Current Events > What do you think of Cryptocurrency?

(+) Yeah! (+)

are you a big believer in it?

Only doge and safemoon

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Don't invest if you don't know what you're doing
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I try to understand it but I find it hard to truly see the applications of it.
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Its good

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When you do sell for a large amount, be careful with how much you put into your bank account.
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Beveren_Rabbit posted...

When you do sell for a large amount, be careful with how much you put into your bank account.

what do you mean?

it's a cult lol

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Doge is doing me pretty good right now and I hope it continues.

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Zero_Destroyer posted...

it's a cult lol

cult?

I've been investing in it for about 2 months now and made money. So yeah I'm horny.

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Magic beans

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KazGT6 posted...

what do you mean?

Banks will flag your account if you deposit too much money at one time.

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Its not very crypto

Beveren_Rabbit posted...

Don't invest if you don't know what you're doing

But then crypto will have no buyers?

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Blockchain seems useful. The current coins out there won't be utilized as currency for a while now, if at all. Potentially newer applications of blockchain in the future will be more viable for that purpose.

People think it's a pump and dump, but both the stock market and crypto is essentially just a counter to inflation of the dollar, especially in bull markets. People delude themselves into thinking that stocks have more of an underlying basis to them; and they do....sort of. They follow market "fundamentals" a little closer, but you may see thinks like a company posting record profits and stock dropping, and it's really because the market is a reflection of human behavior and psychology more than a 1:1 correlation with market/economy strength and/or performance. There is a bit of speculation that is inherently "priced in" to both good and bad news, which makes it difficult to time peaks and dips. Most people will place the bulk of their investments in "safer" options that are more likely to grow, but at a slower rate, especially if diversified. If growth beats rate of inflation, it's a better option than simply just holding onto liquid cash as savings.

Crypto is essentially just a little "riskier" in the sense that it is more volatile. Big swings up lead to dips, which are usually bought up. If you ignore the day to day ups and downs, you'll "probably" beat the % growth compared to more conservative investments. They also tend to trend upward, and at a faster rate, so people with more stomach for risk put it in their, or they use "play money" to mitigate said risk. Though I think the number of sheer coins on the market are a reflection of FOMO from the originals like BTC and Etherium. So there is potential to lose money if you buy into hype on unknown coins.

As always, YOLO'ing more than you can afford to lose is treating it like a casino. And lack of portfolio diversity is how some people "get rich quick" but at the expense of many more people losing a ridiculous amount of money.

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