Crypto 101?

[AMSOILGUY]

Originally Posted by nickcornilsen

Crypto is not an investment, any more than other ponzi schemes are. It's a gamble.

Crypto zealots will attack this, I won't respond. There is plenty of sober analysis out there to read on the structural and inherent risks and issues with cryptocurrency, seek it out and make sure you understand it before committing any money to crypto.

I would NOT count on it existing for very long.

Maybe this topic will derail fast. Many people feel the same way as you Nick. Based on conversations I've had with people. The majority of people don't want to learn anything about it. I'm the only person in my family even extended who is in crypto.

[nickcornilsen]

Originally Posted by AMSOILGUY

Maybe this topic will derail fast. Many people feel the same way as you Nick. Based on conversations I've had with people. The majority of people don't want to learn anything about it. I'm the only person in my family even extended who is in crypto.

Don't try to paint those who are warning against it as just "not knowing what it is."

I researched it quite alot 4-5 years ago, and even had some bitcoin for a bit. Made a bit of money. From that research, I realized it's not something that should constitute any significant portion of your investment portfolio. Sooner or later, it will collapse because there are no stabilizing feedback mechanisms for the price, and even as people adapt to the notion of a digital currency, nations will will ban bitcoin/any other 'coin' and create their own. It will be a victim of it's own sucess.

buying these coins as speculative 'investments' also isn't investing in "block-chain technology" either.

[AMSOILGUY]

Originally Posted by nickcornilsen

Don't try to paint those who are warning against it as just "not knowing what it is."

I researched it quite alot 4-5 years ago, and even had some bitcoin for a bit. Made a bit of money. From that research, I realized it's not something that should constitute any significant portion of your investment portfolio. Sooner or later, it will collapse because there are no stabilizing feedback mechanisms for the price, and even as people adapt to the notion of a digital currency, nations will will ban bitcoin/any other 'coin' and create their own. It will be a victim of it's own sucess.

buying these coins as speculative 'investments' also isn't investing in "block-chain technology"

I'm not saying you or anybody else is thinking something or doing anything. I was looking for a conversation about a popular topic in "investing" Im also not advocating for anything. You clearly do not think its worthy of being called an investment and I'm ok with that. I call it that because thats how I look at it.

[CRCRFT78]

I'd like to hear what some of you think about this also. I remember it being brought up early on in the Investing 101 thread and the backlash it received then. Those that bought into Bitcoin back then should be able to offer some insight now. The one thing I have a hard time with is it seems as soon as you learn a little something about one crypto, another one pops up and your back to square one.

[Vegas69]

Telling somebody how to invest their money is like telling them what car to buy or type of wife to court. Everybody does it a little bit different and in my book, that's OK. I for one would like to learn about it as I know absolutely NOTHING. That's why I own absolutely NO crypto. LOL

[AMSOILGUY]

Sweet I'm glad I'm not solo on this. I'm here to learn as well anybody who is in the space care to share? I dont want to come across as somebody who knows much. I will share what I've got going after I get some sleep. 16 hour days.

[AMSOILGUY]

Another amazing part about this is if you have cash or low return "safe money", that isn't even keeping up with inflation you can invest in the stable coins and earn great returns. Those coins do not move in value. There are several but your always limited by the exchange you use. Thats how I ended up switching and using crypto.com app. They had SHIB early and I wanted it. Thats a gamble Nick, not doubt.

It took me a long time to get past thinking all of it can just be taken away because its electronic. Or that paying the neighbor kid will be traceable. Only took 1 year of heavy persuasion from a friend. I heard about Bitcoin like everybody else and thought no way. Now I hold it and earn 6.5% on it. I followed 101 longer before opening an account with schwab.

My understanding of how the crypto currencies work is the base is the blockchain. Then you have all sorts of different arms that are programs that use the blockchain to interact with the other programs. Each program can have a token I think. Along with the blockchains.

[Vegas69]

Was that English or Greek? LOL If that's 101, I better sign up for diapers and pre-school.

[AMSOILGUY]

Originally Posted by Vegas69

Was that English or Greek? LOL If that's 101, I better sign up for diapers and pre-school.

Haha. Well I think English but weird words. Pre-school is in session let's learn fast its a fast paced space. Plus the market has been going down.

[AMSOILGUY]

I think we will see crypto in some adds during the game. I looking for Loaded Lion NFT.