What are some things your don’t understand?

[beautyjoyfover200]

Ill go first I don’t understand crypto currency, I have no idea how it works? Can anyone share and explain?

Updates

+1 y

Well that’s another problem I don’t understand the stock market lmao but I’ll read up on it later

[Lynx122]

there's a technology called blockchain. And it works like computers solve really difficult math problems that use a lot of processing and energy and when they've solved enough they'll get 1 Bitcoin for example. That's called mining crypto. And once you have this Bitcoin you can trade it in for real money or use it to buy things directly or just keep it. The code that shows that this 1 bitcoin belongs to you is not just stored on your devices but it's stored on many different devices all across the world so that's how they made it "safe". But because it's unregulated it immediately attracted all kinds of scammers who would all be charged with crimes if they did things with real money or stocks but they got away with it because in crypto there were no laws.

For instance influencers brought out their own coin and hyped it up and said it was gonna be amazing. And then they of course gave themselves and their friends a ton of coins before any were available on the market and then when all the fans bought into the coin and thought it would be a good investment they sold all their own coins and directly robbed their fans of their money and the coin went to 0 but it didn't matter because the few people who were in on the scam made millions already. This happened hundreds of times before people caught on. But there's also plenty of other scams that went on. In theory it is an interesting idea to have a currency that is not controlled by a government and makes people more independent but in practice it's just scammers, criminals and a bunch of idiots who think they're some tech genius but get taken for all they have.

Unless you really know what you're doing it's best to stay away.

[dynamicyandere]

Crypto isn’t any more of a scam than the stock market.


But, only the top the 5% of investors actually make good returns because it actually takes a lot of skill and know-how to do correctly.


If you go in without knowing what you’re doing, you’re basically just gambling with your money.


If crypto is get-rich-quick, you know what else is? Entrepreneurship.


But most people fail at entrepreneurship because it takes a lot of skill to win.


And it’s the same in the crypto space.


If people want to just invest money and let it sit and later withdraw that money, they want to look into index funds, not crypto.


Crypto is way more volatile than index funds and you’re going to burn yourself if you aren’t careful.

[jamesgoldman]

Entrepreneurship take years to master

[dynamicyandere]

Yes, it does. The skills it requires take years to master. Though, a master of entrepreneurship who loses everything can also gain it all back because they have all the skills and know-how to do it.

A company that they just start can be an ‘overnight success’ but only because they know exactly how to play the game.

With crypto it’s similar in that sense. One can make good money, but ONLY if they know how to play the game.

[exitseven]

crypto currency is a monetary system where a small group of people have somehow convinced a bigger bunch of people that a Bitcoin has some value and will increase in value. Even though a Bitcoin is just an abstraction, enough people have bought into this. Eventually the bubble will burst and a lot of people will lose a lot of money.

[colaman94]

Crypto currency, apple and Samsung pay, paying by a watch or similar non-phone device. Just weirds me out. Until 'i have to' use someday. 🫠🤭

[jahaims]

If I don't understand something and I want to, I learn about it until I do.

[scooogy]

I don't understand how people want to try and "learn" things which others know already, but they refuse their help for no proper reason and fail without learning from that.

[beautyjoyfover200]

Is that just in general or …?

[scooogy]

Employers

[BigDog1989]

Don't. You don't need to. IT IS A SCAM

[beautyjoyfover200]

I’m not going to invest lol I’m just curious how it actually works

[BigDog1989]

It's investing, essentially. Like the stock market

Only, if you lose, you lose it all. There's no safety net. THATS THE SCAM

[BigDog1989]

The stock market is, investing in something you think will succeed. so, you put a bunch of money into nike because they released something new, and you think it'll do well. That's the stock market. If it doesn't succeed, and you've already given them all your money, then you still have a safety net. With crypto, you don't

[beautyjoyfover200]

Ohhhh i see thank you for explaining!

[Nemesis2k7]

Its a scam