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My $50 Bitcoin

Ichi

Ichi

Guardian
Joined
Jan 20, 2017
Posts
208
Location
USA
Society
Skillin The Most
Avatar Name
Humble Ichi San
Here is the story of my $50 Bitcoin:

About 6 months ago I bought $50 Dogecoin from wesellcrypto.com, along with $100 of Reddcoin. I had no idea what I was doing, had not researched the coins much, they were just the cheapest available coins and i didnt have much cash to spend. I had the coins on my computer but found Cryptopia exchange website and transferred them there to play around with. On Cryptopia I found Paccoin which was the cheapest coin on there, I used the $50 of Dogecoin to acquire a little over 200 million of them. I figured it was a dead coin, but it was just $50, and if the Paccoin ever went to 0.01 each I would be a very happy man. I transferred the Paccoin to my computer and started staking, gaining 7-15 million new Paccoin every week or so. Fast forward to last night and I was on Cryptopia and saw that the Paccoin were going for 0.00000002 Bitcoin EACH! I decided to convert the Paccoin to Bitcoin, I calculated I would have close to $80,000 USD worth of Bitcoin! Well, I initiated the transfer but it took like 4 hours to go through for some reason, I figure it was due to the heavy volume of trading of Paccoin, which topped Cryptopias charts for volume at over 800 Bitcoin worth of trading in the last 24 hours. I looked at the price of Paccoin and it had dropped to 0.00000001 Bitcoin per Paccoin. I decided to sell 1 Bitcoin worth of Paccoin, which I proceeded to do. I transferred the remaining Paccoin back to my computer to keep staking. In all I sold roughly half of my Paccoin for a little over a bitcoin! I made over $15000 profit from that one trade! (If I convert the bitcoin to cash right now.) I am holding the bitcoin long term, as well as the rest of my Paccoin, which I discovered last night is far from dead. Below is a link to Paccoins website, they are about to do what amounts to a reverse split in March, we shall see what becomes of that :)

That is the story of how I bought a bitcoin for $50!

www.paccoin.net
 
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Too Short..
 
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gratz

gratz, swingtrading is fun !!
 
Too Short..
 
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Jan Universe said:
Well i'm not saying that you are lying, but it's just getting annoying.
We are not aloud to discuss other games in here, but it's seems that everyone can try to recrute for crypto's.
Well it's 2018 and I guess everyone who is interested in these cryptos are capable to use google and find out about it if they are interested.
And could join a crypto forum to ask questions about it.
So I see no use for these topics in here.
But that's just my opinion.

Don't get me wrong, i'm happy for you.
Click to expand...

i updated post #5 with the evidence of when i bought the paccoin and when i sold it last night
 
Too Short..
 
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That's crypto and investing in junk funds. Idea is the same as putting money into a publicly traded stock that's at $0.01 and hoping to see it go up to like $100 a share. Sometimes you get lucky but most of the time you go bust.

There's lots to be made in crypto with it's rapid growth and media coverage that fuels the fire of expansive growth by nothing more than speculative investors but it's just as easy to lose that kind of money.

All crypto's are a gamble right now with really good payouts if you get lucky. Personally, I don't think any are sustainable though for a number of reasons:


  1. As soon as crypto is a real threat to a countries currency it will be outlawed. You're kidding yourself if you think the government is just gonna stand there and let people come up with their own replacement money to avoid taxes and shit. Though I think governments will just come out with their own centralized crypto to replace money since it would be cheaper for them than maintaining paper and metal currency.
  2. The concept of "crypto mining" based on "proof of work" can send us ROCKETING to depletion of natural resources and severe environmental implications. Crypto mining currently accounts for more electricity usage than many small countries combined. Even "proof of stake" isn't without issues.
  3. The associated cost and time of processing transactions is outrageous and there's only a small % of people using crypto on a daily basis. The more bitcoin's value goes up and the more it's used the longer transactions take to process and the more they cost. Pretty much all crypto's are destine to this outcome as adoption increases - that's how they are designed.
  4. Security of crypto's like bitcoin are not guaranteed. Their biggest security is in sheer numbers. Anyone can generate unlimited wallets and there are only a finite amount of wallets that can be made. Your security comes from the odds of someone generating your wallet and key. I think it was best described as - imagine every grain of sand in the world, now imagine that each grain represents an entire world with it's own grains of sand. All those grains together are how many wallets there are. BUT..... you get the value of bitcoin up into the trillions and people start spending less resources on mining coins and instead just generating and checking wallets to see if they find one with bitcoin in it. Eventually the power of computers will catch up to a point where checking 1,000,000,000,000,000,000,000 wallets a second will be possible. Now instead of grinding to maybe get a share of 1 bitcoin all you need to do is find 1 whales wallet with 200,000 bitcoin in it and you can buy your own country. And if it was your bitcoin that was stolen there's no one to go to as recourse. And yes - they have confirmed that there are thousands of bitcoin that are in essence "lost" in forgotten wallets from early adopters. Guy mines 20,000 bitcoin the first year they come out then forgets about it, hard drive gets wiped, all coins lost...etc.

Anyways, end rant. Grazt on your win!
 
jambon said:
That's crypto and investing in junk funds. Idea is the same as putting money into a publicly traded stock that's at $0.01 and hoping to see it go up to like $100 a share. Sometimes you get lucky but most of the time you go bust.

There's lots to be made in crypto with it's rapid growth and media coverage that fuels the fire of expansive growth by nothing more than speculative investors but it's just as easy to lose that kind of money.

All crypto's are a gamble right now with really good payouts if you get lucky. Personally, I don't think any are sustainable though for a number of reasons:


  1. As soon as crypto is a real threat to a countries currency it will be outlawed. You're kidding yourself if you think the government is just gonna stand there and let people come up with their own replacement money to avoid taxes and shit. Though I think governments will just come out with their own centralized crypto to replace money since it would be cheaper for them than maintaining paper and metal currency.
  2. The concept of "crypto mining" based on "proof of work" can send us ROCKETING to depletion of natural resources and severe environmental implications. Crypto mining currently accounts for more electricity usage than many small countries combined. Even "proof of stake" isn't without issues.
  3. The associated cost and time of processing transactions is outrageous and there's only a small % of people using crypto on a daily basis. The more bitcoin's value goes up and the more it's used the longer transactions take to process and the more they cost. Pretty much all crypto's are destine to this outcome as adoption increases - that's how they are designed.
  4. Security of crypto's like bitcoin are not guaranteed. Their biggest security is in sheer numbers. Anyone can generate unlimited wallets and there are only a finite amount of wallets that can be made. Your security comes from the odds of someone generating your wallet and key. I think it was best described as - imagine every grain of sand in the world, now imagine that each grain represents an entire world with it's own grains of sand. All those grains together are how many wallets there are. BUT..... you get the value of bitcoin up into the trillions and people start spending less resources on mining coins and instead just generating and checking wallets to see if they find one with bitcoin in it. Eventually the power of computers will catch up to a point where checking 1,000,000,000,000,000,000,000 wallets a second will be possible. Now instead of grinding to maybe get a share of 1 bitcoin all you need to do is find 1 whales wallet with 200,000 bitcoin in it and you can buy your own country. And if it was your bitcoin that was stolen there's no one to go to as recourse. And yes - they have confirmed that there are thousands of bitcoin that are in essence "lost" in forgotten wallets from early adopters. Guy mines 20,000 bitcoin the first year they come out then forgets about it, hard drive gets wiped, all coins lost...etc.

Anyways, end rant. Grazt on your win!
Click to expand...

Actually we do have a solution to big transaction fees and long processing time. It's called a hard fork :) (Example: BTH-Bitcoin Cash)
 
Jan Universe said:
Well i'm not saying that you are lying, but it's just getting annoying.
We are not aloud to discuss other games in here, but it's seems that everyone can try to recrute for crypto's.
Well it's 2018 and I guess everyone who is interested in these cryptos are capable to use google and find out about it if they are interested.
And could join a crypto forum to ask questions about it.
So I see no use for these topics in here.
But that's just my opinion.

Don't get me wrong, i'm happy for you.
Click to expand...

not really in this thread, but actually more people peddling their affiliate links (after arguing with me in the ontopic threads about the merits of crypto. lol)
 
Thanks but no thanks.

I'm already poor enough and have no intention of making anyone holding "fake monopoly money" even richer. :laugh:

Let them (all those coins ever created) kill each other.

The ultimate survivor(s) that truly gets vetted (safety, ease of use, currency stability in terms of value, transaction speed, government acknowledgement, etc)...will be the one I will be using...if and when that happens.


PS: What has been mentioned thus far is mostly about the cryptocoin speculation parts (and how "successful" one has been...dabbling in it). Where in it is the technological part even being touched upon?
 
sawachika said:
Thanks but no thanks.

I'm already poor enough and have no intention of making anyone holding "fake monopoly money" even richer. :laugh:
Click to expand...

*Keeps putting thousands of dollars into Entropia Universe for "fake monopoly money"*:laugh:
 
Sen said:
Actually we do have a solution to big transaction fees and long processing time. It's called a hard fork :) (Example: BTH-Bitcoin Cash)
Click to expand...

yeah yeah... except for the fact that hardforks start happening all the time that no one wants to adopt so now we've got multiple types of bitcoin because some people don't want to change over. Now bitcoin hardforks are the new altcoin ICO.

Anyways, those hard forks are only a bandaid to the problem - not a solution because they are all based on the same principles.

Reminds me of when Obama raised the debt ceiling.... "I have solved this problem by increasing the maximum debt we can have. So we won't have to deal with this again in a week, or a month or even a year from now..... *trails off* ....solved forever!" Nevermind the question of what happens in 5 - 10 years when that limit is reached. :laugh:
 
I am not trying to sell you anything, I am not a big cryptofan or anything. Most of my net worth is in precious metals and real estate. I simply told the story of how I lucked into turning a $50 speculation into a bitcoin. I couldn't care less if you buy crypto or not. If you ask me for advice about financial matters I would advise you to buy physical silver, which is probably the most undervalued asset on the planet right now. I apologize if I came across as promoting cryptos, but i did post this in the "off topic" section of the forum. I did not post any affiliate links, and have nothing to gain by you buying any crypto or using any website i mentioned.
 
Too Short..
 
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There is but one acceptable reply to this.

Congrats and nice choice of risk :D
 
And the relevance to EU with this article is??????
 
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