Crypto Thread!

[Paul@Sydney]

That's all great but the first thing anyone must understand is crypto isn't an investment. It's not even backed by a promise. It's basically collecting tokens that have no intrinsic value, treating it like a chain letter, and then calling it an investment. It's a gamble. And some will make money at gambling, it's true.

It's a game of hot potato. Just don't be the guy left holding it when value goes to zero. It's like everyone has never heard of tulip bulbs.

 

[Jdiggity1]

Hmm... Might hold off on launching VI-Coin then

 

[Jett Hitt]

My grandfather once told me that if I was going to invest, I should buy the one thing they're not making anymore of: land. His $50,000 farm sold for 5 million when he died.

 

[marclawsonmusic]

If you really want to understand crypto, check out 'greater fool' economics.

Because crypto assets represent nothing. NULL. Zero. Zilch.

Oh, they represent ideas, right? (many of which I agree with - power to the people, down with the elite, fap fap, etc.) OK, but...

You can invest in anything. Hell, you can probably invest in whether my hair will grow of continue to fall out. (I am going bald).

But good investments are generally backed by something tangible. And there is nothing tangible in crypto. There is no product, no service. There is no inventory, there are no assets.

It's just pure speculation.

Welcome to the gold rush of 2022.

 

[Markrs]

Crypto has no intrinsic value. It doesn't create any value itself, in fact it just reduces value due to the high cost to create crypto. There is no purpose it fulfills. It is just a speculation on future demand.

You could argue it is like collectables, but these tend to have cultural meaning and relevance. Made during a set time and place. Crypto doesn't have that, and many cryptos don't have a limit on how much can be produced.

 

[marclawsonmusic]

Yep. Utter bollocks. Bullshit. I put a few hundred in it and will probably lose it all.

I am the greater fool.

 

[Markrs]

Yep. Utter bollocks. Bullshit. I put a few hundred in it and will probably lose it all.

I am the greater fool.

As long as you know it is a gamble and stake a relatively small proportion of your overall investments in it, that you are okay losing, then I think that is okay.

 

[pinki]

If you actually spend the time to learn to be a competent trader; spend time learning risk management and properly backtest your strategy I can promise you there is money in crypto currency as well as any other tradeable asset.
The trouble with crypto and other "meme stocks" is there's a bunch of morons that think they will get rich quick with next to no work and education so they don't learn any fundamentals and cry and make a fuss about it when they lose their money.

Bloody ignorant peasants!

 

[Roger Newton]

I don't take financial advice from any musicians.

Most of them aren't authorised to give financial advice. They can have an opinion though, just like anyone else. You might as well say don't take financial advice from your pet cat. Hands up, I did once and it ended in disaster.

 

[Roger Newton]

Hmm... Might hold off on launching VI-Coin then

Don't wait! Knock yourself out!

 

[Roger Newton]

Yep. Utter bollocks. Bullshit. I put a few hundred in it and will probably lose it all.

I am the greater fool.

One of Great Britains greatest achievements was the exportation of the word 'bollocks' to the United States and it cost absolutely nothing. Thus proving yet again, the best things in life are free.

 

[Stanoli]

I don't take financial advice from any musicians.

Hahaha, why not? It has the same merit like a financial advisor for the stockmarket:

Only 5% of all investors in the stock market earn money in the long run.
And those are 99,9% computerbased trades by professional firms.

It should not be any different (if not worse) with Crypto investing.

 

[GtrString]

I don't really think crypto is investment, more like gambling, which is something different. I also don't like the whitewashing of money from crimes, terrorism, and all of that stuff. Basically, it's a black market. Not for me, I can't support it.

 

[Tim_Wells]

It's interesting how savvy and correctly skeptical folks on this forum are about crypto. You're smarter than about 80% of the "financial experts" on CNBC.

 

[Markrs]

It's interesting how savvy and correctly skeptical folks on this forum are about crypto. You're smarter than about 80% of the "financial experts" on CNBC.

It is probably because we are not seeking to 10x our money. If we were, we wouldn't probably be in the music industry and also buying all the VIs we don't use

 

[szczaw]

It's modern day tulip mania that requires energy consumption, while energy prices are going up. Great if you got on it while the ride was up. The moment stocks went down, it all started to crash. I've heard that cryptos supposed to hedge against that.

 

[Markrs]

I've heard that cryptos supposed to hedge against that.

Many thought it was the new gold, digital gold, but it turned out to be digital tulips instead that don't hedge against anything.

 

[marclawsonmusic]

One of Great Britains greatest achievements was the exportation of the word 'bollocks' to the United States and it cost absolutely nothing. Thus proving yet again, the best things in life are free.

If only I had said 'shite' instead of bullshit.

 

[David Cuny]

It's interesting how savvy and correctly skeptical folks on this forum are about crypto. You're smarter than about 80% of the "financial experts" on CNBC.

Perhaps it's because we're exposed to this sort of hype daily, and have experience in purchasing highly touted digital goods, only to have the price drop immediately after purchasing?

 

[timbit2006]

Bloody ignorant peasants!

Serfs don't belong in trading rooms!
In all reality, are there any doctors who perform heart surgery before going to school? I don't think so. The common peasantry must educate themselves via free information on google to become a proper high class merchant before tossing their hard earned serf wage into a strange online medieval market!