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Buy Bitcoin

Rod said:
Correct, bitcoin is not tied to the dollar. You can sell/trade it for anything someone is willing to trade you for it. Most commonly, traders trade bitcoin with the US Dollar on an exchange. Price movements on exchanges can have a $2k more swing within 24 hours. Markets never close, because bitcoin is not on a "market". It's a free and independent "token" currently valued at around $27k.

Think of it like your house. Is your property tied to the dollar? Of course not, however when you go to sell it you're probably going to want dollars in exchange for it, while someone else may want bitcoin in exchange. Bitcoin is considered "property" and is treated as such in the US.
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So we are back to the age of bartering with animal pelts -- albeit electronic ones.

We are trading in skins of Tamagotchi...
 
{tpc} said:
I like the property analogy. I think that helps a bit, at least to understand how it’s not tied to the dollar.

So essentially it’s a purely speculative move to own it, for purposes of an increase in investment. Just like anything else one might buy. A baseball card, house, car, etc. One hopes that some of these “investments” will pay off with a larger return later on, but there is no guarantee.

The only difference is that I have to hold a special “key” for it, never lose it or my “investment” goes poof. Well actually not poof, but I nor anyone else can ever access it again.

That and I’ll never be able to “hold” or “touch” it. Which is fine, kinda like stock in a company, you never really actually hold it, well maybe way back, but not anymore.

Since this is by and large a “computer program” of sorts (I know that’s too general and probably not very accurate but hear me out), are there any safeguards in place against bad actors, or malware or the like? Is that just up to the exchange that holds it? Or because it’s “decentralized”, if one exchange gets infected, you can access at another?

I guess that might be a wholly different conversation. Really interesting though. Thanks for discussing it with me. I might be starting to understand it a little better. :)
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You do not and should not leave your crypto on an exchange, as you're at risk of it getting stolen. Best to get a cold wallet and move it there. A cold wallet can be several things, most commonly a usb key that holds your cyrpto. So yes, you can hold your crypto, you just can't physically "hold" it, but you can certainly hold it. :)
 
Rod said:
You do not and should not leave your crypto on an exchange, as you're at risk of it getting stolen. Best to get a cold wallet and move it there. A cold wallet can be several things, most commonly a usb key that holds your cyrpto. So yes, you can hold your crypto, you just can't physically "hold" it, but you can certainly hold it. :)
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So leaving my $40 worth of crypto in a place like Coinbase isnt secure?
 
{tpc} said:
So leaving my $40 worth of crypto in a place like Coinbase isnt secure?
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Depends upon what your definition of secure is. Leaving anything in someone else's position is generally not the most secure thing to do. Leaving it on an exchange means it's sitting in a hot wallet ready to be traded. Should someone gain access to your coinbase account the crypto is theirs. Should the exchange get hacked, the hacker could steal your crypto. Search online for Mt. Gox hack. There are many way to securing store your crypto, and sometimes leaving it on an exchange makes sense.
 
$40 I probably wouldn't worry about getting a hard wallet however I'd probably look at setting up a wallet on MetaMask or something similar thats not tied to an exchange. I have my crypto assets spread across both hard wallets, metamask, phantom wallets etc and I do occasionally keep some on exchanges but only in the event i'm looking to make trades with it.

The vast majority of the people I see losing their crypto is over stupid personal mistakes like giving someone their key, clicking a link you shouldn't be clicking etc. Oh yeah and the billions people trusted with Sam over at SBF.
 
investing in crypto is like gambling, you'll never know for sure...I prefer slots at shambhala casino nz where I can get some coins without risking too much. So convy. There are hundreds of games on every taste. For me it's the best way to have some fun and earn money or crypto. I've already won my first $20.
 
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Damn I went all the way to New Zealand, and I couldn’t find the Shamalama ding dong casino anywhere!?

So I just played high card with a guy at the airport and lost all my bitcoin! Thanks kiorksey, thanks for nothing!! 🤬
 
Kiorksey said:
Thanks for sharing your experience! It's true that investing in cryptocurrency involves a certain level of risk, much like gambling. Finding a balance between risk and reward is essential, and it's great that you've found a fun and entertaining way to potentially earn some extra cash at Shambhala Casino NZ.
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I almost feel bad for the nimrods who invest in crypto. But then a guy like this comes along and makes it actually funny.
 
Well, no matter what else happens, this thread led me to discovering that.
 
cbd said:
Well, no matter what else happens, this thread led me to discovering that.
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I saw them live once. It was an amazing show. They played with Mac Sabbath (a Black Sabbath cover band who dresses up like and sings about McDonald's (I swear to god that's real)) and Metalachi, a metal mariachi band. Metalachi was incredible.
 
Poke fun all you want. Company I work for is about to contract another $20M with a bitcoin miner for another block if buildings.
 
tomthirtysix said:
I saw them live once. It was an amazing show. They played with Mac Sabbath (a Black Sabbath cover band who dresses up like and sings about McDonald's (I swear to god that's real)) and Metalachi, a metal mariachi band. Metalachi was incredible.
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Ha! Metalachi are from my area. They always used to play at a dive bar down the street from me for a long time. Unfortunately I never made time to go check them out and now they seem to be quite nomadic.
 
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