Possum Posted February 14 Posted February 14 I seriously considered investing in Bitcoin in its infancy when I had some money I could afford to lose. Wish I had then even though it resembled a pyramid scheme. But I knew the crypto thing was insane when as a joke someone invented dog e coin and enough people took it seriously to give it some trading value. Link to comment Share on other sites More sharing options...
hk blues Posted February 14 Posted February 14 2 minutes ago, Possum said: I seriously considered investing in Bitcoin in its infancy when I had some money I could afford to lose. Wish I had then even though it resembled a pyramid scheme. But I knew the crypto thing was insane when as a joke someone invented dog e coin and enough people took it seriously to give it some trading value. It does resemble a pyramid scheme in that there seems to be an ongoing desire/focus from those 'in on it' to encourage others to join . Most other investors want to keep it all for themselves so whenever I hear of those who have invested in something trying to encourage others to sign up I become wary, even suspicious. Crypto currency may be different but I'm not about to find out! 1 Link to comment Share on other sites More sharing options...
Gutenberg Posted February 14 Posted February 14 18 hours ago, Possum said: To quote a famous investor, "Crypto is rat poison squared." Most banks won't deal with it for that reason. Crypto has no intrinsic value and is often used for nefarious purposes. Change the crypto to USD or some other recognized currency and there should be no problem with transfers The dollar and other fiat currencies have no intrinsic value and are often used for nefarious purposes, especially by drug dealers and South American drug cartels. Change the Dollar to Bitcoin or some other recognized crypto currency and there should be no problem with transfers, even larger ones, as nobody can block your Bitcoin funds. 1 Link to comment Share on other sites More sharing options...
hk blues Posted February 15 Posted February 15 22 hours ago, Gutenberg said: The dollar and other fiat currencies have no intrinsic value and are often used for nefarious purposes, especially by drug dealers and South American drug cartels. Change the Dollar to Bitcoin or some other recognized crypto currency and there should be no problem with transfers, even larger ones, as nobody can block your Bitcoin funds. I'd be willing to put my house on it that the vast, vast majority of currency transactions are not nefarious at all - perhaps the word "often" is a little OTT? You don't think crypto is used for nefarious purposes? I'll stick to my biscuit tin of old pound notes under my bed for now! 1 3 Link to comment Share on other sites More sharing options...
Gutenberg Posted February 15 Posted February 15 (edited) 14 minutes ago, hk blues said: I'd be willing to put my house on it that the vast, vast majority of currency transactions are not nefarious at all - perhaps the word "often" is a little OTT? You don't think crypto is used for nefarious purposes? I'll stick to my biscuit tin of old pound notes under my bed for now! Most Crypto transactions aren't nefarious as well. It's just an assumption because people have been told that by rich guys opposing the peasants monetary freedom. Most of the Crypto transfers are transparent as well and you have to do KYC on all the platforms anyway. Also, why prevent something that can give total control over one's money just because criminals are using it? I'm more scared of the Government trying to criminally tax it with 50% than a criminal using the same currency to buy drugs online. If I would be a Mexican cartel, I would opt for doing all my transactions in Dollar,.. well, that's what they are doing. Because it's easier to hide, can be totally anonymous and everybody accepts it. Try to move 10's of million worth of Crypto anywhere. You will be instantly flagged as all movements are transparent. Edited February 15 by Gutenberg 1 Link to comment Share on other sites More sharing options...
Possum Posted February 15 Posted February 15 When crypto is insured against loss due to the failure of the 'bank' issuing it, I'll consider it. Even the peso deposits are insured for a small amount. The USD and AUD are insured for up to 250,000. That being said I know people who got in on the bottom of the crypto pyramid who did quite well, much as the tulip bulb guys did in the 1600's. Link to comment Share on other sites More sharing options...
Gutenberg Posted February 15 Posted February 15 The "bank issuing" it. Hahahah. At least the people who don't understand how it works keep it funny! :) Imagine what you could buy for $10 in 1900 and can buy now for $10 in 2024. This pyramid scheme called FIAT is insane! 1 Link to comment Share on other sites More sharing options...
Forum Support scott h Posted February 15 Forum Support Posted February 15 14 minutes ago, Gutenberg said: people who don't understand I am one of those, but I have read about "crypto farms", I dont understand exactly how they work, but it seems to me that when you can make money with computers, it is sort of like having a printing press in the garage printing 100 dollar bills...Something just seems a little fishy Link to comment Share on other sites More sharing options...
Gutenberg Posted February 15 Posted February 15 1 minute ago, scott h said: I am one of those, but I have read about "crypto farms", I dont understand exactly how they work, but it seems to me that when you can make money with computers, it is sort of like having a printing press in the garage printing 100 dollar bills...Something just seems a little fishy You don't have to "make money" with Crypto. The "farms" you mean are foremost the "guarantors" of the "decentralized" network and everybody who's using it is paying a fee to those "farms" to keep it running. You plugin a computer and are part of the network validating the transfers (basically, I don't want to go too deep into the topic as this here isn't a serious discussion). The "printing press" for most Crypto coins (like Bitcoin) has limits. So in a couple of years there will be no more Bitcoin issued. Can you say the same for the Dollar or any other FIAT money? If more and more countries decouple from the Dollar, do you think it will hold the current value and the US gov can print like they do now? You don't even have to invest in it to use it, if you don't like it. Even though it's just on par as every other stock or whatever you can buy as investment. The Bitcoin ETF just got approved, so even your pension funds and 401ks are Bitcoin investors already. I don't like banks and I hate their ridicolous fees and hate them being a 3rd party between me and x. Why did we allow a 3rd party to control our money and take a fee for it. Why people are getting their bank accounts closed for having the wrong political opinion (in Germany as well)? With a Crypto wallet nobody can just cancel you. Well, I tried to show my parents already the positive aspects of Crypto, but like all boomers, they just don't get it. 1 Link to comment Share on other sites More sharing options...
Forum Support scott h Posted February 15 Forum Support Posted February 15 23 minutes ago, Gutenberg said: Well, I tried to show my parents already the positive aspects of Crypto, but like all boomers, they just don't get it. Whelp, I fall in the category of your parents,,,,I feel that I am in pretty good company. 2 Link to comment Share on other sites More sharing options...
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