Yes, there is something to be said for having a pocketful of single dollar bills when needed.......
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Musicians Accepting Bitcoin
- Thread starter Stickclick
- Start date
Vistalite Black
Ludwigs in the Basement
Are the Crypto boosters on DFO still enthusiastic about this bold investment strategy? https://www.cnbc.com/2022/06/15/bit...cent-of-its-value-this-year-what-to-know.html
Rotarded
Very well Known Member
Absolutely.
Those who got in near the top of the cycle are down big. But, this is just like the stock market, and NOT a get rich fast scheme.
I have been in over 5 years, and I am still up more than 300% to date. Now I just wait for the cycle to play out, and the market to do the lifting once again.
notINtheband
DFO Veteran
It’s been 7 months,
How is the crypto market doing as a whole? I read about one of them (ftx) going under but didn’t know about the others.
mfry2112
DFO Star
Total pyramid scheme
mydadisjr
DFO Veteran
I have been in the stock market for YEARS, and considering getting some Bitcoin when it first got popular five years ago when a fellow worker was getting into it (I never did buy any crypto). I researched it well, and decided it was basically smoke and mirrors.
Sorry, but crypto is based on NOTHING (well, less than nothing... you have to waste tons of energy that costs lots of $$$... to create it in the first place).
Its only value is in its "next fool" concept. You are betting on the next fool to pay YOU more than you paid for your crypto.
It cannot be used as monetary value because it fluctuates so wildly and is completely unregulated.
To compare crypto to the stock market is ludicrous. I have invested in stocks and bonds for years, they are based on REAL items/products/services/companies (ever heard of WALMART, GENERAL MOTORS or APPLE?). I made decent money consistently, slowly.
Crypto is indeed a ponzi - pump and dump - pyramid scheme that will eventually wither and die.
If you think crypto is going to shake off this FTX multi-billion dollar loss/scandal deal and get roaring again, you are are betting on a lame horse.
Sorry, but crypto is based on NOTHING (well, less than nothing... you have to waste tons of energy that costs lots of $$$... to create it in the first place).
Its only value is in its "next fool" concept. You are betting on the next fool to pay YOU more than you paid for your crypto.
It cannot be used as monetary value because it fluctuates so wildly and is completely unregulated.
To compare crypto to the stock market is ludicrous. I have invested in stocks and bonds for years, they are based on REAL items/products/services/companies (ever heard of WALMART, GENERAL MOTORS or APPLE?). I made decent money consistently, slowly.
Crypto is indeed a ponzi - pump and dump - pyramid scheme that will eventually wither and die.
If you think crypto is going to shake off this FTX multi-billion dollar loss/scandal deal and get roaring again, you are are betting on a lame horse.
As a concept, it had promise. Being able to send money to a person, completely settled in a matter of minutes, bypassing the traditional banking system is incredible. In practice, it's more complicated and so far unworkable, since to retain the value of what you recieved, you have to cash out immediately. Unless you're just going to let it ride. And to cash out, you kind of still need the banking system. There are some interesting projects out there, but I'm not putting my money in, that's for sure.
Blue Zurich
Well-Known Member
I lump it in with all the social network non essential jobs out there. The Internet spawned a LOT of nothing and millions have found a way to make millions /billions from it. It's a Kardashian Effect. Famous for what? For being famous of course!
I like tangible.
I like tangible.
retrosonic
DFO Master
i say we go back to a barter system!
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Rotarded
Very well Known Member
The next 12 to 18 months will tell, as we enter the new 4 year cycle.
I have studied crypto full time since 2017. I still am convinced that it is the future. If you are relying on mainstream media for your information, you are uninformed.
The FTX situation has far more to do with failure, both internally and externally, to audit accounting, reports, and transactions of a publically held corporation, than it has to do with cryptocurrency.
100% all in. Nothing anyone here can add will alter my opinion.
I have studied crypto full time since 2017. I still am convinced that it is the future. If you are relying on mainstream media for your information, you are uninformed.
The FTX situation has far more to do with failure, both internally and externally, to audit accounting, reports, and transactions of a publically held corporation, than it has to do with cryptocurrency.
100% all in. Nothing anyone here can add will alter my opinion.
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Rotarded
Very well Known Member
You realize that you just described the US dollar since it came off the gold standard in 1971, right??
You might want to research how money/currency gets it's value. In modern times it is simply peoples trust.
The US dollar gets it's value from the populations trust. The US Govt is printing currency at an unprecidented rate, using power and paper, to prop up the economy to "maintain" that trust. How long do you think that will last??
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I like your skepticism and generally agree with your assessment of the united states government and its banking system. However, imo bitcoin is still a ponzi scheme. Sounds like you got in early and are making good coin. Cash out while you're ahead. Good luck and enjoy the tropics!
mydadisjr
DFO Veteran
I agree that the govt has done some VERY reckless money printing lately, but I have moved all my retirement money out of stocks / bonds / real estate and into various online REGULATED banks accounts (Goldman Sachs, Schwab, Wells Fargo etc) and also into Brokered CDs (thru Vanguard), all of which is paying me approx 5% percent interest CASH every month. I have a decent monthly income from my nest egg. All my money is 100% safe (remember, it is all stashed in various bank savings accounts or CDs). My money is federally insured by FDIC up to $250,000 per account.
You ask how long do I think it will last... I think it will last until the day I die.
On the other hand, you have your money tied up in a completely unregulated scam based on nothing. You have drunk the Kool-Aid of "never trust the government, it will collapse next week", yet your crypto system is fraught with scams, ripoffs, massive failures (FTX), drug money etc. I certainly do not think the current banking system is perfect, but it has served me well for the 30 years I have been investing, and is well regulated.
Sure, some folks such as yourself who got in early have made big gains with crypto (just as some make money being at the top of a pyramid scheme) but crypto is a failed system based on nothing and the FTX deal shows that it is dying. Cash out now while you are ahead, before you are the one to get burned in the next FTX style collapse (and there will be another collapse) and your crypto money vanishes.
Rotarded
Very well Known Member
REGULATED by whom? Governments.
My "Kool-aid" is a degree in economics, a lifetime of reading history, and 5+ years of full time research (job) into the blockchain and it's projects.
Take a deep dive into the history of currencies. Most have failed due to the collapse of governments, most tied to corruption. Recent example: Turkey.
I very much understand your points. I am not foolishly betting the ranch by keeping it all into a single asset/class and waiting for it to lift me.
Yes I've made good money, but as any educated and sucessful investor does, I set stop losses and yield farm traditional stocks. Sell the top, buy the bottom. I also invest in land, as it's safer than government backed monies.
BTW, All of the investment companies you mention above have crypto derivative offerings and/or currently, or have announced the intent to, invest in crypto related venures. Are they drinking the same stuff I am??
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I had a friend try and talk me into crypto last year , when he said the IRS was mad they couldn’t track it I knew it wasn’t right .
Rotarded
Very well Known Member
The blockchain is very public. ANYONE with a computer and internet access can track it. Even if it was mined by you (off-grid), once you move it, it's trackable...and someome is always watching.
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Most people holding Bitcoin now hope to cash out for more US dollars in the future (by selling to the greater fool). At least for the moment, it's simply a get rich quick scheme.
Until the price is way more stable, and until the government starts accepting it as a form of payment for taxes, buying Bitcoin is purely a speculative gamble.
Until the price is way more stable, and until the government starts accepting it as a form of payment for taxes, buying Bitcoin is purely a speculative gamble.
Rotarded
Very well Known Member
We
Well played!
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I've been quietly following this thread knowing the shoe will inevitably drop.
It made a pretty big noise.
The thought of giving my hard earned money to some scrubby living with the soap deficient coders in a bungalow whispering "no really, you can trust us as we save the planet" ... that's not gonna happen.
Good luck to those that fall into this "decentralized Ponzi scheme" ... I believe that's what the prosecutor's are calling this ... ref. Banana.Fund, FTX, etc.
People get duped each and every day ... nothing new.
It made a pretty big noise.
The thought of giving my hard earned money to some scrubby living with the soap deficient coders in a bungalow whispering "no really, you can trust us as we save the planet" ... that's not gonna happen.
Good luck to those that fall into this "decentralized Ponzi scheme" ... I believe that's what the prosecutor's are calling this ... ref. Banana.Fund, FTX, etc.
People get duped each and every day ... nothing new.
