Cryptocurrency, who has it?

[huncho]

Originally Posted by chadwick4eva

Never owned a 5711. Historically subs, GMTs, and daytonas appreciate over time- generally I think that's because Rolex raises their prices every year. When new models become more expensive, the old ones do too.

really only applies to the last 3 years. those watches all sold for below msrp before 2015, even daytonas before the ceramic model came out

[chadwick4eva]

Originally Posted by huncho

really only applies to the last 3 years. those watches all sold for below msrp before 2015, even daytonas before the ceramic model came out

Simply not a true statement.

[huncho]

Originally Posted by chadwick4eva

Simply not a true statement.

used sub in 2016, $6795
https://www.rolexforums.com/showthread.php?t=453219

used daytona 116520 in 2016 $10.4k (under retail at the time) retail price in 2014 (12k) - https://www.rolexforums.com/showthread.php?t=370251
https://www.rolexforums.com/showthread.php?t=456740

this is just 2 random ones i picked from 2016, go back and it'll be even cheaper. the daytona prices only took off when the ceramic was announced because that model never sold below msrp to begin with...so basically 3-4 years. also rolex doesn't increase prices every year, it varies by location but still not every year

[TDOR]

I don't want to hear anything about crypto, for you guys that want to try new things should trade carefully because fingers do get burnt in crypto investment.

[pickettt]

Originally Posted by TDOR

I don't want to hear anything about crypto, for you guys that want to try new things should trade carefully because fingers do get burnt in crypto investment.

Is that why you clicked?

[Uggi]

Originally Posted by TDOR

I don't want to hear anything about crypto, for you guys that want to try new things should trade carefully because fingers do get burnt in crypto investment.

Originally Posted by pickettt

Is that why you clicked?

[RBradleigh]

Originally Posted by chadwick4eva

Never owned a 5711. Historically subs, GMTs, and daytonas appreciate over time- generally I think that's because Rolex raises their prices every year. When new models become more expensive, the old ones do too.

There is a huge difference between the two. One is a tangible class of collectibles. The other is an intangible asset class that holds no real world value except for what someone else is willing to pay you for it. I suppose you could call people who buy bitcoin "collectors"- collecting coins in your virtual wallet.

Isn’t any collectible only worth what someone else is willing to pay for it?

And to your prior post, not many of us can walk into an AD and get a “hot” SS model at retail.

To the question of btc, yeah i think it’s speculative but as long as there’s nations just willing to print money and semi-legal entities who offer vice services then yeah I could see btc price continuing to go up up and away.

[Etschell]

If you guys want to talk watches, baseball cards or anything else do it in another thread.

This is a crypto thread.

[BroncoOne]

Originally Posted by beshannon

How exactly will you realize this "gain"?

Exactly. And you can’t use it to pay taxes.
Hard pass on cryptocurrencies in their present state. Don’t compete with the Fed and expect to win.

[huncho]

Originally Posted by Etschell

If you guys want to talk watches, baseball cards or anything else do it in another thread.

This is a crypto thread.

it was a conversation about how watches aren't an investment versus crypto. at the end of they day we're on a rolex forum, so i don't think absolutely every post here has to be strictly about crypto

Originally Posted by BroncoOne

Exactly. And you can’t use it to pay taxes.
Hard pass on cryptocurrencies in their present state. Don’t compete with the Fed and expect to win.

like for everything else there's a cost basis however it's a lot easier to not report every trade like you have to with stocks. that's the downside of the big exchanges operating outside USA. once you withdraw to your bank account (takes a few business days and is quick and easy) coinbase or whoever you use will automatically send a tax form to the IRS if it's greater than 20k a year

[chadwick4eva]

Originally Posted by Etschell

If you guys want to talk watches, baseball cards or anything else do it in another thread.

This is a crypto thread.

They all have something in common- they are all commodities.

[Paul7]

Originally Posted by huncho

used sub in 2016, $6795
https://www.rolexforums.com/showthread.php?t=453219

used daytona 116520 in 2016 $10.4k (under retail at the time) retail price in 2014 (12k) - https://www.rolexforums.com/showthread.php?t=370251
https://www.rolexforums.com/showthread.php?t=456740

this is just 2 random ones i picked from 2016, go back and it'll be even cheaper. the daytona prices only took off when the ceramic was announced because that model never sold below msrp to begin with...so basically 3-4 years. also rolex doesn't increase prices every year, it varies by location but still not every year

Wow, and that first one just had a bunch of 'bumps' and no 'sold'.

DavidSW accepts bitcoin for payment.

[Etschell]

JPMorgan Admits It Was Wrong About End Of Bitcoin Bull Run, Renews $140,000-Plus Price Forecast

[Rashid.bk]

I'm gonna just throw a few bucks a months at bitcoin and ethereum and see what happens in ten years. XRP is tempting.
Have some friends who lost a lot of money last couple years, but the ones who just held tight are doing very well.

[macrowatch]

Mmm....nothing like fat spreads and commissions to help market makers get rich. All that said, I've thrown a few bucks at it. Crazy world for early adopters.

[Uggi]

Originally Posted by Rashid.bk

I'm gonna just throw a few bucks a months at bitcoin and ethereum and see what happens in ten years. XRP is tempting.
Have some friends who lost a lot of money last couple years, but the ones who just held tight are doing very well.

I sold half mine (Bitcoin and Ethereum) in the last boom in 2017 and since then I've been sat on a worthless pile of computer code going nowhere. Until now. So many times I nearly cashed out to put the money or "better use". With crypto I think you have to be willing to ice it for years in the red - literally years. I've promised myself I'll only cash out this time if BTC hits £100k.
Can't see that happening myself - not this time around anyway.

[pickettt]

I suppose it’s like anything else; if it pans out, you’re a genius. If not, you’re a fool.

[Rashid.bk]

Originally Posted by Uggi

I sold half mine (Bitcoin and Ethereum) in the last boom in 2017 and since then I've been sat on a worthless pile of computer code going nowhere. Until now. So many times I nearly cashed out to put the money or "better use". With crypto I think you have to be willing to ice it for years in the red - literally years. I've promised myself I'll only cash out this time if BTC hits £100k.
Can't see that happening myself - not this time around anyway.

Exactly what I did, I panicked and sold. Should've bought Bitcoin when it went back to $6k....this time I'm throwing pennies that I can forget about and not worry....looking to see what happens in ten years, twenty....
I won't miss $10-20 bucks a couple times a month, maybe a little more if lucky.

[RBradleigh]

Originally Posted by Rashid.bk

I'm gonna just throw a few bucks a months at bitcoin and ethereum and see what happens in ten years. XRP is tempting.
Have some friends who lost a lot of money last couple years, but the ones who just held tight are doing very well.

That’s the key, just hold the dang thing (BTC). If you have any belief in 50k+ happening there is no need for trying to trade it. Like forex there are transfer fees and the sale price never quite matches the buy price

[Etschell]

Crypto is wallstreets next big thing. It is worth a speculative bet imo. Not for everyone i agree. But if you have risk tolerance and are young it would be foolish not to make an investment.

Ethereum to me has the most upside. It is basically a tech platform. How much is Apple worth? Google? You can laugh at my comparison but I am not worried.

Once Visa or Amex uses ethereums block chain it is over. It isnt going anywhere.

Decentralized finance is going to give banks a big run for the money. But ask yourself the truth. Why are Citibank and JPMorgan calling for bitcoin to hit 140k or 318k?

[huncho]

Originally Posted by Etschell

Crypto is wallstreets next big thing. It is worth a speculative bet imo. Not for everyone i agree. But if you have risk tolerance and are young it would be foolish not to make an investment.

Ethereum to me has the most upside. It is basically a tech platform. How much is Apple worth? Google? You can laugh at my comparison but I am not worried.

Once Visa or Amex uses ethereums block chain it is over. It isnt going anywhere.

Decentralized finance is going to give banks a big run for the money. But ask yourself the truth. Why are Citibank and JPMorgan calling for bitcoin to hit 140k or 318k?

are you 50/50 in btc/eth currently or more heavily towards one?

[Etschell]

Originally Posted by huncho

are you 50/50 in btc/eth currently or more heavily towards one?

70 eth 30 btc

I also like balancer for a pure gamble. Basically piss away money.

[Mifune]

Originally Posted by karl47

I would like to start buying cryptocurrency, since bitcoin is growing now and it seems to me that this is a fairly profitable business

:facepalm:

[chadwick4eva]

All cryptos tanked 15% overnight. Wouldn't be surprised to see it crash hard in the next few days. Maybe people are finally realizing they've been duped by some conspiracy theory about a "new world reserve currency" and that the "dollar is going to be replaced by crypto." It is a digital commodity and clearly a volatile one at that.

The shear number of crypto scams on youtube is astounding. Usually goes something like "So and so trader made me $50k profit on $5k bitcoin investment," dm me on snapchat/instagram. They also have their own comment and bot armies who give 50+ upvotes with a bunch of validating comments "oh yeah that person made me so much money," etc.

[chadwick4eva]

Originally Posted by karl47

I would like to start buying cryptocurrency, since bitcoin is growing now and it seems to me that this is a fairly profitable business

The bitcoin bots have finally hit the rolex forum

[Laszlo]

Parabolic curve, saw this coming from a mile away.

[Uggi]

Originally Posted by karl47

I would like to start buying cryptocurrency, since bitcoin is growing now and it seems to me that this is a fairly profitable business

What on earth are you talking about?

[Etschell]

Its crypto. Nothing crazy yet. 13k btc or so ill buy more.

[Paul7]

Originally Posted by chadwick4eva

All cryptos tanked 15% overnight. Wouldn't be surprised to see it crash hard in the next few days. Maybe people are finally realizing they've been duped by some conspiracy theory about a "new world reserve currency" and that the "dollar is going to be replaced by crypto." It is a digital commodity and clearly a volatile one at that.

The dollar will crash before cryptos do. I'd like to know what choice the US has with our debt other than continuing to devalue the dollar or defaulting.

https://www.usatoday.com/story/money...cy/3396627001/

[chadwick4eva]

Originally Posted by Paul7

The dollar will crash before cryptos do. I'd like to know what choice the US has with our debt other than continuing to devalue the dollar or defaulting.

https://www.usatoday.com/story/money...cy/3396627001/

Let me guess- you are also convinced that the USA is the next Venezuela or Cuba? If so, check out the show "doomsday preppers."

"The collapse of the US is nigh, everyone, a new world order is forming and it's all based on bitcoin! Trust me!"

Puh-leaze... the US and the dollar are going to be fine.