Crypto, your opinion requested.
- Thread starter Muddyboot
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How about traditional investing?
I'm with Rudi.
scattershot
Member
It always seemed like a Ponzi scheme scam to me. No, thanks.
No, it's not a Ponzi scheme. Right now it is just a very risky financial play. The fact that it has made a lot of money for some people doesn't change the fact that it is very risky.
The reality is that buying Microsoft in 1986 was a very risky play. Those who took the risk made a lot of money. At the time, though, it was still a very real possibility that Microsoft would go nowhere, and all those people would lose everything. That's what made it risky.
The reality is that buying Microsoft in 1986 was a very risky play. Those who took the risk made a lot of money. At the time, though, it was still a very real possibility that Microsoft would go nowhere, and all those people would lose everything. That's what made it risky.
Jon651
Member
I think it's a scam. You can look at a comparison between crypto and any other investment and immediately see that cryptocurrency is tied to nothing, based on nothing, and valued solely on the emotional need of someone wanting to buy or sell it at any given time. While "emotions" play a part in the values of stocks, etc. as well, there are dozens and dozens of things I can look into about any entity that issues public stock or bonds to help guide me if I want to buy it or dump it. Crypto has NONE of these things.
I also want to point out that cryptocurrency only exists so long as there are huge data centers sucking up gobs of power running constantly 24/7, 365. Crypto actually "costs" in terms of constant (and increasing) power usage, even if you aren't doing anything with it at that moment. If all that went away (or if every one just stopped for a little while) crypto would literally disappear - all of it, instantaneously. Without the constantly updating ledgers and massive computing power tracking and "mining" more and more crypto, it is essentially non-existent. It's not like owning a paper stock certificate, a bearer bond, precious metals or even physical currency. It can only exist virtually and nowhere else.
Until crypto is actually tied to something other than people's' feelings, I will politely decline.
OP
I tell ya, I think they are due for a huge comeback, don't get caught with your breeches down.
By the way Fartcoin is up 14% today, don't miss out
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I tell ya, I think they are due for a huge comeback, don't get caught with your breeches down.
By the way Fartcoin is up 14% today, don't miss out
I didn’t. I’m up $400 today. Wait until Nov.-Dec when retail comes back. To the moon!
I am in Jon61's corner even though I have to remind myself that Fiat currency and stock markets have their own issues.
It is a speculative play like any commodity with the value based on supply and demand.
I guess if you have reached the speculation tier of your investment risk pyramid, then putting some money in isn't crazy, but it is pure speculation.
I certainly would not advise someone who is using money they can't afford to lose to invest in BTC.
FWIW
It is a speculative play like any commodity with the value based on supply and demand.
I guess if you have reached the speculation tier of your investment risk pyramid, then putting some money in isn't crazy, but it is pure speculation.
I certainly would not advise someone who is using money they can't afford to lose to invest in BTC.
FWIW
I have a small position in FRMO which is a block chain operation. It's supposed to "explode" at some point in the future. Maybe. It hasn't moved either way significantly in the 7 or so years I've had it. I just looked at it on the Wall Street Journal website and this is what it said as of yesterday.
OP
I agree, the risk is very high, don't invest anything you can't afford to lose.
Puller
Member
I don't know much about bitcoin, but I can tell you that you do not want a crypto mine in your community. From first hand experience they are bad, bad, bad. I'd rather have a nuclear plant next door.
OP
What are the problems they cause?
As a dinosaur with one foot in the tarpit and sinking fast, no clue what they are and still look for wheat pennies in change.
Jon651
Member
Crypto data centers are now HUGE, each essentially requiring the output of nearly an entire powerplant because as the computations required to "mine" and track crypto increases so do the power requirements to run (and cool) those computers. They are a stress on the local power utilities, require massive amounts of cooling capacity in terms of both atmospheric and fresh water heat exchange, have enormous back-up power requirements - all of which comes with dedicated infrastructure that cannot/will not ever be used for anything else. They are also very, very noisy. Oh, and lots of associated pollution and environmental issues.
All that for a few hundred construction jobs during build-up and a dozen staff positions after it's complete.
Yea, everyone can get rich on crypto currency. We no longer need people out there actually creating anything.
Lot of people mentioning that crypto is based on nothing and tied to nothing. Guess what? That also describes the U.S. dollar! We went off the gold standard a long time ago. Nowadays, the only reason a dollar has any more value than any other piece of paper is because people BELIEVE that it has value. That's it. Just exactly the same as any crypto currency.
The only meaningful difference is that dollars are widely enough distributed and used to have established a stable value in the marketplace. If any of the various crypto currencies ever get widely enough distributed and used to establish a stable value, then they will be no different than any other established currency. (Though at this point none are even remotely close.)
The only meaningful difference is that dollars are widely enough distributed and used to have established a stable value in the marketplace. If any of the various crypto currencies ever get widely enough distributed and used to establish a stable value, then they will be no different than any other established currency. (Though at this point none are even remotely close.)
And the dollar has gone 10% in value in the last 6 months. Bitcoin is on the rise.
luvsmiths
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That's a remarkably enthusiastic outlook. While it's true that traditional finance is engaging with Bitcoin ETFs and blockchain technology is finding more applications, that doesn't translate into guaranteed outcomes or validate every speculative forecast.
The notion of Bitcoin "only going up" and reaching "1 million a coin within 10 years" is a highly optimistic prediction, not an inevitability, and it ignores the asset's history of extreme volatility and significant downturns. Bitcoin, currently around $107,300, is still a long way from such a target, and the path to any high valuation will be fraught with economic shifts and regulatory uncertainties.
Claiming that "everything will probably be ran through Solana and Eth" significantly oversimplifies a complex and competitive technological landscape. There are dozens of other chains and scaling solutions vying for adoption, and the future infrastructure is far from settled, making such a definitive statement unfounded.
And frankly, dabbling in altcoins expecting "3-10X by the end of the year" is more akin to high-stakes gambling than a prudent investment strategy. The vast majority of altcoins are speculative plays with extremely high failure rates, illiquidity, and susceptibility to market manipulation. While stories of early adopters buying Bitcoin for cents and becoming multi-millionaires are indeed part of its history, those are unique, extreme outliers from a nascent, unregulated market. They are not a realistic template for present or future returns, nor do they diminish the immense capital risk involved today.
Finally, stating one is "all in" on any single asset reveals a high-conviction, concentrated bet. While that might feel empowering when things are going well, it fundamentally goes against the principle of diversification, which is the cornerstone of managing risk in any sound investment portfolio. A balanced perspective acknowledges the innovation but confronts the undeniable risks and the pervasive speculation that defines much of this market.
And speaking of significant short-term gains, rapid appreciation isn't exclusive to crypto. We've seen similar or even more explosive short-term rallies in the traditional stock market in a recent two month period: NVDA +60% to +65%, AMD +40% to +50%, VIGL Over +320%, CRWV Over +170%, OKLO Over 120%, DAVE Over +119%
Be "all in" on nothing.
"Past performance is no guarantee of future results"
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There was an Alcoa factory outside of Rockdale, TX. It closed some years ago and in 2021 Alcoa sold the property to a developer. The original plan was to build a gas powered generator and build a datacenter for bitcoin mining.
For whatever reason that plan fell apart and now the developer is building a multi use facility with manufacturing, residential, retail, and recreational space. Probably a better use of the land than bitcoin, but it's going to completely change the character of the area.
For whatever reason that plan fell apart and now the developer is building a multi use facility with manufacturing, residential, retail, and recreational space. Probably a better use of the land than bitcoin, but it's going to completely change the character of the area.
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