Anyone invested in Dogecoin/Cryptocurrency?

[katz]

I have a bit of Dogecoin. Bought in when it was in the single digits, then forgot about it until recently since it has been going crazy. Obviously, my return at this point would be a nice chunk of change. Now, the dilemma is, knowing when to get out. Any of you guys invested in it or another Crypto?

 

[YeOldeStonecat]

Congrats on that one! Yesterday (04:20) was the day a buncha peeps were supposed to run it up.

No, sadly I never got into it at all....back in the early days. And then it got quiet for a bit...now it seems to be picking up steam again. And variants like Ethereum...half wondering if I should take another look at things and get into mining.

 

[HCHTech]

We built a mining machine as a fun side project here in the shop back in 2018. We ran it for the better part of a year before the constant troubleshooting became too much of a time sink. In all we mined about 1/2 a BC. Just sold last month in the Mid-$50Ks. The machine cost about $3K to build and we spent $500 or so on electricity, so we definitely made out. I split the whole thing with my techs. It was a fun game, but that's all.

 

[Mercenary Roadie]

Remember that Dogecoin was created as a joke and is still treated like one. It didn't start this upward swing until Elon Musk did his famous tweet about it when he said he bought some for his new kid back in February 2021.

Unlike all of the other crypto coins which have a hard limit on how many can ever be "mined", Dogecoin doesn't have this limit.

 

[JoeTech]

I mined bitcoin for a week in 2010 because I was curious about this "free magic money" I kept reading about. I didn't see the point of leaving my computer on 24/7 and running up my electrical bill for something you can't use anywhere at that point.

I can't remember how much I actually mined and I no longer have that PC which would probably be worth a lot right now.

I looked into buying some Dogecoin, but in the US, it appears to be quite complicated. Many sites now are overwhelmed with people looking to buy Dogecoin and it takes forever to get verified. Not to mention all the fees involved in buying and then more fees if you want to transfer to your own wallet.

Also confused about taxes and how they apply when you transfer or sell them so I haven't invested in anything yet.

 

[gadgetfixup]

I put a grand in Dogecoin and plan to leave it in there until it hits $1. A friend of mine starting mining Feb this year and banking about $4k a month after power costs. He figures it will take 4 months to make back his hardware investment.

 

[sapphirescales]

I've bought crypto several times over the years and EVERY time without fail it has tanked IMMEDIATELY after I bought it and taken months if not years to get back up to the price it was when I bought it. But it's not just crypto this happens with, it's the stock market, precious metals, etc. I'm done with investing. All I've ever done is lose money when I've tried to invest. The only "investing" that has ever worked out for me is investing in myself and my business ventures.

 

[TechLady]

I've bought crypto several times over the years and EVERY time without fail it has tanked IMMEDIATELY after I bought it and taken months if not years to get back up to the price it was when I bought it. But it's not just crypto this happens with, it's the stock market, precious metals, etc. I'm done with investing. All I've ever done is lose money when I've tried to invest. The only "investing" that has ever worked out for me is investing in myself and my business ventures.

Unfortunately, it is the probably one of the few ways left to beef up retirement and save for things like long-term care now. It's not possible to buy such policies anymore, and we are all going to get old. I've invested in Tesla, Apple and various electric car charging stocks and done mostly fine by just letting them sit. If you're trying to do day trading or make a killing short term you're just going to get burned and very stressed.

 

[JoeTech]

Unfortunately, it is the probably one of the few ways left to beef up retirement and save for things like long-term care now. It's not possible to buy such policies anymore, and we are all going to get old. I've invested in Tesla, Apple and various electric car charging stocks and done mostly fine by just letting them sit. If you're trying to do day trading or make a killing short term you're probably going to get burned and very stressed.

It's too easy to get burned trying to time the markets. Putting your money in an index fund and letting it sit is way less stressful and will do better than me trying pick stocks or cryptos myself. Some people love the thrill of day trading and constantly checking the markets, but not me.

 

[TechLady]

Indeed. I have two index funds: QCLN and VFTAX.

 

[sapphirescales]

Unfortunately, it is the probably one of the few ways left to beef up retirement and save for things like long-term care now. It's not possible to buy such policies anymore, and we are all going to get old.

This is controversial to most people, but I don't plan to continue living when I get too old to take care of myself or I'm in pain all the time. I've always known that I'll die of suicide. I'll choose how and when I'll go, unless I die in an accident or something before then. I think it's extremely important that people are able to choose how and when they want to die. Obviously you don't want mentally ill people or people who are enduring temporary problems killing themselves, but if an individual is of sound mind and doesn't want to be here anymore I believe they should have the right to choose how they're going to end their life. It's a very personal choice and something that everyone deserves to make.

Now before anyone freaks out here, no, I'm not suicidal and I have no desire to die right now. I plan to be here at least another 30+ years, but I'm not going to spend my last years/months/weeks/days in pain all alone in some facility or hospital. I'd rather just walk off into the woods and die of exposure/dehydration, though my suicide plan is hopefully going to be quicker and less painful than that. If all else fails though, that's my last resort.

Maybe I'll change my mind when I get older, but I don't think I will. I've known many things about the way I was going to live my life even when I was very young. I won't pretend that my life has ended up EXACTLY like I'd envisioned it, but it's pretty darned close.

 

[HCHTech]

It's too easy to get burned trying to time the markets. Putting your money in an index fund and letting it sit is way less stressful and will do better than me trying pick stocks or cryptos myself.

This right here. AND, spread your investments out to avoid the timing nonsense - e.g. I fund my IRA @ $533 per month instead of dumping in $7K @ tax time. It's easier to find the $ that way, and it eliminates the deadline to fund. I do the same for my after-tax investments. Make it automatic and then don't think about it. I'm not an investment expert and have no desire or skill to become one. Index funds are the way to go, IMO. You can also get target-date funds that automatically rebalance to more-conservative as you approach the target date. Lots of automatic options available today.

 

[Stever]

Julian Ilett (youtube) has it right, he bought Ant miners when the price bottomed out on the mining hardware, he uses them on solar power to heat his shed

 

[Stever]

There is a new cryptocurrency that may well create a hard drive shortage, both of SSD and spinning rust

 

[GTP]

There is a new cryptocurrency that may well create a hard drive shortage, both of SSD and spinning rust

Hmmm, I just listened to this guy drone on for 15 minutes and almost fell asleep.
It's interesting, but as he stated "it might all be for nought."

I wonder if its possible to have multiple machines on my network doing the work, but farm to a single HDD?

 

[lan101]

This is controversial to most people, but I don't plan to continue living when I get too old to take care of myself or I'm in pain all the time. I've always known that I'll die of suicide. I'll choose how and when I'll go, unless I die in an accident or something before then. I think it's extremely important that people are able to choose how and when they want to die. Obviously you don't want mentally ill people or people who are enduring temporary problems killing themselves, but if an individual is of sound mind and doesn't want to be here anymore I believe they should have the right to choose how they're going to end their life. It's a very personal choice and something that everyone deserves to make.

Now before anyone freaks out here, no, I'm not suicidal and I have no desire to die right now. I plan to be here at least another 30+ years, but I'm not going to spend my last years/months/weeks/days in pain all alone in some facility or hospital. I'd rather just walk off into the woods and die of exposure/dehydration, though my suicide plan is hopefully going to be quicker and less painful than that. If all else fails though, that's my last resort.

Maybe I'll change my mind when I get older, but I don't think I will. I've known many things about the way I was going to live my life even when I was very young. I won't pretend that my life has ended up EXACTLY like I'd envisioned it, but it's pretty darned close.

I've heard Aaron Clarey talk about that before. He calls it the Smith and Wesson retirement plan lol. But he essentially said this same thing. I see nothing wrong with it either. Better than suffering for years and years.

 

[lan101]

Unfortunately, it is the probably one of the few ways left to beef up retirement and save for things like long-term care now. It's not possible to buy such policies anymore, and we are all going to get old. I've invested in Tesla, Apple and various electric car charging stocks and done mostly fine by just letting them sit. If you're trying to do day trading or make a killing short term you're just going to get burned and very stressed.

Yeah like long term in home health care is crazy expensive. I know one lady that has an insurance policy like that in her mid 80's and I don't know the exact figure on payment but it was several thousand per month...so yeah most of us normal folks would be broke in a couple years paying for a policy like that.

 

[katz]

I'm still invested in Dogecoin. It's running around .59 right now. It's a crazy ride. I'm going nuts trying to "guess" when the best time to get out of it will be.

 

[cyabro]

Up to .67 now!

 

[katz]

Up to .67 now!

I know! It's maddening, lol.