What do you think of crypto?
Tommie Whitlow
35 replies
Have you invested in cryptocurrencies. If no what's holding you back.
Replies
Orange@orangecao
AirPlus
It needs something more groundbreaking to go further
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This can be a risky investment, those who hold long enough can make some profit on it
it's just crazy that the moderna vaccine innovation is valued less than a new cryptocurrency like dogecoin.
Marshmallow Icon Kit
Yup I have. But I hope it will became more environmentally friendly.
The products of many blockchain startups are tied to the value of cryptocurrencies. Ergo, the rise of bitcoin, ether and other coins can directly improve the outlook for those startups.
Stocks with exposure to cryptocurrencies like Bitcoin have got a boost this year. Traditional investors have limited options for buying cryptocurrency in their portfolios. Some are trying to gain exposure through the handful of stocks that have embraced the technology.
After losing about $300 on my first attempt in trading Crypto, I avoid the subject. It's not about the amount I lost but how I lost it, painfully!!!!!!!!!!!!!!!
@bosaonline How? :(
@benoit_chambon I signed up on Binomo and chose the cryptocurrency option. Paid some money in, made some stop point choices, the money multiplied in minutes and then I committed the sin of wanting more but didn't get the right stop point opportunities in the trade to make any profit, only losses. Though the trading loss is not attributed to crypto currency but the way this currency rate flows up and down is the most fearful thing I've ever seen so I avoid it.
It's a good idea in theory - the most commonly cited innovative/useful use case I've seen is around enabling transparency in countries with high levels of corruption, but those countries also generally have poor internet infrastructure which would make payment a real pain.
Since its popularity in developed countries has grown however, the focus has been been more on issues that are at the forefront of developed countries i.e. making money and saving the environment - it will be interesting to see how it develops in terms of legitimate use cases in the coming years.
I'm personally invested in some cryptos and can't wait to drive in my lambo when they moon.
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I got 40 percent ROI in 4 months which is good if I had invested for a long time maybe I would have made more money. I think crypto is going to be much bigger than what it is now in a span of few years without a doubt.
Roots of the next financial industry😎
Cryptocurrency will replace money
I think it is a nice experiment; however, I don't and I probably won't engage in cryptocurrencies because I doubt "the great economic powers" out there will ever allow them to really thrive as alternative money.
It's the future of currency and finance. Demand for trustless, permissionless financial infrastructure was always there and with crypto, this is now possible.
Yes, its the future.
About environmental impact: isnt important at all - we are in "alpha" state, so its not efficient nor has it to be. Think of it like that: the more energy flows into a system the more potential it has (aka more secure in our sense) - thats 101 cybernetics. btc as the first layer should not be environmentally friendly, no it must be secure ;) thats all his purpose. Every other layer is less secure and therefore more environmentally friendly.
And as you can see i am not talking about some coins or currency, i am talking about systematic / fundamental way of thinking...the way we secure values in the future. In that manner I hope btc (or every other first layer) stays lean (= secure) as it is.
A guy in germany describes it (in german) in a more profound way ;): https://youtu.be/3ImodVvgEhk
@robinkunz Thanks for the profound answer
@robinkunz Thx thats a great change in perspective. I have never thought of it that way. Not just as a currency but as a way to store value in general
@robinkunz @anett_schulte I have been investing since 2017, passed through some difficult stages (bear market, 40% drops in a day etc), but it helped me to build psychological strength in this space.
It is very hard to succeed long term if i) you don't understand what you are investing, ii) you don't believe in it, iii) you are in it for short term gains.
I started investing small in more user friendly platforms in the major cryptocurrencies, and now i have a more structured investment thesis, very diversified, make my own research, read the audits of the project, look to metrics etc.
Another thing about crypto is that in the past, the government didn't really cared about if you invested or not in crypto, but now there are tax rules defined (different from country to country).
And you should also understand the tax rules, because it can have an impact on you returns, and you should be really aware of how much you will have to pay in taxes.
If your holdings start to get so big that you feel you are wasting money in taxes, you should think of restructure or relocate to a crypto tax friendly country.
I am a bit suspect talking about this because i have been researching the crypto tax regimes worldwide and will sum it up in a database that makes it simple to compare between each country, be it to relocate or simply to understand the rules in your own country. Soon it will be available here https://CoinTaxList.com :)
@anett_schulte @mfrz Yes, the only difference from a successful and not successful trader / broker / trader etc is MINDSET.
It is the future of currency.
It is the future. some people consider it highly unstable but I think it is a good investment when you understand it.
The future of trading.
It is the future, that is right, but it also has it's own drawbacks. Which also all forms of investment have. But as we know, more risk is more returns. So crypto is like knowing a lot about it to understand when to invest and when to withdraw. I can see it becoming as mainstream as stock market trading.