Pelican Parts
Parts Catalog Accessories Catalog How To Articles Tech Forums
Call Pelican Parts at 888-280-7799
Shopping Cart Cart | Project List | Order Status | Help



Go Back   Pelican Parts Forums > Miscellaneous and Off Topic Forums > Off Topic Discussions


Reply
 
LinkBack Thread Tools Rating: Thread Rating: 2 votes, 1.00 average.
Author
Thread Post New Thread    Reply
Registered User
 
Join Date: Oct 2005
Location: Idaho
Posts: 2,183
Bitcoin as an investment?

I don't know much about the dynamics behind Bitcoin. I think I read a headline in the news recently about it taking a bit of a dive? I received a small amount as a Christmas present and was wondering about holding on to it as an investment; maybe even adding to it... Looks like it started at about $13.50/ea., rose to over $1k/ea. and is now at around $650/ea.

Anyone know about this stuff?

Merry Christmas!!!
__________________
'74 911 Red Sunroof Coupe, 3.6L, etc...
Old 12-25-2013, 01:26 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #1 (permalink)
Back in the saddle again
 
masraum's Avatar
 
Join Date: Oct 2001
Location: Houston, TX
Posts: 30,568
It's make believe money that changes in value based on popularity and fad. I wish someone had given me some last Christmas.

I wouldn't consider it an investment. It's a speculation, but for you it's essentially free. You could cash out now, or hold it and see what happens.
Are you a gambler?
Old 12-25-2013, 01:43 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #2 (permalink)
JW Apostate
 
trekkor's Avatar
 
Join Date: May 2004
Location: Napa, Ca
Posts: 14,073
I heard a story on the radio the other day about this.
New form of currency.
Likely to be banned by various governments.


KT
__________________
'74 914-6 2.6 SS #746
'01 Boxster
'73 914
Old 12-25-2013, 01:44 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #3 (permalink)
Back in the saddle again
 
masraum's Avatar
 
Join Date: Oct 2001
Location: Houston, TX
Posts: 30,568
And that's why it fell from over $1200 to around $600, because China said, no Bitcoin.
Old 12-25-2013, 01:51 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #4 (permalink)
Registered User
 
GWN7's Avatar
 
Join Date: Jun 2002
Location: Winnipeg, MB, Canada
Posts: 3,949
Governments back their money and the value of that money is compared to other countries money and that is how it's value is determined. Bitcoin is valued how? Someones dream? Are they real? Backed by a gold standard?

I have land that I have not grown anything on for a couple of years. I can claim carbon tax credits for it and sell those to a company who use the credits to offset their global footprint. What a bunch of BS.

Bitcoin smells of a pyramid scheme with people giving away "Bitcoins" to engage people to develop them further and users of this network are awarded "with transaction fees and newly minted bitcoins"

How can you create something that doesn't exist? Maybe there is a guy in Nigeria that can explain it better to me.
__________________
Bunch of old cars
Old 12-25-2013, 02:00 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #5 (permalink)
Registered User
 
Join Date: Oct 2005
Location: Idaho
Posts: 2,183
Quote:
Originally Posted by masraum View Post
Are you a gambler?
Only when it's not my money!!! Which is kind of the case here...
__________________
'74 911 Red Sunroof Coupe, 3.6L, etc...
Old 12-25-2013, 02:03 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #6 (permalink)
JW Apostate
 
trekkor's Avatar
 
Join Date: May 2004
Location: Napa, Ca
Posts: 14,073
A government will lose control over a population that doesn't use their currency.

The IRS collects taxes based on our earnings in dollars.
What happens when you don't earn money in dollars?


KT
__________________
'74 914-6 2.6 SS #746
'01 Boxster
'73 914
Old 12-25-2013, 02:03 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #7 (permalink)
Registered User
 
Join Date: Oct 2005
Location: Idaho
Posts: 2,183
Quote:
Originally Posted by GWN7 View Post
Bitcoin smells of a pyramid scheme with people giving away "Bitcoins" to engage people to develop them further and users of this network are awarded "with transaction fees and newly minted bitcoins"
This pretty much sums up my initial thought.
__________________
'74 911 Red Sunroof Coupe, 3.6L, etc...
Old 12-25-2013, 02:05 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #8 (permalink)
JW Apostate
 
trekkor's Avatar
 
Join Date: May 2004
Location: Napa, Ca
Posts: 14,073
There is way more US paper money in circulation than the gold in Ft. Knox.

Didn't Germany request their holdings back in gold recently and were denied?


KT
__________________
'74 914-6 2.6 SS #746
'01 Boxster
'73 914
Old 12-25-2013, 02:06 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #9 (permalink)
Registered User
 
GWN7's Avatar
 
Join Date: Jun 2002
Location: Winnipeg, MB, Canada
Posts: 3,949
Quote:
Originally Posted by trekkor View Post
There is way more US paper money in circulation than the gold in Ft. Knox.

Didn't Germany request their holdings back in gold recently and were denied?


KT

It's been that way since 76...... " In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money."

Maybe it was the Italians not the Germans wanting their Fiat money.
__________________
Bunch of old cars
Old 12-25-2013, 02:51 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #10 (permalink)
83 911 Production Cab #10
 
JJ 911SC's Avatar
 
Join Date: Jun 2009
Location: Ottawa, Ontario, Canada
Posts: 10,683
Garage
The time to invest was when it was around $15. Now people will loose their saving when it will go then the tube.

Unfortunately, now Bitcoin ATMs start to pop up... $100K trade in in the first week.

$100K traded through Vancouver's Bitcoin ATM in one week (with video)

Then there is a guy in the UK that throw away, by accident, a computer with Millions worth of Bitcoin on it...

Video: Hard drive containing £4m in bitcoins trashed - Telegraph
__________________
Who Will Live... Will See

83 911 Production Cab #10, Slightly Modified: Unslanted, 3.2, PMO EFI, TECgt, CE 911 CAM Sync / Pulley / Wires, SSI, Dansk Sport 2/2, 17" Euromeister, CKO GT3 Seats, Going SOK Super Charger
Old 12-25-2013, 02:53 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #11 (permalink)
non-whiner
 
mreid's Avatar
 
Join Date: Aug 2012
Location: Slightly right of center
Posts: 5,235
This is sounding very similar to, "Come on try it, the first one is free."

I say run away!
__________________
"Too much is just enough."
Old 12-25-2013, 02:56 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #12 (permalink)
 
Now in 993 land ...
 
aigel's Avatar
 
Join Date: Mar 2003
Location: L.A.-> SF Bay Area
Posts: 13,566
Garage
A gamble maybe, but not an investment, IMHO.

G
__________________
97 993
81 SC (sold)
Old 12-25-2013, 03:04 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #13 (permalink)
Back in the saddle again
 
masraum's Avatar
 
Join Date: Oct 2001
Location: Houston, TX
Posts: 30,568
As I've read several times wrt investment bubbles, by the time you hear everyone talking about the next hot thing, it's too late.
Old 12-25-2013, 03:29 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #14 (permalink)
Registered User
 
Join Date: Dec 2012
Location: Seattle
Posts: 3,244
If you have the computing power you can generate your own bitcoins.
__________________
1982 911 Targa, 3.0L ROW with Webers
Old 12-25-2013, 09:46 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #15 (permalink)
Registered User
 
Schumi's Avatar
 
Join Date: Apr 2006
Posts: 5,171
The fact that some of you are so underinformed on the thing that is Bitcoin, is a bit depressing.

This place clearly isn't where you want to learn about what it is.
Go read wikipedia for an hour and come back.
__________________
M
Old 12-25-2013, 10:18 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #16 (permalink)
Registered User
 
Schumi's Avatar
 
Join Date: Apr 2006
Posts: 5,171
That, and if you're asking these questions now, then yes, you're a bit late to this game.
__________________
M
Old 12-25-2013, 10:19 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #17 (permalink)
Registered User
 
sc_rufctr's Avatar
 
Join Date: Feb 2009
Location: Adelaide South Australia
Posts: 17,480
Send a message via MSN to sc_rufctr
Quote:
Originally Posted by masraum View Post
As I've read several times wrt investment bubbles, by the time you hear everyone talking about the next hot thing, it's too late.
And that's about it...
__________________
Peter
Old 12-26-2013, 12:07 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #18 (permalink)
Registered User
 
Join Date: Dec 2013
Posts: 1
It's worth a try Tom '74 911. As long as the BTC value continue to rise, investment will be safe. No chargeback and tax for now, but you have to take note of its volatility.
Old 12-26-2013, 12:28 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #19 (permalink)
Deplorable Member
 
Porsche-O-Phile's Avatar
 
Join Date: Feb 2004
Location: A Rock Surrounded by a Whole lot of Water
Posts: 32,451
Garage
Quote:
Originally Posted by trekkor View Post
A government will lose control over a population that doesn't use their currency.

The IRS collects taxes based on our earnings in dollars.
What happens when you don't earn money in dollars?


KT

In theory you pay tax on it. I believe if you live abroad you're allowed the first $80k of foreign-earned income exempt but maybe that's been changed now under the confiscatory tax policies of the current regime, dunno.

I've read about bitcoins quite a bit on Wikipedia and on other sites and thought one of its best and most appealing aspects is that they're very hard to trace and probably hard to enforce taxes on (because of difficulty tracing and exchange rate volatility). I haven't bought any though for a number of reasons listed here already and the fact that despite reading about them they still strike me as very confusing and hard to understand how it all really works.

My understanding is that the total number if bitcoins that will be issued is fixed, which will help their value a lot (supply restriction). Only if this is actually done though - if they print more, I guess everyone - holders and speculators alike - would be screwed but probably less so than if they held ever-devaluing dollars... Dunno.
__________________
'74 911 Targa 2.7 (in storage, hoping to finish "someday"), 2001 Mercedes SLK 320 (with a few AMG fun bits), '85 BMW K100, a few surfboards

Black Cars Matter
Old 12-26-2013, 02:27 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #20 (permalink)
Reply

Thread Tools
Rate This Thread
Rate This Thread:

 


All times are GMT -8. The time now is 06:31 AM.


 
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2018 Pelican Parts, LLC - Posts may be archived for display on the Pelican Parts Website -    DMCA Registered Agent Contact Page
 

DTO Garage Plus vBulletin Plugins by Drive Thru Online, Inc.