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Topic: Possible drawback on using Crypto currencies? - page 2. (Read 1313 times)

b!z
legendary
Activity: 1582
Merit: 1010


I LOL'd so hard at this, I could not retain myself from laughing. Thinking of bitcoin is hightailing right under golds ass.

What's amazing is how much bitcoin has grown in such a short amount of time.

There was some chart which compared bitcoin vs gold vs litecoin vs lots of other investments, and it showed bitcoin was the best performing out of them all.

Can't find it right now though
b!z
legendary
Activity: 1582
Merit: 1010
legendary
Activity: 1904
Merit: 1074
This is just the point I wanted to make here. More people should see the benefit of investing early in Crypto currency.

Example 1: $100 deposited into a bank in 2009, with a fixed interest rate of 8% month on month, would look like this:

 1 : 108.29
 2 : 117.28
 3 : 127.02
 4 : 137.56
 5 : 148.98
 6 : 161.35

Total money in the bank after year 6 = $161.35

Got that from using, http://www.math.com/students/calculators/source/compound.htm {If the calculations is flawed, do not blame me, I was lazy.}

Compare that to Relnarien's investment result, it's clear, we can take $100 and invest it for 6 years in all existing crypto currencies, and hope only 1 of them, grow
as fast as "Bitcoins" and be a Millionaire.  Shocked {Simplified reasoning}

The initial investment, would have been  $30 000 {If you invested in 300 different currencies now}

full member
Activity: 165
Merit: 100
You've completely lost me here.  Cheesy
sr. member
Activity: 399
Merit: 257
If I'm not mistaken, Bitcoin was valued for as low as $0.01 back when it was starting. It may have been valued even less, but let's peg it at 1 cent for the sake of this discussion. $100 would then have gotten you 10k coins. For the sake of simplicity, let's peg the price of Bitcoin today at an even $500. 10k Bitcoins would then easily net you a cool 5 mil. I don't know what interest rate your bank offers, but I'm pretty sure you won't be getting back 5 million even if you left your hundred bucks untouched for 5 whole years.
legendary
Activity: 1904
Merit: 1074
Ok...

Explain this to me, if I am missing the point here or not.

If I have $100 back in 2009 and I kept it in a bank, I would have received interest.  {insert someone with the knowledge of the average interest rate for small deposits since then} Do the calculation for us, with accumulated interest.

Then I invested the same $100 in 2009 in Bitcoins. What would my returns be in today's valuation?

What would have been the better investment? {Would surely be "Bitcoins"... but with how much compared with accrued interest, month on month}

Let's see, who can work this out, best.

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