Anyone investing in this Crypto?

[Guest]

In general, the ignorance is strong in this forum. Do a few hours of research and be surprised at how technology will change commerce and lives.

You presume I’m ignorant because I disagree with you? I don’t need to research it…it’s the world I live in every day.

 

you’re an adult. Do what you want, but the fact that you’d call anyone ignorant implies that you may have talked yourself into believing what you’re saying but may still have some inherent uncertainty in your conviction.

 

I’m not going to call you ignorant. But my assertion is simple - history always repeats itself and with every new wave, smart people find ways to justify why “this time is different”.

 

again, know when to get out. Why? Because pigs get fat but hogs get slaughtered. ✌

[Guest]

@Calix_V2, I’ll add one more thing and then I’ll shut up. You reference the Venezuelan experience above. There’s one more relevant data point. It’s no coincidence that Global rules on beneficial interest reporting were going into effect at that time. This made it harder for criminals to “hide money”…BTC was preferable to anyone trying to hide money in layered accounts….back to demand driven by the action of government driving demand and pricing up…just like actions of government toward oversight that will eventually have the opposite effect. It’s just a matter of time imho

[CalTec]

@BnaC Given that this is the world I also live in, I draw opinions from facts and stand by them. There's no need to convince myself, numbers don't lie. If you see it differently, good on you. As mentioned in a previous post, these comments reaffirm to those who are crypto proponents that we are still early.

 

Kindly revisit this thread a year from now and tell me there's no case for crypto in today's world and theres no intrinsic value to it.

[Guest]

@BnaC Given that this is the world I also live in, I draw opinions from facts and stand by them. There's no need to convince myself, numbers don't lie. If you see it differently, good on you. As mentioned in a previous post, these comments reaffirm to those who are crypto proponents that we are still early.

 

Kindly revisit this thread a year from now and tell me there's no case for crypto in today's world and theres no intrinsic value to it.

I wish you wealth and prosperity

Edited May 8, 2021 by BnaC

[Typical]

The one thing I am certain of on this topic that that most, if not all, crypto "currencies" will some day go to zero. The two questions are (1) how high will they go and how much volatility will they experience in the meantime and (2) WHEN will they finally go bust. Great fortunes will be made and lost during the ride whether that ride be 24 hours or 24 years.

 

Bitcoin is widely accepted by legitimate businesses now, but, with rare exception, upon receipt they IMMEDIATELY convert into a national currency. They do it to appease their customers who wish, for whatever reason, to trade in crypto.

 

I have money in several crypto currencies. I do not consider it an investment per se. It's essentially speculation or gambling. Nothing wrong with doing either, but just don't bet the farm.

 

Have fun at the casino! And good luck.

[+ DynamicUno]

I don't get the condescenion towards people who are cautious about investing in or using cryptocurrencies. It's still highly speculative and niche tertiary coins like the one mentioned in the OP with limited audiences can be easily manipulated. There's also real world economic distortions being at least partially driven by crypto mining activities, such as the current semiconductor shortage and the amount of electricity used by mining, that may lead to significant pushback by the governments of several nations in the coming years.

 

There's nothing wrong with putting money in speculative trading like crypto, but telling people that there's no risk of a bubble bursting causing them to lose their money is irresponsible at best.

[HoleTrainer]

Dogecoin is a joke…it wasn’t institutional buying that made it go up 12,000%

 

so, my advice TODAY is that you figure out where your exit point is…because selling early is the only way one makes money in a bubble. I won’t predict days, weeks, or years….but the reckoning will come.

 

Dogecoin IS a joke AND a bubble. Bitcoin and Ethereum are the future of global finance. People invested in Dogecoin DO need to figure out their exit point because it intentionally is designed to have no scarcity. Not all cryptos are created equal.

[alexslaveboy]

I admit to knowing absolutely nothing about CRYPTO other than it was the name of superman's dog ?

 

But 2 twentysomething co workers the other day told me that they invested $1500. in bitcoin currency and have made almost $30,000

That seems insane to me

 

My 401k is simply just blue chip stocks through Fidelity and I'm lucky if I gain 1500. in a year........

[Guest]

Bitcoin and Ethereum are the future of global finance.

Ponder this please - money has three characteristics. It is a medium of exchange, a store of value, and a unit of account. as a medium of exchange, MasterCard/Visa and Venmo are much more efficient. As a store of value, commodities have an intrinsic demand linked to the things that are made with them and provide a floor to value; fiat currency has the backing of a taxing authority with good faith and credit that gives it value. Crypto only offers a unit of account...but personally I remain unconvinced of its security as such in its “Wild West” environs

[CalTec]

@HoleTrainer as I've said before, let them revisit this thread a year from now. No getting through to people who are clinging to the antiquated economic rails that will eventually be replaced by the modern rails of our time.

[Bucky]

"Dogecoin lost more than a third of its price on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show."

Edited May 9, 2021 by Bucky

[CalTec]

"Dogecoin lost more than a third of its price on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show."

As predicted. I hope it goes to zero and projects with actual fundamentals eat up that marketcap.

[HoleTrainer]

as a medium of exchange, MasterCard/Visa and Venmo are much more efficient.

 

As an escort, I can say that mediums such as Mastercard/Visa, Venmo, and banks, are not secure for my use purposes. Efficiency is not the only relevant parameter to consider. All the aforementioned institutions can close my account at any time and keep my funds, sometimes indefinitely. Cryptocurrency provides both security and privacy under the best of circumstances. Not all cryptos are secure, private, AND efficient. However, many cryptos offer at least a couple of these features, and as blockchain and crypto technology improves, more and more options will develop that meet all of these needs. As for the claim that credit cards and Venmo are more efficient, I also tend to disagree. When I accept a deposit with Bitcoin, the value is truly mine in less than an hour generally. No one can ever take it away from me. I hold those coins now. With CCs or Venmo, the processing company truly owns that value for much longer than an hour. I don't actually receive those funds for days afterward. Venmo has instant deposit as an option, but you'd better BET they will reach into your bank account and take the money back after giving it to you if they change their mind about it.

 

fiat currency has the backing of a taxing authority with good faith and credit that gives it value

 

Good faith in fiat currency and the authorities that back it has been waning for a very long time. It's not sustainable for currency to have its value dictated at the whims of whatever political party happens to be in control at the time. And leaves a lot of room for dangerous political manipulation. In India, the ruling party devalued almost all paper currency in the entire country overnight as a way to kneecap their political opponents (most election funding comes from black market cash) after converting their black market cash into real estate and other assets in advance of the announcement, then sold it to the Indian people as being a patriotic move to fight against criminals laundering. I lived there at the time and experienced the reality of everyone's money suddenly becoming worthless at the whims of politicians. The multi-hour lines at every ATM in the entire city. Taxi drivers and street hawkers who live hand to mouth, without work for days/weeks because no one had any cash. Not saying that this specific situation is the entire problem with fiat currency. But just a poignant example of why people have lost faith in the current system and are moving on to something better- currency that runs on technology instead of politics.

[Guest]

As an escort, I can say that mediums such as Mastercard/Visa, Venmo, and banks, are not secure for my use purposes. Efficiency is not the only relevant parameter to consider. All the aforementioned institutions can close my account at any time and keep my funds, sometimes indefinitely. Cryptocurrency provides both security and privacy under the best of circumstances. Not all cryptos are secure, private, AND efficient. However, many cryptos offer at least a couple of these features, and as blockchain and crypto technology improves, more and more options will develop that meet all of these needs. As for the claim that credit cards and Venmo are more efficient, I also tend to disagree. When I accept a deposit with Bitcoin, the value is truly mine in less than an hour generally. No one can ever take it away from me. I hold those coins now. With CCs or Venmo, the processing company truly owns that value for much longer than an hour. I don't actually receive those funds for days afterward. Venmo has instant deposit as an option, but you'd better BET they will reach into your bank account and take the money back after giving it to you if they change their mind about it.

 

 

 

Good faith in fiat currency and the authorities that back it has been waning for a very long time. It's not sustainable for currency to have its value dictated at the whims of whatever political party happens to be in control at the time. And leaves a lot of room for dangerous political manipulation. In India, the ruling party devalued almost all paper currency in the entire country overnight as a way to kneecap their political opponents (most election funding comes from black market cash) after converting their black market cash into real estate and other assets in advance of the announcement, then sold it to the Indian people as being a patriotic move to fight against criminals laundering. I lived there at the time and experienced the reality of everyone's money suddenly becoming worthless at the whims of politicians. The multi-hour lines at every ATM in the entire city. Taxi drivers and street hawkers who live hand to mouth, without work for days/weeks because no one had any cash. Not saying that this specific situation is the entire problem with fiat currency. But just a poignant example of why people have lost faith in the current system and are moving on to something better- currency that runs on technology instead of politics.

You do understand that you just validated the concern I’ve expressed, right?

If crypto is safer for the underground economy, then it’s value is inherently at risk to government intervention. Say what you want about confidence in fiat currency, but it’s still the domain of legitimate government with sovereign capacity to change the rules at will.

 

But alas, let’s see what the future holds. I’ll never say there’s not money to be made…but the profit is subject to knowing when to get out. DotCom and MBS lasted nearly a decade until their bubbles popped.

[Typical]

You do understand that you just validated the concern I’ve expressed, right?

If crypto is safer for the underground economy, then it’s value is inherently at risk to government intervention. Say what you want about confidence in fiat currency, but it’s still the domain of legitimate government with sovereign capacity to change the rules at will.

 

But alas, let’s see what the future holds. I’ll never say there’s not money to be made…but the profit is subject to knowing when to get out. DotCom and MBS lasted nearly a decade until their bubbles popped.

 

Wise words, indeed.

 

Toys.com was all the rage. Right up until it wasn't.

[CalTec]

as a medium of exchange, MasterCard/Visa and Venmo are much more efficient.

 

You're right! They are more efficient, now. They've upgraded to cater to those who embrace today's technology instead of settling with the aging financial structures of the past that you may be comfortable and accustomed to. So you're saying that these large players are now less efficient in your eyes due to the inclusion of crypto?

 

https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/

https://usa.visa.com/solutions/crypto.html

https://www.theverge.com/2021/4/20/22392274/venmo-cryptocurrency-support-buy-sell-hold-bitcoin

[HoleTrainer]

If crypto is safer for the underground economy, then it’s value is inherently at risk to government intervention.

 

Oh, I absolutely agree about this. And it was a huge concern of mine up until about 6 months ago. At this point, tho, there are far too many rich and powerful individuals and institutions involved in crypto for it to seem likely to me that the US government will outlaw it. We all know that financial institutions have an extraordinary amount of control over US financial policy. And even if the governement(s) do overreach, I see a mere suppression of the price due to over-regulation (yes this would mean a crash) and not a curtailing of the asset class. But it's like you said, we will see what happens. My financial plan is only 5-10 years in crypto anyway and then planning to put at least half of what I have by then into real estate. I think that major world powers like China and the US seem to be trending toward embracing crypto tho, and looming world powers like India who have cut off it's peoples' access to Bitcoin due to social facism will see themselves fall behind globally as a result of this decison and other related political decisions. But we will see.

[+ FrankR]

Oh, I absolutely agree about this. And it was a huge concern of mine up until about 6 months ago. At this point, tho, there are far too many rich and powerful individuals and institutions involved in crypto for it to seem likely to me that the US government will outlaw it. We all know that financial institutions have an extraordinary amount of control over US financial policy. And even if the governement(s) do overreach, I see a mere suppression of the price due to over-regulation (yes this would mean a crash) and not a curtailing of the asset class. But it's like you said, we will see what happens. My financial plan is only 5-10 years in crypto anyway and then planning to put at least half of what I have by then into real estate. I think that major world powers like China and the US seem to be trending toward embracing crypto tho, and looming world powers like India who have cut off it's peoples' access to Bitcoin due to social facism will see themselves fall behind globally as a result of this decison and other related political decisions. But we will see.

Indeed, we will see. Bill Maher mentioned it a few weeks ago. He made some very interesting points.

[KeepItReal]

Indeed, we will see. Bill Maher mentioned it a few weeks ago. He made some very interesting points.

Tinkerbell's light! That is awesome! ??

[BuffaloKyle]

This NFL player who just got cut by Kansas City was gonna convert his whole salary if he made the team to Bitcoin.

 

https://www.espn.com/nfl/story/_/id/31422454/te-sean-culkin-wanted-salary-converted-bitcoin-released-kansas-city-chiefs

[Typical]

Indeed, we will see. Bill Maher mentioned it a few weeks ago. He made some very interesting points.

 

Bernie Madoff kept his game alive for 20 years, so just about anything is possible I suppose. But when this crypto currency mania ends, and it will certainly end, it's going to be an amazing mess.

 

A friend of mine swears cryptocurrency is here to stay and is taking over the world. To listen to him is like hearing an evangelical preacher certain of everlasting heaven. It's practically religion to a whole lot of people. They literally spend hours each day thinking or talking and/ or speculating in....cryptocurrency. Something that does nothing. And that's what makes it so crazy and ultimately dangerous.

 

I own some cryptos. They aren't an investment, per se. They are gambling. I haven't bet the farm. I hope I recognize when to get off. We'll see!

 

And of course big banks are getting involved. They are setting up funds (primarily or exclusively with other people's money, BTW) and trading operations that earn commissions. But are they holding the stuff in any sort of material amount on their own balance sheets? OF. COURSE. NOT.

 

Yes, there is demand for alternative payment systems (a whole lot of it illegal). But who says that medium is going to remain cryptocurrency? And who in the hell says a unit of Bitcoin is worth $55k or will remain at $55k? The price is random depending on any recent waive of enthusiasm or pessimism.

 

If Mercedes will sell you a low end model of their cars for one bitcoin today, which as a "value" of $55k, when bitcoin drops to $27.5k they are going to charge you two bitcoins for the same product. And that is because they immediately change the bitcoin they receive into real money and that is how they price their product.

 

Crypto is a bubble like no other.

[HoleTrainer]

Apologies for the provocative title, but this article is a fascinating and valuable read...

https://bitcoinmagazine.com/culture/check-your-financial-privilege

 

"While Western headlines focus on Coinbase going public, Tesla buying billions of dollars’ worth of Bitcoin and tech bros getting fabulously rich, there is a quiet revolution happening worldwide. Until now, governments and corporations have controlled the rules of money. That is changing.

 

"To learn more, the author spoke to Bitcoin users in Sudan, Nigeria and Ethiopia, three countries with a combined population of 366 million, well in excess of the number of individuals living in the United States."

[CalTec]

Apologies for the provocative title, but this article is a fascinating and valuable read...

https://bitcoinmagazine.com/culture/check-your-financial-privilege

 

"While Western headlines focus on Coinbase going public, Tesla buying billions of dollars’ worth of Bitcoin and tech bros getting fabulously rich, there is a quiet revolution happening worldwide. Until now, governments and corporations have controlled the rules of money. That is changing.

 

"To learn more, the author spoke to Bitcoin users in Sudan, Nigeria and Ethiopia, three countries with a combined population of 366 million, well in excess of the number of individuals living in the United States."

 

This guy gets it.

[Guest]

I need to research this more, but It’s occurred to me that crypto may be the equivalent of the bank notes that existed as “paper money” in the 19th century.  It didn’t work then...notes from banks with poor reputation could be rendered worthless in the market place by false rumors and even “runs” on the bank could be triggered by mean competitors.  If I recall correctly, the shortcomings of this system laid the foundation that led us to the establishment of “legal tender.”  If my recollection is correct, then the only future of crypto will be as a government sponsored token....not the “Wild West” attributes of what exists now...

[+ E.T.Bass]

Since the OP on April 20th, crypto is way down.  For example, Bitcoin was already sinking from its peak when the OP mentioned crypto was an interesting investment, and since then is down another 30% from the April 20th close.

I trust anyone that invested in crypto during April can afford their losses.

 

The Motley Fool gathered as many bad ideas as they could find to warn us.

Their forte is stocks, so perhaps no surprise the article is one sided against.