Crypto Currency

Discussion in 'West Mall' started by AC, Mar 25, 2020.

  1. Sangre Naranjada

    Sangre Naranjada 10,000+ Posts

    Good luck in the casino, Chop.
     
  2. mchammer

    mchammer 10,000+ Posts

     
    • Funny Funny x 5
  3. mchammer

    mchammer 10,000+ Posts

  4. mchammer

    mchammer 10,000+ Posts

     
    • Funny Funny x 3
  5. Monahorns

    Monahorns 5,000+ Posts

    Fed coin failed. Bitcoin which is anarchic still lives and is building.
     
  6. Sangre Naranjada

    Sangre Naranjada 10,000+ Posts

    How about FTX? How is it doing?
     
  7. Monahorns

    Monahorns 5,000+ Posts

    Yeah. Fed coin. It failed.
     
  8. Sangre Naranjada

    Sangre Naranjada 10,000+ Posts

    My point is, there are LOTS of ways for investors to think they are getting into Crypto in a safe(r) manner, but are really exposing themselves to tremendous risk.

    Crypto isn't a suitable investment for the vast majority of people.
     
    • Agree Agree x 1
  9. Chop

    Chop 10,000+ Posts

    Yep. Which (I would think) is why many of the folks who dabble in this sort of stuff, do so with a very small % of their assets. And they often get in and get out quickly.
     
  10. Monahorns

    Monahorns 5,000+ Posts

    The main thing is reading up one how the crypto is structured. Decentralized, anonymous, distributed systems can't be manipulated, like bitcoin or ethereum. FTX was centralized and involved in moving Fed money around to politicians and celebrities. Stay away from currencies which are popular to those in power and prestige.

    I don't really see crypto as investment at all. I see it as a way of creating a new currency and economy. A secondary effect is that short term the coin value goes up in $ designations. But that misses the point. The point is to hold the currency now to signal to the builders that there is demand for it.
     
  11. mchammer

    mchammer 10,000+ Posts

    Read this article. The crypto bros nearly brought down the entire banking industry:

    Rich Bank Dumb Bank
     
  12. Monahorns

    Monahorns 5,000+ Posts

    It isn't crypto bros fault that the ENTIRE banking system is on the verge of failure. All that has to happen for EVERY bank to fail is for 20% of depositors to try to cash out. The whole thing is a sham.
     
  13. iatrogenic

    iatrogenic 2,500+ Posts

    Do tell.....
     
  14. ViperHorn

    ViperHorn 10,000+ Posts

    Everything monetary can be manipulated including blockchain which is the styrofoam that supports crypto. It is a Ponzi Scheme plan and simple.
     
    • Agree Agree x 2
    • Disagree Disagree x 1
  15. Run Pincher

    Run Pincher 2,500+ Posts

    Not only is it not illegal to steal crytpo currencies in many foreign countries, but the governments are actually enabling it.
     
    • Funny Funny x 1
  16. Monahorns

    Monahorns 5,000+ Posts

    This is an argument against government not cryptocurrency.
     
    • Like Like x 1
  17. Run Pincher

    Run Pincher 2,500+ Posts

    It's an argument against both, but I'm not putting my $ in an investment where 5% of it is stolen.
     
  18. Monahorns

    Monahorns 5,000+ Posts

    You will have to explain what you are talking about. Currently USD in your bank account loses more than that in value every year.
     
    • Winner Winner x 1
  19. Run Pincher

    Run Pincher 2,500+ Posts

    I certainly don't leave my $ in an account bearing no interest.
    Report: $1.9 billion stolen in crypto hacks so far this year | CNN Business

    And it's not a universal 5% from every owner. You could be the one that gets wiped out.
     
  20. Monahorns

    Monahorns 5,000+ Posts

    Ethereum isn't decentralized which is why it can be vulnerable to hacking. I like Ethereum but this is an obvious weakness that needs to be fixed. Also, exploited through financing websites. So the issue could be more there than the crypto itself.

    The interest paid in a bank account at this point still doesn't reverse the value loss through inflation. If it did you save for retirement simply by holding cash reserves in a savings account.
     
    • Like Like x 1
  21. Monahorns

    Monahorns 5,000+ Posts

    Bitcoin and Ethereum up about 40% over the last week. How can that be?
     
    • Like Like x 1
  22. AC

    AC 2,500+ Posts

  23. AC

    AC 2,500+ Posts

    Bitcoin averages 160%+ per year since 2009. Hold it offline long term, and your returns exceed hedge funds! I’m up 400% since 2020. These arguments that inflation is low and Bitcoin is too volatile ignore the longterm trends! I sold all stocks! I hold Bitcoin and some Gold, Silver, Art. Bitcoin could easily double this year at some point. From $28,800 where it is now.
     
  24. Driver 8

    Driver 8 Amor Fati

    Almost one year to the day from this post, bitcoin is at $70,000
    :e-thinking:

    btcusd-1year.jpg
     
    • Hot Hot x 1
    Last edited: Mar 25, 2024 at 9:03 PM
  25. Monahorns

    Monahorns 5,000+ Posts

    Now I have to wait until it comes down again before I buy more. I missed the latest dip. Kicking myself.
     
  26. Driver 8

    Driver 8 Amor Fati

    Give it a few minutes :smile1:
    It ran up to about $74k a couple weeks ago, then closed at $62k a few days later
    I wonder how much of that is related the ETFs that were approved in January
    A lot of money has poured into those
     
    • Hot Hot x 1
  27. Monahorns

    Monahorns 5,000+ Posts

    The ETFs is what I heard and soon another halving will occur, so I could go up again. I will wait until it gets down to 40k or lower, because I think it will go back up to the current again sometime or beyond.
     
  28. Chop

    Chop 10,000+ Posts

    You called it right about a year ago.

    :clap:
     

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