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Discussion in 'West Mall' started by AC, Mar 25, 2020.
Good luck in the casino, Chop.
Fed coin failed. Bitcoin which is anarchic still lives and is building.
How about FTX? How is it doing?
Yeah. Fed coin. It failed.
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.
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.
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.
Read this article. The crypto bros nearly brought down the entire banking industry:
Rich Bank Dumb Bank
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.
Everything monetary can be manipulated including blockchain which is the styrofoam that supports crypto. It is a Ponzi Scheme plan and simple.
Not only is it not illegal to steal crytpo currencies in many foreign countries, but the governments are actually enabling it.
This is an argument against government not cryptocurrency.
It's an argument against both, but I'm not putting my $ in an investment where 5% of it is stolen.
You will have to explain what you are talking about. Currently USD in your bank account loses more than that in value every year.
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.
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.
Bitcoin and Ethereum up about 40% over the last week. How can that be?
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.