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Author Topic: Need your advice please  (Read 2153 times)
adnanabbas
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September 26, 2013, 01:33:11 PM
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Im thinking of sinking 2.5k into buying BTC. I know you cant tell for sure but do you think its a good idea?
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September 26, 2013, 01:41:52 PM
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If you have to ask, the answer is no.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
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September 26, 2013, 01:52:41 PM
 #3

If it's money you can afford to lose then yes. Otherwise, think again.

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September 26, 2013, 02:35:42 PM
 #4

Do it.
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September 27, 2013, 08:54:19 AM
 #5

If you just do a speculation, now is not proper to do that.

Or if you want to invest in bitcoin, then just do it.

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September 27, 2013, 09:21:59 AM
 #6

If you can afford to lose it all...then sure I suppose you could. But that is your decision.

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cr1776
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September 27, 2013, 03:04:30 PM
 #7

If you can afford to lose it, then yes.  Many believe that bitcoin's future is something of a binary proposition:  it will either succeed wildly or will completely fail with little in between.  Likewise, many people believe in the "succeed wildly" scenario for many, many reasons, but that is no guarantee since no one really knows. 

You can view it as a lottery ticket that seems right now to have pretty good odds for paying off quite well over the long term.



Im thinking of sinking 2.5k into buying BTC. I know you cant tell for sure but do you think its a good idea?
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September 27, 2013, 06:07:33 PM
 #8

If you can afford to lose it all...then sure I suppose you could. But that is your decision.
He won't lose all, with all the money currently in circulation and milions invested in hardware, even if the market plummets btc won't reach 0$, . On the other hand BTC is going up every year so I'm really positive about it. With current economy he's better off with BTC than bonds for instance. My yearly BTC investments bring me at least 20x more than a bank deposit would.

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September 28, 2013, 02:32:48 AM
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If you can afford to lose it all...then sure I suppose you could. But that is your decision.
He won't lose all, with all the money currently in circulation and milions invested in hardware, even if the market plummets btc won't reach 0$, . On the other hand BTC is going up every year so I'm really positive about it. With current economy he's better off with BTC than bonds for instance. My yearly BTC investments bring me at least 20x more than a bank deposit would.

I actually disagree with this assessment. The investment in BTC at this point is pretty much binary; it's either worth more than the current price or (at some point in the future) it is worth nothing. The more we feel that the latter will not happen, the closer to the true price of the former BTC will reach.

There are a few events that could make BTC plummet to the relative worth of other trash altcoins, like a 50% attack, a replacement cryptocurrency, or regulatory pressure that pushes speculators out of their coins. I'm not saying that any of these are particularly likely outcomes, but it is possible that your investment becomes worth nearly 0.

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September 28, 2013, 06:47:00 AM
 #10

Im thinking of sinking 2.5k into buying BTC. I know you cant tell for sure but do you think its a good idea?

Sure you can, that is not much money, just do it. If you have experince in investing in STOCK , FUTURE or FOREX, that will be great for you to purchase it and speculate it, maybe you will get more than 2.5k after.  Just my personal opinion for your reference!
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September 28, 2013, 06:57:53 AM
 #11

http://en.wikipedia.org/wiki/Dollar_cost_averaging

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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September 28, 2013, 07:14:11 AM
 #12

If you are still new to bitcoin I would buy very little at first to play around with. For example, test sending it around to addresses you make on blockchain.info, using bitcoin-qt, make a paper wallet when booting from a cd such as tails (and then destroy your computer and printer afterwards if you are paranoid), buy something small as well. I have no idea if 2.5k (usd?) is much money to you, but seems like too much for a first purchase for me. Once you are comfortable and are read up on how bitcoin works then think about getting more. The worst thing to do is buy and then not be confident in getting it off an exchange.
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September 28, 2013, 10:03:59 AM
 #13

Im thinking of sinking 2.5k into buying BTC. I know you cant tell for sure but do you think its a good idea?

As you used the word sinking, I believe you understand the risks. Do it, but then if you're really new to BTC, you'd better start with $250.
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September 28, 2013, 11:37:47 AM
 #14

I remember that back in February, there was a student who wanted to put his student loan into bitcoin, don't know if he really did it  Grin

https://bitcointalk.org/index.php?topic=149179.msg1583681#msg1583681

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September 28, 2013, 02:15:40 PM
 #15

If you can afford to lose it all...then sure I suppose you could. But that is your decision.
He won't lose all, with all the money currently in circulation and milions invested in hardware, even if the market plummets btc won't reach 0$, . On the other hand BTC is going up every year so I'm really positive about it. With current economy he's better off with BTC than bonds for instance. My yearly BTC investments bring me at least 20x more than a bank deposit would.

I actually disagree with this assessment. The investment in BTC at this point is pretty much binary; it's either worth more than the current price or (at some point in the future) it is worth nothing. The more we feel that the latter will not happen, the closer to the true price of the former BTC will reach.

There are a few events that could make BTC plummet to the relative worth of other trash altcoins, like a 50% attack, a replacement cryptocurrency, or regulatory pressure that pushes speculators out of their coins. I'm not saying that any of these are particularly likely outcomes, but it is possible that your investment becomes worth nearly 0.

If we think in these terms he can lose his money every day, no matter where he keeps it. He can get his bank account hacked, his bank or country can go bankrupt, he can have money seized by government and so on. These things are probably as likely to happen as BTC going down to 0.

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September 28, 2013, 08:09:19 PM
 #16

Im thinking of sinking 2.5k into buying BTC. I know you cant tell for sure but do you think its a good idea?

Sure you can, that is not much money, just do it.

For alot of people 2,5 k is alot of money and they have to safe money for years to reach 2,5k

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September 28, 2013, 09:05:49 PM
 #17

2.5k what?  USD?  GBP?  or Zimbabwean dollars?

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September 30, 2013, 01:47:15 AM
 #18

If you can afford to lose it all,and my anwser is yes

adnanabbas
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September 30, 2013, 03:00:14 AM
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2.5k what?  USD?  GBP?  or Zimbabwean dollars?

GBP
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September 30, 2013, 06:18:00 AM
 #20

If every single bitcoin exchange were programmed so that the price could never be manipulated downward (in other words, no bid side of the orderbook, sellers can only put in an ask equal to or greater than the lowest one, and buyers can only buy for less P2P), then I'd say put every cent you have into BTC, because it could go nowhere but up, market-wise.

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