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Old 04-26-2021, 07:46 AM   #15
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Nothing like 10x on your investment! Crypto is wild as heck but wow the gains you can realize is insane. I have many friends who have cashed some pretty insane profits but you definitely need a strong stomach and DO NOT invest more than you can afford to lose.
Yes, and this year, for the first time, when you do your taxes it is required that you report crypto currency on the tax forms. I did, but really have nothing to report as all I've done is buy....no selling or trading. My son, who was into the Crypto market pretty heavily told me the same exact thing....don't put any more money into it than you are willing to lose....and I've done just that. So far, so good.....but who knows what will or will not happen?
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Old 04-26-2021, 03:59 PM   #16
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I saw a bitcoin mining machine for sale, how do they work?
Basically the way crypto works is that computers all over the globe (miners) are doing complex math to solve a block. If you solve the block your reward is whatever currency you are mining for. (ie. bitcoin, litecoin, etc.) Most people join a mining "pool" where everyone pools their processing "hash" power together and split the rewards.

The effectiveness of the mining machine depends on it's hash power. The most common small mining setup for bitcoin just uses the graphics processor on you desktop. Higher powered graphics cards result in more hash. My son mines on his computer he built. After paying me for electricity costs (which for many people often outweigh the crypto you earn on many older miners and fluctuates depending on the current value of the coin you are mining) my son makes about $100 a month.

If you want to look into mining there is a lot of research to do.
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Old 04-26-2021, 04:01 PM   #17
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Yes, and this year, for the first time, when you do your taxes it is required that you report crypto currency on the tax forms. I did, but really have nothing to report as all I've done is buy....no selling or trading. My son, who was into the Crypto market pretty heavily told me the same exact thing....don't put any more money into it than you are willing to lose....and I've done just that. So far, so good.....but who knows what will or will not happen?

Yes that too. Tax man coming for their piece! Back in the wild west days there was no reporting to the irs. It was pretty nuts what people were making on crypto tax free.
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Old 04-26-2021, 05:25 PM   #18
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Thanks not into doing it, just curious how it worked.

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Originally Posted by nbluesky View Post
Basically the way crypto works is that computers all over the globe (miners) are doing complex math to solve a block. If you solve the block your reward is whatever currency you are mining for. (ie. bitcoin, litecoin, etc.) Most people join a mining "pool" where everyone pools their processing "hash" power together and split the rewards.

The effectiveness of the mining machine depends on it's hash power. The most common small mining setup for bitcoin just uses the graphics processor on you desktop. Higher powered graphics cards result in more hash. My son mines on his computer he built. After paying me for electricity costs (which for many people often outweigh the crypto you earn on many older miners and fluctuates depending on the current value of the coin you are mining) my son makes about $100 a month.

If you want to look into mining there is a lot of research to do.
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Old 04-26-2021, 10:18 PM   #19
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"my son makes about $100 a month."

He could do better flipping burgers.
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Old 04-27-2021, 06:19 AM   #20
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"my son makes about $100 a month."

He could do better flipping burgers.
That's not all he does and he is 14. Plus I'm not sure who can flip burgers while they sleep
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Old 05-17-2021, 10:10 AM   #21
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I would be looking for the next bear market. It will be a long (2-3 year) play but I will start buying again below $40k. I want to see a 30-50% correction from all time high of $65k. I also would say to look into other coins. Its a total wild west out there. It's anyone's guess but that is my opinion. Good luck and have fun!
So, how did you know that the 40K area was going to come?
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Old 05-17-2021, 10:19 AM   #22
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I have a Bic stove lighter that also works on dollar bills. Anyone interested?
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Old 05-17-2021, 11:05 AM   #23
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I have a Bic stove lighter that also works on dollar bills. Anyone interested?
So, you're saying you lost your shirt in the stock and crypto markets and have to sell all you own for food?
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Old 05-24-2021, 06:12 AM   #24
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Thank god, I didn't buy it.
Just look at how much the bitcoin rate has fallen now. It seems to me that all cryptocurrencies are like a casino only in a beautiful wrapper.
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Old 05-24-2021, 07:53 AM   #25
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A recent analysis shows that global Bitcoin mining consumes more electricity than the country of Norway, and that the consumption will increase greatly as Bitcoins become more difficult to mine. It seems that Bitcoin, while an interesting idea, is hitting an unanticipated brick wall and is destined to fail.
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Old 05-24-2021, 08:04 AM   #26
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I've made a small fortune off of a small investment. I also have stablecoin which has substantially outperformed bonds with little risk. If you don't want to take the time to understand it (as most people here clearly haven't), don't invest.
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Old 05-24-2021, 02:11 PM   #27
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This type investing is not for me as I'm circling the drain but some of you might find this interesting,

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Old 05-24-2021, 06:04 PM   #28
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Thank god, I didn't buy it.
Just look at how much the bitcoin rate has fallen now. It seems to me that all cryptocurrencies are like a casino only in a beautiful wrapper.
What about now when it is on sale?
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