Anyone Into Crypto?
- Thread starter Deadpan
- Start date
sleewell
Roadie
- Messages
- 997
Fuck that shit. I feel like it's a few whales that control the entire market. I guess you can say that about everything but still.
I put some of the stimulus we got a few years ago into it like a dumbass and it tanked like right after lol. I'm just waiting for it to get back to where I bought in and I'm out.
I put some of the stimulus we got a few years ago into it like a dumbass and it tanked like right after lol. I'm just waiting for it to get back to where I bought in and I'm out.
Last edited:
- Messages
- 1,231
Understand for sure. I'm in a similar situation in stocks.
My interest is mostly in there lower level "meme coins."
And not looking to put a lot in.
Hasn't bitcoin been trading around all time highs?
- Messages
- 1,231
From my view it is fueled by pop culture and held up by the dark web. Kinda like a religion, where you have true believers and those that use it to their advantage.
I see Fried as an unlikely business man that had no business being one. Anyone can stumble on a fortune and ruin it.
I am thinking AI will eventually crack the Bitcoin code.
Mongillo19
Rock Star
- Messages
- 4,135
I feel like it's just another form of gambling (which yeah what isnt these days and one could argue stocks in general are) so if you go in with that mindset you should be good and not set up for disappointment. Obvious disclaimer of I'm not a financial advisor or broker 
I usually am boring and just slam VT stock
My one friend got into Doge coin as a meme and made a few hundred dollars for what it's worth lol
I usually am boring and just slam VT stock
My one friend got into Doge coin as a meme and made a few hundred dollars for what it's worth lol
- Messages
- 1,231
I've installed the apps for the major coins incase in need to accept a payment some day.I feel like it's just another form of gambling (which yeah what isnt these days and one could argue stocks in general are) so if you go in with that mindset you should be good and not set up for disappointment. Obvious disclaimer of I'm not a financial advisor or broker
I usually am boring and just slam VT stock
My one friend got into Doge coin as a meme and made a few hundred dollars for what it's worth lol
My kids were fascinated with the doge meme which is what draws me to it.
- Messages
- 3,762
Maybe, but I suspect this overstates his incompetence and understates his dishonesty. Who knows, maybe he drank his own Kool Aid. But he carries the air of a borderline psychotic narcissist. I.e. zero remorse. Guy did a lot of damage.
northern_fox
Roadie
- Messages
- 387
Its easily possible to make money - it's easily possible to lose money. It's just a difficult game because of how fast it moves and how low volume means it can be easily swayed by the whales (aside from BTC and other large coins). I used to use bots for rapid trading and made a decent amount but about broke even after the 2021 crash. There are a LOT of rugpulls out there that will crush the best trader instantly.
If you're good at leaving on top and not pushing for more you can probably do alright but it's a hard line to walk. The other strategy is just to hold forever, but unless you're willing to risk/invest a lot and wait a long time you're not likely to make all that much.
Despite popular opinion, it's not a "scam" in itself - it's just a very hard game to play.
If you're good at leaving on top and not pushing for more you can probably do alright but it's a hard line to walk. The other strategy is just to hold forever, but unless you're willing to risk/invest a lot and wait a long time you're not likely to make all that much.
Despite popular opinion, it's not a "scam" in itself - it's just a very hard game to play.
laxu
Rock Star
- Messages
- 3,762
I still feel crypto adds no real value to society and used to be an enormous energy hog just to have another speculative market.
In hindsight, I should have bought some Bitcoin and Ethereum when a coworker who was into this stuff talked to me about it. But I have friends who had lofty ideas of cashing out before 2021 and using what they had as a downpayment for a home etc. Except they didn't cash out, the market crashed and they lost probably half of what they had amassed.
Realistically that would have happened to me too because I have no interest in spending a lot of effort following the trends, finding the right time to buy/sell etc or otherwise being active with it. Day trading type stuff gives me absolutely no joy, but some get really into it.
In hindsight, I should have bought some Bitcoin and Ethereum when a coworker who was into this stuff talked to me about it. But I have friends who had lofty ideas of cashing out before 2021 and using what they had as a downpayment for a home etc. Except they didn't cash out, the market crashed and they lost probably half of what they had amassed.
Realistically that would have happened to me too because I have no interest in spending a lot of effort following the trends, finding the right time to buy/sell etc or otherwise being active with it. Day trading type stuff gives me absolutely no joy, but some get really into it.
- Messages
- 668
Some things to consider (this is NOT investment advice - go do some research to confirm and expand on what I am saying here and form your own opinion before you make any decisions).
1. Bitcoin and other digital currencies are, for the most part, backed by nothing except a group of peoples faith in their value.
2. The US Dollar is in a similar boat. It is backed by "the full faith and credit of the US Gov". Considering the gov is $30T+ in debt, I don't know that their is much faith or credit left for said entity. As you probably know, the US Currency was until 1971 backed by the US Gov's gold and silver holdings. Nixon ended that, putting us in a "fiat" currency situation.
3. One of the reasons that the US dollar continues to be in demand throughout the world is a result of the OPEC agreement made in the early 1970's. In exchange for military protection from the US, many oil producing countries agreed to sell all of their oil in US Dollars. This forces anyone who wants to buy petroleum on an international level, must have US Dollars to make such a purchase, creating an enormous demand for this currency. Mohamar Qadafi, Sadaam Hussein, the gov of Venezuala and others, have all in the past 20 years or so, decided to circumvent that agreement. They have all paid dearly for such decisions.
4. In my opinion, we will have a global digital currency in the next 10 years or so (probably sooner, it has been developing in the background for at least as long already) and at that point, these other digital currencies will dive quickly and even disappear completely, with the whales switching their big money into that global digital currency. It will NOT have the volatility nor the profit potential of things like BTC, but it will be stable and accepted nearly everywhere on the planet. It will also have the backing of the World Bank and other global centric entities, though it too will not be backed by any real physical assets.
Like any other paper asset, profit can be made in crypto. An ex roommate of mine is a crypto millionaire as a result of his faith in BTC early on. I personally don't like assets that exist only on paper and are backed by nothing, but that is just me. If I had 6 or 7 figures to invest at the moment, I would certainly have some of that in crypto, but it would be <10% and probably more in the 5% range. Once again, that is just me.
If you do decide to play in that market, pay close attention and be ready to move quickly. Never invest more than you can loose comfortably in assets that could easily and quickly end with a value of zero (note that real estate, precious metals, art, etc. will never be valued at zero as they are real things, not just ideas on paper, although some art is just an idea on paper, but I hope you get the point).
1. Bitcoin and other digital currencies are, for the most part, backed by nothing except a group of peoples faith in their value.
2. The US Dollar is in a similar boat. It is backed by "the full faith and credit of the US Gov". Considering the gov is $30T+ in debt, I don't know that their is much faith or credit left for said entity. As you probably know, the US Currency was until 1971 backed by the US Gov's gold and silver holdings. Nixon ended that, putting us in a "fiat" currency situation.
3. One of the reasons that the US dollar continues to be in demand throughout the world is a result of the OPEC agreement made in the early 1970's. In exchange for military protection from the US, many oil producing countries agreed to sell all of their oil in US Dollars. This forces anyone who wants to buy petroleum on an international level, must have US Dollars to make such a purchase, creating an enormous demand for this currency. Mohamar Qadafi, Sadaam Hussein, the gov of Venezuala and others, have all in the past 20 years or so, decided to circumvent that agreement. They have all paid dearly for such decisions.
4. In my opinion, we will have a global digital currency in the next 10 years or so (probably sooner, it has been developing in the background for at least as long already) and at that point, these other digital currencies will dive quickly and even disappear completely, with the whales switching their big money into that global digital currency. It will NOT have the volatility nor the profit potential of things like BTC, but it will be stable and accepted nearly everywhere on the planet. It will also have the backing of the World Bank and other global centric entities, though it too will not be backed by any real physical assets.
Like any other paper asset, profit can be made in crypto. An ex roommate of mine is a crypto millionaire as a result of his faith in BTC early on. I personally don't like assets that exist only on paper and are backed by nothing, but that is just me. If I had 6 or 7 figures to invest at the moment, I would certainly have some of that in crypto, but it would be <10% and probably more in the 5% range. Once again, that is just me.
If you do decide to play in that market, pay close attention and be ready to move quickly. Never invest more than you can loose comfortably in assets that could easily and quickly end with a value of zero (note that real estate, precious metals, art, etc. will never be valued at zero as they are real things, not just ideas on paper, although some art is just an idea on paper, but I hope you get the point).
Similar threads
