turn around time.7


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## inceptor (Nov 19, 2012)

I read an excerpt from a Bitcoin article recently that stated Bitcoin was worried that the new global digital currency would force them and others out of business.

ETA: I got curious so I went and found the article. Maybe I misread the quote because I didn't get the same thing from that article. You be the judge. I would like to hear what others think.

https://bitcoinmagazine.com/articles/2020-pitted-bitcoin-against-the-great-reset


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## stevekozak (Oct 4, 2015)

I would follow Steve Miller's advice:


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## Elvis (Jun 22, 2018)

Sold half of the Bitcoin and Ethereum this morning to lock the profits in.


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## ND_ponyexpress_ (Mar 20, 2016)

want some really crazy profits??? start selling large rifle primers you bought 5 years ago!!


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## Annie (Dec 5, 2015)

Elvis, that's awesome, congrats.

What little I've read about Bitcom is that many governments don't like it because criminals use it to launder their money...I'd be concerned about what would happen in the event of an EMP scenario.


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## SGG (Nov 25, 2015)

I'm up 250% but only had $100 thrown in for fun. Told myself I'd let it ride forever. $250 right now won't make or break me, so I'm gambling, gonna just let it ride. Not sure what number would make me pull it out.... I've been down as low as $25, now up past $250. Fun to watch with such a small amount that doesn't stress me out.

700% up is awesome


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## Piratesailor (Nov 9, 2012)

ND_ponyexpress_ said:


> want some really crazy profits??? start selling large rifle primers you bought 5 years ago!!


That's the truth. Wife and I went to a gun show today and noticed the huge number of tables with people selling some of their personal stash. Told my wife i could make a killing by just selling a few thousand rounds of 7.62x39. Stuff was going for a buck a round!!!! Cheap Russian ammo too.

Primer and cases were in very very short supply with huge markups.

It was a little eye opening for her.


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## Piratesailor (Nov 9, 2012)

So let’s say you own some cryptocurrency and/or it moves to be a global currency.

It’s on a computer.. either your computer, a usb, back up drive, cloud, etc...

What happens when it crashes? Clouds crash as we know as well as all other types of electronic media. 

Or heaven forbid, in a war (and there are wars) someone lights off an EMP.

What happens?


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## CapitalKane49p (Apr 7, 2020)

I don`t trust any currency that requires a grid to exist. 

Godspeed.


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## inceptor (Nov 19, 2012)

CapitalKane49p said:


> I don`t trust any currency that requires a grid to exist.
> 
> Godspeed.


But that's what the Great Reset is about, digital currency among other things. They don't like what you say or do, they shut off access to your funds until you comply.


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## MountainGirl (Oct 29, 2017)

inceptor said:


> But that's what the Great Reset is about, digital currency among other things. They don't like what you say or do, they shut off access to your funds until you comply.


Maybe the Great Reset will just absorb everyone's BitCoin assets and distribute them equally among us all...in our new digital global accounts. :vs_rocking_banana:


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## inceptor (Nov 19, 2012)

MountainGirl said:


> Maybe the Great Reset will just absorb everyone's BitCoin assets and distribute them equally among us all...in our new digital global accounts. :vs_rocking_banana:


Do you really think they will share? This is about the accumulation of money and power.


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## MountainGirl (Oct 29, 2017)

inceptor said:


> Do you really think they will share? This is about the accumulation of money and power.


You betcha they'll share! Everybody gets $600. :vs_laugh:


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## CapitalKane49p (Apr 7, 2020)

Piratesailor said:


> So let's say you own some cryptocurrency and/or it moves to be a global currency.
> 
> It's on a computer.. either your computer, a usb, back up drive, cloud, etc...
> 
> ...


Bingo, or some hacking group decides to clean out your `secure` digital wallet. Better yet, the folks that run the platform you are storing and trading your cc on decide they want to help themselves to your coins and move to Brazil.

https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990
https://www.vanityfair.com/news/2019/11/the-strange-tale-of-quadriga-gerald-cotten

Another thing, regarding this ``reset`` people of speak of. I believe there will be a time of great turbulence and chaos before that could happen. Does that mean your cc will be safe and available during the transition? I doubt it very much.

No thanks. I`ll take my stash of silver coins, ammo, honey, salt, booze etc. and store it somewhere safe. The only thing I'll be storing on a external drive are the terra bytes of manuals and books on useful topics I have gathered over the years.

Godspeed.


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## Piratesailor (Nov 9, 2012)

CapitalKane49p said:


> Bingo, or some hacking group decides to clean out your `secure` digital wallet. Better yet, the folks that run the platform you are storing and trading your cc on decide they want to help themselves to your coins and move to Brazil.
> 
> https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990
> https://www.vanityfair.com/news/2019/11/the-strange-tale-of-quadriga-gerald-cotten
> ...


Completely agree.

Only one problem with what you said.

I have a hard time storing booze.

Keeps disappearing.


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## CapitalKane49p (Apr 7, 2020)

Piratesailor said:


> Completely agree.
> 
> Only one problem with what you said.
> 
> ...


That's why I store only brown liquors like bourbon, rye, whiskey etc.... as I don't drink them. Vodka and gin will go bad if it is opened and left over night, so must be consumed immediately.

Godspeed.


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## Elvis (Jun 22, 2018)

Annie said:


> Elvis, that's awesome, congrats.
> 
> What little I've read about Bitcom is that many governments don't like it because criminals use it to launder their money...I'd be concerned about what would happen in the event of an EMP scenario.


Actually there is a crypto-coin called XRP which a lot of banks including US banks use to make international transfers. It reduces transfer costs and is more secure.


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## Elvis (Jun 22, 2018)

inceptor said:


> But that's what the Great Reset is about, digital currency among other things. They don't like what you say or do, they shut off access to your funds until you comply.


Well actually governments and government policies can't control a crypto-currency without shutting the internet totally down. Most crypto-coins are regulated by 1000's of independently owned computers around the world in lots of countries.


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## MountainGirl (Oct 29, 2017)

Elvis said:


> Actually there is a crypto-coin called XRP which a lot of banks including US banks use to make international transfers. It reduces transfer costs and is more secure.


These two links might interest you...

https://dailyhodl.com/2020/09/27/wo...evant-in-central-bank-digital-currency-space/

The World Economic Forum (WEF) is looking at Ripple's native currency, XRP, as the most relevant cryptocurrency in the emerging central bank digital currency (CBDC) space. In a report published early this year, the WEF says that central banks and government agencies are looking at the potential of CBDCs to solve perennial global financial ...

and

https://techcrunch.com/2020/12/23/r...y-crashes-following-announcement-of-sec-suit/

The value of one of the world's most valuable cryptocurrencies is crashing and a recently filed SEC complaint is at the root of the free fall. According to CoinMarketCap, the XRP token's value has...


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## ND_ponyexpress_ (Mar 20, 2016)

Venezuela is moving to digital currency..... tells me not to trust it, just sayin...


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## MountainGirl (Oct 29, 2017)

ND_ponyexpress_ said:


> Venezuela is moving to digital currency..... tells me not to trust it, just sayin...


Digital as in cashless... Or digital as in crypto currency?


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## Pir8fan (Nov 16, 2012)

No crypto currency for me. Gold and silver only.


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## stevekozak (Oct 4, 2015)

ND_ponyexpress_ said:


> Venezuela is moving to digital currency..... tells me not to trust it, just sayin...


The emperor's new clothes are magnificent!!!


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## Elvis (Jun 22, 2018)

MountainGirl said:


> These two links might interest you...
> 
> https://dailyhodl.com/2020/09/27/wo...evant-in-central-bank-digital-currency-space/
> 
> ...


Yea, I saw that investigation and immediately sold all of my XRP in late December. Ended up losing $28 but I only had 780 coins. I don't see where the SEC has a legitimate case.


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## TookyTooker (Oct 5, 2020)

Current news related to crypto made me invest in it. Hopefully, it's gonna be worth it.
After all, the market is still growing


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## Annie (Dec 5, 2015)

TookyTooker said:


> Current news related to crypto made me invest in it. Hopefully, it's gonna be worth it.
> After all, the market is still growing


Hi Tooky. Welcome, welcome!! We like to welcome new people over here, if you'd like to introduce yourself. :tango_face_smile:


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## jackwalsh (Jun 27, 2021)

_Your first post will not be a YT video about crypto with zero additional context. Please try again. Drop us a line in the New Member Introduction thread. - Kauboy_


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## Brandau Sousa (Jan 31, 2021)

MountainGirl said:


> These two links might interest you...
> 
> https://dailyhodl.com/2020/09/27/wo...evant-in-central-bank-digital-currency-space/
> 
> ...


What is interesting is that it is still growing. This bull market is much much longer than the previous one. No one knows how long this will last but I guess that the final of the bull market is somewhere close


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## RedSky (Sep 5, 2021)

Elvis said:


> Off topic for a prepper site but maybe not because the money I made doing crypto-currency a few years ago paid for some of my preps like the thermal sight. I looked at crypto-currency as a bit of a hobby that turned out to be profitable.
> 
> So back in 2015 I got into speculating with the coins, started with $2000 and 2 years later made another $17,000 before I got nervous and sold out in 2017, Missed the peak prices but also missed the crash. I played with a lot of the smaller coins back then which required a lot of paying attention to the market and redditt boards which takes a few hours per week to keep up with.
> 
> ...


It's a fad, despite the hype it isn't something most folks will ever use, there are too many failure modes. Take what you can and give nothing back. Get most out and let the rest ride. Don't get suckered into another bubble though.


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## ErickthePutz (Jan 10, 2021)

When the grid crashes, you’ll use it how now..?


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## JoWee (Apr 21, 2021)

I've heard that a cryptocurrency is a good tool for trading, and some people even make good money that way. Is it true? Because I know only one way of making money on the internet, and it's selling cs go skins on (removed). But I think crypto can be more profitable, so what do you think?


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## Kauboy (May 12, 2014)

JoWee said:


> I've heard that a cryptocurrency is a good tool for trading, and some people even make good money that way. Is it true? Because I know only one way of making money on the internet, and it's selling cs go skins on (removed) But I think crypto can be more profitable, so what do you think?


5 months to finally come out as a spammer?
That's quite the long play.
Do it again, you're gone.


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## The Tourist (Jun 9, 2016)

*I don`t trust any currency that requires a grid to exist.*

That's nothing. I just got off the telephone with two (count 'em, TWO) women from The Wisconsin Department of Affairs--one routed calls--the other calmed me down) and ideally it appears I actually got good news from Wisconsin. Yeah, I know what you're thinkin' but I'm not lying! I actually got paperwork successfully pushed through my home state!

Granted, this seemed to be a very nice lady, and she even said, "_Now, Chico, just relax, I can fix this.._."

This has never happened before and I am, in fact, a citizen of Madison, Wisconsin just shy of 50 years. Usually I have to tell 'the state' that I am a lost citizen of Moscow and I need paper money and a bus pass. They usually call me "Tovarish" and I get free coffee. 

So if you ever go to Madison, Wisconsin and get wound around a dozen of lady telephone operators, just tell them you're from Minsk, you're hungry and you're scared of labor camps. Works like a charm--you'll eat better than I do...


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## trike lady (6 mo ago)

What I don't understand is how crypto currency works, how do you get money out of thin air? I know that gold, silver and copper are mined from the earth and then processed into bars and rounds. I'd be afraid to invest in something I cannot see.


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## Kauboy (May 12, 2014)

trike lady said:


> What I don't understand is how crypto currency works, how do you get money out of thin air? I know that gold, silver and copper are mined from the earth and then processed into bars and rounds. I'd be afraid to invest in something I cannot see.


It's all faith-based.
The creator of a coin generates an origin block which causes a few digital objects called "coins" to be made. These coins get transacted between digital wallets. These transactions generate a ledger. That ledger gets validated by "miners". When a full new block has beed validated, a new "coin" is awarded to the miner who did the work. There is also a "fee" system involved in prioritizing transaction validations. This is paid to miners to do the same work.
In theory, a crypto currency is supposed to be a self-contained economy. It's generated and moves around in exchange for goods or services. It's only as valuable as what someone else considers it.
The USD equivalent is determined by the supply and demand of the specific coin. If it's a coin that is incredibly easy to mine for, it's value is pretty low. If the mining effort is harder and takes longer, it's value is higher. But even then, demand plays a big role in the value. With the drastic drop off in demand for Bitcoin, the value tanked.


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## trike lady (6 mo ago)

Thank you.


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## Kauboy (May 12, 2014)

@tobewanetatobe, you've posted twice in this thread. Once displaying a clear indication that you know what crypto is, and stating you were even lucky in transacting one coin. And now another post where you play the fool like you've never touched it.

The bots are evolving, but still can't keep their story straight...


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## Kauboy (May 12, 2014)

inquiryjv said:


> Considering the current economic situation, what is the most reliable and stable cryptocurrency?


Considering the current economic situation, you'd be a fool to invest any hard cash into virtual assets backed by nothing. The paper with dead presidents on it in your pocket still has trade value even if it's worthless, because people know it and trust it for whatever reason. Crypto has nothing. Crypto is for times when you have disposable income and want to take advantage of suckers who get hyped up about crypto.
There is no option which you can be "sure" to make a profit.

You want a more stable coin? Try silver.

EDIT: Well, that user edited their post ~24 hours later to add a link and subtle advertising for a site. And another one bites the dust...


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## Back Pack Hack (Sep 15, 2016)

Currency has it's value based on it's desirability to someone else. Crypto-currency is the same, but has the issue of the necessity of a perfectly-functioning infrastructure between the two parties involved. That being both parties having computers, software and electricity... plus both having an internet connection. Take any ONE of those items out of the equation, and you have nothing.


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## melvinalittleto (10 d ago)

Many people believe that cryptocurrency is an enormous pyramid scheme to deceive people. This may be true, but I know that many people make money from cryptocurrency. Even I am a short-term trader and it brings me good money. It is important to trade carefully and calculate the risks. Because mindless trading will definitely bankrupt you. I care a lot about my privacy and use https://coinomize.biz so no one can track where I send my crypto assets.


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