I Don’t Know a Damn Thing about Crypto. And I’m keeping it that way.
Because the first rule of investing is don’t invest your money in anything you don’t understand.
And I don’t understand crypto. It isn’t for lack of trying. I’ve read dozens of articles about it. It’s new! It’s creative! It’s so 21st century! Large fortunes, I’ve read, have been made by the prescient folks who piled into crypto when it first turned up.
But for all of my reading about crypto? I still don’t get it. Maybe somebody who was born in 1953 just can’t make the required mental leap. It just seems like a Ponzi scheme to me — even though there are scads of articles with titles like “Crypto Isn’t a Ponzi Scheme.”
Of course, there are just as many articles claiming that it's a scam.
Fools and their money are soon parted.
13
Enjoy being online again!
Welcome to the community of good people who base their values on evidence and appreciate civil discourse - the social network you will enjoy.Create your free account
8 comments
Feel free to reply to any comment by clicking the "Reply" button.I have heard from my friends about crypto scammers more than once and I understand how urgent this problem is. But fortunately, there is a way out - these are specialists who look for scammers around the world and help people return AlfaBTC review their money.
AlfFrancithb
Level 1
Jan 19, 2023
1
You can always find specialists who can help you in all matters.In general, it all depends on the sphere of your activity. Only then you can give some specific recommendations. If it is, as in my case, cryptocurrency mining, then the best solution is free bitcoin mining hosting. When I switched to hosting, it increased my profits. I think you will find all the answers from them.
insjorg
Level 3
Nov 17, 2022
0
I will not invest in Crypto in any way, shape, or form. Like you, I don't understand it, and I don't have funds I'm willing to take a risk with. I have done some research on crypto, it just doesn't make sense. I work for a financial institution, the articles I've read through work don't make it sound like a safe or prudent investiment, though I have spoken with some members (I work for a Credit Union) who are investing in crypto. They were excited, but they didn't tell me anything that made me eager to take the risk.
HippieChick58
Level 9
July 30, 2022
2
A year or so ago I was in a cigar lounge in Philadelphia, and the manager was touting his investment in an obscure crypto to one of the patrons. "I got in at (a fraction of a cent) if it just goes to $1 or$5 etc. I will make millions." The financially illiterate patron was all ears. When things like this take place the outcome, absent naive luck, is never good.
If someone touts crypto to you, a good way to test their knowledge is to ask them to explain the philosophical, economic, and technical underpinnings of the concept. Then, the role of Bitcoin and Ethereum, which make some sense. Then, the role of whatever crypto coin they are pushing. Their eyes will glaze over.
You are wise to be careful.
Mitch07102
Level 8
July 30, 2022
3
Until it is better understood, better not to mess with it. If it can't be better understood, leave it alone. Some financial BS is just a good way to lose your money as fast as throwing it out the window. Mostly I stash mine in index funds because they track broader markets instead of trying to pick winners in the casino, which is little better than a game of chance most of the time.
alliwant
Level 7
July 30, 2022
3
Knowing nothing about crypto but what I hear on Podcasts, I would stay away from it. My mother told me not to gamble with money you cannot afford to lose.
dalefvictor
Level 8
July 30, 2022
3
Consider Crypto as a safe way/tool to Transfer/Reserve/Save a Value or in a better word, any Information ( per Blockchain ). It's Not the Value itself. like a banknote, the Paper itself is worthless, but the Value it represents.
Investing in Crypto as a Value is the Dumbest thing I have ever seen.
Diaco
Level 7
July 30, 2022
3
puff:
Yes not so much crypto but blockchain technology which is the "new way".
Crypto will I believe be our currencies in the future. ATM they are being used like the share market, an investment rather than pure currency. This will change I believe with cryptocurrencies becoming much more stable like currency, with each country having their own plus international ones.
Like it or not, we are moving towards cashless societies but to do this an universal wage will be introduced. Then crypto/ blockchain will come into its own.
Enjoy being online again!
Welcome to the community of good people who base their values on evidence and appreciate civil discourse - the social network you will enjoy.Create your free account
Share this post
Categories
Agnostic does not evaluate or guarantee the accuracy of any content. Read full disclaimer.