Never owned any BITCOIN or the like- but BTC in the high 18k this morning

Status
Not open for further replies.
Joined
Jul 26, 2020
Messages
3,153
Location
FL
From a quick Google search:
”There are more than 19,000 cryptocurrencies in existence and dozens of blockchain platforms that exist. A blockchain platform, such as Ethereum, is the underlying technology that many of these different cryptocurrencies are built upon.”


I’ve always thought the crypto mania was just a pump and dump scheme.
 
Joined
Apr 22, 2018
Messages
2,320
Location
MA
given the insultingly low rates money market funds, savings accounts and CD's pay, those rates are pretty awesome given their super low risk guaranteed nature! Also, the $10K limit is only an annual limit and over time you can build it up buying $ 10K per year, moreover the VAST majority of people can only dream of saving $ 10K per year so the $10K annual limit is really only a limit for the top 1% demographic.
While I agree it’s the best of what’s available, I stick to it’s still suboptimal compared to the ability to grow 6 or 7 figures in the market.
 
Joined
May 18, 2021
Messages
1,307
Location
central europe
Lol

fsp0lpyxsaejona.jpg
 
Joined
Jul 26, 2020
Messages
3,153
Location
FL
While I agree it’s the best of what’s available, I stick to it’s still suboptimal compared to the ability to grow 6 or 7 figures in the market.

If I had a million dollars cash….. I would rather it be in the stock market than shady cryptos.
 
Joined
Apr 22, 2018
Messages
2,320
Location
MA
If I had a million dollars cash….. I would rather it be in the stock market than shady cryptos.
I absolutely was not talking about crypto - this discussion is why iBonds while the best of what's available still sucks compared to the good old day of the last bull market.
 
Joined
Jul 26, 2020
Messages
3,153
Location
FL
I absolutely was not talking about crypto - this discussion is why iBonds while the best of what's available still sucks compared to the good old day of the last bull market.

Sorry, I replied to the wrong post. I meant to reply to Lubener’s post.
 
Joined
Apr 22, 2018
Messages
2,320
Location
MA
Sorry, I replied to the wrong post. I meant to reply to Lubener’s post.
No worries...crypto IS gambling IMO and gambling that mirrors the direction of the stock market but these changes exceed it in magnitude. Higher highs and lower lows make it risky IMO.
 

LDM

Joined
Nov 8, 2018
Messages
247
Location
Illinois
Crypto, not necessary bitcoin, will be worth something once it becomes the digital currency backed by various government and banking bodies. It's coming.
The government will never use blockchain or cryptocurrency to develop the digital dollar. If you are hoping this is going to happen, I have some ocean front property to sell you in Arizona.
 

LDM

Joined
Nov 8, 2018
Messages
247
Location
Illinois
The real problem with bitcoin is that it can only handle about 4.6 transactions per second and the entire transaction takes 10 minutes whereas Visa can handle 1700 transaction per second and each transaction only takes seconds and it's geared so that it works fine on busy days like Black Friday.

This is what most people don't understand when it comes to blockchain technology. Its is horribly slow in comparison to the current systems we have been using for decades and doesn't do anything to improve operations. Its essentially a tech that was developed and is waiting for a problem to solve that doesn't exist, which is why it ended up being used for all these cryptocurrencies and now NFTs. People are finally starting to realize this and its exactly why its value is dropping so quickly. Pump and dump scam in its finest form.
 

Al

Joined
Jun 8, 2002
Messages
19,704
Location
Elizabethtown, Pa
My son bought 24 in 2014. He was 2.5 million at one point. Sold them at about 1 million. Money is not a big deal with him. So the fact that he lost 1.5 mil was OK :unsure:
 
Joined
Jul 26, 2020
Messages
3,153
Location
FL
My son bought 24 in 2014. He was 2.5 million at one point. Sold them at about 1 million. Money is not a big deal with him. So the fact that he lost 1.5 mil was OK :unsure:

That’s a lot of money.🤑🤫
 
Joined
Dec 23, 2006
Messages
10,332
Location
Canuck - moved to —> California —> Texas —> ???
The government will never use blockchain or cryptocurrency to develop the digital dollar. If you are hoping this is going to happen, I have some ocean front property to sell you in Arizona.
You sure about that? Never say “never”.
I’m not hoping for anything digital regarding currency, just stating what is coming whether we like it or not.

And the government has not been in control of money ever since federal reserve was established.

 

LDM

Joined
Nov 8, 2018
Messages
247
Location
Illinois
You sure about that? Never say “never”.
I’m not hoping for anything digital regarding currency, just stating what is coming whether we like it or not.

And the government has not been in control of money ever since federal reserve was established.


Let me be very specific then. The US will never use blockchain or cyptocurrency in development of the digital dollar. And yes, I am 100% certain of this, considering how poor both those things are as a form a currency. The Chinese have already established a digital renminbi and they didn't bother to use any form of blockchain or cryptocurrency to do so. One only needs to look at El Salvador and how much money they have lost in making Bitcoin their legal tender to see how stupid of an idea it is as a form of currency. And with their president wasting even more money buying more as the price drops, they are going to be in for even more economic problems as it continues to fall in price.
 
Status
Not open for further replies.
Top