Gold Supporting Member
- Feb 16, 2016
- Reaction score
- Pebble Beach, CA
Absolutely.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
It’s been 7 months,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.
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.
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!I'm done talking. Believe what you want to believe. This so called "ponzi" has been under public scrutiny for over a decade, yet it is growing at a faster rate than the advent of the internet. Go figure?
This is far to complex to understand in a few hours, or days even, but understand those who are fighting it, or waging propaganda wars against it, don't understand it fully either. They are simply threatened by it i.e. Central Banks and Governments. The largest corruptible organizations on the planet.
I will however, be the one who admits defeat if it fails to change the world. Conversely, I will also be the one saying I told you so.
I have made my retirement from it. I leave tomorrow for a Carribean island for a month, and then after Christmas begin a 6+ month journey to find investment properties outside this Country in shambles, from an 80 foot yacht.
Hasta luego my fellow drum enthusiasts!
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??
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.
REGULATED by whom? Governments.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.
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.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 .