Quote:
Originally Posted by thefargo
Exactly!
that is how we are 'playing' the crypto.
I have been given some good 'tips', so I do a bit of homework, if you can trust what you read on the internet.
buy a little bit and try to forget, just sit on it for a number of years.
generally speaking it is all going up, except ripple...who can tell with that?
probably the best buy was Eth, at $300, has gone to about $4000.
Of course I am saying 'should have bought more'. We have about 15 - 20 different ones that we have put money into. By doing my homework, I try to see what they are actually doing, to determine if I think it is a good idea.
Ask me in about 5 - 10 years.
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see this i disagree with
as much as i see it as another platform to make money from and im making a little each week from it
its just another currency , and acts similar to stocks on the market
nothing is always going to go up and at some point there has to be a top limit
hence you buy low sell high and repeat to make money
whether its changing from other currencies when they are low to get more then exchanging back when they are high to get more of the original
the only thing i tend to sit on is blue chip shares as they basically tend to pay a share hence a profit and if its a pre tax paid share all the better
https://en.wikipedia.org/wiki/Cryptocurrency
and to me even our money (ie say aus $ and all others) is a crypto currency now
as it does not exist in physical form (like paper money) unless you get some physical coin/notes , how many these days have it digitally put in to their accounts and digitally taken out with no hard cash changing hands
to me the only basic difference here is its typically not issued by a central authority
i do tend to agree with data_mine's post
Quote:
Originally Posted by data_mine
those are some outdated and short sighted half-truths.
1. there certainly is a lot of scams in the crypto market - not denying that. when every tom/dick and doge can create their own super internet coin with a search/replace of someone elses code it's easy to set up fleece people and run. but there's plenty of legit options too. the old 'too good to be true and it is' rule always applies, do your research.
2. it's early in the market, yes it's unregulated. that doesn't mean it's bad, just means you have to be careful.
3. meh, banks aren't the strong hold bastion of perfectly legal behaviour either.
4. just like the stock markets, it's all investor confidence at the end of the day.
5. over inflated. yep for sure there's criminal enterprises using crypto to avoid the cops/taxman. but the bulk of money involved these days is from institutional invesments.
6. Agree except the last point, there's a heap of cryptos with a 'house' / casino boss at the top - avoid those ones, they're the easy to spot/avoid (as with safemoon I mentioned above). there's more than 10,000 crypto coins/tokens/defi's etc. etc. I only care about and invest in maybe 10 of them, the rest I see either zero real value or long term life in, or (the majority) are just outright scams.
the days of fast money 1000%+ growth is gone. you can't expect the throw in $10 for a laugh and be a millionaire later (and if any coin/token is making that kind of promise it's a scam). to make real money you got to play with real money.
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tho as much as playing with money (apart from manually earning it and spending it) every thing else is always going to be a gamble , some safer than others , and you should never play with any your not prepared to loose no matter how you dabble in your investments