cryptocurrency?

[rockstarjazz]

hi all - any crypto traders out there?

or - what do people think of crypto generally? is it a ponzi scheme or are there users here who have made some good money out of it?

i have bought some bitcoin hoping this will go up in time - i'm aware itll have its ups and down and there are bear and bull markets. i'll be honest, i did it hoping to make some more money, as i am feeling the limit of my job pay, and have spent quite abit travelling recently. i am trying to discipline my spending, spending no more than 10% of my pay each month making investments.

i havent played any games at all since being sucked into crypto.

 

or - if there are people that have made traditional investments like in gold, etc - what recommendations can you make for this - what platforms (e.g. etoro etc) or what did you invest in?

 

thoughts welcome

[HuntingFever]

As far I'm concerned, the whole thing is a massive scam that's doomed to failure, because there's way too much instability, corruption and criminal activity involved for it to ever become legit and truly challenge traditional currencies for dominance.

Edited March 18 by HuntingFever
Update.

[sepheroithisgod]

You are much safer with something more traditional like a ROTH IRA. Or even just Investing in CDs, or picking safe stocks.

 

Crypto is extremely volatile and outside of the major things like Bitcoin and Ethereum, there are so many scams. And even if the currency is legit, it is often used for scams, thus until there is real regulation, I wouldn't invest at all. Especially right now when Bitcoin is at an all-time high. It's like investing in Gamestop when it was a $300 stock.

 

Consult an actual financial advisor for advice.

[x49ersblitzkreig]

Crypto is cringe. Invest in the stock market.

[DaivRules]

Crypto has proven itself to be nothing but a Ponzi scheme and scam and should be avoided like the plague, or acknowledge you’re just gambling your money no differently than walking into a casino and playing blackjack. 
 

Your safest investment is putting your money into an index fund like the S&P500, as long as you acknowledge that investing there is supporting the same capitalism that pushes for publicly held companies to pursue growth at all costs, including suppressing wages, crunch culture, and pricing things for the biggest returns. 
 

Otherwise there are some investment firms that focus on responsible investing, but their returns don’t nearly touch the larger index funds. 
 

 

[JCP3953]

Unless you get lucky like me and find  investors to  fill up a work shop with minning computers and the hvac system needed to help cool the the place then i say stay away, it's not a goldmine like some claim, it's a taxing nightmare, heck when i do sell/use them, i can never get the so called current value of it,

[Breakingthegreen]

Even at it's best, it was no better than a gambling scheme. And these days everyone appears to be cashing out because they've run the scheme close to it's natural end. Buying into it now is like buying into Beta-max. 

 

And on an ethical level, the way how crypto operates is just so bad for the environment, that I'm against it on that alone.

Edited March 18 by Breakingthegreen

[Silver-I-Chariot]

As someone who has been trading for more than a decade, yes, it's a pyramide scheme. The same pattern repeats over and over again. Bitcoin is all over the news with a new high, there is a crypto rush in the mainstream media, shitcoins rising to the moon promising to be the next big thing, then suddenly comes the fall, then another bigger fall, then we enter a downward spiral where everything devalues to nothing. Then we wait for 2 or 3 years until Bitcoing recovers, reaches a new high and brings with it a whole new bunch of shitcoins.

 

The trick is to realize it's a scam and to sell as high as possible before it dumps. It's gambling and it's kind of fun but when anyone says crypto is the future or tries to shill their shitcoin I can't help but roll my eyes.

[VigilantCrow]

Profitable at the beginning but at this point, people are too late to the game.

A decade ago I could rent multiple apartments that included electricity, then farm crypto and make passive income. These days it's just not worth doing.

 

 

[PerryToxteth]

Look up the South Seas bubble scandal. Risky speculative ventures have been going on for centuries. Crypto is just the latest one. 

[D-E-U-S-X]

If people want to invest money, they should do it in real companies with real people and real products, services or innovations.

 

Nobody needs useless currencies that need an unnecessary amount of energy and are mostly used by criminals.

[ReverzerO-]

This is not a scam for me! I study this before investing some money that I can only afford. This is a nice game if you know how to play it😅

[steveblazinggrin]

9 minutes ago, RufianRivas said:

Read the room, you're early.

 

ALL IN on Bitcoin. Hold.

 

Enjoy a ~$100,000 BTC price by end of year. 1 million USD per coin in under 10 years.

 

Your future self thanks you.

This is what financial advisors actually mean when they say to diversify your portfolio. Holding all of your investments in a singular, wildly volatile market is exactly the kind of economic genius that will make you rich 😂