Crypto 101?

[AMSOILGUY]

I followed Investing 102 for many years and credit Greg Weld(RIP) with helping me get my first brokerage account, custodial brokerages for my kids, recognizing that I could get in the game without paying administrative fees and doing it myself. I don't remember the topic of crypto currencies being talked about. Maybe I missed it or at the time it wasn't relevent to 101. I feel like things have progressed positively since 101 began for crypto. You can earn all kinds of interest and build lots of passive income.

Let's get a crypto 101 going so we can learn from each other in this space!

I bought my first crypto about 2 years ago. It took me a long time to look at what was going on. I had a good friend telling me you need to get in the game. I hated the idea of the whole thing"electronic money". With his persuasion and doing lots of research into blockchain technology and the politicians trying to regulate it rather then destroy it I dove in. My only regret is I didn't do it sooner. Who knows what's to come and yes I know I'm late to the Bitcoin train but I believe that is just the tip of the iceberg. I started out on Robinhood like lots of people do but quickly learned you never own the crypto because you can't remove it from the app. Their hand was really exposed with the whole AMC AND Gamestop fiasco. I would not buy Crypto there because its not really yours.

I then transitioned to Coinbase which is a great platform and still use it today. I then learned about Coinbase Pro which has way less fees then regular Coinbase. I have moved most of my crypto over to Crypto.com because that is where I found the best interest for lots of what I was buying previously. I got their debit card which pays me rewards in crypto for all my purchases."I can explain more about this if you have questions"

Most of the exchanges offer free crypto for downloading the apps and referring. I did include mine but really am more interested in learning what you all have been doing in Crypto.

What exchanges are you guys using?
What defi wallets do you recommend?
What NFT projects are you watching/hodling?
What NFT exchanges are you using?
What tokens/currencies are you earning passive income from?
What security protections are you using and why?

Yes I know some people probably think its all a scam or a phonzi scheme and if you have information we should all know about those things lets here them also. It's definitely a big boy playing field as in if you make a mistake it may be irreversible.

I can share some stories from people I know who lost money transferring it in formats the receiving exchange/wallet didn't except.

Definitely be careful and do research like any other investment but I feel like it's here to stay. Many of you probably figured this out long ago and have reaped the rewards. If you will share your story I want to hear about it as do others I'm sure.

[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.

[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.