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Cryptocurrencies


greendots

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Hi folks,

 

I've been thinking about cryptocurrencies lately and whether I should participate in that. There's so much news about the controversial Libra (if it's released), the already existing Bitcoin and all the emerging currencies.

 

I was wondering, do you believe cryptocurrencies have a future and is it something worth investing in?

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I was wondering, do you believe cryptocurrencies have a future and is it something worth investing in?

Yes I do and yes I do.

 

I’ve studied the corrupt and mathematically flawed fiat currency system for close to 20 years. Some countries are now starting to feel the effects of that.

 

When I first started down that rabbit hole my thought was “Ok so fiat is mathematically flawed but what will replace it?”.....Then a year after the GFC in 2008, Bitcoin came into existence....

 

I used to give lectures about it but don’t have time right now to type out a 10 page essay with one finger on my phone...so I’ll just say a couple of things.

 

Firstly, my favourite YouTubers on the subject are The Modern Investor and Crypto Lark.

 

I’m not trading crypto as that’s a road to ruin but I am accumulating and holding it for the long term.

 

You can already buy things and pay bills directly with crypto. You can also convert it back to fiat if you need to.

 

Crypto is in its infancy, kinda like the internet in the early nineties. Not really user friendly.....yet.

 

Wherever there is profit there is crime. Watch out for crypto ‘investment’ programs. Just buy it and store it in your own digital wallet. Don’t keep it on an exchange.

 

Don’t borrow money to invest.

Don’t invest what you can’t afford to lose.

 

Noone knows the future but crypto is here to stay and there is a LOT of infrastructure going on in the background despite the mainstream media keeping everyone nicely distracted whilst the big players position themselves....Banks and governments are all getting involved whilst we watch the football, the Bachelor and My Kitchen Rules et al....(I don’t actually own a TV or read ‘news’ papers by the way).

 

I believe it is well worth investing SOME of your money into crypto as a hedge against the coming financial storm....2008 is going to look like a tea party*

 

Have you seen what the price of gold has done over the last 20 years?

 

Just sayin’.....

 

Carus*

 

PS: Thanks Greendots for all your great work in this forum*

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My son has Bitcoin and is hanging onto it, so far it's going up. He weathered the drop and hung in there and it's been worth it to him. We both have Ethereum which is going up and we have FunFair which was not such a good investment.

 

Nobody knows what will happen with Bitcoin, so dont buy more than you can realistically afford. Hang on to it, dont trade it around trying to make a profit. Be patient.

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Carus, thank you for sharing so much information! I have flagged those youtubers as I definitely want to check them out later. Even China has shown interest in digital currency plans. So, I'm certainly interested in learning about this. Lots to learn!

 

melancholy123, thanks for sharing your experience! I need to learn so much on this stuff.

 

Wiseman - Hehe, you make me laugh.

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