Has Anyone Invested in Digital Currency (Bitcoin, etc.)

mathjak107 said:
I have been trading for fun in gbtc for a while .

it is a Bitcoin fund that trades like a stock
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MJ: Someone sent me a private message last week about trading in GBTC. Seems to me that person has been quite successful at it too.
 

mathjak107 said:
I trade it so I don’t hold more than a day or so ..I buy during a big drop and sell the spike before it falls again ..bought and sold 2x yesterday
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That person has held on to shares much longer and made quite a profit. I don't do the day trade thing, so I would buy and hold too. But like you said, this is fun for you, so continued success with it. 🤑
 

@mathjak107 I'm so through with Coinbase right now. I had trouble registering a couple of years ago and since I then had my son buy Litecoin for me in his account, I never tried to log in but since I was considering Dogecoin (now at 35 cents a coin). I wanted to see if I would be able to purchase when they add it to their listing. The other day I tried and after completing the steps, up to entering the code Coinbase sent me, it said my account is restricted. Their so called customer support is really no help...took me through the same process. Truthfully, I would be afraid to have a lot of cryptos with them. My son mentioned using a crypto wallet, so I don't know if that bypasses getting money out of Coinbase.

So I decided to invest where I know I can trust the process and bought a very small amount of GBTC from my trusted brokerage. You said you bought some for fun. How many shares do you currently own? You said you trade them often, but do you try to always keep a certain amount of shares?
 
mathjak107 said:
I sold the 800 shares I had at the close yesterday at a profit …I am waiting for it to fall 1700 to 2000 from where I sold and I will repeat …it is down about 1400 at the moment so I am waiting
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I'm confused. The person I told you about who first mentioned GBTC to me was citing the numbers in the manner that you are (1700, 2000, etc.) but what I bought was $31.17 a share and was at $46.88 a share when I was discussing it about a week ago with that individual. So please help me understand what I'm missing. :unsure:
 
mathjak107 said:
Gbtc is in the thirty dollar price range. I sold 800 shares yesterday…I want it to fall a total of 1700 to 2000 dollars from the amount I sold at. That is total dollars not a share price
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Oh Okay..Thank you! I needed to see some dollar signs I guess. This is me..to me: Duhhhh! 🤪
 
WaskaleeWabbit said:
2017 it went up to 18k and then dropped like a stone for 3 years, apparently there were some big players pumping it up for their own good. Bitcoin is a HUGE PIA to buy stuff with and even to cash out esp in Canada. the only place in Canada that would cash it out was a SCAM and everyone lost all their money when the owner died with the password to everyone's digital currency.
Now that Bitcoin is up again everyone is talking about it again....

I can't easily cash it out to regular currency , i can't buy jack squat with it, But i can buy Greyscale Bitcoin ETF, or Bitcoin fund... which i did last month and it's up 100%.. i can get in and get out and i don't lose my shirt.

i also used to buy litecoin and other altcoins... there's all these secret wallets with 2 stage authenticators and keychains... lose one of those and you lose everything, so NO THANKS !!! not to mention tax implications of doing digital currency trading... you know some people ride the markets and highs and lows of the hype and trade bitcoins for various altcoins and back to bitcoins for profit... like money markets... you are responsible for tracking all your trades and paying all your taxes.
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You're not the only one. I've read horror stories about others who had trouble cashing out or doing anything with their accounts. I tried (again) to get back into my Coinbase account. Their troubleshooting was no help and their customer service seems to be non existent. I only own 1-1/3 Litecoin (LTC) (total invested: $500) which is "chump change" and as previously mentioned that's in my son's account. I got spooked after reading all the stories about people losing access to their accounts so although LTC is down, I wouldn't buy another coin.

Someone PM'd me about Greyscale Bitcoin ETF, so, like you, I bought some shares of that. But, unlike you, it's down from when I bought it. I also brought another Greyscale ETF..based on Ethereum (ETHE). More on that in a future post. I agree that there's comfort in knowing we can trade the crypto based ETFs whenever we want using a good old fashioned brokerage.
 
I use to belong to a senior financial group online and about a year ago, I posted a question asking what was a better investment...Bitcoin or gold. At that time, Bitcoin was still reasonable to buy. The answers I got from almost everyone was...DON'T buy Bitcoin unless you can afford to lose your shirt. They all said it was junk. Hmmmmm.....I don't belong to that group any more:rolleyes:
 
I won’t hold bitcoin ,but i do trade it on its volatility..gold is a permanent part of my portfolio.

gold has actually beaten equities over the last 20 year period ..equities and gold as a 60/40 instead of equities and bonds has been the better performer over most more modern time frames
 
Colleen said:
I use to belong to a senior financial group online and about a year ago, I posted a question asking what was a better investment...Bitcoin or gold. At that time, Bitcoin was still reasonable to buy. The answers I got from almost everyone was...DON'T buy Bitcoin unless you can afford to lose your shirt. They all said it was junk. Hmmmmm.....I don't belong to that group any more:rolleyes:
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Tell that to the people who bought Bitcoin when it was less than a dollar a coin. As of today it's $31,508 a coin. Now those early buyers are doing great if they can still access their accounts. LOL :D
 
But if they had 64k each for the taking amd Didn’t , they are just as down in net worth and investment value as the stock market falling 60% .

don’t forget 100k when I started in the fidelity insight newsletter growth portfolio is worth over 5 million today ..if that fell 60% that is a huge loss .. the fact I paid 100k is meaningless …

in effect ,each day we choose to keep that money in play in the same investment as opposed to a different one , we are in effect buying in at today’s price
 
We all probably know that with decades of money printing, USD will loose purchasing power and world currency status in coming years. For common people, choice is to consistently grow their portfolio more than inflation rate and/or acquire assets that are not FED -fungible. Over decades, people invested part of their portfolio in Gold to protect against currency devaluation. Crypto holding may be in such protection. However, Crypto Trading is high risk and not regulated at this time.

Instead of buying crypto directly, I may consider trading spot crypto ETF after they get approved by SEC.

One thing for sure ... no more Bank CDs ever... for me.
 
Not a chance. I'll leave it to the young folks. I believe in that good old KISS principle: KEEP IT SIMPLE STUPID!
 

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