What do you think about crypto currency?

Question

WindAtMyBack · Accepted Answer

Crypto "currency" is not a real currency no matter what they call it. A real currency needs some stability. You've probably heard stories about times when the value of currencies changed dramatically. It wreaks havoc. But that is what crypto does on a regular basis.

If a loaf of bread costs $2, you know what that means. You know if it's a good price or bad price. With crypto, if you see a loaf of bread for xx Crypto, you have no idea if that is a good price or bad price without looking it up. Even then you still don't know because tomorrow it might be completely different.

Crypto has no real value. It's price and "exchange rate" is determined by wild fluctuations and speculations. That is pure gambling, and not in any way a real investment.

Some people might point out that "real" money is fiat currency, which s true. The difference is that it's regulated and relatively stable. It is also FAR more recognized.

Crypto is a pyramid, with the people at the top making the money (but even they can lose their ass). For anyone else, it's pure gambling. Like all gambling, whether it's a game of poker or a slot machine at the casino, you will hear about the big wins - but people seldom mention the big loses. A win every now and then doesn't make it an investment. It is still gambling.

Peter Lynch was one of the best investors to live. As he used to say "Never invest in anything that you can't draw what they do with a crayon." Meaning that if you don't understand EXACTLY what the product is and are able to explain in simple terms what they do, and how they will make money, then you shouldn't be investing in it. I'm willing to bet that the vast majority of people who buy crypto can't truly explain how the whole thing works. In other words, they have no idea what they are getting into. They are just guessing, which is NEVER a good investment strategy.

SixFootSexy · Accepted Answer

22 million BTC forever > infinite paper dollars

The biggest threat to bitcoin is a competent, trustworthy government and honest central banks. *collectively laughs in fantasy*

There are a whole lot of sh*tcoins out there you can lose your shirt on, but bitcoin has gone up every year since it's inception. Sure, it's had a lot of rough seasons, however... no bubble I've ever heard of has popped multiple times and come back. Now it's approved for ETF's and institutional investors are finally getting in. You can lose your purchasing power completely in the next 5 years, or you can find ways to store your economy energy in a deflationary system. There's only a couple of those assets available. Real estate, gold, bitcoin... Choose wisely.

purplepoppy · Accepted Answer

Hate it. I feel there should be a tangible product/service attached to an investment. The idea of try to get money because a computer program generates the right string of numbers just seems like gambling to me.

Sure some smug little shit will make a killing but I bet a lot more fall victims to scams or lose money

saraupstairs · Accepted Answer

If it was as bad as people on here are saying, the Democrats wouldn't be trying to get rid of it. Elon is buying it so I’ll put my faith in him.

Levin · Answer

Well, it is kind of gambling. So if you don't mind losing your money, fine.

I think the biggest problem is exchanges and KYC. You're ultimately uploading pictures of your documents, they're going to jurisdictions likely out of the EU.

You're creating a digital trail here there and everywhere. And I don't know, I just don't trust.

I definitely think the future, for those who are awakening, is going back to tangibility and the real world.

I did consider it a good idea from the perspective of a diversification of one's portfolio, plus, the powers that be seem intent on running up more and more debt, making utterly brainless socio/politico and economic decisions. The powers that be are basically trashing the economy and destroying any value in savings. Inflation and house prices have gone through the roof in the past 5 years. Largely due to short sighted and just plain idiotic policies during covid.

So from that perspective crypto isn't a bad thing. But it would seem the success of the economy, is ultimatley wedded to the success of crypto. In the same way that crypto is wedded to the success of bitcoin. So yeah, it seems to make no difference what you do.

Own tangible assets I guess. If you can afford them...

abc3643 · Answer

Waste of money!

It's a shame but crypto enthusiasts are idealistic libertarian types who fail to learn from history. They want "decentralized money"... until they get fucked in the ass due criminal activity and lack of regulation. Then, they whine, bitch, and moan and want their (real) money back. In other words, they want regulation and for government to get involved, like the SEC.

Meanwhile, if you want crypto to be able to make transactions in a private way, crypto is ANYTHING BUT crypto. It's all ultimately traceable. If you want to be clandestine in your purchases, then 1) don't do it online and 2) use cash (the ORIGINAL crypto currency) like we did 60 years ago before bank cards.

And, remember this:

You'll hear all crypto enthusiasts say things like "BitCoin just went up to $67000." or "Ethereum went down to $2500.", what they are really saying is this: "The only money that really matters is dollars."

When the world economy changes so crypto enthusiasts start saying "The value of the dollar just changed to _______ BitCoin", THEN the cryptocurrency might be relevant.

But they're not... not in the real world... and they likely won't ever be.

Finally, the last thing you need to know about the US Federal Government's nuclear weapon: Coinage power - the power to regulate money - in the US Constitution since Day 1:

Article I, Section 8, Clause 5:

[The Congress shall have Power. . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . .

So, if Congress decides to make cryptocurrencies illegal, then *POOF* all that cryptocurrency instantly becomes worthless.

Static_In_The_Attic · Answer

In the land of cryptocurrency I think it’s wonderful how bitcoin turned out & original coin holders lucked out on that one like some people are lucking out on other coins. As for cryptocurrency I also think it’s an addiction & some people get so involved with buying NFT’s & mining & the next thing you know they have the rug pulled out from under them. Overall unless you know what you are doing I wouldn’t suggest it however I would suggest mining. Also make sure you have an external digital wallet & everything is encrypted & backed up & stored in a secure place. Oh yeah just like the stock market I tell people don’t invest what you aren’t willing to lose.

lightbulb27 · Answer

Very innovative technology and the idea of exchanging value outside the control of govts that inflate away their currency, is good. But anything can be used for evil, so it is controlled... so that's been foiled. wall street controls so much of it now, so much for that...

it's not exchanged for real value is it? It can be, but it isn't.

Useful for when we do space travel. Maybe useful for storing value outside the system and being highly transportable.

like everything, it has flaws. you cannot escape the system. The peopel on the titanic were trapped and only way out was life rafts... only a few made it.

I suspect same is true for us in this financial mess.

ohsheeT · Answer

I liked it as for an investment until our government wanted to become our banker with there rules and only there rules . Meaning we would be under there tumb. . With just their crypto.. meaning no more cash no more buying what we want to buy when we want to buy it they would have to know everything that we buy every time we buy something and I don't like that

And just for me saying what I'm saying right now they already have a profile on everybody so a government employee could read this I could walk into a store to buy groceries go to pay for it and they would say sorry but your card is rejected your crypto is rejected something's not working right please try again and they could do this over and over and over

buzzword · Answer

It's a Ponzi scheme. The creator starts with millions of coins in their own currency that they print out of thin air. They give a handful away to people to promote the scam and create hype. Early miners invest in equipment to get in on the speculative gold rush. The heard of brainless follow the crowd hoping to get rich quick as they absorb propaganda from mainstream media. The creator, early investors, and minors cash out as the morons buy buy buy nothing of tangible value driving the price of nothing higher until the bubble bursts and it eventually crashes and whoever is left holding the bag loses everything.

Finchie40 · Answer

I invested a little into it , but don’t really know to much about it , part of me thinks it’s a scam and not really legit , and feel it will eventually crash completely. So I am not investing anymore into it , I just watch what I invested in and watch it go up and down constantly

DJB72 · Answer

Dangerous. Look what happens when some fucktard like Trudeau gets pissed off with protesters who point out he's breaking the law with lockdowns - their accounts were frozen. Imagine him being able to do that with every account in the country because he was offended by their political position.

Anything that's exclusive to online and electronic currency gives dictatorial government - that's all of them - too much control.

Straight2thepoint · Answer

I say look into it and wait for orange man. It may tip the scale. But remember other sources can influence its projection. Orange man can't fix everything as we wish. But can fix them slowly. The part that's hard is those that have interest for the w a r financial gain strategy.

RavVid · Answer

I own some am in a profit position.. I am not going to buy anything but bitcoin now however. Not even eth. I have lost on altcoins. I am only on my second cycle but it seems hard to not make money.

Anonymous · Answer

Crypto is very risky and tied to virtually nothing other than the faith and confidence of other crypto-holders. I don’t think it will collapse completely because most of the holders realize that you should not sell at the lows. I know it’s increased from $10 to $65,000 and that a lot of the early adopters got very rich but it is not outperforming the stock market and is underperforming even the most boring and stable investments in the last few years.

Kayleigh2005 · Answer

Everyone should study up on crypto for at least a couple months and decide. I took payment in crypto

DrPepper12 · Answer

Greatest innovation for governments & criminals but I repeat myself...

ProbablyClueless · Answer

Some people have made a killing on it. More people have lost everything they put into it.  I personally don't understand crypto, so I can't recommend them as investments.

AviatorTom · Answer

Very risky. No basis in true economics. Between AI and crypto, much of the world's compute power is used.

jshm2 · Answer

I dont think about crypto currency. It is 90% a scam on the trading side. But the mining side is lucrative if you have good kit.

TallAnon · Answer

Damn, this girl is super cute

Crypto, it's just a currency, it's like asking what I think of euro or about rubies.
The pros are that it's not controller by one instance, the cons are that if you get hacked, it's gone forever.

exitseven · Answer

It is a house of cards. A Ponzi Scheme. Warren Buffet won't touch it with a ten foot pole. That is all i needed to know.

EmmaMary · Answer

Fools And Their Money Soon Part ... Simples!

Staximus · Answer

I don't need that sham scam roller coaster ride. I know where there's a shitload of gold up in the mountains, I'm just too lazy to get off my ass and go get it.

jamesgoldman · Answer

I dabbled about 6-7 years ago put in £10 and traded up to about £400 them busted my phone forgot the password and that was that

RedInnocent69 · Answer

I’m sceptical about the prospects for stablecoins and fully digitizing the banking system. I mean, why would a pay minting to issue a stablecoin when I already have the money hand?

goaded · Answer

One of the few times I've agreed with Trump: it's a con.

Likes2drive · Answer

It’s like a pyramid scheme, it’s great for the people in the beginning of it but not for people later on

Luopio27 · Answer

I hate it!  It's untraceable which makes it perfect for criminals and terrorist to move blood money! So I heard!

Unit1 · Answer

I like it. An exchange medium without the involvement of the matrix of papa gov.

Pohjolan · Answer

Basically its just space cash.

Pete671 · Answer

Total con, takes advantage of people's greed,,,

Anonymous · Answer

I don't like it. But I don't like it so much that I'm unwilling to exploit it for financial gain.😆

Tomisworthless · Answer

Im against, currency not grounded that fluctuates like stock value? Nah.

noohair · Answer

A scam. Turn off the electricity and you have nothing.

Anonymous · Answer

There's no value to it, it's essentially a thought experiment for how stocks move irrationally most of the time

Consent · Answer

@verified has a large stake in poopdick coin

justabuddy · Answer

Never invest money you are not willing to lose. Crypto even more so.

strateguy632 · Answer

Too risky and might vanish!

Agape93 · Answer

It's a stupid pyramid scheme

loveslongnails · Answer

I don't think about it.

KostasKouvalis · Answer

It's stupid. It's not real money

Anonymous · Answer

Don't put all your eggs in one basket.

Anonymous · Answer

you’re trying to entice us with fat tits

Wiredone · Answer

I don't know how it works so I can't say

Iron_Man · Answer

Not that familiar

kaucky1 · Answer

Doja coin is marijuana

Anonymous · Answer

Short term gains w no long term future.

Bklynbadboy12 · Answer

It's a rip off no body made money from it

CubaPirate · Answer

Just show me the real money 💰 honey 🍯

Fireguy17 · Answer

No thanks.

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