OP
It's a hard leap for me to invest in nothing. With stocks and bonds, there are assets. They go up and down, but there is still something other than a line of code.
Crypto-Currency Crash
- Thread starter biku324
- Start date
Not in my lifetime. (76 YO)
OP
I rolled my 401k over into govt bonds at 25,000 until the market stabilized, then crept back. I was too close to retirement to risk another 2008 and wait 5 or 6 years for recovery.
CAJUNLAWYER
Member
Only if you can sell itI wish I'd know about Bitcoin in 2010. I would have sold it all off in 2017.
THE PILGRIM
Member
In 2008 I sold all my individual stocks and went to Mutuals and Exchange Traded Funds.
Since then I have bought more but not sold any.
I'm way ahead on everything just not as much as I was a couple of weeks ago.
Margin Trading? Really?
You do know that's real close to Gambling?
Since then I have bought more but not sold any.
I'm way ahead on everything just not as much as I was a couple of weeks ago.
Margin Trading? Really?
You do know that's real close to Gambling?
sipowicz
Member
A stock market crash is worse than a divorce.
You lose half of your money AND your wife is still around
You lose half of your money AND your wife is still around
Makes it easy for "that guy" to take over. This goes back more than 2,000 years. Now I'll shut up.
PT Barnum comes to mind.
I used to be a stock trader only, no mutual funds or bonds, and did very well, until I didn't.
I retired in 2008, my wife in 2009 ("if you're retiring so am I"
. I got one year by myself 
)In late 2009 we went to a mix of mutual stocks and bonds. Too late in life for those get rich tomorrow schemes.
Fidelity manages our investments, and while the home runs are not there, we sleep quite well at night. They do a great job with tax managing and general all around financial advice.
It costs money, but worth it to us. Did I say I sleep very well?
Preserving is the word of the day. BITD I used to look at my account 5 times a day. Now, maybe once a week at most just to make sure some hacker didn't empty the account.
Sounds like Bernie Madoff founded this.
The easiest people to fool are the get rich quick folks who think everyone's a winner and there are no losers.
The easiest people to fool are the get rich quick folks who think everyone's a winner and there are no losers.
Crypto-Currency is only backed by peoples belief in it
About the same as the US dollar now.
EDIT I did not mean that crypto currency was equal to the US dollar
But neither are now backed by anything but peoples belief that they are worth something. People believed bit con was worth something and the value shot up. Now they don't have nearly as much faith so value went down. If people quit believing the US dollar has less value it will decrease in value. In fact the dollar is worth 7% less this year than last because people selling stuff do not believe it is as valuable.
About the same as the US dollar now.
EDIT I did not mean that crypto currency was equal to the US dollar
But neither are now backed by anything but peoples belief that they are worth something. People believed bit con was worth something and the value shot up. Now they don't have nearly as much faith so value went down. If people quit believing the US dollar has less value it will decrease in value. In fact the dollar is worth 7% less this year than last because people selling stuff do not believe it is as valuable.
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I can take US fiat money into any store and walk out with goods today.
I have to fly into a cloud to retrieve my Bitcoin (spitballing' here, since I don't have any idea how it works
).So I'll take the funny money in the here and now.
OP
You can take USD to just any corner of the world and spend it.
DWalt
Member
Two things I wish someone could explain to me - one is NFT, the other is bitcoin mining. I have read a lot about them but still don't understand how they work.
Grayfox
US Veteran
I've never really understood the stock market. Therefore, I do not participate in it. The whole crypto thing is way outta my league. So I don't participate in that either. I just can't get my head wrapped around imaginary money. 
As long as people take cash, I'm good.
As long as people take cash, I'm good.
Where is this mine anyway? Did they close it down after mining X coin to limit supply?
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No crypto for me. One day something will cause a panic, and it will be worth nothing. It's not a tangible asset.
My son has made money day trading crypto currencies in small increments. Buying when it drops and selling when it goes up. I hope he's taken my advice to only put into it money he won't miss if it goes to zero, and, as the old adage goes, "never put all your eggs into one basket."
My son has made money day trading crypto currencies in small increments. Buying when it drops and selling when it goes up. I hope he's taken my advice to only put into it money he won't miss if it goes to zero, and, as the old adage goes, "never put all your eggs into one basket."
Exactly because people world wide still have faith in it. It isn'tt backed by anything else. 7% of the belief in the US dollar dissipated last year. If people had every bit as much faith in Bit coins they would be stable.
